Delaware (State or other jurisdiction of incorporation or organization) |
34-1096634 (I.R.S. Employer Identification Number) |
|
One SeaGate, Suite 1500,
Toledo, Ohio (Address of principal executive office) |
43604 (Zip Code) |
Title of Each Class
|
Name of Each Exchange on Which Registered
|
|
Common Stock, $1.00 par value
|
New York Stock Exchange | |
7.875% Series D Cumulative
Redeemable Preferred Stock, $1.00 par value |
New York Stock Exchange | |
7.625% Series F Cumulative
Redeemable Preferred Stock, $1.00 par value |
New York Stock Exchange | |
7.5% Series G Cumulative
Convertible Preferred Stock, $1.00 par value |
New York Stock Exchange |
2
Item 1. | Business |
3
Investments(1) |
Percentage of |
Revenues(2) |
Percentage of |
Number of |
# Beds/Units |
Investment per |
Operators/ |
|||||||||||||||||||||||||||||
Type of Property
|
(In thousands) | Investments | (In thousands) | Revenues(2) | Properties | or Sq. Ft. | metric (3) | Tenants | States | |||||||||||||||||||||||||||
Independent living/CCRCs
|
$ | 533,950 | 13 | % | $ | 39,475 | 12 | % | 47 | 5,887 units | $ | 123,073 unit | 18 | 19 | ||||||||||||||||||||||
Assisted living facilities
|
1,024,219 | 25 | % | 107,165 | 33 | % | 204 | 12,538 units | 90,697 unit | 25 | 33 | |||||||||||||||||||||||||
Skilled nursing facilities
|
1,414,115 | 34 | % | 157,945 | 48 | % | 221 | 30,218 beds | 47,279 bed | 22 | 28 | |||||||||||||||||||||||||
Medical office buildings
|
900,132 | 22 | % | 3,247 | 1 | % | 89 | 3,297,370 sq. ft. | 273 sq. ft. | 642 | 12 | |||||||||||||||||||||||||
Specialty care facilities
|
260,333 | 6 | % | 16,632 | 5 | % | 17 | 1,351 beds | 210,969 bed | 9 | 9 | |||||||||||||||||||||||||
Other income
|
3,924 | 1 | % | |||||||||||||||||||||||||||||||||
Totals
|
$ | 4,132,749 | 100 | % | $ | 328,388 | 100 | % | 578 | |||||||||||||||||||||||||||
(1) | Investments include real estate investments and credit enhancements which amounted to $4,130,299,000 and $2,450,000, respectively. | |
(2) | Revenues include gross revenues and revenues from discontinued operations for the year ended December 31, 2006. | |
(3) | Investment per metric was computed by using the total investment amount of $4,475,503,000 which includes real estate investments, credit enhancements and unfunded construction commitments for which initial funding has commenced which amounted to $4,130,299,000, $2,450,000 and $342,754,000, respectively. |
4
5
6
7
Number of |
Total |
Percent of |
||||||||||
Properties | Investment(1) | Investment(2) | ||||||||||
Concentration by investment:
|
||||||||||||
Emeritus Corporation
|
50 | $ | 353,641 | 9 | % | |||||||
Brookdale Senior Living Inc.
|
87 | 284,161 | 7 | % | ||||||||
Home Quality Management, Inc.
|
37 | 244,449 | 6 | % | ||||||||
Life Care Centers of America,
Inc.
|
26 | 238,610 | 6 | % | ||||||||
Merrill Gardens L.L.C.
|
13 | 183,841 | 4 | % | ||||||||
Remaining portfolio
|
365 | 2,828,047 | 68 | % | ||||||||
Totals
|
578 | $ | 4,132,749 | 100 | % | |||||||
Number of |
Total |
Percent of |
||||||||||
Properties | Revenue(3) | Revenue | ||||||||||
Concentration by revenue(4):
|
||||||||||||
Emeritus Corporation
|
50 | $ | 36,878 | 11 | % | |||||||
Brookdale Senior Living Inc.
|
87 | 33,581 | 10 | % | ||||||||
Home Quality Management, Inc.
|
37 | 27,318 | 8 | % | ||||||||
Life Care Centers of America,
Inc.
|
26 | 23,261 | 7 | % | ||||||||
Delta Health Group, Inc.
|
25 | 22,861 | 7 | % | ||||||||
Remaining portfolio
|
353 | 180,565 | 56 | % | ||||||||
Other income
|
n/a | 3,924 | 1 | % | ||||||||
Totals
|
578 | $ | 328,388 | 100 | % | |||||||
(1) | Investments include real estate investments and credit enhancements which amounted to $4,130,299,000 and $2,450,000, respectively. | |
(2) | Investments with our top five customers comprised 41% of total investments at December 31, 2005. | |
(3) | Revenues include gross revenues and revenues from discontinued operations for the year ended December 31, 2006. | |
(4) | Revenues from our top five customers were 43% and 46% for the years ended December 31, 2005 and 2004, respectively. All of our top five customers are in our investment properties segment. |
8
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12
| To the extent that we do not distribute all of our net capital gain or distribute at least 90%, but less than 100%, of our REIT taxable income, as adjusted, we will be subject to tax on the undistributed amount at regular corporate tax rates; | |
| We may be subject to the alternative minimum tax on certain items of tax preference to the extent that this tax exceeds our regular tax; | |
| If we have net income from the sale or other disposition of foreclosure property that is held primarily for sale to customers in the ordinary course of business or other non-qualifying income from foreclosure property, we will be subject to tax at the highest corporate rate on this income; |
13
| Any net income from prohibited transactions (which are, in general, sales or other dispositions of property held primarily for sale to customers in the ordinary course of business, other than dispositions of foreclosure property and dispositions of property due to an involuntary conversion) will be subject to a 100% tax; | |
| If we fail to satisfy either the 75% or 95% gross income tests (as discussed below), but nonetheless maintain our qualification as a REIT because certain other requirements are met, we will be subject to a 100% tax on an amount equal to (1) the gross income attributable to the greater of (i) 75% of our gross income over the amount of qualifying gross income for purposes of the 75% gross income test (discussed below) or (ii) 95% of our gross income (90% of our gross income for taxable years beginning on or before October 22, 2004) over the amount of qualifying gross income for purposes of the 95% gross income test (discussed below) multiplied by (2) a fraction intended to reflect our profitability; | |
| If we fail to distribute during each year at least the sum of (1) 85% of our REIT ordinary income for the year, (2) 95% of our REIT capital gain net income for such year (other than capital gain that we elect to retain and pay tax on) and (3) any undistributed taxable income from preceding periods, we will be subject to a 4% excise tax on the excess of such required distribution over amounts actually distributed; and | |
| We will also be subject to a tax of 100% on the amount of any rents from real property, deductions or excess interest paid to us by any of our taxable REIT subsidiaries that would be reduced through reallocation under certain federal income tax principles in order to more clearly reflect income of the taxable REIT subsidiary. See Qualification as a REIT Investments in Taxable REIT Subsidiaries. |
(1) | which is managed by one or more trustees or directors; | |
(2) | the beneficial ownership of which is evidenced by transferable shares or by transferable certificates of beneficial interest; | |
(3) | which would be taxable as a domestic corporation but for the federal income tax law relating to REITs; |
(5) | the beneficial ownership of which is held by 100 or more persons in each taxable year of the REIT except for its first taxable year; | |
(6) | not more than 50% in value of the outstanding stock of which is owned during the last half of each taxable year, excluding its first taxable year, directly or indirectly, by or for five or fewer individuals (which includes certain entities) (the Five or Fewer Requirement); and | |
(7) | which meets certain income and asset tests described below. |
14
| At least 75% of our gross income (excluding gross income from certain sales of property held primarily for sale) must be directly or indirectly derived each taxable year from rents from real property, other income from investments relating to real property or mortgages on real property or certain income from qualified temporary investments. | |
| At least 95% of our gross income (excluding gross income from certain sales of property held primarily for sale) must be directly or indirectly derived each taxable year from any of the sources qualifying for the 75% gross income test and from dividends (including dividends from taxable REIT subsidiaries) and interest. |
15
| The amount of rent must not be based in whole or in part on the income or profits of any person, although rents generally will not be excluded merely because they are based on a fixed percentage or percentages of receipts or sales. | |
| Rents received from a tenant will not qualify as rents from real property if the REIT, or an owner of 10% or more of the REIT, also directly or constructively owns 10% or more of the tenant, unless the tenant is our taxable REIT subsidiary and certain other requirements are met with respect to the real property being rented. | |
| If rent attributable to personal property leased in connection with a lease of real property is greater than 15% of the total rent received under the lease, then the portion of rent attributable to such personal property will not qualify as rents from real property. | |
| For rents to qualify as rents from real property, we generally must not furnish or render services to tenants, other than through a taxable REIT subsidiary or an independent contractor from whom we derive no income, except that we may directly provide services that are usually or customarily rendered in the geographic area in which the property is located in connection with the rental of real property for occupancy only, or are not otherwise considered rendered to the occupant for his convenience. |
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| a citizen or resident of the United States; | |
| a corporation, partnership or other entity classified as a corporation or partnership for these purposes, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state; | |
| an estate, the income of which is subject to United States federal income taxation regardless of its source; or | |
| a trust, if, in general, a U.S. court is able to exercise primary supervision over the trusts administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trusts substantial decisions. |
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| a citizen or resident of the United States; | |
| a corporation or partnership, or other entity classified as a corporation or partnership for these purposes, created or organized in or under the laws of the United States or of any political subdivision of the United States, including any state; | |
| an estate, the income of which is subject to United States federal income taxation regardless of its source; or | |
| a trust, if, in general, a U.S. court is able to exercise primary supervision over the trusts administration and one or more U.S. persons, within the meaning of the Internal Revenue Code, has the authority to control all of the trusts substantial decisions. |
| the amount realized on the sale or other disposition, less any amount attributable to any accrued interest, which will be taxable in the manner described under Payments of Interest above; and | |
| your adjusted tax basis in the notes. |
23
| you do not, directly or indirectly, actually or constructively, own 10% or more of the total combined voting power of all classes of our stock entitled to vote; | |
| you are not (1) a controlled foreign corporation for U.S. federal income tax purposes that is related, directly or indirectly, to us through sufficient stock ownership, as provided in the Internal Revenue Code, or (2) a bank receiving interest described in Section 881(c)(3)(A) of the Internal Revenue Code; | |
| such interest is not effectively connected with your conduct of a U.S. trade or business; and | |
| you provide a signed written statement, under penalties of perjury, which can reliably be related to you, certifying that you are not a U.S. person within the meaning of the Internal Revenue Code and providing your name and address to: |
| us or our paying agent; or | |
| a securities clearing organization, bank or other financial institution that holds customers securities in the ordinary course of its trade or business and holds your notes on your behalf and that certifies to us or our paying agent under penalties of perjury that it, or the bank or financial institution between it and you, has received from you your signed, written statement and provides us or our paying agent with a copy of such statement. |
| if you are a foreign partnership, the certification requirement will generally apply to your partners, and you will be required to provide certain information; | |
| if you are a foreign trust, the certification requirement will generally be applied to you or your beneficial owners depending on whether you are a foreign complex trust, foreign simple trust, or foreign grantor trust as defined in the Treasury regulations; and | |
| look-through rules will apply for tiered partnerships, foreign simple trusts and foreign grantor trusts. |
24
| in the case of gain, you are an individual who is present in the United States for 183 days or more during the taxable year of the sale or other disposition of your notes, and specific other conditions are met; | |
| you are subject to tax provisions applicable to certain United States expatriates; or | |
| the gain is effectively connected with your conduct of a U.S. trade or business. |
| is a U.S. person, as defined in the Internal Revenue Code; | |
| derives 50% or more of its gross income in specific periods from the conduct of a trade or business in the United States; | |
| is a controlled foreign corporation for U.S. federal income tax purposes; or | |
| is a foreign partnership, if at any time during its tax year, one or more of its partners are U.S. persons who in the aggregate hold more than 50% of the income or capital interests in the partnership, or the foreign partnership is engaged in a U.S. trade or business, unless the broker has documentary evidence in its files that you are a non-U.S. person and certain other conditions are met or you otherwise establish an exemption. If you receive payments of the proceeds of a sale of your notes to or through a U.S. office of a broker, the payment is subject to both U.S. backup withholding and information reporting unless you provide a Form W-8BEN certifying that you are a non-U.S. person or you otherwise establish an exemption. |
25
Item 1A. | Risk Factors |
| the possible expansion of our portfolio; | |
| the sale of properties; | |
| the performance of our operators/tenants and properties; | |
| our ability to enter into agreements with new viable tenants for properties that we take back from financially troubled tenants, if any; | |
| our ability to retain or increase occupancies in our medical office buildings at similar or higher rates; | |
| our ability to make distributions to stockholders; | |
| our policies and plans regarding investments, financings and other matters; | |
| our tax status as a real estate investment trust; | |
| our ability to appropriately balance the use of debt and equity; | |
| our ability to access capital markets or other sources of funds; and | |
| our ability to meet our earnings guidance. |
26
| the status of the economy; | |
| the status of capital markets, including prevailing interest rates; | |
| issues facing the health care industry, including compliance with, and changes to, regulations and payment policies and operators/tenants difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance; | |
| changes in financing terms; | |
| competition within the health care and senior housing industries; | |
| negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; | |
| our ability to transition or sell facilities with profitable results; | |
| the failure to make new investments as and when anticipated; | |
| the failure of closings to occur as and when anticipated; | |
| acts of God affecting our properties; | |
| our ability to re-lease space at similar rates as vacancies occur; | |
| our ability to timely reinvest sale proceeds at similar rates to assets sold; | |
| operator/tenant bankruptcies or insolvencies; | |
| government regulations affecting Medicare and Medicaid reimbursement rates; | |
| liability or contract claims by or against operators/tenants; | |
| unanticipated difficulties and/or expenditures relating to future acquisitions; | |
| environmental laws affecting our properties; | |
| changes in rules or practices governing our financial reporting; | |
| other legal and operational matters, including REIT qualification and key management personnel recruitment and retention; and | |
| the risks described below: |
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Item 1B. | Unresolved Staff Comments |
Item 2. | Properties |
Number of |
Number of |
Total |
Annualized |
|||||||||||||||||
Property Location
|
Properties | Beds/Units | Investment(1) | Income(2) | ||||||||||||||||
Assisted Living
Facilities:
|
||||||||||||||||||||
Arizona
|
4 | 247 | $ | 17,512 | $ | 2,231 | ||||||||||||||
California
|
8 | 592 | 52,757 | 7,659 | ||||||||||||||||
Colorado
|
1 | 46 | 4,161 | 556 | ||||||||||||||||
Connecticut
|
6 | 591 | 52,147 | 5,892 | ||||||||||||||||
Delaware
|
1 | 97 | 20,537 | 2,047 | ||||||||||||||||
Florida
|
15 | 1,162 | 77,213 | 10,011 | ||||||||||||||||
Georgia
|
2 | 107 | 4,388 | 541 | ||||||||||||||||
Idaho
|
3 | 234 | 14,638 | 1,710 | ||||||||||||||||
Illinois
|
7 | 560 | 37,161 | 1,752 | ||||||||||||||||
Indiana
|
2 | 78 | 4,898 | 685 | ||||||||||||||||
Iowa
|
1 | 208 | 5,974 | |||||||||||||||||
Kansas
|
1 | 120 | 10,559 | 1,568 | ||||||||||||||||
Kentucky
|
1 | 80 | 7,383 | 871 | ||||||||||||||||
Louisiana
|
1 | 124 | 7,668 | 1,437 | ||||||||||||||||
Maryland
|
2 | 164 | 9,094 | 1,100 | ||||||||||||||||
Massachusetts
|
7 | 525 | 66,411 | 7,892 | ||||||||||||||||
Mississippi
|
2 | 158 | 13,053 | 1,560 | ||||||||||||||||
Montana
|
3 | 205 | 14,869 | 1,748 | ||||||||||||||||
Nevada
|
3 | 262 | 24,081 | 2,965 | ||||||||||||||||
New Jersey
|
2 | 90 | 7,188 | 977 | ||||||||||||||||
New York
|
3 | 185 | 35,451 | 3,261 | ||||||||||||||||
North Carolina
|
41 | 1,867 | 174,623 | 22,353 | ||||||||||||||||
Ohio
|
9 | 627 | 44,311 | 4,925 | ||||||||||||||||
Oklahoma
|
16 | 549 | 19,098 | 3,139 | ||||||||||||||||
Oregon
|
3 | 123 | 10,154 | 1,485 | ||||||||||||||||
Pennsylvania
|
2 | 135 | 15,580 | 1,458 | ||||||||||||||||
South Carolina
|
5 | 266 | 24,485 | 3,327 | ||||||||||||||||
Tennessee
|
4 | 216 | 11,329 | 1,315 | ||||||||||||||||
Texas
|
29 | 1,615 | 106,377 | 8,946 | ||||||||||||||||
Utah
|
2 | 138 | 13,386 | 1,548 | ||||||||||||||||
Virginia
|
4 | 326 | 40,019 | 4,220 | ||||||||||||||||
Washington
|
8 | 472 | 31,808 | 3,676 | ||||||||||||||||
Wisconsin
|
6 | 369 | 45,906 | 3,219 | ||||||||||||||||
Total Assisted Living Facilities
|
204 | 12,538 | 1,024,219 | 116,074 |
32
Number of |
Number of |
Total |
Annualized |
|||||||||||||||||
Property Location
|
Properties | Beds/Units | Investment(1) | Income(2) | ||||||||||||||||
Skilled Nursing
Facilities:
|
||||||||||||||||||||
Alabama
|
8 | 1,202 | $ | 41,516 | $ | 4,767 | ||||||||||||||
Arizona
|
3 | 505 | 20,369 | 2,169 | ||||||||||||||||
Colorado
|
5 | 816 | 47,568 | 4,424 | ||||||||||||||||
Connecticut
|
6 | 753 | 21,013 | 2,298 | ||||||||||||||||
Florida
|
45 | 5,942 | 318,947 | 36,255 | ||||||||||||||||
Georgia
|
3 | 499 | 16,692 | 1,818 | ||||||||||||||||
Idaho
|
3 | 393 | 17,298 | 2,582 | ||||||||||||||||
Illinois
|
4 | 406 | 26,851 | 2,550 | ||||||||||||||||
Indiana
|
8 | 865 | 45,748 | 4,436 | ||||||||||||||||
Kansas
|
1 | 163 | 9,228 | 901 | ||||||||||||||||
Kentucky
|
10 | 1,343 | 65,340 | 7,808 | ||||||||||||||||
Louisiana
|
7 | 854 | 34,905 | 3,770 | ||||||||||||||||
Maryland
|
1 | 100 | 3,885 | 524 | ||||||||||||||||
Massachusetts
|
23 | 3,226 | 206,277 | 21,503 | ||||||||||||||||
Michigan
|
1 | 99 | 4,431 | 438 | ||||||||||||||||
Mississippi
|
11 | 1,527 | 48,663 | 5,571 | ||||||||||||||||
Missouri
|
3 | 407 | 23,709 | 1,991 | ||||||||||||||||
Nevada
|
1 | 60 | 1,984 | 440 | ||||||||||||||||
New Hampshire
|
1 | 68 | 4,514 | 529 | ||||||||||||||||
New Jersey
|
1 | 176 | 4,643 | 529 | ||||||||||||||||
Ohio
|
21 | 2,797 | 184,092 | 18,634 | ||||||||||||||||
Oklahoma
|
3 | 668 | 21,056 | 2,415 | ||||||||||||||||
Oregon
|
1 | 111 | 4,174 | 639 | ||||||||||||||||
Pennsylvania
|
5 | 734 | 26,943 | 3,498 | ||||||||||||||||
Tennessee
|
22 | 3,025 | 121,490 | 16,429 | ||||||||||||||||
Texas
|
21 | 3,043 | 76,967 | 8,741 | ||||||||||||||||
Utah
|
1 | 120 | 7,633 | 745 | ||||||||||||||||
Virginia
|
2 | 316 | 8,179 | 1,194 | ||||||||||||||||
Total Skilled Nursing Facilities
|
221 | 30,218 | 1,414,115 | 157,598 | ||||||||||||||||
Independent Living / CCRC
Facilities:
|
||||||||||||||||||||
Arizona
|
2 | 376 | 12,954 | 1,332 | ||||||||||||||||
California
|
7 | 1,118 | 147,284 | 9,512 | ||||||||||||||||
Colorado
|
2 | 373 | 33,228 | 1,773 | ||||||||||||||||
Florida
|
3 | 547 | 65,762 | 7,420 | ||||||||||||||||
Georgia
|
3 | 226 | 19,294 | 2,603 | ||||||||||||||||
Idaho
|
1 | 254 | 13,616 | 1,791 | ||||||||||||||||
Illinois
|
1 | 89 | 6,498 | 796 | ||||||||||||||||
Indiana
|
3 | 541 | 42,918 | 1,436 | ||||||||||||||||
Kansas
|
1 | 107 | 12,400 | | ||||||||||||||||
Maryland
|
3 | | 9,379 | 750 | ||||||||||||||||
Massachusetts
|
3 | | 10,556 | 1,070 | ||||||||||||||||
Missouri
|
1 | 65 | 6,000 | 540 | ||||||||||||||||
Montana
|
1 | 18 | 1,964 | 223 | ||||||||||||||||
Nevada
|
1 | 103 | 7,805 | 1,031 | ||||||||||||||||
New York
|
2 | 108 | 11,196 | 1,259 | ||||||||||||||||
North Carolina
|
2 | 349 | 23,055 | 2,021 | ||||||||||||||||
Pennsylvania
|
1 | | 5,350 | 428 | ||||||||||||||||
South Carolina
|
7 | 1,011 | 79,998 | 6,804 | ||||||||||||||||
Texas
|
2 | 532 | 19,217 | 2,326 | ||||||||||||||||
Washington
|
1 | 70 | 5,476 | 530 | ||||||||||||||||
Total Independent Living/CCRC
Facilities
|
47 | 5,887 | 533,950 | 43,645 |
33
Number of |
Total |
Annualized |
||||||||||||||||||||||
Property Location
|
Properties | Sq. Ft. | Investment(1) | Income(2) | ||||||||||||||||||||
Medical Office
Buildings:
|
