Healthpeak Properties (DOC) 10-K 13 Feb 17 2016 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2016	Jan. 31, 2017	Jun. 30, 2016
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, 2016
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 15.1
Entity Common Stock, Shares Outstanding		468,178,740
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2016	Dec. 31, 2015
Real estate:
Buildings and improvements	$ 11,692,654,000	$ 12,007,071,000
Development costs and construction in progress	400,619,000	388,576,000
Land	1,881,487,000	1,934,610,000
Accumulated depreciation and amortization	(2,648,930,000)	(2,476,015,000)
Net real estate	11,325,830,000	11,854,242,000
Net investment in direct financing leases	752,589,000	750,693,000
Loans receivable, net	807,954,000	768,743,000
Investments in and advances to unconsolidated joint ventures	571,491,000	605,244,000
Accounts receivable, net of allowance of $4,459 and $3,261, respectively	45,116,000	48,929,000
Cash and cash equivalents of continuing operations, end of year	94,730,000	340,442,000
Restricted cash	42,260,000	46,090,000
Intangible assets, net	479,805,000	586,657,000
Assets held for sale and discontinued operations, net	927,866,000	5,654,326,000
Other assets, net	711,624,000	794,483,000
Total assets	15,759,265,000	21,449,849,000
LIABILITIES AND EQUITY
Bank line of credit	899,718,000	397,432,000
Term loans	440,062,000	524,807,000
Senior unsecured notes	7,133,538,000	9,120,107,000
Mortgage debt	623,792,000	932,212,000
Other debt	92,385,000	94,445,000
Intangible liabilities, net	58,145,000	56,147,000
Liabilities of assets held for sale and discontinued operations, net	3,776,000	25,266,000
Accounts payable and accrued liabilities	417,360,000	430,786,000
Deferred revenue	149,181,000	122,330,000
Total liabilities	9,817,957,000	11,703,532,000
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 468,081,489 and 465,488,492 shares issued and outstanding, respectively	468,081,000	465,488,000
Additional paid-in capital	8,198,890,000	11,647,039,000
Cumulative dividends in excess of earnings	(3,089,734,000)	(2,738,414,000)
Accumulated other comprehensive loss	(29,642,000)	(30,470,000)
Total stockholders' equity	5,547,595,000	9,343,643,000
Joint venture partners	214,377,000	217,066,000
Non-managing member unitholders	179,336,000	185,608,000
Total noncontrolling interests	393,713,000	402,674,000
Total equity	5,941,308,000	9,746,317,000
Total liabilities and equity	$ 15,759,265,000	$ 21,449,849,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Company's involvement with VIEs:
Development in process	$ 400,619	$ 388,576
Land	1,881,487	1,934,610
Accumulated depreciation and amortization	2,648,930	2,476,015
Accounts receivable	45,116	48,929
Cash	94,730	340,442
Restricted cash	42,260	46,090
Intangible assets, net	479,805	586,657
Other assets, net	711,624	794,483
Mortgage debt	623,792	932,212
Intangible liabilities, net	58,145	56,147
Accounts payable and accrued liabilities	417,360	430,786
Deferred Revenue	149,181	122,330
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 4,459	$ 3,261
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	468,081,489	465,488,492
Common stock, shares outstanding	468,081,489	465,488,492
VIEs
Company's involvement with VIEs:
Buildings and improvements	$ 3,500	$ 791,000
Development in process	32,000
Land	327,000	125,000
Accumulated depreciation and amortization	676,000	135,000
Accounts receivable	20,000	16,000
Cash	36,000	35,000
Restricted cash	23,000	18,000
Intangible assets, net	169,000
Other assets, net	70,000	20,000
Mortgage debt	521,000
Intangible liabilities, net	9,000
Accounts payable and accrued liabilities	121,000	60,000
Deferred Revenue	$ 23,000	$ 14,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Revenues:
Rental and related revenues	$ 1,159,791	$ 1,116,830	$ 1,147,145
Tenant recoveries	134,280	125,022	109,659
Resident fees and services	686,835	525,453	241,965
Income from direct financing leases	59,580	61,000	64,441
Interest income	88,808	112,184	73,623
Total revenues	2,129,294	1,940,489	1,636,833
Costs and expenses:
Interest expense	464,403	479,596	439,742
Depreciation and amortization	568,108	504,905	455,016
Operating	738,399	610,679	381,294
General and administrative	103,611	95,965	81,765
Acquisition and pursuit costs	9,821	27,309	17,142
Impairment, net		108,349
Total costs and expenses	1,884,342	1,826,803	1,374,959
Other income (expense):
Gain on sales of real estate, net	164,698	6,377	3,288
Loss on debt extinguishments	(46,020)
Other income, net	3,654	16,208	9,252
Total other income, net	122,332	22,585	12,540
Income before income taxes and equity income from unconsolidated joint ventures	367,284	136,271	274,414
Income tax (expense) benefit	(4,473)	9,807	506
Equity income (loss) from unconsolidated joint ventures	11,360	6,590	(3,605)
Income from continuing operations	374,171	152,668	271,315
Discontinued operations:
Income before impairments, transaction costs, gain on sales of real estate and income taxes	400,701	643,109	673,935
Impairments, net		(1,341,399)	(35,913)
Transaction costs	(86,765)
Gain on sales of real estate, net of income taxes			28,010
Income tax expense	(48,181)	(796)	(756)
Total discontinued operations	265,755	(699,086)	665,276
Net income (loss)	639,926	(546,418)	936,591
Noncontrolling interests' share in earnings	(12,179)	(12,817)	(14,358)
Net income (loss) attributable to HCP, Inc.	627,747	(559,235)	922,233
Participating securities' share in earnings	(1,198)	(1,317)	(2,437)
Net income (loss) applicable to common shares	$ 626,549	$ (560,552)	$ 919,796
Basic earnings per common share:
Continuing operations (in dollars per share)	$ 0.77	$ 0.30	$ 0.56
Discontinued operations (in dollars per share)	0.57	(1.51)	1.45
Net income (loss) applicable to common shares (in dollars per share)	1.34	(1.21)	2.01
Diluted earnings per common share:
Continuing operations (in dollars per share)	0.77	0.30	0.56
Discontinued operations (in dollars per share)	0.57	(1.51)	1.44
Net income (loss) applicable to common shares (in dollars per share)	$ 1.34	$ (1.21)	$ 2
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	467,195	462,795	458,425
Diluted (in shares)	467,403	462,795	458,796

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 639,926	$ (546,418)	$ 936,591
Change in net unrealized (losses) gains on securities:
Unrealized (losses) gains	(62)	(5)	13
Change in net unrealized gains on cash flow hedges:
Unrealized gains	3,233	1,894	2,258
Reclassification adjustment realized in net income	707	148	(1,085)
Change in Supplemental Executive Retirement Plan obligation	282	126	(627)
Foreign currency translation adjustment	(3,332)	(8,738)	(9,967)
Total other comprehensive income (loss)	828	(6,575)	(9,408)
Total comprehensive income (loss)	640,754	(552,993)	927,183
Total comprehensive income attributable to noncontrolling interests	(12,179)	(12,817)	(14,358)
Total comprehensive income (loss) attributable to HCP, Inc.	$ 628,575	$ (565,810)	$ 912,825

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 Income (Loss)	Total Noncontrolling Interests	Total
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 income (loss)	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
Conversion of DownREIT units to common stock							473
Conversion of DownREIT units (in shares)		27
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	(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 income (loss)	(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
Conversion of DownREIT units to common stock							$ 2,979
Conversion of DownREIT units (in shares)		104
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	(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
Increase (Decrease) in Stockholders' Equity
Net income (loss)	627,747			627,747		12,179	639,926
Other comprehensive income	828				828		828
Issuance of common stock, net	64,177	$ 2,552	61,625				64,177
Issuance of common stock, net (in shares)		2,552
Conversion of DownREIT units to common stock	6,093	$ 145	5,948			$ (6,093)	6,093
Conversion of DownREIT units (in shares)		145				7,000
Repurchase of common stock	(8,685)	$ (237)	(8,448)				(8,685)
Repurchase of common stock (in shares)		(237)
Exercise of stock options	3,473	$ 133	3,340				3,473
Exercise of stock options (in shares)		133
Amortization of deferred compensation	22,884		22,884				22,884
Common dividends	(979,542)			(979,542)			(979,542)
Distribution of QCP, Inc	(3,532,763)		(3,532,763)				(3,532,763)
Distributions to noncontrolling interests	(36)		(36)			$ (26,311)	(26,347)
Issuance of noncontrolling interests						11,834	11,834
Deconsolidation of noncontrolling interests	439		(36)	475		67	506
Purchase of noncontrolling interests	(663)		(663)			(637)	(1,300)
Balance at Dec. 31, 2016	$ 5,547,595	$ 468,081	$ 8,198,890	$ (3,089,734)	$ (29,642)	$ 393,713	$ 5,941,308
Balance (in shares) at Dec. 31, 2016		468,081

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Feb. 02, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
CONSOLIDATED STATEMENTS OF EQUITY
Common dividends, per share (in dollars per share)	$ 0.37	$ 2.095	$ 2.26	$ 2.18

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cash flows from operating activities:
Net income (loss)	$ 639,926	$ (546,418)	$ 936,591
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of real estate, in-place lease and other intangibles continuing operations	568,108	504,905	455,016
Depreciation and amortization of real estate, in-place lease and other intangibles discontinued operations	4,890	5,880	4,979
Amortization of market lease intangibles, net	(1,197)	(1,295)	(949)
Amortization of deferred compensation	22,884	26,127	21,885
Amortization of deferred financing costs	20,014	20,222	19,260
Straight-line rents	(18,003)	(28,859)	(41,032)
Loan and direct financing lease non-cash interest	599	(5,648)	1,063
Loan and direct financing lease non-cash interest discontinued operations		(90,065)	(79,349)
Deferred rental revenues	(1,959)	(2,813)	(1,884)
Equity income from unconsolidated joint ventures	(11,360)	(57,313)	(49,570)
Distributions of earnings from unconsolidated joint ventures	26,492	15,111	5,045
Lease termination income, net		(1,103)	(38,001)
Gain on sales of real estate, net	(164,698)	(6,377)	(31,298)
Deferred income tax expense	47,195
Loss on debt extinguishment	46,020
Foreign exchange and other (gains) losses, net	188	(7,178)	(2,270)
Impairment, net		1,449,748	35,913
Changes in:
Accounts receivable, net	3,813	(9,569)	(8,845)
Other assets, net	(10,805)	(19,453)	(6,287)
Accounts payable and other accrued liabilities	42,024	(23,757)	28,354
Net cash provided by operating activities	1,214,131	1,222,145	1,248,621
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	(467,162)	(613,252)	(503,470)
Development of real estate	(421,322)	(281,017)	(178,513)
Leasing costs and tenant and capital improvements	(91,442)	(84,282)	(71,734)
Proceeds from sales of real estate, net	647,754	58,623	104,557
Contributions to unconsolidated joint ventures	(10,186)	(69,936)	(2,935)
Distributions in excess of earnings from unconsolidated joint ventures	28,366	30,989	2,657
Purchase of securities for debt defeasance	(73,278)
Proceeds from sales of marketable securities		2,348
Principal repayments on loans receivable, direct financing leases and other	231,990	625,701	119,511
Investments in loans receivable, direct financing leases and other	(273,693)	(575,652)	(600,019)
Decrease (increase) in restricted cash	18,356	4,798	(11,747)
Net cash used in investing activities	(410,617)	(1,672,005)	(1,511,879)
Cash flows from financing activities:
Net borrowings under bank line of credit	1,108,417	98,743	845,190
Repayments under bank line of credit	(540,000)	(511,521)
Proceeds from debt related to QCP Spin-Off, net	1,691,268
Cash impact of QCP Spin-Off	(6,096)
Borrowings under term loan		333,014
Issuance of senior unsecured notes		1,936,017	1,150,000
Repayments of senior unsecured notes	(2,000,000)	(400,000)	(487,000)
Issuance of mortgage and other debt			35,445
Loss on debt extinguishment	(45,406)
Repayments of mortgage and other debt	(316,774)	(57,845)	(447,784)
Deferred financing costs	(9,450)	(19,995)	(16,550)
Issuance of common stock and exercise of options	67,650	206,471	96,592
Repurchase of common stock	(8,685)	(8,738)	(12,703)
Dividends paid on common stock	(979,542)	(1,046,638)	(1,001,559)
Issuance of noncontrolling interests	11,834	110,775	4,674
Purchase of noncontrolling interests	(1,300)	(7,049)	(5,897)
Distributions to noncontrolling interests	(26,181)	(19,147)	(15,611)
Net cash (used in) provided by financing activities	(1,054,265)	614,087	144,797
Effect of foreign exchange on cash and cash equivalents	(1,019)	(1,537)	1,715
Net (decrease) increase in cash and cash equivalents	(251,770)	162,690	(116,746)
Cash and cash equivalents, beginning of year	346,500	183,810	300,556
Cash and cash equivalents, end of year	94,730	346,500	183,810
Less: cash and cash equivalents of discontinued operations		(6,058)	(1,894)
Cash and cash equivalents of continuing operations, end of year	$ 94,730	$ 340,442	$ 181,916

Business

Business	12 Months Ended
	Dec. 31, 2016
Business
Business	NOTE 1. Business Overview 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. The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) senior housing triple-net (“SH NNN”), (ii) senior housing operating portfolio (“SHOP”), (iii) life science and (iv) medical office. Quality Care Properties, Inc. On October 31, 2016, the Company completed the spin-off (the “Spin-Off”) of its subsidiary, Quality Care Properties, Inc. (“QCP”) (NYSE:QCP). The Spin-Off assets included 338 properties, primarily comprised of the HCR ManorCare, Inc. (“HCRMC”) direct financing lease (“DFL”) investments and an equity investment in HCRMC. QCP is an independent, publicly-traded, self-managed and self-administrated REIT. As a result of the Spin-Off, the operations of QCP are now classified as discontinued operations in all periods presented herein. See Note 5 for further information on the Spin-Off. On October 17, 2016, subsidiaries of QCP issued $750 million in aggregate principal amount of senior secured notes due 2023 (the “QCP Notes”), the gross proceeds of which were deposited in escrow until they were released in connection with the consummation of the Spin-Off on October 31, 2016. The QCP Notes bear interest at a rate of 8.125% per annum, payable semiannually. From October 17, 2016 until the completion of the Spin-Off, QCP (a then wholly-owned subsidiary of HCP) incurred $2 million in interest expense. In addition, immediately prior to the effectiveness of the Spin-Off, subsidiaries of QCP received $1.0 billion of proceeds from their borrowings under a senior secured term loan, bearing interest at a rate at QCP’s option of either: (i) LIBOR plus 5.25%, subject to a 1% floor or (ii) a base rate specified in the first lien credit and guaranty agreement plus 4.25%, bringing the total gross proceeds raised b y QCP and its subsidiaries under those financings to $1.75 billion. In connection with the consummation of the Spin-Off, QCP and its subsidiaries transferred $1.69 billion in cash and 94 million shares of QCP common stock to HCP and certain of its other subsidiaries, and HCP and its applicable subsidiaries transferred the assets comprising the QCP portfolio to QCP and its subsidiaries. HCP then distributed substantially all of the outstanding shares of QCP common stock to its stockholders, based on the distribution ratio of one share of QCP common stock for every five shares of HCP common stock held by HCP stockholders as of the October 24, 2016 record date for the distribution. The Company recorded the distribution of the assets and liabilities of QCP from its consolidated balance sheet on a historical cost basis as a dividend from stockholders’ equity of $3.5 billion, and no gain or loss was recognized. The Company primarily used the $1.69 billion proceeds of the cash distribution it received from QCP upon consummation of the Spin-Off to pay down certain of the Company’s existing debt obligations. The Company entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) with QCP in connection with the Spin-Off. The Separation and Distribution Agreement divides and allocates the assets and liabilities of the Company prior to the Spin-Off between QCP and HCP, governs the rights and obligations of the parties regarding the Spin-Off, and contains other key provisions relating to the separation of QCP’s business from HCP. In connection with the Spin-Off, the Company entered into a Transition Services Agreement ("TSA") with QCP. Per the terms of the TSA, the Company agreed to provide certain administrative and support services to QCP on a transitional basis for established fees. The TSA will terminate on the expiration of the term of the last service provided under the agreement, which will be on or prior to October 30, 2017. The TSA provides that QCP generally has the right to terminate a transition service upon thirty days’ notice to the Company. The TSA contains provisions under which the Company will, subject to certain limitations, be obligated to indemnify QCP for losses incurred by QCP resulting from the Company’s breach of the TSA. Following completion of the Spin-Off, which occurred on October 31, 2016, HCP is the sole lender to QCP of a $100 million unsecured revolving credit facility maturing in 2018 (the "Unsecured Revolving Credit Facility"). Commitments under the Unsecured Revolving Credit Facility will automatically and permanently decrease each calendar month by an amount equal to 50% of QCP's and its restricted subsidiaries’ retained cash flow for the prior calendar month. All borrowings under the Unsecured Revolving Credit Facility will be subject to the satisfaction of certain conditions, including (i) QCP’s senior secured revolving credit facility being unavailable, (ii) the failure of HCRMC to pay rent and (iii) other customary conditions, including the absence of a default and the accuracy of representations and warranties. QCP may only draw on the Unsecured Revolving Credit Facility prior to the one-year anniversary of the completion of the Spin-Off. Borrowings under the Unsecured Revolving Credit Facility bear interest at a rate equal to LIBOR, subject to a 1.00% floor, plus an applicable margin of 6.25%. In addition to paying interest on outstanding principal under the Unsecured Revolving Credit Facility, QCP is required to pay a facility fee equal to 0.50% per annum of the unused capacity under the Unsecured Revolving Credit Facility to HCP, payable quarterly. At December 31, 2016, no amounts were drawn on the Unsecured Revolving Credit Facility.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2016
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 any of the following: (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 DFL 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 property, 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 commences recognition of 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 relate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period they 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 a 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. 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: (i) it is probable 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 transactions 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 the cost for the construction and improvement incurred in connection 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 lives. 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. If an asset is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. 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, significant 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. 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 determined 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 on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with original 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, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. Using certain of its British pound sterling (“GBP”) denominated debt, the Company applies net investment hedge accounting to hedge the foreign currency exposure from its net investment in GBP-functional subsidiaries. The variability of the GBP-denominated debt due to changes in the GBP to U.S. dollar (“USD”) exchange rate (“remeasurement value”) is recognized as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). 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 its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings. 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 (“TRSs”). 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. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment. Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) SH NNN, (ii) SHOP, (iii) life science and (iv) medical office. Prior to the third quarter of 2016, the Company operated through five reportable segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. During the third quarter of 2016, primarily as a result of the planned spin-off of QCP, the Company revised its operating analysis structure. The Company believes the change to its reportable segments is appropriate and consistent with how its chief operating decision makers review the Company’s operating results and determine resource allocations. Accordingly, all prior period segment information has been reclassified to conform to the current period presentation. Noncontrolling Interests Arrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. Net 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 i

Brookdale Lease Amendments and

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures ("Brookdale Transaction")	12 Months Ended
	Dec. 31, 2016
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 the 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 partnerships 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 entities (“SH PropCo” and “SH OpCo”) and manages the facilities on behalf of the partnership (see Note 5 for the disposition of a portion of our interest in RIDEA II in January 2017); 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”) 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 and (ii) $53 million to settle the amount that the Company owed to Brookdale for the RIDEA II transaction. The Company amortizes 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 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). 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 RIDEA II, the Company received the following: (i) a $34 million short-term receivable recorded in other assets (repaid in June 2016); (ii) a $68 million note from Brookdale (the “Brookdale Receivable”) recorded in loans receivable 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. 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. The following table summarizes the quantitative information about fair value measurements for the NNN Lease Restructuring and RIDEA II transactions (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 100.00% 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, 2016
Other Real Estate Property Investments
Other Real Estate Property Investments	NOTE 4. Other Real Estate Property Investments 2016 Real Estate Acquisitions The following table summarizes real estate acquisitions for the year ended December 31, 2016 (in thousands): Consideration Assets Acquired (1) Liabilities Net Segment Cash Paid Assumed Real Estate Intangibles SH NNN $ $ $ $ SHOP Life science — Medical office Other — $ $ $ $ (1) The purchase price allocations are preliminary and may be subject to change. Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material. 2015 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. For the year ended December 31, 2016, the Company recognized revenues and earnings of $187 million and $3 million, respectively, from RIDEA III. 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, 2014 (in thousands, except per share amounts): December 31, 2015 December 31, 2014 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, the following table summarizes other real estate acquisitions for the year ended December 31, 2015 (in thousands): Consideration Assets Acquired (1) Cash Paid/ Liabilities Noncontrolling Net Segment Debt Settled Assumed Interest Real Estate Intangibles SH NNN $ $ — $ — $ $ — SHOP Life science — Medical office (2) — Other (3) — $ $ $ $ $ (1) Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material. (2) 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). (3) 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. Construction, Tenant and Other Capital Improvements The following table summarizes the Company’s funding for construction, tenant and other capital improvements (in thousands): Year Ended December 31, Segment 2016 2015 SH NNN $ $ SHOP Life science Medical office Other $ $

Discontinued Operations and Dis

Discontinued Operations and Dispositions of Real Estate	12 Months Ended
	Dec. 31, 2016
Discontinued Operations and Dispositions of Real Estate
Discontinued Operations and Dispositions of Real Estate	NOTE 5. Discontinued Operations and Dispositions of Real Estate Discontinued Operations - Quality Care Properties, Inc. On October 31, 2016, the Company completed the Spin-Off of its subsidiary, QCP. The following is a summary of the assets and liabilities transferred to QCP at the Spin-Off date (in thousands): October 31, December 31, 2016 2015 ASSETS Real estate: Buildings and improvements $ $ Land Accumulated depreciation and amortization Net real estate Net investment in direct financing leases Cash and cash equivalents Restricted cash — Intangible assets, net Other assets, net Total assets $ $ LIABILITIES Accounts payable and accrued liabilities $ $ Deferred revenue Total liabilities Net assets $ $ The results of discontinued operations through October 31, 2016, the Spin-Off date, are included in the consolidated results for the years ended December 31, 2016, 2015 and 2014. Summarized financial information for discontinued operations for the years ended December 31, 2016, 2015, and 2014 is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Rental and related revenues $ $ $ Tenant recoveries Income from direct financing leases Interest income — — Total revenues Costs and expenses: Depreciation and amortization Operating General and administrative Transaction costs — — Impairments — — Other income, net Income (loss) before income taxes and income from and impairments of equity method investment Income tax expense Income from equity method investment — Impairments of equity method investment — Net income (loss) from discontinued operations $ $ $ During the fourth quarter of 2016, using proceeds from the Spin-Off, the Company repaid $500 million of 6.0% senior unsecured notes that were due to mature in January 2017, $600 million of 6.7% senior unsecured notes that were due to mature in January 2018 and $108 million of mortgage debt; incurring aggregate loss on debt extinguishments of $46 million. HCR ManorCare, Inc. Discontinued operations is primarily comprised of QCP’s HCRMC DFL investments and equity investment in HCRMC. During the years ended December 31, 2016, 2015 and 2014, the Company recognized DFL income of $385 million, $573 million and $599 million, respectively, and received cash payments of $385 million, $483 million and $519 million, respectively, from the HCRMC DFL investments. The carrying value of the HCRMC DFL investments was $5.2 billion at December 31, 2015. The following summarizes the significant transactions and impairments related to HCRMC: 2014 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 fair value of the Company’s equity investment was based on an income approach utilizing a discounted cash flow valuation model and inputs were considered to be Level 3 measurements within the fair value hierarchy. 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. 2015 During the three months 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. During the year ended December 31, 2015, the Company completed sales of 22 non-strategic HCRMC facilities for $219 million. During the year ended December 31, 2016, the Company sold an additional 11 facilities for $62 million, bringing the total facilities sold to 33 at the time of the Spin-Off. 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 and reset the minimum rent escalation to 3.0% for each lease year through the expiration of the initial term. The initial term was extended five years to an average of 16 years. 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. As a result of the HCRMC Lease Amendment, the Company recorded an 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. Additionally, HCRMC agreed to sell, and HCP agreed to purchase, nine post-acute facilities for an aggregate purchase price of $275 million. Through December 31, 2015, HCRMC and HCP completed seven of the nine facility purchases for $184 million. Through Spin-Off, HCRMC and HCP completed the remaining two facility purchases for $91 million, bringing the nine facility purchases to an aggregate $275 million, the proceeds of which were used to settle a portion of the DRO discussed above. As 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 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. 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. As part of the Company’s fourth quarter 2015 review process, including its internal rating evaluation, it assessed the collectibility of all contractual rent payments under the Amended Master Lease, as discussed below and assigned an internal rating of “Watch List” as of December 31, 2015. Further, the Company placed the HCRMC DFL investments on nonaccrual status and began utilizing a cash basis method of accounting in accordance with its policies (see Note 2). As a result of assigning an internal rating of “Watch List” to its HCRMC DFL investments during the quarterly review process, the Company further evaluated the carrying amount of its HCRMC DFL investments and determined that it was probable that its HCRMC DFL investments were impaired. 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 was probable that its HCRMC DFL investments were impaired. 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. The allowance for credit losses 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 included 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 1.05x-1.15x 1.25x-1.35x Range of real estate capitalization rate 6.25%-7.25% 7.50%-8.50% 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, reducing its carrying value to zero. Beginning in January 2016, income was recognized only if cash distributions were received from HCRMC. 2016 The Company’s acquisition of the HCRMC DFL investments in 2011 was subject to federal and state built-in gain tax of up to $2 billion if all the assets were sold within 10 years. At the time of acquisition, the Company intended to hold the assets for at least 10 years, at which time the assets would no longer be subject to the built-in gain tax. In December 2015, the U.S. Federal Government passed legislation which permanently reduced the holding period, for federal tax purposes, to five years. The Company satisfied the five year holding period requirement in April 2016. This legislation was not extended to certain states, which maintain a 10 year requirement. During the year ended December 31, 2016, the Company determined that it may sell assets during the next five years and, therefore, recorded a deferred tax liability of $47 million, representing its estimated exposure to state built-in gain tax. Dispositions of Real Estate Held for Sale At December 31, 2016, 64 SH NNN facilities, four life science facilities and a SHOP facility were classified as held for sale, with an aggregate carrying value of $928 million, primarily comprised of real estate assets of $809 million. At December 31, 2015, four life science facilities were classified as held for sale, with an aggregate carrying value of $314 million, primarily comprised of real estate assets of $288 million. Liabilities of assets held for sale is primarily comprised of intangible liabilities at both December 31, 2016 and 2015. 2016 Dispositions During the year ended December 31, 2016, the Company sold the following: (i) a portfolio of five post-acute/skilled nursing facilities and two SH NNN facilities for $130 million, (ii) five life science facilities for $386 million, (iii) seven SH NNN facilities for $88 million, (iv) three MOBs for $20 million and (v) three SHOP facilities for $41 million. 2015 Dispositions During the year ended December 31, 2015, the Company sold the following: (i) nine SH NNN 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. 2014 Dispositions 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, (iii) a senior housing facility for $16 million and (iv) 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. Pending Dispositions In October 2016, the Company entered into definitive agreements to sell 64 SH NNN assets (classified as held for sale as of December 31, 2016), currently under triple-net leases with Brookdale, for $1.125 billion to affiliates of Blackstone Real Estate Partners VIII L.P. The closing of this transaction is expected to occur in the first quarter of 2017 and remains subject to regulatory and third party approvals and other customary closing conditions. Additionally, in October 2016, the Company entered into definitive agreements for a multi-element transaction with Brookdale to: (i) sell or transition 25 assets currently triple-net leased to Brookdale, for which Brookdale will receive a $10.5 million annual rent reduction upon lease termination, (ii) re-allocate annual rent of $9.6 million from those 25 assets to the remaining Brookdale triple-net lease portfolio (occurred on November 1, 2016) and (iii) transition eight triple-net leased assets into RIDEA structures (seven of which closed in December 2016 and one of which closed in January 2017). The closing of the sale or transition of the 25 assets and corresponding rent reduction is expected to occur throughout 2017 and remains subject to regulatory and third party approvals and other customary closing conditions. In January 2016, the Company entered into a definitive agreement for purchase options that were exercised on eight life science facilities in South San Francisco, California, to be sold in two tranches for $311 million (sold in November 2016 and discussed above) and $269 million, respectively. The second tranche is expected to close in the third quarter of 2018. Subsequent Events In January 2017, the Company sold four life science facilities in Salt Lake City, Utah for $76 million. In May 2016, the Company entered into a master contribution agreement with Brookdale to contribute its ownership interest in RIDEA II to an unconsolidated JV owned by HCP and an investor group led by Columbia Pacific Advisors, LLC (“CPA”) (the “HCP/CPA JV”). The members agreed to recapitalize RIDEA II with $602 million of debt, of which $360 million was provided by a third-party and $242 million was provided by HCP. In return, the Company received $480 million in cash proceeds from the HCP/CPA JV and $242 million in note receivables and retained an approximately 40% beneficial interest in RIDEA II (the note receivable and 40% beneficial interest are herein referred to as the “RIDEA II Investments”). The Company’s RIDEA II Investments are recognized and accounted for as equity method investments. This transaction resulted in the Company deconsolidating the net assets of RIDEA II because it will not direct the activities that most significantly impact the venture. These transactions closed in January 2017.

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 Minimum lease payments receivable $ $ Estimated residual values Less unearned income Net investment in direct financing leases $ $ Properties subject to direct financing leases Certain DFLs 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. The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2016 (in thousands): Year Amount 2017 $ 2018 2019 2020 2021 Thereafter $ Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2016 (dollars in thousands): Carrying Percentage of Internal Ratings Segment Amount DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs SH NNN $ $ $ $ — Other — — $ $ $ $ — Beginning September 30, 2013, the Company placed a 14 property senior 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, 2016 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, 2016, 2015 and 2014, the Company recognized DFL income of $13 million, $15 million and $19 million, respectively, and received cash payments of $18 million, $20 million and $24 million, respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $361 million and $366 million at December 31, 2016 and 2015, respectively.

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2016
Loans Receivable.
Loans Receivable	NOTE 7. Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): December 31, 2016 2015 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine (1)(2) $ — $ $ $ — $ $ Other — — Unamortized premiums (discounts), fees and costs, net Allowance for loan losses — — — — — — $ $ $ $ $ $ (1) At December 31, 2016, included £282 million ($348 million) outstanding and £2 million ($3 million) of associated unamortized discounts, fees and costs both related to the HC-One Facility. At December 31, 2015, included £273 million ($403 million) outstanding and £4 million ($5 million) of associated unamortized discounts, fees and costs both related to the HC-One Facility. (2) At December 31, 2016, the Company had £35 million ($43 million) remaining under its commitments to fund development projects and capital expenditures under it U.K. development projects. The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2016 (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 The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2016 (dollars in thousands): Final Number Maturity of Principal Carrying Date Loans Payment Terms Amount (1) Amount 2017 1 monthly interest-only payments, accrues interest at LIBOR plus 6.0%, and secured by, among other things, the issuer’s real estate assets $ $ 2018 1 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania (2) 2021 2 aggregate monthly interest-only payments, accrues interest at 8.0% and 9.75% and secured by two senior housing facility in the U.K .(3) 2023 1 monthly interest-only payments, accrues interest at 7.0% and secured by seven senior housing facilities in the U.K . 5 $ $ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. (2) Represents commitments to fund an aggregate of $0.1 million for a development project that is at or near completion as of December 31, 2016. (3) Represents commitments to fund an aggregate of £12 million ($15 million) for two development projects as of December 31, 2016. During the year ended December 31, 2016, the Company recognized $26 million in interest income related to loans secured by real estate. 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 spin-off of 36 properties into a separate joint venture. In return, the Company retained security over the spin-off properties for a period of two years. Through the year ended December 31, 2015, the Company received paydowns of £34 million ($52 million). At December 31, 2016, the HC-One Facility had an outstanding balance of $345 million. 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. Due to a decline in Tandem’s operating performance, as of September 30, 2016, the Company assigned an internal rating of “Watch List” to its Tandem Health Care Loan. Although Tandem continues to remain current on its payment obligations, the collection and timing of all future amounts owed is no longer reasonably assured. During the year ended December 31, 2016, 2015 and 2014, the Company recognized interest income of $31 million, $29 million and $27 million, respectively, and received cash payments of $30 million, $29 million and $27 million, respectively, from Tandem. At December 31, 2016, the facility had an outstanding balance of $256 million at an 11.5% blended interest rate and was subordinate to $374 million of senior mortgage debt.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 2016
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 (dollars in thousands): Carrying Amount December 31, Entity (1) Segment Ownership % 2016 2015 CCRC JV (2) SHOP $ $ MBK JV (3) SHOP HCP Ventures III, LLC Medical office HCP Ventures IV, LLC Medical office HCP Life Science (4) Life science 50-63 Vintage Park SHOP MBK Development JV (3) SHOP Suburban Properties, LLC Medical office K&Y (5) Other — Advances to unconsolidated joint ventures, net and other $ $ (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). (3) Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo). (4) 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%). (5) Includes three unconsolidated joint ventures. MBK JV 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. HCP Ventures III, LLC and HCP Ventures IV, LLC On December 30, 2015, HCP Ventures III, LLC (“HCP Ventures III”) 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. During the quarter ended December 31, 2016, HCP Ventures III sold the remaining three assets in its portfolio for $31 million, recognizing gains on sales of real estate of $4.9 million, of which the Company’s share was $1.3 million. As part of this sale, the Company received aggregate distributions of $8 million.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2016
Intangibles
Intangibles	NOTE 9. Intangibles The following table summarizes the Company’s intangible lease assets (in thousands): December 31, Intangible lease assets 2016 2015 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 lease assets was 13 years at both December 31, 2016 and 2015. The following table summarizes the Company’s intangible lease liabilities (in thousands): December 31, Intangible lease liabilities 2016 2015 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 11 and 10 years at December 31, 2016 and 2015, respectively. For the years ended December 31, 2016, 2015 and 2014, rental income includes additional revenues of $4 million, $4 million and $3 million, respectively, from the amortization of net below market lease intangibles. For the years ended December 31, 2016, 2015 and 2014, operating expenses include additional expense of $1 million each year from the amortization of net below market ground lease intangibles. For the years ended December 31, 2016, 2015 and 2014, depreciation and amortization expense includes additional expense of $85 million, $76 million and $60 million, respectively, from the amortization of lease-up and non-compete agreement intangibles. The following table summarizes the estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter (in thousands): Intangible Intangible Assets Liabilities 2017 $ $ 2018 2019 2020 2021 Thereafter $ $

Other Assets

Other Assets	12 Months Ended
	Dec. 31, 2016
Other Assets.
Other Assets	NOTE 10. Other Assets The following table summarizes the Company’s other assets (in thousands): December 31, 2016 2015 Straight-line rent receivables, net of allowance of $25,059 and $32,918, respectively $ $ Marketable debt securities, net Leasing costs and inducements, net Goodwill Other Total other assets $ $ 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 17). 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. Accordingly, the Company applied the contractual interest payments received in December 2015 (£8 million or $13 million), June 2016 (£8 million or $13 million) and December 2016 (£8 million or $11 million) against the principal balance. This treatment reduced the carrying value of the Four Seasons Notes to £58 million ($85 million) and £42 million ($50 million) at December 31, 2015 and 2016, respectively.

Debt

Debt	12 Months Ended
	Dec. 31, 2016
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, 2016, the margin on the Facility was 1.05%, and the facility fee was 0.20%. 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, 2016, the Company had $900 million, including £372 million ($460 million), outstanding under the Facility with a weighted average effective interest rate of 1.82%. On July 30, 2012, the Company entered into a credit agreement with a syndicate of banks for a £137 million ($169 million at December 31, 2016) four-year unsecured term loan (the “2012 Term Loan”). In July 2016, the Company exercised a one-year extension option on the 2012 Term Loan. Based on the Company’s credit ratings at December 31, 2016, the 2012 Term Loan accrues interest at a rate of GBP LIBOR plus 1.40%. On January 12, 2015, the Company entered into a credit agreement with a syndicate of banks for a £220 million ($272 million at December 31, 2016) four-year unsecured term loan (the “2015 Term Loan”) that accrues interest at a rate of GBP LIBOR plus 1.15%, 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 interest rate of the 2015 Term Loan (1.97% at December 31, 2016). 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 $6.5 billion at December 31, 2016, which requirement was reduced, via an amendment to the Facility, effective upon the completion of the Spin-Off of QCP on October 31, 2016. At December 31, 2016, the Company was in compliance with each of these restrictions and requirements of the Facility and Term Loans. Senior Unsecured Notes At December 31, 2016, the Company had senior unsecured notes outstanding with an aggregate principal balance of $7.2 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, 2016. The following table summarizes the Company’s senior unsecured notes 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 $ % $ 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, 2016: February 1, 2016 $ % September 15, 2016 $ % November 30, 2016 $ % November 30, 2016 $ % Year ended December 31, 2015: March 1, 2015 $ % June 8, 2015 $ % Mortgage Debt At December 31, 2016, the Company had $619 million in aggregate principal of mortgage debt outstanding, which is secured by 36 healthcare facilities (including redevelopment properties) with a carrying value of $899 million. 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, 2016 (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) 2017 $ — $ $ % $ % $ 2018 — — — % — % 2019 — % — % 2020 — — % % 2021 — — % % Thereafter — — % % % % Discounts and debt costs, net — $ $ $ $ $ (1) Includes £372 million translated into 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 4.34% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 3.02% to 7.50% with a weighted average effective interest rate of 3.40% and a weighted average maturity of six years. (5) Excludes $92 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities. Other Debt At December 31, 2016, the Company had $64 million of non-interest bearing life care bonds at two of its continuing care retirement communities and non-interest bearing occupancy fee deposits at three of its senior housing facilities, all of which are 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, 2016, 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%. Subsequent Events In January 2017, the Company repaid $440 million on the Facility primarily using proceeds from the RIDEA II joint venture disposition.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2016
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. Except as described below, the Company is not aware of any other legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s financial condition, results of operations or cash flows. The Company’s policy is to expense legal costs as they are incurred. On May 9, 2016, a purported stockholder of the Company filed a putative class action complaint, Boynton Beach Firefighters’ Pension Fund v. HCP, Inc., et al. , Case No. 3:16-cv-01106-JJH, in the U.S. District Court for the Northern District of Ohio against the Company and certain of its officers, and HCRMC and certain of its officers, asserting violations of the federal securities laws. The suit asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and alleges that the Company made certain false or misleading statements relating to the value of and risks concerning its investment in HCRMC by allegedly failing to disclose that HCRMC had engaged in billing fraud, as alleged by the U.S. Department of Justice in a pending suit against HCRMC arising from the False Claims Act. The plaintiff in the suit demands compensatory damages (in an unspecified amount), costs and expenses (including attorneys’ fees and expert fees), and equitable, injunctive, or other relief as the Court deems just and proper. As the Boynton Beach action is in its early stages and a lead plaintiff has not yet been named, the defendants have not yet responded to the complaint. The Company believes the suit to be without merit and intends to vigorously defend against it. On June 16, 2016 and July 5, 2016, purported stockholders of the Company filed two derivative actions, respectively Subodh v. HCR ManorCare Inc., et al. , Case No. 30-2016-00858497-CU-PT-CXC and Stearns v. HCR ManorCare, Inc., et al. , Case No. 30-2016-00861646-CU-MC-CJC, in the Superior Court of California, County of Orange, against certain of the Company’s current and former directors and officers and HCRMC. The Stearns action was subsequently consolidated by the Court with the Subodh action. The Company is named as a nominal defendant. The consolidated derivative action alleges that the defendants engaged in various acts of wrongdoing, including, among other things, breaching fiduciary duties by publicly making false or misleading statements of fact regarding HCRMC’s finances and prospects, and failing to maintain adequate internal controls. The plaintiffs demand damages (in an unspecified amount), pre-judgment and post-judgment interest, a directive that the Company and the individual defendants improve the Company's corporate governance and internal procedures (including putting resolutions to amend the bylaws or charter to a stockholder vote), restitution from the individual defendants, costs (including attorneys’ fees, experts’ fees, costs, and expenses), and further relief as the Court deems just and proper. As the Subodh action is in the early stages, the defendants are in the process of evaluating the suit and have not yet responded to the complaint. On June 9, 2016, and on August 25, 2016, the Company received letters from a private law firm, acting on behalf of its clients, purported stockholders of the Company, each asserting substantially the same allegations made in the Subodh and Stearns matters discussed above. Each letter demands that the Company’s Board of Directors take action to assert the Company’s rights. The Board of Directors is in the process of evaluating the demand letters. The Company is unable to estimate the ultimate individual or aggregate amount of monetary liability or financial impact with respect to matters discussed above as of December 31, 2016. 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 the Company’s material commitments, excluding debt servicing obligations (see Note 11), at December 31, 2016 (in thousands): More than Total(1) 2017 2018-2019 2020-2021 Five Years U.K. loan commitments (2) — — Construction loan commitments (3) — — — Development commitments (4) — — Ground and other operating leases Total $ $ $ $ $ (1) Excludes the $100 million Unsecured Revolving Credit Facility commitment to QCP, which is available to be drawn on by QCP through the fourth quarter of 2017 and matures in the fourth quarter of 2018. The Unsecured Revolving Credit Facility will automatically and permanently decrease each calendar month by an amount equal to 50% of QCP’s and its restricted subsidiaries’ retained cash flow for the prior calendar month. All borrowings under the Unsecured Revolving Credit Facility will be subject to the satisfaction of certain conditions (see Note 1). (2) Represents £35 million translated into USD for commitments to fund the Company’s U.K. loan facilities. (3) Represents commitments to finance development projects and related working capital financings. (4) Represents construction and other commitments for developments in progress. Credit Enhancement Guarantee Certain of the Company’s senior housing facilities serve as collateral for $91 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 $629 million as of December 31, 2016. 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 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 non-cash and deferred revenues). Rental Expense The Company’s rental expense attributable to continuing operations for the years ended December 31, 2016, 2015 and 2014 was $10 million, $10 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, 2016 were as follows (in thousands): Year Amount 2017 $ 2018 2019 2020 2021 Thereafter $

Equity

Equity	12 Months Ended
	Dec. 31, 2016
Equity
Equity	NOTE 13. Equity Common Stock On February 2, 2017, the Company announced that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The common stock cash dividend will be paid on March 2, 2017 to stockholders of record as of the close of business on February 15, 2017. During the years ended December 31, 2016, 2015 and 2014, the Company declared and paid common stock cash dividends of $2.095, $2.26 and $2.18 per share, respectively. 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. There was no activity during the year ended December 31, 2016. The following table summarizes the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2016 2015 2014 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 table summarizes the Company’s accumulated other comprehensive loss (in thousands): December 31, 2016 2015 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized (losses) 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 and acquired through a sale-leaseback transaction with Memorial Hermann in June 2015. At December 31, 2016, there were 4 million non-managing member units (7 million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, all of which the Company is the managing member of. At December 31, 2016, the carrying and market values of the four million DownREIT units were $179 million and $199 million, respectively. See Note 20 for the supplemental schedule of non-cash financing activities.

Segment Disclosures

Segment Disclosures	12 Months Ended
	Dec. 31, 2016
Segment Disclosures
Segment Disclosures	NOTE 14. Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i) SH NNN, (ii) SHOP, (iii) life science and (iv) medical office. Under the medical office segment, the Company invests through the acquisition and development of medical office buildings (“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. The Company has non-reportable segments that are comprised primarily of the Company’s debt investments, hospital properties and U.K. care homes. The accounting policies of the segments are the same as those described under Summary of Significant Accounting Policies (see Note 2). During the year ended December 31, 2016, 17 SH NNN facilities were transitioned to a RIDEA structure (reported in the Company’s SHOP segment). There were no intersegment sales or transfers during the years ended December 31, 2015 and 2014. The Company evaluates performance based upon: (i) property net operating income from continuing operations (“NOI”) and (ii) adjusted NOI (cash NOI) of the combined consolidated and unconsolidated 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 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. The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2016: Life Medical Other Corporate Segments SH NNN SHOP Science Office Non-reportable Non-segment Total Rental revenues (1) $ $ $ $ $ $ — $ HCP share of unconsolidated JV revenues — — Less: Operating expenses — HCP share of unconsolidated JV operating expenses — — NOI — Non-cash adjustments to NOI (2) — Adjusted NOI — Addback non-cash adjustments — Interest income — — — — — Interest expense Depreciation and amortization — General and administrative — — — — — Acquisition and pursuit costs — — — — — Gain on sales of real estate, net — Loss on debt extinguishments — — — — — Other income, net — — — — — Income tax expense — — — — — Less: HCP share of unconsolidated JV NOI — — Equity income from unconsolidated joint ventures — — Total discontinued operations — — — — — Net income (loss) $ $ $ $ $ $ $ For the year ended December 31, 2015: Life Medical Other Corporate Segments SH NNN SHOP Science Office Non-reportable Non-segment Total Rental revenues (1) $ $ $ $ $ $ — $ HCP share of unconsolidated JV revenues — — Less: — Operating expenses — HCP share of unconsolidated JV operating expenses — — NOI — Non-cash adjustments to NOI (2) — Adjusted NOI — Addback non-cash adjustments — Interest income — — — — — Interest expense Depreciation and amortization — General and administrative — — — — — Acquisition and pursuit costs — — — — — Impairments, net — — — — — Gain on sales of real estate, net — — — — Other income, net — — — — — Income tax benefit — — — — — Less: HCP share of unconsolidated JV NOI — — Equity (loss) income from unconsolidated joint ventures — — — Total discontinued operations — — — — — Net income (loss) $ $ $ $ $ $ $ For the year ended December 31, 2014: Life Medical Other Corporate Segments SH NNN SHOP Science Office Non-reportable Non-segment Total Rental revenues (1) $ $ $ $ $ $ — $ HCP share of unconsolidated JV revenues — — — Less: Operating expenses — HCP share of unconsolidated JV operating expenses — — — NOI — Non-cash adjustments to NOI (2) — Adjusted NOI — Addback non-cash adjustments — Interest income — — — — — Interest expense Depreciation and amortization General and administrative — — — — — Acquisition and pursuit costs — — — — — Gain on sales of real estate, net — — — — — Other income, net — — — — — Income tax benefit — — — — — Less: HCP share of unconsolidated JV NOI — — — Equity (loss) income from unconsolidated joint ventures — — — Total discontinued operations — — — — — Net income $ $ $ $ $ $ $ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles and lease termination fees . The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2016 2015 2014 SH NNN $ $ $ SHOP Life science Medical office Other non-reportable segments Total revenues $ $ $ The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segments 2016 2015 SH NNN $ $ SHOP Life science Medical office Gross reportable segment assets Accumulated depreciation and amortization Net reportable segment assets Other non-reportable segment assets Assets held for sale and discontinued operations, net Other non-segment assets Total assets $ $ As a result of a change in reportable segments, the Company allocated goodwill to the new reporting units using a relative fair value approach. The Company completed a goodwill impairment assessment for all reporting units immediately prior to the reallocation and determined that no impairment existed at September 30, 2016. Additionally, the Company completed the required annual impairment test during the fourth quarter of 2016 and no impairment was recognized. At December 31, 2016, goodwill of $42 million was allocated to segment assets as follows: (i) SH NNN—$16 million, (ii) SHOP—$9 million, (iii) medical office—$11 million and (iv) other—$6 million. At December 31, 2015, goodwill of $47 million was allocated to segment assets as follows: (i) SH NNN—$21 million, (ii) SHOP—$9 million, (iii) medical office—$11 million and (iv) other—$6 million.