||||||||||||||||||||||||
Alabama
|
5 | 303,306 | $ | 44,813 | $ | 4,672 | ||||||||||||||||||
Arizona
|
1 | 152,600 | 48,057 | 5,034 | ||||||||||||||||||||
California
|
5 | 269,913 | 89,897 | 6,772 | ||||||||||||||||||||
Florida
|
24 | 836,104 | 243,668 | 17,254 | ||||||||||||||||||||
Georgia
|
14 | 311,003 | 84,102 | 6,599 | ||||||||||||||||||||
Illinois
|
3 | 71,345 | 17,269 | 1,709 | ||||||||||||||||||||
North Carolina
|
10 | 154,930 | 34,051 | 2,533 | ||||||||||||||||||||
New Jersey
|
3 | 116,451 | 32,543 | 4,644 | ||||||||||||||||||||
Nevada
|
6 | 259,579 | 90,458 | 7,628 | ||||||||||||||||||||
New York
|
1 | 100,496 | 20,873 | 2,926 | ||||||||||||||||||||
Tennessee
|
4 | 129,737 | 35,401 | 3,511 | ||||||||||||||||||||
Texas
|
13 | 591,906 | 159,000 | 10,547 | ||||||||||||||||||||
Total Medical Office Buildings
|
89 | 3,297,370 | 900,132 | 73,829 | ||||||||||||||||||||
Number of Beds/Units |
||||||||||||||||||||||||
Specialty Care
Facilities:
|
||||||||||||||||||||||||
California
|
1 | 231 | 7,472 | 523 | ||||||||||||||||||||
Idaho
|
1 | 60 | 4,849 | | ||||||||||||||||||||
Illinois
|
1 | 72 | 49,077 | 5,573 | ||||||||||||||||||||
Indiana
|
1 | 50 | 2,110 | 60 | ||||||||||||||||||||
Louisiana
|
1 | 50 | 9,685 | 744 | ||||||||||||||||||||
Massachusetts
|
3 | 493 | 46,124 | 5,194 | ||||||||||||||||||||
Ohio
|
1 | 55 | 27,540 | 3,905 | ||||||||||||||||||||
Oklahoma
|
2 | 91 | 11,568 | 1,102 | ||||||||||||||||||||
Texas
|
6 | 249 | 101,908 | 10,625 | ||||||||||||||||||||
Total Specialty Care Facilities
|
17 | 1,351 | 260,333 | 27,726 | ||||||||||||||||||||
Total All Properties:
|
578 | $ | 4,132,749 | $ | 418,872 | |||||||||||||||||||
(1) | Investments include real estate investments and credit enhancements which amounted to $4,130,299,000 and $2,450,000, respectively. | |
(2) | Reflects contract rate of interest for loans, annual straight-line rent for leases with fixed escalators or annual cash rent for leases with contingent escalators, net of collectibility reserves if applicable. |
Item 3. | Legal Proceedings |
Item 4. | Submission of Matters to a Vote of Security Holders |
34
Item 5. | Market for Registrants Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Sales Price |
Dividends |
|||||||||||
High | Low | Paid | ||||||||||
2006
|
||||||||||||
First Quarter
|
$ | 38.50 | $ | 33.68 | $ | 0.620 | ||||||
Second Quarter
|
38.09 | 32.80 | 0.640 | |||||||||
Third Quarter
|
40.12 | 34.55 | 0.640 | |||||||||
Fourth Quarter
|
43.02 | 38.60 | 0.9809 | (1) | ||||||||
2005
|
||||||||||||
First Quarter
|
$ | 38.04 | $ | 31.15 | $ | 0.600 | ||||||
Second Quarter
|
37.99 | 31.69 | 0.620 | |||||||||
Third Quarter
|
39.20 | 35.13 | 0.620 | |||||||||
Fourth Quarter
|
37.37 | 33.35 | 0.620 |
(1) | Includes $0.3409 prorated dividend paid on December 28, 2006 in connection with the Windrose merger. |
Total Number |
Maximum Number |
|||||||||||||||
of Shares Purchased |
of Shares that May |
|||||||||||||||
Total Number |
as Part of Publicly |
Yet Be Purchased |
||||||||||||||
of Shares |
Average Price |
Announced Plans |
Under the Plans or |
|||||||||||||
Period
|
Purchased(1) | Paid per Share | or Programs(2) | Programs | ||||||||||||
October 1, 2006 through
October 31, 2006
|
||||||||||||||||
November 1, 2006 through
November 30, 2006
|
||||||||||||||||
December 1, 2006 through
December 31, 2006
|
3,677 | $ | 41.48 | |||||||||||||
Totals
|
3,677 | $ | 41.48 | |||||||||||||
(1) | During the three months ended December 31, 2006, the only securities purchased by the Company were shares of common stock held by employees who tendered owned shares to satisfy the tax withholding on the lapse of certain restrictions on restricted stock. | |
(2) | No shares were purchased as part of publicly announced plans or programs. |
35
12/31/01 | 12/31/02 | 12/31/03 | 12/31/04 | 12/31/05 | 12/31/06 | |||||||||||||
S & P 500
|
100.00 | 77.90 | 100.24 | 111.15 | 116.61 | 135.02 | ||||||||||||
Health Care REIT
|
100.00 | 120.70 | 167.06 | 185.69 | 178.34 | 226.22 | ||||||||||||
NAREIT Equity
|
100.00 | 103.82 | 142.37 | 187.33 | 210.12 | 283.78 | ||||||||||||
36
Item 6. | Selected Financial Data |
Year Ended December 31, | ||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||||||
Operating Data
|
||||||||||||||||||||
Revenues(1)
|
$ | 130,449 | $ | 176,461 | $ | 230,482 | $ | 273,538 | $ | 322,824 | ||||||||||
Expenses:
|
||||||||||||||||||||
Interest expense(1)
|
32,900 | 46,516 | 65,888 | 77,319 | 94,802 | |||||||||||||||
Depreciation and amortization(1)
|
27,310 | 40,277 | 61,681 | 74,816 | 93,131 | |||||||||||||||
Property operating expenses
|
1,115 | |||||||||||||||||||
Other expenses(2)
|
13,038 | 17,274 | 20,391 | 20,073 | 30,259 | |||||||||||||||
Impairment of assets
|
2,298 | 2,792 | 314 | |||||||||||||||||
Loss on extinguishment of debt(3)
|
403 | 21,484 | ||||||||||||||||||
Total expenses
|
75,949 | 106,859 | 148,274 | 193,692 | 219,307 | |||||||||||||||
Income before minority interests
|
54,500 | 69,602 | 82,208 | 79,846 | 103,517 | |||||||||||||||
Minority interests
|
(13 | ) | ||||||||||||||||||
Income from continuing operations
|
54,500 | 69,602 | 82,208 | 79,846 | 103,504 | |||||||||||||||
Income from discontinued
operations, net(1)
|
13,159 | 13,138 | 3,163 | 4,440 | (754 | ) | ||||||||||||||
Net income
|
67,659 | 82,740 | 85,371 | 84,286 | 102,750 | |||||||||||||||
Preferred stock dividends
|
12,468 | 9,218 | 12,737 | 21,594 | 21,463 | |||||||||||||||
Preferred stock redemption charge
|
2,790 | |||||||||||||||||||
Net income available to common
stockholders
|
$ | 55,191 | $ | 70,732 | $ | 72,634 | $ | 62,692 | $ | 81,287 | ||||||||||
Other Data
|
||||||||||||||||||||
Average number of common shares
outstanding:
|
||||||||||||||||||||
Basic
|
36,702 | 43,572 | 51,544 | 54,110 | 61,661 | |||||||||||||||
Diluted
|
37,301 | 44,201 | 52,082 | 54,499 | 62,045 | |||||||||||||||
Per Share Data
|
||||||||||||||||||||
Basic:
|
||||||||||||||||||||
Income from continuing operations
available to common stockholders
|
$ | 1.15 | $ | 1.32 | $ | 1.35 | $ | 1.08 | $ | 1.33 | ||||||||||
Discontinued operations, net
|
0.36 | 0.30 | 0.06 | 0.08 | (0.01 | ) | ||||||||||||||
Net income available to common
stockholders
|
$ | 1.50 | $ | 1.62 | $ | 1.41 | $ | 1.16 | $ | 1.32 | ||||||||||
Diluted:
|
||||||||||||||||||||
Income from continuing operations
available to common stockholders
|
$ | 1.13 | $ | 1.30 | $ | 1.33 | $ | 1.07 | $ | 1.32 | ||||||||||
Discontinued operations, net
|
0.35 | 0.30 | 0.06 | 0.08 | (0.01 | ) | ||||||||||||||
Net income available to common
stockholders
|
$ | 1.48 | $ | 1.60 | $ | 1.39 | $ | 1.15 | $ | 1.31 | ||||||||||
Cash distributions per common share
|
$ | 2.34 | $ | 2.34 | $ | 2.385 | $ | 2.46 | $ | 2.8809 |
(1) | In accordance with FASB Statement No. 144, we have reclassified the income and expenses attributable to the properties sold subsequent to January 1, 2002 and attributable to the properties held for sale at December 31, 2006, to discontinued operations for all periods presented. See Note 16 to our audited consolidated financial statements. | |
(2) | Other expenses include loan expense, provision for loan losses and general and administrative expenses. | |
(3) | Effective January 1, 2003, in accordance with FASB Statement No. 145, we reclassified the losses on extinguishments of debt in 2002 to income from continuing operations rather than as extraordinary items as previously required under FASB Statement No. 4. |
37
December 31, | ||||||||||||||||||||
2002 | 2003 | 2004 | 2005 | 2006 | ||||||||||||||||
Balance Sheet Data
|
||||||||||||||||||||
Net real estate investments
|
$ | 1,524,457 | $ | 1,992,446 | $ | 2,441,972 | $ | 2,849,518 | $ | 4,122,893 | ||||||||||
Total assets
|
1,591,482 | 2,184,088 | 2,552,171 | 2,972,164 | 4,280,610 | |||||||||||||||
Total debt
|
673,703 | 1,014,541 | 1,192,958 | 1,500,818 | 2,198,001 | |||||||||||||||
Total liabilities and minority
interests
|
694,250 | 1,034,409 | 1,216,892 | 1,541,408 | 2,301,817 | |||||||||||||||
Total stockholders equity
|
897,232 | 1,149,679 | 1,335,279 | 1,430,756 | 1,978,793 |
38
Item 7. | Managements Discussion and Analysis of Financial Condition and Results of Operations |
Investments(1) |
Percentage of |
Revenues(2) |
Percentage of |
Number of |
# Beds/Units |
Investment per |
Operators/ |
|||||||||||||||||||||||||||||
Type of Property | (in thousands) | Investments | (in thousands) | Revenues(2) | Properties | or Sq. Ft. | metric (3) | Tenants | States | |||||||||||||||||||||||||||
Independent living/CCRCs
|
$ | 533,950 | 13 | % | $ | 39,475 | 12 | % | 47 | 5,887 | units | $ | 123,073 | unit | 18 | 19 | ||||||||||||||||||||
Assisted living facilities
|
1,024,219 | 25 | % | 107,165 | 33 | % | 204 | 12,538 | units | 90,697 | unit | 25 | 33 | |||||||||||||||||||||||
Skilled nursing facilities
|
1,414,115 | 34 | % | 157,945 | 48 | % | 221 | 30,218 | beds | 47,279 | bed | 22 | 28 | |||||||||||||||||||||||
Medical office buildings
|
900,132 | 22 | % | 3,247 | 1 | % | 89 | 3,297,370 | sq. ft. | 273 | sq.ft. | 642 | 12 | |||||||||||||||||||||||
Specialty care facilities
|
260,333 | 6 | % | 16,632 | 5 | % | 17 | 1,351 | beds | 210,969 | bed | 9 | 9 | |||||||||||||||||||||||
Other income
|
3,924 | 1 | % | |||||||||||||||||||||||||||||||||
Totals
|
$ | 4,132,749 | 100 | % | $ | 328,388 | 100 | % | 578 | |||||||||||||||||||||||||||
(1) | Investments include real estate investments and credit enhancements which amounted to $4,130,299,000 and $2,450,000, respectively. | |
(2) | Revenues include gross revenues and revenues from discontinued operations for the year ended December 31, 2006. | |
(3) | Investment per metric was computed by using the total investment amount of $4,475,503,000 which includes real estate investments, credit enhancements and unfunded construction commitments for which initial funding has commenced which amounted to $4,130,299,000, $2,450,000 and $342,754,000, respectively. |
39
| our Board of Directors increased our quarterly dividend to $0.64 per share, which represented a two cent increase from the quarterly dividend of $0.62 paid for 2005. The dividend declared for the quarter ended December 31, 2006 represented the 143rd consecutive dividend payment; | |
| we completed a $1.0 billion merger with Windrose Medical Properties Trust on December 20, 2006; | |
| we completed $559,209,000 of gross investments offset by $140,791,000 of investment payoffs; | |
| we completed a public offering of 3,222,800 shares of common stock with net proceeds of approximately $109,748,000 in April 2006; | |
| we extended our $40,000,000 unsecured line of credit which matured in May 2006 to May 2007 and reduced pricing by 40 basis points; | |
| we closed on a $700,000,000 unsecured revolving credit facility to replace our $500,000,000 facility, which was scheduled to mature in June 2008. Among other things, the new facility provides us with additional |
40
financial flexibility and borrowing capacity, extends our agreement to July 2009 and adds two new lenders to the bank group in addition to commitment increases by eight of the ten existing lenders; and |
| we issued $345,000,000 of 4.75% convertible notes due December 2026 in November and December 2006. |
Year Ended | ||||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2004 | 2005 | 2006 | ||||||||||
Net income available to common
stockholders
|
$ | 72,634 | $ | 62,692 | $ | 81,287 | ||||||
Funds from operations
|
146,742 | 144,293 | 177,580 | |||||||||
Funds available for distribution
|
136,343 | 147,730 | 191,885 | |||||||||
Per share data (fully diluted):
|
||||||||||||
Net income available to common
stockholders
|
$ | 1.39 | $ | 1.15 | $ | 1.31 | ||||||
Funds from operations
|
2.82 | 2.65 | 2.86 | |||||||||
Funds available for distribution
|
2.62 | 2.71 | 3.09 |
41
Year Ended | ||||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2004 | 2005 | 2006 | ||||||||||
Debt to book capitalization ratio
|
47 | % | 51 | % | 53 | % | ||||||
Debt to market capitalization ratio
|
34 | % | 40 | % | 39 | % | ||||||
Interest coverage ratio
|
3.21 | x | 3.06 | x | 2.97x | |||||||
Fixed charge coverage ratio
|
2.65 | x | 2.37 | x | 2.39x |
December 31, |
December 31, |
December 31, |
||||||||||
2004 | 2005 | 2006 | ||||||||||
Asset mix:
|
||||||||||||
Real property
|
90 | % | 93 | % | 95 | % | ||||||
Loans receivable
|
10 | % | 7 | % | 5 | % | ||||||
Investment mix:
|
||||||||||||
Assisted living facilities
|
54 | % | 34 | % | 25 | % | ||||||
Skilled nursing facilities
|
39 | % | 44 | % | 34 | % | ||||||
Independent/CCRC(1)
|
15 | % | 13 | % | ||||||||
Medical office buildings
|
22 | % | ||||||||||
Specialty care facilities
|
7 | % | 7 | % | 6 | % | ||||||
Customer mix:
|
||||||||||||
Emeritus Corporation
|
15 | % | 13 | % | 9 | % | ||||||
Brookdale Senior Living Inc.
|
7 | % | ||||||||||
Home Quality Management, Inc.
|
7 | % | 6 | % | ||||||||
Life Care Centers of America,
Inc.
|
7 | % | 6 | % | ||||||||
Merrill Gardens L.L.C.
|
7 | % | 4 | % | ||||||||
Southern Assisted Living, Inc.(2)
|
8 | % | 7 | % | ||||||||
Commonwealth Communities Holdings
LLC
|
8 | % | 7 | % | ||||||||
Delta Health Group, Inc.
|
7 | % | ||||||||||
Remaining portfolio
|
55 | % | 59 | % | 68 | % | ||||||
Geographic mix:
|
||||||||||||
Florida
|
15 | % | 14 | % | 17 | % | ||||||
Texas
|
6 | % | 8 | % | 11 | % | ||||||
Massachusetts
|
14 | % | 13 | % | 8 | % | ||||||
California
|
7 | % | 7 | % | ||||||||
Ohio
|
6 | % | 6 | % | ||||||||
North Carolina
|
8 | % | 8 | % | ||||||||
Remaining portfolio
|
51 | % | 50 | % | 51 | % |
42
(1) | As a result of our significant independent living/continuing care retirement community acquisitions in the fourth quarter of 2005, we began to separately disclose this property classification in our portfolio reporting. We adopted the National Investment Center definitions and reclassified certain of our existing facilities to this classification. | |
(2) | In September 2005, Alterra Healthcare Corporation, one of our tenants, became an indirect wholly-owned subsidiary of Brookdale Senior Living Inc. as a result of Brookdales merger with FEBC-ALT Investors LLC. In April 2006, Brookdale completed the acquisition of Southern Assisted Living, Inc. |
September 30, 2004 | September 30, 2005 | September 30, 2006 | ||||||||||||||||||||||
CBMF | CAMF | CBMF | CAMF | CBMF | CAMF | |||||||||||||||||||
Independent living/CCRCs
|
1.43 | x | 1.21 | x | 1.41 | x | 1.21x | |||||||||||||||||
Assisted living facilities
|
1.45 | x | 1.23 | x | 1.52 | x | 1.30 | x | 1.54 | x | 1.33x | |||||||||||||
Skilled nursing facilities
|
2.11 | x | 1.62 | x | 2.18 | x | 1.61 | x | 2.17 | x | 1.55x | |||||||||||||
Specialty care facilities
|
2.69 | x | 2.08 | x | 3.36 | x | 2.77 | x | 2.88 | x | 2.34x | |||||||||||||
Weighted averages
|
1.78 | x | 1.44 | x | 1.92 | x | 1.53 | x | 1.93 | x | 1.50x |
43
Year Ended | One Year Change | Year Ended | One Year Change | Two Year Change | ||||||||||||||||||||||||||||||||
Dec. 31, 2004 | Dec. 31, 2005 | $ | % | Dec. 31, 2006 | $ | % | $ | % | ||||||||||||||||||||||||||||
Cash and cash equivalents at
beginning of period
|
$ | 124,496 | $ | 19,763 | $ | (104,733 | ) | (84 | )% | $ | 36,237 | $ | 16,474 | 83 | % | $ | (88,259 | ) | (71 | )% | ||||||||||||||||
Cash provided from (used in)
operating activities
|
144,025 | 173,755 | 29,730 | 21 | % | 216,446 | 42,691 | 25 | % | 72,421 | 50 | % | ||||||||||||||||||||||||
Cash provided from (used in)
investing activities
|
(507,362 | ) | (449,069 | ) | 58,293 | (11 | )% | (560,815 | ) | (111,746 | ) | 25 | % | (53,453 | ) | 11 | % | |||||||||||||||||||
Cash provided from (used in)
financing activities
|
258,604 | 291,788 | 33,184 | 13 | % | 344,348 | 52,560 | 18 | % | 85,744 | 33 | % | ||||||||||||||||||||||||
Cash and cash equivalents at end of
period
|
$ | 19,763 | $ | 36,237 | $ | 16,474 | 83 | % | $ | 36,216 | $ | (21 | ) | 0 | % | $ | 16,453 | 83 | % | |||||||||||||||||
Year Ended | One Year Change | Year Ended | One Year Change | Two Year Change | ||||||||||||||||||||||||||||||||
Dec. 31, 2004 | Dec. 31, 2005 | $ | % | Dec. 31, 2006 | $ | % | $ | % | ||||||||||||||||||||||||||||
Gross straight-line rental income
|
$ | 21,936 | $ | 13,142 | $ | (8,794 | ) | (40 | )% | $ | 9,432 | $ | (3,710 | ) | (28 | )% | $ | (12,504 | ) | (57 | )% | |||||||||||||||
Cash receipts due to real property
sales
|
(3,756 | ) | (9,384 | ) | (5,628 | ) | (150 | )% | (3,544 | ) | 5,840 | (62 | )% | 212 | (6 | )% | ||||||||||||||||||||
Prepaid rent receipts
|
(4,388 | ) | (4,485 | ) | (97 | ) | 2 | % | (17,017 | ) | (12,532 | ) | 279 | % | (12,629 | ) | 288 | % | ||||||||||||||||||
Rental income related to
above/below market leases
|
60 | 60 | n/a | 60 | n/a | |||||||||||||||||||||||||||||||
Cash receipts in excess of (less
than) rental income
|
$ | 13,792 | $ | (727 | ) | $ | (14,519 | ) | n/a | $ | (11,069 | ) | $ | (10,342 | ) | 1,423 | % | $ | (24,861 | ) | n/a | |||||||||||||||
44
Year Ended | ||||||||||||||||||||||||
December 31, 2004 | December 31, 2005 | December 31, 2006 | ||||||||||||||||||||||
Facilities | Amount | Facilities | Amount | Facilities | Amount | |||||||||||||||||||
Real property acquisitions:
|
||||||||||||||||||||||||
Assisted living
|
22 | $ | 179,940 | 4 | $ | 47,660 | 8 | $ | 77,600 | |||||||||||||||
Skilled nursing
|
52 | 338,951 | 45 | 262,084 | 18 | 148,955 | ||||||||||||||||||
Independent/CCRC
|
11 | 230,225 | 5 | 56,417 | ||||||||||||||||||||
Specialty care
|
5 | 51,000 | ||||||||||||||||||||||
Land parcels
|
10,250 | |||||||||||||||||||||||
Total acquisitions
|
74 | 518,891 | 65 | 590,969 | 31 | 293,222 | ||||||||||||||||||
Less:
|
||||||||||||||||||||||||
Assumed debt
|
(14,555 | ) | (22,309 | ) | (25,049 | ) | ||||||||||||||||||
Preferred stock issuance
|
||||||||||||||||||||||||
Cash disbursed for acquisitions
|
504,336 | 568,660 | 268,173 | |||||||||||||||||||||
Additions to CIP
|
11,883 | 8,790 | 149,843 | |||||||||||||||||||||
Capital improvements to existing
properties
|
26,328 | 21,841 | 11,167 | |||||||||||||||||||||
Total cash invested in real
property
|
542,547 | 599,291 | 429,183 | |||||||||||||||||||||
Real property dispositions:
|
||||||||||||||||||||||||
Assisted living
|
4 | 20,271 | 15 | 90,485 | 12 | 58,479 | ||||||||||||||||||
Skilled nursing
|
2 | 6,076 | 3 | 7,827 | ||||||||||||||||||||
Independent/CCRC
|
1 | 3,095 | ||||||||||||||||||||||
Specialty care
|
1 | 11,220 | ||||||||||||||||||||||
Land parcels
|
840 | 486 | ||||||||||||||||||||||
Proceeds from real property sales
|
7 | 37,567 | 15 | 91,325 | 16 | 69,887 | ||||||||||||||||||
Net cash investments in real
property
|
67 | $ | 504,980 | 50 | $ | 507,966 | 15 | $ | 359,296 | |||||||||||||||
Advances on loans receivable:
|
||||||||||||||||||||||||
Investments in new loans
|
$ | 47,826 | $ | 26,554 | $ | 75,209 | ||||||||||||||||||
Draws on existing loans
|
14,062 | 13,833 | 11,781 | |||||||||||||||||||||
Total investments in loans
|
61,888 | 40,387 | 86,990 | |||||||||||||||||||||
Receipts on loans receivable:
|
||||||||||||||||||||||||
Loan payoffs
|
38,450 | 82,379 | 65,002 | |||||||||||||||||||||
Principal payments on loans
|
17,023 | 16,259 | 17,253 | |||||||||||||||||||||
Total principal receipts on loans
|
55,473 | 98,638 | 82,255 | |||||||||||||||||||||
Net cash advances/(receipts) on
loans receivable
|
$ | 6,415 | $ | (58,251 | ) | $ | 4,735 | |||||||||||||||||
45
Date Issued
|
Maturity Date | Interest Rate | Face Amount | Net Proceeds | ||||||||||
September 2004
|
November 2013 | 6.000 | % | $ | 50,000 | $ | 50,708 | |||||||
April 2005
|
May 2015 | 5.875 | % | $ | 250,000 | $ | 246,859 | |||||||
November 2005
|
June 2016 | 6.200 | % | 300,000 | 297,194 | |||||||||
2005 Totals
|
$ | 550,000 | $ | 544,053 | ||||||||||
November 2006
|
December 2006 | 4.750 | % | $ | 345,000 | $ | 337,517 | |||||||
Date Issued
|
Shares Issued | Issue Price | Gross Proceeds | Net Proceeds | ||||||||||||
2004 DRIP
|
1,532,819 | $ | 33.65 | $ | 51,575 | $ | 51,575 | |||||||||
November 2005
|
3,000,000 | $ | 34.15 | $ | 102,450 | $ | 100,977 | |||||||||
2005 DRIP
|
1,546,959 | $ | 34.59 | 53,505 | 53,505 | |||||||||||
4,546,959 | $ | 155,955 | $ | 154,482 | ||||||||||||
April 2006
|
3,222,800 | $ | 36.00 | $ | 116,021 | $ | 109,748 | |||||||||
2006 DRIP
|
1,876,377 | $ | 36.34 | 68,184 | 68,184 | |||||||||||
5,099,177 | $ | 184,205 | $ | 177,932 | ||||||||||||
46
Year Ended | ||||||||||||||||||||||||
December 31, 2004 | December 31, 2005 | December 31, 2006 | ||||||||||||||||||||||
Per Share | Amount | Per Share | Amount | Per Share | Amount | |||||||||||||||||||
Common Stock
|
$ | 2.385 | $ | 122,987 | $ | 2.46 | $ | 132,548 | $ | 2.8809 | $ | 178,365 | ||||||||||||
Series D Preferred Stock
|
1.97 | 7,875 | 1.97 | 7,875 | 1.97 | 7,875 | ||||||||||||||||||
Series E Preferred Stock
|
1.50 | 933 | 1.50 | 375 | 1.50 | 112 | ||||||||||||||||||
Series F Preferred Stock
|
1.50 | 3,929 | 1.91 | 13,344 | 1.91 | 13,344 | ||||||||||||||||||
Series G Preferred Stock
|
0.0625 | 132 | ||||||||||||||||||||||
Totals
|
$ | 135,724 | $ | 154,142 | $ | 199,828 | ||||||||||||||||||
47
Payments Due by Period | ||||||||||||||||||||
Contractual Obligations
|
Total | 2007 | 2008-2009 | 2010-2011 | Thereafter | |||||||||||||||
Unsecured lines of credit
arrangements(1)
|
$ | 740,000 | $ | 40,000 | $ | 700,000 | $ | 0 | $ | 0 | ||||||||||
Senior unsecured notes
|
1,539,830 | 52,500 | 42,330 | 0 | 1,445,000 | |||||||||||||||
Secured debt
|
378,400 | 19,199 | 85,176 | 62,013 | 212,012 | |||||||||||||||
Trust preferred liability
|
51,000 | 0 | 0 | 0 | 51,000 | |||||||||||||||
Contractual interest obligations
|
1,114,788 | 143,201 | 254,340 | 219,379 | 497,868 | |||||||||||||||
Capital lease obligations
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
Operating lease obligations
|
37,378 | 2,756 | 4,664 | 4,005 | 25,953 | |||||||||||||||
Purchase obligations
|
375,036 | 80,907 | 245,924 | 48,205 | 0 | |||||||||||||||
Other long-term liabilities
|
0 | 0 | 0 | 0 | 0 | |||||||||||||||
Total contractual obligations
|
$ | 4,236,432 | $ | 338,563 | $ | 1,332,434 | $ | 333,602 | $ | 2,231,833 | ||||||||||