Future Minimum Rents

Future Minimum Rents	12 Months Ended
	Dec. 31, 2016
Future Minimum Rents
Future Minimum Rents	NOTE 15. Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2016 (in thousands): Year Amount 2017 $ 2018 2019 2020 2021 Thereafter $

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2016
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, and as of December 31, 2016, 31 million of the reserved shares under the 2014 Plan are available for future awards of which 21 million shares may be issued as restricted stock and restricted stock units. Total share-based compensation expense recognized during the years ended December 31, 2016, 2015 and 2014 was $23 million, $26 million and $22 million, respectively. The year ended December 31, 2016 includes a $7 million charge recognized in general and administrative expenses primarily resulting from the termination of the Company’s former chief executive officer (“CEO”) that was comprised of the accelerated vesting of restricted stock units in accordance with the terms of the former CEO’s employment agreement. As of December 31, 2016 and 2015, there was $14 million and $19 million, respectively, 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. Conversion of Equity Awards at the Spin-Off Date The Plans were established with anti-dilution provisions, such that in the event of an equity restructuring of the Company (including spin-off transactions), equity awards would preserve their value post-transaction. In order to achieve an equitable modification of the existing awards following the Spin-Off, the Company converted pre-spin awards to their post-spin value, resulting in grants to remaining employees denominated solely in the Company’s common stock. The modification assumed a conversion ratio on all awards calculated as the final pre-spin closing price of the Company’s common stock divided by the five trading day average post-spin closing price (“Five Day Average Price”) of the Company’s common stock. The conversion impacted 133 participants, resulted in additional awards being granted and incremental fair value of unvested awards due to the difference between the Five Day Average Price and the pre-spin closing price on the Spin-Off date. The vesting periods were unchanged for unvested grants at the Spin-Off date. The incremental fair value of unvested awards was immaterial. 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 exercise, a participant is required to pay the exercise price of the stock options being exercised and the related tax withholding obligation. There have been no grants of stock options since 2014. Stock options outstanding and exercisable were 1.3 million and 1.2 million at December 31, 2016, respectively, and 1.7 million and 1.4 million at December 31, 2015, respectively. Proceeds received from stock options exercised under the Plans for the years ended December 31, 2016, 2015 and 2014 were $4 million, $28 million and $5 million, respectively. Compensation expense related to stock options was immaterial for all periods presented. Restricted Stock Awards Under the Plans, restricted stock awards, including restricted stock units and performance stock units are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. Restrictions on certain awards generally lapse, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. The fair market value of restricted stock awards, both time vesting and those subject to specific performance criteria, are expensed over the period of vesting. Restricted stock units, which vest based solely upon passage of time generally vest over a period of one to four years. The fair value of restricted stock units is determined based on the closing market price of the Company's shares on the grant date. Performance stock units, which are restricted stock awards that vest dependent upon attainment of various levels of performance that equal or exceed targeted levels, generally vest in their entirety at the end of a three year performance period. The number of shares that ultimately vest can vary from 0% to 200% of target depending on the level of achievement of the performance criteria. The fair value of performance stock units is determined based on the Monte Carlo valuation model. The compensation expense recognized for all restricted stock awards is net of forfeitures. Upon vesting of restricted stock awards, 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 the years ended December 31, 2016, 2015 and 2014, the Company withheld 237,000, 200,000 and 323,000 shares, respectively, to offset tax withholding obligations with respect to the vesting of the restricted stock and performance restricted stock unit awards. Holders of restricted stock awards, including restricted stock units and performance stock units, are generally entitled to receive dividends equal to the amount that would be paid on an equivalent number of shares of common stock. The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2016 (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, 2016 $ $ Granted — — Vested Forfeited — — Unvested at December 31, 2016 — — At December 31, 2016, the weighted average remaining vesting period of restricted stock and performance based units was one year. The total fair value (at vesting) of restricted stock and performance based units which vested for the years ended December 31, 2016, 2015 and 2014 was $24 million, $21 million and $24 million, respectively.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2016
Impairments
Impairments	NOTE 17. Impairments 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 to Four Seasons 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). 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). Through October 2015, the Company held a secured term loan made to Delphis Operations, L.P. (“Delphis”). In October 2015, the Company received $23 million in cash proceeds from the sale of Delphis’ collateral and recognized an impairment recovery of $6 million for the amount received in excess of the loan’s carrying value.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2016
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 from continuing operations of $9 million, $22 million and $2 million for the years ended December 31, 2016, 2015 and 2014, respectively. The REIT’s losses from continuing operations before income taxes from the U.K. were $4 million, $15 million and $4 million for the years ended December 31, 2016, 2015 and 2014, respectively. The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2016 2015 2014 Current Federal $ $ $ State Foreign Total current $ $ $ Deferred Federal $ $ $ State Foreign Total deferred $ $ $ Total income tax expense (benefit) $ $ $ The Company’s income tax expense from discontinued operations was $48 million, $1 million and $1 million for the years ended December 31, 2016, 2015 and 2014, respectively (see Note 5). The following table reconciles the income tax expense (benefit) from continuing operations at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2016 2015 2014 Tax benefit 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 expense (benefit) $ $ $ 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 following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2016 2015 2014 Property, primarily differences in depreciation and amortization, the basis of land, 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, 2016 the Company had a net operating loss (“NOL”) carryforward of $24 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 Company 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 2013. For the year ended December 31, 2016, the tax basis of the Company’s net assets was less than the reported amounts by $2.0 billion. The difference between the reported amounts and the tax basis was primarily related to the Slough Estates USA, Inc. (“SEUSA”) acquisition, which occurred in 2007. For each of the years ended December 31, 2015 and 2014, the tax basis of the Company’s net assets was less than the reported amounts by $6.5 billion. The difference between the reported amounts and the tax basis was primarily related to the 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 company’s assets and liabilities. The Company is no longer subject to federal corporate-level tax on the taxable disposition of SEUSA pre-acquisition assets. However, the Company may be subject to corporate-level tax in some states on any taxable disposition that occurs within ten years after the August 1, 2007 acquisition, 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. In connection with the HCRMC acquisition, the Company assumed unrecognized tax benefits of $2 million. For the year ended December 31, 2014, the Company had a decrease in unrecognized tax benefits of $1 million. There were no unrecognized tax benefits balances at December 31, 2016 and 2015. 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.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 Numerator Income from continuing operations $ $ $ Noncontrolling interests’ share in continuing operations Income from continuing operations applicable to HCP, Inc. Participating securities’ share in continuing operations Income from continuing operations applicable to common shares Discontinued operations Noncontrolling interests’ share in discontinued operations — — Net income (loss) applicable to common shares $ $ $ Denominator Basic weighted average common shares Dilutive potential common shares — Diluted weighted average common shares Basic earnings per common share Income from continuing operations $ $ $ Discontinued operations Net income (loss) applicable to common shares $ $ $ Diluted earnings per common share Income from continuing operations $ $ $ Discontinued operations Net income (loss) 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. Options to purchase 1.1 million and 1.4 million 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, 2016 and 2014, respectively, were not included because they are anti-dilutive. Additionally, 7 million shares, issuable upon conversion of 4 million DownREIT units during the year ended December 31, 2016 were not included because they are anti-dilutive. For the year ended December 31, 2015, the Company generated a net loss. The 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.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information
Supplemental Cash Flow Information	NOTE 20. Supplemental Cash Flow Information The following table summarizes supplemental cash flow information (in thousands): Year Ended December 31, 2016 2015 2014 Supplemental cash flow information: Interest paid, net of capitalized interest $ $ $ Income taxes paid Capitalized interest Supplemental disclosure of non-cash investing and financing activities: Accrued construction costs Non-cash impact of QCP Spin-Off, net — — Securities transferred for debt defeasance — — 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 Vesting of restricted stock units 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 in Note 3 and the Spin-Off in Note 5.

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2016
Variable Interest Entities
Variable Interest Entities	NOTE 21. Variable Interest Entities On January 1, 2016, the Company adopted ASU 2015-02 using the modified retrospective method as permitted by the ASU. As a result of the adoption, the Company identified additional assets and liabilities of certain VIEs in its consolidated total assets and total liabilities at December 31, 2015 of $543 million and $651 million, respectively. Refer to the specific VIE descriptions below for detail on which entities were classified as consolidated VIEs subsequent to the adoption of ASU 2015-02. Additionally, the Company deconsolidated three JVs and recognized $0.5 million as a cumulative-effect adjustment to cumulative dividends in excess of earnings. Unconsolidated Variable Interest Entities At December 31, 2016, the Company had investments in: (i) three unconsolidated VIE joint ventures; (ii) 48 properties leased to VIE tenants; (iii) marketable debt securities of two VIEs and (iv) two loans to VIE borrowers. The Company has determined that it is not the primary beneficiary of and therefore 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 JVs (CCRC OpCo, Vintage Park Development JV and the LLC investment discussed below), it has no formal involvement in these VIEs beyond its investments. 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 and 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, debt service payments and capital expenditures for the properties, 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 from debt service payments, capital expenditures, and rental costs and operating expenses incurred to manage such facilities). The Company holds an 85% ownership interest in Vintage Park Development JV (see Note 8), which has been identified as a VIE as power is shared with a member that does not have a substantive equity investment at risk. The assets of Vintage Park Development JV 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 its development obligations. Any assets generated by Vintage Park Development JV may only be used to settle its contractual obligations (primarily development expenses and debt service payments). The Company holds a limited partner ownership interest in an unconsolidated LLC that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner, and it does not have any substantive participating rights or kick-out rights over the managing member. The assets and liabilities of the entity primarily consist of those associated with its senior housing real estate and development activities. Any assets generated by the entity may only be used to settle its contractual obligations (primarily development expenses and debt service payments). The Company leases 48 properties to a total of seven tenants that have also been identified as VIEs (“VIE tenants”). These 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 commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (commonly referred to as Freddie MAC) through a special purpose entity that has been identified as a VIE because it is “thinly capitalized.” The CMBS issued by the VIE are backed by mortgage debt obligations on real estate assets. The Company holds Four Seasons Notes (see Note 10) and a portion of Four Seasons’ senior secured term loan (see Note 6). In the second quarter of 2015, upon the occurrence of a reconsideration event, it was determined that the issuer of the Four Seasons Notes is a VIE because this entity is “thinly capitalized” (see Note 17). The Company provided a £105 million ($131 million) bridge loan to Maria Mallaband Care Group Ltd. (“MMCG”) to fund the acquisition of a portfolio of care homes in the U.K. MMCG created a special purpose entity to acquire the portfolio and funded it entirely using the Company’s bridge loan. As such, the special purpose entity has been identified as a VIE because it is “thinly capitalized.” The Company retains a three-year call option to acquire all the shares of the special purpose entity, which it can only exercise upon the occurrence of certain events. The Company provided seller financing of $10 million related to its sale of seven SH NNN facilities. The financing was provided in the form of a secured five-year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. 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, 2016 are presented below (in thousands): Maximum Loss Carrying VIE Type Exposure (1) Asset/Liability Type Amount VIE tenants—DFLs(2) $ Net investment in DFLs $ VIE tenants—operating leases(2) Lease intangibles, net and straight-line rent receivables CCRC OpCo Investments in unconsolidated JVs Vintage Park Development JV Investments in unconsolidated JVs Four Seasons Loans and marketable debt securities Loan—senior secured Loans receivable, net Loan—seller financing Loans receivable, net CMBS and LLC investment Marketable debt and cost method investment (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. As of December 31, 2016, 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 and 10 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 JV entities formed in September 2011 that own and operate senior housing properties in a RIDEA structure (“RIDEA I”). The Company has historically classified RIDEA I OpCo as a VIE and, as a result of the adoption of ASU 2015-02, also classifies RIDEA I PropCo as a VIE due to the non-managing member lacking substantive participation rights in the management of RIDEA I PropCo or kick-out rights over the managing member. The Company consolidates RIDEA I PropCo and RIDEA I 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 RIDEA I PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of notes payable to a non-VIE consolidated subsidiary of the Company. 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 RIDEA I 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 I structure may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). RIDEA II . The Company holds an 80% ownership interest in JV 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, operating expenses incurred to manage such facilities and debt costs). See Note 4 for additional discussion of pending RIDEA II transactions. RIDEA III . The Company holds a 90% ownership interest in JV entities formed in June 2015 that own and operate senior housing properties in a RIDEA structure. The Company has historically classified RIDEA III OpCo as a VIE and, as a result of the adoption of ASU 2015-02, also classifies RIDEA III PropCo as a VIE due to the non-managing member lacking substantive participation rights in the management of RIDEA III PropCo or kick-out rights over the managing member. The Company consolidates RIDEA III PropCo and RIDEA III 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 RIDEA III 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 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 RIDEA III 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 III structure may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). HCP Ventures V, LLC . The Company holds a 51% ownership interest in and is the managing member of a JV entity formed in October 2015 that owns and leases MOBs (HCP Ventures V). Upon adoption of ASU 2015-02, the Company classified HCP Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of HCP Ventures V or kick-out rights over the managing member. The Company consolidates HCP Ventures V 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 HCP Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by HCP Ventures V may only be used to settle its contractual obligations (primarily from capital expenditures). Vintage Park JV . The Company holds a 90% ownership interest in a JV entity formed in January 2015 that owns an 85% interest in an unconsolidated development VIE (“Vintage Park JV”). Upon adoption of ASU 2015-02, the Company classified Vintage Park JV as a VIE due to the non-managing member lacking substantive participation rights in the management of the Vintage Park JV or kick-out rights over the managing member. The Company consolidates Vintage Park JV 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 Vintage Park JV primarily consist of an investment in the Vintage Park Development JV and cash and cash equivalents; its obligations primarily consist of funding the ongoing development of the Vintage Park Development JV. Assets generated by the Vintage Park JV may only be used to settle its contractual obligations (primarily from the funding of the Vintage Park Development JV). DownREITs . The Company holds a controlling ownership interest in and is the managing member of five DownREITs (see Note 12). Upon adoption of ASU 2015-02, the Company classified the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the DownREITs (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships . The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). Upon adoption of ASU 2015-02, the Company classified the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). 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 JV (“Development JV”) both of which are considered VIEs. The Company consolidates the Tax Credit Subsidiary and Development JV as the primary beneficiary because 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 a 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. Exchange Accommodation Titleholder . During the year ended December 31, 2016, the Company acquired a MOB (the "acquired property") using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange"). As of December 31, 2016, the Company had not completed the reverse 1031 exchange and as such, the acquired property remained in the possession of an Exchange Accommodation Titleholder ("EAT"). The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance. The property held by the EAT is reflected as real estate with a carrying value of $37 million as of December 31, 2016. The assets of the EAT primarily consist of a leased property (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the property. Assets generated by the EAT may only be used to settle its contractual obligations (primarily from capital expenditures) .

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2016
Fair Value Measurements
Fair Value Measurements	NOTE 22. Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis at December 31, 2016 in the consolidated balance sheets are immaterial. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2016 (4) 2015 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 liabilities (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 (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For 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 credit rating . (3) Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models. (4) During the years ended December 31, 2016 and 2015, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 2016
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 credit risks. The Company does not have significant foreign operations. The following table provides information regarding the Company’s concentrations with respect to Brookdale as a tenant as of and for the periods presented: Percentage of Gross Assets Percentage of Revenues Total Company SH NNN Total Company SH NNN December 31, December 31, Year Ended December 31, Year Ended December 31, Tenant 2016 2015 2016 2015 2016 2015 2014 2016 2015 2014 Brookdale (1) (1) Includes revenues from 64 SH NNN facilities that were classified as held for sale at December 31, 2016. 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 the year ended December 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of January 1, 2014. Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment, as discussed below. As of December 31, 2016 and 2015, Brookdale managed or operated, in the Company’s SHOP segment, approximately 18% and 17%, respectively, of the Company’s real estate investments based on gross assets. Because an operator manages the Company’s facilities in exchange for the receipt of a management fee, the Company is not directly exposed to the credit risk of its operators in the same manner or to the same extent as its triple-net tenants. As of December 31, 2016, Brookdale provided comprehensive facility management and accounting services with respect to 108 of the Company’s senior housing facilities and 16 SHOP facilities owned by its unconsolidated joint ventures, 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. The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s gross assets and revenues: Percentage of Total Percentage of Company Gross Assets Total Company Revenues December 31, Year Ended December 31, State 2016 2015 2016 2015 2014 California Texas

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 $ $ January 2015 (3) October 2017 Cash Flow % 1 Month GBP LIBOR+0.975% £ Foreign currency: January 2015 (4) 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) Hedges fluctuations in interest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate. (4) 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 £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. Assuming a one percentage point change in the underlying interest rate curve and foreign currency exchange rates, the estimated change in fair value of each of the underlying derivative instruments would not exceed $3 million. As of December 31, 2016, £268 million of the Company’s GBP-denominated borrowings under the Facility and 2012 term loan are designated as a hedge of a portion of the Company’s net investment 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 accumulated other comprehensive income (loss). Accordingly, the remeasurement value of the designated £268 million GBP-denominated borrowings due to fluctuations in the GBP to USD exchange rate are reported in accumulated other comprehensive income (loss) 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.

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Data (Unaudited)
Selected Quarterly Financial Data (Unaudited)	NOTE 25. Selected Quarterly Financial Data (Unaudited) The following table summarizes selected quarterly information for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended 2016 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ Total discontinued operations Income before income taxes and equity income from investments in unconsolidated joint ventures Net income Net income applicable to HCP, Inc. Basic earnings per common share Diluted earnings per common share Three Months Ended 2015 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ Total discontinued operations Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures Net (loss) income Net (loss) income applicable to HCP, Inc. Basic earnings per common share Diluted earnings per common share The above selected quarterly financial data includes the following significant transactions: · The quarter ended December 31, 2016 includes the following related to the Spin-Off: (i) $46 million of loss on debt extinguishment and (ii) $58 million of transaction costs. · The quarter ended June 30, 2016 includes $120 million of gain on sales from real estate dispositions. · The quarter ended March 31, 2016 includes $53 million of income tax expense associated with state built-in gain tax payable upon the disposition of specific real estate assets, of which $49 million relates to the HCRMC real estate portfolio. · During the quarter ended December 31, 2015, the Company recorded net impairment charges of: (i) $817 million related to its DFL investments with HCRMC and (ii) $19 million related to its equity investment in HCRMC, both of which are included in discontinued operations. · During the quarter ended September 30, 2015, the Company recorded impairment charges of: (i) $70 million related to its Four Seasons Notes and (ii) $27 million related to its equity investment in HCRMC that is included in discontinued operations. · During the quarter ended June 30, 2015, the Company recorded an impairment charge of $42 million related to its Four Seasons Notes. · During the quarter ended March 31, 2015, the Company recorded a net impairment charge of $478 million related to its DFL investments with HCRMC that is included in discontinued operations.

Schedule II_ Valuation and Qual

Schedule II: Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2016
Schedule II: Valuation and Qualifying Accounts
Schedule II: Valuation and Qualifying Accounts	PART I ITEM 1 (a) 1. Financial Statement Schedules 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 2016 $ $ $ — $ $ $ 2015 — 2014 — (1) Includes allowance for doubtful accounts, straight-line rent reserves, and allowances for loan and direct financing lease losses and excludes discontinued operations of $818 million and $1 million for the years ended December 31, 2015 and 2014, respectively.

Schedule III_ Real Estate and A

Schedule III: Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2016
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, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed Senior housing triple-net 1107 Huntsville AL $ — $ $ $ $ $ $ $ 0786 Douglas AZ — 0518 Tucson AZ — 1238 Beverly Hills CA — 0883 Carmichael CA — 2204 Chino Hills CA — 0851 Citrus Heights CA — 2092 Clearlake CA — 0790 Concord CA 0787 Dana Point CA — 0798 Escondido CA 2054 Fortuna CA — 2079 Fortuna CA — 0791 Fremont CA — 0788 Granada Hills CA — 0227 Lodi CA — 0226 Murietta CA — 1165 Northridge CA — 1168 Palm Springs CA — 0789 Pleasant Hill CA 2205 Roseville CA — 1167 Santa Rosa CA — 0793 South San Francisco CA — 0792 Ventura CA — 2055 Yreka CA — 0512 Denver CO — 1000 Greenwood Village CO — 2144 Glastonbury CT — 0730 Torrington CT — 0861 Apopka FL — 0852 Boca Raton FL — 1002 Coconut Creek FL — 2467 Ft Myers FL — 1095 Gainesville FL — 0490 Jacksonville FL — 1096 Jacksonville FL — 1017 Palm Harbor FL — 0732 Port Orange FL — 2194 Springtree FL — 0802 St. Augustine FL — 1097 Tallahassee FL — 1605 Vero Beach FL — 1257 Vero Beach FL — 1098 Alpharetta GA — 1099 Atlanta GA — 2108 Buford GA — 2109 Buford GA — 2053 Canton GA — 2165 Hartwell GA — 2066 Lawrenceville GA — 1241 Lilburn GA — 1112 Marietta GA — 2086 Newnan GA — 1005 Oak Park IL — 1162 Orland Park IL — 1237 Wilmette IL — 1105 Louisville KY — 2115 Murray KY — 1158 Plymouth MA — 1249 Frederick MD — 0281 Westminster MD — 0546 Cape Elizabeth ME — 0545 Saco ME — 1258 Auburn Hills MI — 1248 Farmington Hills MI — 1259 Sterling Heights MI — 1235 Des Peres MO — 1236 Richmond Heights MO — 0853 St. Louis MO — 2074 Oxford MS — 0878 Charlotte NC — 2465 Charlotte NC — 1119 Concord NC — 2468 Franklin NC — 2126 Mooresville NC — 2466 Raeford NC — 1254 Raleigh NC — 2127 Minot ND — 2169 Lexington NE — 1599 Cherry Hill NJ — 1239 Cresskill NJ — 0734 Hillsborough NJ — 1242 Madison NJ — 0733 Manahawkin NJ — 1231 Saddle River NJ — 0245 Voorhees Township NJ — 2161 Rio Rancho NM — 2121 Roswell NM — 2150 Roswell NM — 0796 Las Vegas NV — 2110 Las Vegas NV — 1252 Brooklyn NY — 1256 Brooklyn NY — 2177 Clifton Park NY — 2174 Orchard Park NY — 2175 Orchard Park NY — 1386 Marietta OH — 1253 Youngstown OH — 2083 Oklahoma City OK — 2139 Gresham OR — 2182 Hermiston OR 2131 Keizer OR 2152 McMinnville OR — 2089 Newberg OR — 2133 Portland OR — 2151 Portland OR — 2171 Portland OR — — — — 2050 Redmond OR — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 2084 Roseburg OR — 2134 Scappoose OR — 2153 Scappoose OR — 2056 Stayton OR — 2058 Stayton OR — 2088 Tualatin OR — — — — 2180 Windfield Village OR 1163 Haverford PA — 2063 Selinsgrove PA — 1967 Cumberland RI — 1972 Smithfield RI — 1973 South Kingstown RI — 1975 Tiverton RI — 1104 Aiken SC — 1100 Charleston SC — 1109 Columbia SC — 2154 Florence SC — 0306 Georgetown SC — 0879 Greenville SC — 0305 Lancaster SC — 0880 Myrtle Beach SC — 0312 Rock Hill SC — 1113 Rock Hill SC — 0313 Sumter SC — 2067 West Columbia SC — 2132 Cordova TN — 2060 Franklin TN — 2073 Kingsport TN — 1003 Nashville TN — 0843 Abilene TX — 2107 Amarillo TX — 1116 Arlington TX — 0511 Austin TX — 2075 Bedford TX — 0844 Burleson TX — 0848 Cedar Hill TX — 1325 Cedar Hill TX — 0506 Friendswood TX — 0217 Houston TX — 1106 Houston TX — 0845 North Richland Hills TX — 0846 North Richland Hills TX — 2162 Portland TX — 2116 Sherman TX — 0847 Waxahachie TX — 2470 Abingdon VA — 1244 Arlington VA — 1245 Arlington VA — 0881 Chesapeake VA — 1247 Falls Church VA — 1164 Fort Belvoir VA — 1250 Leesburg 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 — 2170 Madison WI — 2117 Bridgeport WV — 2148 Sheridan WY — $ $ $ $ $ $ $ $ Senior housing operating portfolio 2366 Little Rock AR — 2384 Prescott AZ — 1974 Sun City AZ 2362 Camarillo CA — 2352 Carlsbad CA — 2399 Corona CA — 2364 Elk Grove CA — 1965 Fresno CA 2593 Irvine CA — 2369 Rancho Mirage CA — 2380 Roseville CA — 2353 San Diego CA — 2354 San Juan Capistrano CA — 1966 Sun City CA Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 2505 Arvada CO — 2506 Boulder CO — 2373 Colorado Springs CO — 2515 Denver CO — 2507 Englewood CO — 2508 Lakewood CO — 2509 Lakewood CO — 2355 Woodbridge CT — 2519 Altamonte Springs FL — 2521 Altamonte Springs FL — — — — — 2603 Boca Raton FL — 1963 Boynton Beach FL 1964 Boynton Beach FL 2602 Boynton Beach FL — 2520 Clearwater FL — 2601 Delray Beach FL — 2517 Ft Lauderdale FL — 2351 Gainesville FL — 2518 Lake Worth FL — 2592 Lantana FL — 1968 Largo FL 2522 Lutz FL — — 2523 Orange City FL — 1970 Palm Beach Gardens FL 2524 Port St Lucie FL — 1971 Sarasota FL 2525 Sarasota FL — 2526 Tamarac FL — 2513 Venice FL — 2527 Vero Beach FL — 1976 West Palm Beach FL — 2370 Atlanta GA — 2388 Buford GA — 2395 Marietta GA — 2397 Sioux City IA — 2375 Burr Ridge IL — 2200 Deer Park IL — * 2594 Mount Vernon IL — 1969 Niles IL 1961 Olympia Fields IL 2376 Prospect Heights IL — 2367 Schaumburg IL — 1952 Vernon Hills IL 2595 Indianapolis IN — 2596 W Lafayette IN — 2371 Edgewood KY — 2358 Danvers MA — 2363 Dartmouth MA — 2357 Dedham MA — 2365 Baltimore MD — 2583 Ellicott City MD 2584 Hanover MD 2585 Laurel MD 2541 Olney MD — 2586 Parkville MD 2356 Pikesville MD — 2587 Waldorf MD 2590 Sterling Heights MI — 2374 Charlotte NC — 2359 Paramus NJ — 2387 Albuquerque NM — 2589 Albuquerque NM — 2516 Centerville OH — 2512 Cincinnati OH — 2591 Cincinnati OH — 2597 Fairborn OH — 2372 Oklahoma City OK — 2383 Oklahoma City OK — 2390 Grants Pass OR — 2391 Grants Pass OR — 2392 Grants Pass OR — 2393 Grants Pass OR — 1959 East Providence RI 1960 Greenwich RI 2511 Johnston RI — 1962 Warwick RI 2401 Germantown TN — 2385 Hendersonville TN — 2381 Memphis TN — 2608 Arlington TX — 2377 Austin TX — 2531 Austin TX — 2588 Beaumont TX — 2396 Dallas TX — 2438 Dallas TX — 2528 Graham TX — 2529 Grand Prairie TX — 1955 Houston TX 1957 Houston TX 1958 Houston TX 2402 Houston TX — 2606 Houston TX — 2394 Kerrville TX — 2389 Lubbock TX — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income State/ Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City Country December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 2530 N Richland Hills TX — 2379 Plano TX — 2378 San Antonio TX — 2532 San Antonio TX — 2607 San Antonio TX — 2533 San Marcos TX — 1954 Sugar Land TX 2510 Temple TX — 2400 Victoria TX — 2605 Victoria TX — 1953 Webster TX 2534 Wichita Falls TX — 2368 Salt Lake City UT — 2386 St. George UT — 2360 Arlington VA — 2582 Fredericksburg VA — 2581 Leesburg VA 2361 Richmond VA — 2514 Richmond VA — 2382 Appleton WI — 2398 Stevens Point WI — $ $ $ $ $ $ $ $ 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 — 0678 San Diego 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 — 2476 San Diego CA 2477 San Diego CA 2478 San Diego CA — — — — ** 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 — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 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 — 1449 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 — — 1984 South San Francisco CA — — — * 1985 South San Francisco CA — — — * 1987 South San Francisco CA — — — * 1989 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 — — 2614 South San Francisco CA — 2615 South San Francisco CA — 2616 South San Francisco CA — 9999 Denton TX — — — — — ** 2011 Durham NC 2030 Durham NC — 0464 Salt Lake City UT — 0465 Salt Lake City UT — 0466 Salt Lake City UT — — — 0507 Salt Lake City UT — 0799 Salt Lake City UT — — — 1593 Salt Lake City UT — — — — $ $ $ $ $ $ $ $ Medical office 0638 Anchorage AK — 2572 Springdale AR — — — — — 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 — 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 — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 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 — — — 2577 Naples FL — — — — — 2578 Naples FL — — — — — 0563 Orlando FL — 0833 Pace FL — — 0834 Pensacola FL — — — 0614 Plantation FL — 0673 Plantation FL — 2579 Punta Gorda FL — — — — — 0701 St. Petersburg FL — — — 1210 Tampa FL — 1058 Blue Ridge GA — — — 2576 Statesboro 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 — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 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 — — — 2570 Limerick PA — — — 2234 Philadelphia PA — 2403 Philadelphia PA — 2571 Wilkes-Barre PA — — — — — 2573 Florence SC — — — — — 2574 Florence SC — — — — — 2575 Florence SC — — — — — 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 — 2611 Allen TX — — 2612 Allen TX — — 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 — 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 — 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 Houston TX — — 2547 Houston TX — — 2548 Houston TX — — 2549 Houston TX — — 0590 Irving TX — 0700 Irving TX — — — 1202 Irving TX — 1207 Irving TX — 2613 Kingwood TX — — 1062 Lancaster TX — 2195 Lancaster TX — — 0591 Lewisville TX — 0144 Longview TX — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 0143 Lufkin TX — 0568 Mckinney TX — 0569 Mckinney TX — — — 1079 Nassau Bay TX — — — 0596 N 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 — — — 2559 Shenandoah 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 — 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 — — — $ $ $ $ $ $ $ $ Other non-reportable segments Other-Hospitals 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 — 2031 Slidell LA — — — ** 0886 Dallas TX — 1319 Dallas TX — 1384 Plano TX — 2198 Webster TX — Other-Post-acute/skilled nursing 2469 Rural Retreat VA — Other-United Kingdom 2210 Adlington EG — 2211 Adlington EG — 2216 Alderley Edge EG — 2217 Alderley Edge EG — 2340 Altrincham EG — 2312 Armley EG — 2313 Armley EG — 2309 Ashton under Lyne EG — 2206 Bangor EG — 2207 Batley EG — 2336 Birmingham EG — 2320 Bishopbriggs EG — 2323 Bonnyrigg EG — 2335 Cardiff EG — 2223 Catterick Garrison EG — 2226 Christleton EG — 2327 Croydon EG — 2221 Disley EG — 2227 Disley EG — 2306 Dukinfield EG — 2316 Dukinfield EG — 2317 Dukinfield EG — 2318 Dumbarton EG — 2303 Eckington EG — 2333 Edinburgh EG — 2208 Elstead EG — 2328 Forfar EG — 2214 Gilroyd EG — 2330 Glasgow EG — 2307 Hyde EG — 2324 Lewisham EG — 2332 Linlithgow EG — 2213 Ilkley EG — 2209 Kingswood EG — 2212 Kirk Hammerton EG — 2310 Kirkby EG — Costs Life on Which Capitalized Gross Amount at Which Carried Depreciation in Initial Cost to Company Subsequent As of December 31, 2016 Year Latest Income Encumbrances at Buildings and to Buildings and Accumulated Acquired/ Statement is City State December 31, 2016 Land Improvements Acquisition Land Improvements Total (1) Depreciation Constructed Computed 2304 Knotty Ash EG — 2322 Laindon EG — 2215 Leeds EG — 2326 Limehouse EG — 2321 Luton EG — 2339 Manchester EG — 2225 N Wadebridge EG — 2331 Paisley EG — 2308 Prescot EG — 2305 Prescot EG — 2219 Ripon EG — 2319 Sheffield EG — 2314 Stalybridge EG — 2315 Stalybridge EG — 2218 Stapeley EG — 2325 Stirling EG — 2329 Stirling EG — 2224 Stockton-on-Tees EG — 2220 Thornton-Cleveleys EG — 2228 Upper Wortley EG — 2311 Wigan EG — 2337 Wigan EG — 2338 Wigan EG — 2222 Woolmer Green EG — 2334 Wotton under Edge EG — $ — $ $ $ $ $ $ $ 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. (1) At December 31, 2016, the tax basis of the Company’s net real estate assets is less than the reported amounts by $1.2 billion (unaudited). (b) A summary of activity for real estate and accumulated depreciation follows (in thousands): Year ended December 31, 2016 2015 2014 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 $ $ $ (1) 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, 2016
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 any of the following: (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 DFL 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 property, 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 commences recognition of 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 relate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period they 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 a 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.
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: (i) it is probable 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 transactions 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 the cost for the construction and improvement incurred in connection 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 lives. 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. If an asset is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. 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, significant 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. 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 determined 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 on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and short-term investments with original 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, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. Using certain of its British pound sterling (“GBP”) denominated debt, the Company applies net investment hedge accounting to hedge the foreign currency exposure from its net investment in GBP-functional subsidiaries. The variability of the GBP-denominated debt due to changes in the GBP to U.S. dollar (“USD”) exchange rate (“remeasurement value”) is recognized as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). 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 its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings.
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 (“TRSs”). 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. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment.
Segment Reporting	Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) SH NNN, (ii) SHOP, (iii) life science and (iv) medical office. Prior to the third quarter of 2016, the Company operated through five reportable segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. During the third quarter of 2016, primarily as a result of the planned spin-off of QCP, the Company revised its operating analysis structure. The Company believes the change to its reportable segments is appropriate and consistent with how its chief operating decision makers review the Company’s operating results and determine resource allocations. Accordingly, all prior period segment information has been reclassified to conform to the current period presentation.
Noncontrolling Interests	Noncontrolling Interests Arrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. Net 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 company (“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 March 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-09, Improvements to Employee Share-Based Payment Accounting (“ASU 2016-09”). ASU 2016-09 is intended to simplify accounting for share-based payment transactions. The areas for simplification in this update involve several aspects of accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities and classification on the statements of cash flows. ASU 2016-09 is effective for fiscal years, and interim periods within, beginning after December 15, 2016. Early adoption is permitted. The transition method required by ASU 2016-09 varies based on the specific amendment being adopted. The Company adopted ASU 2016-09 on October 1, 2016; the adoption of which did not have a material impact to its consolidated financial position, results of operations or statements of cash flows. As a result of the new guidance, the Company formally disclosed its policy regarding the treatment of forfeitures of stock compensation awards (see Share-Based Compensation above). 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 2015-16 on January 1, 2016; the adoption of which did not have a material impact on its consolidated financial position or results of operations. In February 2015, the FASB issued ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 requires amendments to both the VIE and voting 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 voting 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 approach 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 January 2017, the FASB issued ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). The amendments in ASU 2017-04 eliminate the current two-step approach used to test goodwill for impairment and require an entity to apply a one-step quantitative test and record the amount of goodwill impairment as the excess of a reporting unit's carrying amount over its fair value, not to exceed the total amount of goodwill allocated to the reporting unit. ASU 2017-04 is effective for fiscal years, including interim periods within, beginning after December 15, 2019 (upon the first goodwill impairment test performed during that fiscal year). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. A reporting entity must apply the amendments in ASU 2017-04 using a prospective approach. The Company does not expect the adoption of ASU 2017-04 to have a material impact to its consolidated financial position or results of operations. In January 2017, the FASB issued ASU No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”). The amendments in ASU 2017-01 provide an initial screen to determine if substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, in which case, the transaction would be accounted for as an asset acquisition. In addition, ASU 2017-01 clarifies the requirements for a set of activities to be considered a business and narrows the definition of an output. ASU 2017-01 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2017-01 using a prospective approach. The Company plans to adopt ASU 2017-01 during the first quarter of 2017. Upon adoption of ASU 2017-01, the Company expects to recognize a majority of its real estate acquisitions and dispositions as asset transactions rather than business combinations which will result in the capitalization of related third party transaction costs. In November 2016, the FASB issued ASU No. 2016-18, Restricted Cash (“ASU 2016-18”). The amendments in ASU 2016-18 require an entity to reconcile and explain the period-over-period change in total cash, cash equivalents and restricted cash within its statements of cash flows. ASU 2016-18 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-18 using a full retrospective approach. The Company does not expect the adoption of ASU 2016-18 to have a material impact to its consolidated statements of cash flows as the Company does not have material restricted cash activity. In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). The amendments in ASU 2016-15 are intended to clarify current guidance on the classification of certain cash receipts and cash payments in the statement of cash flows. ASU 2016-15 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-18 using a full retrospective approach. The Company is currently in compliance with substantially all of the clarifications in ASU 2016-15 and as such, the Company does not expect the adoption of ASU 2016-15 to have a material impact to its consolidated statements of cash flows. In January 2016, the FASB issued ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 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 at each reporting period. ASU 2016-01 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted only for updates to certain disclosure requirements. A reporting entity is required to apply the amendments in ASU 2016-01 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company does not have any material equity investments, other than those that are accounted for using the equity method of accounting, and as such, does not expect the adoption of ASU 2016-01 to have a material impact to its consolidated financial position or results of operations. In October 2016, the FASB issued ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The amendments in ASU 2016-16 require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time that the transfer occurs. Current guidance does not require recognition of tax consequences until the asset is eventually sold to a third party. ASU 2016-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted as of the first interim period presented in a year. A reporting entity must apply the amendments in ASU 2016-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The Company is evaluating the impact of the adoption of ASU 2016-16 on January 1, 2018 to its consolidated financial position and results of operations. The Company does not expect the adoption of ASU 2016-16 to have a material impact to its consolidated financial position or results of operations. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amendments in ASU 2016-13 eliminate the “probable” initial threshold for recognition of credit losses in current accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses. Previously, when credit losses were measured under current accounting guidance, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. A reporting entity is required to apply the amendments in ASU 2016-13 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. Upon adoption of ASU 2016-13, the Company is required to reassess its financing receivables, including direct finance leases and loans receivable, and expects that application of ASU 2016-13 may result in the Company recognizing credit losses at an earlier date than would otherwise be recognized under current accounting guidance. As such, the Company is still evaluating the impact of the adoption of ASU 2016-13 on January 1, 2020 to its consolidated financial position and results of operations. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the current accounting for leases to (i) require lessees to put most leases on their balance sheets, but continue recognizing expenses on their income statements in a manner similar to requirements under current accounting guidance, (ii) eliminate current real estate specific lease provisions and (iii) modify the classification criteria and accounting for sales-type leases for lessors. ASU 2016-02 is effective for fiscal years, and interim periods within, beginning after December 15, 2018. Early adoption is permitted. The transition method required by ASU 2016-02 varies based on the specific amendment being adopted. As a result of adopting ASU 2016-02, the Company will recognize all of its operating leases for which it is the lessee, including corporate office leases and ground leases, on its consolidated balance sheets and will capitalize fewer legal costs related to the drafting and execution of its lease agreements. The Company is evaluating the impact of the adoption of ASU 2016-02 on January 1, 2019 to its consolidated financial position and results of operations. Between May 2014 and May 2016, the FASB issued three ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”) and (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). 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. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. In August 2015, the FASB issued ASU 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 within, beginning after December 15, 2017. All subsequent ASUs related to ASU 2014-09, including ASU 2016-08 and ASU 2016-12, assumed the deferred effective date enforced by ASU 2015-14. Early adoption of the Revenue ASUs is permitted for annual periods, and interim periods within, beginning after December 15, 2016. A reporting entity may apply the amendments in the Revenue ASUs using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or full retrospective approach. The Company is evaluating the complete impact of the adoption of the Revenue ASUs on January 1, 2018 to its consolidated financial position and results of operations. As the primary source of revenue for the Company is generated through leasing arrangements, which are excluded from the Revenue ASUs, the Company expects that it will be impacted in its recognition of non-lease revenue, such as certain resident fees in its RIDEA structures (a portion of which are not generated through leasing arrangements) and its recognition of real estate sale transactions. Under ASU 2014-09, revenue recognition for real estate sales is largely based on the transfer of control versus continuing involvement under current guidance. As a result, the Company generally expects that the new guidance will result in more transactions qualifying as sales of real estate and revenue being recognized at an earlier date than under current accounting guidance.
Reclassifications	Reclassifications Certain amounts in the Company’s consolidated financial statements have been reclassified for prior periods to conform to the current period presentation. Certain prior period amounts have been reclassified on the consolidated balance sheets and consolidated statements of operations for discontinued operations (see Note 5). See Segment Reporting above for additional reclassifications.

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, 2016
Lease Amendments And Terminations And Joint Venture Formations
Summary of quantitative information about fair value measurements for NNN Lease Restructuring and RIDEA Subsidiaries transactions (dollars in thousands)	The following table summarizes the quantitative information about fair value measurements for the NNN Lease Restructuring and RIDEA II transactions (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 100.00%

Other Real Estate Property In38

Other Real Estate Property Investments (Tables)	12 Months Ended
	Dec. 31, 2016
Acquisition
Schedule of real estate acquisitions (in thousands)	The following table summarizes real estate acquisitions for the year ended December 31, 2016 (in thousands): Consideration Assets Acquired (1) Liabilities Net Segment Cash Paid Assumed Real Estate Intangibles SH NNN $ $ $ $ SHOP Life science — Medical office Other — $ $ $ $ (1) The purchase price allocations are preliminary and may be subject to change. Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material.
Schedule of capital improvements (in thousands)	The following table summarizes the Company’s funding for construction, tenant and other capital improvements (in thousands): Year Ended December 31, Segment 2016 2015 SH NNN $ $ SHOP Life science Medical office Other $ $
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, 2014 (in thousands, except per share amounts): December 31, 2015 December 31, 2014 Revenues $ $ Net (loss) income Net (loss) income applicable to HCP, Inc. Basic earnings per common share $ $ Diluted earnings per common share
Other real estate acquisitions
Acquisition
Schedule of real estate acquisitions (in thousands)	In addition to the RIDEA III acquisition discussed above, the following table summarizes other real estate acquisitions for the year ended December 31, 2015 (in thousands): Consideration Assets Acquired (1) Cash Paid/ Liabilities Noncontrolling Net Segment Debt Settled Assumed Interest Real Estate Intangibles SH NNN $ $ — $ — $ $ — SHOP Life science — Medical office (2) — Other (3) — $ $ $ $ $ (1) Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material. (2) 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). (3) 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.

Discontinued Operations and D39

Discontinued Operations and Dispositions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2016
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. 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 1.05x-1.15x 1.25x-1.35x Range of real estate capitalization rate 6.25%-7.25% 7.50%-8.50%
Spinoff
Summary of assets and liabilities transferred to QCP at the Spin-Off date	The following is a summary of the assets and liabilities transferred to QCP at the Spin-Off date (in thousands): October 31, December 31, 2016 2015 ASSETS Real estate: Buildings and improvements $ $ Land Accumulated depreciation and amortization Net real estate Net investment in direct financing leases Cash and cash equivalents Restricted cash — Intangible assets, net Other assets, net Total assets $ $ LIABILITIES Accounts payable and accrued liabilities $ $ Deferred revenue Total liabilities Net assets $ $ The results of discontinued operations through October 31, 2016, the Spin-Off date, are included in the consolidated results for the years ended December 31, 2016, 2015 and 2014. Summarized financial information for discontinued operations for the years ended December 31, 2016, 2015, and 2014 is as follows (in thousands): Year Ended December 31, 2016 2015 2014 Revenues: Rental and related revenues $ $ $ Tenant recoveries Income from direct financing leases Interest income — — Total revenues Costs and expenses: Depreciation and amortization Operating General and administrative Transaction costs — — Impairments — — Other income, net Income (loss) before income taxes and income from and impairments of equity method investment Income tax expense Income from equity method investment — Impairments of equity method investment — Net income (loss) from discontinued operations $ $ $

Net Investment in Direct Fina40

Net Investment in Direct Financing Leases (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 Minimum lease payments receivable $ $ Estimated residual values Less unearned income Net investment in direct financing leases $ $ Properties subject to direct financing leases
DFL Portfolio
Loans Receivable:
Future minimum lease payments contractually due under DFLs	The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2016 (in thousands): Year Amount 2017 $ 2018 2019 2020 2021 Thereafter $
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, 2016 (dollars in thousands): Carrying Percentage of Internal Ratings Segment Amount DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs SH NNN $ $ $ $ — Other — — $ $ $ $ —

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2016
Loans Receivable:
Summary of loans receivable secured by real estate	The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2016 (dollars in thousands): Final Number Maturity of Principal Carrying Date Loans Payment Terms Amount (1) Amount 2017 1 monthly interest-only payments, accrues interest at LIBOR plus 6.0%, and secured by, among other things, the issuer’s real estate assets $ $ 2018 1 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania (2) 2021 2 aggregate monthly interest-only payments, accrues interest at 8.0% and 9.75% and secured by two senior housing facility in the U.K .(3) 2023 1 monthly interest-only payments, accrues interest at 7.0% and secured by seven senior housing facilities in the U.K . 5 $ $ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. (2) Represents commitments to fund an aggregate of $0.1 million for a development project that is at or near completion as of December 31, 2016. (3) Represents commitments to fund an aggregate of £12 million ($15 million) for two development projects as of December 31, 2016.
Loans receivable
Loans Receivable:
Schedule of loans receivable (in thousands)	The following table summarizes the Company’s loans receivable (in thousands): December 31, 2016 2015 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine (1)(2) $ — $ $ $ — $ $ Other — — Unamortized premiums (discounts), fees and costs, net Allowance for loan losses — — — — — — $ $ $ $ $ $ (1) At December 31, 2016, included £282 million ($348 million) outstanding and £2 million ($3 million) of associated unamortized discounts, fees and costs both related to the HC-One Facility. At December 31, 2015, included £273 million ($403 million) outstanding and £4 million ($5 million) of associated unamortized discounts, fees and costs both related to the HC-One Facility. (2) At December 31, 2016, the Company had £35 million ($43 million) remaining under its commitments to fund development projects and capital expenditures under it U.K. development projects.
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, 2016 (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 — $ $ $ $ —

Investments in and Advances t42

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2016
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 (dollars in thousands): Carrying Amount December 31, Entity (1) Segment Ownership % 2016 2015 CCRC JV (2) SHOP $ $ MBK JV (3) SHOP HCP Ventures III, LLC Medical office HCP Ventures IV, LLC Medical office HCP Life Science (4) Life science 50-63 Vintage Park SHOP MBK Development JV (3) SHOP Suburban Properties, LLC Medical office K&Y (5) Other — Advances to unconsolidated joint ventures, net and other $ $ (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). (3) Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo). (4) 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%). (5) Includes three unconsolidated joint ventures.