(1) | Unsecured lines of credit arrangements reflected at 100% capacity. |
48
Year Ended | One Year Change | Year Ended | One Year Change | Two Year Change | ||||||||||||||||||||||||||||||||
Dec. 31, 2004 | Dec. 31, 2005 | $ | % | Dec. 31, 2006 | $ | % | $ | % | ||||||||||||||||||||||||||||
Net income available to common
stockholders
|
$ | 72,634 | $ | 62,692 | $ | (9,942 | ) | (14 | )% | $ | 81,287 | $ | 18,595 | 30 | % | $ | 8,653 | 12 | % | |||||||||||||||||
Funds from operations
|
146,742 | 144,293 | (2,449 | ) | (2 | )% | 177,580 | 33,287 | 23 | % | 30,838 | 21 | % | |||||||||||||||||||||||
Funds available for distribution
|
136,343 | 147,730 | 11,387 | 8 | % | 191,885 | 44,155 | 30 | % | 55,542 | 41 | % | ||||||||||||||||||||||||
EBITDA
|
235,377 | 254,731 | 19,354 | 8 | % | 300,485 | 45,754 | 18 | % | 65,108 | 28 | % |
49
| $5,213,000 ($0.08 per diluted share) of merger-related expenses; | |
| $1,287,000 ($0.02 per diluted share) of additional compensation costs related to accelerated vesting requirements of certain stock-based compensation awards; | |
| $1,267,000 ($0.02 per diluted share) of gains on the sales of real property; and | |
| $20,561,000 ($0.33 per diluted share) prepaid/straight-line rent cash receipts for FAD only. |
| $20,662,000 ($0.38 per diluted share) of net losses on extinguishments of debt; | |
| $4,523,000 ($0.08 per diluted share) of additional interest income related to the payoffs of loans that were either on non-accrual or partial accrual and all contractual interest due was received from the borrowers; | |
| $3,227,000 ($0.06 per diluted share) of gains on the sales of real property; and | |
| $13,869,000 ($0.25 per diluted share) prepaid/straight-line rent cash receipts for FAD only. |
| $314,000 ($0.01 per diluted share) of impairment charges; | |
| $143,000 ($0.00 per diluted share) of losses on the sales of real property; and | |
| $8,144,000 ($0.16 per diluted share) prepaid/straight-line rent cash receipts for FAD only. |
Year Ended | ||||||||||||||||
Dec. 31, |
Dec. 31, |
Dec. 31, |
||||||||||||||
2004 | 2005 | 2006 | Totals | |||||||||||||
Beginning balance
|
50,361 | 52,925 | 58,125 | 50,361 | ||||||||||||
Windrose merger
|
9,679 | 9,679 | ||||||||||||||
Public/private offerings
|
3,000 | 3,223 | 6,223 | |||||||||||||
DRIP issuances
|
1,533 | 1,547 | 1,877 | 4,957 | ||||||||||||
Preferred stock conversions
|
369 | 210 | 579 | |||||||||||||
Other issuances
|
662 | 443 | 288 | 1,393 | ||||||||||||
Ending balance
|
52,925 | 58,125 | 73,192 | 73,192 | ||||||||||||
Average number of common shares
outstanding:
|
||||||||||||||||
Basic
|
51,544 | 54,110 | 61,661 | |||||||||||||
Diluted
|
52,082 | 54,449 | 62,045 |
50
Year Ended | One Year Change | Year Ended | One Year Change | Two Year Change | ||||||||||||||||||||||||||||||||
Dec. 31, 2004 | Dec. 31, 2005 | $ | % | Dec. 31, 2006 | $ | % | $ | % | ||||||||||||||||||||||||||||
Rental income
|
$ | 205,182 | $ | 244,997 | $ | 39,815 | 19 | % | $ | 300,071 | $ | 55,074 | 22 | % | $ | 94,889 | 46 | % | ||||||||||||||||||
Interest income
|
22,818 | 23,993 | 1,175 | 5 | % | 18,829 | (5,164 | ) | (22 | )% | (3,989 | ) | (17 | )% | ||||||||||||||||||||||
Other income
|
2,432 | 4,548 | 2,116 | 87 | % | 3,924 | (624 | ) | (14 | )% | 1,492 | 61 | % | |||||||||||||||||||||||
Prepayment fees
|
50 | (50 | ) | n/a | n/a | (50 | ) | (100 | )% | |||||||||||||||||||||||||||
Totals
|
$ | 230,482 | $ | 273,538 | $ | 43,056 | 19 | % | $ | 322,824 | $ | 49,286 | 18 | % | $ | 92,342 | 40 | % | ||||||||||||||||||
Year Ended | One Year Change | Year Ended | One Year Change | Two Year Change | ||||||||||||||||||||||||||||||||
Dec. 31, 2004 | Dec. 31, 2005 | $ | % | Dec. 31, 2006 | $ | % | $ | % | ||||||||||||||||||||||||||||
Interest expense
|
$ | 65,888 | $ | 77,319 | $ | 11,431 | 17 | % | $ | 94,802 | $ | 17,483 | 23 | % | $ | 28,914 | 44 | % | ||||||||||||||||||
Property operating expenses
|
1,115 | 1,115 | n/a | 1,115 | n/a | |||||||||||||||||||||||||||||||
Depreciation and amortization
|
61,681 | 74,816 | 13,135 | 21 | % | 93,131 | 18,315 | 24 | % | 31,450 | 51 | % | ||||||||||||||||||||||||
General and administrative
|
15,798 | 16,163 | 365 | 2 | % | 26,004 | 9,841 | 61 | % | 10,206 | 65 | % | ||||||||||||||||||||||||
Loan expense
|
3,393 | 2,710 | (683 | ) | (20 | )% | 3,255 | 545 | 20 | % | (138 | ) | (4 | )% | ||||||||||||||||||||||
Impairment of assets
|
314 | (314 | ) | n/a | n/a | (314 | ) | (100 | )% | |||||||||||||||||||||||||||
Loss on extinguishment of debt
|
21,484 | 21,484 | 100 | % | (21,484 | ) | (100 | )% | n/a | |||||||||||||||||||||||||||
Provision for loan losses
|
1,200 | 1,200 | 0 | 0 | % | 1,000 | (200 | ) | (17 | )% | (200 | ) | (17 | )% | ||||||||||||||||||||||
Totals
|
$ | 148,274 | $ | 193,692 | $ | 45,418 | 31 | % | $ | 219,307 | $ | 25,615 | 13 | % | $ | 71,033 | 48 | % | ||||||||||||||||||
51
Year Ended | One Year Change | Year Ended | One Year Change | Two Year Change | ||||||||||||||||||||||||||||||||
Dec. 31, 2004 | Dec. 31, 2005 | $ | % | Dec. 31, 2006 | $ | % | $ | % | ||||||||||||||||||||||||||||
Senior unsecured notes
|
$ | 61,216 | $ | 63,080 | $ | 1,864 | 3 | % | $ | 80,069 | $ | 16,989 | 27 | % | $ | 18,853 | 31 | % | ||||||||||||||||||
Secured debt
|
11,069 | 11,769 | 700 | 6 | % | 9,641 | (2,128 | ) | (18 | )% | (1,428 | ) | (13 | )% | ||||||||||||||||||||||
Unsecured lines of credit
|
2,916 | 9,413 | 6,497 | 223 | % | 11,397 | 1,984 | 21 | % | 8,481 | 291 | % | ||||||||||||||||||||||||
Capitalized interest
|
(875 | ) | (665 | ) | 210 | (24 | )% | (4,470 | ) | (3,805 | ) | 572 | % | (3,595 | ) | 411 | % | |||||||||||||||||||
SWAP losses (savings)
|
(1,770 | ) | (972 | ) | 798 | (45 | )% | 197 | 1,169 | n/a | 1,967 | n/a | ||||||||||||||||||||||||
Discontinued operations
|
(6,668 | ) | (5,306 | ) | 1,362 | (20 | )% | (2,032 | ) | 3,274 | (62 | )% | 4,636 | (70 | )% | |||||||||||||||||||||
Totals
|
$ | 65,888 | $ | 77,319 | $ | 11,431 | 17 | % | $ | 94,802 | $ | 17,483 | 23 | % | $ | 28,914 | 44 | % | ||||||||||||||||||
Year Ended December 31, 2004 | Year Ended December 31, 2005 | Year Ended December 31, 2006 | ||||||||||||||||||||||
Weighted Average |
Weighted Average |
Weighted Average |
||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||
Beginning balance
|
$ | 865,000 | 7.291 | % | $ | 875,000 | 7.181 | % | $ | 1,194,830 | 6.566 | % | ||||||||||||
Debt issued
|
50,000 | 6.000 | % | 550,000 | 6.052 | % | 345,000 | 4.750 | % | |||||||||||||||
Debt extinguished
|
(40,000 | ) | 8.090 | % | (230,170 | ) | 7.677 | % | ||||||||||||||||
Ending balance
|
$ | 875,000 | 7.181 | % | $ | 1,194,830 | 6.566 | % | $ | 1,539,830 | 6.159 | % | ||||||||||||
Monthly averages
|
$ | 852,692 | 7.242 | % | $ | 961,469 | 6.829 | % | $ | 1,244,445 | 6.494 | % |
Year Ended December 31, 2004 | Year Ended December 31, 2005 | Year Ended December 31, 2006 | ||||||||||||||||||||||
Weighted Average |
Weighted Average |
Weighted Average |
||||||||||||||||||||||
Amount | Interest Rate | Amount | Interest Rate | Amount | Interest Rate | |||||||||||||||||||
Beginning balance
|
$ | 148,184 | 7.512 | % | $ | 160,225 | 7.508 | % | $ | 107,540 | 7.328 | % | ||||||||||||
Debt assumed
|
14,555 | 7.500 | % | 22,309 | 6.561 | % | 273,893 | 6.053 | % | |||||||||||||||
Debt extinguished
|
(72,309 | ) | 7.481 | % | ||||||||||||||||||||
Principal payments
|
(2,514 | ) | 7.709 | % | (2,685 | ) | 7.584 | % | (3,033 | ) | 7.226 | % | ||||||||||||
Ending balance
|
$ | 160,225 | 7.508 | % | $ | 107,540 | 7.328 | % | $ | 378,400 | 6.406 | % | ||||||||||||
Monthly averages
|
$ | 148,141 | 7.510 | % | $ | 156,027 | 7.452 | % | $ | 144,512 | 7.021 | % |
Year Ended December 31 | ||||||||||||
2004 | 2005 | 2006 | ||||||||||
Balance outstanding at
December 31
|
$ | 151,000 | $ | 195,000 | $ | 225,000 | ||||||
Maximum amount outstanding at any
month end
|
159,000 | 318,000 | 276,000 | |||||||||
Average amount outstanding (total
of daily principal balances divided by days in year)
|
54,770 | 181,232 | 164,905 | |||||||||
Weighted average interest rate
(actual interest expense divided by average borrowings
outstanding)
|
5.32 | % | 5.19 | % | 6.91 | % |
52
Year Ended | One Year Change | Year Ended | One Year Change | Two Year Change | ||||||||||||||||||||||||||||||||
Dec. 31, 2004 | Dec. 31, 2005 | $ | % | Dec. 31, 2006 | $ | % | $ | % | ||||||||||||||||||||||||||||
Minority interests
|
$ | (13 | ) | $ | (13 | ) | n/a | $ | (13 | ) | n/a | |||||||||||||||||||||||||
Gain (loss) on sales of properties
|
(143 | ) | 3,227 | 3,370 | n/a | 1,267 | (1,960 | ) | (61 | )% | 1,410 | n/a | ||||||||||||||||||||||||
Discontinued operations, net
|
3,306 | 1,213 | (2,093 | ) | (63 | )% | (2,021 | ) | (3,234 | ) | n/a | (5,327 | ) | n/a | ||||||||||||||||||||||
Preferred dividends
|
(12,737 | ) | (21,594 | ) | (8,857 | ) | 70 | % | (21,463 | ) | 131 | (1 | )% | (8,726 | ) | 69 | % | |||||||||||||||||||
Totals
|
$ | (9,574 | ) | $ | (17,154 | ) | $ | (7,580 | ) | 79 | % | $ | (22,230 | ) | $ | (5,076 | ) | 30 | % | $ | (12,656 | ) | 132 | % | ||||||||||||
53
Year Ended December 31, 2004 | Year Ended December 31, 2005 | Year Ended December 31, 2006 | ||||||||||||||||||||||
Weighted Average |
Weighted Average |
Weighted Average |
||||||||||||||||||||||
Shares | Dividend Rate | Shares | Dividend Rate | Shares | Dividend Rate | |||||||||||||||||||
Beginning balance
|
4,830,444 | 7.553 | % | 11,350,045 | 7.663 | % | 11,074,989 | 7.704 | % | |||||||||||||||
Shares issued
|
7,000,000 | 7.625 | % | 2,100,000 | 7.500 | % | ||||||||||||||||||
Shares redeemed
|
||||||||||||||||||||||||
Shares converted
|
(480,399 | ) | 6.000 | % | (275,056 | ) | 6.000 | % | ||||||||||||||||
Ending balance
|
11,350,045 | 7.663 | % | 11,074,989 | 7.704 | % | 13,174,989 | 7.672 | % | |||||||||||||||
Monthly averages
|
6,786,481 | 7.621 | % | 11,245,073 | 7.679 | % | 11,236,527 | 7.701 | % |
54
55
Year Ended | ||||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2004 | 2005 | 2006 | ||||||||||
FFO Reconciliation:
|
||||||||||||
Net income available to common
stockholders
|
$ | 72,634 | $ | 62,692 | $ | 81,287 | ||||||
Depreciation and amortization
|
74,015 | 84,828 | 97,564 | |||||||||
Loss (gain) on sales of properties
|
143 | (3,227 | ) | (1,267 | ) | |||||||
Minority interests
|
(4 | ) | ||||||||||
Prepayment fees
|
(50 | ) | ||||||||||
Funds from operations
|
$ | 146,742 | $ | 144,293 | $ | 177,580 | ||||||
Average common shares outstanding:
|
||||||||||||
Basic
|
51,544 | 54,110 | 61,661 | |||||||||
Diluted
|
52,082 | 54,499 | 62,045 | |||||||||
Per share data:
|
||||||||||||
Net income available to common
stockholders
|
||||||||||||
Basic
|
$ | 1.41 | $ | 1.16 | $ | 1.32 | ||||||
Diluted
|
1.39 | 1.15 | 1.31 | |||||||||
Funds from operations
|
||||||||||||
Basic
|
$ | 2.85 | $ | 2.67 | $ | 2.88 | ||||||
Diluted
|
2.82 | 2.65 | 2.86 |
56
Year Ended | ||||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2004 | 2005 | 2006 | ||||||||||
FAD Reconciliation:
|
||||||||||||
Net income available to common
stockholders
|
$ | 72,634 | $ | 62,692 | $ | 81,287 | ||||||
Depreciation and amortization
|
74,015 | 84,828 | 97,564 | |||||||||
Loss (gain) on sales of properties
|
143 | (3,227 | ) | (1,267 | ) | |||||||
Prepayment fees
|
(50 | ) | ||||||||||
Gross straight-line rental income
|
(21,936 | ) | (13,142 | ) | (9,432 | ) | ||||||
Prepaid/straight-line rent receipts
|
8,144 | 13,869 | 20,561 | |||||||||
Rental income related to
above/(below) market leases, net
|
(60 | ) | ||||||||||
Amortization of deferred loan
expenses
|
3,393 | 2,710 | 3,255 | |||||||||
Cap Ex, tenant improvements, lease
commissions
|
(21 | ) | ||||||||||
Minority interests
|
(2 | ) | ||||||||||
Funds available for distribution
|
$ | 136,343 | $ | 147,730 | $ | 191,885 | ||||||
Average common shares outstanding:
|
||||||||||||
Basic
|
51,544 | 54,110 | 61,661 | |||||||||
Diluted
|
52,082 | 54,499 | 62,045 | |||||||||
Per share data:
|
||||||||||||
Net income available to common
stockholders
|
||||||||||||
Basic
|
$ | 1.41 | $ | 1.16 | $ | 1.32 | ||||||
Diluted
|
1.39 | 1.15 | 1.31 | |||||||||
Funds available for distribution
|
||||||||||||
Basic
|
$ | 2.65 | $ | 2.73 | $ | 3.11 | ||||||
Diluted
|
2.62 | 2.71 | 3.09 |
57
Year Ended | ||||||||||||
December 31, |
December 31, |
December 31, |
||||||||||
2004 | 2005 | 2006 | ||||||||||
EBITDA Reconciliation:
|
||||||||||||
Net income
|
$ | 85,371 | $ | 84,286 | $ | 102,750 | ||||||
Interest expense
|
72,556 | 82,625 | 96,834 | |||||||||
Tax expense(benefit)
|
42 | 282 | 82 | |||||||||
Depreciation and amortization
|
74,015 | 84,828 | 97,564 | |||||||||
Amortization of deferred loan
expenses
|
3,393 | 2,710 | 3,255 | |||||||||
EBITDA
|
235,377 | 254,731 | 300,485 | |||||||||
Stock-based compensation expense
|
2,887 | 2,948 | 6,980 | |||||||||
Provision for loan losses
|
1,200 | 1,200 | 1,000 | |||||||||
Loss on extinguishment of debt, net
|
20,662 | |||||||||||
EBITDA - adjusted
|
$ | 239,464 | $ | 279,541 | $ | 308,465 | ||||||
Interest Coverage Ratio:
|
||||||||||||
Interest expense
|
$ | 72,556 | $ | 82,625 | $ | 96,834 | ||||||
Capitalized interest
|
875 | 665 | 4,470 | |||||||||
Total interest
|
73,431 | 83,290 | 101,304 | |||||||||
EBITDA
|
$ | 235,377 | $ | 254,731 | $ | 300,485 | ||||||
Interest coverage ratio
|
3.21 | x | 3.06 | x | 2.97 | x | ||||||
EBITDA - adjusted
|
$ | 239,464 | $ | 279,541 | $ | 308,465 | ||||||
Interest coverage ratio -
adjusted
|
3.26 | x | 3.36 | x | 3.04 | x | ||||||
Fixed Charge Coverage Ratio:
|
||||||||||||
Total interest
|
$ | 73,431 | $ | 83,290 | $ | 101,304 | ||||||
Secured debt principal amortization
|
2,514 | 2,685 | 3,033 | |||||||||
Preferred dividends
|
12,737 | 21,594 | 21,463 | |||||||||
Total fixed charges
|
88,682 | 107,569 | 125,800 | |||||||||
EBITDA
|
$ | 235,377 | $ | 254,731 | $ | 300,485 | ||||||
Fixed charge coverage ratio
|
2.65 | x | 2.37 | x | 2.39 | x | ||||||
EBITDA - adjusted
|
$ | 239,464 | $ | 279,541 | $ | 308,465 | ||||||
Fixed charge coverage ratio -
adjusted
|
2.70 | x | 2.60 | x | 2.45 | x |
| the nature of the estimates or assumptions is material due to the levels of subjectivity and judgment necessary to account for highly uncertain matters or the susceptibility of such matters to change; and | |
| the impact of the estimates and assumptions on financial condition or operating performance is material. |
58
Nature of Critical |
Assumptions/ |
|
Accounting Estimate
|
Approach Used
|
|
Allowance for Loan Losses | ||
We maintain an allowance for loan losses in accordance with Statement of Financial Accounting Standards No. 114, Accounting by Creditors for Impairment of a Loan, as amended, and SEC Staff Accounting Bulletin No. 102, Selected Loan Loss Allowance Methodology and Documentation Issues. The allowance for loan losses is maintained at a level believed adequate to absorb potential losses in our loans receivable. The determination of the allowance is based on a quarterly evaluation of all outstanding loans. If this evaluation indicates that there is a greater risk of loan charge-offs, additional allowances or placement on non-accrual status may be required. A loan is impaired when, based on current information and events, it is probable that we will be unable to collect all amounts due as scheduled according to the contractual terms of the original loan agreement. Consistent with this definition, all loans on non-accrual are deemed impaired. To the extent circumstances improve and the risk of collectibility is diminished, we will return these loans to full accrual status. |
The determination of the allowance is based on a quarterly evaluation of all outstanding loans, including general economic conditions and estimated collectibility of loan payments and principal. We evaluate the collectibility of our loans receivable based on a combination of factors, including, but not limited to, delinquency status, historical loan charge-offs, financial
strength of the borrower and guarantors and value of the underlying property or other collateral.
For the year ended December 31, 2006 we recorded $1,000,000 as provision for loan losses, resulting in an allowance for loan losses of $7,406,000 relating to loans with outstanding balances of $78,113,000 at December 31, 2006. At December 31, 2006, we had loans with outstanding balances of $10,529,000 on non- accrual status. |
|
Depreciation and Amortization and Useful Lives | ||
Substantially all of the properties owned by us are leased under operating leases and are recorded at cost. The cost of our real property is allocated to land, buildings, improvements and intangibles in accordance with Statement of Financial Accounting Standards No. 141, Business Combinations. The allocation of the acquisition costs of properties is based on appraisals commissioned from independent real estate appraisal firms. |
We compute depreciation and amortization on our properties using the straight-line method based on their estimated useful lives which range from 15 to 40 years for buildings, five to 15 years for improvements and five years for intangibles.
For the year ended December 31, 2006, we recorded $79,284,000, $17,955,000 and $325,000 as provisions for depreciation and amortization relating to buildings, improvements and intangibles, respectively, including amounts reclassified as discontinued |
59
Nature of Critical |
Assumptions/ |
|
Accounting Estimate
|
Approach Used
|
|
operations. The average useful life of our buildings and improvements was 32.1 years and 11.5 years, respectively, at December 31, 2006. The amortization of lease intangibles represents 12 days of amortization expenses due to the Windrose merger on December 20, 2006. | ||
Impairment of Long-Lived Assets | ||
We review our long-lived assets for potential impairment in accordance with Statement of Financial Accounting Standards No. 144, Accounting for the Impairment and Disposal of Long-Lived Assets. An impairment charge must be recognized when the carrying value of a long-lived asset is not recoverable. The carrying value is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the asset. If it is determined that a permanent impairment of a long-lived asset has occurred, the carrying value of the asset is reduced to its fair value and an impairment charge is recognized for the difference between the carrying value and the fair value. |
The net book value of long-lived assets is reviewed quarterly on a property by property basis to determine if there are indicators of impairment. These indicators may include anticipated operating losses at the property level, the tenants inability to make rent payments, a decision to dispose of an asset before the end of its estimated useful life and changes in the
market that may permanently reduce the value of the property. If indicators of impairment exist, then the undiscounted future cash flows from the most likely use of the property are compared to the current net book value. This analysis requires us to determine if indicators of impairment exist and to estimate the most likely stream of cash flows to be generated from the property during the period the
property is expected to be held.
We did not record any impairment charges for the year ended December 31, 2006. |
|
Fair Value of Derivative Instruments | ||
The valuation of derivative instruments is accounted for in accordance with Statement of Financial Accounting Standards No. 133, Accounting for Derivative Instruments and Hedging Activities (SFAS133), as amended by Statement of Financial Accounting Standards No. 138, Accounting for Certain Derivative Instruments and Certain Hedging Activities. SFAS133, as amended, requires companies to record derivatives at fair market value on the balance sheet as assets or liabilities. | The valuation of derivative instruments requires us to make estimates and judgments that affect the fair value of the instruments. Fair values for our derivatives are estimated by a third party consultant, which utilizes pricing models that consider forward yield curves and discount rates. Such amounts and the recognition of such amounts are subject to significant estimates which may change in the future. At December 31, 2006, we participated in two interest rate swap agreements related to our long-term debt. At December 31, 2006, the swaps were reported at their fair value as a $902,000 other asset. For the year ended December 31, 2006, we incurred $197,000 of losses related to our swaps that was recorded as an addition to interest expense. | |
Revenue Recognition | ||
Revenue is recorded in accordance with Statement of Financial Accounting Standards No. 13, Accounting for Leases, and SEC Staff Accounting Bulletin No. 104, Revenue Recognition in Financial Statements, as amended (SAB104). SAB104 requires that revenue be recognized after four basic criteria are met. These four criteria include persuasive evidence of an arrangement, the rendering of service, fixed and determinable income and reasonably assured collectibility. If the collectibility of revenue is determined incorrectly, the amount and timing of our reported revenue could be significantly affected. Interest income on loans is recognized as earned based upon the principal amount outstanding subject to an evaluation of collectibility risk. Substantially all of our operating leases contain either fixed or contingent escalating rent structure. Leases with fixed annual rental escalators are generally recognized on a straight- line basis over the initial lease period, subject to a collectability assessment. Rental income related to leases with contingent rental escalators is generally recorded based on the contractual cash rental payments due for the period. |
We evaluate the collectibility of our revenues and related receivables on an on-going basis. We evaluate collectibility based on assumptions and other considerations including, but not limited to, the certainty of payment, payment history, the financial strength of the investments underlying operations as measured by cash flows and payment coverages, the value of
the underlying collateral and guaranties and current economic conditions.