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2016
Intangibles
Schedule of intangible lease assets	The following table summarizes the Company’s intangible lease assets (in thousands): December 31, Intangible lease assets 2016 2015 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 following table summarizes the Company’s intangible lease liabilities (in thousands): December 31, Intangible lease liabilities 2016 2015 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	The following table summarizes the estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter (in thousands): Intangible Intangible Assets Liabilities 2017 $ $ 2018 2019 2020 2021 Thereafter $ $

Other Assets (Tables)

Other Assets (Tables)	12 Months Ended
	Dec. 31, 2016
Other Assets.
Schedule of other assets (in thousands)	The following table summarizes the Company’s other assets (in thousands): December 31, 2016 2015 Straight-line rent receivables, net of allowance of $25,059 and $32,918, respectively $ $ Marketable debt securities, net Leasing costs and inducements, net Goodwill Other Total other assets $ $

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2016
Debt
Summary of senior notes issuances (dollars in thousands)	The following table summarizes the Company’s senior unsecured notes 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 $ % $
Summary of senior unsecured 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, 2016: February 1, 2016 $ % September 15, 2016 $ % November 30, 2016 $ % November 30, 2016 $ % Year ended December 31, 2015: March 1, 2015 $ % June 8, 2015 $ %
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, 2016 (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) 2017 $ — $ $ % $ % $ 2018 — — — % — % 2019 — % — % 2020 — — % % 2021 — — % % Thereafter — — % % % % Discounts and debt costs, net — $ $ $ $ $ (1) Includes £372 million translated into 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 4.34% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 3.02% to 7.50% with a weighted average effective interest rate of 3.40% and a weighted average maturity of six years. (5) Excludes $92 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, 2016
Commitments and Contingencies.
Summary of material commitments	The following table summarizes the Company’s material commitments, excluding debt servicing obligations (see Note 11), at December 31, 2016 (in thousands): More than Total(1) 2017 2018-2019 2020-2021 Five Years U.K. loan commitments (2) — — Construction loan commitments (3) — — — Development commitments (4) — — Ground and other operating leases Total $ $ $ $ $ (1) Excludes the $100 million Unsecured Revolving Credit Facility commitment to QCP, which is available to be drawn on by QCP through the fourth quarter of 2017 and matures in the fourth quarter of 2018. The Unsecured Revolving Credit Facility will automatically and permanently decrease each calendar month by an amount equal to 50% of QCP’s and its restricted subsidiaries’ retained cash flow for the prior calendar month. All borrowings under the Unsecured Revolving Credit Facility will be subject to the satisfaction of certain conditions (see Note 1). (2) Represents £35 million translated into USD for commitments to fund the Company’s U.K. loan facilities. (3) Represents commitments to finance development projects and related working capital financings. (4) 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 Number of Year Base Rent (1) Properties 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 non-cash 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, 2016 were as follows (in thousands): Year Amount 2017 $ 2018 2019 2020 2021 Thereafter $

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2016
Equity
Schedule of company's other common stock activities (shares in thousands)	The following table summarizes the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2016 2015 2014 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 table summarizes the Company’s accumulated other comprehensive loss (in thousands): December 31, 2016 2015 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized (losses) gains on available for sale securities Total accumulated other comprehensive loss $ $

Segment Disclosures (Tables)

Segment Disclosures (Tables)	12 Months Ended
	Dec. 31, 2016
Segment Disclosures
Summary financial information of reportable segment (in thousands)	The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2016: Life Medical Other Corporate Segments SH NNN SHOP Science Office Non-reportable Non-segment Total Rental revenues (1) $ $ $ $ $ $ — $ HCP share of unconsolidated JV revenues — — Less: Operating expenses — HCP share of unconsolidated JV operating expenses — — NOI — Non-cash adjustments to NOI (2) — Adjusted NOI — Addback non-cash adjustments — Interest income — — — — — Interest expense Depreciation and amortization — General and administrative — — — — — Acquisition and pursuit costs — — — — — Gain on sales of real estate, net — Loss on debt extinguishments — — — — — Other income, net — — — — — Income tax expense — — — — — Less: HCP share of unconsolidated JV NOI — — Equity income from unconsolidated joint ventures — — Total discontinued operations — — — — — Net income (loss) $ $ $ $ $ $ $ For the year ended December 31, 2015: Life Medical Other Corporate Segments SH NNN SHOP Science Office Non-reportable Non-segment Total Rental revenues (1) $ $ $ $ $ $ — $ HCP share of unconsolidated JV revenues — — Less: — Operating expenses — HCP share of unconsolidated JV operating expenses — — NOI — Non-cash adjustments to NOI (2) — Adjusted NOI — Addback non-cash adjustments — Interest income — — — — — Interest expense Depreciation and amortization — General and administrative — — — — — Acquisition and pursuit costs — — — — — Impairments, net — — — — — Gain on sales of real estate, net — — — — Other income, net — — — — — Income tax benefit — — — — — Less: HCP share of unconsolidated JV NOI — — Equity (loss) income from unconsolidated joint ventures — — — Total discontinued operations — — — — — Net income (loss) $ $ $ $ $ $ $ For the year ended December 31, 2014: Life Medical Other Corporate Segments SH NNN SHOP Science Office Non-reportable Non-segment Total Rental revenues (1) $ $ $ $ $ $ — $ HCP share of unconsolidated JV revenues — — — Less: Operating expenses — HCP share of unconsolidated JV operating expenses — — — NOI — Non-cash adjustments to NOI (2) — Adjusted NOI — Addback non-cash adjustments — Interest income — — — — — Interest expense Depreciation and amortization General and administrative — — — — — Acquisition and pursuit costs — — — — — Gain on sales of real estate, net — — — — — Other income, net — — — — — Income tax benefit — — — — — Less: HCP share of unconsolidated JV NOI — — — Equity (loss) income from unconsolidated joint ventures — — — Total discontinued operations — — — — — Net income $ $ $ $ $ $ $ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles and lease termination fees .
Reconciliation of company's revenues to total revenues (in thousands)	The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2016 2015 2014 SH NNN $ $ $ SHOP Life science Medical office Other non-reportable segments Total revenues $ $ $
Reconciliation of company's assets to total assets (in thousands)	Year Ended December 31, Segments 2016 2015 2014 SH NNN $ $ $ SHOP Life science Medical office Other non-reportable segments Total revenues $ $ $ The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segments 2016 2015 SH NNN $ $ SHOP Life science Medical office Gross reportable segment assets Accumulated depreciation and amortization Net reportable segment assets Other non-reportable segment assets Assets held for sale and discontinued operations, net Other non-segment assets Total assets $ $

Future Minimum Rents (Tables)

Future Minimum Rents (Tables)	12 Months Ended
	Dec. 31, 2016
Future Minimum Rents
Future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases	The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2016 (in thousands): Year Amount 2017 $ 2018 2019 2020 2021 Thereafter $

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2016
Compensation Plans
Summary of additional information concerning restricted stock and restricted stock units	The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2016 (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, 2016 $ $ Granted — — Vested Forfeited — — Unvested at December 31, 2016 — —

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2016
Income Taxes
Schedule of Income Tax Expense (Benefit) from continuing operations	The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2016 2015 2014 Current Federal $ $ $ State Foreign Total current $ $ $ Deferred Federal $ $ $ State Foreign Total deferred $ $ $ Total income tax expense (benefit) $ $ $
Reconciliation of income tax expense at statutory rates to the actual income tax expense recorded	The following table reconciles the income tax expense (benefit) from continuing operations at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2016 2015 2014 Tax benefit 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 expense (benefit) $ $ $
Schedule of significant components of the company's deferred tax asset and liabilities	The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2016 2015 2014 Property, primarily differences in depreciation and amortization, the basis of land, and the treatment of interest and certain costs $ $ $ Net operating loss carryforward Expense accruals and other Valuation allowance Net deferred tax assets $ $ $

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 2015 2014 Numerator Income from continuing operations $ $ $ Noncontrolling interests’ share in continuing operations Income from continuing operations applicable to HCP, Inc. Participating securities’ share in continuing operations Income from continuing operations applicable to common shares Discontinued operations Noncontrolling interests’ share in discontinued operations — — Net income (loss) applicable to common shares $ $ $ Denominator Basic weighted average common shares Dilutive potential common shares — Diluted weighted average common shares Basic earnings per common share Income from continuing operations $ $ $ Discontinued operations Net income (loss) applicable to common shares $ $ $ Diluted earnings per common share Income from continuing operations $ $ $ Discontinued operations Net income (loss) applicable to common shares $ $ $

Supplemental Cash Flow Inform53

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2016
Supplemental Cash Flow Information
Supplemental cash flow information (in thousands)	The following table summarizes supplemental cash flow information (in thousands): Year Ended December 31, 2016 2015 2014 Supplemental cash flow information: Interest paid, net of capitalized interest $ $ $ Income taxes paid Capitalized interest Supplemental disclosure of non-cash investing and financing activities: Accrued construction costs Non-cash impact of QCP Spin-Off, net — — Securities transferred for debt defeasance — — 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 Vesting of restricted stock units 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, 2016
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, 2016 are presented below (in thousands): Maximum Loss Carrying VIE Type Exposure (1) Asset/Liability Type Amount VIE tenants—DFLs(2) $ Net investment in DFLs $ VIE tenants—operating leases(2) Lease intangibles, net and straight-line rent receivables CCRC OpCo Investments in unconsolidated JVs Vintage Park Development JV Investments in unconsolidated JVs Four Seasons Loans and marketable debt securities Loan—senior secured Loans receivable, net Loan—seller financing Loans receivable, net CMBS and LLC investment Marketable debt and cost method investment (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) 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, 2016
Fair Value Measurements
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, 2016 (4) 2015 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 liabilities (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 (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For 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 credit rating . (3) Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models. (4) During the years ended December 31, 2016 and 2015, there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2016
Schedule of concentration of credit risk	Percentage of Total Percentage of Company Gross Assets Total Company Revenues December 31, Year Ended December 31, State 2016 2015 2016 2015 2014 California Texas
Tenants | SH NNN
Schedule of concentration of credit risk	Percentage of Gross Assets Percentage of Revenues Total Company SH NNN Total Company SH NNN December 31, December 31, Year Ended December 31, Year Ended December 31, Tenant 2016 2015 2016 2015 2016 2015 2014 2016 2015 2014 Brookdale (1) (1) Includes revenues from 64 SH NNN facilities that were classified as held for sale at December 31, 2016. 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 the year ended December 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of January 1, 2014. Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment, as discussed below.

Derivative Financial Instrume57

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2016
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, 2016 (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 $ $ January 2015 (3) October 2017 Cash Flow % 1 Month GBP LIBOR+0.975% £ Foreign currency: January 2015 (4) 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) Hedges fluctuations in interest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate. (4) 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 £1.0 million monthly at a rate of 1.5149 through October 2017.

Selected Quarterly Financial 58

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2016
Selected Quarterly Financial Data (Unaudited)
Selected quarterly information	The following table summarizes selected quarterly information for the years ended December 31, 2016 and 2015 (in thousands, except per share amounts): Three Months Ended 2016 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ Total discontinued operations Income before income taxes and equity income from investments in unconsolidated joint ventures Net income Net income applicable to HCP, Inc. Basic earnings per common share Diluted earnings per common share Three Months Ended 2015 March 31 June 30 September 30 December 31 Total revenues $ $ $ $ Total discontinued operations Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures Net (loss) income Net (loss) income applicable to HCP, Inc. Basic earnings per common share Diluted earnings per common share

Business (Details)

Business (Details) shares in Millions	Oct. 31, 2016USD ($)property	Oct. 31, 2016USD ($)property	Oct. 30, 2016USD ($)	Oct. 24, 2016	Oct. 17, 2016USD ($)	Oct. 31, 2016USD ($)property	Dec. 31, 2016USD ($)shares	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Cash transferred							$ 979,542,000	$ 1,046,638,000	$ 1,001,559,000
Distribution ratio				5
Distribution of QCP, Inc							(3,532,763,000)
Gain or loss recorded from distribution of assets and liabilities							0
Loan amount outstanding							899,718,000	$ 397,432,000
Revolving credit facility
Line of credit facility, maximum borrowing capacity	$ 100,000,000	$ 100,000,000				$ 100,000,000
Facility fee							0.50
Revolving credit facility | Minimum
Debt Instrument, Interest Rate, Stated Percentage (as a percent)	1.00%	1.00%				1.00%
LIBOR | Revolving credit facility
Loan, basis spread on variable rate		6.25%
Senior Unsecured, 6.70% notes due in 2018
Loan amount outstanding							0
QCP
Proceeds from borrowing			$ 1,750,000,000
Cash transferred							$ 1,690,000,000
Common stock transferred (in shares) | shares							94
QCP | Senior Unsecured, 6.70% notes due in 2018
Permanent decrease in commitments for each month equal to retained cash flow (as a percent)						50.00%
QCP | Mortgage Debt
Debt Instrument, Interest Rate, Stated Percentage (as a percent)					8.125%
Interest expense	$ 2,000,000
Proceeds from borrowing			$ 1,000,000,000
QCP | Mortgage Debt | Minimum
Debt Instrument, Interest Rate, Stated Percentage (as a percent)			1.00%
QCP | Mortgage Debt | LIBOR
Loan, basis spread on variable rate			5.25%
QCP | Mortgage Debt | Base rate
Loan, basis spread on variable rate			4.25%
Spinoff | QCP
Number of properties | property	338	338				338
QCP
Distribution of QCP, Inc					$ 3,500,000,000
QCP | Mortgage Debt
Aggregate principal amount					$ 750,000,000

Summary of Significant Accoun60

Summary of Significant Accounting Policies (Details) - segment	6 Months Ended	12 Months Ended
	Jun. 30, 2016	Dec. 31, 2016
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
Investments classified as cash equivalents, maximum maturity period		3 months
Failure to qualify as REIT, ineligibility period		4 years
Number of reportable segments	5

Brookdale Lease Amendments an61

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures ("Brookdale Transaction") - Components of Brookdale Transaction and NNN Lease Restructing (Details) $ in Millions	Aug. 29, 2014USD ($)propertyitem	Dec. 31, 2016property
Lease Amendments And Terminations And Joint Venture Formations.
Number Of Properties Contributed To Joint Venture | item	48
Brookdale Senior Living | RIDEA JV
Business Combination, Consideration Transferred.
Number of properties		49
Brookdale Senior Living | NNN-leased Portfolio
Lease Amendments And Terminations And Joint Venture Formations.
Number of facilities for which existing lease agreement is amended	153
Number of properties with purchase options cancelled on amendment	30
Business Combination, Consideration Transferred.
Number of properties		153
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 ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016property
Lease Amendments And Terminations And Joint Venture Formations.
Joint Venture Ownership Percentage	49.00%	49.00%
Lease Terminations Considerations Received Abstract
Net termination fee revenue			$ 1,103	$ 38,001
RIDEA JV
Lease Terminations Considerations Received Abstract
Net termination fee revenue		$ 38,000
Net Gain Recognized on Lease Terminations
Gain based on fair value of net consideration received for lease terminations		108,000
Charges related to lease termination write-offs		$ 70,000
CCRC JV
Lease Amendments And Terminations And Joint Venture Formations.
Joint Venture Ownership Percentage	14.00%	14.00%
Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations.
Joint Venture Ownership Percentage	20.00%	20.00%
Brookdale Senior Living | RIDEA JV
Lease Amendments And Terminations And Joint Venture Formations.
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
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
Number of Real Estate Properties | property					49
Consideration received for terminated leases	$ 47,000
Brookdale Senior Living | CCRC JV
Lease Amendments And Terminations And Joint Venture Formations.
Joint Venture Ownership Percentage	51.00%	51.00%

Brookdale Lease Amendments an63

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]
Range of 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]
Range of 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 In64

Other Real Estate Property Investments (Details) $ / shares in Units, $ in Thousands, £ in Millions	Oct. 07, 2015USD ($)property	Jun. 30, 2015USD ($)propertyitem	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)facility	Dec. 31, 2015GBP (£)	Dec. 31, 2015USD ($)property$ / shares	Dec. 31, 2014USD ($)$ / shares	May 31, 2015GBP (£)property	May 31, 2015USD ($)property
Acquisition
Number of facilities acquired | facility					9
Net termination fee revenue							$ 1,103	$ 38,001
Carrying value of aggregate investments					$ 11,692,654		12,007,071
Real estate acquisitions
Consideration, Cash Paid/Debt Settled					467,162		912,549
Consideration, Liabilities assumed					82,985		23,218
Consideration, Noncontrolling Interest							4,255
Assets Acquired, Real Estate					522,600		770,409
Assets Acquired, Net Intangibles					27,547		169,613
Loans and Leases Receivable, Gross									£ 27	$ 42,000
Funding for construction, tenant and other capital improvements					458,900		384,782
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					82,985		23,218
HCP Ventures V
Real estate acquisitions
Number of properties | property	11
HC-One Facility
Real estate acquisitions
Consideration, Fair Value of Real Estate Exchanged						£ 174	$ 254,000
Number of properties | property							36		2	2
SH NNN
Real estate acquisitions
Consideration, Cash Paid/Debt Settled					76,362		$ 208
Consideration, Liabilities assumed					1,200
Assets Acquired, Real Estate					71,875		208
Assets Acquired, Net Intangibles					5,687
Funding for construction, tenant and other capital improvements					49,109		53,980
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					1,200
SHOP
Real estate acquisitions
Consideration, Cash Paid/Debt Settled					113,971		151,054
Consideration, Liabilities assumed					76,931		1,443
Consideration, Noncontrolling Interest							4,255
Assets Acquired, Real Estate					177,551		147,296
Assets Acquired, Net Intangibles					13,351		9,456
Funding for construction, tenant and other capital improvements					74,158		77,425
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					76,931		1,443
Other
Real estate acquisitions
Consideration, Cash Paid/Debt Settled					17,909		296,227
Consideration, Liabilities assumed							6,855
Assets Acquired, Real Estate					16,596		248,826
Assets Acquired, Net Intangibles					1,313		54,256
Funding for construction, tenant and other capital improvements					7,203		37
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities							6,855
Life science
Real estate acquisitions
Consideration, Cash Paid/Debt Settled					49,000		80,946
Consideration, Liabilities assumed							2,054
Assets Acquired, Real Estate					47,400		68,988
Assets Acquired, Net Intangibles					1,600		14,012
Funding for construction, tenant and other capital improvements					200,122		122,319
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities							2,054
Medical office
Real estate acquisitions
Consideration, Cash Paid/Debt Settled					209,920		384,114
Consideration, Liabilities assumed					4,854		12,866
Assets Acquired, Real Estate					209,178		305,091
Assets Acquired, Net Intangibles					5,596		91,889
Funding for construction, tenant and other capital improvements					128,308		131,021
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities					4,854		12,866
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					187,000		94,000
Income from acquiree since the acquisition date					$ 3,000		1,000
Unaudited pro forma consolidated results of operations
Revenues							2,034,369	1,824,593
Net income							(531,464)	954,540
Net income applicable to HCP, Inc							$ (545,776)	$ 938,387
Basic earnings per common share (in dollars per share) | $ / shares							$ (1.18)	$ 2.04
Diluted earnings per common share (in dollars per share) | $ / shares							$ (1.18)	$ 2.04
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
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Liabilities		$ 32,000		32,000
RIDEA III | Brookdale Senior Living
Acquisition
Number of individual leases | item		2
Number of Units Acquired | item		5,025
Noncontrolling interest (as a percent)					10.00%
Management Agreement Term					7 years
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%
Noncontrolling Interest, Increase from Sale of Parent Equity Interest	$ 110,000		$ 110,000
HCP Ventures V | Medical office
Real estate acquisitions
Consideration, Cash Paid/Debt Settled				$ 225,000

Discontinued Operations and D65

Discontinued Operations and Dispositions of Real Estate (Details)	Oct. 30, 2016USD ($)	Sep. 30, 2015USD ($)	Apr. 01, 2015	Mar. 29, 2015USD ($)	Jan. 31, 2017USD ($)propertyfacility	Dec. 31, 2016USD ($)propertyfacility	Oct. 31, 2016USD ($)Assetpropertyfacility	May 31, 2016USD ($)	Apr. 30, 2016	Jan. 31, 2016USD ($)propertyfacility	Dec. 31, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2016USD ($)propertyfacility	Mar. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)property	Dec. 31, 2016USD ($)propertyfacility	Dec. 31, 2016USD ($)propertyfacility	Dec. 31, 2016USD ($)propertyitemfacility	Dec. 31, 2016USD ($)propertyfacility	Dec. 31, 2016USD ($)propertyfacility	Dec. 31, 2016USD ($)propertyfacility	Dec. 31, 2015USD ($)propertyitemfacility	Dec. 31, 2014USD ($)item	Dec. 31, 2011USD ($)	Jun. 30, 2015USD ($)	Feb. 28, 2015USD ($)	Aug. 29, 2014USD ($)facility
Dispositions of Real Estate
Gain on sales of real estate, net																								$ 164,698,000	$ 6,377,000	$ 3,288,000
Impairment, net																									108,349,000
Early repayment of secured debt														$ 108,000,000
Loss on debt extinguishment																								46,020,000
Net investment in direct financing leases						$ 752,589,000					$ 750,693,000			$ 752,589,000		$ 750,693,000			$ 752,589,000	$ 752,589,000	$ 752,589,000	$ 752,589,000	$ 752,589,000	752,589,000	750,693,000
Number of facility sales closed | property																				11
Sales price																								$ 62,000,000
Number of properties for which sales contracts entered | facility						33								33					33	33	33	33	33	33
Number of Facilities Acquired | facility																						9
DFL income																								$ 59,580,000	61,000,000	64,441,000
Real estate and other related assets, net						$ 809,000,000								$ 809,000,000					$ 809,000,000	$ 809,000,000	$ 809,000,000	$ 809,000,000	$ 809,000,000	809,000,000
Aggregate carrying value held for sale, net						927,866,000					5,654,326,000			927,866,000		5,654,326,000			927,866,000	927,866,000	927,866,000	927,866,000	927,866,000	927,866,000	5,654,326,000
Number of properties classified as held for sale | property										2
Consideration from sale of a purchase option										$ 311,000,000			$ 269,000,000
Real estate:
Buildings and improvements						11,692,654,000					12,007,071,000			11,692,654,000		12,007,071,000			11,692,654,000	11,692,654,000	11,692,654,000	11,692,654,000	11,692,654,000	11,692,654,000	12,007,071,000
Land						1,881,487,000					1,934,610,000			1,881,487,000		1,934,610,000			1,881,487,000	1,881,487,000	1,881,487,000	1,881,487,000	1,881,487,000	1,881,487,000	1,934,610,000
Accumulated depreciation and amortization						(2,648,930,000)					(2,476,015,000)			(2,648,930,000)		(2,476,015,000)			(2,648,930,000)	(2,648,930,000)	(2,648,930,000)	(2,648,930,000)	(2,648,930,000)	(2,648,930,000)	(2,476,015,000)
Net real estate						11,325,830,000					11,854,242,000			11,325,830,000		11,854,242,000			11,325,830,000	11,325,830,000	11,325,830,000	11,325,830,000	11,325,830,000	11,325,830,000	11,854,242,000
Net investment in direct financing leases						752,589,000					750,693,000			752,589,000		750,693,000			752,589,000	752,589,000	752,589,000	752,589,000	752,589,000	752,589,000	750,693,000
Cash and cash equivalents of continuing operations, end of year						94,730,000					340,442,000			94,730,000		340,442,000			94,730,000	94,730,000	94,730,000	94,730,000	94,730,000	94,730,000	340,442,000	181,916,000
Restricted cash						42,260,000					46,090,000			42,260,000		46,090,000			42,260,000	42,260,000	42,260,000	42,260,000	42,260,000	42,260,000	46,090,000
Intangible assets, net						479,805,000					586,657,000			479,805,000		586,657,000			479,805,000	479,805,000	479,805,000	479,805,000	479,805,000	479,805,000	586,657,000
Other assets, net						711,624,000					794,483,000			711,624,000		794,483,000			711,624,000	711,624,000	711,624,000	711,624,000	711,624,000	711,624,000	794,483,000
Total assets						15,759,265,000					21,449,849,000			15,759,265,000		21,449,849,000			15,759,265,000	15,759,265,000	15,759,265,000	15,759,265,000	15,759,265,000	15,759,265,000	21,449,849,000
Liabilities [Abstract]
Accounts payable and accrued liabilities						417,360,000					430,786,000			417,360,000		430,786,000			417,360,000	417,360,000	417,360,000	417,360,000	417,360,000	417,360,000	430,786,000
Deferred revenue						149,181,000					122,330,000			149,181,000		122,330,000			149,181,000	149,181,000	149,181,000	149,181,000	149,181,000	149,181,000	122,330,000
Total liabilities						$ 9,817,957,000					11,703,532,000			9,817,957,000		11,703,532,000			9,817,957,000	9,817,957,000	9,817,957,000	9,817,957,000	9,817,957,000	9,817,957,000	11,703,532,000
Costs and expenses:
Depreciation and amortization																								(4,890,000)	(5,880,000)	(4,979,000)
Transaction costs																								86,765,000
Impairments, net																									(1,341,399,000)	(35,913,000)
Income tax expense															$ (53,000,000)									(48,181,000)	(796,000)	(756,000)
Net income (loss) from discontinued operations																										28,010,000
Maximum
Dispositions of Real Estate
Federal and state built-in gain tax from assets sold																											$ 2,000,000,000
Spinoff
Costs and expenses:
Transaction costs														(58,000,000)
Brookdale Senior Living
Dispositions of Real Estate
Number of properties disposed | property					1	7
Number of assets sold or transited | Asset							25
Annual rent reallocated							$ 9,600,000
Number of properties classified as held for sale | property							8
HCRMC
Dispositions of Real Estate
Impairment charges for direct financing lease												$ 478,000,000
Net investment in direct financing leases											$ 5,200,000,000					5,200,000,000									$ 5,200,000,000
Number of non-strategic assets involved in sales transaction | property																		50
Number of facility sales closed | property																									22
Sales price																									$ 219,000,000
Reduction in initial net annual rent due to lease amendment				$ 68,000,000
Minimum rent escalation during the initial term (as a percent)			3.00%
Period of extension of initial term of lease			5 years						5 years
Average lease term			16 years
Deferred lease obligation						$ 525,000,000								525,000,000					$ 525,000,000	525,000,000	525,000,000	$ 525,000,000	525,000,000	525,000,000
DFL income																								385,000,000	573,000,000	599,000,000
Cash payments received																								385,000,000	483,000,000	519,000,000
Federal and state built-in gain tax from assets sold, term																											10 years
Intended To Hold The Assets, Term																											10 years
Federal built-in gain tax from assets sold, federal term											5 years
Federal built-in gain tax from assets sold, state term											10 years
Intended to Sell the Assets, Term																			5 years
State built-in gain from assets sold																								47,000,000
Impairments of investments in unconsolidated joint ventures		$ 27,000,000														19,000,000	$ 27,000,000									36,000,000
Carrying value, equity method investments before impairment		48,000,000															48,000,000									75,000,000
Fair value of equity investment		21,000,000															21,000,000									39,000,000
Real estate:
Net investment in direct financing leases											$ 5,200,000,000					5,200,000,000									$ 5,200,000,000
Costs and expenses:
Income tax expense															$ (49,000,000)
Senior housing | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Total consideration for disposition of real estate																										$ 16,000,000
Post-acute/skilled and SH NNN | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Total consideration for disposition of real estate																								130,000,000
Post-acute/skilled
Dispositions of Real Estate
Number of Facilities Acquired | facility																									9
Acquisition of facility																								275,000,000	$ 184,000,000
Post-acute/skilled | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Number of properties disposed																						5				2
Total consideration for disposition of real estate																										$ 22,000,000
Post-acute/skilled | HCRMC
Dispositions of Real Estate
Number of Facilities Acquired | facility																						2
Acquisition of facility																								91,000,000
SH NNN
Dispositions of Real Estate
Net investment in direct financing leases						$ 628,698,000								$ 628,698,000					$ 628,698,000	$ 628,698,000	$ 628,698,000	$ 628,698,000	$ 628,698,000	$ 628,698,000
Number of properties classified as held for sale | property						64								64					64	64	64	64	64	64
Real estate:
Net investment in direct financing leases						$ 628,698,000								$ 628,698,000					$ 628,698,000	$ 628,698,000	$ 628,698,000	$ 628,698,000	$ 628,698,000	$ 628,698,000
SH NNN | Discontinued Operations, Held-for-sale
Dispositions of Real Estate
Number of properties disposed | facility																						64
SH NNN | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Number of properties disposed | item																									9
Total consideration for disposition of real estate																								88,000,000	$ 60,000,000
SH NNN | Brookdale Senior Living
Dispositions of Real Estate
Number of properties disposed | facility							64
Total consideration for disposition of real estate							$ 1,125,000,000
SH NNN One | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Number of properties disposed | facility																						2
SH NNN Two | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Number of properties disposed | facility																						7
Life science
Dispositions of Real Estate
Number of facilities, purchased option exercised on | facility										8
Number of properties disposed | facility					4
Total consideration for disposition of real estate					$ 76,000,000
Life science | Discontinued Operations, Held-for-sale
Dispositions of Real Estate
Real estate and other related assets, net											288,000,000					288,000,000									288,000,000
Aggregate carrying value held for sale, net											314,000,000					314,000,000									$ 314,000,000
Number of properties disposed | facility																						4			4
Life science | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Number of properties disposed | property																				5
Total consideration for disposition of real estate																								386,000,000	$ 51,000,000
Number of Parcels of land | item																									2
SHOP | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Number of properties disposed | facility																						3
Total consideration for disposition of real estate																								41,000,000
SH NNN, Life Science, SHOP | Discontinued Operations, Held-for-sale
Dispositions of Real Estate
Aggregate carrying value held for sale, net						$ 928,000,000								$ 928,000,000					$ 928,000,000	$ 928,000,000	$ 928,000,000	$ 928,000,000	$ 928,000,000	928,000,000
Hospital | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Total consideration for disposition of real estate																										17,000,000
Post-acute/skilled nursing and senior housing
Dispositions of Real Estate
Number of facility sales closed | facility																									7
Medical office | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Number of properties disposed																				3	7
Total consideration for disposition of real estate																								20,000,000	$ 400,000	145,000
HCP/CPA/Brookdale JV
Dispositions of Real Estate
Debt provided								$ 602,000,000
Debt provided by third-party								360,000,000
Debt provided by entity								242,000,000
Proceeds from issuance of debt								480,000,000
Proceeds from note receivable								$ 242,000,000
HCP/CPA/Brookdale JV | RIDEA II
Dispositions of Real Estate
Investment ownership percentage								40.00%
HCRMC
Dispositions of Real Estate
Impairments of investments in unconsolidated joint ventures																								$ 19,000,000
Carrying value, equity method investments											0					0									0
MBK Development JV | SHOP
Dispositions of Real Estate
Investment ownership percentage						50.00%								50.00%					50.00%	50.00%	50.00%	50.00%	50.00%	50.00%
Brookdale Senior Living
Dispositions of Real Estate
Annualized rent reduction							10,500,000
Brookdale Senior Living | CCRC JV | Senior housing
Dispositions of Real Estate
Number of retirement communities contributed to joint venture | facility																														3
Carrying value of properties contributed																														$ 92,000,000
QCP
Dispositions of Real Estate
Proceeds from issuance of debt	$ 1,750,000,000
QCP | Discontinued Operations, Held-for-sale
Revenue:
Rental and related revenues																								$ 22,971,000	27,651,000	27,111,000
Tenant recoveries																								1,233,000	1,464,000	1,029,000
Interest income																										868,000
Total revenues																								408,956,000	601,950,000	627,637,000
Costs and expenses:
Depreciation and amortization																								(4,892,000)	(5,880,000)	(4,979,000)
Operating																								(3,367,000)	(3,697,000)	(3,309,000)
General and administrative																								(67,000)	(57,000)	(410,000)
Transaction costs																								(86,765,000)
Impairments, net																									(1,295,504,000)
Other income, net																								71,000	70,000	85,000
Income (loss) before income taxes and income from and impairments of equity method investment																								313,936,000	(703,118,000)	619,024,000
Income tax expense																								(48,181,000)	(796,000)	(756,000)
Income from equity method investment																									50,723,000	53,175,000
Impairments of equity method investment																									(45,895,000)	(35,913,000)
Net income (loss) from discontinued operations																								265,755,000	(699,086,000)	635,530,000
QCP | Discontinued Operations, Disposed of by Sale
Dispositions of Real Estate
Early repayment of unsecured debt														$ 500,000,000
QCP | Spinoff
Dispositions of Real Estate
Net investment in direct financing leases							5,107,180,000				5,154,316,000					5,154,316,000									5,154,316,000
Real estate:
Buildings and improvements							191,633,000				191,633,000					191,633,000									191,633,000
Land							14,147,000				14,147,000					14,147,000									14,147,000
Accumulated depreciation and amortization							(71,845,000)				(65,319,000)					(65,319,000)									(65,319,000)
Net real estate							133,935,000				140,461,000					140,461,000									140,461,000
Net investment in direct financing leases							5,107,180,000				5,154,316,000					5,154,316,000									5,154,316,000
Cash and cash equivalents of continuing operations, end of year							6,096,000				6,058,000					6,058,000									6,058,000
Restricted cash											14,526,000					14,526,000									14,526,000
Intangible assets, net							18,517,000				17,049,000					17,049,000									17,049,000
Other assets, net							6,620,000				7,790,000					7,790,000									7,790,000
Total assets							5,272,348,000				5,340,200,000					5,340,200,000									5,340,200,000
Liabilities [Abstract]
Accounts payable and accrued liabilities							46,925,000				5,453,000					5,453,000									5,453,000
Deferred revenue							667,000				687,000					687,000									687,000
Total liabilities							47,592,000				6,140,000					6,140,000									6,140,000
Net assets							$ 5,224,756,000				5,334,060,000					5,334,060,000									5,334,060,000
Revenue:
Income from direct financing leases																								384,752,000	572,835,000	598,629,000
DFL Portfolio
Dispositions of Real Estate
DFL income																								13,000,000	15,000,000	$ 19,000,000
DFL Portfolio | HCRMC
Dispositions of Real Estate
Impairment charges for direct financing lease																817,000,000		$ 478,000,000
Net investment in direct financing leases		6,000,000,000									5,200,000,000	6,100,000,000				5,200,000,000	6,000,000,000	6,100,000,000							5,200,000,000				$ 6,600,000,000
Real estate:
Net investment in direct financing leases		$ 6,000,000,000									5,200,000,000	$ 6,100,000,000				5,200,000,000	$ 6,000,000,000	$ 6,100,000,000							5,200,000,000				$ 6,600,000,000
DFL Portfolio | Senior housing
Dispositions of Real Estate
Net investment in direct financing leases						$ 361,000,000					366,000,000			361,000,000		366,000,000			$ 361,000,000	$ 361,000,000	$ 361,000,000	$ 361,000,000	$ 361,000,000	361,000,000	366,000,000
Real estate:
Net investment in direct financing leases						361,000,000					$ 366,000,000			361,000,000		$ 366,000,000			361,000,000	361,000,000	361,000,000	361,000,000	361,000,000	361,000,000	366,000,000
Direct Financing Lease Tranche A [Member] | HCRMC
Dispositions of Real Estate
Deferred lease obligation						$ 275,000,000								275,000,000					$ 275,000,000	$ 275,000,000	$ 275,000,000	$ 275,000,000	$ 275,000,000	$ 275,000,000
Senior Unsecured, 6.00% notes due in 2017
Dispositions of Real Estate
Early repayment of unsecured debt														$ 500,000,000
Senior Unsecured, 6.00% notes due in 2017 | Debt maturing in 2017
Dispositions of Real Estate
Interest rate (as a percent)						6.00%								6.00%					6.00%	6.00%	6.00%	6.00%	6.00%	6.00%
Senior Unsecured, 6.70% notes due in 2018 | Debt maturing in 2018
Dispositions of Real Estate
Early repayment of unsecured debt														$ 600,000,000
Senior Unsecured, 6.70% notes due in 2018 | QCP | Discontinued Operations, Disposed of by Sale | Debt maturing in 2018
Dispositions of Real Estate
Interest rate (as a percent)						6.70%								6.70%					6.70%	6.70%	6.70%	6.70%	6.70%	6.70%
Income approach | DFL Portfolio | Senior housing | HCRMC | Maximum
Fair Value Quantitative Inputs
Range of EBITDAR																									$ 85,000,000
Range of rent coverage ratio																									1.15
Range of real estate capitalization rate																									7.25%
Income approach | DFL Portfolio | Senior housing | HCRMC | Minimum
Fair Value Quantitative Inputs
Range of EBITDAR																									$ 75,000,000
Range of rent coverage ratio																									1.05
Range of real estate capitalization rate																									6.25%
Income approach | DFL Portfolio | Post-acute/skilled | HCRMC
Fair Value Quantitative Inputs
Range of EBITDAR																									$ 435,000,000
Income approach | DFL Portfolio | Post-acute/skilled | HCRMC | Maximum
Fair Value Quantitative Inputs
Range of rent coverage ratio																									1.35
Range of real estate capitalization rate																									8.50%
Income approach | DFL Portfolio | Post-acute/skilled | HCRMC | Minimum
Fair Value Quantitative Inputs
Range of EBITDAR																									$ 385,000,000
Range of rent coverage ratio																									1.25
Range of real estate capitalization rate																									7.50%
Level 2 | Medical office
Real estate:
Buildings and improvements																												$ 400,000
Level 2 | Market approach | DFL Portfolio | Senior housing | HCRMC
Fair Value Quantitative Inputs
Cash flow coverage ratio																									1.05%
Level 2 | Market approach | DFL Portfolio | Post-acute/skilled | HCRMC
Fair Value Quantitative Inputs
Cash flow coverage ratio																									1.25%
Level 3 | Discounted cash flow valuation technique | HCRMC | 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%
Level 3 | Discounted cash flow valuation technique | HCRMC | Minimum
Fair Value Quantitative Inputs
Range of revenue growth rate																									(1.80%)
Range of operating expense growth rates																							(1.10%)
Level 3 | Discounted cash flow valuation technique | HCRMC
Fair Value Quantitative Inputs
Discount Rate																									15.20%	13.70%
Level 3 | Discounted cash flow valuation technique | HCRMC | Maximum
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	7
Level 3 | Discounted cash flow valuation technique | HCRMC | Minimum
Fair Value Quantitative Inputs
Range of revenue growth rate																										(0.20%)
Range of occupancy growth rates																									(0.80%)	(0.30%)
Range of operating expense growth rates																										0.60%
Range of earnings multiples																									6	6

Net Investment in Direct Fina66

Net Investment in Direct Financing Leases (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)item	Dec. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Mar. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Sep. 30, 2013item
Net Investment in Direct Financing Leases
Minimum lease payments receivable	$ 1,108,237	$ 1,155,215
Estimated residual values	539,656	535,161
Less unearned income	(895,304)	(939,683)
Net investment in direct financing leases	$ 752,589	$ 750,693
Properties subject to direct financing leases | item	30	30
Percentage of DFL Portfolio	100.00%
DFL income	$ 59,580	$ 61,000	$ 64,441
Capital leases future minimum payments receivable
2,017	91,770
2,018	66,121
2,019	67,526
2,020	62,234
2,021	62,641
Thereafter	757,945
Total	1,108,237
HCRMC
Net Investment in Direct Financing Leases
Net investment in direct financing leases		5,200,000
DFL income	385,000	573,000	599,000
DFL Portfolio
Net Investment in Direct Financing Leases
DFL income	13,000	15,000	19,000
Cash income	18,000	20,000	$ 24,000
DFL Portfolio | HCRMC
Net Investment in Direct Financing Leases
Net investment in direct financing leases		5,200,000		$ 6,000,000	$ 6,100,000	$ 6,600,000
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	391,788
Watch List Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	360,801
Senior housing | DFL Portfolio
Net Investment in Direct Financing Leases
Net investment in direct financing leases	361,000	$ 366,000
Properties subject to direct financing leases | item							14
SH NNN
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 628,698
Percentage of DFL Portfolio	84.00%
SH NNN | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 267,897
SH NNN | Watch List Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	360,801
Other
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 123,891
Percentage of DFL Portfolio	16.00%
Other | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 123,891

Loans Receivable (Details)

Loans Receivable (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2016GBP (£)	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015GBP (£)	Dec. 31, 2015USD ($)
Loans Receivable:
Mezzanine			$ 615,188		$ 660,138
Loans receivable, other			195,946		114,322
Unamortized premiums (discounts), fees and costs			(3,180)		(5,717)
Loans receivable, net			$ 807,954		768,743
Remaining commitments to fund development projects	£ 35	$ 43,000
Percentage of Loan Portfolio	100.00%		100.00%
Performing Loans
Loans Receivable:
Loans receivable, net			$ 551,489
Watch List Loans
Loans Receivable:
Loans receivable, net			256,465
Real Estate Secured
Loans Receivable:
Loans receivable, other			195,946		114,322
Unamortized premiums (discounts), fees and costs			413		961
Loans receivable, net			$ 196,359		115,283
Percentage of Loan Portfolio	24.00%		24.00%
Real Estate Secured | Performing Loans
Loans Receivable:
Loans receivable, net			$ 196,359
Other Secured
Loans Receivable:
Mezzanine			615,188		660,138
Unamortized premiums (discounts), fees and costs			(3,593)		(6,678)
Loans receivable, net			$ 611,595		653,460
Percentage of Loan Portfolio	76.00%		76.00%
Other Secured | Performing Loans
Loans Receivable:
Loans receivable, net			$ 355,130
Other Secured | Watch List Loans
Loans Receivable:
Loans receivable, net			256,465
HC-One Facility
Loans Receivable:
Mezzanine	£ 282		348,000	£ 273	403,000
Unamortized premiums (discounts), fees and costs	2		3,000	4	5,000
Four Seasons
Loans Receivable:
Loans receivable, net	£ 42		$ 50,000	£ 58	$ 85,000

Loans Receivable - Real Estate

Loans Receivable - Real Estate Secured Loans (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)itemfacility	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016GBP (£)	Dec. 31, 2016USD ($)	Dec. 31, 2015GBP (£)	Dec. 31, 2015USD ($)
Mortgage Loans on Real Estate
Number of loans receivable | item	5
Principal Amount					$ 195,522
Carrying Amount					196,359
Interest income	$ 88,808	$ 112,184	$ 73,623
Loans receivable, net					807,954		$ 768,743
Real Estate Secured
Mortgage Loans on Real Estate
Interest income	$ 26,000
Loans receivable, net					196,359		115,283
Four Seasons
Mortgage Loans on Real Estate
Loans receivable, net				£ 42	50,000	£ 58	85,000
Monthly interest only payments, issuers real estate in 2017
Mortgage Loans on Real Estate
Number of loans receivable | item	1
Principal Amount					34,602
Carrying Amount					35,015
Monthly interest only payments, issuers real estate in 2017 | LIBOR
Mortgage Loans on Real Estate
Variable interest rate (as a percent)	6.00%
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					21,473
Carrying Amount					21,566
Commitments to fund development projects					100
Monthly interest-only payments, UK, 2021
Mortgage Loans on Real Estate
Number of loans receivable | item	2
Number of collateral facilities | facility	2
Principal Amount					9,008
Carrying Amount					9,339
Commitments to fund development projects				£ 12	15,000
Number of development projects | item	2
Monthly interest-only payments, UK, 2021 | Real estate loan one
Mortgage Loans on Real Estate
Fixed interest rate (as a percent)	8.00%
Monthly interest-only payments, UK, 2021 | Real estate loan two
Mortgage Loans on Real Estate
Fixed interest rate (as a percent)	9.75%
Monthly interest-only payments, UK, 2023
Mortgage Loans on Real Estate
Number of loans receivable | item	1
Fixed interest rate (as a percent)	7.00%
Number of collateral facilities | facility	7
Principal Amount					130,439
Carrying Amount					$ 130,439
Senior secured term loan
Mortgage Loans on Real Estate
Loans receivable, net						28	$ 42,000
Senior secured term loan | Four Seasons
Mortgage Loans on Real Estate
Loans receivable, net | £						£ 40
Senior secured term loan | Four Seasons | LIBOR
Mortgage Loans on Real Estate
Loan, basis spread on variable rate		6.00%

Loans Receivable - Other Secure

Loans Receivable - Other Secured Loans (Details) $ in Thousands, £ in Millions

Nov. 30, 2014USD ($)

Oct. 31, 2015USD ($)

Sep. 30, 2015GBP (£)property

Apr. 30, 2015GBP (£)

Feb. 28, 2015GBP (£)

Feb. 28, 2015USD ($)

Nov. 30, 2014GBP (£)propertyitem

Dec. 31, 2016USD ($)property

Dec. 31, 2015GBP (£)

Dec. 31, 2015USD ($)

Dec. 31, 2014USD ($)

Oct. 31, 2016USD ($)

May 31, 2015USD ($)

Feb. 28, 2015USD ($)

Jun. 30, 2013USD ($)

Jul. 31, 2012USD ($)

Loans Receivable:

Loans receivable, other

$ 195,946

$ 114,322

Amount draw on the revolving line of credit facility

1,108,417

98,743

$ 845,190

Loan amount outstanding

$ 899,718

397,432

Revolving credit facility

Loans Receivable:

Loan facility maximum

$ 100,000

NHP

Loans Receivable:

Number of facilities | property

273

Number of beds acquired | item

12,500

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

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

Term to retain security over the spinoff properties

2 years

Cash payments received from borrower

£ 34

52,000

Loan amount outstanding

$ 345,000

HC-One Facility | Revolving 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

Cash payments received from borrower

30,000

29,000

27,000

Interest income related to loans

$ 31,000

$ 29,000

$ 27,000

Loan receivable, interest rate payable (as a percent)

11.50%

Loan receivable subordinated to senior mortgage debt

$ 374,000

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%

Tandem Health Care Loan - Second Tranche

Loans Receivable:

Loans receivable, other

$ 102,000

Loan receivable, interest rate payable (as a percent)

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%

Tandem Health Care Loan Fourth Tranche [Member]

Loans Receivable:

Loans receivable, other

$ 5,000

Loan receivable, interest rate payable (as a percent)

6.00%

Delphis

Loans Receivable:

Cash payments received from borrower

$ 23,000

Loan receivable impairment recovery recognized

$ 6,000

Investments in and Advances t70

Investments in and Advances to Unconsolidated Joint Ventures - Equity Method Investments (Details)	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Mar. 30, 2015
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 571,491,000	$ 605,244,000
SHOP
Company owned interests in entities, accounted under equity method:
Number of unconsolidated joint ventures | item	2
CCRC JV | SHOP
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 439,449,000	465,179,000
Investment ownership percentage	49.00%
MBK JV | SHOP
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 38,909,000	34,131,000
Investment ownership percentage	50.00%
MBK JV | Senior housing
Company owned interests in entities, accounted under equity method:
Investment ownership percentage			50.00%
MBK Development JV | SHOP
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 2,463,000	2,224,000
Investment ownership percentage	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	$ 1,533,000	9,241,000
Investment ownership percentage	30.00%
HCP Ventures IV, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 7,277,000	11,884,000
Investment ownership percentage	20.00%
HCP Life Science | Life science
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 67,879,000	68,582,000
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%
Torrey Pines Science Center, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%
Britannia Biotech Gateway, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	55.00%
LASDK, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	63.00%
Vintage Park Development JV | SHOP
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 7,486,000	8,729,000
Investment ownership percentage	85.00%
Suburban Properties, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 4,628,000	4,621,000
Investment ownership percentage	67.00%
K&Y | Other
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 1,342,000
Investment ownership percentage	80.00%
Advances to unconsolidated joint ventures, net
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 525,000	$ 653,000

Investments in and Advances t71

Investments in and Advances to Unconsolidated Joint Ventures - Unconsolidated Joint Ventures (Details) $ in Thousands	Dec. 30, 2015USD ($)property	Mar. 30, 2015USD ($)property	Jan. 31, 2017property	Dec. 31, 2016property	Dec. 31, 2016USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Company owned interests in entities, accounted under equity method:
Cash contributed							$ 770,325
Gain on sales of real estate, net						$ 164,698	6,377	$ 3,288
HCP's share of earnings						11,360	57,313	49,570
Parent Company
Company owned interests in entities, accounted under equity method:
HCP's share of earnings						$ 215,804	$ 191,986	$ 66,453
MBK
Company owned interests in entities, accounted under equity method:
Investment ownership percentage		50.00%
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, net	$ 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
HCP Ventures III, LLC | Hospital
Company owned interests in entities, accounted under equity method:
Disposition of Properties Sold Number | property					3
Total Consideration for Disposition of Real Estate					$ 31,000
Gain on sales of real estate, net					4,900
HCP's share of earnings					1,300
Distributions received by HCP					$ 8,000
Brookdale Senior Living
Company owned interests in entities, accounted under equity method:
Disposition of Properties Sold Number | property			1	7
MBK JV | Senior housing
Company owned interests in entities, accounted under equity method:
Cash contributed		$ 27,000
Investment ownership percentage		50.00%
Number of campuses | property		3
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
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%	30.00%

Intangibles Lease Assets (Detai

Intangibles Lease Assets (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015
Intangible assets and liabilities
Gross intangible lease assets	$ 911,697	$ 964,840
Accumulated depreciation and amortization	(431,892)	(378,183)
Net intangible lease assets	$ 479,805	$ 586,657
Remaining weighted-average amortization period of intangible assets	13 years	13 years
Gross intangible lease liabilities	$ 163,924	$ 155,883
Above market
Intangible assets and liabilities
Above market ground lease, Gross intangible lease liabilities	2,329	6,121
Below market
Intangible assets and liabilities
Below market leases, Gross intangible lease liabilities	161,595	149,762
Lease-up intangibles
Intangible assets and liabilities
Gross intangible lease assets	719,788	765,861
Tenant leases | Above market
Intangible assets and liabilities
Gross intangible lease assets	147,409	154,928
Ground leases | Below market
Intangible assets and liabilities
Gross intangible lease assets	$ 44,500	$ 44,051

Intangibles Lease Liabilities (

Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Intangibles
Gross intangible lease liabilities	$ 163,924	$ 155,883
Accumulated depreciation and amortization	(105,779)	(99,736)
Net intangible lease liabilities	$ 58,145	$ 56,147
Approximate remaining weighted-average amortization period of unfavorable market lease intangibles	11 years	10 years
Additional revenues from the amortization of net below market lease intangibles included in rental income	$ 4,000	$ 4,000	$ 3,000
Additional expense from the amortization of net below 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	$ 85,000	$ 76,000	$ 60,000

Intangibles - Estimated Aggrega

Intangibles - Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2016	Dec. 31, 2015
Estimated aggregate amortization of Intangible Assets
Estimated aggregate amortization of intangible assets, 2017	$ 86,113
Estimated aggregate amortization of intangible assets, 2018	69,805
Estimated aggregate amortization of intangible assets, 2019	51,710
Estimated aggregate amortization of intangible assets, 2020	43,763
Estimated aggregate amortization of intangible assets, 2021	37,255
Estimated aggregate amortization of intangible assets, thereafter	191,159
Net intangible lease assets	479,805	$ 586,657
Estimate aggregate amortization of Intangible Liabilities
Estimated aggregate amortization of intangible liabilities, 2017	11,686
Estimated aggregate amortization of intangible liabilities, 2018	9,018
Estimated aggregate amortization of intangible liabilities, 2019	6,558
Estimated aggregate amortization of intangible liabilities, 2020	5,142
Estimated aggregate amortization of intangible liabilities, 2021	3,636
Estimated aggregate amortization of intangible liabilities, thereafter	22,105
Net intangible lease liabilities	$ 58,145	$ 56,147

Other Assets (Details)

Other Assets (Details) $ in Thousands, £ in Millions	1 Months Ended					12 Months Ended
	Jun. 30, 2016GBP (£)	Jun. 30, 2016USD ($)	Dec. 31, 2015GBP (£)	Dec. 31, 2015USD ($)	Jun. 30, 2012GBP (£)	Dec. 31, 2016GBP (£)	Dec. 31, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2012USD ($)
Other assets
Straight-line rent receivables, net of allowance								$ 311,776	$ 366,951
Allowance on straight-line rent receivables								25,059	32,918
Loans receivable, net								807,954	768,743
Marketable debt securities, net								68,630	102,958
Leasing costs and inducements, net								156,820	158,708
Goodwill								42,386	47,019
Other								132,012	118,847
Total other assets								711,624	794,483
Four Seasons
Other assets
Loans receivable, net			£ 58			£ 42		$ 50,000	$ 85,000
Loan receivable, interest rate payable (as a percent)					12.25%					12.25%
Marketable debt security, par value | £					£ 138.5
Marketable debt security, par value, discounted					£ 136.8					$ 215,000
Marketable debt security, issued and outstanding as a percentage					79.00%
Marketable debt security, issued and outstanding | £					£ 175
Interest payment received	£ 8	$ 13,000	£ 8	$ 13,000		£ 8	$ 11,000

Debt (Details)

Debt (Details) £ in Millions	Nov. 30, 2016USD ($)	Sep. 15, 2016USD ($)	Feb. 01, 2016USD ($)	Dec. 01, 2015USD ($)	Jun. 08, 2015USD ($)	May 20, 2015USD ($)	Mar. 01, 2015USD ($)	Jan. 21, 2015USD ($)	Jan. 12, 2015GBP (£)	Jul. 30, 2012GBP (£)	Jan. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2016GBP (£)item	Dec. 31, 2016USD ($)item	Jan. 12, 2015USD ($)
Debt Instrument
Repayments under bank line of credit												$ 540,000,000	$ 511,521,000
Bank line of credit													397,432,000			$ 899,718,000
Senior unsecured notes													9,120,107,000			7,133,538,000
Total debt before discount, net																9,159,839,000
(Discounts), premiums and debt costs, net																(62,729,000)
Debt instruments, carrying amount																9,097,110,000
Other debt													$ 94,445,000			92,385,000
Issuance of mortgage and other debt														$ 35,445,000
Debt maturing in 2014
Debt Instrument
2,017																899,100,000
Debt maturing in 2015
Debt Instrument
2,018																903,359,000
Debt maturing in 2016
Debt Instrument
2,019																725,715,000
Debt maturing in 2017
Debt Instrument
2,020																803,907,000
Debt maturing in 2018
Debt Instrument
2,021																1,211,277,000
Thereafter
Debt Instrument
Thereafter																$ 4,616,481,000
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																$ 6,500,000,000
Bank Line of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity																2,000,000,000
Repayments under bank line of credit | £									£ 220
Extended debt instrument term - not used in 10Q												1 year
Debt instrument, basis spread on variable rate (as a percent)												1.05%
Debt instrument, facility fee (as a percent)												0.20%
Line of credit facility additional aggregate amount, maximum												$ 500,000,000
Bank line of credit																$ 900,000,000
Weighted-average interest rate (as a percent)															1.82%	1.82%
Line of credit, portion denominated in GBP | £															£ 372
Term loans, portion denominated in GBP																$ 460,000,000
Total debt before discount, net																899,718,000
Debt instruments, carrying amount																899,718,000
Bank Line of Credit | Debt maturing in 2015
Debt Instrument
2,018																899,718,000
Term loans
Debt Instrument
2018 | £															357
2021 | £															£ 357
Total debt before discount, net																441,181,000
(Discounts), premiums and debt costs, net																(1,119,000)
Debt instruments, carrying amount																440,062,000
Term loans | Debt maturing in 2014
Debt Instrument
2,017																169,305,000
Term loans | Debt maturing in 2016
Debt Instrument
2,019																271,876,000
2012 Term Loan
Debt Instrument
Debt instrument, variable rate basis										GBP LIBOR
Debt instrument, basis spread on variable rate (as a percent)										1.40%
Maturity period of debt instruments										4 years
Debt instruments, carrying amount										£ 137						$ 169,000,000
2015 Term Loan
Debt Instrument
Debt instrument, variable rate basis									GBP LIBOR
Length of debt instrument extension period									1 year
Debt instrument, basis spread on variable rate (as a percent)									1.15%
Derivative, fixed interest rate (as a percent)									1.97%								1.97%
Senior unsecured notes									£ 220								$ 272,000,000
Maturity period of debt instruments									4 years
Term of the interest rate swap agreement									3 years
Unsecured Debt.
Debt Instrument
Weighted-average interest rate (as a percent)															4.34%	4.34%
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															4.34%	4.34%
Total debt before discount, net																$ 7,200,000,000
(Discounts), premiums and debt costs, net																(66,462,000)
Debt instruments, carrying amount																$ 7,133,538,000
Weighted-average maturity												6 years
Unsecured Debt. | Minimum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															2.79%	2.79%
Unsecured Debt. | Maximum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															6.88%	6.88%
Unsecured Debt. | Debt maturing in 2014
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															5.72%	5.72%
2,017																$ 250,000,000
Unsecured Debt. | Debt maturing in 2016
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															3.95%	3.95%
2,019																$ 450,000,000
Unsecured Debt. | Debt maturing in 2017
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															2.81%	2.81%
2,020																$ 800,000,000
Unsecured Debt. | Debt maturing in 2018
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															5.54%	5.54%
2,021																$ 1,200,000,000
Unsecured Debt. | Thereafter
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															4.27%	4.27%
Thereafter																$ 4,500,000,000
Senior Unsecured, 3.40% notes due 2025
Debt Instrument
Debt Instrument, Face Amount								$ 600,000,000
Debt Instrument, Interest Rate, Stated Percentage (as a percent)								3.40%
Net proceeds from issuance of senior unsecured notes								$ 591,000,000
Senior Unsecured 4.0% notes due 2025
Debt Instrument
Debt Instrument, Face Amount						$ 750,000,000
Debt Instrument, Interest Rate, Stated Percentage (as a percent)						4.00%
Net proceeds from issuance of senior unsecured notes						$ 739,000,000
Senior Unsecured, 4.0% notes due 2022
Debt Instrument
Debt Instrument, Face Amount				$ 600,000,000
Debt Instrument, Interest Rate, Stated Percentage (as a percent)				4.00%
Net proceeds from issuance of senior unsecured notes				$ 594,000,000
Senior Unsecured, 6.00% notes due in 2017 | Debt maturing in 2017
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															6.00%	6.00%
Senior Unsecured, 6.70% notes due in 2018
Debt Instrument
Bank line of credit																$ 0
Senior Unsecured Debt 6.000 Percent Incepted November 30 2016 [Member]
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)	6.00%
Repayment of senior unsecured notes	$ 500,000,000
Senior Unsecured Debt 6.700 Percent Incepted November 30 2016 [Member]
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)	6.70%
Repayment of senior unsecured notes	$ 600,000,000
Senior Unsecured Debt 3.75 Percent Incepted February 1 2016 [Member]
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)			3.75%
Repayment of senior unsecured notes			$ 500,000,000
Senior Unsecured Debt 6.30 Percent Incepted September 15 2016[Member]
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)		6.30%
Repayment of senior unsecured notes		$ 400,000,000
Senior Unsecured Debt 6.0 Percent Incepted March 1, 2015
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)							6.00%
Repayment of senior unsecured notes							$ 200,000,000
Senior Unsecured Debt 7.07 Percent Incepted June 8, 2015 [Member]
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)					7.072%
Repayment of senior unsecured notes					$ 200,000,000
Mortgage Debt
Debt Instrument
Weighted-average interest rate (as a percent)															3.40%	3.40%
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															3.40%	3.40%
Number of healthcare facilities used to secure debt | item															36	36
Debt instrument, collateral, healthcare facilities carrying value																$ 899,000,000
Total debt before discount, net																618,940,000
(Discounts), premiums and debt costs, net																4,852,000
Debt instruments, carrying amount																$ 623,792,000
Weighted-average maturity												6 years
Mortgage Debt | Minimum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															3.02%	3.02%
Mortgage Debt | Maximum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															7.50%	7.50%
Mortgage Debt | Debt maturing in 2014
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															3.14%	3.14%
2,017																$ 479,795,000
Mortgage Debt | Debt maturing in 2015
Debt Instrument
2,018																3,641,000
Mortgage Debt | Debt maturing in 2016
Debt Instrument
2,019																$ 3,839,000
Mortgage Debt | Debt maturing in 2017
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															5.11%	5.11%
2,020																$ 3,907,000
Mortgage Debt | Debt maturing in 2018
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															5.38%	5.38%
2,021																$ 11,277,000
Mortgage Debt | Thereafter
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															4.13%	4.13%
Thereafter																$ 116,481,000
Other Debt
Debt Instrument
Other debt																$ 64,000,000
Number of CCRC issuing non-interest life care bonds | item															2	2
Number of facilities with non-interest bearing occupancy fee deposits | item															3	3
Life Care Bonds and Demand Notes
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage (as a percent)															4.50%	4.50%
Net proceeds from issuance of senior unsecured notes												$ 28,000,000
Other debt																$ 92,000,000
RIDEA II
Debt Instrument
Repayment of senior unsecured notes											$ 440,000,000

Commitments and Contingencies -

Commitments and Contingencies - Contractual Obligations (Details) - 12 months ended Dec. 31, 2016 $ in Thousands, £ in Millions	GBP (£)	USD ($)
Material commitments
Total		$ 572,305
2,017		161,593
2018-2019		20,702
2020-2021		13,706
More than Five Years		376,304
Credit Enhancement Guarantee
Third party debt collateralized by facilities, debt amount		91,000
Third party debt collateralized by facilities, asset carrying amount		629,000
Ground and other operating leases
Material commitments
Total		412,055
2,017		7,294
2018-2019		14,751
2020-2021		13,706
More than Five Years		376,304
Construction loan commitments
Material commitments
Total		124
2,017		124
Development commitments
Material commitments
Total		117,019
2,017		114,229
2018-2019		2,790
HC-One Facility
Material commitments
Total	£ 35	43,107
2,017		39,946
2018-2019		3,161
Unsecured Debt. | Revolving credit facility
Material commitments
Total		$ 100,000
Decrease of credit facility as a percentage of retained cash flow	50.00%

Commitments and Contingencies78

Commitments and Contingencies - Maturities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)item	Dec. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Leases with purchase options, annualized base rent receivables in next five years and thereafter
Leases with purchase option, annualized base rent receivables in 2017	$ 16,202
Leases with purchase option, annualized base rent receivables in 2018	20,028
Leases with purchase option, annualized base rent receivables in 2019	14,411
Leases with purchase option, annualized base rent receivables in 2020	13,869
Leases with purchase option, annualized base rent receivables thereafter	56,405
Total leases with purchase option, annualized base rent receivables	$ 120,915
Number of properties with purchase options, annualized base rent receivables
Number of properties with a purchase option, annualized base rent receivables in 2017 | item	9
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	2
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	51
Rental Expense
Rental expense attributable to continuing operations	$ 10,000	$ 10,000	$ 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, 2017	$ 7,294
Future minimum lease obligations under non-cancelable ground and other operating leases, 2018	7,303
Future minimum lease obligations under non-cancelable ground and other operating leases, 2019	7,448
Future minimum lease obligations under non-cancelable ground and other operating leases, 2020	7,018
Future minimum lease obligations under non-cancelable ground and other operating leases, 2021	6,688
Future minimum lease obligations under non-cancelable ground and other operating leases, Thereafter	376,304
Future minimum lease obligations under non-cancelable ground and other operating leases, Total	$ 412,055

Equity (Details)

Equity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Mar. 02, 2017$ / shares	Feb. 02, 2017$ / shares	Oct. 07, 2015USD ($)property	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)item$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014$ / sharesshares
Equity
Dividends declared per common share (in dollars per share) | $ / shares		$ 0.37				$ 2.095	$ 2.26	$ 2.18
Dividends paid per common share | $ / shares						$ 2.095	$ 2.26	$ 2.18
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
Proceeds from issuance of common stock							$ 73,000
Stock issuance fees and commissions							1,000
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment						$ (22,817)	(19,485)
Unrealized losses on cash flow hedges, net						(3,642)	(7,582)
Supplemental Executive Retirement Plan minimum liability						(3,129)	(3,411)
Unrealized (losses) gains on available for sale securities						(54)	8
Total accumulated other comprehensive loss						$ (29,642)	(30,470)
Noncontrolling interests
Number of Down REIT units | item						4,000,000
DownREIT unit, carrying value						$ 179,336	$ 185,608
HCP Ventures V
Noncontrolling interests
Number of Real Estate Properties | property			11
Subsequent event
Equity
Dividends paid per common share | $ / shares	$ 0.37
HCP Ventures V
Noncontrolling interests
Noncontrolling interest (as a percent)			49.00%	49.00%
Noncontrolling Interest, Increase from Sale of Parent Equity Interest			$ 110,000	$ 110,000
Consideration received from sale of noncontrolling interest in HCP Ventures V			$ 110,000	$ 110,000
Common Stock
Equity
Common stock issued (in shares) | shares						2,552	5,117	2,939
Company's common stock issuances
Dividend Reinvestment and Stock Purchase Plan (in shares) | shares						2,021	2,762	2,299
Conversion of DownREIT units (in shares) | shares						145	104	27
Exercise of stock options (in shares) | shares						133	823	169
Vesting of restricted stock units (in shares) | shares						529	409	614
Repurchase of common stock (in shares) | shares						237	198	323
Total Noncontrolling Interests
Company's common stock issuances
Conversion of DownREIT units (in shares) | shares						7,000
Noncontrolling interests
Non-managing members DownREIT units outstanding | item						4,000,000
Number of DownREIT LLCs | item						5
DownREIT unit, carrying value						$ 179,000
DownREIT unit, fair value						$ 199,000

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) - USD ($)	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment reporting information, revenues
Intersegment sales or transfers									$ 0	$ 0
Rental Revenues									2,040,486,000	1,828,305,000	$ 1,563,210,000
HCP's share of earnings									11,360,000	57,313,000	49,570,000
Operating expenses									(738,399,000)	(610,679,000)	(381,294,000)
Segment NOI									1,348,856,000	1,255,353,000	1,196,478,000
Non-cash adjustments to NOI									2,931,000	6,648,000	(68,785,000)
Segment adjusted (cash) NOI									1,351,787,000	1,262,001,000	1,127,693,000
Addback non-cash adjustments									(2,931,000)	(6,648,000)	68,785,000
Interest Income									88,808,000	112,184,000	73,623,000
Interest expense									(464,403,000)	(479,596,000)	(439,742,000)
Depreciation and amortization									(568,108,000)	(504,905,000)	(455,016,000)
General and administrative									(103,611,000)	(95,965,000)	(81,765,000)
Acquisition and pursuit costs									(9,821,000)	(27,309,000)	(17,142,000)
Impairments, net										(108,349,000)
Gain on sales of real estate, net									164,698,000	6,377,000	3,288,000
Loss on debt extinguishments									(46,020,000)
Other income, net									3,654,000	16,208,000	9,252,000
Income tax expense									(4,473,000)	9,807,000	506,000
Less: HCP share of unconsolidated joint venture NOI									(46,769,000)	(37,727,000)	(14,562,000)
Equity income (loss) from unconsolidated joint ventures									11,360,000	6,590,000	(3,605,000)
Total discontinued operations	$ (18,246,000)	$ 108,215,000	$ 107,378,000	$ 68,408,000	$ (679,765,000)	$ 130,210,000	$ 158,479,000	$ (308,028,000)	265,755,000	(699,086,000)	665,276,000
Net income (loss)	$ 61,300,000	$ 154,039,000	$ 304,842,000	$ 119,745,000	$ (594,617,000)	$ 117,954,000	$ 167,748,000	$ (237,503,000)	639,926,000	(546,418,000)	936,591,000
Corporate and other assets
Segment reporting information, revenues
Interest expense									(407,754,000)	(408,602,000)	(358,250,000)
Depreciation and amortization											(5,000)
General and administrative									(103,611,000)	(95,965,000)	(81,765,000)
Acquisition and pursuit costs									(9,821,000)	(27,309,000)	(17,142,000)
Loss on debt extinguishments									(46,020,000)
Other income, net									3,654,000	16,208,000	9,252,000
Income tax expense									(4,473,000)	9,807,000	506,000
Total discontinued operations									265,755,000	(699,086,000)	665,276,000
Net income (loss)									(302,270,000)	(1,204,947,000)	217,872,000
Intersegment Eliminations
Segment reporting information, revenues
Operating expenses									(169,035,000)	(154,259,000)	(51,891,000)
Parent Company
Segment reporting information, revenues
HCP's share of earnings									215,804,000	191,986,000	66,453,000
SH NNN | Operating segment
Segment reporting information, revenues
Rental Revenues									423,118,000	428,269,000	538,113,000
Operating expenses									(6,710,000)	(3,427,000)	(3,629,000)
Segment NOI									416,408,000	424,842,000	534,484,000
Non-cash adjustments to NOI									(7,566,000)	(9,716,000)	(66,474,000)
Segment adjusted (cash) NOI									408,842,000	415,126,000	468,010,000
Addback non-cash adjustments									7,566,000	9,716,000	66,474,000
Interest expense									(9,499,000)	(16,899,000)	(32,866,000)
Depreciation and amortization									(136,146,000)	(125,538,000)	(158,881,000)
Gain on sales of real estate, net									48,744,000	6,325,000	3,288,000
Net income (loss)									319,507,000	288,730,000	346,025,000
SHOP | Operating segment
Segment reporting information, revenues
Rental Revenues									686,822,000	518,264,000	243,612,000
Operating expenses									(480,870,000)	(371,016,000)	(163,650,000)
Segment NOI									243,752,000	176,696,000	88,131,000
Non-cash adjustments to NOI									20,076,000	34,045,000	10,160,000
Segment adjusted (cash) NOI									263,828,000	210,741,000	98,291,000
Addback non-cash adjustments									(20,076,000)	(34,045,000)	(10,160,000)
Interest expense									(29,745,000)	(31,869,000)	(31,648,000)
Depreciation and amortization									(108,806,000)	(80,981,000)	(42,153,000)
Gain on sales of real estate, net									675,000
Less: HCP share of unconsolidated joint venture NOI									(37,800,000)	(29,448,000)	(8,169,000)
Equity income (loss) from unconsolidated joint ventures									4,226,000	(9,032,000)	(4,110,000)
Net income (loss)									72,302,000	25,366,000	2,051,000
SHOP | Intersegment Eliminations
Segment reporting information, revenues
Operating expenses									(166,791,000)	(151,962,000)	(49,571,000)
SHOP | Parent Company | Operating segment
Segment reporting information, revenues
HCP's share of earnings									204,591,000	181,410,000	57,740,000
Life science | Operating segment
Segment reporting information, revenues
Rental Revenues									358,537,000	342,984,000	314,114,000
Operating expenses									(72,478,000)	(70,217,000)	(63,080,000)
Segment NOI									292,057,000	278,261,000	256,173,000
Non-cash adjustments to NOI									(3,003,000)	(10,392,000)	(10,375,000)
Segment adjusted (cash) NOI									289,054,000	267,869,000	245,798,000
Addback non-cash adjustments									3,003,000	10,392,000	10,375,000
Interest expense									(2,357,000)	(2,878,000)	(3,141,000)
Depreciation and amortization									(130,829,000)	(126,241,000)	(111,552,000)
Gain on sales of real estate, net									49,042,000
Less: HCP share of unconsolidated joint venture NOI									(5,998,000)	(5,494,000)	(5,139,000)
Equity income (loss) from unconsolidated joint ventures									2,927,000	2,718,000	2,834,000
Net income (loss)									204,842,000	146,366,000	139,175,000
Life science | Intersegment Eliminations
Segment reporting information, revenues
Operating expenses									(1,601,000)	(1,612,000)	(1,749,000)
Life science | Parent Company | Operating segment
Segment reporting information, revenues
HCP's share of earnings									7,599,000	7,106,000	6,888,000
Medical office | Operating segment
Segment reporting information, revenues
Rental Revenues									446,280,000	415,351,000	368,055,000
Operating expenses									(173,687,000)	(162,054,000)	(147,144,000)
Segment NOI									273,994,000	254,555,000	222,165,000
Non-cash adjustments to NOI									(3,557,000)	(4,933,000)	(1,291,000)
Segment adjusted (cash) NOI									270,437,000	249,622,000	220,874,000
Addback non-cash adjustments									3,557,000	4,933,000	1,291,000
Interest expense									(5,895,000)	(9,603,000)	(9,396,000)
Depreciation and amortization									(161,790,000)	(143,682,000)	(124,141,000)
Gain on sales of real estate, net									8,333,000	52,000
Less: HCP share of unconsolidated joint venture NOI									(1,401,000)	(1,258,000)	(1,254,000)
Equity income (loss) from unconsolidated joint ventures									3,350,000	12,904,000	(2,329,000)
Net income (loss)									116,591,000	112,968,000	85,045,000
Medical office | Intersegment Eliminations
Segment reporting information, revenues
Operating expenses									(595,000)	(612,000)	(571,000)
Medical office | Parent Company | Operating segment
Segment reporting information, revenues
HCP's share of earnings									1,996,000	1,870,000	1,825,000
Other | Operating segment
Segment reporting information, revenues
Rental Revenues									125,729,000	123,437,000	99,316,000
Operating expenses									(4,654,000)	(3,965,000)	(3,791,000)
Segment NOI									122,645,000	120,999,000	95,525,000
Non-cash adjustments to NOI									(3,019,000)	(2,356,000)	(805,000)
Segment adjusted (cash) NOI									119,626,000	118,643,000	94,720,000
Addback non-cash adjustments									3,019,000	2,356,000	805,000
Interest Income									88,808,000	112,184,000	73,623,000
Interest expense									(9,153,000)	(9,745,000)	(4,441,000)
Depreciation and amortization									(30,537,000)	(28,463,000)	(18,284,000)
Impairments, net										(108,349,000)
Gain on sales of real estate, net									57,904,000
Less: HCP share of unconsolidated joint venture NOI									(1,570,000)	(1,527,000)
Equity income (loss) from unconsolidated joint ventures									857,000
Net income (loss)									228,954,000	85,099,000	$ 146,423,000
Other | Intersegment Eliminations
Segment reporting information, revenues
Operating expenses									(48,000)	(73,000)
Other | Parent Company | Operating segment
Segment reporting information, revenues
HCP's share of earnings									$ 1,618,000	$ 1,600,000

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Segment Disclosure
Total revenues	$ 539,950	$ 530,555	$ 538,332	$ 520,457	$ 520,325	$ 508,900	$ 459,806	$ 451,458	$ 2,129,294	$ 1,940,489	$ 1,636,833
Assets held for sale and discontinued operations, net	927,866				5,654,326				927,866	5,654,326
Total assets	15,759,265				21,449,849				15,759,265	21,449,849
Goodwill	42,386				47,019				42,386	47,019
Impairment related to goodwill	0
Operating segment
Segment Disclosure
Gross assets	15,263,090				15,407,019				15,263,090	15,407,019
Accumulated depreciation and amortization	(2,900,060)				(2,704,425)				(2,900,060)	(2,704,425)
Total assets	12,363,030				12,702,594				12,363,030	12,702,594
Operating segment | SH NNN
Segment Disclosure
Total revenues									423,118	428,269	538,113
Gross assets	3,871,720				5,092,443				3,871,720	5,092,443
Goodwill	16,000				21,000				16,000	21,000
Operating segment | SHOP
Segment Disclosure
Total revenues									686,822	518,264	243,612
Gross assets	3,623,931				3,195,384				3,623,931	3,195,384
Goodwill	9,000				9,000				9,000	9,000
Operating segment | Life science
Segment Disclosure
Total revenues									358,537	342,984	314,114
Gross assets	4,029,500				3,682,308				4,029,500	3,682,308
Operating segment | Medical office
Segment Disclosure
Total revenues									446,280	415,351	368,055
Gross assets	3,737,939				3,436,884				3,737,939	3,436,884
Goodwill	11,000				11,000				11,000	11,000
Operating segment | Other
Segment Disclosure
Total revenues									214,537	235,621	$ 172,939
Total assets	1,685,563				1,787,579				1,685,563	1,787,579
Goodwill	6,000				6,000				6,000	6,000
Other non-segment
Segment Disclosure
Total assets	$ 782,806				$ 1,305,350				$ 782,806	$ 1,305,350

Future Minimum Rent (Details)

Future Minimum Rent (Details) $ in Thousands	Dec. 31, 2016USD ($)
Future minimum lease payments received
2,017	$ 1,068,698
2,018	995,723
2,019	899,038
2,020	825,614
2,021	750,635
Thereafter	3,546,462
Total	$ 8,086,170

Compensation Plans - Others (De

Compensation Plans - Others (Details) $ / shares in Units, $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)item$ / sharesshares	Dec. 31, 2015USD ($)$ / sharesshares	Dec. 31, 2014USD ($)shares	May 01, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense recognized | $	$ 23	$ 26	$ 22
Deferred compensation cost | $	$ 14	$ 19
Total unrecognized compensation cost, period of recognition	3 years
Number of impacted participants on spin off | item	133
Business days, period	5 days
Common Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Information
Stock-based awards, vesting period	10 years
Shares under Options (in shares)	1,300,000	1,700,000
Currently Exercisable - Shares Under Options (in shares)	1,200,000	1,400,000
Proceeds received from options exercised | $	$ 4	$ 28	$ 5
Restricted Stock and Performance Restricted Stock Units
Restricted Stock and Performance Restricted Stock Units
Shares withheld to offset tax withholding obligations (in shares)	237,000	200,000	323,000
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 | $	$ 24	$ 21	$ 24
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Information
Stock-based awards, vesting period	3 years
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares)	36,000
Vested (in shares)	(36,000)
Unvested at the end of the period (in shares)		36,000
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 41.77
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 41.77
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares		$ 41.77
Restricted Stock Units
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares)	867,000
Granted (in shares)	790,000
Vested (in shares)	(528,000)
Forfeited (in shares)	(167,000)
Unvested at the end of the period (in shares)	962,000	867,000
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 43.34
Granted, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	34.86
Vested, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	42.07
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	41.48
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share) | $ / shares	$ 37.39	$ 43.34
Minimum | Common Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Information
Stock-based awards, vesting period	3 years
Minimum | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Information
Stock-based awards, vesting period	1 year
Unvested restricted stock and performance restricted stock units activity
Percentage of performance metrics during performance period	0.00%
Maximum | Common Stock Options
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Information
Stock-based awards, vesting period	5 years
Maximum | Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award, Options, Other Information
Stock-based awards, vesting period	4 years
Unvested restricted stock and performance restricted stock units activity
Percentage of performance metrics during performance period	200.00%
Former Chairman, Chief Executive Officer and President
Share-based Compensation Arrangement by Share-based Payment Award
Total share-based compensation expense recognized | $	$ 7
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)	31,000,000
Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit	21,000,000

Impairments - Equity Method Inv

Impairments - Equity Method Investments (Details) $ in Thousands, £ in Millions	3 Months Ended
	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Sep. 30, 2015GBP (£)	Sep. 30, 2015USD ($)
Investment Impairments
Held-to-maturity debt securities, principal balance			$ 68,630	$ 102,958
Four Seasons | Discounted cash flow valuation technique | Level 2
Investment Impairments
Impairments of investments in unconsolidated joint ventures	$ 70,000	$ 42,000
Held-to-maturity debt securities, principal balance					£ 66	$ 100,000

Impairments - Real Estate (Deta

Impairments - Real Estate (Details) - USD ($)	1 Months Ended			12 Months Ended
	Oct. 31, 2015	Jul. 31, 2015	Jun. 30, 2015	Dec. 31, 2015	Dec. 31, 2016
Property impairments
Real estate impairment charges				$ 3,118,000
Carrying value of aggregate investments				$ 12,007,071,000	$ 11,692,654,000
Delphis
Property impairments
Proceeds from borrower	$ 23,000,000
Loan receivable impairment recovery recognized	$ 6,000,000
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, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014	Apr. 07, 2011
Income tax disclosure
Income (loss) before income taxes	$ 67,530,000	$ 47,453,000	$ 196,352,000	$ 55,949,000	$ 70,408,000	$ (11,263,000)	$ 6,320,000	$ 70,806,000	$ 367,284,000	$ 136,271,000	$ 274,414,000
Current
Federal									8,525,000	4,948,000	1,833,000
State									8,307,000	1,988,000	2,018,000
Foreign									1,332,000	828,000	223,000
Total current									18,164,000	7,764,000	4,074,000
Deferred
Federal									(10,241,000)	(11,317,000)	(3,278,000)
State									(1,401,000)	(1,382,000)	(347,000)
Foreign									(2,049,000)	(4,872,000)	(955,000)
Total deferred									(13,691,000)	(17,571,000)	(4,580,000)
Total income tax (benefit) expense									4,473,000	(9,807,000)	(506,000)
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									(4,581,000)	(12,630,000)	(2,131,000)
State income tax expense, net of federal tax									6,081,000	(606,000)	134,000
Gross receipts and margin taxes									1,847,000	1,383,000	1,573,000
Foreign rate differential									647,000	2,269,000	554,000
Effect of permanent differences									(280,000)	(298,000)	(196,000)
Return to provision adjustments									287,000	(368,000)	(528,000)
Increase in valuation allowance									472,000	443,000	88,000
Total income tax (benefit) expense									4,473,000	(9,807,000)	(506,000)
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	28,940,000				19,862,000				28,940,000	19,862,000	3,418,000
Net operating loss carryforward	8,784,000				3,703,000				8,784,000	3,703,000	484,000
Expense accruals and other	(847,000)				(753,000)				(847,000)	(753,000)	462,000
Valuation allowance	(606,000)				(531,000)				(606,000)	(531,000)	(88,000)
Net deferred tax assets	36,271,000				22,281,000				36,271,000	22,281,000	4,276,000
Amount that tax basis of net assets is less than reported amounts	2,000,000,000				6,500,000,000				2,000,000,000	6,500,000,000	6,500,000,000
Discontinued Operation, Tax Effect of Discontinued Operation				$ 53,000,000					48,181,000	796,000	756,000
Deferred income tax expense									(13,691,000)	(17,571,000)	(4,580,000)
Unrecognized tax benefits	0				$ 0				0	0
UNITED KINGDOM
Income tax disclosure
Income (loss) before income taxes									4,000,000	15,000,000	4,000,000
TRS
Income tax disclosure
Income (loss) before income taxes									9,000,000	$ 22,000,000	2,000,000
The significant components of the Company?s deferred tax assets and liabilities
Net operating loss carryforward	$ 24,000,000								$ 24,000,000
HCRMC
The significant components of the Company?s deferred tax assets and liabilities
Net (decrease) increase in unrecognized tax benefits											$ (1,000,000)
Unrecognized tax benefits												$ 2,000,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Numerator - Basic
Income from continuing operations									$ 374,171	$ 152,668	$ 271,315
Noncontrolling interests? share in continuing operations									(12,179)	(12,817)	(13,181)
Income from continuing operations applicable to HCP, Inc.									361,992	139,851	258,134
Participating securities' share in earnings									(1,198)	(1,317)	(2,437)
Income from continuing operations applicable to common shares									360,794	138,534	255,697
Discontinued operations	$ (18,246)	$ 108,215	$ 107,378	$ 68,408	$ (679,765)	$ 130,210	$ 158,479	$ (308,028)	265,755	(699,086)	665,276
Noncontrolling interests' share in discontinued operations											(1,177)
Net income (loss) applicable to common shares									$ 626,549	$ (560,552)	$ 919,796
Denominator
Basic weighted average common shares									467,195	462,795	458,425
Dilutive potential common shares									208		371
Diluted weighted average common shares									467,403	462,795	458,796
Basic earnings per common share:
Continuing operations (in dollars per share)									$ 0.77	$ 0.30	$ 0.56
Discontinued operations (in dollars per share)									0.57	(1.51)	1.45
Net income (loss) applicable to common shares (in dollars per share)	$ 0.120	$ 0.320	$ 0.650	$ 0.250	$ (1.29)	$ 0.25	$ 0.36	$ (0.52)	1.34	(1.21)	2.01
Diluted earnings per common share
Continuing operations (in dollars per share)									0.77	0.30	0.56
Discontinued operations (in dollars per share)									0.57	(1.51)	1.44
Net income (loss) applicable to common shares (in dollars per share)	$ 0.120	$ 0.320	$ 0.640	$ 0.250	$ (1.29)	$ 0.25	$ 0.36	$ (0.52)	$ 1.34	$ (1.21)	$ 2
Common Stock Options
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation									1,100		1,400
Down REIT
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation									7,000
DownREIT LLCs, non-managing member units outstanding									4,000

Supplemental Cash Flow Inform88

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 489,453	$ 451,615	$ 410,286
Income taxes paid	13,727	6,959	5,071
Capitalized interest	11,108	8,798	10,314
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	49,999	52,511	37,178
Non-cash impact of QCP Spin-off, net	3,539,584
Securities transferred for debt defeasance	73,278
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
Tenant funded tenant improvements owned by HCP	27,014	28,850	21,863
Vesting of restricted stock units	529	409	614
Conversion of non-managing member units into common stock	6,093	2,979	473
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 interests issued in connection with real estate and other acquisitions		10,971	6,321
Noncontrolling interest assumed in connection with real estate disposition			1,671
Mortgages and other liabilities assumed with real estate acquisitions	82,985	23,218	37,149
Foreign currency translation adjustment	(3,332)	(8,738)	(9,967)
Unrealized gains on available-for-sale securities and derivatives designated as cash flow hedges, net	$ 3,171	$ 1,889	$ 2,271

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands, € in Millions	Jan. 01, 2016USD ($)	Sep. 30, 2011	Dec. 31, 2016EUR (€)entityitem	Dec. 31, 2016USD ($)entityitem	Dec. 31, 2015USD ($)	Aug. 29, 2014
Company's involvement with VIEs:
Joint Venture Ownership Percentage						49.00%
Number of joint ventures deconsolidated | item			3
Number of VIE borrowers with debt securities and loan | entity			2	2
Cumulative-effect adjustment to cumulative dividends in excess of earnings	$ 500
Mezzanine				$ 615,188	$ 660,138
Vintage Park Development JV
Company's involvement with VIEs:
Ownership percentage (as a percent)			90.00%
Unconsolidated Variable Interest Entities
Company's involvement with VIEs:
Number of unconsolidated joint ventures | item			3
Number of properties leased | item			48	48
Number of VIE tenants | item			7	7
CCRC OpCo
Company's involvement with VIEs:
Joint Venture Ownership Percentage						49.00%
Maximum Loss Exposure				$ 103,315
Carrying amount				103,315
Vintage Park Development JV
Company's involvement with VIEs:
Maximum Loss Exposure				7,486
Carrying amount				$ 7,486
VIE tenants-operating leases
Company's involvement with VIEs:
Number of properties leased | item			48	48
Maximum Loss Exposure				$ 7,628
Carrying amount				7,628
VIE tenants-DFLs
Company's involvement with VIEs:
Maximum Loss Exposure				601,132
Carrying amount				601,132
Four Seasons
Company's involvement with VIEs:
Maximum Loss Exposure				85,430
Carrying amount				85,430
Loan-senior secured
Company's involvement with VIEs:
Maximum Loss Exposure				131,215
Carrying amount				$ 131,215
Loan-senior secured | SH NNN
Company's involvement with VIEs:
Number of VIE tenants | item			7	7
Loan-seller financing
Company's involvement with VIEs:
Maximum Loss Exposure				$ 10,000
Carrying amount				10,000
Loan-seller financing | SH NNN
Company's involvement with VIEs:
Mezzanine				10,000
Term of facility			5 years
CMBS and LLC investment
Company's involvement with VIEs:
Maximum Loss Exposure				33,275
Carrying amount				33,275
MMCG | Bridge Loan
Company's involvement with VIEs:
Loan amount			€ 105	131,000
Period of call-option retained			3 years
Consolidated Variable Interest Entities
Company's involvement with VIEs:
Ownership percentage (as a percent)		90.00%
Consolidated Variable Interest Entities | Accounting Standards Update ("ASU") 2015-02 - Consolidation | Adjustment
Company's involvement with VIEs:
Total assets					543,000
Total liabilities					$ 651,000
RIDEA II
Company's involvement with VIEs:
Ownership percentage (as a percent)			80.00%
RIDEA III
Company's involvement with VIEs:
Ownership percentage (as a percent)			90.00%
HCP Ventures V
Company's involvement with VIEs:
Ownership percentage (as a percent)			51.00%
Vintage Park Development JV
Company's involvement with VIEs:
Ownership percentage (as a percent)			85.00%
Exchange Accommodation Titleholder ("EAT")
Company's involvement with VIEs:
Carrying amount				$ 37,000
DownREIT Partnerships
Company's involvement with VIEs:
Number of controlling ownership interest entities as a managing member | item			5

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, 2016	Dec. 31, 2015
Summary of financial instruments
Bank line of credit	$ 899,718	$ 397,432
Senior unsecured notes	7,133,538	9,120,107
Mortgage debt	623,792	932,212
Other debt	92,385	94,445
Carrying Value
Summary of financial instruments
Loans receivable, net	807,954	768,743
Marketable debt securities	68,630	102,958
Marketable equity securities	76	39
Bank line of credit	899,718	397,432
Term loans	440,062	524,807
Senior unsecured notes	7,133,538	9,120,107
Mortgage debt	623,792	932,212
Other debt	92,385	94,445
Carrying Value | Warrants
Summary of financial instruments
Derivative assets	19	55
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative assets		196
Derivative liabilities	4,857	6,251
Carrying Value | Currency Swap
Summary of financial instruments
Derivative assets	2,920	1,551
Fair Value | Level 1
Summary of financial instruments
Marketable debt securities	68,630	102,958
Marketable equity securities	76	39
Senior unsecured notes	7,386,149	9,390,668
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	807,505	770,052
Bank line of credit	899,718	397,432
Term loans	440,062	524,807
Mortgage debt	609,374	963,786
Other debt	92,385	94,445
Fair Value | Warrants | Level 3
Summary of financial instruments
Derivative assets	19	55
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative assets		196
Derivative liabilities	4,857	6,251
Fair Value | Currency Swap | Level 2
Summary of financial instruments
Derivative assets	$ 2,920	$ 1,551