If our evaluation indicates that collectibility is not reasonably assured, we may place an investment on non-accrual or reserve against all or a portion of current income as an offset to revenue. For the year ended December 31, 2006 we recognized $18,829,000 of interest income and $305,635,000 of rental income, including discontinued operations. Cash receipts on leases with deferred revenue provisions were $20,561,000 as compared to gross straight-line rental income recognized of $9,432,000. At December 31, 2006, our straight-line receivable balance was $53,281,000, net of reserves totaling $5,902,000. Also at December 31, 2006, we had loans with outstanding balances of $10,529,000 on non-accrual status. |
60
Item 7A. | Quantitative and Qualitative Disclosures About Market Risk |
61
62
Item 8. | Financial Statements and Supplementary Data |
63
December 31, | ||||||||
2006 | 2005 | |||||||
(In thousands) | ||||||||
ASSETS
|
||||||||
Real estate investments:
|
||||||||
Real property owned
|
||||||||
Land and land improvements
|
$ | 386,693 | $ | 261,236 | ||||
Buildings & improvements
|
3,659,065 | 2,659,746 | ||||||
Acquired lease intangibles
|
84,082 | 0 | ||||||
Real property held for sale, net
of accumulated depreciation
|
14,796 | 11,912 | ||||||
Construction in progress
|
138,222 | 3,906 | ||||||
4,282,858 | 2,936,800 | |||||||
Less accumulated depreciation and
amortization
|
(347,007 | ) | (274,875 | ) | ||||
Total real property owned
|
3,935,851 | 2,661,925 | ||||||
Loans receivable
|
194,448 | 194,054 | ||||||
Less allowance for losses on loans
receivable
|
(7,406 | ) | (6,461 | ) | ||||
187,042 | 187,593 | |||||||
Net real estate investments
|
4,122,893 | 2,849,518 | ||||||
Other assets:
|
||||||||
Equity investments
|
4,700 | 2,970 | ||||||
Deferred loan expenses
|
20,657 | 12,228 | ||||||
Cash and cash equivalents
|
36,216 | 36,237 | ||||||
Receivables and other assets
|
96,144 | 71,211 | ||||||
157,717 | 122,646 | |||||||
Total assets
|
$ | 4,280,610 | $ | 2,972,164 | ||||
LIABILITIES AND
STOCKHOLDERS EQUITY
|
||||||||
Liabilities:
|
||||||||
Borrowings under unsecured lines
of credit arrangements
|
$ | 225,000 | $ | 195,000 | ||||
Senior unsecured notes
|
1,541,814 | 1,198,278 | ||||||
Secured debt
|
378,972 | 107,540 | ||||||
Liability to subsidiary trust
issuing preferred securities
|
52,215 | 0 | ||||||
Accrued expenses and other
liabilities
|
101,588 | 40,590 | ||||||
Total liabilities
|
2,299,589 | 1,541,408 | ||||||
Minority interests
|
2,228 | 0 | ||||||
Stockholders equity:
|
||||||||
Preferred stock, $1.00 par
value:
|
338,993 | 276,875 | ||||||
Authorized
25,000,000 shares
|
||||||||
Issued and outstanding
13,174,989 in 2006 and 11,074,989 shares in 2005 at
liquidation preference
|
||||||||
Common stock, $1.00 par value:
|
73,152 | 58,050 | ||||||
Authorized
125,000,000 shares
|
||||||||
Issued
73,272,052 shares in 2006 and 58,182,592 shares in 2005
|
||||||||
Outstanding
73,192,128 shares in 2006 and 58,124,657 shares in 2005
|
||||||||
Capital in excess of par value
|
1,873,811 | 1,306,471 | ||||||
Treasury stock
|
(2,866 | ) | (2,054 | ) | ||||
Cumulative net income
|
932,853 | 830,103 | ||||||
Cumulative dividends
|
(1,238,860 | ) | (1,039,032 | ) | ||||
Accumulated other comprehensive
loss
|
(135 | ) | 0 | |||||
Other equity
|
1,845 | 343 | ||||||
Total stockholders equity
|
1,978,793 | 1,430,756 | ||||||
Total liabilities and
stockholders equity
|
$ | 4,280,610 | $ | 2,972,164 | ||||
64
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands, except per share data) | ||||||||||||
Revenues:
|
||||||||||||
Rental income
|
$ | 300,071 | $ | 244,997 | $ | 205,182 | ||||||
Interest income
|
18,829 | 23,993 | 22,818 | |||||||||
Other income
|
3,924 | 4,548 | 2,432 | |||||||||
Prepayment fees
|
50 | |||||||||||
322,824 | 273,538 | 230,482 | ||||||||||
Expenses:
|
||||||||||||
Interest expense
|
94,802 | 77,319 | 65,888 | |||||||||
Property operating expenses
|
1,115 | |||||||||||
Depreciation and amortization
|
93,131 | 74,816 | 61,681 | |||||||||
General and administrative
|
26,004 | 16,163 | 15,798 | |||||||||
Loan expense
|
3,255 | 2,710 | 3,393 | |||||||||
Impairment of assets
|
314 | |||||||||||
Loss on extinguishment of debt
|
21,484 | |||||||||||
Provision for loan losses
|
1,000 | 1,200 | 1,200 | |||||||||
219,307 | 193,692 | 148,274 | ||||||||||
Income before minority interests
|
103,517 | 79,846 | 82,208 | |||||||||
Minority interests
|
(13 | ) | ||||||||||
Income from continuing operations
|
103,504 | 79,846 | 82,208 | |||||||||
Discontinued operations:
|
||||||||||||
Net gain (loss) on sales of
properties
|
1,267 | 3,227 | (143 | ) | ||||||||
Income (loss) from discontinued
operations, net
|
(2,021 | ) | 1,213 | 3,306 | ||||||||
(754 | ) | 4,440 | 3,163 | |||||||||
Net income
|
102,750 | 84,286 | 85,371 | |||||||||
Preferred stock dividends
|
21,463 | 21,594 | 12,737 | |||||||||
Net income available to common
stockholders
|
$ | 81,287 | $ | 62,692 | $ | 72,634 | ||||||
Average number of common shares
outstanding:
|
||||||||||||
Basic
|
61,661 | 54,110 | 51,544 | |||||||||
Diluted
|
62,045 | 54,499 | 52,082 | |||||||||
Earnings per share:
|
||||||||||||
Basic:
|
||||||||||||
Income from continuing operations
available to common stockholders
|
$ | 1.33 | $ | 1.08 | $ | 1.35 | ||||||
Discontinued operations, net
|
(0.01 | ) | 0.08 | 0.06 | ||||||||
Net income available to common
stockholders
|
$ | 1.32 | $ | 1.16 | $ | 1.41 | ||||||
Diluted:
|
||||||||||||
Income from continuing operations
and after preferred stock dividends
|
$ | 1.32 | $ | 1.07 | $ | 1.33 | ||||||
Discontinued operations, net
|
(0.01 | ) | 0.08 | 0.06 | ||||||||
Net income available to common
stockholders
|
$ | 1.31 | $ | 1.15 | $ | 1.39 | ||||||
65
Accumulated |
||||||||||||||||||||||||||||||||||||
Capital in |
Other |
|||||||||||||||||||||||||||||||||||
Preferred |
Common |
Excess of |
Treasury |
Cumulative |
Cumulative |
Comprehensive |
Other |
|||||||||||||||||||||||||||||
Stock | Stock | Par Value | Stock | Net Income | Dividends | Loss | Equity | Total | ||||||||||||||||||||||||||||
(In thousands, except per share data) | ||||||||||||||||||||||||||||||||||||
Balances at December 31, 2003
|
$ | 120,761 | $ | 50,298 | $ | 1,069,887 | $ | (523 | ) | $ | 660,446 | $ | (749,166 | ) | $ | 1 | $ | (2,025 | ) | $ | 1,149,679 | |||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Net income
|
85,371 | 85,371 | ||||||||||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Unrealized loss on equity
investments
|
0 | |||||||||||||||||||||||||||||||||||
Total comprehensive income
|
85,371 | |||||||||||||||||||||||||||||||||||
Proceeds from issuance of common
stock from dividend reinvestment and stock incentive plans, net
of forfeitures
|
2,194 | 64,087 | (763 | ) | 65,518 | |||||||||||||||||||||||||||||||
Restricted stock amortization
|
949 | 949 | ||||||||||||||||||||||||||||||||||
Option compensation expense
|
379 | 379 | ||||||||||||||||||||||||||||||||||
Proceeds from issuance of preferred
stock
|
175,000 | (5,893 | ) | 169,107 | ||||||||||||||||||||||||||||||||
Redemption of preferred stock
|
(12,010 | ) | 368 | 11,642 | 0 | |||||||||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||||||
Common stock-$2.385 per share
|
(122,987 | ) | (122,987 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series D-$1.97 per
share
|
(7,875 | ) | (7,875 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series E-$1.50 per
share
|
(933 | ) | (933 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series F-$1.50 per
share
|
(3,929 | ) | (3,929 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2004
|
283,751 | 52,860 | 1,139,723 | (1,286 | ) | 745,817 | (884,890 | ) | 1 | (697 | ) | 1,335,279 | ||||||||||||||||||||||||
Comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Net income
|
84,286 | 84,286 | ||||||||||||||||||||||||||||||||||
Other comprehensive income:
|
||||||||||||||||||||||||||||||||||||
Unrealized loss on equity
investments
|
(1 | ) | (1 | ) | ||||||||||||||||||||||||||||||||
Total comprehensive income
|
84,285 | |||||||||||||||||||||||||||||||||||
Proceeds from issuance of common
stock from dividend reinvestment and stock incentive plans, net
of forfeitures
|
1,980 | 62,105 | (768 | ) | 63,317 | |||||||||||||||||||||||||||||||
Restricted stock amortization
|
728 | 728 | ||||||||||||||||||||||||||||||||||
Option compensation expense
|
312 | 312 | ||||||||||||||||||||||||||||||||||
Net proceeds from sale of common
stock
|
3,000 | 97,977 | 100,977 | |||||||||||||||||||||||||||||||||
Conversion of preferred stock
|
(6,876 | ) | 210 | 6,666 | 0 | |||||||||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||||||
Common stock-$2.46 per share
|
(132,548 | ) | (132,548 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series D-$1.97 per
share
|
(7,875 | ) | (7,875 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series E-$1.50 per
share
|
(375 | ) | (375 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series F-$1.91 per
share
|
(13,344 | ) | (13,344 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31, 2005
|
276,875 | 58,050 | 1,306,471 | (2,054 | ) | 830,103 | (1,039,032 | ) | 0 | 343 | 1,430,756 | |||||||||||||||||||||||||
Net income
|
102,750 | 102,750 | ||||||||||||||||||||||||||||||||||
Other comprehensive income:
|
0 | |||||||||||||||||||||||||||||||||||
Total comprehensive income
|
102,750 | |||||||||||||||||||||||||||||||||||
Adjustment to adopt SFAS 158
|
(135 | ) | (135 | ) | ||||||||||||||||||||||||||||||||
Proceeds from issuance of common
stock from dividend reinvestment and stock incentive plans, net
of forfeitures
|
2,200 | 75,081 | (812 | ) | (85 | ) | 76,384 | |||||||||||||||||||||||||||||
Option compensation expense
|
1,066 | 1,066 | ||||||||||||||||||||||||||||||||||
Shares issued in Windrose Medical
Properties Trust merger
|
62,118 | 9,679 | 386,255 | 458,052 | ||||||||||||||||||||||||||||||||
Net proceeds from sale of common
stock
|
3,223 | 106,525 | 109,748 | |||||||||||||||||||||||||||||||||
SFAS 123(R) reclassification
|
(521 | ) | 521 | 0 | ||||||||||||||||||||||||||||||||
Cash dividends:
|
||||||||||||||||||||||||||||||||||||
Common stock-$2.8809 per share
|
(178,365 | ) | (178,365 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series D-$1.97 per
share
|
(7,875 | ) | (7,875 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series E-$1.50 per
share
|
(112 | ) | (112 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series F-$1.91 per
share
|
(13,344 | ) | (13,344 | ) | ||||||||||||||||||||||||||||||||
Preferred stock,
Series G-$0.06 per
share
|
(132 | ) | (132 | ) | ||||||||||||||||||||||||||||||||
Balances at December 31,
2006
|
$ | 338,993 | $ | 73,152 | $ | 1,873,811 | $ | (2,866 | ) | $ | 932,853 | $ | (1,238,860 | ) | $ | (135 | ) | $ | 1,845 | $ | 1,978,793 | |||||||||||||||
66
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Operating activities
|
||||||||||||
Net income
|
$ | 102,750 | $ | 84,286 | $ | 85,371 | ||||||
Adjustments to reconcile net income
to net cash provided from operating activities:
|
||||||||||||
Depreciation and amortization
|
97,564 | 84,828 | 74,015 | |||||||||
Other amortization expenses
|
3,090 | 3,935 | 3,393 | |||||||||
Stock-based compensation expense
|
6,980 | 2,948 | 2,887 | |||||||||
Capitalized interest
|
(4,470 | ) | (665 | ) | (875 | ) | ||||||
Provision for loan losses
|
1,000 | 1,200 | 1,200 | |||||||||
Minority interests
|
13 | |||||||||||
Impairment of assets
|
314 | |||||||||||
Rental income less than (in excess
of) cash received
|
11,069 | 727 | (13,792 | ) | ||||||||
Loss (gain) on sales of properties
|
(1,267 | ) | (3,227 | ) | 143 | |||||||
Increase (decrease) in accrued
expenses and other liabilities
|
5,810 | (3,375 | ) | 2,030 | ||||||||
Decrease (increase) in receivables
and other assets
|
(6,093 | ) | 3,098 | (10,661 | ) | |||||||
Net cash provided from (used in)
operating activities
|
216,446 | 173,755 | 144,025 | |||||||||
Investing activities
|
||||||||||||
Investment in real property
|
(429,183 | ) | (599,291 | ) | (542,547 | ) | ||||||
Investment in loans receivable
|
(86,990 | ) | (40,387 | ) | (61,888 | ) | ||||||
Other investments, net of payments
|
(11,761 | ) | 328 | |||||||||
Principal collected on loans
receivable
|
82,255 | 98,638 | 55,473 | |||||||||
Investment in Windrose, net of cash
assumed
|
(182,571 | ) | ||||||||||
Proceeds from sales of properties
|
69,887 | 91,325 | 37,567 | |||||||||
Other
|
(2,452 | ) | 318 | 4,033 | ||||||||
Net cash provided from (used in)
investing activities
|
(560,815 | ) | (449,069 | ) | (507,362 | ) | ||||||
Financing activities
|
||||||||||||
Net increase under unsecured lines
of credit arrangements
|
30,000 | 44,000 | 151,000 | |||||||||
Proceeds from issuance of senior
unsecured notes
|
337,517 | 544,053 | 50,708 | |||||||||
Principal payments on senior
unsecured notes
|
(230,170 | ) | (40,000 | ) | ||||||||
Principal payments on secured debt
|
(3,033 | ) | (74,994 | ) | (2,514 | ) | ||||||
Net proceeds from the issuance of
common stock
|
182,069 | 165,062 | 66,281 | |||||||||
Net proceeds from the issuance of
preferred stock
|
169,107 | |||||||||||
Increase in deferred loan expense
|
(2,377 | ) | (2,021 | ) | (254 | ) | ||||||
Cash distributions to stockholders
|
(199,828 | ) | (154,142 | ) | (135,724 | ) | ||||||
Net cash provided from (used in)
financing activities
|
344,348 | 291,788 | 258,604 | |||||||||
Increase (decrease) in cash and
cash equivalents
|
(21 | ) | 16,474 | (104,733 | ) | |||||||
Cash and cash equivalents at
beginning of year
|
36,237 | 19,763 | 124,496 | |||||||||
Cash and cash equivalents at end of
year
|
$ | 36,216 | $ | 36,237 | $ | 19,763 | ||||||
Supplemental cash flow
information-interest paid
|
$ | 94,461 | $ | 85,123 | $ | 73,308 | ||||||
Supplemental schedule of non-cash
activities:
|
||||||||||||
Secured debt assumed from real
property acquisitions
|
$ | 25,049 | $ | 22,309 | $ | 14,555 | ||||||
Assets and liabilities assumed from
the Windrose acquisition:
|
||||||||||||
Real estate investments
|
975,475 | |||||||||||
Other assets acquired
|
21,154 | |||||||||||
Secured debt
|
249,424 | |||||||||||
Liability to subsidiary trust
issuing preferred securities
|
52,217 | |||||||||||
Other liabilities
|
42,468 | |||||||||||
Minority interests
|
2,215 | |||||||||||
Issuance of common stock
|
396,846 | |||||||||||
Issuance of preferred stock
|
62,118 |
67
1. | Accounting Policies and Related Matters |
68
69
70
71
2. | Windrose Medical Properties Trust Merger |
Land and land improvements
|
$ | 102,328 | ||
Buildings & improvements
|
758,599 | |||
Acquired lease intangibles
|
80,883 | |||
Above market lease intangibles
|
33,665 | |||
Cash and cash equivalents
|
15,591 | |||
Receivables and other assets
|
21,154 | |||
Total assets acquired
|
1,012,220 | |||
Secured debt
|
249,424 | |||
Liability to subsidiary trust
issuing preferred securities
|
52,217 | |||
Below market lease intangibles
|
23,491 | |||
Accrued expenses and other
liabilities
|
18,977 | |||
Total liabilities assumed
|
344,109 | |||
Minority interests
|
2,215 | |||
Net assets acquired
|
$ | 665,896 | ||
72
Year Ended December 31, | ||||||||
2006 | 2005 | |||||||
(unaudited) | ||||||||
Revenues
|
$ | 416,311 | $ | 358,350 | ||||
Income from continuing operations
available to common stockholders
|
62,481 | 38,095 | ||||||
Income from continuing operations
available to common stockholders per share basic
|
0.88 | 0.60 | ||||||
Income from continuing operations
available to common stockholders per share
diluted
|
0.87 | 0.59 |
3. | Loans Receivable |
December 31, | ||||||||
2006 | 2005 | |||||||
Mortgage loans
|
$ | 177,615 | $ | 141,467 | ||||
Working capital loans
|
16,833 | 52,587 | ||||||
Totals
|
$ | 194,448 | $ | 194,054 | ||||
73
Final |
Number |
Principal |
||||||||||||||
Payment |
of |
Amount at |
Carrying |
|||||||||||||
Due
|
Loans | Payment Terms | Inception | Amount | ||||||||||||
(In thousands) | ||||||||||||||||
2007 | 7 |
Monthly payments from $1,478 to
$234,525, including interest from 7.52% to 19.26% |
$ | 38,704 | $ | 32,171 | ||||||||||
2008 | 7 |
Monthly payments from $2,552 to
$91,547, including interest from 8.96% to 19.00% |
46,496 | 30,254 | ||||||||||||
2009 | 10 |
Monthly payments from $185 to
$48,165, including interest from 3.90% to 19.26% |
19,141 | 19,155 | ||||||||||||
2010 | 5 | Monthly payments from $46,525 to $275,000, including interest from 9.13% to 13.69% | 20,645 | 19,174 | ||||||||||||
2011 | 4 |
Monthly payments from $802 to
$4,495, including interest from 10.14% to 15.21% |
386 | 782 | ||||||||||||
2012 | 2 | Monthly payments from $73,954 to $128,975, including interest from 7.00% to 11.50% | 25,891 | 16,991 | ||||||||||||
2013 | 1 |
Monthly payments of $30,938, including interest of 8.25% |
4,500 | 4,500 | ||||||||||||
2014 | 1 |
Monthly payments of $44, including interest of 9.25% |
6 | 6 | ||||||||||||
2015 | 1 |
Monthly payments of $21,327, including interest of 11.38% |
2,016 | 1,964 | ||||||||||||
2016 | 2 |
Monthly payments from $91 to
$7,496, including interest from 10.14% to 10.75% |
51 | 848 | ||||||||||||
2017 | 1 |
Monthly payments of $211, including interest of 10.14% |
75 | 25 | ||||||||||||
2018 | 1 |
Monthly payments of $52,708, including interest of 5.75% |
11,000 | 11,000 | ||||||||||||
2019 | 1 |
Monthly payments of $20,865, including interest of 10.35% |
2,419 | 2,419 | ||||||||||||
2020 | 3 | Monthly payments from $40,512 to $184,969, including interest from 9.885% to 9.89% | 38,500 | 38,326 | ||||||||||||
Totals | $ | 209,830 | $ | 177,615 | ||||||||||||
4. | Allowance for Loan Losses |
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Balance at beginning of year
|
$ | 6,461 | $ | 5,261 | $ | 7,825 | ||||||
Provision for loan losses
|
1,000 | 1,200 | 1,200 | |||||||||
Charge-offs
|
(55 | ) | 0 | (3,764 | ) | |||||||
Balance at end of year
|
$ | 7,406 | $ | 6,461 | $ | 5,261 | ||||||
74
December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Balance of impaired loans at year
end
|
$ | 10,529 | $ | 16,770 | $ | 35,918 | ||||||
Allowance for loan losses
|
7,406 | 6,461 | 5,261 | |||||||||
Balance of impaired loans not
reserved
|
$ | 3,123 | $ | 10,309 | $ | 30,657 | ||||||
Average impaired loans for the year
|
$ | 13,650 | $ | 26,344 | $ | 33,221 |
5. | Real Property Owned |
Buildings, |
Accumulated |
|||||||||||||||||||
Number of |
Intangibles & |
Gross |
Depreciation |
|||||||||||||||||
Properties | Land | Improvements | Investment | and Amortization | ||||||||||||||||
Assisted Living
Facilities:
|
||||||||||||||||||||
Arizona
|
4 | $ | 2,100 | $ | 17,563 | $ | 19,663 | $ | 2,410 | |||||||||||
California
|
8 | 8,050 | 49,994 | 58,044 | 7,353 | |||||||||||||||
Colorado
|
1 | 940 | 3,721 | 4,661 | 500 | |||||||||||||||
Connecticut
|
5 | 8,030 | 36,799 | 44,829 | 4,396 | |||||||||||||||
Delaware
|
1 | 560 | 21,220 | 21,780 | 1,243 | |||||||||||||||
Florida
|
15 | 8,797 | 82,894 | 91,691 | 15,260 | |||||||||||||||
Georgia
|
2 | 1,080 | 3,688 | 4,768 | 451 | |||||||||||||||
Idaho
|
3 | 1,125 | 14,875 | 16,000 | 1,362 | |||||||||||||||
Illinois
|
4 | 8,063 | 15,300 | 23,363 | ||||||||||||||||
Indiana
|
2 | 220 | 5,520 | 5,740 | 842 | |||||||||||||||
Kansas
|
1 | 600 | 10,590 | 11,190 | 631 | |||||||||||||||
Kentucky
|
1 | 490 | 7,610 | 8,100 | 717 | |||||||||||||||
Louisiana
|
1 | 1,100 | 10,161 | 11,261 | 3,593 | |||||||||||||||
Maryland
|
2 | 870 | 9,155 | 10,025 | 931 | |||||||||||||||
Massachusetts
|
7 | 8,160 | 62,490 | 70,650 | 4,875 | |||||||||||||||
Mississippi
|
2 | 1,080 | 13,470 | 14,550 | 1,497 | |||||||||||||||
Montana
|
3 | 1,460 | 14,772 | 16,232 | 1,664 | |||||||||||||||
Nevada
|
3 | 1,820 | 25,126 | 26,946 | 3,383 | |||||||||||||||
New Jersey
|
2 | 740 | 7,447 | 8,187 | 999 | |||||||||||||||
New York
|
3 | 2,320 | 34,452 | 36,772 | 1,322 | |||||||||||||||
North Carolina
|
41 | 15,863 | 181,932 | 197,795 | 23,170 | |||||||||||||||
Ohio
|
7 | 3,293 | 30,985 | 34,278 | 6,335 | |||||||||||||||
Oklahoma
|
16 | 1,928 | 24,346 | 26,274 | 7,176 | |||||||||||||||
Oregon
|
3 | 1,167 | 11,099 | 12,266 | 2,112 | |||||||||||||||
Pennsylvania
|
2 | 2,234 | 13,409 | 15,643 | 1,466 | |||||||||||||||
South Carolina
|
5 | 2,002 | 26,584 | 28,586 | 4,215 | |||||||||||||||
Tennessee
|
4 | 1,526 | 9,152 | 10,678 | 1,561 | |||||||||||||||
Texas
|
23 | 6,736 | 88,147 | 94,883 | 12,443 | |||||||||||||||
Utah
|
2 | 1,420 | 12,842 | 14,262 | 1,431 | |||||||||||||||
Virginia
|
4 | 2,300 | 40,486 | 42,786 | 2,767 | |||||||||||||||
Washington
|
8 | 5,940 | 28,696 | 34,636 | 2,829 | |||||||||||||||
Wisconsin
|
4 | 3,140 | 31,387 | 34,527 | 922 | |||||||||||||||
Construction in progress
|
12 | 55,197 | ||||||||||||||||||
Assets held for sale
|
3 | 14,796 | ||||||||||||||||||
204 | 105,154 | 945,912 | 1,121,059 | 119,856 |
75
Buildings, |
Accumulated |
|||||||||||||||||||
Number of |
Intangibles & |
Gross |
Depreciation |
|||||||||||||||||
Properties | Land | Improvements | Investment | and Amortization | ||||||||||||||||
Skilled Nursing
Facilities:
|
||||||||||||||||||||
Alabama
|
8 | $ | 3,000 | $ | 41,419 | $ | 44,419 | $ | 4,540 | |||||||||||
Arizona
|
3 | 2,050 | 19,965 | 22,015 | 1,647 | |||||||||||||||
Colorado
|
5 | 6,060 | 37,152 | 43,212 | 2,696 | |||||||||||||||
Connecticut
|
6 | 2,700 | 18,941 | 21,641 | 628 | |||||||||||||||
Florida
|
42 | 23,312 | 280,501 | 303,813 | 31,502 | |||||||||||||||
Georgia
|
3 | 2,650 | 14,932 | 17,582 | 1,354 | |||||||||||||||
Idaho
|
3 | 2,010 | 20,662 | 22,672 | 5,374 | |||||||||||||||
Illinois
|
4 | 1,110 | 24,700 | 25,810 | 7,644 | |||||||||||||||
Indiana
|
8 | 2,289 | 40,342 | 42,631 | 5,367 | |||||||||||||||
Kansas
|
1 | 1,120 | 8,360 | 9,480 | 252 | |||||||||||||||
Kentucky
|
10 | 3,015 | 65,432 | 68,447 | 4,483 | |||||||||||||||
Louisiana
|
7 | 783 | 34,717 | 35,500 | 1,175 | |||||||||||||||
Maryland
|
1 | 390 | 4,010 | 4,400 | 515 | |||||||||||||||
Massachusetts
|
23 | 19,318 | 212,574 | 231,892 | 31,619 | |||||||||||||||
Mississippi
|
11 | 1,625 | 52,651 | 54,276 | 6,860 | |||||||||||||||
Missouri
|
3 | 1,247 | 23,827 | 25,074 | 5,444 | |||||||||||||||
Nevada
|
1 | 182 | 2,503 | 2,685 | 701 | |||||||||||||||
New Hampshire
|
1 | 340 | 4,360 | 4,700 | 186 | |||||||||||||||
New Jersey
|
1 | 1,850 | 3,050 | 4,900 | 257 | |||||||||||||||
Ohio
|
20 | 11,520 | 184,199 | 195,719 | 14,230 | |||||||||||||||
Oklahoma
|
3 | 1,427 | 21,920 | 23,347 | 2,293 | |||||||||||||||
Oregon
|
1 | 300 | 5,316 | 5,616 | 1,442 | |||||||||||||||
Pennsylvania
|
4 | 3,179 | 21,414 | 24,593 | 5,045 | |||||||||||||||
Tennessee
|
22 | 8,730 | 122,604 | 131,334 | 16,740 | |||||||||||||||
Texas
|
15 | 8,346 | 69,545 | 77,891 | 5,462 | |||||||||||||||
Utah
|
1 | 991 | 6,850 | 7,841 | 208 | |||||||||||||||
Virginia
|
2 | 1,891 | 7,312 | 9,203 | 1,022 | |||||||||||||||
Construction in progress
|
1 | 14,852 | ||||||||||||||||||
210 | 111,435 | 1,349,258 | 1,475,545 | 158,686 |
76
Buildings, |
||||||||||||||||||||
Number of |
Intangibles & |
Gross |
Accumulated Depreciation |
|||||||||||||||||
Properties | Land | Improvements | Investment | and Amortization | ||||||||||||||||
Independent Living/CCRC
Facilities:
|
||||||||||||||||||||
Arizona
|
1 | $ | 950 | $ | 9,087 | $ | 10,037 | $ | 1,583 | |||||||||||
California
|
7 | 17,960 | 123,505 | 141,465 | 2,952 | |||||||||||||||
Colorado
|
1 | 5,029 | 14,906 | 19,935 | 98 | |||||||||||||||
Florida
|
3 | 6,843 | 68,173 | 75,016 | 9,717 | |||||||||||||||
Georgia
|
3 | 3,256 | 24,759 | 28,015 | 8,733 | |||||||||||||||
Idaho
|
1 | 550 | 14,740 | 15,290 | 1,674 | |||||||||||||||
Illinois
|
1 | 670 | 6,780 | 7,450 | 952 | |||||||||||||||
Indiana
|
2 | 670 | 13,591 | 14,261 | 1,980 | |||||||||||||||
Kansas
|
1 | 1,400 | 11,000 | 12,400 | ||||||||||||||||
Missouri
|
1 | 510 | 5,490 | 6,000 | ||||||||||||||||
Nevada
|
1 | 1,144 | 10,831 | 11,975 | 4,170 | |||||||||||||||
New York
|
1 | 1,510 | 9,490 | 11,000 | 1,238 | |||||||||||||||
North Carolina
|
2 | 3,120 | 20,155 | 23,275 | 538 | |||||||||||||||
South Carolina
|
4 | 7,190 | 62,345 | 69,535 | 2,445 | |||||||||||||||
Texas
|
2 | 5,670 | 16,620 | 22,290 | 3,073 | |||||||||||||||
Washington
|
1 | 620 | 4,780 | 5,400 | 407 | |||||||||||||||
Construction in progress
|
3 | 61,709 | ||||||||||||||||||
35 | 57,092 | 416,252 | 535,053 | 39,560 | ||||||||||||||||
Medical Office
Buildings:
|
||||||||||||||||||||
Alabama
|
5 | 1,447 | 43,431 | 44,878 | 64 | |||||||||||||||
Arizona
|
1 | 48,134 | 48,134 | 76 | ||||||||||||||||
California
|
5 | 4,796 | 85,196 | 89,992 | 96 | |||||||||||||||
Florida
|
23 | 28,745 | 202,868 | 231,613 | 313 | |||||||||||||||
Georgia
|
14 | 19,137 | 65,080 | 84,217 | 114 | |||||||||||||||
Illinois
|
3 | 3,205 | 14,088 | 17,293 | 23 | |||||||||||||||
North Carolina
|
10 | 4,963 | 29,131 | 34,094 | 43 | |||||||||||||||
New Jersey
|
3 | 9,582 | 22,995 | 32,577 | 34 | |||||||||||||||
Nevada
|
7 | 8,702 | 94,245 | 102,947 | 122 | |||||||||||||||
New York
|
1 | 20,915 | 20,915 | 42 | ||||||||||||||||
Tennessee
|
4 | 4,472 | 30,974 | 35,446 | 45 | |||||||||||||||
Texas
|
13 | 8,977 | 150,237 | 159,214 | 216 | |||||||||||||||
89 | 94,026 | 807,294 | 901,320 | 1,188 | ||||||||||||||||
Specialty Care
Facilities:
|
||||||||||||||||||||
Illinois
|
1 | 3,650 | 18,559 | 22,209 | 3,333 | |||||||||||||||
Louisiana
|
1 | 1,383 | 8,318 | 9,701 | 15 | |||||||||||||||
Massachusetts
|
3 | 3,375 | 62,101 | 65,476 | 19,352 | |||||||||||||||
Ohio
|
1 | 3,020 | 27,445 | 30,465 | 2,926 | |||||||||||||||
Oklahoma
|
2 | 2,101 | 9,651 | 11,752 | 184 | |||||||||||||||
Texas
|
6 | 5,457 | 98,357 | 103,814 | 1,907 | |||||||||||||||
Construction in progress
|
2 | 6,464 | ||||||||||||||||||
16 | 18,986 | 224,431 | 249,881 | 27,717 | ||||||||||||||||
Total Real Property
Owned
|
554 | $ | 386,693 | $ | 3,743,147 | $ | 4,282,858 | $ | 347,007 | |||||||||||
77
2007
|
$ | 380,170 | ||
2008
|
372,888 | |||
2009
|
368,000 | |||
2010
|
368,064 | |||
2011
|
354,637 | |||
Thereafter
|
2,395,209 | |||
Totals
|
$ | 4,238,968 | ||
6. | Concentration of Risk |
Number of |
Total |
Percent of |
||||||||||
Properties | Investment(1) | Investment(2) | ||||||||||
Concentration by investment:
|
||||||||||||
Emeritus Corporation
|
50 | $ | 353,641 | 9 | % | |||||||
Brookdale Senior Living Inc.