Concentration of Credit Risk (D

Concentration of Credit Risk (Details)	Jan. 01, 2015item	Dec. 31, 2016propertyitem	Dec. 31, 2015	Dec. 31, 2014	Oct. 31, 2016property	Jan. 31, 2016property
Concentration of risk
Number of properties classified as held for sale | property						2
Brookdale Senior Living
Concentration of risk
Number of properties classified as held for sale | property					8
Brookdale Senior Living | Minimum
Concentration of risk
Percentage of EDITDAR payable as base management fee	4.50%
Brookdale Senior Living | Maximum
Concentration of risk
Percentage of EDITDAR payable as base management fee	5.00%
Senior housing | Management and Accounting Services | Brookdale Senior Living
Concentration of risk
Investments in Joint Ventures Senior Housing Facilities Number	108
Senior housing | Management and Accounting Services | Brookdale Senior Living | Minimum
Concentration of risk
Management agreement term (in years)		10 years
Senior housing | Management and Accounting Services | Brookdale Senior Living | Maximum
Concentration of risk
Management agreement term (in years)		15 years
SHOP
Concentration of risk
Number of facilities owned by RIDEA joint ventures		2
SHOP | Management and Accounting Services | Brookdale Senior Living
Concentration of risk
Number of facilities owned by RIDEA joint ventures	16
SH NNN
Concentration of risk
Number of properties classified as held for sale | property		64
Management and Accounting Services | Senior housing | Brookdale Senior Living
Concentration of risk
Management agreement renewal term (in years)		5 years
Management and Accounting Services | Senior housing | Brookdale Senior Living | Minimum
Concentration of risk
Management Agreement Number of Renewals		3
Management and Accounting Services | Senior housing | Brookdale Senior Living | Maximum
Concentration of risk
Management Agreement Number of Renewals		4
Total Assets | SHOP | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		18.00%	17.00%
Total Assets | Tenants and Operators | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		17.00%	13.00%
Total Assets | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		69.00%	53.00%
Revenue | Tenants and Operators | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		12.00%	13.00%	19.00%
Revenue | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		59.00%	58.00%	59.00%
California | Total Assets
Concentration of risk
Concentration risk (as a percent)		29.00%	30.00%
California | Revenue
Concentration of risk
Concentration risk (as a percent)		26.00%	27.00%	30.00%
Texas | Total Assets
Concentration of risk
Concentration risk (as a percent)		14.00%	14.00%
Texas | Revenue
Concentration of risk
Concentration risk (as a percent)		17.00%	16.00%	15.00%

Derivative Financial Instrume92

Derivative Financial Instruments (Details) £ in Thousands	12 Months Ended
	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)item	Dec. 31, 2016USD ($)item
Maximum
Derivative
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate	$ 3,000,000
Net Investment Hedging | Facility and 2012 Term Loan
Derivative
Notional amount | £		£ 268,000
Interest rate swap, entered in July 2005, maturity in July 2020 | BMA Swap Index
Derivative
Notional amount			$ 44,500,000
Fair value of interest rate hedge, liabilities			$ (3,662,000)
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 January 2015, maturity in October 2017 | GBP LIBOR
Derivative
Notional amount | £		£ 220,000
Fair value of interest rate hedge, liabilities			$ (1,195,000)
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%
Currency swap, entered in January 2015, maturity in October 2017
Derivative
Notional amount | £		£ 10,500
Fair value of foreign currency hedge, assets			$ 2,920,000
Currency swap, entered in January 2015, maturity in October 2017 | Cash flow hedge
Derivative
Semi annual buy (sell) amount			$ 16,000,000
Currency swap, entered in January 2015, maturity in October 2017 | Cash flow hedge | GBP LIBOR
Derivative
Floating/Exchange Rate Index, percentage		0.975%	0.975%

Selected Quarterly Financial 93

Selected Quarterly Financial Data (Unaudited) - Results of Operations for Properties Sold or to be Sole (Details) - USD ($) $ / shares in Units, $ in Thousands	Sep. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Total revenues			$ 539,950	$ 530,555	$ 538,332	$ 520,457	$ 520,325	$ 508,900	$ 459,806	$ 451,458	$ 2,129,294	$ 1,940,489	$ 1,636,833
Total discontinued operations			(18,246)	108,215	107,378	68,408	(679,765)	130,210	158,479	(308,028)	265,755	(699,086)	665,276
Income before income taxes and equity income from investments in unconsolidated joint ventures			67,530	47,453	196,352	55,949	70,408	(11,263)	6,320	70,806	367,284	136,271	274,414
Net (loss) income			61,300	154,039	304,842	119,745	(594,617)	117,954	167,748	(237,503)	639,926	(546,418)	936,591
Net income (loss) attributable to HCP, Inc.			$ 58,661	$ 151,250	$ 301,717	$ 116,119	$ (598,868)	$ 115,362	$ 164,885	$ (240,614)	$ 627,747	$ (559,235)	$ 922,233
Basic earnings per common share (in dollars per share)			$ 0.120	$ 0.320	$ 0.650	$ 0.250	$ (1.29)	$ 0.25	$ 0.36	$ (0.52)	$ 1.34	$ (1.21)	$ 2.01
Diluted earnings per common share (in dollars per share			$ 0.120	$ 0.320	$ 0.640	$ 0.250	$ (1.29)	$ 0.25	$ 0.36	$ (0.52)	$ 1.34	$ (1.21)	$ 2
Loss on debt extinguishment											$ 46,020
Transaction costs											(86,765)
Gain on sales of real estate					$ 120,000
Income tax expense						$ 53,000					$ 48,181	$ 796	$ 756
Impairments, net												$ (108,349)
Four Seasons
Impairments, net								$ 70,000	$ 42,000
HCRMC
Income tax expense						$ 49,000
Impairment charges related to investments in DFLs		$ 478,000
Impairments of investments in unconsolidated joint ventures	$ 27,000						$ 19,000	$ 27,000					$ 36,000
HCRMC | DFL Portfolio
Impairment charges related to investments in DFLs							$ 817,000			$ 478,000
Spinoff
Transaction costs			$ 58,000

Schedule II - Valuation and Qua

Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Allowance Accounts
Movement in Valuation Allowances and Reserves
Balance at the beginning of the year	$ 36,180	$ 50,531	$ 48,136
Additions
Amounts Charged Against Operations, net	1,177	3,174	5,600
Deductions
Uncollectible Accounts Written-off	(2,843)	(17,209)	(2,512)
Disposed Properties	(4,996)	(316)	(693)
Balance at the end of the year	29,518	36,180	50,531
Allowances for loan and excludes discontinued operations
Movement in Valuation Allowances and Reserves
Balance at the beginning of the year	$ 818,000	1,000
Deductions
Balance at the end of the year		$ 818,000	$ 1,000

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, 2016	Dec. 31, 2015	Dec. 31, 2014	Dec. 31, 2013
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 623,792
Initial Cost to Company
Land	1,870,192
Buildings and Improvements	10,369,449
Costs Capitalized Subsequent to Acquisition	2,313,745
Gross Amount at Which Carried As of Year End
Land	1,881,487
Buildings and Improvements	12,093,273
Total	13,974,760	$ 14,330,257	$ 12,931,832	$ 12,592,841
Accumulated Depreciation	(2,648,930)	$ (2,476,015)	$ (2,190,486)	$ (1,965,592)
Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	624,598
Initial Cost to Company
Land	1,870,192
Buildings and Improvements	10,369,449
Costs Capitalized Subsequent to Acquisition	2,313,407
Gross Amount at Which Carried As of Year End
Land	1,881,487
Buildings and Improvements	12,093,091
Total	13,974,578
Accumulated Depreciation	(2,648,841)
Corporate and other assets
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	(806)
Initial Cost to Company
Costs Capitalized Subsequent to Acquisition	338
Gross Amount at Which Carried As of Year End
Buildings and Improvements	182
Total	182
Accumulated Depreciation	(89)
Senior housing
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	53,674
Initial Cost to Company
Land	320,682
Buildings and Improvements	2,686,038
Costs Capitalized Subsequent to Acquisition	316,894
Gross Amount at Which Carried As of Year End
Land	320,982
Buildings and Improvements	2,746,728
Total	3,067,710
Accumulated Depreciation	(624,171)
Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	553,838
Initial Cost to Company
Land	288,417
Buildings and Improvements	2,447,074
Costs Capitalized Subsequent to Acquisition	285,921
Gross Amount at Which Carried As of Year End
Land	289,240
Buildings and Improvements	2,663,281
Total	2,952,521
Accumulated Depreciation	(413,672)
Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	7,471
Initial Cost to Company
Land	885,895
Buildings and Improvements	1,977,011
Costs Capitalized Subsequent to Acquisition	917,979
Gross Amount at Which Carried As of Year End
Land	888,397
Buildings and Improvements	2,850,690
Total	3,739,087
Accumulated Depreciation	(626,840)
Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	9,615
Initial Cost to Company
Land	257,661
Buildings and Improvements	2,641,298
Costs Capitalized Subsequent to Acquisition	674,982
Gross Amount at Which Carried As of Year End
Land	265,244
Buildings and Improvements	3,180,514
Total	3,445,758
Accumulated Depreciation	(827,741)
United Kingdom | Operating segment
Initial Cost to Company
Land	117,537
Buildings and Improvements	618,028
Costs Capitalized Subsequent to Acquisition	117,631
Gross Amount at Which Carried As of Year End
Land	117,624
Buildings and Improvements	651,878
Total	769,502
Accumulated Depreciation	(156,417)
1107 Huntsville AL | Senior housing
Initial Cost to Company
Land	307
Buildings and Improvements	5,813
Costs Capitalized Subsequent to Acquisition	307
Gross Amount at Which Carried As of Year End
Land	307
Buildings and Improvements	5,453
Total	5,760
Accumulated Depreciation	$ (1,397)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
786 Douglas AZ | Senior housing
Initial Cost to Company
Land	$ 110
Buildings and Improvements	703
Costs Capitalized Subsequent to Acquisition	110
Gross Amount at Which Carried As of Year End
Land	110
Buildings and Improvements	703
Total	813
Accumulated Depreciation	$ (345)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
518 Tucson AZ | Senior housing
Initial Cost to Company
Land	$ 2,350
Buildings and Improvements	24,037
Costs Capitalized Subsequent to Acquisition	2,350
Gross Amount at Which Carried As of Year End
Land	2,350
Buildings and Improvements	24,037
Total	26,387
Accumulated Depreciation	$ (10,616)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1238 Beverly Hills CA | Senior housing
Initial Cost to Company
Land	$ 9,872
Buildings and Improvements	32,590
Costs Capitalized Subsequent to Acquisition	9,872
Gross Amount at Which Carried As of Year End
Land	9,872
Buildings and Improvements	37,584
Total	47,456
Accumulated Depreciation	$ (10,270)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
883 Carmichael CA | Senior housing
Initial Cost to Company
Land	$ 4,270
Buildings and Improvements	13,846
Costs Capitalized Subsequent to Acquisition	4,270
Gross Amount at Which Carried As of Year End
Land	4,270
Buildings and Improvements	13,236
Total	17,506
Accumulated Depreciation	$ (3,337)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2204 Chino Hills CA | Senior housing
Initial Cost to Company
Land	$ 3,720
Buildings and Improvements	41,183
Costs Capitalized Subsequent to Acquisition	3,720
Gross Amount at Which Carried As of Year End
Land	3,720
Buildings and Improvements	41,183
Total	44,903
Accumulated Depreciation	$ (3,555)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
851 Citrus Heights CA | Senior housing
Initial Cost to Company
Land	$ 1,180
Buildings and Improvements	8,367
Costs Capitalized Subsequent to Acquisition	1,180
Gross Amount at Which Carried As of Year End
Land	1,180
Buildings and Improvements	8,037
Total	9,217
Accumulated Depreciation	$ (2,834)
Life on Which Depreciation in Latest Income Statement is Computed	29 years
2092 Clearlake CA | Senior housing
Initial Cost to Company
Land	$ 354
Buildings and Improvements	4,799
Costs Capitalized Subsequent to Acquisition	354
Gross Amount at Which Carried As of Year End
Land	354
Buildings and Improvements	5,086
Total	5,440
Accumulated Depreciation	$ (699)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
790 Concord CA | Senior housing
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 25
Initial Cost to Company
Land	6,010
Buildings and Improvements	39,601
Costs Capitalized Subsequent to Acquisition	6,010
Gross Amount at Which Carried As of Year End
Land	6,010
Buildings and Improvements	38,301
Total	44,311
Accumulated Depreciation	$ (10,918)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
787 Dana Point CA | Senior housing
Initial Cost to Company
Land	$ 1,960
Buildings and Improvements	15,946
Costs Capitalized Subsequent to Acquisition	1,960
Gross Amount at Which Carried As of Year End
Land	1,960
Buildings and Improvements	15,466
Total	17,426
Accumulated Depreciation	$ (4,414)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
798 Escondido CA | Senior housing
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 14,340
Initial Cost to Company
Land	5,090
Buildings and Improvements	24,253
Costs Capitalized Subsequent to Acquisition	5,090
Gross Amount at Which Carried As of Year End
Land	5,090
Buildings and Improvements	23,353
Total	28,443
Accumulated Depreciation	$ (6,666)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2054 Fortuna CA | Senior housing
Initial Cost to Company
Land	$ 818
Buildings and Improvements	3,295
Costs Capitalized Subsequent to Acquisition	818
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	3,309
Total	4,127
Accumulated Depreciation	$ (1,249)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2079 Fortuna CA | Senior housing
Initial Cost to Company
Land	$ 1,346
Buildings and Improvements	11,856
Costs Capitalized Subsequent to Acquisition	1,346
Gross Amount at Which Carried As of Year End
Land	1,346
Buildings and Improvements	11,954
Total	13,300
Accumulated Depreciation	$ (3,231)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
791 Fremont CA | Senior housing
Initial Cost to Company
Land	$ 2,360
Buildings and Improvements	11,672
Costs Capitalized Subsequent to Acquisition	2,360
Gross Amount at Which Carried As of Year End
Land	2,360
Buildings and Improvements	11,192
Total	13,552
Accumulated Depreciation	$ (3,195)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
788 Granada Hills CA | Senior housing
Initial Cost to Company
Land	$ 2,200
Buildings and Improvements	18,257
Costs Capitalized Subsequent to Acquisition	2,200
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	17,637
Total	19,837
Accumulated Depreciation	$ (5,034)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
227 Lodi CA | Senior housing
Initial Cost to Company
Land	$ 732
Buildings and Improvements	5,453
Costs Capitalized Subsequent to Acquisition	278
Gross Amount at Which Carried As of Year End
Land	732
Buildings and Improvements	5,453
Total	6,185
Accumulated Depreciation	$ (2,852)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
226 Murietta CA | Senior housing
Initial Cost to Company
Land	$ 435
Buildings and Improvements	5,729
Costs Capitalized Subsequent to Acquisition	230
Gross Amount at Which Carried As of Year End
Land	435
Buildings and Improvements	5,729
Total	6,164
Accumulated Depreciation	$ (2,929)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1165 Northridge CA | Senior housing
Initial Cost to Company
Land	$ 6,718
Buildings and Improvements	26,309
Costs Capitalized Subsequent to Acquisition	6,752
Gross Amount at Which Carried As of Year End
Land	6,752
Buildings and Improvements	28,058
Total	34,810
Accumulated Depreciation	$ (7,305)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1168 Palm Springs CA | Senior housing
Initial Cost to Company
Land	$ 1,005
Buildings and Improvements	5,183
Costs Capitalized Subsequent to Acquisition	1,005
Gross Amount at Which Carried As of Year End
Land	1,005
Buildings and Improvements	5,344
Total	6,349
Accumulated Depreciation	$ (1,590)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
789 Pleasant Hill CA | Senior housing
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 6,270
Initial Cost to Company
Land	2,480
Buildings and Improvements	21,333
Costs Capitalized Subsequent to Acquisition	2,480
Gross Amount at Which Carried As of Year End
Land	2,480
Buildings and Improvements	20,633
Total	23,113
Accumulated Depreciation	$ (5,889)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2205 Roseville CA | Senior housing
Initial Cost to Company
Land	$ 3,844
Buildings and Improvements	33,527
Costs Capitalized Subsequent to Acquisition	3,844
Gross Amount at Which Carried As of Year End
Land	3,844
Buildings and Improvements	33,527
Total	37,371
Accumulated Depreciation	$ (2,839)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1167 Santa Rosa CA | Senior housing
Initial Cost to Company
Land	$ 3,582
Buildings and Improvements	21,113
Costs Capitalized Subsequent to Acquisition	3,627
Gross Amount at Which Carried As of Year End
Land	3,627
Buildings and Improvements	22,008
Total	25,635
Accumulated Depreciation	$ (5,853)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
793 South San Francisco CA | Senior housing
Initial Cost to Company
Land	$ 3,000
Buildings and Improvements	16,586
Costs Capitalized Subsequent to Acquisition	3,000
Gross Amount at Which Carried As of Year End
Land	3,000
Buildings and Improvements	16,056
Total	19,056
Accumulated Depreciation	$ (4,577)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
792 Ventura CA | Senior housing
Initial Cost to Company
Land	$ 2,030
Buildings and Improvements	17,379
Costs Capitalized Subsequent to Acquisition	2,030
Gross Amount at Which Carried As of Year End
Land	2,030
Buildings and Improvements	16,749
Total	18,779
Accumulated Depreciation	$ (4,781)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2055 Yreka CA | Senior housing
Initial Cost to Company
Land	$ 565
Buildings and Improvements	9,184
Costs Capitalized Subsequent to Acquisition	565
Gross Amount at Which Carried As of Year End
Land	565
Buildings and Improvements	9,549
Total	10,114
Accumulated Depreciation	$ (1,324)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
512 Denver CO | Senior housing
Initial Cost to Company
Land	$ 2,810
Buildings and Improvements	36,021
Costs Capitalized Subsequent to Acquisition	2,810
Gross Amount at Which Carried As of Year End
Land	2,810
Buildings and Improvements	37,906
Total	40,716
Accumulated Depreciation	$ (16,469)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1000 Greenwood Village CO | Senior housing
Initial Cost to Company
Land	$ 3,367
Buildings and Improvements	43,610
Costs Capitalized Subsequent to Acquisition	3,367
Gross Amount at Which Carried As of Year End
Land	3,367
Buildings and Improvements	45,708
Total	49,075
Accumulated Depreciation	$ (10,783)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2144 Glastonbury CT | Senior housing
Initial Cost to Company
Land	$ 1,658
Buildings and Improvements	16,046
Costs Capitalized Subsequent to Acquisition	1,658
Gross Amount at Which Carried As of Year End
Land	1,658
Buildings and Improvements	16,355
Total	18,013
Accumulated Depreciation	$ (2,059)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
730 Torrington CT | Senior housing
Initial Cost to Company
Land	$ 166
Buildings and Improvements	11,001
Costs Capitalized Subsequent to Acquisition	166
Gross Amount at Which Carried As of Year End
Land	166
Buildings and Improvements	12,106
Total	12,272
Accumulated Depreciation	$ (3,348)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
861 Apopka FL | Senior housing
Initial Cost to Company
Land	$ 920
Buildings and Improvements	4,816
Costs Capitalized Subsequent to Acquisition	920
Gross Amount at Which Carried As of Year End
Land	920
Buildings and Improvements	5,470
Total	6,390
Accumulated Depreciation	$ (1,501)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
852 Boca Raton FL | Senior housing
Initial Cost to Company
Land	$ 4,730
Buildings and Improvements	17,532
Costs Capitalized Subsequent to Acquisition	4,730
Gross Amount at Which Carried As of Year End
Land	4,730
Buildings and Improvements	22,390
Total	27,120
Accumulated Depreciation	$ (6,765)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1002 Coconut Creek FL | Senior housing
Initial Cost to Company
Land	$ 2,461
Buildings and Improvements	16,006
Costs Capitalized Subsequent to Acquisition	2,461
Gross Amount at Which Carried As of Year End
Land	2,461
Buildings and Improvements	15,620
Total	18,081
Accumulated Depreciation	$ (3,793)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2467 Ft Myers FL | Senior housing
Initial Cost to Company
Land	$ 2,782
Buildings and Improvements	21,827
Costs Capitalized Subsequent to Acquisition	2,782
Gross Amount at Which Carried As of Year End
Land	2,782
Buildings and Improvements	21,827
Total	24,609
Accumulated Depreciation	$ (754)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1095 Gainesville FL | Senior housing
Initial Cost to Company
Land	$ 1,221
Buildings and Improvements	12,226
Costs Capitalized Subsequent to Acquisition	1,221
Gross Amount at Which Carried As of Year End
Land	1,221
Buildings and Improvements	12,001
Total	13,222
Accumulated Depreciation	$ (3,075)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
490 Jacksonville FL | Senior housing
Initial Cost to Company
Land	$ 3,250
Buildings and Improvements	25,936
Costs Capitalized Subsequent to Acquisition	2,400
Gross Amount at Which Carried As of Year End
Land	3,250
Buildings and Improvements	32,106
Total	35,356
Accumulated Depreciation	$ (11,767)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1096 Jacksonville FL | Senior housing
Initial Cost to Company
Land	$ 1,587
Buildings and Improvements	15,616
Costs Capitalized Subsequent to Acquisition	1,587
Gross Amount at Which Carried As of Year End
Land	1,587
Buildings and Improvements	15,298
Total	16,885
Accumulated Depreciation	$ (3,920)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1017 Palm Harbor FL | Senior housing
Initial Cost to Company
Land	$ 1,462
Buildings and Improvements	16,774
Costs Capitalized Subsequent to Acquisition	1,462
Gross Amount at Which Carried As of Year End
Land	1,462
Buildings and Improvements	16,888
Total	18,350
Accumulated Depreciation	$ (4,408)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
732 Port Orange FL | Senior housing
Initial Cost to Company
Land	$ 2,340
Buildings and Improvements	9,898
Costs Capitalized Subsequent to Acquisition	2,340
Gross Amount at Which Carried As of Year End
Land	2,340
Buildings and Improvements	10,270
Total	12,610
Accumulated Depreciation	$ (2,885)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2194 Springtree FL | Senior housing
Initial Cost to Company
Land	$ 1,066
Buildings and Improvements	15,874
Costs Capitalized Subsequent to Acquisition	1,066
Gross Amount at Which Carried As of Year End
Land	1,066
Buildings and Improvements	17,058
Total	18,124
Accumulated Depreciation	$ (2,342)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
802 St Augustine FL | Senior housing
Initial Cost to Company
Land	$ 830
Buildings and Improvements	11,627
Costs Capitalized Subsequent to Acquisition	830
Gross Amount at Which Carried As of Year End
Land	830
Buildings and Improvements	12,369
Total	13,199
Accumulated Depreciation	$ (3,799)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1097 Tallahassee FL | Senior housing
Initial Cost to Company
Land	$ 1,331
Buildings and Improvements	19,039
Costs Capitalized Subsequent to Acquisition	1,331
Gross Amount at Which Carried As of Year End
Land	1,331
Buildings and Improvements	18,695
Total	20,026
Accumulated Depreciation	$ (4,791)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1605 Vero Beach FL | Senior housing
Initial Cost to Company
Land	$ 700
Buildings and Improvements	16,234
Costs Capitalized Subsequent to Acquisition	700
Gross Amount at Which Carried As of Year End
Land	700
Buildings and Improvements	15,484
Total	16,184
Accumulated Depreciation	$ (2,654)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1257 Vero Beach FL | Senior housing
Initial Cost to Company
Land	$ 2,035
Buildings and Improvements	34,993
Costs Capitalized Subsequent to Acquisition	2,035
Gross Amount at Which Carried As of Year End
Land	2,035
Buildings and Improvements	33,634
Total	35,669
Accumulated Depreciation	$ (8,616)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1098 Alpharetta GA | Senior housing
Initial Cost to Company
Land	$ 793
Buildings and Improvements	8,761
Costs Capitalized Subsequent to Acquisition	793
Gross Amount at Which Carried As of Year End
Land	793
Buildings and Improvements	9,529
Total	10,322
Accumulated Depreciation	$ (2,351)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1099 Atlanta GA | Senior housing
Initial Cost to Company
Land	$ 687
Buildings and Improvements	5,507
Costs Capitalized Subsequent to Acquisition	687
Gross Amount at Which Carried As of Year End
Land	687
Buildings and Improvements	6,242
Total	6,929
Accumulated Depreciation	$ (1,520)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2108 Buford GA | Senior housing
Initial Cost to Company
Land	$ 562
Buildings and Improvements	3,604
Costs Capitalized Subsequent to Acquisition	562
Gross Amount at Which Carried As of Year End
Land	562
Buildings and Improvements	4,029
Total	4,591
Accumulated Depreciation	$ (586)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2109 Buford GA | Senior housing
Initial Cost to Company
Land	$ 536
Buildings and Improvements	3,142
Costs Capitalized Subsequent to Acquisition	536
Gross Amount at Which Carried As of Year End
Land	536
Buildings and Improvements	3,374
Total	3,910
Accumulated Depreciation	$ (483)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2053 Canton GA | Senior housing
Initial Cost to Company
Land	$ 401
Buildings and Improvements	17,888
Costs Capitalized Subsequent to Acquisition	401
Gross Amount at Which Carried As of Year End
Land	401
Buildings and Improvements	18,263
Total	18,664
Accumulated Depreciation	$ (1,859)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2165 Hartwell GA | Senior housing
Initial Cost to Company
Land	$ 368
Buildings and Improvements	6,337
Costs Capitalized Subsequent to Acquisition	368
Gross Amount at Which Carried As of Year End
Land	368
Buildings and Improvements	6,611
Total	6,979
Accumulated Depreciation	$ (786)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2066 Lawrenceville GA | Senior housing
Initial Cost to Company
Land	$ 581
Buildings and Improvements	2,669
Costs Capitalized Subsequent to Acquisition	581
Gross Amount at Which Carried As of Year End
Land	581
Buildings and Improvements	2,914
Total	3,495
Accumulated Depreciation	$ (496)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1241 Lilburn GA | Senior housing
Initial Cost to Company
Land	$ 907
Buildings and Improvements	17,340
Costs Capitalized Subsequent to Acquisition	907
Gross Amount at Which Carried As of Year End
Land	907
Buildings and Improvements	17,017
Total	17,924
Accumulated Depreciation	$ (4,372)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1112 Marietta GA | Senior housing
Initial Cost to Company
Land	$ 894
Buildings and Improvements	6,944
Costs Capitalized Subsequent to Acquisition	904
Gross Amount at Which Carried As of Year End
Land	904
Buildings and Improvements	7,330
Total	8,234
Accumulated Depreciation	$ (1,963)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2086 Newnan GA | Senior housing
Initial Cost to Company
Land	$ 1,227
Buildings and Improvements	4,202
Costs Capitalized Subsequent to Acquisition	1,227
Gross Amount at Which Carried As of Year End
Land	1,227
Buildings and Improvements	4,486
Total	5,713
Accumulated Depreciation	$ (706)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1005 Oak Park IL | Senior housing
Initial Cost to Company
Land	$ 3,476
Buildings and Improvements	35,259
Costs Capitalized Subsequent to Acquisition	3,476
Gross Amount at Which Carried As of Year End
Land	3,476
Buildings and Improvements	36,575
Total	40,051
Accumulated Depreciation	$ (8,604)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1162 Orland Park IL | Senior housing
Initial Cost to Company
Land	$ 2,623
Buildings and Improvements	23,154
Costs Capitalized Subsequent to Acquisition	2,623
Gross Amount at Which Carried As of Year End
Land	2,623
Buildings and Improvements	23,731
Total	26,354
Accumulated Depreciation	$ (6,039)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1237 Wilmette IL | Senior housing
Initial Cost to Company
Land	$ 1,100
Buildings and Improvements	9,373
Costs Capitalized Subsequent to Acquisition	1,100
Gross Amount at Which Carried As of Year End
Land	1,100
Buildings and Improvements	9,333
Total	10,433
Accumulated Depreciation	$ (2,357)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1105 Louisville KY | Senior housing
Initial Cost to Company
Land	$ 1,499
Buildings and Improvements	26,252
Costs Capitalized Subsequent to Acquisition	1,513
Gross Amount at Which Carried As of Year End
Land	1,513
Buildings and Improvements	25,813
Total	27,326
Accumulated Depreciation	$ (6,712)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2115 Murray KY | Senior housing
Initial Cost to Company
Land	$ 288
Buildings and Improvements	7,400
Costs Capitalized Subsequent to Acquisition	288
Gross Amount at Which Carried As of Year End
Land	288
Buildings and Improvements	7,533
Total	7,821
Accumulated Depreciation	$ (1,021)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1158 Plymouth MA | Senior housing
Initial Cost to Company
Land	$ 2,434
Buildings and Improvements	9,027
Costs Capitalized Subsequent to Acquisition	2,438
Gross Amount at Which Carried As of Year End
Land	2,438
Buildings and Improvements	9,308
Total	11,746
Accumulated Depreciation	$ (2,531)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1249 Frederick MD | Senior housing
Initial Cost to Company
Land	$ 609
Buildings and Improvements	9,158
Costs Capitalized Subsequent to Acquisition	609
Gross Amount at Which Carried As of Year End
Land	609
Buildings and Improvements	9,307
Total	9,916
Accumulated Depreciation	$ (2,505)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
281 Westminster MD | Senior housing
Initial Cost to Company
Land	$ 768
Buildings and Improvements	5,251
Costs Capitalized Subsequent to Acquisition	400
Gross Amount at Which Carried As of Year End
Land	768
Buildings and Improvements	6,555
Total	7,323
Accumulated Depreciation	$ (2,204)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
546 Cape Elizabeth ME | Senior housing
Initial Cost to Company
Land	$ 630
Buildings and Improvements	3,524
Costs Capitalized Subsequent to Acquisition	290
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	3,617
Total	4,247
Accumulated Depreciation	$ (1,247)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
545 Saco ME | Senior housing
Initial Cost to Company
Land	$ 80
Buildings and Improvements	2,363
Costs Capitalized Subsequent to Acquisition	(90)
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	2,518
Total	2,598
Accumulated Depreciation	$ (864)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1258 Auburn Hills MI | Senior housing
Initial Cost to Company
Land	$ 2,281
Buildings and Improvements	10,692
Costs Capitalized Subsequent to Acquisition	2,161
Gross Amount at Which Carried As of Year End
Land	2,281
Buildings and Improvements	10,692
Total	12,973
Accumulated Depreciation	$ (2,740)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1248 Farmington Hills MI | Senior housing
Initial Cost to Company
Land	$ 1,013
Buildings and Improvements	12,119
Costs Capitalized Subsequent to Acquisition	1,013
Gross Amount at Which Carried As of Year End
Land	1,013
Buildings and Improvements	12,522
Total	13,535
Accumulated Depreciation	$ (3,324)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1259 Sterling Heights MI | Senior housing
Initial Cost to Company
Land	$ 1,593
Buildings and Improvements	11,500
Costs Capitalized Subsequent to Acquisition	1,593
Gross Amount at Which Carried As of Year End
Land	1,593
Buildings and Improvements	11,181
Total	12,774
Accumulated Depreciation	$ (2,865)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1235 Des Peres MO | Senior housing
Initial Cost to Company
Land	$ 4,361
Buildings and Improvements	20,664
Costs Capitalized Subsequent to Acquisition	4,361
Gross Amount at Which Carried As of Year End
Land	4,361
Buildings and Improvements	20,510
Total	24,871
Accumulated Depreciation	$ (5,166)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1236 Richmond Heights MO | Senior housing
Initial Cost to Company
Land	$ 1,744
Buildings and Improvements	24,232
Costs Capitalized Subsequent to Acquisition	1,744
Gross Amount at Which Carried As of Year End
Land	1,744
Buildings and Improvements	23,838
Total	25,582
Accumulated Depreciation	$ (6,055)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
853 St.Louis Mo | Senior housing
Initial Cost to Company
Land	$ 2,500
Buildings and Improvements	20,343
Costs Capitalized Subsequent to Acquisition	2,500
Gross Amount at Which Carried As of Year End
Land	2,500
Buildings and Improvements	19,853
Total	22,353
Accumulated Depreciation	$ (7,004)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2074 Oxford MS | Senior housing
Initial Cost to Company
Land	$ 2,003
Buildings and Improvements	14,140
Costs Capitalized Subsequent to Acquisition	2,003
Gross Amount at Which Carried As of Year End
Land	2,003
Buildings and Improvements	14,315
Total	16,318
Accumulated Depreciation	$ (1,663)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
878 Charlotte NC | Senior housing
Initial Cost to Company
Land	$ 710
Buildings and Improvements	9,559
Costs Capitalized Subsequent to Acquisition	710
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	9,159
Total	9,869
Accumulated Depreciation	$ (2,309)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2465 Charlotte NC | Senior housing
Initial Cost to Company
Land	$ 1,373
Buildings and Improvements	10,774
Costs Capitalized Subsequent to Acquisition	1,373
Gross Amount at Which Carried As of Year End
Land	1,373
Buildings and Improvements	10,774
Total	12,147
Accumulated Depreciation	$ (372)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1119 Concord NC | Senior housing
Initial Cost to Company
Land	$ 601
Buildings and Improvements	7,615
Costs Capitalized Subsequent to Acquisition	612
Gross Amount at Which Carried As of Year End
Land	612
Buildings and Improvements	7,484
Total	8,096
Accumulated Depreciation	$ (1,973)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2468 Franklin NC | Senior housing
Initial Cost to Company
Land	$ 1,082
Buildings and Improvements	8,489
Costs Capitalized Subsequent to Acquisition	1,082
Gross Amount at Which Carried As of Year End
Land	1,082
Buildings and Improvements	8,489
Total	9,571
Accumulated Depreciation	$ (293)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2126 Mooresville NC | Senior housing
Initial Cost to Company
Land	$ 2,538
Buildings and Improvements	37,617
Costs Capitalized Subsequent to Acquisition	2,538
Gross Amount at Which Carried As of Year End
Land	2,538
Buildings and Improvements	38,653
Total	41,191
Accumulated Depreciation	$ (4,162)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2466 Raeford NC | Senior housing
Initial Cost to Company
Land	$ 1,304
Buildings and Improvements	10,230
Costs Capitalized Subsequent to Acquisition	1,304
Gross Amount at Which Carried As of Year End
Land	1,304
Buildings and Improvements	10,230
Total	11,534
Accumulated Depreciation	$ (354)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1254 Raleigh NC | Senior housing
Initial Cost to Company
Land	$ 1,191
Buildings and Improvements	11,532
Costs Capitalized Subsequent to Acquisition	1,191
Gross Amount at Which Carried As of Year End
Land	1,191
Buildings and Improvements	11,617
Total	12,808
Accumulated Depreciation	$ (3,069)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2127 Minot ND | Senior housing
Initial Cost to Company
Land	$ 685
Buildings and Improvements	16,047
Costs Capitalized Subsequent to Acquisition	685
Gross Amount at Which Carried As of Year End
Land	685
Buildings and Improvements	16,656
Total	17,341
Accumulated Depreciation	$ (1,936)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2169 Lexington NE | Senior housing
Initial Cost to Company
Land	$ 474
Buildings and Improvements	8,405
Costs Capitalized Subsequent to Acquisition	474
Gross Amount at Which Carried As of Year End
Land	474
Buildings and Improvements	8,484
Total	8,958
Accumulated Depreciation	$ (1,345)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1599 Cherry Hill NJ | Senior housing
Initial Cost to Company
Land	$ 2,420
Buildings and Improvements	11,042
Costs Capitalized Subsequent to Acquisition	2,420
Gross Amount at Which Carried As of Year End
Land	2,420
Buildings and Improvements	12,633
Total	15,053
Accumulated Depreciation	$ (3,020)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
1239 Cresskill NJ | Senior housing
Initial Cost to Company
Land	$ 4,684
Buildings and Improvements	53,927
Costs Capitalized Subsequent to Acquisition	4,684
Gross Amount at Which Carried As of Year End
Land	4,684
Buildings and Improvements	53,320
Total	58,004
Accumulated Depreciation	$ (13,676)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
734 Hillsborough NJ | Senior housing
Initial Cost to Company
Land	$ 1,042
Buildings and Improvements	10,042
Costs Capitalized Subsequent to Acquisition	1,042
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	9,819
Total	10,861
Accumulated Depreciation	$ (2,831)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1242 Madison NJ | Senior housing
Initial Cost to Company
Land	$ 3,157
Buildings and Improvements	19,909
Costs Capitalized Subsequent to Acquisition	3,157
Gross Amount at Which Carried As of Year End
Land	3,157
Buildings and Improvements	19,391
Total	22,548
Accumulated Depreciation	$ (4,982)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
733 Manahawkin NJ | Senior housing
Initial Cost to Company
Land	$ 921
Buildings and Improvements	9,927
Costs Capitalized Subsequent to Acquisition	921
Gross Amount at Which Carried As of Year End
Land	921
Buildings and Improvements	10,001
Total	10,922
Accumulated Depreciation	$ (2,849)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1231 Saddle River NJ | Senior housing
Initial Cost to Company
Land	$ 1,784
Buildings and Improvements	15,625
Costs Capitalized Subsequent to Acquisition	1,784
Gross Amount at Which Carried As of Year End
Land	1,784
Buildings and Improvements	15,515
Total	17,299
Accumulated Depreciation	$ (4,085)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
245 Voorhees Township NJ | Senior housing
Initial Cost to Company
Land	$ 900
Buildings and Improvements	7,629
Costs Capitalized Subsequent to Acquisition	561
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	8,003
Total	8,903
Accumulated Depreciation	$ (3,043)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2161 Rio Rancho NM | Senior housing
Initial Cost to Company
Land	$ 1,154
Buildings and Improvements	13,726
Costs Capitalized Subsequent to Acquisition	1,154
Gross Amount at Which Carried As of Year End
Land	1,154
Buildings and Improvements	13,951
Total	15,105
Accumulated Depreciation	$ (1,780)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2121 Roswell NM | Senior housing
Initial Cost to Company
Land	$ 618
Buildings and Improvements	7,038
Costs Capitalized Subsequent to Acquisition	618
Gross Amount at Which Carried As of Year End
Land	618
Buildings and Improvements	7,878
Total	8,496
Accumulated Depreciation	$ (1,186)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2150 Roswell NM | Senior housing
Initial Cost to Company
Land	$ 837
Buildings and Improvements	8,614
Costs Capitalized Subsequent to Acquisition	837
Gross Amount at Which Carried As of Year End
Land	837
Buildings and Improvements	9,524
Total	10,361
Accumulated Depreciation	$ (1,503)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
796 Las Vegas NV | Senior housing
Initial Cost to Company
Land	$ 1,960
Buildings and Improvements	5,816
Costs Capitalized Subsequent to Acquisition	1,960
Gross Amount at Which Carried As of Year End
Land	1,960
Buildings and Improvements	5,426
Total	7,386
Accumulated Depreciation	$ (1,549)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2110 Las Vegas NV | Senior housing
Initial Cost to Company
Land	$ 667
Buildings and Improvements	14,469
Costs Capitalized Subsequent to Acquisition	667
Gross Amount at Which Carried As of Year End
Land	667
Buildings and Improvements	14,935
Total	15,602
Accumulated Depreciation	$ (2,063)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1252 Brooklyn NY | Senior housing
Initial Cost to Company
Land	$ 8,117
Buildings and Improvements	23,627
Costs Capitalized Subsequent to Acquisition	8,117
Gross Amount at Which Carried As of Year End
Land	8,117
Buildings and Improvements	23,467
Total	31,584
Accumulated Depreciation	$ (6,136)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1256 Brooklyn NY | Senior housing
Initial Cost to Company
Land	$ 5,215
Buildings and Improvements	39,052
Costs Capitalized Subsequent to Acquisition	5,215
Gross Amount at Which Carried As of Year End
Land	5,215
Buildings and Improvements	38,966
Total	44,181
Accumulated Depreciation	$ (10,067)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2177 Clifton Park NY | Senior housing
Initial Cost to Company
Land	$ 2,257
Buildings and Improvements	11,470
Costs Capitalized Subsequent to Acquisition	2,257
Gross Amount at Which Carried As of Year End
Land	2,257
Buildings and Improvements	11,470
Total	13,727
Accumulated Depreciation	$ (1,535)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2174 Orchard Park NY | Senior housing
Initial Cost to Company
Land	$ 726
Buildings and Improvements	17,735
Costs Capitalized Subsequent to Acquisition	726
Gross Amount at Which Carried As of Year End
Land	726
Buildings and Improvements	17,735
Total	18,461
Accumulated Depreciation	$ (2,385)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2175 Orchard Park NY | Senior housing
Initial Cost to Company
Land	$ 478
Buildings and Improvements	11,961
Costs Capitalized Subsequent to Acquisition	478
Gross Amount at Which Carried As of Year End
Land	478
Buildings and Improvements	11,961
Total	12,439
Accumulated Depreciation	$ (1,603)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1386 Marietta OH | Senior housing
Initial Cost to Company
Land	$ 1,069
Buildings and Improvements	11,435
Costs Capitalized Subsequent to Acquisition	1,069
Gross Amount at Which Carried As of Year End
Land	1,069
Buildings and Improvements	11,438
Total	12,507
Accumulated Depreciation	$ (3,998)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1253 Youngstown OH | Senior housing
Initial Cost to Company
Land	$ 695
Buildings and Improvements	10,444
Costs Capitalized Subsequent to Acquisition	695
Gross Amount at Which Carried As of Year End
Land	695
Buildings and Improvements	10,518
Total	11,213
Accumulated Depreciation	$ (2,727)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2083 Oklahoma City OK | Senior housing
Initial Cost to Company
Land	$ 2,116
Buildings and Improvements	28,007
Costs Capitalized Subsequent to Acquisition	2,116
Gross Amount at Which Carried As of Year End
Land	2,116
Buildings and Improvements	29,756
Total	31,872
Accumulated Depreciation	$ (3,511)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2139 Gresham OR | Senior housing
Initial Cost to Company
Land	$ 465
Buildings and Improvements	6,403
Costs Capitalized Subsequent to Acquisition	465
Gross Amount at Which Carried As of Year End
Land	465
Buildings and Improvements	6,605
Total	7,070
Accumulated Depreciation	$ (874)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2182 Hermiston Terrace OR | Senior housing
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 2,496
Initial Cost to Company
Land	582
Buildings and Improvements	8,087
Costs Capitalized Subsequent to Acquisition	582
Gross Amount at Which Carried As of Year End
Land	582
Buildings and Improvements	8,087
Total	8,669
Accumulated Depreciation	$ (919)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2131 Keizer OR | Senior housing
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 2,593
Initial Cost to Company
Land	551
Buildings and Improvements	6,454
Costs Capitalized Subsequent to Acquisition	551
Gross Amount at Which Carried As of Year End
Land	551
Buildings and Improvements	6,454
Total	7,005
Accumulated Depreciation	$ (741)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2152 McMinnville OR | Senior housing
Initial Cost to Company
Land	$ 3,203
Buildings and Improvements	24,909
Costs Capitalized Subsequent to Acquisition	3,203
Gross Amount at Which Carried As of Year End
Land	3,203
Buildings and Improvements	28,606
Total	31,809
Accumulated Depreciation	$ (4,833)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2089 Newberg OR | Senior housing
Initial Cost to Company
Land	$ 1,889
Buildings and Improvements	16,855
Costs Capitalized Subsequent to Acquisition	1,889
Gross Amount at Which Carried As of Year End
Land	1,889
Buildings and Improvements	17,162
Total	19,051
Accumulated Depreciation	$ (1,898)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2133 Portland OR | Senior housing
Initial Cost to Company
Land	$ 1,615
Buildings and Improvements	12,030
Costs Capitalized Subsequent to Acquisition	1,615
Gross Amount at Which Carried As of Year End
Land	1,615
Buildings and Improvements	12,096
Total	13,711
Accumulated Depreciation	$ (1,271)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2151 Portland OR | Senior housing
Initial Cost to Company
Land	$ 1,677
Buildings and Improvements	9,469
Costs Capitalized Subsequent to Acquisition	1,677
Gross Amount at Which Carried As of Year End
Land	1,677
Buildings and Improvements	9,783
Total	11,460
Accumulated Depreciation	$ (1,449)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2171 Portland OR | Senior housing
Initial Cost to Company
Buildings and Improvements	$ 16,087
Gross Amount at Which Carried As of Year End
Buildings and Improvements	16,338
Total	16,338
Accumulated Depreciation	$ (1,636)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2050 Redmond OR | Senior housing
Initial Cost to Company
Land	$ 1,229
Buildings and Improvements	21,921
Costs Capitalized Subsequent to Acquisition	1,229
Gross Amount at Which Carried As of Year End
Land	1,229
Buildings and Improvements	22,590
Total	23,819
Accumulated Depreciation	$ (2,294)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2084 Roseburg OR | Senior housing
Initial Cost to Company
Land	$ 1,042
Buildings and Improvements	12,090
Costs Capitalized Subsequent to Acquisition	1,042
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	12,199
Total	13,241
Accumulated Depreciation	$ (1,534)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2134 Scappoose OR | Senior housing
Initial Cost to Company
Land	$ 353
Buildings and Improvements	1,258
Costs Capitalized Subsequent to Acquisition	353
Gross Amount at Which Carried As of Year End
Land	353
Buildings and Improvements	1,271
Total	1,624
Accumulated Depreciation	$ (212)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2153 Scappoose OR | Senior housing
Initial Cost to Company
Land	$ 971
Buildings and Improvements	7,116
Costs Capitalized Subsequent to Acquisition	971
Gross Amount at Which Carried As of Year End
Land	971
Buildings and Improvements	7,224
Total	8,195
Accumulated Depreciation	$ (1,045)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2056 Stayton OR | Senior housing
Initial Cost to Company
Land	$ 48
Buildings and Improvements	569
Costs Capitalized Subsequent to Acquisition	48
Gross Amount at Which Carried As of Year End
Land	48
Buildings and Improvements	587
Total	635
Accumulated Depreciation	$ (127)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2058 Stayton OR | Senior housing
Initial Cost to Company
Land	$ 253
Buildings and Improvements	8,621
Costs Capitalized Subsequent to Acquisition	253
Gross Amount at Which Carried As of Year End
Land	253
Buildings and Improvements	8,724
Total	8,977
Accumulated Depreciation	$ (1,091)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2088 Tualatin OR | Senior housing
Initial Cost to Company
Buildings and Improvements	$ 6,326
Gross Amount at Which Carried As of Year End
Buildings and Improvements	6,625
Total	6,625
Accumulated Depreciation	$ (1,073)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2180 Windfield Village OR | Senior housing
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 2,975
Initial Cost to Company
Land	580
Buildings and Improvements	9,817
Costs Capitalized Subsequent to Acquisition	580
Gross Amount at Which Carried As of Year End
Land	580
Buildings and Improvements	9,817
Total	10,397
Accumulated Depreciation	$ (1,124)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1163 Haverford PA | Senior housing
Initial Cost to Company
Land	$ 16,461
Buildings and Improvements	108,816
Costs Capitalized Subsequent to Acquisition	16,461
Gross Amount at Which Carried As of Year End
Land	16,461
Buildings and Improvements	115,370
Total	131,831
Accumulated Depreciation	$ (30,593)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2063 Selinsgrove PA | Senior housing
Initial Cost to Company
Land	$ 529
Buildings and Improvements	9,111
Costs Capitalized Subsequent to Acquisition	529
Gross Amount at Which Carried As of Year End
Land	529
Buildings and Improvements	9,264
Total	9,793
Accumulated Depreciation	$ (1,289)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1967 Cumberland RI | Senior housing
Initial Cost to Company
Land	$ 2,630
Buildings and Improvements	19,050
Costs Capitalized Subsequent to Acquisition	2,630
Gross Amount at Which Carried As of Year End
Land	2,630
Buildings and Improvements	19,473
Total	22,103
Accumulated Depreciation	$ (4,179)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1972 Smithfield RI | Senior housing
Initial Cost to Company
Land	$ 1,250
Buildings and Improvements	17,816
Costs Capitalized Subsequent to Acquisition	1,250
Gross Amount at Which Carried As of Year End
Land	1,250
Buildings and Improvements	18,134
Total	19,384
Accumulated Depreciation	$ (4,047)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1973 South Kingstown RI | Senior housing
Initial Cost to Company
Land	$ 1,390
Buildings and Improvements	12,551
Costs Capitalized Subsequent to Acquisition	1,390
Gross Amount at Which Carried As of Year End
Land	1,390
Buildings and Improvements	12,918
Total	14,308
Accumulated Depreciation	$ (2,713)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1975 Tiverton RI | Senior housing
Initial Cost to Company
Land	$ 3,240
Buildings and Improvements	25,735
Costs Capitalized Subsequent to Acquisition	3,240
Gross Amount at Which Carried As of Year End
Land	3,240
Buildings and Improvements	25,955
Total	29,195
Accumulated Depreciation	$ (5,347)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1104 Aiken SC | Senior housing
Initial Cost to Company
Land	$ 357
Buildings and Improvements	14,832
Costs Capitalized Subsequent to Acquisition	363
Gross Amount at Which Carried As of Year End
Land	363
Buildings and Improvements	14,395
Total	14,758
Accumulated Depreciation	$ (3,716)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1100 Charleston SC | Senior housing
Initial Cost to Company
Land	$ 885
Buildings and Improvements	14,124
Costs Capitalized Subsequent to Acquisition	896
Gross Amount at Which Carried As of Year End
Land	896
Buildings and Improvements	14,031
Total	14,927
Accumulated Depreciation	$ (3,710)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1109 Columbia SC | Senior housing
Initial Cost to Company
Land	$ 408
Buildings and Improvements	7,527
Costs Capitalized Subsequent to Acquisition	412
Gross Amount at Which Carried As of Year End
Land	412
Buildings and Improvements	7,414
Total	7,826
Accumulated Depreciation	$ (1,930)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2154 Florence SC | Senior housing
Initial Cost to Company
Land	$ 255
Buildings and Improvements	4,052
Costs Capitalized Subsequent to Acquisition	255
Gross Amount at Which Carried As of Year End
Land	255
Buildings and Improvements	4,757
Total	5,012
Accumulated Depreciation	$ (760)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
306 Georgetown SC | Senior housing
Initial Cost to Company
Land	$ 239
Buildings and Improvements	3,008
Costs Capitalized Subsequent to Acquisition	111
Gross Amount at Which Carried As of Year End
Land	239
Buildings and Improvements	3,008
Total	3,247
Accumulated Depreciation	$ (1,169)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
879 Greenville SC | Senior housing
Initial Cost to Company
Land	$ 1,090
Buildings and Improvements	12,558
Costs Capitalized Subsequent to Acquisition	1,090
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	12,058
Total	13,148
Accumulated Depreciation	$ (3,039)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
305 Lancaster SC | Senior housing
Initial Cost to Company
Land	$ 84
Buildings and Improvements	2,982
Costs Capitalized Subsequent to Acquisition	(54)
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	2,982
Total	3,066
Accumulated Depreciation	$ (1,076)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
880 Myrtle Beach SC | Senior housing
Initial Cost to Company
Land	$ 900
Buildings and Improvements	10,913
Costs Capitalized Subsequent to Acquisition	900
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	10,513
Total	11,413
Accumulated Depreciation	$ (2,650)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
312 Rock Hill SC | Senior housing
Initial Cost to Company
Land	$ 203
Buildings and Improvements	2,671
Costs Capitalized Subsequent to Acquisition	(34)
Gross Amount at Which Carried As of Year End
Land	203
Buildings and Improvements	2,671
Total	2,874
Accumulated Depreciation	$ (1,018)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1113 Rock Hill SC | Senior housing
Initial Cost to Company
Land	$ 695
Buildings and Improvements	4,119
Costs Capitalized Subsequent to Acquisition	795
Gross Amount at Which Carried As of Year End
Land	795
Buildings and Improvements	4,074
Total	4,869
Accumulated Depreciation	$ (1,186)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
313 Sumter SC | Senior housing
Initial Cost to Company
Land	$ 196
Buildings and Improvements	2,623
Costs Capitalized Subsequent to Acquisition	(47)
Gross Amount at Which Carried As of Year End
Land	196
Buildings and Improvements	2,623
Total	2,819
Accumulated Depreciation	$ (1,020)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2067 West Columbia SC | Senior housing
Initial Cost to Company
Land	$ 220
Buildings and Improvements	2,662
Costs Capitalized Subsequent to Acquisition	220
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	3,345
Total	3,565
Accumulated Depreciation	$ (575)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2132 Cordova TN | Senior housing
Initial Cost to Company
Land	$ 2,167
Buildings and Improvements	5,829
Costs Capitalized Subsequent to Acquisition	2,167
Gross Amount at Which Carried As of Year End
Land	2,167
Buildings and Improvements	6,309
Total	8,476
Accumulated Depreciation	$ (927)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2060 Franklin TN | Senior housing
Initial Cost to Company
Land	$ 2,475
Buildings and Improvements	27,337
Costs Capitalized Subsequent to Acquisition	2,475
Gross Amount at Which Carried As of Year End
Land	2,475
Buildings and Improvements	28,456
Total	30,931
Accumulated Depreciation	$ (3,200)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2073 Kingsport TN | Senior housing
Initial Cost to Company
Land	$ 1,113
Buildings and Improvements	8,625
Costs Capitalized Subsequent to Acquisition	1,113
Gross Amount at Which Carried As of Year End
Land	1,113
Buildings and Improvements	8,873
Total	9,986
Accumulated Depreciation	$ (1,114)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1003 Nashville TN | Senior housing
Initial Cost to Company
Land	$ 812
Buildings and Improvements	16,983
Costs Capitalized Subsequent to Acquisition	812
Gross Amount at Which Carried As of Year End
Land	812
Buildings and Improvements	18,759
Total	19,571
Accumulated Depreciation	$ (4,201)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
843 Abilene TX | Senior housing
Initial Cost to Company
Land	$ 300
Buildings and Improvements	2,830
Costs Capitalized Subsequent to Acquisition	300
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	2,710
Total	3,010
Accumulated Depreciation	$ (717)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
2107 Amarillo TX | Senior housing
Initial Cost to Company
Land	$ 1,315
Buildings and Improvements	26,838
Costs Capitalized Subsequent to Acquisition	1,315
Gross Amount at Which Carried As of Year End
Land	1,315
Buildings and Improvements	27,256
Total	28,571
Accumulated Depreciation	$ (3,006)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1116 Arlington TX | Senior housing
Initial Cost to Company
Land	$ 2,494
Buildings and Improvements	12,192
Costs Capitalized Subsequent to Acquisition	2,540
Gross Amount at Which Carried As of Year End
Land	2,540
Buildings and Improvements	11,847
Total	14,387
Accumulated Depreciation	$ (3,151)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
511 Austin TX | Senior housing
Initial Cost to Company
Land	$ 2,960
Buildings and Improvements	41,645
Costs Capitalized Subsequent to Acquisition	2,960
Gross Amount at Which Carried As of Year End
Land	2,960
Buildings and Improvements	41,645
Total	44,605
Accumulated Depreciation	$ (18,393)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2075 Bedford TX | Senior housing
Initial Cost to Company
Land	$ 1,204
Buildings and Improvements	26,845
Costs Capitalized Subsequent to Acquisition	1,204
Gross Amount at Which Carried As of Year End
Land	1,204
Buildings and Improvements	28,184
Total	29,388
Accumulated Depreciation	$ (3,187)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
844 Burleson TX | Senior housing
Initial Cost to Company
Land	$ 1,050
Buildings and Improvements	5,242
Costs Capitalized Subsequent to Acquisition	1,050
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	4,902
Total	5,952
Accumulated Depreciation	$ (1,297)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
848 Cedar Hill TX | Senior housing
Initial Cost to Company
Land	$ 1,070
Buildings and Improvements	11,554
Costs Capitalized Subsequent to Acquisition	1,070
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	11,104
Total	12,174
Accumulated Depreciation	$ (2,938)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1325 Cedar Hill TX | Senior housing
Initial Cost to Company
Land	$ 440
Buildings and Improvements	7,494
Costs Capitalized Subsequent to Acquisition	440
Gross Amount at Which Carried As of Year End
Land	440
Buildings and Improvements	6,974
Total	7,414
Accumulated Depreciation	$ (1,700)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
506 Friendswood TX | Senior housing
Initial Cost to Company
Land	$ 400
Buildings and Improvements	7,354
Costs Capitalized Subsequent to Acquisition	79
Gross Amount at Which Carried As of Year End
Land	400
Buildings and Improvements	7,493
Total	7,893
Accumulated Depreciation	$ (2,392)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
217 Houston TX | Senior housing
Initial Cost to Company
Land	$ 835
Buildings and Improvements	7,195
Costs Capitalized Subsequent to Acquisition	835
Gross Amount at Which Carried As of Year End
Land	835
Buildings and Improvements	7,344
Total	8,179
Accumulated Depreciation	$ (3,083)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1106 Houston TX | Senior housing
Initial Cost to Company
Land	$ 1,008
Buildings and Improvements	15,333
Costs Capitalized Subsequent to Acquisition	1,020
Gross Amount at Which Carried As of Year End
Land	1,020
Buildings and Improvements	15,052
Total	16,072
Accumulated Depreciation	$ (3,923)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
845 North Richland Hills TX | Senior housing
Initial Cost to Company
Land	$ 520
Buildings and Improvements	5,117
Costs Capitalized Subsequent to Acquisition	520
Gross Amount at Which Carried As of Year End
Land	520
Buildings and Improvements	4,807
Total	5,327
Accumulated Depreciation	$ (1,272)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
846 North Richland Hills TX | Senior housing
Initial Cost to Company
Land	$ 870
Buildings and Improvements	9,259
Costs Capitalized Subsequent to Acquisition	870
Gross Amount at Which Carried As of Year End
Land	870
Buildings and Improvements	8,819
Total	9,689
Accumulated Depreciation	$ (2,667)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2162 Portland TX | Senior housing
Initial Cost to Company
Land	$ 1,233
Buildings and Improvements	14,001
Costs Capitalized Subsequent to Acquisition	1,233
Gross Amount at Which Carried As of Year End
Land	1,233
Buildings and Improvements	14,768
Total	16,001
Accumulated Depreciation	$ (1,901)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2116 Sherman TX | Senior housing
Initial Cost to Company
Land	$ 209
Buildings and Improvements	3,492
Costs Capitalized Subsequent to Acquisition	209
Gross Amount at Which Carried As of Year End
Land	209
Buildings and Improvements	3,616
Total	3,825
Accumulated Depreciation	$ (506)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
847 Waxahachie TX | Senior housing
Initial Cost to Company
Land	$ 390
Buildings and Improvements	3,879
Costs Capitalized Subsequent to Acquisition	390
Gross Amount at Which Carried As of Year End
Land	390
Buildings and Improvements	3,659
Total	4,049
Accumulated Depreciation	$ (968)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2470 Abingdon VA | Senior housing
Initial Cost to Company
Land	$ 1,584
Buildings and Improvements	12,431
Costs Capitalized Subsequent to Acquisition	1,584
Gross Amount at Which Carried As of Year End
Land	1,584
Buildings and Improvements	12,431
Total	14,015
Accumulated Depreciation	$ (430)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1244 Arlington VA | Senior housing
Initial Cost to Company
Land	$ 3,833
Buildings and Improvements	7,076
Costs Capitalized Subsequent to Acquisition	3,833
Gross Amount at Which Carried As of Year End
Land	3,833
Buildings and Improvements	7,643
Total	11,476
Accumulated Depreciation	$ (1,990)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1245 Arlington VA | Senior housing
Initial Cost to Company
Land	$ 7,278
Buildings and Improvements	37,407
Costs Capitalized Subsequent to Acquisition	7,278
Gross Amount at Which Carried As of Year End
Land	7,278
Buildings and Improvements	38,069
Total	45,347
Accumulated Depreciation	$ (9,606)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
881 Chesapeake VA | Senior housing
Initial Cost to Company
Land	$ 1,090
Buildings and Improvements	12,444
Costs Capitalized Subsequent to Acquisition	1,090
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	11,944
Total	13,034
Accumulated Depreciation	$ (3,011)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1247 Falls Church VA | Senior housing
Initial Cost to Company
Land	$ 2,228
Buildings and Improvements	8,887
Costs Capitalized Subsequent to Acquisition	2,228
Gross Amount at Which Carried As of Year End
Land	2,228
Buildings and Improvements	9,221
Total	11,449
Accumulated Depreciation	$ (2,416)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1164 Fort Belvoir VA | Senior housing
Initial Cost to Company
Land	$ 11,594
Buildings and Improvements	99,528
Costs Capitalized Subsequent to Acquisition	11,594
Gross Amount at Which Carried As of Year End
Land	11,594
Buildings and Improvements	107,339
Total	118,933
Accumulated Depreciation	$ (28,542)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1250 Leesburg VA | Senior housing
Initial Cost to Company
Land	$ 607
Buildings and Improvements	3,236
Costs Capitalized Subsequent to Acquisition	607
Gross Amount at Which Carried As of Year End
Land	607
Buildings and Improvements	3,210
Total	3,817
Accumulated Depreciation	$ (2,926)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1246 Sterling VA | Senior housing
Initial Cost to Company
Land	$ 2,360
Buildings and Improvements	22,932
Costs Capitalized Subsequent to Acquisition	2,360
Gross Amount at Which Carried As of Year End
Land	2,360
Buildings and Improvements	23,162
Total	25,522
Accumulated Depreciation	$ (6,030)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2077 Sterling VA | Senior housing
Initial Cost to Company
Land	$ 1,046
Buildings and Improvements	15,788
Costs Capitalized Subsequent to Acquisition	1,046
Gross Amount at Which Carried As of Year End
Land	1,046
Buildings and Improvements	16,102
Total	17,148
Accumulated Depreciation	$ (1,748)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
225 Woodbridge VA | Senior housing
Initial Cost to Company
Land	$ 950
Buildings and Improvements	6,983
Costs Capitalized Subsequent to Acquisition	775
Gross Amount at Which Carried As of Year End
Land	950
Buildings and Improvements	8,441
Total	9,391
Accumulated Depreciation	$ (3,118)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1173 Bellevue WA | Senior housing
Initial Cost to Company
Land	$ 3,734
Buildings and Improvements	16,171
Costs Capitalized Subsequent to Acquisition	3,737
Gross Amount at Which Carried As of Year End
Land	3,737
Buildings and Improvements	16,168
Total	19,905
Accumulated Depreciation	$ (4,199)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2095 College Place WA | Senior housing
Initial Cost to Company
Land	$ 758
Buildings and Improvements	8,051
Costs Capitalized Subsequent to Acquisition	758
Gross Amount at Which Carried As of Year End
Land	758
Buildings and Improvements	8,341
Total	9,099
Accumulated Depreciation	$ (1,096)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1240 Edmonds WA | Senior housing
Initial Cost to Company
Land	$ 1,418
Buildings and Improvements	16,502
Costs Capitalized Subsequent to Acquisition	1,418
Gross Amount at Which Carried As of Year End
Land	1,418
Buildings and Improvements	16,106
Total	17,524
Accumulated Depreciation	$ (4,144)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2160 Kenmore WA | Senior housing
Initial Cost to Company
Land	$ 3,284
Buildings and Improvements	16,641
Costs Capitalized Subsequent to Acquisition	3,284
Gross Amount at Which Carried As of Year End
Land	3,284
Buildings and Improvements	16,949
Total	20,233
Accumulated Depreciation	$ (1,864)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
797 Kirkland WA | Senior housing
Initial Cost to Company
Land	$ 1,000
Buildings and Improvements	13,403
Costs Capitalized Subsequent to Acquisition	1,000
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	13,043
Total	14,043
Accumulated Depreciation	$ (3,723)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1251 Mercer Island WA | Senior housing
Initial Cost to Company
Land	$ 4,209
Buildings and Improvements	8,123
Costs Capitalized Subsequent to Acquisition	4,209
Gross Amount at Which Carried As of Year End
Land	4,209
Buildings and Improvements	8,201
Total	12,410
Accumulated Depreciation	$ (2,086)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2141 Moses Lake WA | Senior housing
Initial Cost to Company
Land	$ 429
Buildings and Improvements	4,417
Costs Capitalized Subsequent to Acquisition	429
Gross Amount at Which Carried As of Year End
Land	429
Buildings and Improvements	4,569
Total	4,998
Accumulated Depreciation	$ (868)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2096 Poulsbo WA | Senior housing
Initial Cost to Company
Land	$ 1,801
Buildings and Improvements	18,068
Costs Capitalized Subsequent to Acquisition	1,801
Gross Amount at Which Carried As of Year End
Land	1,801
Buildings and Improvements	18,236
Total	20,037
Accumulated Depreciation	$ (2,186)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2102 Richland WA | Senior housing
Initial Cost to Company
Land	$ 249
Buildings and Improvements	5,067
Costs Capitalized Subsequent to Acquisition	249
Gross Amount at Which Carried As of Year End
Land	249
Buildings and Improvements	5,186
Total	5,435
Accumulated Depreciation	$ (603)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
794 Shoreline WA | Senior housing
Initial Cost to Company
Land	$ 1,590
Buildings and Improvements	10,671
Costs Capitalized Subsequent to Acquisition	1,590
Gross Amount at Which Carried As of Year End
Land	1,590
Buildings and Improvements	10,261
Total	11,851
Accumulated Depreciation	$ (2,929)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
795 Shoreline WA | Senior housing
Initial Cost to Company
Land	$ 4,030
Buildings and Improvements	26,421
Costs Capitalized Subsequent to Acquisition	4,030
Gross Amount at Which Carried As of Year End
Land	4,030
Buildings and Improvements	25,651
Total	29,681
Accumulated Depreciation	$ (7,254)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
2097 Spokane WA | Senior housing
Initial Cost to Company
Land	$ 903
Buildings and Improvements	5,363
Costs Capitalized Subsequent to Acquisition	903
Gross Amount at Which Carried As of Year End
Land	903
Buildings and Improvements	5,509
Total	6,412
Accumulated Depreciation	$ (849)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2061 Vancouver WA | Senior housing
Initial Cost to Company
Land	$ 513
Buildings and Improvements	4,556
Costs Capitalized Subsequent to Acquisition	513
Gross Amount at Which Carried As of Year End
Land	513
Buildings and Improvements	4,710
Total	5,223
Accumulated Depreciation	$ (696)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2062 Vancouver WA | Senior housing
Initial Cost to Company
Land	$ 1,498
Buildings and Improvements	9,997
Costs Capitalized Subsequent to Acquisition	1,498
Gross Amount at Which Carried As of Year End
Land	1,498
Buildings and Improvements	10,127
Total	11,625
Accumulated Depreciation	$ (1,173)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2052 Yakima WA | Senior housing
Initial Cost to Company
Land	$ 557
Buildings and Improvements	5,897
Costs Capitalized Subsequent to Acquisition	557
Gross Amount at Which Carried As of Year End
Land	557
Buildings and Improvements	6,035
Total	6,592
Accumulated Depreciation	$ (732)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2078 Yakima WA | Senior housing
Initial Cost to Company
Land	$ 353
Buildings and Improvements	5,668
Costs Capitalized Subsequent to Acquisition	353
Gross Amount at Which Carried As of Year End
Land	353
Buildings and Improvements	5,685
Total	6,038
Accumulated Depreciation	$ (628)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2114 Yakima WA | Senior housing
Initial Cost to Company
Land	$ 721
Buildings and Improvements	8,872
Costs Capitalized Subsequent to Acquisition	721
Gross Amount at Which Carried As of Year End
Land	721
Buildings and Improvements	10,218
Total	10,939
Accumulated Depreciation	$ (1,498)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2170 Madison WI | Senior housing
Initial Cost to Company
Land	$ 834
Buildings and Improvements	10,050
Costs Capitalized Subsequent to Acquisition	834
Gross Amount at Which Carried As of Year End
Land	834
Buildings and Improvements	10,408
Total	11,242
Accumulated Depreciation	$ (1,356)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2117 Bridgeport WV | Senior housing
Initial Cost to Company
Land	$ 3,174
Buildings and Improvements	15,437
Costs Capitalized Subsequent to Acquisition	3,174
Gross Amount at Which Carried As of Year End
Land	3,174
Buildings and Improvements	15,815
Total	18,989
Accumulated Depreciation	$ (2,397)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2148 Sheridan WY | Senior housing
Initial Cost to Company
Land	$ 915
Buildings and Improvements	12,047
Costs Capitalized Subsequent to Acquisition	915
Gross Amount at Which Carried As of Year End
Land	915
Buildings and Improvements	13,147
Total	14,062
Accumulated Depreciation	$ (1,599)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
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	2,046
Gross Amount at Which Carried As of Year End
Land	2,046
Buildings and Improvements	15,630
Total	17,676
Accumulated Depreciation	$ (4,097)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	1,276
Gross Amount at Which Carried As of Year End
Land	1,276
Buildings and Improvements	10,870
Total	12,146
Accumulated Depreciation	$ (1,730)
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	$ 25,940
Initial Cost to Company
Land	2,640
Buildings and Improvements	33,223
Costs Capitalized Subsequent to Acquisition	2,640
Gross Amount at Which Carried As of Year End
Land	2,640
Buildings and Improvements	35,006
Total	37,646
Accumulated Depreciation	$ (7,517)
Life on Which Depreciation in Latest Income Statement is Computed	30 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	5,822
Gross Amount at Which Carried As of Year End
Land	5,822
Buildings and Improvements	19,655
Total	25,477
Accumulated Depreciation	$ (5,271)
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	7,897
Gross Amount at Which Carried As of Year End
Land	7,897
Buildings and Improvements	15,452
Total	23,349
Accumulated Depreciation	$ (3,890)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	2,637
Gross Amount at Which Carried As of Year End
Land	2,637
Buildings and Improvements	10,522
Total	13,159
Accumulated Depreciation	$ (1,408)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	2,235
Gross Amount at Which Carried As of Year End
Land	2,235
Buildings and Improvements	7,398
Total	9,633
Accumulated Depreciation	$ (1,873)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1965 Fresno CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 17,994
Initial Cost to Company
Land	1,730
Buildings and Improvements	31,918
Costs Capitalized Subsequent to Acquisition	1,730
Gross Amount at Which Carried As of Year End
Land	1,730
Buildings and Improvements	33,445
Total	35,175
Accumulated Depreciation	$ (7,009)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2593 Irvine CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 8,220
Buildings and Improvements	14,104
Costs Capitalized Subsequent to Acquisition	8,220
Gross Amount at Which Carried As of Year End
Land	8,220
Buildings and Improvements	13,685
Total	21,905
Accumulated Depreciation	$ (3,141)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	1,811
Gross Amount at Which Carried As of Year End
Land	1,811
Buildings and Improvements	25,460
Total	27,271
Accumulated Depreciation	$ (6,281)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2380 Roseville CA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 692
Buildings and Improvements	21,662
Costs Capitalized Subsequent to Acquisition	692
Gross Amount at Which Carried As of Year End
Land	692
Buildings and Improvements	22,374
Total	23,066
Accumulated Depreciation	$ (2,380)
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	6,384
Gross Amount at Which Carried As of Year End
Land	6,384
Buildings and Improvements	32,886
Total	39,270
Accumulated Depreciation	$ (8,306)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	5,983
Gross Amount at Which Carried As of Year End
Land	5,983
Buildings and Improvements	11,357
Total	17,340
Accumulated Depreciation	$ (2,827)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1966 Sun City CA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 13,623
Initial Cost to Company
Land	2,650
Buildings and Improvements	22,709
Costs Capitalized Subsequent to Acquisition	2,650
Gross Amount at Which Carried As of Year End
Land	2,650
Buildings and Improvements	26,011
Total	28,661
Accumulated Depreciation	$ (5,960)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2505 Arvada CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,788
Buildings and Improvements	29,896
Costs Capitalized Subsequent to Acquisition	1,788
Gross Amount at Which Carried As of Year End
Land	1,788
Buildings and Improvements	30,553
Total	32,341
Accumulated Depreciation	$ (1,575)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2506 Boulder CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,424
Buildings and Improvements	36,746
Costs Capitalized Subsequent to Acquisition	2,424
Gross Amount at Which Carried As of Year End
Land	2,424
Buildings and Improvements	37,056
Total	39,480
Accumulated Depreciation	$ (1,471)
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	1,910
Gross Amount at Which Carried As of Year End
Land	1,910
Buildings and Improvements	25,601
Total	27,511
Accumulated Depreciation	$ (6,526)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2515 Denver CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,311