|
87 | 284,161 | 7 | % | ||||||||
Home Quality Management, Inc.
|
37 | 244,449 | 6 | % | ||||||||
Life Care Centers of America,
Inc.
|
26 | 238,610 | 6 | % | ||||||||
Merrill Gardens L.L.C.
|
13 | 183,841 | 4 | % | ||||||||
Remaining portfolio
|
365 | 2,828,047 | 68 | % | ||||||||
Totals
|
578 | $ | 4,132,749 | 100 | % | |||||||
78
Number of |
Total |
Percent of |
||||||||||
Properties | Revenue(3) | Revenue | ||||||||||
Concentration by revenue(4):
|
||||||||||||
Emeritus Corporation
|
50 | $ | 36,878 | 11 | % | |||||||
Brookdale Senior Living Inc.
|
87 | 33,581 | 10 | % | ||||||||
Home Quality Management, Inc.
|
37 | 27,318 | 8 | % | ||||||||
Life Care Centers of America,
Inc.
|
26 | 23,261 | 7 | % | ||||||||
Delta Health Group, Inc.
|
25 | 22,861 | 7 | % | ||||||||
Remaining portfolio
|
353 | 180,565 | 56 | % | ||||||||
Other income
|
n/a | 3,924 | 1 | % | ||||||||
Totals
|
578 | $ | 328,388 | 100 | % | |||||||
(1) | Investments include real estate investments and credit enhancements which amounted to $4,130,299,000 and $2,450,000, respectively. | |
(2) | Investments with top five customers comprised 41% of total investments at December 31, 2005. | |
(3) | Revenues include gross revenues and revenues from discontinued operations for the year ended December 31, 2006. | |
(4) | Revenues from top five customers were 43% and 46% for the years ended December 31, 2005 and 2004, respectively. All of our top five customers are in our investment segment. |
7. | Borrowings Under Lines of Credit Arrangements and Related Items |
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Balance outstanding at
December 31
|
$ | 225,000 | $ | 195,000 | $ | 151,000 | ||||||
Maximum amount outstanding at any
month end
|
$ | 276,000 | $ | 318,000 | $ | 159,000 | ||||||
Average amount outstanding (total
of daily principal balances divided by days in year)
|
$ | 164,905 | $ | 181,232 | $ | 54,770 | ||||||
Weighted average interest rate
(actual interest expense divided by average borrowings
outstanding)
|
6.91 | % | 5.19 | % | 5.32 | % |
79
8. | Senior Unsecured Notes and Secured Debt |
80
Trust |
||||||||||||||||
Senior |
Mortgage |
Preferred |
||||||||||||||
Unsecured Notes | Loans | Liability | Totals | |||||||||||||
2007
|
$ | 52,500 | $ | 19,199 | $ | 0 | $ | 71,699 | ||||||||
2008
|
42,330 | 40,115 | 82,445 | |||||||||||||
2009
|
45,061 | 45,061 | ||||||||||||||
2010
|
12,504 | 12,504 | ||||||||||||||
2011
|
49,509 | 49,509 | ||||||||||||||
2012
|
250,000 | 18,558 | 268,558 | |||||||||||||
2013
|
300,000 | 56,972 | 356,972 | |||||||||||||
Thereafter
|
895,000 | 136,482 | 51,000 | 1,082,482 | ||||||||||||
Totals
|
$ | 1,539,830 | $ | 378,400 | $ | 51,000 | $ | 1,969,230 | ||||||||
9. | Stock Incentive Plans |
Year Ended December 31 | ||||||||||||||||||||||||
2006 | 2005 | 2004 | ||||||||||||||||||||||
Number |
Average |
Number |
Average |
Number |
Average |
|||||||||||||||||||
of |
Exercise |
of |
Exercise |
of |
Exercise |
|||||||||||||||||||
Stock Options
|
Shares | Price | Shares | Price | Shares | Price | ||||||||||||||||||
Options at beginning of year
|
685 | $ | 26.87 | 1,015 | $ | 24.86 | 1,503 | $ | 23.15 | |||||||||||||||
Options granted
|
460 | 32.42 | 60 | 34.88 | 112 | 36.92 | ||||||||||||||||||
Options exercised
|
(227 | ) | 22.24 | (380 | ) | 22.84 | (600 | ) | 22.83 | |||||||||||||||
Options terminated
|
(1 | ) | 36.50 | (10 | ) | 25.24 | ||||||||||||||||||
Options at end of year
|
917 | $ | 30.79 | 685 | $ | 26.87 | 1,015 | $ | 24.86 | |||||||||||||||
Options exercisable at end of year
|
462 | $ | 28.83 | 257 | $ | 23.16 | 639 | $ | 23.54 | |||||||||||||||
Weighted average fair value of
options granted during the year
|
$ | 5.26 | $ | 12.48 | $ | 12.09 |
81
2006 | 2005 | 2004 | ||||||||||
Dividend yield(1)
|
6.79% | 6.88 | % | 6.34 | % | |||||||
Expected volatility
|
20.3% | 22.8 | % | 22.4 | % | |||||||
Risk-free interest rate
|
4.35% | 4.25 | % | 4.11 | % | |||||||
Expected life (in years)
|
5 | 7 | 7 | |||||||||
Weighted-average fair value(1)
|
$5.26 | $ | 12.48 | $ | 12.09 |
(1) | Certain options granted to employees include dividend equivalent rights (DERs). The fair value of options with DERs also includes the net present value of projected future dividend payments over the expected life of the option discounted at the dividend yield rate. In 2004 and 2005, substantially all options granted included DERs, while in 2006, approximately 19.5% of options granted included DERs. |
Options Outstanding | Options Exercisable | |||||||||||||||||||
Weighted |
||||||||||||||||||||
Range of Per |
Weighted |
Average |
Weighted |
|||||||||||||||||
Share Exercise |
Number |
Average |
Remaining |
Number |
Average |
|||||||||||||||
Prices
|
Outstanding | Exercise Price | Contract Life | Exercisable | Exercise Price | |||||||||||||||
$16-$20
|
11 | $ | 16.81 | 4.0 | 11 | $ | 16.81 | |||||||||||||
$20-$25
|
111 | 24.42 | 5.0 | 98 | 24.42 | |||||||||||||||
$25-$30
|
290 | 26.20 | 7.0 | 152 | 26.55 | |||||||||||||||
$30-$40
|
505 | 35.13 | 9.2 | 201 | 33.36 | |||||||||||||||
Totals
|
917 | $ | 30.79 | 7.9 | 462 | $ | 28.83 | |||||||||||||
82
Stock Options | Restricted Stock | |||||||||||||||
Number of |
Weighted Average |
Number of |
Weighted Average |
|||||||||||||
Shares |
Grant Date |
Shares |
Grant Date |
|||||||||||||
(000s) | Fair Value | (000s) | Fair Value | |||||||||||||
Non-vested at December 31,
2005
|
428 | $ | 5.36 | 222 | $ | 31.56 | ||||||||||
Vested
|
(105 | ) | 5.23 | (72 | ) | 29.64 | ||||||||||
Granted
|
155 | 5.26 | 98 | 36.51 | ||||||||||||
Terminated
|
0 | 0 | ||||||||||||||
Non-vested at December 31,
2006
|
478 | $ | 5.35 | 248 | $ | 34.07 | ||||||||||
83
Year Ended December 31, | ||||||||
2005 | 2004 | |||||||
Numerator:
|
||||||||
Net income available to common
stockholders as reported
|
$ | 62,692 | $ | 72,634 | ||||
Deduct: Additional stock-based
employee compensation expense determined under fair value based
method for all awards
|
181 | 274 | ||||||
Net income available to common
stockholders pro forma
|
$ | 62,511 | $ | 72,360 | ||||
Denominator:
|
||||||||
Basic weighted average
shares as reported and pro forma
|
54,110 | 51,544 | ||||||
Effect of dilutive securities:
|
||||||||
Employee stock options
pro forma
|
365 | |||||||
Non-vested restricted shares
|
208 | 161 | ||||||
Dilutive potential common shares
|
208 | 526 | ||||||
Diluted weighted average
shares pro forma
|
54,318 | 52,070 | ||||||
Net income available to common
stockholders per share as reported
|
||||||||
Basic
|
$ | 1.16 | $ | 1.41 | ||||
Diluted
|
$ | 1.15 | $ | 1.39 | ||||
Net income available to common
stockholders per share pro forma
|
||||||||
Basic
|
$ | 1.16 | $ | 1.40 | ||||
Diluted
|
$ | 1.15 | $ | 1.39 | ||||
10. | Other Equity |
December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Accumulated compensation expense
related to stock options
|
$ | 1,845 | $ | 864 | $ | 552 | ||||||
Unamortized restricted stock
|
0 | (521 | ) | (1,249 | ) | |||||||
Totals
|
$ | 1,845 | $ | 343 | $ | (697 | ) | |||||
11. | Preferred Stock |
84
12. | Income Taxes and Distributions |
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Per Share:
|
||||||||||||
Ordinary income
|
$ | 1.7461 | $ | 1.266 | $ | 1.189 | ||||||
Return of capital
|
$ | 1.1348 | 1.194 | 1.196 | ||||||||
Totals
|
$ | 2.8809 | $ | 2.460 | $ | 2.385 | ||||||
85
13. | Commitments and Contingencies |
2007
|
$ | 2,756 | ||
2008
|
2,374 | |||
2009
|
2,290 | |||
2010
|
2,138 | |||
2011
|
1,867 | |||
Thereafter
|
25,953 | |||
Totals
|
$ | 37,378 | ||
86
14. | Earnings Per Share |
Year Ended December 31 | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Numerator for basic and diluted
earnings per share net income available to common
stockholders
|
$ | 81,287 | $ | 62,692 | $ | 72,634 | ||||||
Denominator for basic earnings per
share weighted average shares
|
61,661 | 54,110 | 51,544 | |||||||||
Effect of dilutive securities:
|
||||||||||||
Employee stock options
|
136 | 181 | 377 | |||||||||
Non-vested restricted shares
|
248 | 208 | 161 | |||||||||
Dilutive potential common shares
|
384 | 389 | 538 | |||||||||
Denominator for diluted earnings
per share adjusted weighted average shares
|
62,045 | 54,499 | 52,082 | |||||||||
Basic earnings per share
|
$ | 1.32 | $ | 1.16 | $ | 1.41 | ||||||
Diluted earnings per share
|
$ | 1.31 | $ | 1.15 | $ | 1.39 | ||||||
15. | Disclosure about Fair Value of Financial Instruments |
87
December 31, 2006 | December 31, 2005 | |||||||||||||||
Carrying |
Fair |
Carrying |
Fair |
|||||||||||||
Amount | Value | Amount | Value | |||||||||||||
Financial Assets:
|
||||||||||||||||
Mortgage loans receivable
|
$ | 177,615 | $ | 180,537 | $ | 141,467 | $ | 150,105 | ||||||||
Working capital loans
|
16,833 | 16,833 | 52,587 | 52,587 | ||||||||||||
Equity investments
|
4,700 | 4,700 | 2,970 | 2,970 | ||||||||||||
Cash and cash equivalents
|
36,216 | 36,216 | 36,237 | 36,237 | ||||||||||||
Interest rate swap agreements
|
902 | 902 | 2,211 | 2,211 | ||||||||||||
Financial Liabilities:
|
||||||||||||||||
Borrowings under lines of credit
arrangements
|
$ | 225,000 | $ | 225,000 | $ | 195,000 | $ | 195,000 | ||||||||
Senior unsecured notes
|
1,541,814 | 1,895,672 | 1,198,278 | 1,271,370 | ||||||||||||
Mortgage loans payable
|
378,972 | 378,972 | 107,540 | 107,540 | ||||||||||||
Trust preferred liability
|
52,215 | 52,215 |
16. | Discontinued Operations |
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
Revenues:
|
||||||||||||
Rental Income
|
$ | 5,564 | $ | 17,617 | $ | 23,095 | ||||||
Expenses:
|
||||||||||||
Interest expense
|
2,032 | 5,306 | 6,668 | |||||||||
Depreciation and amortization
|
4,433 | 10,012 | 12,334 | |||||||||
General and adminstrative
|
1,120 | 1,086 | 787 | |||||||||
Income (loss) from discontinued
operations, net
|
$ | (2,021 | ) | $ | 1,213 | $ | 3,306 | |||||
17. | Retirement Arrangements |
88
Year Ended December 31, | ||||||||
2006 | 2005 | |||||||
Reconciliation of benefit
obligation:
|
||||||||
Obligation at January 1
|
$ | 1,255 | $ | 729 | ||||
Service cost
|
352 | 286 | ||||||
Interest cost
|
72 | 44 | ||||||
Actuarial (gain)/loss
|
(82 | ) | 196 | |||||
Obligation at December 31
|
$ | 1,597 | $ | 1,255 | ||||
December 31, | ||||||||
2006 | 2005 | |||||||
Funded status:
|
||||||||
Funded status at December 31
|
$ | (1,597 | ) | $ | (1,255 | ) | ||
Unrecognized (gain)/loss
|
0 | 223 | ||||||
Prepaid/(accrued) benefit cost
|
$ | (1,597 | ) | $ | (1,032 | ) | ||
Year Ended December 31, | ||||||||
2006 | 2005 | |||||||
Service cost
|
$ | 352 | $ | 286 | ||||
Interest cost
|
72 | 44 | ||||||
Net actuarial loss
|
8 | 0 | ||||||
Net periodic benefit cost
|
$ | 432 | $ | 330 | ||||
89
December 31, | ||||||||
2006 | 2005 | |||||||
Projected benefit obligation
|
$ | 1,597 | $ | 1,255 | ||||
Accumulated benefit obligation
|
1,121 | 831 | ||||||
Fair value of assets
|
n/a | n/a |
Benefit Obligations | Net Periodic Benefit Cost | |||||||||||||||
December 31, | Year Ended December 31, | |||||||||||||||
2006 | 2005 | 2006 | 2005 | |||||||||||||
Discount rate
|
6.00 | % | 5.75 | % | 5.75 | % | 6.00 | % | ||||||||
Rate of compensation increase
|
4.25 | % | 4.00 | % | 4.00 | % | 4.25 | % | ||||||||
Expected long-term return on plan
assets
|
n/a | n/a | n/a | n/a |
18. | Segment Reporting |
Property |
Net |
Real Estate |
||||||||||||||||||||||||||||||||||
Rental |
Interest |
Other |
Total |
Operating |
Operating |
Depreciation/ |
Interest |
Total |
||||||||||||||||||||||||||||
Income(1) | Income | Income | Revenues | Expenses | Income(2) | Amortization | Expense | Assets | ||||||||||||||||||||||||||||
Investment Properties
|
$ | 302,161 | $ | 18,829 | $ | 320,990 | $ | 320,990 | $ | 96,351 | $ | 9,041 | $ | 3,156,001 | ||||||||||||||||||||||
Operating Properties
|
3,474 | 3,474 | 1,115 | 2,359 | 1,213 | 600 | 974,298 | |||||||||||||||||||||||||||||
Non-segment/Corporate
|
3,924 | 3,924 | 87,193 | 150,311 | ||||||||||||||||||||||||||||||||
$ | 305,635 | $ | 18,829 | $ | 3,924 | $ | 328,388 | $ | 1,115 | $ | 323,349 | $ | 97,564 | $ | 96,834 | $ | 4,280,610 | |||||||||||||||||||
(1) | Rental income includes rent from discontinued operations | |
(2) | Net operating income (NOI) is used to evaluate the operating performance of certain real estate properties such as medical office buildings. We define NOI as rental revenues, including tenant reimbursements, less property level operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments, interest expense and discontinued operations. We believe |
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NOI provides investors relevant and useful information because it measures the operating performance of our medical office buildings at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our medical office buildings. |
19. | Quarterly Results of Operations (Unaudited) |
Year Ended December 31, 2006 | ||||||||||||||||
1st Quarter | 2nd Quarter | 3rd Quarter | 4th Quarter(2) | |||||||||||||
Revenues as reported
|
$ | 77,413 | $ | 80,176 | $ | 80,745 | $ | 87,787 | ||||||||
Discontinued operations
|
(1,405 | ) | (1,533 | ) | (359 | ) | 0 | |||||||||
Revenues as adjusted(1)
|
$ | 76,008 | $ | 78,643 | $ | 80,386 | $ | 87,787 | ||||||||
Net income available to common
stockholders
|
$ | 19,645 | $ | 22,668 | $ | 21,480 | $ | 17,494 | ||||||||
Net income available to common
stockholders per share:
|
||||||||||||||||
Basic
|
$ | 0.34 | $ | 0.37 | $ | 0.34 | $ | 0.27 | ||||||||
Diluted
|
0.34 | 0.37 | 0.34 | 0.27 |
Year Ended December 31, 2005 | ||||||||||||||||||||
1st Quarter | 2nd Quarter(3) | 3rd Quarter | 4th Quarter | |||||||||||||||||
Revenues as reported
|
$ | 68,379 | $ | 68,607 | $ | 73,065 | $ | 77,967 | ||||||||||||
Discontinued operations
|
(4,615 | ) | (4,674 | ) | (3,237 | ) | (1,954 | ) | ||||||||||||
Revenues as adjusted(1)
|
$ | 63,764 | $ | 63,933 | $ | 69,828 | $ | 76,013 | ||||||||||||
Net income (loss) available to
common stockholders
|
$ | 17,803 | $ | (1,606 | ) | $ | 19,908 | $ | 26,587 | |||||||||||
Net income (loss) available to
common stockholders per share:
|
||||||||||||||||||||
Basic
|
$ | 0.34 | $ | (0.03 | ) | $ | 0.37 | $ | 0.47 | |||||||||||
Diluted
|
0.33 | (0.03 | ) | 0.37 | 0.47 |
(1) | In accordance with FASB Statement No. 144, we have reclassified the income attributable to the properties sold subsequent to January 1, 2002 and attributable to the properties held for sale at December 31, 2006 to discontinued operations. See Note 16. | |
(2) | The decrease in net income and amounts per share are primarily attributable to costs associated with the Windrose merger ($5,213,000) and the write-off of a straight-line rent receivable ($5,143,000), offset by the favorable impact of prior period adjustments resulting from reassessment of straight-line rent revenue recognition policies ($3,266,000). | |
(3) | The net loss and amounts per share are primarily attributable to the loss on extinguishment of debt recorded in second quarter 2005. |
20. | Subsequent Events |
91
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
92
93
94
Item 9B. | Other Information |
Item 10. | Directors, Executive Officers and Corporate Governance |
Item 11. | Executive Compensation |
Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters |
Item 13. | Certain Relationships and Related Transactions and Director Independence |
Item 14. | Principal Accountant Fees and Services |
95
Item 15. | Exhibits and Financial Statement Schedules |
63 | ||||
64 | ||||
65 | ||||
66 | ||||
67 | ||||
68 |
2 | .1 | Agreement and Plan of Merger, dated as of September 12, 2006, by and among Health Care REIT, Inc., Heat Merger Sub, LLC, Heat OP Merger Sub, L.P., Windrose Medical Properties Trust and Windrose Medical Properties, L.P. (filed with the Commission as Exhibit 2.1 to the Companys Form 8-K filed September 15, 2006, and incorporated herein by reference thereto). | ||
2 | .2 | Amendment No. 1 to Agreement and Plan of Merger, dated as of October 12, 2006, by and among Health Care REIT, Inc., Heat Merger Sub, LLC, Heat OP Merger Sub, L.P., Windrose Medical Properties Trust and Windrose Medical Properties, L.P. (filed with the Commission as Exhibit 2.1 to the Companys Form 8-K filed October 13, 2006, and incorporated herein by reference thereto). | ||
3 | .1 | Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 10-K filed March 20, 2000, and incorporated herein by reference thereto). | ||
3 | .2 | Certificate of Designation, Preferences and Rights of Junior Participating Preferred Stock, Series A, of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 10-K filed March 20, 2000, and incorporated herein by reference thereto). | ||
3 | .3 | Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 10-K filed March 20, 2000, and incorporated herein by reference thereto). | ||
3 | .4 | Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed June 13, 2003, and incorporated herein by reference thereto). | ||
3 | .5 | Certificate of Designation of 77/8% Series D Cumulative Redeemable Preferred Stock of the Company (filed with the Commission as Exhibit 2.5 to the Companys Form 8-A/A filed July 8, 2003, and incorporated herein by reference thereto). | ||
3 | .6 | Certificate of Designation of 6% Series E Cumulative Convertible and Redeemable Preferred Stock of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed October 1, 2003, and incorporated herein by reference thereto). | ||
3 | .7 | Certificate of Designation of 75/8% Series F Cumulative Redeemable Preferred Stock of the Company (filed with the Commission as Exhibit 2.5 to the Companys Form 8-A filed September 10, 2004, and incorporated herein by reference thereto). |
96
3 | .8 | Certificate of Designation of 7.5% Series G Cumulative Convertible Preferred Stock of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed December 20, 2006, and incorporated herein by reference thereto). | ||
3 | .9 | Amended and Restated By-Laws of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed September 8, 2004, and incorporated herein by reference thereto). | ||
4 | .1 | The Company, by signing this Report, agrees to furnish the Securities and Exchange Commission upon its request a copy of any instrument that defines the rights of holders of long-term debt of the Company and authorizes a total amount of securities not in excess of 10% of the total assets of the Company. | ||
4 | .2 | Indenture dated as of April 17, 1997 between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed April 21, 1997, and incorporated herein by reference thereto). | ||
4 | .3 | First Supplemental Indenture, dated as of April 17, 1997, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed April 21, 1997, and incorporated herein by reference thereto). | ||
4 | .4 | Second Supplemental Indenture, dated as of March 13, 1998, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed March 11, 1998, and incorporated herein by reference thereto). | ||
4 | .5 | Third Supplemental Indenture, dated as of March 18, 1999, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed March 17, 1999, and incorporated herein by reference thereto). | ||
4 | .6 | Fourth Supplemental Indenture, dated as of August 10, 2001, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed August 9, 2001, and incorporated herein by reference thereto). | ||
4 | .7 | Supplemental Indenture No. 5, dated September 10, 2003, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .8 | Amendment No. 1, dated September 16, 2003, to Supplemental Indenture No. 5, dated September 10, 2003, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.3 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .9 | Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed September 9, 2002, and incorporated herein by reference thereto). | ||
4 | .10 | Supplemental Indenture No. 1, dated as of September 6, 2002, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed September 9, 2002, and incorporated herein by reference thereto). | ||
4 | .11 | Amendment No. 1, dated March 12, 2003, to Supplemental Indenture No. 1, dated as of September 6, 2002, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed March 14, 2003, and incorporated herein by reference thereto). | ||
4 | .12 | Supplemental Indenture No. 2, dated as of September 10, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .13 | Amendment No. 1, dated September 16, 2003, to Supplemental Indenture No. 2, dated as of September 10, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.4 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .14 | Supplemental Indenture No. 3, dated as of October 29, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed October 30, 2003, and incorporated herein by reference thereto). |
97
4 | .15 | Amendment No. 1, dated September 13, 2004, to Supplemental Indenture No. 3, dated as of October 29, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and The Bank of New York Trust Company, N.A., as successor to Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed September 13, 2004, and incorporated herein by reference thereto). | ||
4 | .16 | Supplemental Indenture No. 4, dated as of April 27, 2005, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed April 28, 2005, and incorporated herein by reference thereto). | ||
4 | .17 | Supplemental Indenture No. 5, dated as of November 30, 2005, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed November 30, 2005, and incorporated herein by reference thereto). | ||
4 | .18 | Indenture, dated as of November 20, 2006, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed November 20, 2006, and incorporated herein by reference thereto). | ||
4 | .19 | Supplemental Indenture No. 1, dated as of November 20, 2006, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed November 20, 2006, and incorporated herein by reference thereto). | ||
4 | .20 | Form of Indenture for Senior Subordinated Debt Securities (filed with the Commission as Exhibit 4.9 to the Companys Form S-3 (File No. 333-73936) filed November 21, 2001, and incorporated herein by reference thereto). | ||
4 | .21 | Form of Indenture for Junior Subordinated Debt Securities (filed with the Commission as Exhibit 4.10 to the Companys Form S-3 (File No. 333-73936) filed November 21, 2001, and incorporated herein by reference thereto). | ||
10 | .1 | Third Amended and Restated Loan Agreement, dated as of July 26, 2006, by and among the Company and certain of its subsidiaries, the banks signatory thereto, KeyBank National Association, as administrative agent, Deutsche Bank Securities Inc., as syndication agent, and UBS Securities LLC, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as documentation agents (filed with the Commission as Exhibit 10.2 to the Companys Form 10-Q filed July 28, 2006, and incorporated herein by reference thereto). | ||
10 | .2 | Amendment No. 1 to Third Amended and Restated Loan Agreement by and among the Company and certain of its subsidiaries, the banks signatory thereto, KeyBank National Association, as administrative agent, Deutsche Bank Securities Inc., as syndication agent, and UBS Securities LLC, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as documentation agents, dated as of September 20, 2006 (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed September 26, 2006, and incorporated herein by reference thereto). | ||
10 | .3 | Credit Agreement, dated as of May 31, 2006, by and among the Company and certain of its subsidiaries and Fifth Third Bank (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed June 5, 2006, and incorporated by reference thereto). | ||
10 | .4 | ISDA Master Agreement and Schedule dated as of May 6, 2004 by and between Bank of America, N.A. and Health Care REIT, Inc. (filed with the Commission as Exhibit 10.3 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). | ||
10 | .5 | Interest Rate Swap Confirmation dated May 10, 2004 between Health Care REIT, Inc. and Bank of America, N.A. (filed with the Commission as Exhibit 10.4 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). | ||
10 | .6 | Interest Rate Swap Confirmation dated May 6, 2004 between Health Care REIT, Inc. and Deutsche Bank AG (filed with the Commission as Exhibit 10.5 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). | ||
10 | .7 | Health Care REIT, Inc. Interest Rate & Currency Risk Management Policy adopted on May 6, 2004 (filed with the Commission as Exhibit 10.6 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). |
98
10 | .8 | The 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Appendix II to the Companys Proxy Statement for the 1995 Annual Meeting of Stockholders, filed September 29, 1995, and incorporated herein by reference thereto).* | ||
10 | .9 | First Amendment to the 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Exhibit 4.2 to the Companys Form S-8 (File No. 333-40771) filed November 21, 1997, and incorporated herein by reference thereto).* | ||
10 | .10 | Second Amendment to the 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Exhibit 4.3 to the Companys Form S-8 (File No. 333-73916) filed November 21, 2001, and incorporated herein by reference thereto).* | ||
10 | .11 | Third Amendment to the 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Exhibit 10.15 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .12 | Stock Plan for Non-Employee Directors of Health Care REIT, Inc. (filed with the Commission as Exhibit 10.1 to the Companys Form 10-Q filed May 10, 2004, and incorporated herein by reference thereto).* | ||
10 | .13 | First Amendment to the Stock Plan for Non-Employee Directors of Health Care REIT, Inc. effective April 21, 1998 (filed with the Commission as Exhibit 10.2 to the Companys Form 10-Q filed May 10, 2004, and incorporated herein by reference thereto).* | ||
10 | .14 | Health Care REIT, Inc. 2005 Long-Term Incentive Plan (filed with the Commission as Appendix A to the Companys Proxy Statement for the 2005 Annual Meeting of Stockholders, filed March 28, 2005, and incorporated herein by reference thereto).* | ||
10 | .15 | Form of Stock Option Agreement for Executive Officers under the 1995 Stock Incentive Plan (filed with the Commission as Exhibit 10.17 to the Companys Form 10-K filed March 16, 2005, and incorporated herein by reference thereto).* | ||
10 | .16 | Form of Restricted Stock Agreement for Executive Officers under the 1995 Stock Incentive Plan (filed with the Commission as Exhibit 10.18 to the Companys Form 10-K filed March 16, 2005, and incorporated herein by reference thereto).* | ||
10 | .17 | Form of Stock Option Agreement under the Stock Plan for Non-Employee Directors (filed with the Commission as Exhibit 10.3 to the Companys Form 10-Q/A filed October 27, 2004, and incorporated herein by reference thereto).* | ||
10 | .18 | Form of Restricted Stock Agreement under the Stock Plan for Non-Employee Directors (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 16, 2005, and incorporated herein by reference thereto).* | ||
10 | .19 | Form of Stock Option Agreement (with Dividend Equivalent Rights) for the Chief Executive Officer under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.18 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .20 | Form of Stock Option Agreement (with Dividend Equivalent Rights) for Executive Officers under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.19 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .21 | Form of Stock Option Agreement (without Dividend Equivalent Rights) for the Chief Executive Officer under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .22 | Form of Stock Option Agreement (without Dividend Equivalent Rights) for Executive Officers under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.21 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .23 | Form of Restricted Stock Agreement for the Chief Executive Officer under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.22 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .24 | Form of Restricted Stock Agreement for Executive Officers under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.23 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* |
99
10 | .25 | Form of Deferred Stock Unit Grant Agreement for Non-Employee Directors under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.24 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .26 | Restricted Stock Agreement, dated January 22, 2007, by and between Health Care REIT and Raymond W. Braun (filed with the Commission as Exhibit 10.2 to the Companys Form 8-K filed January 25, 2007, and incorporated herein by reference thereto).* | ||
10 | .27 | Third Amended and Restated Employment Agreement, dated January 22, 2007, by and between the Company and George L. Chapman (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed January 25, 2007, and incorporated herein by reference thereto).* | ||
10 | .28 | Second Amended and Restated Employment Agreement, effective January 1, 2004, by and between Health Care REIT, Inc. and Raymond W. Braun (filed with the Commission as Exhibit 10.18 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .29 | Second Amended and Restated Employment Agreement, effective January 1, 2004, by and between Health Care REIT, Inc. and Erin C. Ibele (filed with the Commission as Exhibit 10.19 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .30 | Amended and Restated Employment Agreement, effective January 1, 2004, by and between Health Care REIT, Inc. and Charles J. Herman, Jr. (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .31 | Amended and Restated Employment Agreement, effective March 17, 2006, by and between Health Care REIT, Inc. and Scott A. Estes (filed with the Commission as Exhibit 10.1 to the Companys Form 10-Q filed May 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .32 | Employment Agreement, effective July 1, 2004, by and between Health Care REIT, Inc. and Jeffrey H. Miller (filed with the Commission as Exhibit 10.2 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto).* | ||
10 | .33 | Consulting Agreement dated as of September 12, 2006 between the Company and Fred S. Klipsch (filed with the Commission as Exhibit 10.1 to the Companys Form S-4 filed October 13, 2006, and incorporated herein by reference thereto).* | ||
10 | .34 | Consulting Agreement dated as of September 12, 2006 between the Company and Frederick L. Farrar (filed with the Commission as Exhibit 10.2 to the Companys Form S-4 filed October 13, 2006, and incorporated herein by reference thereto).* | ||
10 | .35 | Employment Agreement dated as of September 12, 2006 between the Company and Daniel R. Loftus (filed with the Commission as Exhibit 10.3 to the Companys Form S-4 filed October 13, 2006, and incorporated herein by reference thereto).* | ||
10 | .36 | Health Care REIT, Inc. Supplemental Executive Retirement Plan, effective as of January 1, 2001 (filed with the Commission as Exhibit 10.19 to the Companys Form 10-K filed March 10, 2003, and incorporated herein by reference thereto).* | ||
10 | .37 | Health Care REIT, Inc. Executive Loan Program, effective as of August 1999 (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 10, 2003, and incorporated herein by reference thereto).* | ||
10 | .38 | Form of Indemnification Agreement between the Company and each director, executive officer and officer of the Company (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed February 18, 2005, and incorporated herein by reference thereto).* | ||
10 | .39 | Summary of Director Compensation (filed with the Commission as Exhibit 10.39 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto).* | ||
14 | Code of Business Conduct and Ethics (filed with the Commission as Exhibit 14 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto). | |||
21 | Subsidiaries of the Company (filed with the Commission as Exhibit 21 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | |||
23 | Consent of Ernst & Young LLP, independent registered public accounting firm. | |||
24 | .1 | Power of Attorney executed by Pier C. Borra (Director) (filed with the Commission as Exhibit 24.1 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). |
100
24 | .2 | Power of Attorney executed by Thomas J. DeRosa (Director) (filed with the Commission as Exhibit 24.2 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .3 | Power of Attorney executed by Jeffrey H. Donahue (Director) (filed with the Commission as Exhibit 24.3 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .4 | Power of Attorney executed by Peter J. Grua (Director) (filed with the Commission as Exhibit 24.4 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .5 | Power of Attorney executed by Fred S. Klipsch (Director) (filed with the Commission as Exhibit 24.5 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .6 | Power of Attorney executed by Sharon M. Oster (Director) (filed with the Commission as Exhibit 24.6 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .7 | Power of Attorney executed by R. Scott Trumbull (Director) (filed with the Commission as Exhibit 24.7 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .8 | Power of Attorney executed by George L. Chapman (Director, Chairman of the Board and Chief Executive Officer and Principal Executive Officer) (filed with the Commission as Exhibit 24.8 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .9 | Power of Attorney executed by Scott A. Estes (Senior Vice President and Chief Financial Officer and Principal Financial Officer) (filed with the Commission as Exhibit 24.9 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .10 | Power of Attorney executed by Paul D. Nungester, Jr. (Vice President and Controller and Principal Accounting Officer) (filed with the Commission as Exhibit 24.10 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .11 | Power of Attorney executed by William C. Ballard, Jr. (Director). | ||
31 | .1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. | ||
31 | .2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. | ||
32 | .1 | Certification pursuant to 18 U.S.C. Section 1350 by Chief Executive Officer. | ||
32 | .2 | Certification pursuant to 18 U.S.C. Section 1350 by Chief Financial Officer. |
* | Management Contract or Compensatory Plan or Arrangement. |
(b) | Exhibits: |
(c) | Financial Statement Schedules: |
101
By: |
/s/ George
L. Chapman
|
/s/ William
C. Ballard, Jr.*
|
/s/ Sharon
M. Oster* |
|
William C. Ballard, Jr., Director
|
Sharon M. Oster, Director | |
/s/ Pier
C. Borra* |
/s/ R.
Scott
Trumbull* |
|
Pier C. Borra, Director
|
R. Scott Trumbull, Director | |
/s/ Thomas
J. DeRosa* |
/s/ George
L. Chapman |
|
Thomas J. DeRosa, Director
|
George L. Chapman, Chairman, Chief Executive Officer and Director (Principal Executive Officer) | |
/s/ Jeffrey
H. Donahue*
|
/s/ Scott
A. Estes* |
|
Jeffrey H. Donahue, Director
|
Scott A. Estes, Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |
/s/ Peter
J. Grua* |
/s/ Paul
D.
Nungester, Jr.* |
|
Peter J. Grua, Director
|
Paul D. Nungester, Jr., Vice President and Controller (Principal Accounting Officer) | |
/s/ Fred
S. Klipsch*
|
||
Fred S. Klipsch, Vice Chairman
|
||
*By: /s/ George
L. Chapman George L. Chapman, Attorney-in-Fact |
102
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Assisted Living
Facilities:
|
||||||||||||||||||||||||||||||||||||
Alhambra, CA
|
$ | 420 | $ | 2,534 | $ | 420 | $ | 2,534 | $ | 410 | 1999 | 1999 | ||||||||||||||||||||||||
Amarillo, TX
|
390 | 5,100 | 390 | 5,100 | 302 | 2004 | 1996 | |||||||||||||||||||||||||||||
Asheboro, NC(3)
|
$ | 3,548 | 290 | 5,032 | $ | 21 | 290 | 5,053 | 464 | 2003 | 1998 | |||||||||||||||||||||||||
Asheville, NC
|
204 | 3,489 | 204 | 3,489 | 795 | 1999 | 1999 | |||||||||||||||||||||||||||||
Asheville, NC
|
280 | 1,955 | 351 | 280 | 2,306 | 234 | 2003 | 1992 | ||||||||||||||||||||||||||||
Auburn, MA(1)
|
4,446 | 1,050 | 7,950 | 1,050 | 7,950 | 746 | 2003 | 1997 | ||||||||||||||||||||||||||||
Azusa, CA
|
570 | 3,141 | 570 | 3,141 | 531 | 1998 | 1988 | |||||||||||||||||||||||||||||
Baltimore, MD
|
510 | 4,515 | 510 | 4,515 | 485 | 2003 | 1999 | |||||||||||||||||||||||||||||
Bartlesville, OK
|
100 | 1,380 | 100 | 1,380 | 432 | 1996 | 1995 | |||||||||||||||||||||||||||||
Beaumont, TX
|
520 | 6,050 | 520 | 6,050 | 378 | 2004 | 1997 | |||||||||||||||||||||||||||||
Bellevue, WI
|
1,740 | 18,260 | 1,740 | 18,260 | 243 | 2006 | 2004 | |||||||||||||||||||||||||||||
Bellingham, WA
|
300 | 3,200 | 300 | 3,200 | 285 | 2003 | 1994 | |||||||||||||||||||||||||||||
Bluffton, SC
|
700 | 5,598 | 3,085 | 700 | 8,683 | 1,226 | 1999 | 2000 | ||||||||||||||||||||||||||||
Bradenton, FL
|
252 | 3,298 | 252 | 3,298 | 1,051 | 1996 | 1995 | |||||||||||||||||||||||||||||
Bradenton, FL
|
100 | 1,700 | 942 | 100 | 2,642 | 863 | 1999 | 1996 | ||||||||||||||||||||||||||||
Brandon, FL
|
860 | 7,140 | 860 | 7,140 | 609 | 2003 | 1990 | |||||||||||||||||||||||||||||
Bremerton, WA
|
390 | 2,210 | 390 | 2,210 | 2006 | 1999 | ||||||||||||||||||||||||||||||
Burlington, NC
|
280 | 4,297 | 707 | 280 | 5,004 | 446 | 2003 | 2000 | ||||||||||||||||||||||||||||
Burlington, NC(3)
|
2,787 | 460 | 5,501 | 5 | 460 | 5,506 | 503 | 2003 | 1997 | |||||||||||||||||||||||||||
Butte, MT
|
550 | 3,957 | 43 | 550 | 4,000 | 667 | 1998 | 1999 | ||||||||||||||||||||||||||||
Canton, OH
|
300 | 2,098 | 300 | 2,098 | 483 | 1998 | 1998 | |||||||||||||||||||||||||||||
Cape Coral, FL
|
530 | 3,281 | 530 | 3,281 | 437 | 2002 | 2000 | |||||||||||||||||||||||||||||
Cary, NC
|
1,500 | 4,350 | 986 | 1,500 | 5,336 | 1,100 | 1998 | 1996 | ||||||||||||||||||||||||||||
Cedar Hill, TX
|
171 | 1,490 | 171 | 1,490 | 436 | 1997 | 1996 | |||||||||||||||||||||||||||||
Chapel Hill, NC
|
354 | 2,646 | 783 | 354 | 3,429 | 396 | 2002 | 1997 | ||||||||||||||||||||||||||||
Chelmsford, MA(2)
|
9,019 | 1,040 | 10,960 | 1,040 | 10,960 | 944 | 2003 | 1997 | ||||||||||||||||||||||||||||
Chickasha, OK
|
85 | 1,395 | 85 | 1,395 | 430 | 1996 | 1996 | |||||||||||||||||||||||||||||
Chubbuck, ID
|
125 | 5,375 | 125 | 5,375 | 488 | 2003 | 1996 | |||||||||||||||||||||||||||||
Claremore, OK
|
155 | 1,428 | 155 | 1,428 | 415 | 1996 | 1996 | |||||||||||||||||||||||||||||
Clarksville, TN
|
330 | 2,292 | 330 | 2,292 | 522 | 1998 | 1998 | |||||||||||||||||||||||||||||
Coeur D Alene, ID
|
530 | 7,570 | 530 | 7,570 | 681 | 2003 | 1987 | |||||||||||||||||||||||||||||
Columbia, TN
|
341 | 2,295 | 341 | 2,295 | 519 | 1999 | 1999 | |||||||||||||||||||||||||||||
Concord, NC(3)
|
4,698 | 550 | 3,921 | 78 | 550 | 3,998 | 404 | 2003 | 1997 | |||||||||||||||||||||||||||
Corpus Christi, TX
|
155 | 2,935 | 15 | 155 | 2,950 | 1,221 | 1997 | 1996 | ||||||||||||||||||||||||||||
Corpus Christi, TX
|
420 | 4,796 | 139 | 420 | 4,935 | 2,475 | 1996 | 1997 | ||||||||||||||||||||||||||||
Danville, VA
|
410 | 3,954 | 722 | 410 | 4,676 | 433 | 2003 | 1998 | ||||||||||||||||||||||||||||
Dayton, OH
|
690 | 2,970 | 1,428 | 690 | 4,398 | 743 | 2003 | 1994 | ||||||||||||||||||||||||||||
Desoto, TX
|
205 | 1,383 | 205 | 1,383 | 394 | 1996 | 1996 | |||||||||||||||||||||||||||||
Duncan, OK
|
103 | 1,347 | 103 | 1,347 | 408 | 1995 | 1996 | |||||||||||||||||||||||||||||
Durham, NC
|
1,476 | 10,659 | 2,196 | 1,476 | 12,855 | 4,517 | 1997 | 1999 | ||||||||||||||||||||||||||||
Eden, NC(3)
|
3,049 | 390 | 5,039 | 89 | 390 | 5,128 | 464 | 2003 | 1998 | |||||||||||||||||||||||||||
Edmond, OK
|
175 | 1,564 | 175 | 1,564 | 465 | 1995 | 1996 | |||||||||||||||||||||||||||||
Elizabeth City, NC
|
200 | 2,760 | 2,010 | 200 | 4,771 | 813 | 1998 | 1999 | ||||||||||||||||||||||||||||
Encinitas, CA
|
1,460 | 7,721 | 1,460 | 7,721 | 1,420 | 2000 | 2000 | |||||||||||||||||||||||||||||
Enid, OK
|
90 | 1,390 | 90 | 1,390 | 435 | 1995 | 1995 | |||||||||||||||||||||||||||||
Everett, WA
|
1,400 | 5,476 | 1,400 | 5,476 | 1,160 | 1999 | 1999 | |||||||||||||||||||||||||||||
Fairfield, CA
|
1,460 | 14,040 | 1,460 | 14,040 | 1,906 | 2002 | 1998 | |||||||||||||||||||||||||||||
Fairhaven, MA
|
770 | 6,230 | 770 | 6,230 | 455 | 2004 | 1999 | |||||||||||||||||||||||||||||
Fayetteville, NY
|
410 | 3,962 | 500 | 410 | 4,462 | 581 | 2001 | 1997 | ||||||||||||||||||||||||||||
Federal Way, WA
|
540 | 3,960 | 540 | 3,960 | 352 | 2003 | 1978 | |||||||||||||||||||||||||||||
Findlay, OH
|