Buildings and Improvements	18,645
Costs Capitalized Subsequent to Acquisition	2,311
Gross Amount at Which Carried As of Year End
Land	2,311
Buildings and Improvements	20,118
Total	22,429
Accumulated Depreciation	$ (1,443)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2507 Englewood CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 6,857
Buildings and Improvements	102,524
Costs Capitalized Subsequent to Acquisition	6,857
Gross Amount at Which Carried As of Year End
Land	6,857
Buildings and Improvements	106,438
Total	113,295
Accumulated Depreciation	$ (4,376)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2508 Lakewood CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 4,384
Buildings and Improvements	60,795
Costs Capitalized Subsequent to Acquisition	4,384
Gross Amount at Which Carried As of Year End
Land	4,384
Buildings and Improvements	62,227
Total	66,611
Accumulated Depreciation	$ (2,872)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2509 Lakewood CO | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,296
Buildings and Improvements	37,236
Costs Capitalized Subsequent to Acquisition	2,296
Gross Amount at Which Carried As of Year End
Land	2,296
Buildings and Improvements	38,337
Total	40,633
Accumulated Depreciation	$ (1,464)
Life on Which Depreciation in Latest Income Statement is Computed	35 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	2,363
Gross Amount at Which Carried As of Year End
Land	2,363
Buildings and Improvements	11,259
Total	13,622
Accumulated Depreciation	$ (2,828)
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	$ 2,537
Buildings and Improvements	19,186
Costs Capitalized Subsequent to Acquisition	2,537
Gross Amount at Which Carried As of Year End
Land	2,537
Buildings and Improvements	18,806
Total	21,343
Accumulated Depreciation	$ (3,104)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2521 Altamonte Springs FL | Senior housing | Operating segment
Gross Amount at Which Carried As of Year End
Buildings and Improvements	$ 2,036
Total	2,036
Accumulated Depreciation	$ (71)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2603 Boca Raton FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,415
Buildings and Improvements	17,923
Costs Capitalized Subsequent to Acquisition	2,415
Gross Amount at Which Carried As of Year End
Land	2,415
Buildings and Improvements	17,561
Total	19,976
Accumulated Depreciation	$ (4,264)
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	$ 26,735
Initial Cost to Company
Land	2,550
Buildings and Improvements	31,521
Costs Capitalized Subsequent to Acquisition	2,550
Gross Amount at Which Carried As of Year End
Land	2,550
Buildings and Improvements	34,419
Total	36,969
Accumulated Depreciation	$ (7,488)
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	$ 3,743
Initial Cost to Company
Land	570
Buildings and Improvements	5,649
Costs Capitalized Subsequent to Acquisition	570
Gross Amount at Which Carried As of Year End
Land	570
Buildings and Improvements	7,543
Total	8,113
Accumulated Depreciation	$ (2,131)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2602 Boynton Beach FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,270
Buildings and Improvements	4,773
Costs Capitalized Subsequent to Acquisition	1,270
Gross Amount at Which Carried As of Year End
Land	1,270
Buildings and Improvements	4,855
Total	6,125
Accumulated Depreciation	$ (1,652)
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	2,250
Gross Amount at Which Carried As of Year End
Land	2,250
Buildings and Improvements	2,835
Total	5,085
Accumulated Depreciation	$ (950)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2601 Delray Beach FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 850
Buildings and Improvements	6,637
Costs Capitalized Subsequent to Acquisition	850
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	6,688
Total	7,538
Accumulated Depreciation	$ (2,065)
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	$ 2,867
Buildings and Improvements	43,126
Costs Capitalized Subsequent to Acquisition	2,867
Gross Amount at Which Carried As of Year End
Land	2,867
Buildings and Improvements	45,056
Total	47,923
Accumulated Depreciation	$ (2,647)
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	1,020
Gross Amount at Which Carried As of Year End
Land	1,020
Buildings and Improvements	13,879
Total	14,899
Accumulated Depreciation	$ (3,510)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2518 Lake Worth FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,669
Buildings and Improvements	13,267
Costs Capitalized Subsequent to Acquisition	1,669
Gross Amount at Which Carried As of Year End
Land	1,669
Buildings and Improvements	14,224
Total	15,893
Accumulated Depreciation	$ (1,102)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2592 Lantana FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 3,520
Buildings and Improvements	26,452
Costs Capitalized Subsequent to Acquisition	3,520
Gross Amount at Which Carried As of Year End
Land	3,520
Buildings and Improvements	25,802
Total	29,322
Accumulated Depreciation	$ (8,910)
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	$ 46,893
Initial Cost to Company
Land	2,920
Buildings and Improvements	64,988
Costs Capitalized Subsequent to Acquisition	2,920
Gross Amount at Which Carried As of Year End
Land	2,920
Buildings and Improvements	74,115
Total	77,035
Accumulated Depreciation	$ (16,631)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2522 Lutz FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 902
Buildings and Improvements	15,169
Gross Amount at Which Carried As of Year End
Land	902
Buildings and Improvements	16,066
Total	16,968
Accumulated Depreciation	$ (689)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2523 Orange City FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 912
Buildings and Improvements	9,724
Costs Capitalized Subsequent to Acquisition	912
Gross Amount at Which Carried As of Year End
Land	912
Buildings and Improvements	10,398
Total	11,310
Accumulated Depreciation	$ (615)
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	$ 25,822
Initial Cost to Company
Land	4,820
Buildings and Improvements	24,937
Costs Capitalized Subsequent to Acquisition	4,820
Gross Amount at Which Carried As of Year End
Land	4,820
Buildings and Improvements	42,405
Total	47,225
Accumulated Depreciation	$ (8,592)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2524 Port St Lucie FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 893
Buildings and Improvements	10,333
Costs Capitalized Subsequent to Acquisition	893
Gross Amount at Which Carried As of Year End
Land	893
Buildings and Improvements	11,079
Total	11,972
Accumulated Depreciation	$ (718)
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	$ 21,620
Initial Cost to Company
Land	3,050
Buildings and Improvements	29,516
Costs Capitalized Subsequent to Acquisition	3,050
Gross Amount at Which Carried As of Year End
Land	3,050
Buildings and Improvements	34,272
Total	37,322
Accumulated Depreciation	$ (7,659)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2525 Sarasota FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,426
Buildings and Improvements	16,079
Costs Capitalized Subsequent to Acquisition	1,426
Gross Amount at Which Carried As of Year End
Land	1,426
Buildings and Improvements	16,657
Total	18,083
Accumulated Depreciation	$ (1,081)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2526 Tamarac FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 970
Buildings and Improvements	16,037
Costs Capitalized Subsequent to Acquisition	970
Gross Amount at Which Carried As of Year End
Land	970
Buildings and Improvements	16,720
Total	17,690
Accumulated Depreciation	$ (757)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2513 Venice FL | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,140
Buildings and Improvements	20,662
Costs Capitalized Subsequent to Acquisition	1,140
Gross Amount at Which Carried As of Year End
Land	1,140
Buildings and Improvements	22,176
Total	23,316
Accumulated Depreciation	$ (1,042)
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	$ 1,048
Buildings and Improvements	17,392
Costs Capitalized Subsequent to Acquisition	1,048
Gross Amount at Which Carried As of Year End
Land	1,048
Buildings and Improvements	18,269
Total	19,317
Accumulated Depreciation	$ (811)
Life on Which Depreciation in Latest Income Statement is Computed	35 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	390
Gross Amount at Which Carried As of Year End
Land	390
Buildings and Improvements	2,479
Total	2,869
Accumulated Depreciation	$ (593)
Life on Which Depreciation in Latest Income Statement is Computed	30 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	2,669
Gross Amount at Which Carried As of Year End
Land	2,669
Buildings and Improvements	6,723
Total	9,392
Accumulated Depreciation	$ (1,882)
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	1,987
Gross Amount at Which Carried As of Year End
Land	1,987
Buildings and Improvements	7,122
Total	9,109
Accumulated Depreciation	$ (1,024)
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	987
Gross Amount at Which Carried As of Year End
Land	987
Buildings and Improvements	5,008
Total	5,995
Accumulated Depreciation	$ (736)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	197
Gross Amount at Which Carried As of Year End
Land	197
Buildings and Improvements	8,637
Total	8,834
Accumulated Depreciation	$ (1,177)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	2,704
Gross Amount at Which Carried As of Year End
Land	2,704
Buildings and Improvements	27,326
Total	30,030
Accumulated Depreciation	$ (6,556)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	1,803
Gross Amount at Which Carried As of Year End
Land	4,220
Buildings and Improvements	44,775
Total	48,995
Accumulated Depreciation	(916)
2594 Mount Vernon IL | Senior housing | Operating segment
Initial Cost to Company
Land	296
Buildings and Improvements	15,935
Costs Capitalized Subsequent to Acquisition	512
Gross Amount at Which Carried As of Year End
Land	512
Buildings and Improvements	19,347
Total	19,859
Accumulated Depreciation	$ (4,584)
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	$ 24,749
Initial Cost to Company
Land	3,790
Buildings and Improvements	32,912
Costs Capitalized Subsequent to Acquisition	3,790
Gross Amount at Which Carried As of Year End
Land	3,790
Buildings and Improvements	37,624
Total	41,414
Accumulated Depreciation	$ (8,837)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1961 Olympia Fields IL | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 27,968
Initial Cost to Company
Land	4,120
Buildings and Improvements	29,400
Costs Capitalized Subsequent to Acquisition	4,120
Gross Amount at Which Carried As of Year End
Land	4,120
Buildings and Improvements	32,403
Total	36,523
Accumulated Depreciation	$ (6,976)
Life on Which Depreciation in Latest Income Statement is Computed	30 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	2,725
Gross Amount at Which Carried As of Year End
Land	2,725
Buildings and Improvements	23,432
Total	26,157
Accumulated Depreciation	$ (5,579)
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	1,704
Gross Amount at Which Carried As of Year End
Land	1,704
Buildings and Improvements	14,565
Total	16,269
Accumulated Depreciation	$ (3,238)
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	$ 41,043
Initial Cost to Company
Land	4,900
Buildings and Improvements	45,854
Costs Capitalized Subsequent to Acquisition	4,900
Gross Amount at Which Carried As of Year End
Land	4,900
Buildings and Improvements	50,932
Total	55,832
Accumulated Depreciation	$ (10,808)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2595 Indianapolis IN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,197
Buildings and Improvements	7,718
Costs Capitalized Subsequent to Acquisition	1,197
Gross Amount at Which Carried As of Year End
Land	1,197
Buildings and Improvements	7,546
Total	8,743
Accumulated Depreciation	$ (1,918)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2596 W Lafayette IN | Senior housing | Operating segment
Initial Cost to Company
Land	$ 813
Buildings and Improvements	10,876
Costs Capitalized Subsequent to Acquisition	813
Gross Amount at Which Carried As of Year End
Land	813
Buildings and Improvements	10,706
Total	11,519
Accumulated Depreciation	$ (2,723)
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	1,915
Gross Amount at Which Carried As of Year End
Land	1,915
Buildings and Improvements	7,328
Total	9,243
Accumulated Depreciation	$ (1,628)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	4,621
Gross Amount at Which Carried As of Year End
Land	4,621
Buildings and Improvements	31,418
Total	36,039
Accumulated Depreciation	$ (8,045)
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	3,176
Gross Amount at Which Carried As of Year End
Land	3,176
Buildings and Improvements	8,183
Total	11,359
Accumulated Depreciation	$ (2,067)
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	3,930
Gross Amount at Which Carried As of Year End
Land	3,930
Buildings and Improvements	22,032
Total	25,962
Accumulated Depreciation	$ (5,662)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	1,696
Gross Amount at Which Carried As of Year End
Land	1,696
Buildings and Improvements	19,603
Total	21,299
Accumulated Depreciation	$ (5,036)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2583 Ellicott City MD | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 19,772
Initial Cost to Company
Land	3,607
Buildings and Improvements	31,720
Costs Capitalized Subsequent to Acquisition	3,607
Gross Amount at Which Carried As of Year End
Land	3,607
Buildings and Improvements	31,724
Total	35,331
Accumulated Depreciation	$ (247)
Life on Which Depreciation in Latest Income Statement is Computed	42 years
2584 Hanover MD | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 9,216
Initial Cost to Company
Land	4,513
Buildings and Improvements	25,625
Costs Capitalized Subsequent to Acquisition	4,513
Gross Amount at Which Carried As of Year End
Land	4,513
Buildings and Improvements	25,629
Total	30,142
Accumulated Depreciation	$ (196)
Life on Which Depreciation in Latest Income Statement is Computed	42 years
2585 Laurel MD | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 5,985
Initial Cost to Company
Land	3,895
Buildings and Improvements	13,331
Costs Capitalized Subsequent to Acquisition	3,895
Gross Amount at Which Carried As of Year End
Land	3,895
Buildings and Improvements	13,340
Total	17,235
Accumulated Depreciation	$ (135)
Life on Which Depreciation in Latest Income Statement is Computed	42 years
2541 Olney MD | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,580
Buildings and Improvements	33,802
Costs Capitalized Subsequent to Acquisition	1,580
Gross Amount at Which Carried As of Year End
Land	1,580
Buildings and Improvements	33,887
Total	35,467
Accumulated Depreciation	$ (1,201)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2586 Parkville MD | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 21,333
Initial Cost to Company
Land	3,854
Buildings and Improvements	29,061
Costs Capitalized Subsequent to Acquisition	3,854
Gross Amount at Which Carried As of Year End
Land	3,854
Buildings and Improvements	29,065
Total	32,919
Accumulated Depreciation	$ (266)
Life on Which Depreciation in Latest Income Statement is Computed	42 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	1,416
Gross Amount at Which Carried As of Year End
Land	1,416
Buildings and Improvements	9,510
Total	10,926
Accumulated Depreciation	$ (2,300)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2587 Waldorf MD | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 8,644
Initial Cost to Company
Land	392
Buildings and Improvements	20,514
Costs Capitalized Subsequent to Acquisition	392
Gross Amount at Which Carried As of Year End
Land	392
Buildings and Improvements	20,517
Total	20,909
Accumulated Depreciation	$ (155)
Life on Which Depreciation in Latest Income Statement is Computed	42 years
2590 Sterling Heights MI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 920
Buildings and Improvements	7,326
Costs Capitalized Subsequent to Acquisition	920
Gross Amount at Which Carried As of Year End
Land	920
Buildings and Improvements	7,390
Total	8,310
Accumulated Depreciation	$ (3,211)
Life on Which Depreciation in Latest Income Statement is Computed	35 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	2,051
Gross Amount at Which Carried As of Year End
Land	2,051
Buildings and Improvements	7,678
Total	9,729
Accumulated Depreciation	$ (1,492)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	4,280
Gross Amount at Which Carried As of Year End
Land	4,280
Buildings and Improvements	32,516
Total	36,796
Accumulated Depreciation	$ (8,284)
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	2,223
Gross Amount at Which Carried As of Year End
Land	2,223
Buildings and Improvements	8,160
Total	10,383
Accumulated Depreciation	$ (1,084)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2589 Albuquerque NM | Senior housing | Operating segment
Initial Cost to Company
Land	$ 767
Buildings and Improvements	9,324
Costs Capitalized Subsequent to Acquisition	767
Gross Amount at Which Carried As of Year End
Land	767
Buildings and Improvements	9,005
Total	9,772
Accumulated Depreciation	$ (3,840)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2516 Centerville OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,065
Buildings and Improvements	10,901
Costs Capitalized Subsequent to Acquisition	1,065
Gross Amount at Which Carried As of Year End
Land	1,065
Buildings and Improvements	12,240
Total	13,305
Accumulated Depreciation	$ (929)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2512 Cincinnati OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 1,180
Buildings and Improvements	6,157
Costs Capitalized Subsequent to Acquisition	1,180
Gross Amount at Which Carried As of Year End
Land	1,180
Buildings and Improvements	7,244
Total	8,424
Accumulated Depreciation	$ (822)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2591 Cincinnati OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 600
Buildings and Improvements	4,428
Costs Capitalized Subsequent to Acquisition	600
Gross Amount at Which Carried As of Year End
Land	600
Buildings and Improvements	4,458
Total	5,058
Accumulated Depreciation	$ (1,940)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2597 Fairborn OH | Senior housing | Operating segment
Initial Cost to Company
Land	$ 298
Buildings and Improvements	10,704
Costs Capitalized Subsequent to Acquisition	298
Gross Amount at Which Carried As of Year End
Land	298
Buildings and Improvements	13,676
Total	13,974
Accumulated Depreciation	$ (3,350)
Life on Which Depreciation in Latest Income Statement is Computed	40 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	811
Gross Amount at Which Carried As of Year End
Land	811
Buildings and Improvements	5,147
Total	5,958
Accumulated Depreciation	$ (1,422)
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	1,345
Gross Amount at Which Carried As of Year End
Land	1,345
Buildings and Improvements	4,193
Total	5,538
Accumulated Depreciation	$ (654)
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	430
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	3,306
Total	3,736
Accumulated Depreciation	$ (485)
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	1,064
Gross Amount at Which Carried As of Year End
Land	1,064
Buildings and Improvements	16,358
Total	17,422
Accumulated Depreciation	$ (1,679)
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	618
Gross Amount at Which Carried As of Year End
Land	618
Buildings and Improvements	3,179
Total	3,797
Accumulated Depreciation	$ (688)
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	774
Gross Amount at Which Carried As of Year End
Land	774
Buildings and Improvements	13,447
Total	14,221
Accumulated Depreciation	$ (1,476)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1960 Greenwich RI | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 7,769
Initial Cost to Company
Land	450
Buildings and Improvements	11,845
Costs Capitalized Subsequent to Acquisition	450
Gross Amount at Which Carried As of Year End
Land	450
Buildings and Improvements	13,292
Total	13,742
Accumulated Depreciation	$ (3,143)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2511 Johnston RI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,037
Buildings and Improvements	12,724
Costs Capitalized Subsequent to Acquisition	2,037
Gross Amount at Which Carried As of Year End
Land	2,037
Buildings and Improvements	16,014
Total	18,051
Accumulated Depreciation	$ (1,360)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1962 Warwick RI | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 13,881
Initial Cost to Company
Land	1,050
Buildings and Improvements	17,389
Costs Capitalized Subsequent to Acquisition	1,050
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	19,640
Total	20,690
Accumulated Depreciation	$ (4,599)
Life on Which Depreciation in Latest Income Statement is Computed	30 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	3,640
Gross Amount at Which Carried As of Year End
Land	3,640
Buildings and Improvements	64,699
Total	68,339
Accumulated Depreciation	$ (3,287)
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	1,298
Gross Amount at Which Carried As of Year End
Land	1,298
Buildings and Improvements	3,035
Total	4,333
Accumulated Depreciation	$ (542)
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	1,315
Gross Amount at Which Carried As of Year End
Land	1,315
Buildings and Improvements	10,115
Total	11,430
Accumulated Depreciation	$ (1,099)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2608 Arlington TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,002
Buildings and Improvements	19,110
Costs Capitalized Subsequent to Acquisition	2,002
Gross Amount at Which Carried As of Year End
Land	2,002
Buildings and Improvements	18,729
Total	20,731
Accumulated Depreciation	$ (4,548)
Life on Which Depreciation in Latest Income Statement is Computed	40 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	2,973
Gross Amount at Which Carried As of Year End
Land	2,973
Buildings and Improvements	18,443
Total	21,416
Accumulated Depreciation	$ (4,842)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2531 Austin TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 607
Buildings and Improvements	15,972
Costs Capitalized Subsequent to Acquisition	607
Gross Amount at Which Carried As of Year End
Land	607
Buildings and Improvements	16,242
Total	16,849
Accumulated Depreciation	$ (659)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2588 Beaumont TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 145
Buildings and Improvements	10,404
Costs Capitalized Subsequent to Acquisition	145
Gross Amount at Which Carried As of Year End
Land	145
Buildings and Improvements	10,197
Total	10,342
Accumulated Depreciation	$ (4,434)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	2,120
Gross Amount at Which Carried As of Year End
Land	2,120
Buildings and Improvements	9,338
Total	11,458
Accumulated Depreciation	$ (1,203)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2438 Dallas TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,091
Buildings and Improvements	11,698
Costs Capitalized Subsequent to Acquisition	2,091
Gross Amount at Which Carried As of Year End
Land	2,091
Buildings and Improvements	12,103
Total	14,194
Accumulated Depreciation	$ (1,205)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2528 Graham TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 754
Buildings and Improvements	8,803
Costs Capitalized Subsequent to Acquisition	754
Gross Amount at Which Carried As of Year End
Land	754
Buildings and Improvements	9,538
Total	10,292
Accumulated Depreciation	$ (629)
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	$ 865
Buildings and Improvements	10,650
Costs Capitalized Subsequent to Acquisition	865
Gross Amount at Which Carried As of Year End
Land	865
Buildings and Improvements	11,689
Total	12,554
Accumulated Depreciation	$ (685)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1955 Houston TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 46,618
Initial Cost to Company
Land	9,820
Buildings and Improvements	50,079
Costs Capitalized Subsequent to Acquisition	9,820
Gross Amount at Which Carried As of Year End
Land	9,820
Buildings and Improvements	58,413
Total	68,233
Accumulated Depreciation	$ (13,211)
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	$ 30,615
Initial Cost to Company
Land	8,170
Buildings and Improvements	37,285
Costs Capitalized Subsequent to Acquisition	8,170
Gross Amount at Which Carried As of Year End
Land	8,170
Buildings and Improvements	41,145
Total	49,315
Accumulated Depreciation	$ (9,238)
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	$ 28,189
Initial Cost to Company
Land	2,910
Buildings and Improvements	37,443
Costs Capitalized Subsequent to Acquisition	2,910
Gross Amount at Which Carried As of Year End
Land	2,910
Buildings and Improvements	43,194
Total	46,104
Accumulated Depreciation	$ (9,490)
Life on Which Depreciation in Latest Income Statement is Computed	30 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	1,740
Gross Amount at Which Carried As of Year End
Land	1,740
Buildings and Improvements	32,125
Total	33,865
Accumulated Depreciation	$ (1,772)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2606 Houston TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,470
Buildings and Improvements	21,710
Costs Capitalized Subsequent to Acquisition	2,470
Gross Amount at Which Carried As of Year End
Land	2,470
Buildings and Improvements	22,460
Total	24,930
Accumulated Depreciation	$ (9,718)
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	1,459
Gross Amount at Which Carried As of Year End
Land	1,459
Buildings and Improvements	35,583
Total	37,042
Accumulated Depreciation	$ (4,324)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	1,143
Gross Amount at Which Carried As of Year End
Land	1,143
Buildings and Improvements	5,202
Total	6,345
Accumulated Depreciation	$ (748)
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	$ 1,190
Buildings and Improvements	17,756
Costs Capitalized Subsequent to Acquisition	1,190
Gross Amount at Which Carried As of Year End
Land	1,190
Buildings and Improvements	18,693
Total	19,883
Accumulated Depreciation	$ (950)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2379 Plano TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 590
Buildings and Improvements	6,930
Costs Capitalized Subsequent to Acquisition	590
Gross Amount at Which Carried As of Year End
Land	590
Buildings and Improvements	7,190
Total	7,780
Accumulated Depreciation	$ (951)
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	2,880
Gross Amount at Which Carried As of Year End
Land	2,880
Buildings and Improvements	17,980
Total	20,860
Accumulated Depreciation	$ (4,621)
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	$ 613
Buildings and Improvements	5,874
Costs Capitalized Subsequent to Acquisition	613
Gross Amount at Which Carried As of Year End
Land	613
Buildings and Improvements	6,735
Total	7,348
Accumulated Depreciation	$ (518)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2607 San Antonio TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 730
Buildings and Improvements	3,961
Costs Capitalized Subsequent to Acquisition	730
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	3,961
Total	4,691
Accumulated Depreciation	$ (1,298)
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	$ 30,149
Initial Cost to Company
Land	3,420
Buildings and Improvements	36,846
Costs Capitalized Subsequent to Acquisition	3,420
Gross Amount at Which Carried As of Year End
Land	3,420
Buildings and Improvements	40,805
Total	44,225
Accumulated Depreciation	$ (9,196)
Life on Which Depreciation in Latest Income Statement is Computed	30 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	1,032
Gross Amount at Which Carried As of Year End
Land	1,032
Buildings and Improvements	7,828
Total	8,860
Accumulated Depreciation	$ (493)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2510 Temple TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,354
Buildings and Improvements	52,859
Costs Capitalized Subsequent to Acquisition	2,354
Gross Amount at Which Carried As of Year End
Land	2,354
Buildings and Improvements	53,628
Total	55,982
Accumulated Depreciation	$ (2,256)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2605 Victoria TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 175
Buildings and Improvements	4,290
Costs Capitalized Subsequent to Acquisition	175
Gross Amount at Which Carried As of Year End
Land	175
Buildings and Improvements	7,018
Total	7,193
Accumulated Depreciation	$ (2,520)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
1953 Webster TX | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 28,807
Initial Cost to Company
Land	4,780
Buildings and Improvements	30,854
Costs Capitalized Subsequent to Acquisition	4,780
Gross Amount at Which Carried As of Year End
Land	4,780
Buildings and Improvements	34,191
Total	38,971
Accumulated Depreciation	$ (7,893)
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	$ 430
Buildings and Improvements	2,856
Costs Capitalized Subsequent to Acquisition	430
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	3,602
Total	4,032
Accumulated Depreciation	$ (351)
Life on Which Depreciation in Latest Income Statement is Computed	35 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	2,654
Gross Amount at Which Carried As of Year End
Land	2,654
Buildings and Improvements	23,081
Total	25,735
Accumulated Depreciation	$ (5,762)
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	683
Gross Amount at Which Carried As of Year End
Land	683
Buildings and Improvements	10,330
Total	11,013
Accumulated Depreciation	$ (1,314)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	4,320
Gross Amount at Which Carried As of Year End
Land	4,320
Buildings and Improvements	20,577
Total	24,897
Accumulated Depreciation	$ (5,276)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2582 Fredericksburg VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,370
Buildings and Improvements	19,725
Costs Capitalized Subsequent to Acquisition	2,370
Gross Amount at Which Carried As of Year End
Land	2,370
Buildings and Improvements	19,735
Total	22,105
Accumulated Depreciation	$ (138)
Life on Which Depreciation in Latest Income Statement is Computed	42 years
2581 Leesburg VA | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 12,544
Initial Cost to Company
Land	1,340
Buildings and Improvements	17,605
Costs Capitalized Subsequent to Acquisition	1,340
Gross Amount at Which Carried As of Year End
Land	1,340
Buildings and Improvements	17,616
Total	18,956
Accumulated Depreciation	$ (129)
Life on Which Depreciation in Latest Income Statement is Computed	42 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	2,110
Gross Amount at Which Carried As of Year End
Land	2,110
Buildings and Improvements	13,883
Total	15,993
Accumulated Depreciation	$ (3,193)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2514 Richmond VA | Senior housing | Operating segment
Initial Cost to Company
Land	$ 2,981
Buildings and Improvements	54,203
Costs Capitalized Subsequent to Acquisition	2,981
Gross Amount at Which Carried As of Year End
Land	2,981
Buildings and Improvements	55,375
Total	58,356
Accumulated Depreciation	$ (2,091)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2382 Appleton WI | Senior housing | Operating segment
Initial Cost to Company
Land	$ 182
Buildings and Improvements	12,581
Costs Capitalized Subsequent to Acquisition	182
Gross Amount at Which Carried As of Year End
Land	182
Buildings and Improvements	12,841
Total	13,023
Accumulated Depreciation	$ (1,458)
Life on Which Depreciation in Latest Income Statement is Computed	45 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	801
Gross Amount at Which Carried As of Year End
Land	801
Buildings and Improvements	16,900
Total	17,701
Accumulated Depreciation	$ (1,713)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2533 San Marcos TX | Senior housing | Operating segment
Initial Cost to Company
Land	$ 765
Buildings and Improvements	18,175
Costs Capitalized Subsequent to Acquisition	765
Gross Amount at Which Carried As of Year End
Land	765
Buildings and Improvements	19,000
Total	19,765
Accumulated Depreciation	$ (801)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2210 Adlington UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 500
Buildings and Improvements	6,492
Costs Capitalized Subsequent to Acquisition	594
Gross Amount at Which Carried As of Year End
Land	594
Buildings and Improvements	8,180
Total	8,774
Accumulated Depreciation	$ (469)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2211 Adlington UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 519
Buildings and Improvements	3,944
Costs Capitalized Subsequent to Acquisition	519
Gross Amount at Which Carried As of Year End
Land	519
Buildings and Improvements	3,944
Total	4,463
Accumulated Depreciation	$ (237)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2216 Alderley Edge UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,143
Buildings and Improvements	7,963
Costs Capitalized Subsequent to Acquisition	1,143
Gross Amount at Which Carried As of Year End
Land	1,143
Buildings and Improvements	7,963
Total	9,106
Accumulated Depreciation	$ (432)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2217 Alderley Edge UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,112
Buildings and Improvements	6,236
Costs Capitalized Subsequent to Acquisition	1,112
Gross Amount at Which Carried As of Year End
Land	1,112
Buildings and Improvements	6,236
Total	7,348
Accumulated Depreciation	$ (355)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2340 Altrincham UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,594
Buildings and Improvements	17,073
Costs Capitalized Subsequent to Acquisition	1,594
Gross Amount at Which Carried As of Year End
Land	1,594
Buildings and Improvements	17,073
Total	18,667
Accumulated Depreciation	$ (652)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2312 Armley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 408
Buildings and Improvements	2,439
Costs Capitalized Subsequent to Acquisition	408
Gross Amount at Which Carried As of Year End
Land	408
Buildings and Improvements	2,439
Total	2,847
Accumulated Depreciation	$ (162)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2313 Armley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 914
Buildings and Improvements	2,844
Costs Capitalized Subsequent to Acquisition	914
Gross Amount at Which Carried As of Year End
Land	914
Buildings and Improvements	2,844
Total	3,758
Accumulated Depreciation	$ (195)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2309 Ashton under Lyne UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 593
Buildings and Improvements	4,116
Costs Capitalized Subsequent to Acquisition	593
Gross Amount at Which Carried As of Year End
Land	593
Buildings and Improvements	4,116
Total	4,709
Accumulated Depreciation	$ (274)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2206 Bangor UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 352
Buildings and Improvements	1,885
Costs Capitalized Subsequent to Acquisition	352
Gross Amount at Which Carried As of Year End
Land	352
Buildings and Improvements	1,885
Total	2,237
Accumulated Depreciation	$ (140)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2207 Batley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 593
Buildings and Improvements	2,925
Costs Capitalized Subsequent to Acquisition	593
Gross Amount at Which Carried As of Year End
Land	593
Buildings and Improvements	2,925
Total	3,518
Accumulated Depreciation	$ (299)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2223 Catterick Garrison UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 729
Buildings and Improvements	1,340
Costs Capitalized Subsequent to Acquisition	729
Gross Amount at Which Carried As of Year End
Land	729
Buildings and Improvements	1,340
Total	2,069
Accumulated Depreciation	$ (194)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2226 Christleton UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 482
Buildings and Improvements	4,661
Costs Capitalized Subsequent to Acquisition	482
Gross Amount at Which Carried As of Year End
Land	482
Buildings and Improvements	4,661
Total	5,143
Accumulated Depreciation	$ (250)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2221 Disley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 315
Buildings and Improvements	1,480
Costs Capitalized Subsequent to Acquisition	315
Gross Amount at Which Carried As of Year End
Land	315
Buildings and Improvements	1,480
Total	1,795
Accumulated Depreciation	$ (115)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2227 Disley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 630
Buildings and Improvements	3,620
Costs Capitalized Subsequent to Acquisition	630
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	3,620
Total	4,250
Accumulated Depreciation	$ (199)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2306 Dukinfield UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 692
Buildings and Improvements	3,702
Costs Capitalized Subsequent to Acquisition	692
Gross Amount at Which Carried As of Year End
Land	692
Buildings and Improvements	3,702
Total	4,394
Accumulated Depreciation	$ (240)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2316 Dukunfield UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 358
Buildings and Improvements	2,275
Costs Capitalized Subsequent to Acquisition	358
Gross Amount at Which Carried As of Year End
Land	358
Buildings and Improvements	2,275
Total	2,633
Accumulated Depreciation	$ (137)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2317 Dukinfield UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 482
Buildings and Improvements	2,567
Costs Capitalized Subsequent to Acquisition	482
Gross Amount at Which Carried As of Year End
Land	482
Buildings and Improvements	2,568
Total	3,050
Accumulated Depreciation	$ (180)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2303 Eckington UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 457
Buildings and Improvements	1,496
Costs Capitalized Subsequent to Acquisition	457
Gross Amount at Which Carried As of Year End
Land	457
Buildings and Improvements	1,496
Total	1,953
Accumulated Depreciation	$ (124)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2208 Elstead UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 816
Buildings and Improvements	2,795
Costs Capitalized Subsequent to Acquisition	816
Gross Amount at Which Carried As of Year End
Land	815
Buildings and Improvements	2,796
Total	3,611
Accumulated Depreciation	$ (228)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2214 Gilroyd UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 911
Buildings and Improvements	1,544
Costs Capitalized Subsequent to Acquisition	911
Gross Amount at Which Carried As of Year End
Land	911
Buildings and Improvements	1,544
Total	2,455
Accumulated Depreciation	$ (212)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2213 Ilkley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 871
Buildings and Improvements	2,300
Costs Capitalized Subsequent to Acquisition	871
Gross Amount at Which Carried As of Year End
Land	871
Buildings and Improvements	2,299
Total	3,170
Accumulated Depreciation	$ (265)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2209 Kingswood UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 952
Buildings and Improvements	3,547
Costs Capitalized Subsequent to Acquisition	952
Gross Amount at Which Carried As of Year End
Land	952
Buildings and Improvements	3,547
Total	4,499
Accumulated Depreciation	$ (267)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2212 Kirk Hammerton UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 400
Buildings and Improvements	512
Costs Capitalized Subsequent to Acquisition	400
Gross Amount at Which Carried As of Year End
Land	400
Buildings and Improvements	512
Total	912
Accumulated Depreciation	$ (86)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2304 Knotty Ash UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 593
Buildings and Improvements	2,077
Costs Capitalized Subsequent to Acquisition	593
Gross Amount at Which Carried As of Year End
Land	593
Buildings and Improvements	2,077
Total	2,670
Accumulated Depreciation	$ (157)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2310 Kirkby UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 519
Buildings and Improvements	2,477
Costs Capitalized Subsequent to Acquisition	519
Gross Amount at Which Carried As of Year End
Land	519
Buildings and Improvements	2,477
Total	2,996
Accumulated Depreciation	$ (175)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2322 Laindon UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,088
Buildings and Improvements	2,531
Costs Capitalized Subsequent to Acquisition	1,088
Gross Amount at Which Carried As of Year End
Land	1,088
Buildings and Improvements	2,531
Total	3,619
Accumulated Depreciation	$ (191)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2215 Leeds UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 460
Buildings and Improvements	726
Costs Capitalized Subsequent to Acquisition	460
Gross Amount at Which Carried As of Year End
Land	460
Buildings and Improvements	727
Total	1,187
Accumulated Depreciation	$ (129)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2326 Limehouse UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 2,027
Buildings and Improvements	2,894
Costs Capitalized Subsequent to Acquisition	2,027
Gross Amount at Which Carried As of Year End
Land	2,027
Buildings and Improvements	2,915
Total	4,942
Accumulated Depreciation	$ (235)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2321 Luton UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 976
Buildings and Improvements	2,894
Costs Capitalized Subsequent to Acquisition	976
Gross Amount at Which Carried As of Year End
Land	976
Buildings and Improvements	2,895
Total	3,871
Accumulated Depreciation	$ (195)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2339 Manchester UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,539
Buildings and Improvements	13,824
Costs Capitalized Subsequent to Acquisition	1,539
Gross Amount at Which Carried As of Year End
Land	1,539
Buildings and Improvements	13,824
Total	15,363
Accumulated Depreciation	$ (538)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2225 Wadebridge UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 272
Buildings and Improvements	5,625
Costs Capitalized Subsequent to Acquisition	272
Gross Amount at Which Carried As of Year End
Land	271
Buildings and Improvements	5,625
Total	5,896
Accumulated Depreciation	$ (341)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2305 Prescot UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 581
Buildings and Improvements	2,176
Costs Capitalized Subsequent to Acquisition	581
Gross Amount at Which Carried As of Year End
Land	581
Buildings and Improvements	2,175
Total	2,756
Accumulated Depreciation	$ (165)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2219 Ripon UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 173
Buildings and Improvements	827
Costs Capitalized Subsequent to Acquisition	173
Gross Amount at Which Carried As of Year End
Land	173
Buildings and Improvements	827
Total	1,000
Accumulated Depreciation	$ (85)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2314 Stalybridge UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 643
Buildings and Improvements	3,295
Costs Capitalized Subsequent to Acquisition	643
Gross Amount at Which Carried As of Year End
Land	643
Buildings and Improvements	3,295
Total	3,938
Accumulated Depreciation	$ (221)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2218 Stapeley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 908
Buildings and Improvements	5,928
Costs Capitalized Subsequent to Acquisition	908
Gross Amount at Which Carried As of Year End
Land	908
Buildings and Improvements	5,928
Total	6,836
Accumulated Depreciation	$ (374)
Life on Which Depreciation in Latest Income Statement is Computed	60 years
2224 Stockton-on-Tees UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 267
Buildings and Improvements	1,905
Costs Capitalized Subsequent to Acquisition	267
Gross Amount at Which Carried As of Year End
Land	267
Buildings and Improvements	1,905
Total	2,172
Accumulated Depreciation	$ (158)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2220 Thornton-Clevele UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 834
Buildings and Improvements	4,170
Costs Capitalized Subsequent to Acquisition	834
Gross Amount at Which Carried As of Year End
Land	834
Buildings and Improvements	4,171
Total	5,005
Accumulated Depreciation	$ (317)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2228 Upper Wortley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 415
Buildings and Improvements	3,074
Costs Capitalized Subsequent to Acquisition	415
Gross Amount at Which Carried As of Year End
Land	414
Buildings and Improvements	3,074
Total	3,488
Accumulated Depreciation	$ (209)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2311 Wigan UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 655
Buildings and Improvements	2,430
Costs Capitalized Subsequent to Acquisition	655
Gross Amount at Which Carried As of Year End
Land	654
Buildings and Improvements	2,429
Total	3,083
Accumulated Depreciation	$ (213)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2222 Woolmer Green UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 760
Buildings and Improvements	5,536
Costs Capitalized Subsequent to Acquisition	760
Gross Amount at Which Carried As of Year End
Land	760
Buildings and Improvements	5,536
Total	6,296
Accumulated Depreciation	$ (380)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2335 Cardiff UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,310
Buildings and Improvements	4,418
Costs Capitalized Subsequent to Acquisition	1,310
Gross Amount at Which Carried As of Year End
Land	1,310
Buildings and Improvements	5,097
Total	6,407
Accumulated Depreciation	$ (393)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2327 Croydon UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,458
Buildings and Improvements	2,278
Costs Capitalized Subsequent to Acquisition	1,458
Gross Amount at Which Carried As of Year End
Land	1,458
Buildings and Improvements	2,293
Total	3,751
Accumulated Depreciation	$ (170)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2336 Birmingham UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 618
Buildings and Improvements	2,238
Costs Capitalized Subsequent to Acquisition	618
Gross Amount at Which Carried As of Year End
Land	618
Buildings and Improvements	2,787
Total	3,405
Accumulated Depreciation	$ (263)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2320 Bishopbriggs UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 828
Buildings and Improvements	3,805
Costs Capitalized Subsequent to Acquisition	828
Gross Amount at Which Carried As of Year End
Land	828
Buildings and Improvements	3,804
Total	4,632
Accumulated Depreciation	$ (263)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2323 Bonnyrigg UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 865
Buildings and Improvements	5,698
Costs Capitalized Subsequent to Acquisition	865
Gross Amount at Which Carried As of Year End
Land	865
Buildings and Improvements	5,697
Total	6,562
Accumulated Depreciation	$ (374)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2318 Dumbarton UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 840
Buildings and Improvements	3,493
Costs Capitalized Subsequent to Acquisition	840
Gross Amount at Which Carried As of Year End
Land	840
Buildings and Improvements	3,494
Total	4,334
Accumulated Depreciation	$ (249)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2333 Edinburgh UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 4,140
Buildings and Improvements	22,043
Costs Capitalized Subsequent to Acquisition	4,140
Gross Amount at Which Carried As of Year End
Land	4,140
Buildings and Improvements	22,552
Total	26,692
Accumulated Depreciation	$ (1,371)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2328 Forfar UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 779
Buildings and Improvements	5,662
Costs Capitalized Subsequent to Acquisition	779
Gross Amount at Which Carried As of Year End
Land	778
Buildings and Improvements	6,052
Total	6,830
Accumulated Depreciation	$ (399)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2330 Glasgow UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,693
Buildings and Improvements	6,069
Costs Capitalized Subsequent to Acquisition	1,693
Gross Amount at Which Carried As of Year End
Land	1,693
Buildings and Improvements	7,172
Total	8,865
Accumulated Depreciation	$ (567)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2307 Hyde UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,273
Buildings and Improvements	4,698
Costs Capitalized Subsequent to Acquisition	1,273
Gross Amount at Which Carried As of Year End
Land	1,273
Buildings and Improvements	4,699
Total	5,972
Accumulated Depreciation	$ (338)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2324 Lewisham UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,755
Buildings and Improvements	6,497
Costs Capitalized Subsequent to Acquisition	1,755
Gross Amount at Which Carried As of Year End
Land	1,755
Buildings and Improvements	7,048
Total	8,803
Accumulated Depreciation	$ (501)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2332 Linlithgow UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,322
Buildings and Improvements	6,790
Costs Capitalized Subsequent to Acquisition	1,322
Gross Amount at Which Carried As of Year End
Land	1,322
Buildings and Improvements	7,337
Total	8,659
Accumulated Depreciation	$ (494)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2331 Paisley UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,125
Buildings and Improvements	3,649
Costs Capitalized Subsequent to Acquisition	1,125
Gross Amount at Which Carried As of Year End
Land	1,125
Buildings and Improvements	3,660
Total	4,785
Accumulated Depreciation	$ (256)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2308 Prescot UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 494
Buildings and Improvements	1,766
Costs Capitalized Subsequent to Acquisition	494
Gross Amount at Which Carried As of Year End
Land	494
Buildings and Improvements	1,767
Total	2,261
Accumulated Depreciation	$ (144)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2319 Sheffield UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 680
Buildings and Improvements	2,470
Costs Capitalized Subsequent to Acquisition	680
Gross Amount at Which Carried As of Year End
Land	680
Buildings and Improvements	2,470
Total	3,150
Accumulated Depreciation	$ (176)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2315 Stalybridge UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 507
Buildings and Improvements	1,723
Costs Capitalized Subsequent to Acquisition	507
Gross Amount at Which Carried As of Year End
Land	507
Buildings and Improvements	1,723
Total	2,230
Accumulated Depreciation	$ (123)
Life on Which Depreciation in Latest Income Statement is Computed	50 years
2325 Stirling UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 828
Buildings and Improvements	4,502
Costs Capitalized Subsequent to Acquisition	828
Gross Amount at Which Carried As of Year End
Land	828
Buildings and Improvements	4,914
Total	5,742
Accumulated Depreciation	$ (339)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2329 Stirling UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 1,013
Buildings and Improvements	3,691
Costs Capitalized Subsequent to Acquisition	1,013
Gross Amount at Which Carried As of Year End
Land	1,013
Buildings and Improvements	4,281
Total	5,294
Accumulated Depreciation	$ (344)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2337 Wigan UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 494
Buildings and Improvements	1,662
Costs Capitalized Subsequent to Acquisition	494
Gross Amount at Which Carried As of Year End
Land	493
Buildings and Improvements	1,676
Total	2,169
Accumulated Depreciation	$ (142)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2338 Wigan UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 433
Buildings and Improvements	3,460
Costs Capitalized Subsequent to Acquisition	433
Gross Amount at Which Carried As of Year End
Land	432
Buildings and Improvements	3,481
Total	3,913
Accumulated Depreciation	$ (229)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2334 Wotton under Edge UK | United Kingdom | Operating segment
Initial Cost to Company
Land	$ 581
Buildings and Improvements	2,275
Costs Capitalized Subsequent to Acquisition	581
Gross Amount at Which Carried As of Year End
Land	581
Buildings and Improvements	2,424
Total	3,005
Accumulated Depreciation	$ (208)
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	39,531
Gross Amount at Which Carried As of Year End
Land	50,989
Buildings and Improvements	41,322
Total	92,311
1522 Carlsbad CA | Life science | Operating segment
Initial Cost to Company
Land	23,475
Costs Capitalized Subsequent to Acquisition	2,828
Gross Amount at Which Carried As of Year End
Land	23,475
Buildings and Improvements	2,828
Total	26,303
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	$ (2,358)
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	$ (3,677)
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	2,304
Gross Amount at Which Carried As of Year End
Land	1,900
Buildings and Improvements	9,149
Total	11,049
Accumulated Depreciation	$ (2,032)
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	682
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	17,883
Total	20,083
Accumulated Depreciation	$ (4,054)
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	$ (5,544)
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	3,073
Gross Amount at Which Carried As of Year End
Land	1,055
Buildings and Improvements	6,020
Total	7,075
Accumulated Depreciation	$ (2,030)
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	5,583
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	8,256
Total	8,966
Accumulated Depreciation	$ (5,570)
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	4,264
Gross Amount at Which Carried As of Year End
Land	693
Buildings and Improvements	6,227
Total	6,920
Accumulated Depreciation	$ (3,266)
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	$ (2,944)
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	7,361
Gross Amount at Which Carried As of Year End
Land	1,225
Buildings and Improvements	16,791
Total	18,016
Accumulated Depreciation	$ (4,274)
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	6,133
Total	7,416
Accumulated Depreciation	$ (2,424)
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	6,354
Gross Amount at Which Carried As of Year End
Land	1,566
Buildings and Improvements	19,841
Total	21,407
Accumulated Depreciation	$ (6,060)
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	$ (4,389)
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	7,908
Gross Amount at Which Carried As of Year End
Land	9,719
Buildings and Improvements	31,103
Total	40,822
Accumulated Depreciation	$ (7,689)
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	$ (4,755)
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	4,875
Gross Amount at Which Carried As of Year End
Land	7,291
Buildings and Improvements	16,857
Total	24,148
Accumulated Depreciation	$ (7,269)
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	6,136
Gross Amount at Which Carried As of Year End
Land	8,746
Buildings and Improvements	22,240
Total	30,986
Accumulated Depreciation	$ (6,507)
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	689
Gross Amount at Which Carried As of Year End
Land	2,686
Buildings and Improvements	11,404
Total	14,090
Accumulated Depreciation	$ (2,272)
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	5,299
Gross Amount at Which Carried As of Year End
Land	8,753
Buildings and Improvements	37,828
Total	46,581
Accumulated Depreciation	$ (2,645)
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	$ (6,786)
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	$ (6,265)
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	$ (2,476)
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	$ (2,204)
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	$ (2,284)
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	$ (4,416)
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	$ (5,749)
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	$ (5,553)
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	17,332
Total	24,332
Accumulated Depreciation	$ (4,149)
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	40,487
Total	54,587
Accumulated Depreciation	$ (16,468)
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	$ (13,149)
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	$ 20,240
Costs Capitalized Subsequent to Acquisition	1,117
Gross Amount at Which Carried As of Year End
Buildings and Improvements	21,255
Total	21,255
Accumulated Depreciation	$ (3,131)
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	6,048
Gross Amount at Which Carried As of Year End
Land	5,826
Buildings and Improvements	18,248
Total	24,074
Accumulated Depreciation	$ (8,589)
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	$ (7,127)
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	11,908
Gross Amount at Which Carried As of Year End
Land	8,654
Buildings and Improvements	11,908
Total	20,562
Accumulated Depreciation	$ (880)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1473 Poway, CA | Life science | Operating segment
Initial Cost to Company
Land	$ 21,730
Buildings and Improvements	2,405
Costs Capitalized Subsequent to Acquisition	7,072
Gross Amount at Which Carried As of Year End
Land	21,730
Buildings and Improvements	9,477
Total	31,207
1477 Poway CA | Life science | Operating segment
Initial Cost to Company
Land	25,359
Buildings and Improvements	2,475
Costs Capitalized Subsequent to Acquisition	14,805
Gross Amount at Which Carried As of Year End
Land	25,359
Buildings and Improvements	17,279
Total	42,638
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	$ (3,390)
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	2,373
Gross Amount at Which Carried As of Year End
Land	3,407
Buildings and Improvements	7,334
Total	10,741
Accumulated Depreciation	$ (2,357)
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	$ (1,358)
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	5,024
Total	8,631
Accumulated Depreciation	$ (1,553)
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	$ (1,718)
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	3,300
Gross Amount at Which Carried As of Year End
Land	4,818
Buildings and Improvements	20,583
Total	25,401
Accumulated Depreciation	$ (5,521)
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	969
Gross Amount at Which Carried As of Year End
Land	5,418
Buildings and Improvements	16,451
Total	21,869
Accumulated Depreciation	$ (3,830)
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	826
Gross Amount at Which Carried As of Year End
Land	3,006
Buildings and Improvements	4,115
Total	7,121
Accumulated Depreciation	$ (1,451)
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	17,546
Total	23,564
Accumulated Depreciation	$ (4,131)
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	13,594
Gross Amount at Which Carried As of Year End
Land	1,912
Buildings and Improvements	26,382
Total	28,294
Accumulated Depreciation	$ (5,469)
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	$ (4,687)
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	9,004
Gross Amount at Which Carried As of Year End
Land	2,712
Buildings and Improvements	19,424
Total	22,136
Accumulated Depreciation	$ (5,975)
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	5,395
Gross Amount at Which Carried As of Year End
Land	2,212
Buildings and Improvements	17,383
Total	19,595
Accumulated Depreciation	$ (6,495)
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	1,828
Gross Amount at Which Carried As of Year End
Land	2,612
Buildings and Improvements	10,561
Total	13,173
Accumulated Depreciation	$ (2,424)
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	12,361
Gross Amount at Which Carried As of Year End
Land	3,300
Buildings and Improvements	30,361
Total	33,661
Accumulated Depreciation	$ (6,486)
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	14,739
Gross Amount at Which Carried As of Year End
Land	3,326
Buildings and Improvements	32,613
Total	35,939
Accumulated Depreciation	$ (7,173)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
678 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,603
Buildings and Improvements	11,051
Costs Capitalized Subsequent to Acquisition	3,745
Gross Amount at Which Carried As of Year End
Land	2,603
Buildings and Improvements	14,796
Total	17,399
Accumulated Depreciation	$ (4,250)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
679 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 5,269
Buildings and Improvements	23,566
Costs Capitalized Subsequent to Acquisition	14,757
Gross Amount at Which Carried As of Year End
Land	5,669
Buildings and Improvements	37,176
Total	42,845
Accumulated Depreciation	$ (13,594)
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	2,028
Costs Capitalized Subsequent to Acquisition	8,982
Gross Amount at Which Carried As of Year End
Land	4,630
Buildings and Improvements	11,011
Total	15,641
Accumulated Depreciation	$ (5,483)
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	903
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	$ (1,822)
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	5,735
Gross Amount at Which Carried As of Year End
Land	3,951
Buildings and Improvements	5,689
Total	9,640
Accumulated Depreciation	$ (1,274)
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	(1,392)
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	37,646
Total	49,346
Accumulated Depreciation	$ (11,440)
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	4,886
Gross Amount at Which Carried As of Year End
Land	6,524
Buildings and Improvements	4,886
Total	11,410
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	1,258
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	35,037
Total	42,037
Accumulated Depreciation	$ (7,969)
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	4,528
Gross Amount at Which Carried As of Year End
Land	7,184
Buildings and Improvements	8,210
Total	15,394
Accumulated Depreciation	$ (1,632)
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	$ (7,807)
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	2,224
Gross Amount at Which Carried As of Year End
Land	7,888
Buildings and Improvements	24,580
Total	32,468
Accumulated Depreciation	$ (6,518)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
1947 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 2,581
Buildings and Improvements	10,534
Costs Capitalized Subsequent to Acquisition	3,952
Gross Amount at Which Carried As of Year End
Land	2,581
Buildings and Improvements	14,486
Total	17,067
Accumulated Depreciation	$ (2,470)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1948 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 5,879
Buildings and Improvements	25,305
Costs Capitalized Subsequent to Acquisition	2,481
Gross Amount at Which Carried As of Year End
Land	5,879
Buildings and Improvements	27,783
Total	33,662
Accumulated Depreciation	$ (6,359)
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	$ 691
Initial Cost to Company
Land	884
Buildings and Improvements	2,796
Costs Capitalized Subsequent to Acquisition	32
Gross Amount at Which Carried As of Year End
Land	895
Buildings and Improvements	2,816
Total	3,711
Accumulated Depreciation	$ (560)
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	3,801
Gross Amount at Which Carried As of Year End
Land	7,626
Buildings and Improvements	6,417
Total	14,043
Accumulated Depreciation	$ (2,289)
Life on Which Depreciation in Latest Income Statement is Computed	33 years
2476 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,661
Buildings and Improvements	9,918
Costs Capitalized Subsequent to Acquisition	2
Gross Amount at Which Carried As of Year End
Land	7,661
Buildings and Improvements	9,920
Total	17,581
Accumulated Depreciation	$ (118)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2477 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 9,207
Buildings and Improvements	14,613
Costs Capitalized Subsequent to Acquisition	523
Gross Amount at Which Carried As of Year End
Land	9,207
Buildings and Improvements	15,136
Total	24,343
Accumulated Depreciation	$ (174)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2478 San Diego CA | Life science | Operating segment
Initial Cost to Company
Land	$ 6,000
Gross Amount at Which Carried As of Year End
Land	6,000
Total	6,000
1407 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	7,182
Buildings and Improvements	12,140
Costs Capitalized Subsequent to Acquisition	9,477
Gross Amount at Which Carried As of Year End
Land	7,182
Buildings and Improvements	17,997
Total	25,179
Accumulated Depreciation	$ (6,137)
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	1,260
Gross Amount at Which Carried As of Year End
Land	9,000
Buildings and Improvements	19,060
Total	28,060
Accumulated Depreciation	$ (4,922)
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	4,850
Gross Amount at Which Carried As of Year End
Land	18,000
Buildings and Improvements	42,893
Total	60,893
Accumulated Depreciation	$ (9,465)
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	$ (4,325)
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	$ (6,580)
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	2,003
Gross Amount at Which Carried As of Year End
Land	10,100
Buildings and Improvements	24,524
Total	34,624
Accumulated Depreciation	$ (5,526)
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	282
Gross Amount at Which Carried As of Year End
Land	8,000
Buildings and Improvements	28,581
Total	36,581
Accumulated Depreciation	$ (6,701)
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	2,278
Gross Amount at Which Carried As of Year End
Land	3,700
Buildings and Improvements	23,078
Total	26,778
Accumulated Depreciation	$ (5,243)
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	2,143
Gross Amount at Which Carried As of Year End
Land	10,700
Buildings and Improvements	25,764
Total	36,464
Accumulated Depreciation	$ (6,078)
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	511
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	16,012
Total	23,012
Accumulated Depreciation	$ (3,682)
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	36,982
Gross Amount at Which Carried As of Year End
Land	13,800
Buildings and Improvements	79,483
Total	93,283
Accumulated Depreciation	$ (16,559)
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	36,599
Gross Amount at Which Carried As of Year End
Land	14,500
Buildings and Improvements	81,899
Total	96,399
Accumulated Depreciation	$ (17,134)
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	45,139
Gross Amount at Which Carried As of Year End
Land	9,400
Buildings and Improvements	69,938
Total	79,338
Accumulated Depreciation	$ (12,480)
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	82
Gross Amount at Which Carried As of Year End
Land	11,900
Buildings and Improvements	68,930
Total	80,830
Accumulated Depreciation	$ (16,223)
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
Costs Capitalized Subsequent to Acquisition	6
Gross Amount at Which Carried As of Year End
Land	10,000
Buildings and Improvements	57,960
Total	67,960
Accumulated Depreciation	$ (13,644)
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
Costs Capitalized Subsequent to Acquisition	5
Gross Amount at Which Carried As of Year End
Land	9,300
Buildings and Improvements	43,554
Total	52,854
Accumulated Depreciation	$ (10,253)
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	87
Gross Amount at Which Carried As of Year End
Land	11,000
Buildings and Improvements	47,376
Total	58,376
Accumulated Depreciation	$ (11,182)
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	1,165
Gross Amount at Which Carried As of Year End
Land	13,200
Buildings and Improvements	62,097
Total	75,297
Accumulated Depreciation	$ (13,930)
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	357
Gross Amount at Which Carried As of Year End
Land	10,500
Buildings and Improvements	34,132
Total	44,632
Accumulated Depreciation	$ (8,116)
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
Costs Capitalized Subsequent to Acquisition	5
Gross Amount at Which Carried As of Year End
Land	10,600
Buildings and Improvements	34,088
Total	44,688
Accumulated Depreciation	$ (8,024)
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	$ (15,189)
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	$ (16,646)
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	6,052
Gross Amount at Which Carried As of Year End
Land	10,261
Buildings and Improvements	47,428
Total	57,689
Accumulated Depreciation	$ (13,065)
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	$ (9,247)
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	24,662
Total	35,571
Accumulated Depreciation	$ (6,514)
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	220
Gross Amount at Which Carried As of Year End
Land	3,600
Buildings and Improvements	321