200 | 1,800 | 200 | 1,800 | 489 | 1997 | 1997 | |||||||||||||||||||||||||||||
Flagstaff, AZ
|
540 | 4,460 | 540 | 4,460 | 406 | 2003 | 1999 | |||||||||||||||||||||||||||||
Florence, NJ
|
300 | 2,978 | 300 | 2,978 | 394 | 2002 | 1999 | |||||||||||||||||||||||||||||
Forest City, NC(3)
|
3,121 | 320 | 4,576 | 51 | 320 | 4,628 | 429 | 2003 | 1999 | |||||||||||||||||||||||||||
Fort Myers, FL
|
440 | 2,560 | 440 | 2,560 | 240 | 2003 | 1980 | |||||||||||||||||||||||||||||
Fort Worth, TX
|
64 | 3,881 | 64 | 3,881 | 1,635 | 1996 | 1984 | |||||||||||||||||||||||||||||
Fredricksburg, VA(5)
|
7,424 | 1,000 | 20,000 | 1,000 | 20,000 | 918 | 2005 | 1999 | ||||||||||||||||||||||||||||
Gastonia, NC(3)
|
4,153 | 470 | 6,129 | 9 | 470 | 6,138 | 559 | 2003 | 1998 | |||||||||||||||||||||||||||
Gastonia, NC(3)
|
1,944 | 310 | 3,096 | 38 | 310 | 3,134 | 305 | 2003 | 1994 | |||||||||||||||||||||||||||
Gastonia, NC(3)
|
3,900 | 400 | 5,029 | 1 | 400 | 5,029 | 467 | 2003 | 1996 |
103
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Georgetown, TX
|
$ | 200 | $ | 2,100 | $ | 200 | $ | 2,100 | $ | 557 | 1997 | 1997 | ||||||||||||||||||||||||
Grand Terrace, CA
|
530 | 2,770 | 530 | 2,770 | 196 | 2004 | 1982 | |||||||||||||||||||||||||||||
Greensboro, NC
|
330 | 2,970 | $ | 555 | 330 | 3,524 | 334 | 2003 | 1996 | |||||||||||||||||||||||||||
Greensboro, NC
|
560 | 5,507 | 1,013 | 560 | 6,520 | 614 | 2003 | 1997 | ||||||||||||||||||||||||||||
Greenville, NC(3)
|
$ | 3,639 | 290 | 4,393 | 20 | 290 | 4,413 | 407 | 2003 | 1998 | ||||||||||||||||||||||||||
Greenville, SC
|
310 | 4,750 | 310 | 4,750 | 314 | 2004 | 1997 | |||||||||||||||||||||||||||||
Hagerstown, MD
|
360 | 4,640 | 360 | 4,640 | 445 | 2003 | 1999 | |||||||||||||||||||||||||||||
Hamden, CT
|
1,470 | 4,530 | 1,470 | 4,530 | 699 | 2002 | 1998 | |||||||||||||||||||||||||||||
Hamilton, NJ
|
440 | 4,469 | 440 | 4,469 | 605 | 2001 | 1998 | |||||||||||||||||||||||||||||
Happy Valley, OR
|
628 | 3,585 | 232 | 628 | 3,817 | 787 | 1998 | 1999 | ||||||||||||||||||||||||||||
Harlingen, TX
|
92 | 2,057 | 127 | 92 | 2,184 | 866 | 1997 | 1989 | ||||||||||||||||||||||||||||
Hattiesburg, MS
|
560 | 5,790 | 560 | 5,790 | 823 | 2002 | 1998 | |||||||||||||||||||||||||||||
Henderson, NV
|
380 | 9,220 | 65 | 380 | 9,285 | 1,965 | 1998 | 1998 | ||||||||||||||||||||||||||||
Henderson, NV
|
380 | 4,360 | 41 | 380 | 4,401 | 723 | 1999 | 2000 | ||||||||||||||||||||||||||||
Hickory, NC
|
290 | 987 | 232 | 290 | 1,219 | 155 | 2003 | 1994 | ||||||||||||||||||||||||||||
High Point, NC
|
560 | 4,443 | 793 | 560 | 5,236 | 488 | 2003 | 2000 | ||||||||||||||||||||||||||||
High Point, NC
|
370 | 2,185 | 410 | 370 | 2,595 | 259 | 2003 | 1999 | ||||||||||||||||||||||||||||
High Point, NC(3)
|
2,655 | 330 | 3,395 | 34 | 330 | 3,429 | 323 | 2003 | 1994 | |||||||||||||||||||||||||||
High Point, NC(3)
|
2,996 | 430 | 4,147 | 3 | 430 | 4,150 | 387 | 2003 | 1998 | |||||||||||||||||||||||||||
Highlands Ranch, CO
|
940 | 3,721 | 940 | 3,721 | 500 | 2002 | 1999 | |||||||||||||||||||||||||||||
Hilton Head Island, SC
|
510 | 6,037 | 2,380 | 510 | 8,417 | 1,437 | 1998 | 1999 | ||||||||||||||||||||||||||||
Hopedale, MA
|
130 | 8,170 | 130 | 8,170 | 416 | 2005 | 1999 | |||||||||||||||||||||||||||||
Houston, TX
|
360 | 2,640 | 360 | 2,640 | 321 | 2002 | 1999 | |||||||||||||||||||||||||||||
Houston, TX
|
360 | 2,640 | 360 | 2,640 | 317 | 2002 | 1999 | |||||||||||||||||||||||||||||
Hutchinson, KS
|
600 | 10,590 | 600 | 10,590 | 631 | 2004 | 1997 | |||||||||||||||||||||||||||||
Jackson, TN
|
540 | 1,633 | 177 | 540 | 1,810 | 199 | 2003 | 1998 | ||||||||||||||||||||||||||||
Jonesboro, GA
|
460 | 1,304 | 460 | 1,304 | 131 | 2003 | 1992 | |||||||||||||||||||||||||||||
Kalispell, MT
|
360 | 3,282 | 360 | 3,282 | 739 | 1998 | 1998 | |||||||||||||||||||||||||||||
Kenner, LA
|
1,100 | 10,036 | 125 | 1,100 | 10,161 | 3,593 | 1998 | 2000 | ||||||||||||||||||||||||||||
Kirkland, WA(2)
|
4,937 | 1,880 | 4,320 | 1,880 | 4,320 | 396 | 2003 | 1996 | ||||||||||||||||||||||||||||
Knoxville, TN
|
314 | 2,756 | 315 | 2,754 | 320 | 2002 | 1998 | |||||||||||||||||||||||||||||
Lake Havasu City, AZ
|
450 | 4,223 | 450 | 4,223 | 874 | 1998 | 1999 | |||||||||||||||||||||||||||||
Lake Havasu City, AZ
|
110 | 2,244 | 136 | 110 | 2,380 | 531 | 1998 | 1994 | ||||||||||||||||||||||||||||
Lakeland, FL
|
520 | 4,580 | 520 | 4,580 | 410 | 2003 | 1991 | |||||||||||||||||||||||||||||
Lakewood, NY
|
470 | 8,530 | 470 | 8,530 | 740 | 2003 | 1999 | |||||||||||||||||||||||||||||
Lawton, OK
|
144 | 1,456 | 144 | 1,456 | 436 | 1995 | 1996 | |||||||||||||||||||||||||||||
Lecanto, FL
|
200 | 6,900 | 200 | 6,900 | 438 | 2004 | 1986 | |||||||||||||||||||||||||||||
Lenoir, NC
|
190 | 3,748 | 641 | 190 | 4,389 | 407 | 2003 | 1998 | ||||||||||||||||||||||||||||
Lexington, NC
|
200 | 3,900 | 1,015 | 200 | 4,915 | 554 | 2002 | 1997 | ||||||||||||||||||||||||||||
Longview, TX
|
320 | 4,440 | 320 | 4,440 | 280 | 2004 | 1997 | |||||||||||||||||||||||||||||
Louisville, KY(1)
|
3,305 | 490 | 7,610 | 490 | 7,610 | 717 | 2003 | 1997 | ||||||||||||||||||||||||||||
Lubbock, TX
|
280 | 6,220 | 1,660 | 280 | 7,880 | 591 | 2003 | 1996 | ||||||||||||||||||||||||||||
Manassas, VA(2)
|
3,757 | 750 | 7,450 | 750 | 7,450 | 653 | 2003 | 1996 | ||||||||||||||||||||||||||||
Margate, FL
|
500 | 7,303 | 2,459 | 500 | 9,762 | 4,246 | 1998 | 1972 | ||||||||||||||||||||||||||||
Martinsville, NC
|
349 | 349 | 2003 | |||||||||||||||||||||||||||||||||
Marysville, CA
|
450 | 4,172 | 44 | 450 | 4,216 | 706 | 1998 | 1999 | ||||||||||||||||||||||||||||
Matthews, NC(3)
|
3,811 | 560 | 4,869 | 183 | 560 | 5,051 | 468 | 2003 | 1998 | |||||||||||||||||||||||||||
McHenry, IL
|
1,632 | 1,632 | 2006 | |||||||||||||||||||||||||||||||||
McHenry, IL
|
3,550 | 15,300 | 3,550 | 15,300 | 2006 | 2004 | ||||||||||||||||||||||||||||||
Middleburg Heights, OH
|
960 | 7,780 | 960 | 7,780 | 473 | 2004 | 1998 | |||||||||||||||||||||||||||||
Middleton, WI
|
420 | 4,006 | 420 | 4,006 | 525 | 2001 | 1991 | |||||||||||||||||||||||||||||
Midland, TX
|
400 | 4,930 | 400 | 4,930 | 303 | 2004 | 1997 | |||||||||||||||||||||||||||||
Midwest City, OK
|
95 | 1,385 | 95 | 1,385 | 434 | 1996 | 1995 | |||||||||||||||||||||||||||||
Missoula, MT(4)
|
6,516 | 550 | 7,490 | 550 | 7,490 | 258 | 2005 | 1998 | ||||||||||||||||||||||||||||
Monroe, NC
|
470 | 3,681 | 648 | 470 | 4,329 | 412 | 2003 | 2001 | ||||||||||||||||||||||||||||
Monroe, NC
|
310 | 4,799 | 857 | 310 | 5,656 | 506 | 2003 | 2000 | ||||||||||||||||||||||||||||
Monroe, NC(3)
|
3,343 | 450 | 4,021 | 13 | 450 | 4,033 | 388 | 2003 | 1997 | |||||||||||||||||||||||||||
Morehead City, NC
|
200 | 3,104 | 1,648 | 200 | 4,752 | 799 | 1999 | 1999 | ||||||||||||||||||||||||||||
Moses Lake, WA
|
260 | 5,940 | 260 | 5,940 | 536 | 2003 | 1986 | |||||||||||||||||||||||||||||
Mt. Vernon, WA
|
400 | 2,200 | 400 | 2,200 | 2006 | 2001 | ||||||||||||||||||||||||||||||
New York, NY
|
1,440 | 21,460 | 1,440 | 21,460 | 2006 | 1997 | ||||||||||||||||||||||||||||||
Newark, DE
|
560 | 21,220 | 560 | 21,220 | 1,243 | 2004 | 1998 | |||||||||||||||||||||||||||||
Newburyport, MA
|
960 | 8,290 | 960 | 8,290 | 1,033 | 2002 | 1999 | |||||||||||||||||||||||||||||
Norman, OK
|
55 | 1,484 | 55 | 1,484 | 533 | 1995 | 1995 | |||||||||||||||||||||||||||||
North Augusta, SC
|
332 | 2,558 | 332 | 2,558 | 570 | 1999 | 1998 | |||||||||||||||||||||||||||||
North Miami Beach, FL
|
300 | 5,709 | 2,006 | 300 | 7,715 | 3,177 | 1998 | 1987 | ||||||||||||||||||||||||||||
North Oklahoma City, OK
|
87 | 1,508 | 87 | 1,508 | 432 | 1996 | 1996 |
104
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Ocean Shores, WA
|
$ | 770 | $ | 1,390 | $ | 770 | $ | 1,390 | $ | 101 | 2004 | 1996 | ||||||||||||||||||||||||
Ogden, UT
|
360 | 6,700 | 360 | 6,700 | 412 | 2004 | 1998 | |||||||||||||||||||||||||||||
Oklahoma City, OK
|
130 | 1,350 | 130 | 1,350 | 412 | 1995 | 1996 | |||||||||||||||||||||||||||||
Oklahoma City, OK
|
220 | 2,943 | 220 | 2,943 | 592 | 1999 | 1999 | |||||||||||||||||||||||||||||
Ontario, OR
|
90 | 2,110 | 90 | 2,110 | 188 | 2003 | 1985 | |||||||||||||||||||||||||||||
Orlando, FL
|
1,390 | 4,630 | 1,390 | 4,630 | 344 | 2004 | 1973 | |||||||||||||||||||||||||||||
Oshkosh, WI
|
900 | 3,800 | 900 | 3,800 | 81 | 2006 | 2005 | |||||||||||||||||||||||||||||
Owasso, OK
|
215 | 1,380 | 215 | 1,380 | 400 | 1996 | 1996 | |||||||||||||||||||||||||||||
Palestine, TX
|
173 | 1,410 | 173 | 1,410 | 411 | 1996 | 1996 | |||||||||||||||||||||||||||||
Palestine, TX
|
180 | 4,320 | 180 | 4,320 | 51 | 2006 | 2005 | |||||||||||||||||||||||||||||
Paris, TX
|
490 | 5,452 | 490 | 5,452 | 59 | 2006 | 2006 | |||||||||||||||||||||||||||||
Paso Robles, CA
|
1,770 | 8,630 | 1,770 | 8,630 | 1,163 | 2002 | 1998 | |||||||||||||||||||||||||||||
Phoenix, AZ
|
1,000 | 6,500 | 1,000 | 6,500 | 598 | 2003 | 1999 | |||||||||||||||||||||||||||||
Pinehurst, NC
|
290 | 2,690 | $ | 484 | 290 | 3,174 | 312 | 2003 | 1998 | |||||||||||||||||||||||||||
Piqua, OH
|
204 | 1,885 | 204 | 1,885 | 461 | 1997 | 1997 | |||||||||||||||||||||||||||||
Pittsburgh, PA
|
1,750 | 8,572 | 115 | 1,750 | 8,687 | 426 | 2005 | 1998 | ||||||||||||||||||||||||||||
Pocatello, ID
|
470 | 1,930 | 470 | 1,930 | 193 | 2003 | 1991 | |||||||||||||||||||||||||||||
Ponca City, OK
|
114 | 1,536 | 114 | 1,536 | 480 | 1995 | 1995 | |||||||||||||||||||||||||||||
Quincy, MA
|
2,690 | 15,410 | 2,690 | 15,410 | 812 | 2004 | 1999 | |||||||||||||||||||||||||||||
Reidsville, NC
|
170 | 3,830 | 857 | 170 | 4,687 | 537 | 2002 | 1998 | ||||||||||||||||||||||||||||
Reno, NV
|
1,060 | 11,440 | 1,060 | 11,440 | 695 | 2004 | 1998 | |||||||||||||||||||||||||||||
Ridgeland, MS(2)
|
$ | 4,772 | 520 | 7,680 | 520 | 7,680 | 674 | 2003 | 1997 | |||||||||||||||||||||||||||
Rocky Hill, CT
|
1,460 | 7,040 | 1,460 | 7,040 | 983 | 2002 | 1998 | |||||||||||||||||||||||||||||
Rocky Hill, CT(1)
|
4,561 | 1,090 | 6,710 | 1,090 | 6,710 | 637 | 2003 | 1996 | ||||||||||||||||||||||||||||
Romeoville, IL
|
1,895 | 1,895 | 2006 | |||||||||||||||||||||||||||||||||
Roswell, GA
|
620 | 2,200 | 184 | 620 | 2,384 | 320 | 2002 | 1997 | ||||||||||||||||||||||||||||
Salem, OR
|
449 | 5,172 | 449 | 5,172 | 1,137 | 1999 | 1998 | |||||||||||||||||||||||||||||
Salisbury, NC(3)
|
3,621 | 370 | 5,697 | 57 | 370 | 5,754 | 528 | 2003 | 1997 | |||||||||||||||||||||||||||
Salt Lake City, UT
|
1,060 | 6,142 | 1,060 | 6,142 | 1,019 | 1999 | 1986 | |||||||||||||||||||||||||||||
San Angelo, TX
|
260 | 8,800 | 260 | 8,800 | 524 | 2004 | 1997 | |||||||||||||||||||||||||||||
San Juan Capistrano, CA
|
1,390 | 6,942 | 1,390 | 6,942 | 1,022 | 2000 | 2001 | |||||||||||||||||||||||||||||
Sarasota, FL
|
475 | 3,175 | 475 | 3,175 | 1,012 | 1996 | 1995 | |||||||||||||||||||||||||||||
Sarasota, FL
|
1,190 | 4,810 | 1,190 | 4,810 | 455 | 2003 | 1988 | |||||||||||||||||||||||||||||
Seven Fields, PA
|
484 | 4,663 | 63 | 484 | 4,725 | 1,040 | 1999 | 1999 | ||||||||||||||||||||||||||||
Shawnee, OK
|
80 | 1,400 | 80 | 1,400 | 435 | 1996 | 1995 | |||||||||||||||||||||||||||||
Sheboygan, WI
|
80 | 5,320 | 80 | 5,320 | 74 | 2006 | 2006 | |||||||||||||||||||||||||||||
Sherman, TX
|
700 | 5,221 | 700 | 5,221 | 2006 | 2006 | ||||||||||||||||||||||||||||||
Smithfield, NC(3)
|
3,554 | 290 | 5,777 | 52 | 290 | 5,830 | 529 | 2003 | 1998 | |||||||||||||||||||||||||||
St. Charles, IL
|
986 | 986 | 2006 | |||||||||||||||||||||||||||||||||
Statesville, NC
|
150 | 1,447 | 267 | 150 | 1,713 | 168 | 2003 | 1990 | ||||||||||||||||||||||||||||
Statesville, NC(3)
|
2,895 | 310 | 6,183 | 32 | 310 | 6,215 | 551 | 2003 | 1996 | |||||||||||||||||||||||||||
Statesville, NC(3)
|
2,494 | 140 | 3,798 | 33 | 140 | 3,832 | 341 | 2003 | 1999 | |||||||||||||||||||||||||||
Staunton, VA
|
140 | 8,360 | 140 | 8,360 | 763 | 2003 | 1999 | |||||||||||||||||||||||||||||
Stillwater, OK
|
80 | 1,400 | 80 | 1,400 | 438 | 1995 | 1995 | |||||||||||||||||||||||||||||
Sunrise, FL
|
1,480 | 15,950 | 1,480 | 15,950 | 1,010 | 2004 | 1988 | |||||||||||||||||||||||||||||
Tewksbury, MA
|
1,520 | 5,480 | 1,520 | 5,480 | 468 | 2003 | 1989 | |||||||||||||||||||||||||||||
Texarkana, TX
|
192 | 1,403 | 192 | 1,403 | 406 | 1996 | 1996 | |||||||||||||||||||||||||||||
Troy, OH
|
200 | 2,000 | 200 | 2,000 | 533 | 1997 | 1997 | |||||||||||||||||||||||||||||
Valparaiso, IN
|
112 | 2,558 | 112 | 2,558 | 395 | 2001 | 1998 | |||||||||||||||||||||||||||||
Valparaiso, IN
|
108 | 2,962 | 108 | 2,962 | 447 | 2001 | 1999 | |||||||||||||||||||||||||||||
Vero Beach, FL
|
262 | 3,189 | 262 | 3,189 | 477 | 2001 | 1999 | |||||||||||||||||||||||||||||
Vero Beach, FL
|
297 | 3,263 | 297 | 3,263 | 493 | 2001 | 1996 | |||||||||||||||||||||||||||||
W. Hartford, CT
|
2,650 | 5,980 | 2,650 | 5,980 | 467 | 2004 | 1905 | |||||||||||||||||||||||||||||
Waco, TX
|
180 | 4,500 | 180 | 4,500 | 295 | 2004 | 1997 | |||||||||||||||||||||||||||||
Wake Forest, NC
|
200 | 3,003 | 1,742 | 200 | 4,745 | 874 | 1998 | 1999 | ||||||||||||||||||||||||||||
Walterboro, SC
|
150 | 1,838 | 337 | 150 | 2,175 | 667 | 1999 | 1992 | ||||||||||||||||||||||||||||
Waterford, CT
|
1,360 | 12,540 | 1,360 | 12,540 | 1,611 | 2002 | 2000 | |||||||||||||||||||||||||||||
Waxahachie, TX
|
154 | 1,430 | 154 | 1,430 | 416 | 1996 | 1996 | |||||||||||||||||||||||||||||
Westerville, OH
|
740 | 8,287 | 2,736 | 740 | 11,023 | 3,152 | 1998 | 2001 | ||||||||||||||||||||||||||||
Wichita Falls, TX
|
470 | 3,010 | 470 | 3,010 | 205 | 2004 | 1997 | |||||||||||||||||||||||||||||
Wilmington, NC
|
210 | 2,991 | 210 | 2,991 | 651 | 1999 | 1999 | |||||||||||||||||||||||||||||
Winston-Salem, NC
|
360 | 2,514 | 459 | 360 | 2,973 | 282 | 2003 | 1996 | ||||||||||||||||||||||||||||
Total Assisted Living
Facilities:
|
104,945 | 105,153 | 906,783 | 39,131 | 105,154 | 945,912 | 119,856 | |||||||||||||||||||||||||||||
Skilled Nursing
Facilities:
|
||||||||||||||||||||||||||||||||||||
Agawam, MA
|
880 | 16,112 | 2,133 | 880 | 18,246 | 2,076 | 2002 | 1993 | ||||||||||||||||||||||||||||
Akron, OH
|
290 | 8,219 | 290 | 8,219 | 250 | 2005 | 1961 | |||||||||||||||||||||||||||||
Akron, OH
|
630 | 7,535 | 630 | 7,535 | 106 | 2006 | 1915 |
105
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Alliance, OH(6)
|
$ | 5,055 | $ | 270 | $ | 7,723 | $ | 270 | $ | 7,723 | $ | 169 | 2006 | 1982 | ||||||||||||||||||||||
Amarillo, TX
|
540 | 7,260 | 540 | 7,260 | 319 | 2005 | 1986 | |||||||||||||||||||||||||||||
Arcadia, LA
|
240 | 5,460 | 240 | 5,460 | 126 | 2006 | 2006 | |||||||||||||||||||||||||||||
Atlanta, GA
|
460 | 5,540 | 460 | 5,540 | 265 | 2005 | 1972 | |||||||||||||||||||||||||||||
Auburndale, FL
|
750 | 5,950 | 750 | 5,950 | 270 | 2005 | 1983 | |||||||||||||||||||||||||||||
Aurora, CO
|
2,600 | 5,906 | 2,600 | 5,906 | 132 | 2006 | 1988 | |||||||||||||||||||||||||||||
Baltic, OH(6)
|
4,145 | 50 | 8,709 | 50 | 8,709 | 185 | 2006 | 1983 | ||||||||||||||||||||||||||||
Baytown, TX
|
450 | 6,150 | 450 | 6,150 | 781 | 2002 | 2000 | |||||||||||||||||||||||||||||
Beachwood, OH
|
1,260 | 23,478 | 1,260 | 23,478 | 3,264 | 2001 | 1990 | |||||||||||||||||||||||||||||
Beattyville, KY
|
100 | 6,900 | 100 | 6,900 | 241 | 2005 | 1972 | |||||||||||||||||||||||||||||
Bernice, LA
|
16 | 1,017 | 16 | 1,017 | 69 | 2005 | 1969 | |||||||||||||||||||||||||||||
Birmingham, AL
|
390 | 4,902 | 390 | 4,902 | 542 | 2003 | 1977 | |||||||||||||||||||||||||||||
Birmingham, AL
|
340 | 5,734 | 340 | 5,734 | 586 | 2003 | 1974 | |||||||||||||||||||||||||||||
Boise, ID
|
810 | 5,401 | 810 | 5,401 | 1,542 | 1998 | 1966 | |||||||||||||||||||||||||||||
Boise, ID
|
600 | 7,383 | 600 | 7,383 | 1,863 | 1998 | 1997 | |||||||||||||||||||||||||||||
Boonville, IN
|
190 | 5,510 | 190 | 5,510 | 724 | 2002 | 2000 | |||||||||||||||||||||||||||||
Bountiful, UT
|
991 | 6,850 | 991 | 6,850 | 208 | 2005 | 1987 | |||||||||||||||||||||||||||||
Boynton Beach, FL
|
980 | 8,112 | 980 | 8,112 | 578 | 2004 | 1999 | |||||||||||||||||||||||||||||
Braintree, MA
|
170 | 7,157 | $ | 1,290 | 170 | 8,447 | 3,895 | 1997 | 1968 | |||||||||||||||||||||||||||
Brandon, MS
|
115 | 9,549 | 115 | 9,549 | 1,000 | 2003 | 1963 | |||||||||||||||||||||||||||||
Bridgewater, NJ
|
1,850 | 3,050 | 1,850 | 3,050 | 257 | 2004 | 1970 | |||||||||||||||||||||||||||||
Brighton, MA
|
240 | 3,859 | 1,497 | 240 | 5,356 | 232 | 2005 | 1982 | ||||||||||||||||||||||||||||
Broadview Heights, OH
|
920 | 12,400 | 920 | 12,400 | 1,729 | 2001 | 1984 | |||||||||||||||||||||||||||||
Bunnell, FL
|
260 | 7,118 | 260 | 7,118 | 537 | 2004 | 1985 | |||||||||||||||||||||||||||||
Butler, AL
|
90 | 3,510 | 90 | 3,510 | 282 | 2004 | 1960 | |||||||||||||||||||||||||||||
Byrdstown, TN
|
2,414 | 2,414 | 443 | 2004 | 1982 | |||||||||||||||||||||||||||||||
Canton, MA
|
820 | 8,201 | 263 | 820 | 8,464 | 1,126 | 2002 | 1993 | ||||||||||||||||||||||||||||
Carrollton, TX
|
730 | 2,770 | 730 | 2,770 | 152 | 2005 | 1976 | |||||||||||||||||||||||||||||
Centerville, MA
|
1,490 | 9,650 | 307 | 1,490 | 9,957 | 553 | 2004 | 1982 | ||||||||||||||||||||||||||||
Cheswick, PA
|
384 | 6,041 | 1,293 | 384 | 7,334 | 1,805 | 1998 | 1933 | ||||||||||||||||||||||||||||
Clarksville, TN
|
480 | 5,020 | 480 | 5,020 | 65 | 2006 | 1989 | |||||||||||||||||||||||||||||
Clearwater, FL
|
160 | 7,218 | 160 | 7,218 | 493 | 2004 | 1961 | |||||||||||||||||||||||||||||
Clearwater, FL
|
1,260 | 2,740 | 1,260 | 2,740 | 162 | 2005 | 1983 | |||||||||||||||||||||||||||||
Cleveland, MS
|
1,850 | 1,850 | 648 | 2003 | 1977 | |||||||||||||||||||||||||||||||
Cleveland, TN
|
350 | 5,000 | 122 | 350 | 5,122 | 768 | 2001 | 1987 | ||||||||||||||||||||||||||||
Coeur dAlene, ID
|
600 | 7,878 | 600 | 7,878 | 1,969 | 1998 | 1996 | |||||||||||||||||||||||||||||
Colorado Springs, CO
|
310 | 6,290 | 310 | 6,290 | 294 | 2005 | 1985 | |||||||||||||||||||||||||||||
Columbia, TN
|
590 | 3,787 | 590 | 3,787 | 450 | 2003 | 1974 | |||||||||||||||||||||||||||||
Columbus, IN
|
530 | 5,170 | 1,540 | 530 | 6,710 | 751 | 2002 | 2001 | ||||||||||||||||||||||||||||
Columbus, OH
|
1,070 | 11,726 | 205 | 1,070 | 11,930 | 339 | 2005 | 1968 | ||||||||||||||||||||||||||||
Columbus, OH(6)
|
4,774 | 1,010 | 4,931 | 1,010 | 4,931 | 119 | 2006 | 1983 | ||||||||||||||||||||||||||||
Columbus, OH(6)
|
10,699 | 1,860 | 16,624 | 1,860 | 16,624 | 363 | 2006 | 1978 | ||||||||||||||||||||||||||||
Corpus Christi, TX
|
307 | 443 | 307 | 443 | 55 | 2005 | 1985 | |||||||||||||||||||||||||||||
Corpus Christi, TX
|
400 | 1,916 | 400 | 1,916 | 86 | 2005 | 1985 | |||||||||||||||||||||||||||||
Dade City, FL
|
250 | 7,150 | 250 | 7,150 | 495 | 2004 | 1975 | |||||||||||||||||||||||||||||
Daytona Beach, FL
|
470 | 5,930 | 470 | 5,930 | 447 | 2004 | 1986 | |||||||||||||||||||||||||||||
Daytona Beach, FL
|
490 | 5,710 | 490 | 5,710 | 446 | 2004 | 1961 | |||||||||||||||||||||||||||||
Daytona Beach, FL
|
1,850 | 2,650 | 1,850 | 2,650 | 162 | 2005 | 1964 | |||||||||||||||||||||||||||||
DeBary, FL
|
440 | 7,460 | 440 | 7,460 | 514 | 2004 | 1965 | |||||||||||||||||||||||||||||
Dedham, MA
|
1,790 | 12,936 | 1,790 | 12,936 | 1,768 | 2002 | 1996 | |||||||||||||||||||||||||||||
Defuniak Springs, FL
|
1,350 | 10,250 | 1,350 | 10,250 | 98 | 2006 | 1980 | |||||||||||||||||||||||||||||
DeLand, FL
|
220 | 7,080 | 220 | 7,080 | 492 | 2004 | 1967 | |||||||||||||||||||||||||||||
Denton, MD
|
390 | 4,010 | 390 | 4,010 | 515 | 2003 | 1982 | |||||||||||||||||||||||||||||
Denver, CO
|
2,530 | 9,514 | 2,530 | 9,514 | 281 | 2005 | 1987 | |||||||||||||||||||||||||||||
Douglasville, GA
|
1,350 | 7,471 | 1,350 | 7,471 | 830 | 2003 | 1975 | |||||||||||||||||||||||||||||
Easton, PA
|
285 | 6,315 | 285 | 6,315 | 2,745 | 1993 | 1959 | |||||||||||||||||||||||||||||
Eight Mile, AL
|
410 | 6,110 | 410 | 6,110 | 707 | 2003 | 1973 | |||||||||||||||||||||||||||||
El Paso, TX
|
539 | 8,961 | 539 | 8,961 | 397 | 2005 | 1970 | |||||||||||||||||||||||||||||
El Paso, TX
|
642 | 3,958 | 642 | 3,958 | 210 | 2005 | 1969 | |||||||||||||||||||||||||||||
Elizabethton, TN
|
310 | 4,604 | 336 | 310 | 4,940 | 794 | 2001 | 1980 | ||||||||||||||||||||||||||||
Erin, TN
|
440 | 8,060 | 134 | 440 | 8,194 | 1,180 | 2001 | 1981 | ||||||||||||||||||||||||||||
Eugene, OR
|
300 | 5,316 | 300 | 5,316 | 1,442 | 1998 | 1972 | |||||||||||||||||||||||||||||
Fairfield, AL
|