Total	3,921
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	116
Gross Amount at Which Carried As of Year End
Land	2,300
Buildings and Improvements	215
Total	2,515
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	216
Gross Amount at Which Carried As of Year End
Land	3,900
Buildings and Improvements	416
Total	4,316
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	4,925
Gross Amount at Which Carried As of Year End
Land	7,117
Buildings and Improvements	5,176
Total	12,293
Accumulated Depreciation	$ (1,841)
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	17,875
Gross Amount at Which Carried As of Year End
Land	10,381
Buildings and Improvements	20,175
Total	30,556
Accumulated Depreciation	$ (4,569)
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	$ (4,872)
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	$ (6,760)
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	11,207
Gross Amount at Which Carried As of Year End
Land	32,210
Buildings and Improvements	14,317
Total	46,527
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	12,966
Gross Amount at Which Carried As of Year End
Land	5,695
Buildings and Improvements	18,641
Total	24,336
Accumulated Depreciation	$ (8,348)
Life on Which Depreciation in Latest Income Statement is Computed	35 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	409
Gross Amount at Which Carried As of Year End
Land	1,210
Buildings and Improvements	1,681
Total	2,891
Accumulated Depreciation	$ (1,391)
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	$ 8,648
Costs Capitalized Subsequent to Acquisition	92,639
Gross Amount at Which Carried As of Year End
Land	8,648
Buildings and Improvements	92,639
Total	101,287
Accumulated Depreciation	$ (1,344)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1985 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 13,416
Costs Capitalized Subsequent to Acquisition	98,736
Gross Amount at Which Carried As of Year End
Land	13,416
Buildings and Improvements	98,736
Total	112,152
1987 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	18,664
Costs Capitalized Subsequent to Acquisition	6,252
Gross Amount at Which Carried As of Year End
Land	18,664
Buildings and Improvements	6,252
Total	24,916
2553 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	2,897
Buildings and Improvements	8,691
Costs Capitalized Subsequent to Acquisition	1,566
Gross Amount at Which Carried As of Year End
Land	2,897
Buildings and Improvements	10,257
Total	13,154
Accumulated Depreciation	$ (369)
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	$ (85)
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
Costs Capitalized Subsequent to Acquisition	50
Gross Amount at Which Carried As of Year End
Land	2,202
Buildings and Improvements	10,826
Total	13,028
Accumulated Depreciation	$ (334)
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	$ (468)
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	$ (404)
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	$ (183)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1984 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,845
Costs Capitalized Subsequent to Acquisition	57,009
Gross Amount at Which Carried As of Year End
Land	7,845
Buildings and Improvements	57,009
Total	64,854
1989 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	9,169
Costs Capitalized Subsequent to Acquisition	2,631
Gross Amount at Which Carried As of Year End
Land	9,169
Buildings and Improvements	2,631
Total	11,800
2614 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	5,079
Buildings and Improvements	8,584
Costs Capitalized Subsequent to Acquisition	1,330
Gross Amount at Which Carried As of Year End
Land	5,079
Buildings and Improvements	9,914
Total	14,993
Accumulated Depreciation	$ (2,944)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2615 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 7,984
Buildings and Improvements	13,495
Costs Capitalized Subsequent to Acquisition	3,238
Gross Amount at Which Carried As of Year End
Land	7,984
Buildings and Improvements	16,733
Total	24,717
Accumulated Depreciation	$ (4,435)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2616 South San Francisco CA | Life science | Operating segment
Initial Cost to Company
Land	$ 8,355
Buildings and Improvements	14,121
Costs Capitalized Subsequent to Acquisition	1,871
Gross Amount at Which Carried As of Year End
Land	8,355
Buildings and Improvements	15,992
Total	24,347
Accumulated Depreciation	$ (4,693)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2011 Durham NC | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 6,780
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	$ (3,709)
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	34,083
Gross Amount at Which Carried As of Year End
Land	1,920
Buildings and Improvements	39,744
Total	41,664
Accumulated Depreciation	$ (5,157)
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
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	1,275
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	8,197
Total	8,827
Accumulated Depreciation	$ (2,910)
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	$ (2,231)
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	$ (4,545)
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	$ (1,560)
Life on Which Depreciation in Latest Income Statement is Computed	43 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	$ (3,609)
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	$ (4,666)
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	11,925
Gross Amount at Which Carried As of Year End
Land	1,456
Buildings and Improvements	22,522
Total	23,978
Accumulated Depreciation	$ (4,898)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2572 Springdale AR | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 27,714
Gross Amount at Which Carried As of Year End
Buildings and Improvements	27,714
Total	$ 27,714
Life on Which Depreciation in Latest Income Statement is Computed	35 years
520 Chandler AZ | Medical office | Operating segment
Initial Cost to Company
Land	$ 3,669
Buildings and Improvements	13,503
Costs Capitalized Subsequent to Acquisition	2,390
Gross Amount at Which Carried As of Year End
Land	3,669
Buildings and Improvements	15,601
Total	19,270
Accumulated Depreciation	$ (5,333)
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	653
Gross Amount at Which Carried As of Year End
Buildings and Improvements	17,952
Total	17,952
Accumulated Depreciation	$ (2,049)
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	925
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	7,124
Total	8,174
Accumulated Depreciation	$ (2,622)
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	1,401
Gross Amount at Which Carried As of Year End
Land	780
Buildings and Improvements	3,717
Total	4,497
Accumulated Depreciation	$ (1,744)
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	946
Total	1,226
Accumulated Depreciation	$ (316)
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	3,359
Gross Amount at Which Carried As of Year End
Land	4,811
Buildings and Improvements	17,076
Total	21,887
Accumulated Depreciation	$ (5,038)
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	1,400
Gross Amount at Which Carried As of Year End
Buildings and Improvements	13,665
Total	13,665
Accumulated Depreciation	$ (3,026)
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	817
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,911
Total	9,911
Accumulated Depreciation	$ (2,358)
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	1,159
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,529
Total	7,529
Accumulated Depreciation	$ (1,452)
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	598
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,121
Total	10,121
Accumulated Depreciation	$ (1,954)
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	1,311
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,378
Total	5,378
Accumulated Depreciation	$ (1,307)
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	981
Gross Amount at Which Carried As of Year End
Buildings and Improvements	4,596
Total	4,596
Accumulated Depreciation	$ (829)
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	1,204
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,354
Total	8,354
Accumulated Depreciation	$ (1,658)
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	937
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,596
Total	7,596
Accumulated Depreciation	$ (1,516)
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	1,363
Gross Amount at Which Carried As of Year End
Land	326
Buildings and Improvements	7,045
Total	7,371
Accumulated Depreciation	$ (3,082)
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	1,081
Gross Amount at Which Carried As of Year End
Land	267
Buildings and Improvements	4,541
Total	4,808
Accumulated Depreciation	$ (1,357)
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	2,658
Gross Amount at Which Carried As of Year End
Land	187
Buildings and Improvements	32,848
Total	33,035
Accumulated Depreciation	$ (8,794)
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	3,954
Gross Amount at Which Carried As of Year End
Land	6,645
Buildings and Improvements	13,274
Total	19,919
Accumulated Depreciation	$ (4,553)
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	3,463
Gross Amount at Which Carried As of Year End
Land	638
Buildings and Improvements	11,359
Total	11,997
Accumulated Depreciation	$ (5,272)
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	2,822
Gross Amount at Which Carried As of Year End
Land	2,887
Buildings and Improvements	11,778
Total	14,665
Accumulated Depreciation	$ (6,400)
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	37,566
Costs Capitalized Subsequent to Acquisition	27,051
Gross Amount at Which Carried As of Year End
Land	2,911
Buildings and Improvements	63,715
Total	66,626
Accumulated Depreciation	$ (7,765)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2404 Sacramento CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,268
Buildings and Improvements	5,109
Costs Capitalized Subsequent to Acquisition	198
Gross Amount at Which Carried As of Year End
Land	1,299
Buildings and Improvements	5,277
Total	6,576
Accumulated Depreciation	$ (388)
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	5,052
Total	8,061
Accumulated Depreciation	$ (3,027)
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	9,299
Total	12,367
Accumulated Depreciation	$ (5,939)
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	16,976
Total	21,687
Accumulated Depreciation	$ (9,791)
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	19,984
Costs Capitalized Subsequent to Acquisition	16,294
Gross Amount at Which Carried As of Year End
Land	2,964
Buildings and Improvements	34,905
Total	37,869
Accumulated Depreciation	$ (7,017)
Life on Which Depreciation in Latest Income Statement is Computed	22 years
564 San Jose CA | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,935
Buildings and Improvements	1,728
Costs Capitalized Subsequent to Acquisition	2,303
Gross Amount at Which Carried As of Year End
Land	1,935
Buildings and Improvements	3,338
Total	5,273
Accumulated Depreciation	$ (1,445)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
565 San Jose CA | Medical office | Operating segment
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	$ (3,237)
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	$ (1,194)
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	4,988
Gross Amount at Which Carried As of Year End
Land	7,943
Buildings and Improvements	14,105
Total	22,048
Accumulated Depreciation	$ (6,483)
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	3,038
Gross Amount at Which Carried As of Year End
Land	2,404
Buildings and Improvements	8,172
Total	10,576
Accumulated Depreciation	$ (3,442)
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	708
Gross Amount at Which Carried As of Year End
Land	1,383
Buildings and Improvements	7,972
Total	9,355
Accumulated Depreciation	$ (2,157)
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	3,357
Gross Amount at Which Carried As of Year End
Land	2,259
Buildings and Improvements	11,531
Total	13,790
Accumulated Depreciation	$ (5,425)
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	2,283
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,726
Total	8,726
Accumulated Depreciation	$ (2,918)
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	2,306
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	14,273
Total	14,483
Accumulated Depreciation	$ (3,805)
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	2,326
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	10,427
Total	10,627
Accumulated Depreciation	$ (3,096)
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	10,672
Gross Amount at Which Carried As of Year End
Buildings and Improvements	22,462
Total	22,462
Accumulated Depreciation	$ (6,783)
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	$ (439)
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	9,401
Total	10,023
Accumulated Depreciation	$ (3,037)
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	8,336
Gross Amount at Which Carried As of Year End
Land	11
Buildings and Improvements	16,146
Total	16,157
Accumulated Depreciation	$ (5,303)
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	3,462
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,872
Total	10,872
Accumulated Depreciation	$ (3,929)
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	7,408
Gross Amount at Which Carried As of Year End
Buildings and Improvements	14,464
Total	14,464
Accumulated Depreciation	$ (4,853)
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	3,515
Gross Amount at Which Carried As of Year End
Buildings and Improvements	11,082
Total	11,082
Accumulated Depreciation	$ (3,769)
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	2,398
Gross Amount at Which Carried As of Year End
Land	257
Buildings and Improvements	6,340
Total	6,597
Accumulated Depreciation	$ (2,505)
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	1,853
Gross Amount at Which Carried As of Year End
Land	106
Buildings and Improvements	6,201
Total	6,307
Accumulated Depreciation	$ (1,994)
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	$ 19,702
Gross Amount at Which Carried As of Year End
Buildings and Improvements	19,078
Total	19,078
Accumulated Depreciation	$ (5,989)
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	2,637
Gross Amount at Which Carried As of Year End
Buildings and Improvements	25,501
Total	25,501
Accumulated Depreciation	$ (7,583)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2233 Lone Tree CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 6,734
Costs Capitalized Subsequent to Acquisition	24,974
Gross Amount at Which Carried As of Year End
Buildings and Improvements	31,708
Total	31,708
Accumulated Depreciation	(624)
1076 Parker CO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	13,388
Costs Capitalized Subsequent to Acquisition	782
Gross Amount at Which Carried As of Year End
Land	8
Buildings and Improvements	14,089
Total	14,097
Accumulated Depreciation	$ (3,940)
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	3,382
Gross Amount at Which Carried As of Year End
Land	454
Buildings and Improvements	13,345
Total	13,799
Accumulated Depreciation	$ (4,935)
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	930
Gross Amount at Which Carried As of Year End
Land	113
Buildings and Improvements	5,532
Total	5,645
Accumulated Depreciation	$ (2,703)
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	274
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	2,149
Total	2,154
Accumulated Depreciation	$ (1,067)
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	786
Gross Amount at Which Carried As of Year End
Buildings and Improvements	2,532
Total	2,532
Accumulated Depreciation	$ (1,323)
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	918
Gross Amount at Which Carried As of Year End
Land	455
Buildings and Improvements	2,886
Total	3,341
Accumulated Depreciation	$ (809)
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	407
Gross Amount at Which Carried As of Year End
Land	198
Buildings and Improvements	1,359
Total	1,557
Accumulated Depreciation	$ (493)
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	636
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	722
Total	1,510
Accumulated Depreciation	$ (161)
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	739
Gross Amount at Which Carried As of Year End
Land	493
Buildings and Improvements	1,007
Total	1,500
Accumulated Depreciation	$ (432)
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	2,318
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,586
Total	8,586
Accumulated Depreciation	$ (2,644)
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	$ (1,706)
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	1,302
Gross Amount at Which Carried As of Year End
Land	1,553
Buildings and Improvements	8,043
Total	9,596
Accumulated Depreciation	$ (2,521)
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	3,925
Gross Amount at Which Carried As of Year End
Land	4,392
Buildings and Improvements	14,606
Total	18,998
Accumulated Depreciation	$ (4,961)
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	3,325
Gross Amount at Which Carried As of Year End
Buildings and Improvements	16,448
Total	16,448
Accumulated Depreciation	$ (1,858)
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	1,837
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,713
Total	10,713
Accumulated Depreciation	$ (1,012)
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	269
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,816
Total	8,816
Accumulated Depreciation	$ (2,310)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2577 Naples FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 29,186
Gross Amount at Which Carried As of Year End
Buildings and Improvements	29,186
Total	$ 29,186
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2578 Naples FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 18,819
Gross Amount at Which Carried As of Year End
Buildings and Improvements	18,819
Total	$ 18,819
Life on Which Depreciation in Latest Income Statement is Computed	46 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	4,840
Gross Amount at Which Carried As of Year End
Land	2,343
Buildings and Improvements	8,731
Total	11,074
Accumulated Depreciation	$ (3,860)
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	2,899
Gross Amount at Which Carried As of Year End
Land	26
Buildings and Improvements	10,888
Total	10,914
Accumulated Depreciation	$ (2,593)
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	$ (3,020)
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	1,535
Gross Amount at Which Carried As of Year End
Land	1,017
Buildings and Improvements	4,299
Total	5,316
Accumulated Depreciation	$ (1,444)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
701 St Petersburg FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 13,754
Costs Capitalized Subsequent to Acquisition	7,107
Gross Amount at Which Carried As of Year End
Buildings and Improvements	19,871
Total	19,871
Accumulated Depreciation	(5,021)
1210 Tampa FL | Medical office | Operating segment
Initial Cost to Company
Land	1,967
Buildings and Improvements	6,602
Costs Capitalized Subsequent to Acquisition	5,668
Gross Amount at Which Carried As of Year End
Land	2,194
Buildings and Improvements	10,840
Total	13,034
Accumulated Depreciation	$ (5,008)
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	$ (844)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2576 Statesboro GA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 10,234
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,234
Total	$ 10,234
Life on Which Depreciation in Latest Income Statement is Computed	28 years
1065 Marion IL | Medical office | Operating segment
Initial Cost to Company
Land	$ 99
Buildings and Improvements	11,484
Costs Capitalized Subsequent to Acquisition	747
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	12,205
Total	12,305
Accumulated Depreciation	$ (3,385)
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	4,243
Gross Amount at Which Carried As of Year End
Buildings and Improvements	18,256
Total	18,256
Accumulated Depreciation	$ (4,583)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2039 Kansas City KS | Medical office | Operating segment
Initial Cost to Company
Land	$ 440
Buildings and Improvements	2,173
Costs Capitalized Subsequent to Acquisition	17
Gross Amount at Which Carried As of Year End
Land	448
Buildings and Improvements	2,181
Total	2,629
Accumulated Depreciation	$ (301)
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	7,961
Total	7,961
Accumulated Depreciation	$ (1,022)
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	537
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	3,878
Total	4,408
Accumulated Depreciation	$ (1,546)
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	1,248
Gross Amount at Which Carried As of Year End
Buildings and Improvements	13,761
Total	13,761
Accumulated Depreciation	$ (4,004)
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	5,119
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	11,402
Total	12,338
Accumulated Depreciation	$ (9,366)
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	4,847
Gross Amount at Which Carried As of Year End
Land	878
Buildings and Improvements	30,456
Total	31,334
Accumulated Depreciation	$ (9,862)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
738 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 780
Buildings and Improvements	8,582
Costs Capitalized Subsequent to Acquisition	5,202
Gross Amount at Which Carried As of Year End
Land	851
Buildings and Improvements	12,248
Total	13,099
Accumulated Depreciation	$ (6,988)
Life on Which Depreciation in Latest Income Statement is Computed	18 years
739 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 826
Buildings and Improvements	13,814
Costs Capitalized Subsequent to Acquisition	1,821
Gross Amount at Which Carried As of Year End
Land	832
Buildings and Improvements	14,190
Total	15,022
Accumulated Depreciation	$ (4,373)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
740 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,983
Buildings and Improvements	13,171
Costs Capitalized Subsequent to Acquisition	4,623
Gross Amount at Which Carried As of Year End
Land	2,991
Buildings and Improvements	16,864
Total	19,855
Accumulated Depreciation	$ (6,585)
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	$ (579)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
1945 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 3,255
Buildings and Improvements	28,644
Costs Capitalized Subsequent to Acquisition	691
Gross Amount at Which Carried As of Year End
Land	3,255
Buildings and Improvements	29,034
Total	32,289
Accumulated Depreciation	$ (6,083)
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	152
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	6,277
Total	6,707
Accumulated Depreciation	$ (1,241)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2237 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,519
Buildings and Improvements	15,386
Costs Capitalized Subsequent to Acquisition	2,563
Gross Amount at Which Carried As of Year End
Land	1,542
Buildings and Improvements	17,925
Total	19,467
Accumulated Depreciation	$ (1,345)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2238 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,334
Buildings and Improvements	12,172
Costs Capitalized Subsequent to Acquisition	1,033
Gross Amount at Which Carried As of Year End
Land	1,511
Buildings and Improvements	13,028
Total	14,539
Accumulated Depreciation	$ (1,181)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2239 Louisville KY | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,644
Buildings and Improvements	10,832
Costs Capitalized Subsequent to Acquisition	2,473
Gross Amount at Which Carried As of Year End
Land	1,718
Buildings and Improvements	13,230
Total	14,948
Accumulated Depreciation	$ (933)
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	2,122
Gross Amount at Which Carried As of Year End
Land	869
Buildings and Improvements	9,609
Total	10,478
Accumulated Depreciation	$ (2,741)
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	2,614
Gross Amount at Which Carried As of Year End
Land	1,222
Buildings and Improvements	5,491
Total	6,713
Accumulated Depreciation	$ (2,295)
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	$ (2,567)
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	15,150
Total	15,150
Accumulated Depreciation	$ (5,511)
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	2,343
Gross Amount at Which Carried As of Year End
Land	117
Buildings and Improvements	15,031
Total	15,148
Accumulated Depreciation	$ (7,886)
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	4,566
Gross Amount at Which Carried As of Year End
Land	160
Buildings and Improvements	13,720
Total	13,880
Accumulated Depreciation	$ (6,552)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2032 Independence MO | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 48,025
Costs Capitalized Subsequent to Acquisition	787
Gross Amount at Which Carried As of Year End
Buildings and Improvements	48,812
Total	48,812
Accumulated Depreciation	$ (5,068)
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	753
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,139
Total	9,139
Accumulated Depreciation	$ (2,712)
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	114
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,982
Total	8,982
Accumulated Depreciation	$ (2,300)
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	2,182
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,369
Total	9,369
Accumulated Depreciation	$ (2,954)
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	1,147
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	17,317
Total	17,334
Accumulated Depreciation	$ (4,687)
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	423
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,658
Total	5,658
Accumulated Depreciation	$ (1,749)
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	$ (1,356)
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	$ 18,743
Gross Amount at Which Carried As of Year End
Buildings and Improvements	17,570
Total	17,570
Accumulated Depreciation	$ (5,859)
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	5,328
Gross Amount at Which Carried As of Year End
Land	1,302
Buildings and Improvements	7,858
Total	9,160
Accumulated Depreciation	$ (3,045)
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	5,217
Gross Amount at Which Carried As of Year End
Land	2,447
Buildings and Improvements	9,006
Total	11,453
Accumulated Depreciation	$ (3,500)
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	4,869
Gross Amount at Which Carried As of Year End
Land	3,480
Buildings and Improvements	14,956
Total	18,436
Accumulated Depreciation	$ (4,874)
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	5,798
Gross Amount at Which Carried As of Year End
Land	1,724
Buildings and Improvements	8,104
Total	9,828
Accumulated Depreciation	$ (2,043)
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	441
Gross Amount at Which Carried As of Year End
Land	1,172
Buildings and Improvements	441
Total	1,613
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	7,507
Gross Amount at Which Carried As of Year End
Land	3,273
Buildings and Improvements	24,540
Total	27,813
Accumulated Depreciation	$ (8,712)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2037 Mesquite NV | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 5,559
Costs Capitalized Subsequent to Acquisition	206
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,754
Total	5,754
Accumulated Depreciation	$ (683)
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	2,916
Total	3,769
Accumulated Depreciation	$ (1,156)
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	$ (2,417)
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	1,825
Gross Amount at Which Carried As of Year End
Land	659
Buildings and Improvements	11,021
Total	11,680
Accumulated Depreciation	$ (2,778)
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	1,399
Gross Amount at Which Carried As of Year End
Buildings and Improvements	5,865
Total	5,865
Accumulated Depreciation	$ (1,637)
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
Costs Capitalized Subsequent to Acquisition	700
Gross Amount at Which Carried As of Year End
Buildings and Improvements	6,407
Total	6,407
Accumulated Depreciation	$ (2,805)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2570 Limerick PA | Medical office | Operating segment
Initial Cost to Company
Land	$ 925
Buildings and Improvements	20,072
Gross Amount at Which Carried As of Year End
Land	925
Buildings and Improvements	20,072
Total	$ 20,997
Life on Which Depreciation in Latest Income Statement is Computed	31 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	2,586
Gross Amount at Which Carried As of Year End
Land	24,288
Buildings and Improvements	102,465
Total	126,753
Accumulated Depreciation	$ (7,078)
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	4,634
Gross Amount at Which Carried As of Year End
Land	26,084
Buildings and Improvements	102,260
Total	128,344
Accumulated Depreciation	$ (6,900)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2571 Wilkes-Barre PA | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 9,138
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,138
Total	$ 9,138
Life on Which Depreciation in Latest Income Statement is Computed	28 years
2573 Florence SC | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 12,090
Gross Amount at Which Carried As of Year End
Buildings and Improvements	12,090
Total	$ 12,090
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2574 Florence SC | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 12,190
Gross Amount at Which Carried As of Year End
Buildings and Improvements	12,190
Total	$ 12,190
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2575 Florence SC | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 11,243
Gross Amount at Which Carried As of Year End
Buildings and Improvements	11,243
Total	$ 11,243
Life on Which Depreciation in Latest Income Statement is Computed	29 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	772
Buildings and Improvements	4,237
Total	5,009
Accumulated Depreciation	$ (2,255)
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	1,585
Gross Amount at Which Carried As of Year End
Land	256
Buildings and Improvements	2,705
Total	2,961
Accumulated Depreciation	$ (965)
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	5,914
Gross Amount at Which Carried As of Year End
Land	851
Buildings and Improvements	9,987
Total	10,838
Accumulated Depreciation	$ (3,840)
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	4,967
Gross Amount at Which Carried As of Year End
Land	596
Buildings and Improvements	13,553
Total	14,149
Accumulated Depreciation	$ (5,366)
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	2,674
Gross Amount at Which Carried As of Year End
Land	317
Buildings and Improvements	8,523
Total	8,840
Accumulated Depreciation	$ (3,586)
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	4,863
Gross Amount at Which Carried As of Year End
Land	700
Buildings and Improvements	9,327
Total	10,027
Accumulated Depreciation	$ (4,185)
Life on Which Depreciation in Latest Income Statement is Computed	19 years
673 Plantation FL | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,091
Buildings and Improvements	7,176
Costs Capitalized Subsequent to Acquisition	1,198
Gross Amount at Which Carried As of Year End
Land	1,091
Buildings and Improvements	8,019
Total	9,110
Accumulated Depreciation	$ (2,298)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
2579 Punta Gorda FL | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 9,379
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,379
Total	$ 9,379
Life on Which Depreciation in Latest Income Statement is Computed	40 years
625 Nashville TN | Medical office | Operating segment
Initial Cost to Company
Land	$ 955
Buildings and Improvements	14,289
Costs Capitalized Subsequent to Acquisition	3,035
Gross Amount at Which Carried As of Year End
Land	955
Buildings and Improvements	15,880
Total	16,835
Accumulated Depreciation	$ (4,947)
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	3,737
Gross Amount at Which Carried As of Year End
Land	2,055
Buildings and Improvements	8,326
Total	10,381
Accumulated Depreciation	$ (3,008)
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	723
Gross Amount at Which Carried As of Year End
Land	1,060
Buildings and Improvements	826
Total	1,886
Accumulated Depreciation	$ (389)
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	2,722
Gross Amount at Which Carried As of Year End
Land	2,980
Buildings and Improvements	9,515
Total	12,495
Accumulated Depreciation	$ (3,460)
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	293
Gross Amount at Which Carried As of Year End
Land	528
Buildings and Improvements	1,127
Total	1,655
Accumulated Depreciation	$ (459)
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	1,458
Gross Amount at Which Carried As of Year End
Land	266
Buildings and Improvements	2,536
Total	2,802
Accumulated Depreciation	$ (941)
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	3,891
Gross Amount at Which Carried As of Year End
Land	827
Buildings and Improvements	10,318
Total	11,145
Accumulated Depreciation	$ (3,590)
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	4,491
Gross Amount at Which Carried As of Year End
Land	5,425
Buildings and Improvements	16,758
Total	22,183
Accumulated Depreciation	$ (6,486)
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	8,406
Gross Amount at Which Carried As of Year End
Land	3,818
Buildings and Improvements	22,746
Total	26,564
Accumulated Depreciation	$ (8,424)
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	$ (250)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
2611 Allen TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,330
Buildings and Improvements	5,960
Gross Amount at Which Carried As of Year End
Land	1,330
Buildings and Improvements	5,960
Total	7,290
Accumulated Depreciation	$ (33)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2612 Allen TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,310
Buildings and Improvements	4,165
Gross Amount at Which Carried As of Year End
Land	1,310
Buildings and Improvements	4,165
Total	5,475
Accumulated Depreciation	$ (24)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
573 Arlington TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 769
Buildings and Improvements	12,355
Costs Capitalized Subsequent to Acquisition	3,864
Gross Amount at Which Carried As of Year End
Land	769
Buildings and Improvements	15,434
Total	16,203
Accumulated Depreciation	$ (4,986)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
576 Conroe TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 324
Buildings and Improvements	4,842
Costs Capitalized Subsequent to Acquisition	2,421
Gross Amount at Which Carried As of Year End
Land	324
Buildings and Improvements	6,198
Total	6,522
Accumulated Depreciation	$ (1,965)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
577 Conroe TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 397
Buildings and Improvements	7,966
Costs Capitalized Subsequent to Acquisition	2,443
Gross Amount at Which Carried As of Year End
Land	397
Buildings and Improvements	9,921
Total	10,318
Accumulated Depreciation	$ (3,276)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
578 Conroe TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 388
Buildings and Improvements	7,975
Costs Capitalized Subsequent to Acquisition	3,946
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	11,733
Total	12,121
Accumulated Depreciation	$ (4,061)
Life on Which Depreciation in Latest Income Statement is Computed	31 years
579 Conroe TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 188
Buildings and Improvements	3,618
Costs Capitalized Subsequent to Acquisition	1,338
Gross Amount at Which Carried As of Year End
Land	188
Buildings and Improvements	4,822
Total	5,010
Accumulated Depreciation	$ (1,500)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
581 Corpus Christi TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 717
Buildings and Improvements	8,181
Costs Capitalized Subsequent to Acquisition	5,164
Gross Amount at Which Carried As of Year End
Land	717
Buildings and Improvements	12,420
Total	13,137
Accumulated Depreciation	$ (4,635)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
600 Corpus Christi TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 328
Buildings and Improvements	3,210
Costs Capitalized Subsequent to Acquisition	3,780
Gross Amount at Which Carried As of Year End
Land	328
Buildings and Improvements	6,468
Total	6,796
Accumulated Depreciation	$ (2,573)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
601 Corpus Christi TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 313
Buildings and Improvements	1,771
Costs Capitalized Subsequent to Acquisition	1,693
Gross Amount at Which Carried As of Year End
Land	325
Buildings and Improvements	2,971
Total	3,296
Accumulated Depreciation	$ (968)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
2244 Cypress TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,704
Costs Capitalized Subsequent to Acquisition	22,125
Gross Amount at Which Carried As of Year End
Buildings and Improvements	29,829
Total	29,829
Accumulated Depreciation	(816)
582 Dallas TX | Medical office | Operating segment
Initial Cost to Company
Land	1,664
Buildings and Improvements	6,785
Costs Capitalized Subsequent to Acquisition	3,346
Gross Amount at Which Carried As of Year End
Land	1,705
Buildings and Improvements	9,225
Total	10,930
Accumulated Depreciation	$ (3,298)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
1314 Dallas TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 15,230
Buildings and Improvements	162,971
Costs Capitalized Subsequent to Acquisition	15,470
Gross Amount at Which Carried As of Year End
Land	15,860
Buildings and Improvements	175,622
Total	191,482
Accumulated Depreciation	$ (49,189)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
583 Fort Worth TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 898
Buildings and Improvements	4,866
Costs Capitalized Subsequent to Acquisition	1,933
Gross Amount at Which Carried As of Year End
Land	898
Buildings and Improvements	6,363
Total	7,261
Accumulated Depreciation	$ (2,248)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
805 Fort Worth TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 2,481
Costs Capitalized Subsequent to Acquisition	1,171
Gross Amount at Which Carried As of Year End
Land	2
Buildings and Improvements	3,432
Total	3,434
Accumulated Depreciation	$ (1,598)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
806 Fort Worth TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 6,070
Costs Capitalized Subsequent to Acquisition	508
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	6,432
Total	6,437
Accumulated Depreciation	$ (1,875)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2231 Fort Worth TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 902
Costs Capitalized Subsequent to Acquisition	44
Gross Amount at Which Carried As of Year End
Land	946
Total	946
Accumulated Depreciation	(8)
1061 Granbury TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	6,863
Costs Capitalized Subsequent to Acquisition	1,028
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,835
Total	7,835
Accumulated Depreciation	$ (1,823)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
430 Houston TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,927
Buildings and Improvements	33,140
Costs Capitalized Subsequent to Acquisition	7,424
Gross Amount at Which Carried As of Year End
Land	2,151
Buildings and Improvements	38,994
Total	41,145
Accumulated Depreciation	$ (17,729)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
446 Houston TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,200
Buildings and Improvements	19,585
Costs Capitalized Subsequent to Acquisition	9,867
Gross Amount at Which Carried As of Year End
Land	2,209
Buildings and Improvements	24,196
Total	26,405
Accumulated Depreciation	$ (16,770)
Life on Which Depreciation in Latest Income Statement is Computed	17 years
589 Houston TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,676
Buildings and Improvements	12,602
Costs Capitalized Subsequent to Acquisition	5,453
Gross Amount at Which Carried As of Year End
Land	1,706
Buildings and Improvements	16,174
Total	17,880
Accumulated Depreciation	$ (5,105)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
670 Houston TX | Medical office | Operating segment
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	3,681
Total	3,999
Accumulated Depreciation	$ (1,360)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
702 Houston TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,414
Costs Capitalized Subsequent to Acquisition	1,754
Gross Amount at Which Carried As of Year End
Land	7
Buildings and Improvements	8,492
Total	8,499
Accumulated Depreciation	$ (2,840)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
1044 Houston TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,838
Costs Capitalized Subsequent to Acquisition	3,226
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,956
Total	7,956
Accumulated Depreciation	$ (3,189)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2542 Houston TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 304
Buildings and Improvements	17,764
Gross Amount at Which Carried As of Year End
Land	304
Buildings and Improvements	17,764
Total	18,068
Accumulated Depreciation	$ (818)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2543 Houston Tx | Medical office | Operating segment
Initial Cost to Company
Land	$ 116
Buildings and Improvements	6,555
Gross Amount at Which Carried As of Year End
Land	116
Buildings and Improvements	6,555
Total	6,671
Accumulated Depreciation	$ (357)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2544 Houston Tx | Medical office | Operating segment
Initial Cost to Company
Land	$ 312
Buildings and Improvements	12,094
Gross Amount at Which Carried As of Year End
Land	312
Buildings and Improvements	12,094
Total	12,406
Accumulated Depreciation	$ (663)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2545 Houston Tx | Medical office | Operating segment
Initial Cost to Company
Land	$ 316
Buildings and Improvements	13,931
Gross Amount at Which Carried As of Year End
Land	316
Buildings and Improvements	13,931
Total	14,247
Accumulated Depreciation	$ (582)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2546 Houston Tx | Medical office | Operating segment
Initial Cost to Company
Land	$ 408
Buildings and Improvements	18,332
Gross Amount at Which Carried As of Year End
Land	408
Buildings and Improvements	18,332
Total	18,740
Accumulated Depreciation	$ (1,202)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2547 Houston Tx | Medical office | Operating segment
Initial Cost to Company
Land	$ 470
Buildings and Improvements	18,197
Gross Amount at Which Carried As of Year End
Land	470
Buildings and Improvements	18,197
Total	18,667
Accumulated Depreciation	$ (1,011)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2548 Houston Tx | Medical office | Operating segment
Initial Cost to Company
Land	$ 313
Buildings and Improvements	7,036
Gross Amount at Which Carried As of Year End
Land	313
Buildings and Improvements	7,036
Total	7,349
Accumulated Depreciation	$ (500)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2549 Houston Tx | Medical office | Operating segment
Initial Cost to Company
Land	$ 530
Buildings and Improvements	22,711
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	22,711
Total	23,241
Accumulated Depreciation	$ (836)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
590 Irving TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 828
Buildings and Improvements	6,160
Costs Capitalized Subsequent to Acquisition	2,652
Gross Amount at Which Carried As of Year End
Land	828
Buildings and Improvements	8,541
Total	9,369
Accumulated Depreciation	$ (3,009)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
700 Irving TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,550
Costs Capitalized Subsequent to Acquisition	3,363
Gross Amount at Which Carried As of Year End
Buildings and Improvements	11,381
Total	11,381
Accumulated Depreciation	$ (4,472)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
1202 Irving TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,604
Buildings and Improvements	16,107
Costs Capitalized Subsequent to Acquisition	1,000
Gross Amount at Which Carried As of Year End
Land	1,633
Buildings and Improvements	16,992
Total	18,625
Accumulated Depreciation	$ (4,537)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1207 Irving TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,955
Buildings and Improvements	12,793
Costs Capitalized Subsequent to Acquisition	1,716
Gross Amount at Which Carried As of Year End
Land	1,986
Buildings and Improvements	14,466
Total	16,452
Accumulated Depreciation	$ (3,998)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2613 Kingwood TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 3,035
Buildings and Improvements	32,388
Gross Amount at Which Carried As of Year End
Land	3,035
Buildings and Improvements	32,388
Total	35,423
Accumulated Depreciation	$ (275)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
1062 Lancaster TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 172
Buildings and Improvements	2,692
Costs Capitalized Subsequent to Acquisition	1,119
Gross Amount at Which Carried As of Year End
Land	185
Buildings and Improvements	3,733
Total	3,918
Accumulated Depreciation	$ (1,356)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
2195 Lancaster TX | Medical office | Operating segment
Initial Cost to Company
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	$ (282)
Life on Which Depreciation in Latest Income Statement is Computed	39 years
591 Lewisville TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 561
Buildings and Improvements	8,043
Costs Capitalized Subsequent to Acquisition	1,544
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	9,398
Total	9,959
Accumulated Depreciation	$ (3,090)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
144 Longview TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 102
Buildings and Improvements	7,998
Costs Capitalized Subsequent to Acquisition	665
Gross Amount at Which Carried As of Year End
Land	102
Buildings and Improvements	8,220
Total	8,322
Accumulated Depreciation	$ (4,055)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
143 Lufkin TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 338
Buildings and Improvements	2,383
Costs Capitalized Subsequent to Acquisition	73
Gross Amount at Which Carried As of Year End
Land	338
Buildings and Improvements	2,416
Total	2,754
Accumulated Depreciation	$ (1,174)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
568 McKinney TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 541
Buildings and Improvements	6,217
Costs Capitalized Subsequent to Acquisition	1,636
Gross Amount at Which Carried As of Year End
Land	541
Buildings and Improvements	7,160
Total	7,701
Accumulated Depreciation	$ (2,489)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
569 McKinney TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 636
Costs Capitalized Subsequent to Acquisition	8,082
Gross Amount at Which Carried As of Year End
Buildings and Improvements	8,012
Total	8,012
Accumulated Depreciation	$ (2,565)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1079 Nassau Bay TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 8,942
Costs Capitalized Subsequent to Acquisition	1,198
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,006
Total	10,006
Accumulated Depreciation	$ (2,915)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
596 N Richland Hills TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 812
Buildings and Improvements	8,883
Costs Capitalized Subsequent to Acquisition	2,654
Gross Amount at Which Carried As of Year End
Land	812
Buildings and Improvements	11,114
Total	11,926
Accumulated Depreciation	$ (3,453)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2048 North Richland Hills TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,385
Buildings and Improvements	10,213
Costs Capitalized Subsequent to Acquisition	2,105
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	12,304
Total	13,704
Accumulated Depreciation	$ (2,188)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1048 Pearland TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 4,014
Costs Capitalized Subsequent to Acquisition	4,226
Gross Amount at Which Carried As of Year End
Buildings and Improvements	7,835
Total	7,835
Accumulated Depreciation	$ (2,686)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2232 Pearland TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 3,375
Costs Capitalized Subsequent to Acquisition	11,932
Gross Amount at Which Carried As of Year End
Buildings and Improvements	15,306
Total	15,306
Accumulated Depreciation	(263)
447 Plano TX | Medical office | Operating segment
Initial Cost to Company
Land	1,700
Buildings and Improvements	7,810
Costs Capitalized Subsequent to Acquisition	6,310
Gross Amount at Which Carried As of Year End
Land	1,791
Buildings and Improvements	13,325
Total	15,116
Accumulated Depreciation	$ (5,751)
Life on Which Depreciation in Latest Income Statement is Computed	20 years
597 Plano TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,210
Buildings and Improvements	9,588
Costs Capitalized Subsequent to Acquisition	3,884
Gross Amount at Which Carried As of Year End
Land	1,210
Buildings and Improvements	12,500
Total	13,710
Accumulated Depreciation	$ (4,049)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
672 Plano TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 1,389
Buildings and Improvements	12,768
Costs Capitalized Subsequent to Acquisition	2,445
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	13,916
Total	15,305
Accumulated Depreciation	$ (4,025)
Life on Which Depreciation in Latest Income Statement is Computed	36 years
1284 Plano TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 2,049
Buildings and Improvements	18,793
Costs Capitalized Subsequent to Acquisition	2,198
Gross Amount at Which Carried As of Year End
Land	2,101
Buildings and Improvements	18,779
Total	20,880
Accumulated Depreciation	$ (6,705)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1286 Plano TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 3,300
Gross Amount at Which Carried As of Year End
Land	3,300
Total	3,300
815 San Antonio TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	9,193
Costs Capitalized Subsequent to Acquisition	1,663
Gross Amount at Which Carried As of Year End
Land	12
Buildings and Improvements	10,185
Total	10,197
Accumulated Depreciation	$ (3,237)
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	$ 3,622
Initial Cost to Company
Buildings and Improvements	8,699
Costs Capitalized Subsequent to Acquisition	2,822
Gross Amount at Which Carried As of Year End
Land	174
Buildings and Improvements	10,739
Total	10,913
Accumulated Depreciation	$ (3,371)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1591 San Antonio TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 7,309
Costs Capitalized Subsequent to Acquisition	562
Gross Amount at Which Carried As of Year End
Land	12
Buildings and Improvements	7,860
Total	7,872
Accumulated Depreciation	$ (1,780)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
1977 San Antonio TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 26,191
Costs Capitalized Subsequent to Acquisition	1,141
Gross Amount at Which Carried As of Year End
Buildings and Improvements	27,087
Total	27,087
Accumulated Depreciation	$ (5,616)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
2559 Shenandoah TX | Medical office | Operating segment
Initial Cost to Company
Costs Capitalized Subsequent to Acquisition	$ 19,550
Gross Amount at Which Carried As of Year End
Buildings and Improvements	19,550
Total	19,550
598 Sugarland TX | Medical office | Operating segment
Initial Cost to Company
Land	1,078
Buildings and Improvements	5,158
Costs Capitalized Subsequent to Acquisition	2,581
Gross Amount at Which Carried As of Year End
Land	1,170
Buildings and Improvements	7,130
Total	8,300
Accumulated Depreciation	$ (2,538)
Life on Which Depreciation in Latest Income Statement is Computed	34 years
599 Texas City TX | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 9,519
Costs Capitalized Subsequent to Acquisition	157
Gross Amount at Which Carried As of Year End
Buildings and Improvements	9,676
Total	9,676
Accumulated Depreciation	$ (2,763)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
152 Victoria TX | Medical office | Operating segment
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	$ (4,580)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
2550 The Woodlands TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 115
Buildings and Improvements	5,141
Gross Amount at Which Carried As of Year End
Land	115
Buildings and Improvements	5,141
Total	5,256
Accumulated Depreciation	$ (242)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2551 The Woodlands TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 296
Buildings and Improvements	18,282
Gross Amount at Which Carried As of Year End
Land	296
Buildings and Improvements	18,282
Total	18,578
Accumulated Depreciation	$ (741)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2552 The Woodlands TX | Medical office | Operating segment
Initial Cost to Company
Land	$ 374
Buildings and Improvements	25,125
Gross Amount at Which Carried As of Year End
Land	374
Buildings and Improvements	25,125
Total	25,499
Accumulated Depreciation	$ (908)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1592 Bountiful UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 999
Buildings and Improvements	7,426
Costs Capitalized Subsequent to Acquisition	470
Gross Amount at Which Carried As of Year End
Land	999
Buildings and Improvements	7,897
Total	8,896
Accumulated Depreciation	$ (1,658)
Life on Which Depreciation in Latest Income Statement is Computed	30 years
169 Bountiful UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 276
Buildings and Improvements	5,237
Costs Capitalized Subsequent to Acquisition	1,272
Gross Amount at Which Carried As of Year End
Land	348
Buildings and Improvements	6,052
Total	6,400
Accumulated Depreciation	$ (2,727)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
346 Castle Dale UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 50
Buildings and Improvements	1,818
Costs Capitalized Subsequent to Acquisition	73
Gross Amount at Which Carried As of Year End
Land	50
Buildings and Improvements	1,891
Total	1,941
Accumulated Depreciation	$ (994)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
347 Centerville UT | Medical office | Operating segment
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	1,309
Total	1,609
Accumulated Depreciation	$ (666)
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	$ 5,240
Initial Cost to Company
Buildings and Improvements	10,803
Costs Capitalized Subsequent to Acquisition	161
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,964
Total	10,964
Accumulated Depreciation	$ (1,262)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
469 Kaysville UT | Medical office | Operating segment
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	$ (1,651)
Life on Which Depreciation in Latest Income Statement is Computed	43 years
456 Layton UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 371
Buildings and Improvements	7,073
Costs Capitalized Subsequent to Acquisition	1,208
Gross Amount at Which Carried As of Year End
Land	389
Buildings and Improvements	8,023
Total	8,412
Accumulated Depreciation	$ (3,420)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2042 Layton UT | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 10,975
Costs Capitalized Subsequent to Acquisition	410
Gross Amount at Which Carried As of Year End
Buildings and Improvements	11,385
Total	11,385
Accumulated Depreciation	$ (1,181)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
359 Ogden UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 180
Buildings and Improvements	1,695
Costs Capitalized Subsequent to Acquisition	228
Gross Amount at Which Carried As of Year End
Land	180
Buildings and Improvements	1,803
Total	1,983
Accumulated Depreciation	$ (906)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1283 Ogden UT | Medical office | Operating segment
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	4,205
Total	4,311
Accumulated Depreciation	$ (4,133)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
357 Orem UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 337
Buildings and Improvements	8,744
Costs Capitalized Subsequent to Acquisition	1,827
Gross Amount at Which Carried As of Year End
Land	306
Buildings and Improvements	8,312
Total	8,618
Accumulated Depreciation	$ (4,195)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
371 Providence UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 240
Buildings and Improvements	3,876
Costs Capitalized Subsequent to Acquisition	374
Gross Amount at Which Carried As of Year End
Land	282
Buildings and Improvements	3,919
Total	4,201
Accumulated Depreciation	$ (1,912)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
353 Salt Lake City UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 190
Buildings and Improvements	779
Costs Capitalized Subsequent to Acquisition	164
Gross Amount at Which Carried As of Year End
Land	201
Buildings and Improvements	921
Total	1,122
Accumulated Depreciation	$ (476)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
354 Salt Lake City UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 220
Buildings and Improvements	10,732
Costs Capitalized Subsequent to Acquisition	1,856
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	12,186
Total	12,406
Accumulated Depreciation	$ (6,249)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
355 Salt Lake City UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 180
Buildings and Improvements	14,792
Costs Capitalized Subsequent to Acquisition	2,162
Gross Amount at Which Carried As of Year End
Land	180
Buildings and Improvements	16,429
Total	16,609
Accumulated Depreciation	$ (8,293)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
467 Salt Lake City UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 3,000
Buildings and Improvements	7,541
Costs Capitalized Subsequent to Acquisition	2,044
Gross Amount at Which Carried As of Year End
Land	3,145
Buildings and Improvements	9,091
Total	12,236
Accumulated Depreciation	$ (3,396)
Life on Which Depreciation in Latest Income Statement is Computed	38 years
566 Salt Lake City UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 509
Buildings and Improvements	4,044
Costs Capitalized Subsequent to Acquisition	1,686
Gross Amount at Which Carried As of Year End
Land	509
Buildings and Improvements	5,317
Total	5,826
Accumulated Depreciation	$ (1,955)
Life on Which Depreciation in Latest Income Statement is Computed	37 years
2041 Salt Lake City UT | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 12,326
Costs Capitalized Subsequent to Acquisition	161
Gross Amount at Which Carried As of Year End
Buildings and Improvements	12,487
Total	12,487
Accumulated Depreciation	$ (1,353)
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	757
Gross Amount at Which Carried As of Year End
Land	1,122
Buildings and Improvements	4,015
Total	5,137
Accumulated Depreciation	$ (979)
Life on Which Depreciation in Latest Income Statement is Computed	20 years
482 Stansbury UT | Medical office | Operating segment
Initial Cost to Company
Land	$ 450
Buildings and Improvements	3,201
Costs Capitalized Subsequent to Acquisition	380
Gross Amount at Which Carried As of Year End
Land	450
Buildings and Improvements	3,422
Total	3,872
Accumulated Depreciation	$ (1,256)
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	2,331
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	6,433
Total	6,450
Accumulated Depreciation	$ (3,478)
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	1,297
Gross Amount at Which Carried As of Year End
Land	15
Buildings and Improvements	3,382
Total	3,397
Accumulated Depreciation	$ (1,569)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2034 West Jordan UT | Medical office | Operating segment
Initial Cost to Company
Buildings and Improvements	$ 12,021
Costs Capitalized Subsequent to Acquisition	56
Gross Amount at Which Carried As of Year End
Buildings and Improvements	12,077
Total	12,077
Accumulated Depreciation	$ (1,288)
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	$ 753
Initial Cost to Company
Buildings and Improvements	1,383
Costs Capitalized Subsequent to Acquisition	808
Gross Amount at Which Carried As of Year End
Buildings and Improvements	2,190
Total	2,190
Accumulated Depreciation	$ (424)
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	$ (4,238)
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	$ (8,974)
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	16,710
Costs Capitalized Subsequent to Acquisition	6,594
Gross Amount at Which Carried As of Year End
Land	8,494
Buildings and Improvements	22,607
Total	31,101
Accumulated Depreciation	$ (7,815)
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	$ (592)
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	575
Gross Amount at Which Carried As of Year End
Buildings and Improvements	11,827
Total	11,827
Accumulated Depreciation	$ (4,244)
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	2,211
Gross Amount at Which Carried As of Year End
Buildings and Improvements	19,685
Total	19,685
Accumulated Depreciation	$ (9,485)
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	15,124
Gross Amount at Which Carried As of Year End
Buildings and Improvements	63,876
Total	63,876
Accumulated Depreciation	$ (20,187)
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	12,330
Gross Amount at Which Carried As of Year End
Land	126
Buildings and Improvements	34,970
Total	35,096
Accumulated Depreciation	$ (12,005)
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	6,633
Total	6,816
Accumulated Depreciation	$ (6,208)
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	4,796
Gross Amount at Which Carried As of Year End
Buildings and Improvements	10,875
Total	10,875
Accumulated Depreciation	$ (3,710)
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	3,450
Gross Amount at Which Carried As of Year End
Buildings and Improvements	48,299
Total	48,299
Accumulated Depreciation	$ (13,505)
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	9
Gross Amount at Which Carried As of Year End
Buildings and Improvements	4,610
Total	4,610
Accumulated Depreciation	$ (555)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
126 Sherwood AR | Other | Operating segment
Initial Cost to Company
Land	$ 709
Buildings and Improvements	9,604
Costs Capitalized Subsequent to Acquisition	709
Gross Amount at Which Carried As of Year End
Land	709
Buildings and Improvements	9,587
Total	10,296
Accumulated Depreciation	$ (5,517)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
113 Glendale AZ | Other | Operating segment
Initial Cost to Company
Land	$ 1,565
Buildings and Improvements	7,050
Costs Capitalized Subsequent to Acquisition	1,565
Gross Amount at Which Carried As of Year End
Land	1,565
Buildings and Improvements	7,050
Total	8,615
Accumulated Depreciation	$ (4,130)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1038 Fresno CA | Other | Operating segment
Initial Cost to Company
Land	$ 3,652
Buildings and Improvements	29,113
Costs Capitalized Subsequent to Acquisition	3,652
Gross Amount at Which Carried As of Year End
Land	3,652
Buildings and Improvements	51,048
Total	54,700
Accumulated Depreciation	$ (15,131)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
423 Irvine CA | Other | Operating segment
Initial Cost to Company
Land	$ 18,000
Buildings and Improvements	70,800
Costs Capitalized Subsequent to Acquisition	18,000
Gross Amount at Which Carried As of Year End
Land	18,000
Buildings and Improvements	70,800
Total	88,800
Accumulated Depreciation	$ (34,732)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
127 Colorado Springs CO | Other | Operating segment
Initial Cost to Company
Land	$ 690
Buildings and Improvements	8,338
Costs Capitalized Subsequent to Acquisition	690
Gross Amount at Which Carried As of Year End
Land	690
Buildings and Improvements	8,338
Total	9,028
Accumulated Depreciation	$ (4,780)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
887 Atlanta GA | Other | Operating segment
Initial Cost to Company
Land	$ 4,300
Buildings and Improvements	13,690
Costs Capitalized Subsequent to Acquisition	4,300
Gross Amount at Which Carried As of Year End
Land	4,300
Buildings and Improvements	11,890
Total	16,190
Accumulated Depreciation	$ (5,846)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
112 Overland Park KS | Other | Operating segment
Initial Cost to Company
Land	$ 2,316
Buildings and Improvements	10,681
Costs Capitalized Subsequent to Acquisition	2,316
Gross Amount at Which Carried As of Year End
Land	2,316
Buildings and Improvements	10,680
Total	12,996
Accumulated Depreciation	$ (6,481)
Life on Which Depreciation in Latest Income Statement is Computed	45 years
1383 Baton Rouge LA | Other | Operating segment
Initial Cost to Company
Land	$ 690
Buildings and Improvements	8,545
Costs Capitalized Subsequent to Acquisition	690
Gross Amount at Which Carried As of Year End
Land	690
Buildings and Improvements	8,496
Total	9,186
Accumulated Depreciation	$ (3,621)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
2031 Slidell LA | Other | Operating segment
Initial Cost to Company
Land	$ 3,000
Costs Capitalized Subsequent to Acquisition	3,000
Gross Amount at Which Carried As of Year End
Land	3,000
Buildings and Improvements	643
Total	3,643
886 Dallas TX | Other | Operating segment
Initial Cost to Company
Land	1,820
Buildings and Improvements	8,508
Costs Capitalized Subsequent to Acquisition	1,820
Gross Amount at Which Carried As of Year End
Land	1,820
Buildings and Improvements	7,454
Total	9,274
Accumulated Depreciation	$ (1,832)
Life on Which Depreciation in Latest Income Statement is Computed	40 years
1319 Dallas TX | Other | Operating segment
Initial Cost to Company
Land	$ 18,840
Buildings and Improvements	155,659
Costs Capitalized Subsequent to Acquisition	18,840
Gross Amount at Which Carried As of Year End
Land	18,840
Buildings and Improvements	157,084
Total	175,924
Accumulated Depreciation	$ (43,809)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1384 Plano TX | Other | Operating segment
Initial Cost to Company
Land	$ 6,290
Buildings and Improvements	22,686
Costs Capitalized Subsequent to Acquisition	6,290
Gross Amount at Which Carried As of Year End
Land	6,290
Buildings and Improvements	28,202
Total	34,492
Accumulated Depreciation	$ (11,476)
Life on Which Depreciation in Latest Income Statement is Computed	25 years
2198 Webster TX | Other | Operating segment
Initial Cost to Company
Land	$ 2,220
Buildings and Improvements	9,602
Costs Capitalized Subsequent to Acquisition	2,220
Gross Amount at Which Carried As of Year End
Land	2,220
Buildings and Improvements	9,602
Total	11,822
Accumulated Depreciation	$ (1,415)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
2469 Rural Retreat VA | Other | Operating segment
Initial Cost to Company
Land	$ 1,876
Buildings and Improvements	14,720
Costs Capitalized Subsequent to Acquisition	1,876
Gross Amount at Which Carried As of Year End
Land	1,876
Buildings and Improvements	14,720
Total	16,596
Accumulated Depreciation	$ (509)
Life on Which Depreciation in Latest Income Statement is Computed	35 years
1959 East Providence RI | Senior housing | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 14,186
Initial Cost to Company
Land	1,890
Buildings and Improvements	13,989
Costs Capitalized Subsequent to Acquisition	1,890
Gross Amount at Which Carried As of Year End
Land	1,890
Buildings and Improvements	15,057
Total	16,947
Accumulated Depreciation	$ (3,439)
Life on Which Depreciation in Latest Income Statement is Computed	30 years

Schedule III - Real Estate an96

Schedule III - Real Estate and Accumulated Depreciation - Amount that Tax Basis of Net Real Estate Assets Less Than the Reported Amounts (Details) $ in Millions	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	$ 1,200

Schedule III - Real Estate an97

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, 2016	Dec. 31, 2015	Dec. 31, 2014
Real estate:
Balances at beginning of year	$ 14,330,257	$ 12,931,832	$ 12,592,841
Acquisition of real estate and development and improvements	987,135	1,930,931	756,043
Disposition of real estate	(577,799)	(121,374)	(169,311)
Impairments		(3,118)
Balances associated with changes in reporting presentation	(764,833)	(408,014)	(247,741)
Balances at end of year	13,974,760	14,330,257	12,931,832
Accumulated depreciation:
Balances at beginning of year	2,476,015	2,190,486	1,965,592
Depreciation expense	465,945	418,591	384,019
Disposition of real estate	(109,949)	(17,251)	(55,745)
Balances associated with changes in reporting presentation	(183,081)	(115,811)	(103,380)
Balances at end of year	$ 2,648,930	$ 2,476,015	$ 2,190,486