530 | 9,134 | 530 | 9,134 | 962 | 2003 | 1965 | |||||||||||||||||||||||||||||
Fall River, MA
|
620 | 5,829 | 4,856 | 620 | 10,685 | 2,341 | 1996 | 1973 | ||||||||||||||||||||||||||||
Farmerville, LA
|
147 | 4,087 | 147 | 4,087 | 161 | 2005 | 1984 | |||||||||||||||||||||||||||||
Florence, AL
|
320 | 3,975 | 320 | 3,975 | 495 | 2003 | 1972 | |||||||||||||||||||||||||||||
Fort Myers, FL
|
636 | 6,026 | 636 | 6,026 | 2,197 | 1998 | 1984 | |||||||||||||||||||||||||||||
Fort Pierce, FL
|
440 | 3,560 | 440 | 3,560 | 141 | 2005 | 1973 |
106
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Gardnerville, NV
|
$ | 182 | $ | 1,718 | $ | 785 | $ | 182 | $ | 2,503 | $ | 701 | 2004 | 2000 | ||||||||||||||||||||||
Goshen, IN
|
210 | 6,160 | 210 | 6,160 | 82 | 2006 | 2006 | |||||||||||||||||||||||||||||
Graceville, FL
|
150 | 13,000 | 150 | 13,000 | 121 | 2006 | 1980 | |||||||||||||||||||||||||||||
Grand Prairie, TX
|
574 | 3,426 | 574 | 3,426 | 182 | 2005 | 1982 | |||||||||||||||||||||||||||||
Granite City, IL
|
610 | 7,143 | 842 | 610 | 7,985 | 2,781 | 1998 | 1973 | ||||||||||||||||||||||||||||
Granite City, IL
|
400 | 4,303 | 707 | 400 | 5,010 | 1,700 | 1999 | 1964 | ||||||||||||||||||||||||||||
Greeneville, TN
|
400 | 8,290 | 400 | 8,290 | 663 | 2004 | 1979 | |||||||||||||||||||||||||||||
Hanover, IN
|
210 | 4,430 | 210 | 4,430 | 325 | 2004 | 2000 | |||||||||||||||||||||||||||||
Hardin, IL
|
50 | 5,350 | 135 | 50 | 5,485 | 1,506 | 2002 | 1996 | ||||||||||||||||||||||||||||
Harriman, TN
|
590 | 8,060 | 158 | 590 | 8,218 | 1,260 | 2001 | 1972 | ||||||||||||||||||||||||||||
Herculaneum, MO
|
127 | 10,373 | 393 | 127 | 10,766 | 2,852 | 2002 | 1984 | ||||||||||||||||||||||||||||
Hilliard, FL
|
150 | 6,990 | 150 | 6,990 | 1,657 | 1999 | 1990 | |||||||||||||||||||||||||||||
Homestead, FL
|
2,750 | 11,750 | 2,750 | 11,750 | 112 | 2006 | 1994 | |||||||||||||||||||||||||||||
Houston, TX
|
600 | 2,700 | 600 | 2,700 | 150 | 2005 | 1974 | |||||||||||||||||||||||||||||
Houston, TX
|
630 | 5,970 | 750 | 630 | 6,720 | 811 | 2002 | 1995 | ||||||||||||||||||||||||||||
Huron, OH
|
160 | 6,088 | 252 | 160 | 6,340 | 177 | 2005 | 1983 | ||||||||||||||||||||||||||||
Indianapolis, IN
|
255 | 2,473 | 255 | 2,473 | 63 | 2006 | 1981 | |||||||||||||||||||||||||||||
Indianapolis, IN
|
75 | 925 | 75 | 925 | 106 | 2004 | 1942 | |||||||||||||||||||||||||||||
Jackson, MS
|
410 | 1,814 | 410 | 1,814 | 234 | 2003 | 1968 | |||||||||||||||||||||||||||||
Jackson, MS
|
4,400 | 4,400 | 1,540 | 2003 | 1980 | |||||||||||||||||||||||||||||||
Jackson, MS
|
2,150 | 2,150 | 753 | 2003 | 1970 | |||||||||||||||||||||||||||||||
Jamestown, TN
|
6,707 | 6,707 | 1,230 | 2004 | 1966 | |||||||||||||||||||||||||||||||
Jefferson City, MO
|
370 | 6,730 | 301 | 370 | 7,031 | 1,852 | 2002 | 1982 | ||||||||||||||||||||||||||||
Jefferson, OH
|
80 | 9,120 | 80 | 9,120 | 246 | 2006 | 1984 | |||||||||||||||||||||||||||||
Jonesboro, GA
|
840 | 1,921 | 840 | 1,921 | 260 | 2003 | 1992 | |||||||||||||||||||||||||||||
Kent, OH
|
215 | 3,367 | 215 | 3,367 | 1,339 | 1989 | 1983 | |||||||||||||||||||||||||||||
Kissimmee, FL
|
230 | 3,854 | 230 | 3,854 | 273 | 2004 | 1972 | |||||||||||||||||||||||||||||
LaBelle, FL
|
60 | 4,946 | 60 | 4,946 | 380 | 2004 | 1986 | |||||||||||||||||||||||||||||
Lake Placid, FL
|
150 | 12,850 | 150 | 12,850 | 910 | 2004 | 1984 | |||||||||||||||||||||||||||||
Lakeland, FL
|
696 | 4,843 | 696 | 4,843 | 1,784 | 1998 | 1984 | |||||||||||||||||||||||||||||
Lee, MA
|
290 | 18,135 | 926 | 290 | 19,061 | 2,440 | 2002 | 1998 | ||||||||||||||||||||||||||||
Littleton, MA
|
1,240 | 2,910 | 1,240 | 2,910 | 445 | 1996 | 1975 | |||||||||||||||||||||||||||||
Longview, TX
|
293 | 1,707 | 293 | 1,707 | 105 | 2005 | 1971 | |||||||||||||||||||||||||||||
Longwood, FL
|
480 | 7,520 | 480 | 7,520 | 530 | 2004 | 1980 | |||||||||||||||||||||||||||||
Louisville, KY
|
490 | 10,010 | 490 | 10,010 | 530 | 2005 | 1978 | |||||||||||||||||||||||||||||
Louisville, KY
|
430 | 7,135 | 163 | 430 | 7,298 | 1,085 | 2002 | 1974 | ||||||||||||||||||||||||||||
Louisville, KY
|
350 | 4,675 | 109 | 350 | 4,784 | 727 | 2002 | 1975 | ||||||||||||||||||||||||||||
Lowell, MA
|
370 | 7,450 | 370 | 7,450 | 413 | 2004 | 1977 | |||||||||||||||||||||||||||||
Lufkin, TX
|
416 | 1,184 | 416 | 1,184 | 106 | 2005 | 1919 | |||||||||||||||||||||||||||||
Manchester, NH
|
340 | 4,360 | 340 | 4,360 | 186 | 2005 | 1984 | |||||||||||||||||||||||||||||
Marianna, FL
|
340 | 8,910 | 340 | 8,910 | 83 | 2006 | 1997 | |||||||||||||||||||||||||||||
McComb, MS
|
120 | 5,786 | 120 | 5,786 | 592 | 2003 | 1973 | |||||||||||||||||||||||||||||
Memphis, TN
|
970 | 4,246 | 970 | 4,246 | 506 | 2003 | 1981 | |||||||||||||||||||||||||||||
Memphis, TN
|
480 | 5,656 | 480 | 5,656 | 624 | 2003 | 1982 | |||||||||||||||||||||||||||||
Memphis, TN
|
940 | 5,963 | 940 | 5,963 | 545 | 2004 | 1951 | |||||||||||||||||||||||||||||
Merrillville, IN
|
643 | 7,084 | 3,526 | 643 | 10,610 | 3,045 | 1997 | 1999 | ||||||||||||||||||||||||||||
Mesa, AZ
|
940 | 2,579 | 940 | 2,579 | 117 | 2005 | 1984 | |||||||||||||||||||||||||||||
Midwest City, OK
|
470 | 5,673 | 470 | 5,673 | 1,898 | 1998 | 1958 | |||||||||||||||||||||||||||||
Midwest City, OK
|
484 | 5,516 | 484 | 5,516 | 256 | 2005 | 1987 | |||||||||||||||||||||||||||||
Millbury, MA
|
930 | 4,570 | 930 | 4,570 | 399 | 2004 | 1972 | |||||||||||||||||||||||||||||
Mobile, AL
|
440 | 3,625 | 440 | 3,625 | 437 | 2003 | 1982 | |||||||||||||||||||||||||||||
Monteagle, TN
|
310 | 3,318 | 310 | 3,318 | 367 | 2003 | 1980 | |||||||||||||||||||||||||||||
Monterey, TN
|
4,195 | 4,195 | 769 | 2004 | 1977 | |||||||||||||||||||||||||||||||
Monticello, FL
|
140 | 4,471 | 140 | 4,471 | 354 | 2004 | 1986 | |||||||||||||||||||||||||||||
Morgantown, KY
|
380 | 3,705 | 380 | 3,705 | 387 | 2003 | 1965 | |||||||||||||||||||||||||||||
Moss Point, MS
|
120 | 7,280 | 120 | 7,280 | 524 | 2004 | 1933 | |||||||||||||||||||||||||||||
Mountain City, TN
|
220 | 5,896 | 661 | 220 | 6,556 | 1,579 | 2001 | 1976 | ||||||||||||||||||||||||||||
Naples, FL
|
550 | 5,450 | 550 | 5,450 | 351 | 2004 | 1968 | |||||||||||||||||||||||||||||
Natchitoches, LA
|
190 | 4,096 | 190 | 4,096 | 153 | 2005 | 1965 | |||||||||||||||||||||||||||||
Needham, MA
|
1,610 | 13,715 | 365 | 1,610 | 14,081 | 1,969 | 2002 | 1994 | ||||||||||||||||||||||||||||
New Haven, CT
|
160 | 4,778 | 160 | 4,778 | 11 | 2006 | 1958 | |||||||||||||||||||||||||||||
New Haven, IN
|
176 | 3,524 | 176 | 3,524 | 270 | 2004 | 1981 | |||||||||||||||||||||||||||||
New Port Richey, FL
|
624 | 7,307 | 624 | 7,307 | 2,644 | 1998 | 1984 | |||||||||||||||||||||||||||||
North Miami, FL
|
430 | 3,918 | 430 | 3,918 | 379 | 2004 | 1968 | |||||||||||||||||||||||||||||
North Miami, FL
|
440 | 4,830 | 440 | 4,830 | 382 | 2004 | 1963 | |||||||||||||||||||||||||||||
Norwalk, CT
|
410 | 2,118 | 1,782 | 410 | 3,900 | 210 | 2004 | 1971 | ||||||||||||||||||||||||||||
Oklahoma City, OK
|
473 | 10,729 | 473 | 10,729 | 136 | 2006 | 1979 | |||||||||||||||||||||||||||||
Ormond Beach, FL
|
2,739 | 74 | 2,812 | 651 | 2002 | 1983 |
107
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Overland Park, KS
|
$ | 1,120 | $ | 8,360 | $ | 1,120 | $ | 8,360 | $ | 252 | 2005 | 1970 | ||||||||||||||||||||||||
Owensboro, KY
|
240 | 6,760 | 240 | 6,760 | 345 | 2005 | 1966 | |||||||||||||||||||||||||||||
Owensboro, KY
|
225 | 13,275 | 225 | 13,275 | 582 | 2005 | 1964 | |||||||||||||||||||||||||||||
Owenton, KY
|
100 | 2,400 | 100 | 2,400 | 129 | 2005 | 1979 | |||||||||||||||||||||||||||||
Panama City, FL
|
300 | 9,200 | 300 | 9,200 | 653 | 2004 | 1992 | |||||||||||||||||||||||||||||
Payson, AZ
|
180 | 3,988 | 180 | 3,988 | 1,145 | 1998 | 1985 | |||||||||||||||||||||||||||||
Pigeon Forge, TN
|
320 | 4,180 | $ | 117 | 320 | 4,297 | 689 | 2001 | 1986 | |||||||||||||||||||||||||||
Plano, TX
|
1,305 | 9,095 | 1,305 | 9,095 | 412 | 2005 | 1977 | |||||||||||||||||||||||||||||
Pleasant Grove, AL
|
480 | 4,429 | 480 | 4,429 | 529 | 2003 | 1964 | |||||||||||||||||||||||||||||
Plymouth, MA
|
440 | 6,220 | 440 | 6,220 | 361 | 2004 | 1968 | |||||||||||||||||||||||||||||
Port St. Joe, FL
|
370 | 2,055 | 370 | 2,055 | 271 | 2004 | 1982 | |||||||||||||||||||||||||||||
Prospect, CT
|
820 | 1,441 | 2,118 | 820 | 3,559 | 151 | 2004 | 1970 | ||||||||||||||||||||||||||||
Pueblo, CO
|
370 | 6,051 | 370 | 6,051 | 1,701 | 1998 | 1989 | |||||||||||||||||||||||||||||
Pueblo, CO
|
250 | 9,391 | 250 | 9,391 | 289 | 2005 | 1986 | |||||||||||||||||||||||||||||
Quincy, FL
|
200 | 5,333 | 200 | 5,333 | 425 | 2004 | 1983 | |||||||||||||||||||||||||||||
Quitman, MS
|
60 | 10,340 | 60 | 10,340 | 701 | 2004 | 1976 | |||||||||||||||||||||||||||||
Rheems, PA
|
200 | 1,575 | 200 | 1,575 | 169 | 2003 | 1996 | |||||||||||||||||||||||||||||
Richmond, VA
|
1,210 | 2,889 | 1,210 | 2,889 | 434 | 2003 | 1995 | |||||||||||||||||||||||||||||
Ridgely, TN
|
300 | 5,700 | 97 | 300 | 5,797 | 856 | 2001 | 1990 | ||||||||||||||||||||||||||||
Ringgold, LA
|
30 | 4,174 | 30 | 4,174 | 150 | 2005 | 1984 | |||||||||||||||||||||||||||||
Rochdale, MA
|
675 | 11,847 | 1,899 | 675 | 13,746 | 1,552 | 2002 | 1995 | ||||||||||||||||||||||||||||
Rockledge, FL
|
360 | 4,117 | 360 | 4,117 | 815 | 2001 | 1970 | |||||||||||||||||||||||||||||
Rockwood, TN
|
500 | 7,116 | 741 | 500 | 7,857 | 1,205 | 2001 | 1979 | ||||||||||||||||||||||||||||
Rogersville, TN
|
350 | 3,278 | 350 | 3,278 | 363 | 2003 | 1980 | |||||||||||||||||||||||||||||
Royal Palm Beach, FL
|
980 | 8,320 | 980 | 8,320 | 604 | 2004 | 1984 | |||||||||||||||||||||||||||||
Ruleville, MS
|
0 | 50 | 50 | 18 | 2003 | 1978 | ||||||||||||||||||||||||||||||
Ruston, LA
|
130 | 9,403 | 130 | 9,403 | 300 | 2005 | 1988 | |||||||||||||||||||||||||||||
San Antonio, TX
|
560 | 7,315 | 560 | 7,315 | 936 | 2002 | 2000 | |||||||||||||||||||||||||||||
Sandwich, MA
|
1,140 | 11,190 | 136 | 1,140 | 11,326 | 634 | 2004 | 1987 | ||||||||||||||||||||||||||||
Sarasota, FL
|
560 | 8,474 | 560 | 8,474 | 1,685 | 1999 | 2000 | |||||||||||||||||||||||||||||
Sarasota, FL
|
600 | 3,400 | 600 | 3,400 | 244 | 2004 | 1982 | |||||||||||||||||||||||||||||
Scituate, MA
|
1,740 | 10,640 | 1,740 | 10,640 | 297 | 2005 | 1976 | |||||||||||||||||||||||||||||
Seville, OH
|
230 | 1,770 | 230 | 1,770 | 105 | 2005 | 1981 | |||||||||||||||||||||||||||||
Shelby, MS
|
60 | 5,340 | 60 | 5,340 | 373 | 2004 | 1979 | |||||||||||||||||||||||||||||
Shelbyville, KY
|
630 | 3,870 | 630 | 3,870 | 172 | 2005 | 1965 | |||||||||||||||||||||||||||||
South Boston, MA
|
385 | 2,002 | 5,218 | 385 | 7,220 | 1,666 | 1995 | 1961 | ||||||||||||||||||||||||||||
South Pittsburg, TN
|
430 | 5,628 | 430 | 5,628 | 486 | 2004 | 1979 | |||||||||||||||||||||||||||||
Southbridge, MA
|
890 | 8,110 | 762 | 890 | 8,872 | 671 | 2004 | 1976 | ||||||||||||||||||||||||||||
Spring City, TN
|
420 | 6,085 | 2,579 | 420 | 8,664 | 1,232 | 2001 | 1987 | ||||||||||||||||||||||||||||
St. Louis, MO
|
750 | 6,030 | 750 | 6,030 | 740 | 1995 | 1994 | |||||||||||||||||||||||||||||
Starke, FL
|
120 | 10,180 | 120 | 10,180 | 717 | 2004 | 1990 | |||||||||||||||||||||||||||||
Stuart, FL
|
390 | 8,110 | 390 | 8,110 | 566 | 2004 | 1985 | |||||||||||||||||||||||||||||
Swanton, OH
|
330 | 6,370 | 330 | 6,370 | 388 | 2004 | 1950 | |||||||||||||||||||||||||||||
Tampa, FL
|
830 | 6,370 | 830 | 6,370 | 554 | 2004 | 1968 | |||||||||||||||||||||||||||||
Torrington, CT
|
360 | 1,261 | 624 | 360 | 1,885 | 112 | 2004 | 1966 | ||||||||||||||||||||||||||||
Troy, OH
|
470 | 16,730 | 470 | 16,730 | 980 | 2004 | 1971 | |||||||||||||||||||||||||||||
Tucson, AZ
|
930 | 13,399 | 930 | 13,399 | 385 | 2005 | 1985 | |||||||||||||||||||||||||||||
Tupelo, MS
|
740 | 4,092 | 740 | 4,092 | 478 | 2003 | 1980 | |||||||||||||||||||||||||||||
Uhrichsville, OH
|
24 | 6,716 | 24 | 6,716 | 159 | 2006 | 1977 | |||||||||||||||||||||||||||||
Venice, FL
|
500 | 6,000 | 500 | 6,000 | 379 | 2004 | 1987 | |||||||||||||||||||||||||||||
Vero Beach, FL
|
660 | 9,040 | 1,461 | 660 | 10,501 | 3,650 | 1998 | 1984 | ||||||||||||||||||||||||||||
Wareham, MA
|
875 | 10,313 | 1,701 | 875 | 12,014 | 1,450 | 2002 | 1989 | ||||||||||||||||||||||||||||
Warren, OH
|
240 | 3,810 | 240 | 3,810 | 180 | 2005 | 1973 | |||||||||||||||||||||||||||||
Waterbury, CT
|
370 | 2,166 | 370 | 2,166 | 5 | 2006 | 1972 | |||||||||||||||||||||||||||||
Webster, MA
|
234 | 3,580 | 713 | 500 | 4,026 | 2,186 | 1995 | 1986 | ||||||||||||||||||||||||||||
Webster, MA
|
70 | 5,917 | 70 | 5,917 | 3,050 | 1995 | 1982 | |||||||||||||||||||||||||||||
Webster, TX
|
360 | 5,940 | 360 | 5,940 | 757 | 2002 | 2000 | |||||||||||||||||||||||||||||
West Haven, CT
|
580 | 1,620 | 1,034 | 580 | 2,654 | 138 | 2004 | 1971 | ||||||||||||||||||||||||||||
West Palm Beach, FL
|
696 | 8,037 | 696 | 8,037 | 3,293 | 1998 | 1984 | |||||||||||||||||||||||||||||
West Worthington, OH
|
510 | 5,090 | 510 | 5,090 | 135 | 2006 | 1980 | |||||||||||||||||||||||||||||
Westlake, OH
|
1,330 | 17,926 | 1,330 | 17,926 | 2,532 | 2001 | 1985 | |||||||||||||||||||||||||||||
Westlake, OH
|
571 | 5,411 | 571 | 5,411 | 1,464 | 1998 | 1957 | |||||||||||||||||||||||||||||
Westmoreland, TN
|
330 | 1,822 | 2,635 | 330 | 4,456 | 669 | 2001 | 1994 | ||||||||||||||||||||||||||||
White Hall, IL
|
50 | 5,550 | 670 | 50 | 6,220 | 1,658 | 2002 | 1971 | ||||||||||||||||||||||||||||
Whitemarsh, PA
|
2,310 | 6,190 | 2,310 | 6,190 | 327 | 2005 | 1967 | |||||||||||||||||||||||||||||
Williamstown, KY
|
70 | 6,430 | 70 | 6,430 | 285 | 2005 | 1987 | |||||||||||||||||||||||||||||
Winnfield, LA
|
31 | 6,480 | 31 | 6,480 | 217 | 2005 | 1964 |
108
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Woodbridge, VA
|
$ | 680 | $ | 4,423 | $ | 680 | $ | 4,423 | $ | 590 | 2002 | 1977 | ||||||||||||||||||||||||
Worcester, MA
|
1,053 | 2,265 | $ | 268 | 1,053 | 2,533 | 1,580 | 1997 | 1961 | |||||||||||||||||||||||||||
Worcester, MA
|
1,100 | 5,400 | 2,497 | 1,100 | 7,897 | 516 | 2004 | 1962 | ||||||||||||||||||||||||||||
Total Skilled Nursing
Facilities:
|
$ | 24,673 | 111,169 | 1,298,352 | 51,175 | 111,435 | 1,349,258 | 158,686 | ||||||||||||||||||||||||||||
Independent Living / CCRC
Facilities:
|
||||||||||||||||||||||||||||||||||||
Amelia Island, FL
|
3,290 | 24,310 | 1,342 | 3,290 | 25,652 | 632 | 2005 | 1998 | ||||||||||||||||||||||||||||
Anderson, SC
|
710 | 6,290 | 710 | 6,290 | 589 | 2003 | 1986 | |||||||||||||||||||||||||||||
Atlanta, GA
|
2,059 | 14,914 | 2,059 | 14,914 | 4,919 | 1997 | 1999 | |||||||||||||||||||||||||||||
Aurora, CO
|
1,379 | 1,379 | 2006 | |||||||||||||||||||||||||||||||||
Austin, TX
|
880 | 9,520 | 880 | 9,520 | 2,149 | 1999 | 1998 | |||||||||||||||||||||||||||||
Columbia, SC
|
2,120 | 4,860 | 2,185 | 2,120 | 7,045 | 601 | 2003 | 2000 | ||||||||||||||||||||||||||||
Denver, CO
|
3,650 | 14,906 | 3,650 | 14,906 | 98 | 2006 | 1987 | |||||||||||||||||||||||||||||
Douglasville, GA
|
90 | 217 | 90 | 217 | 25 | 2003 | 1985 | |||||||||||||||||||||||||||||
Fremont, CA
|
3,400 | 25,300 | 3,400 | 25,300 | 668 | 2005 | 1988 | |||||||||||||||||||||||||||||
Gardnerville, NV
|
1,144 | 10,830 | 1,144 | 10,830 | 4,170 | 1998 | 1999 | |||||||||||||||||||||||||||||
Gilroy, CA
|
760 | 13,880 | 760 | 13,880 | 30 | 2006 | 2006 | |||||||||||||||||||||||||||||
Houston, TX
|
4,791 | 7,100 | 4,791 | 7,100 | 924 | 2003 | 1974 | |||||||||||||||||||||||||||||
Indianapolis, IN
|
495 | 6,287 | 495 | 6,287 | 110 | 2006 | 1981 | |||||||||||||||||||||||||||||
Lauderhill, FL
|
1,836 | 25,216 | 1,836 | 25,216 | 1,017 | 2005 | 1976 | |||||||||||||||||||||||||||||
Manteca, CA
|
1,300 | 12,125 | 1,300 | 12,125 | 329 | 2005 | 1988 | |||||||||||||||||||||||||||||
Marysville, WA
|
620 | 4,780 | 620 | 4,780 | 407 | 2003 | 1998 | |||||||||||||||||||||||||||||
Mesa, AZ
|
950 | 9,087 | 950 | 9,087 | 1,584 | 1999 | 2000 | |||||||||||||||||||||||||||||
Mount Airy, NC
|
270 | 6,430 | 270 | 6,430 | 170 | 2005 | 1998 | |||||||||||||||||||||||||||||
Naples, FL
|
1,716 | 17,306 | 1,716 | 17,306 | 8,070 | 1997 | 1999 | |||||||||||||||||||||||||||||
Ossining, NY
|
1,510 | 9,490 | 1,510 | 9,490 | 1,238 | 2002 | 1967 | |||||||||||||||||||||||||||||
Pawleys Island, SC
|
1,010 | 32,590 | 670 | 1,010 | 33,260 | 844 | 2005 | 1998 | ||||||||||||||||||||||||||||
Raytown, MO
|
510 | 5,490 | 510 | 5,490 | 2006 | 2000 | ||||||||||||||||||||||||||||||
Rohnert Park, CA
|
6,500 | 18,700 | 6,500 | 18,700 | 500 | 2005 | 1988 | |||||||||||||||||||||||||||||
Roswell, GA
|
1,107 | 9,627 | 1,107 | 9,627 | 3,787 | 1997 | 1999 | |||||||||||||||||||||||||||||
Sonoma, CA
|
1,100 | 18,400 | 1,100 | 18,400 | 489 | 2005 | 1988 | |||||||||||||||||||||||||||||
Spartanburg, SC
|
3,350 | 15,750 | 3,350 | 15,750 | 410 | 2005 | 1998 | |||||||||||||||||||||||||||||
Terre Haute, IN
|
175 | 3,499 | 3,806 | 175 | 7,305 | 1,870 | 1999 | 1999 | ||||||||||||||||||||||||||||
Twin Falls, ID
|
550 | 14,740 | 550 | 14,740 | 1,674 | 2002 | 1991 | |||||||||||||||||||||||||||||
Urbana, IL
|
670 | 6,780 | 670 | 6,780 | 952 | 2002 | 1998 | |||||||||||||||||||||||||||||
Vacaville, CA
|
900 | 17,100 | 900 | 17,100 | 457 | 2005 | 1988 | |||||||||||||||||||||||||||||
Vallejo, CA
|
4,000 | 18,000 | 4,000 | 18,000 | 479 | 2005 | 1988 | |||||||||||||||||||||||||||||
Wichita, KS
|
1,400 | 11,000 | 1,400 | 11,000 | 2006 | 1997 | ||||||||||||||||||||||||||||||
Winston-Salem, NC
|
2,850 | 13,550 | 175 | 2,850 | 13,725 | 368 | 2005 | 1997 | ||||||||||||||||||||||||||||
Total Independent Living / CCRC
Facilities:
|
0 | 57,092 | 408,074 | 8,178 | 57,092 | 416,252 | 39,560 | |||||||||||||||||||||||||||||
Specialty Care
Facilities:
|
||||||||||||||||||||||||||||||||||||
Amarillo, TX
|
72 | 11,928 | 72 | 11,928 | 467 | 2005 | 1986 | |||||||||||||||||||||||||||||
Bellaire, TX
|
3,740 | 36,966 | 3,828 | 3,740 | 40,793 | 53 | 2006 | 2005 | ||||||||||||||||||||||||||||
Braintree, MA
|
300 | 13,781 | 300 | 13,781 | 4,103 | 2005 | 1918 | |||||||||||||||||||||||||||||
Chicago, IL
|
3,650 | 7,505 | 11,054 | 3,650 | 18,559 | 3,333 | 2002 | 1979 | ||||||||||||||||||||||||||||
Corpus Christi, TX
|
77 | 3,923 | 77 | 3,923 | 178 | 2005 | 1968 | |||||||||||||||||||||||||||||
El Paso, TX
|
112 | 15,888 | 112 | 15,888 | 616 | 2005 | 1994 | |||||||||||||||||||||||||||||
Lafayette, LA
|
1,383 | 6,644 | 1,674 | 1,383 | 8,318 | 15 | 2006 | 1993 | ||||||||||||||||||||||||||||
Midwest City, OK
|
146 | 3,854 | 146 | 3,854 | 171 | 2005 | 1996 | |||||||||||||||||||||||||||||
New Albany, OH
|
3,020 | 27,445 | 3,020 | 27,445 | 2,925 | 2002 | 2003 | |||||||||||||||||||||||||||||
Plano, TX
|
195 | 14,805 | 195 | 14,805 | 574 | 2005 | 1995 | |||||||||||||||||||||||||||||
Springfield, MA
|
2,100 | 22,913 | 160 | 2,100 | 23,073 | 7,202 | 2005 | 1952 | ||||||||||||||||||||||||||||
Stoughton, MA
|
975 | 25,247 | 975 | 25,247 | 8,048 | 2005 | 1958 | |||||||||||||||||||||||||||||
Tulsa, OK
|
1,954 | 3,809 | 1,988 | 1,954 | 5,798 | 13 | 2006 | 1992 | ||||||||||||||||||||||||||||
Webster, TX
|
1,262 | 8,575 | 2,444 | 1,262 | 11,019 | 19 | 2006 | 1991 | ||||||||||||||||||||||||||||
Total Specialty Care
Facilities:
|
0 | 18,986 | 203,283 | 21,148 | 18,986 | 224,431 | 27,717 | |||||||||||||||||||||||||||||
Medical Office
Buildings:
|
||||||||||||||||||||||||||||||||||||
Arcadia, CA(7)
|
10,830 | 4,796 | 27,567 | 2,416 | 4,796 | 29,983 | 31 | 2006 | 1984 | |||||||||||||||||||||||||||
Atlanta, GA
|
10,760 | 12,774 | 3,311 | 10,790 | 16,056 | 30 | 2006 | 1992 | ||||||||||||||||||||||||||||
Aurora, IL
|
482 | 7,859 | 1,021 | 482 | 8,880 | 13 | 2006 | 1996 | ||||||||||||||||||||||||||||
Aurora, IL
|
1,740 | 1,177 | 1,062 | 1,740 | 2,239 | 5 | 2006 | 1989 | ||||||||||||||||||||||||||||
Austell, GA(7)
|
4,551 | 2,704 | 5,197 | 3,341 | 2,704 | 8,538 | 23 | 2006 | 1999 | |||||||||||||||||||||||||||
Bellaire, TX
|
3,657 | 27,672 | 3,547 | 3,657 | 31,219 | 44 | 2006 | 2005 | ||||||||||||||||||||||||||||
Birmingham, AL
|
7,178 | 2,127 | 9,305 | 13 | 2006 | 1971 |
109
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Birmingham, AL
|
$ | 8,070 | $ | 1,905 | $ | 9,975 | $ | 13 | 2006 | 1985 | ||||||||||||||||||||||||||
Birmingham, AL
|
15,278 | 3,393 | 18,672 | 27 | 2006 | 1989 | ||||||||||||||||||||||||||||||
Boca Raton, FL(7)
|
$ | 14,729 | 23,852 | 2,760 | 26,612 | 35 | 2006 | 1995 | ||||||||||||||||||||||||||||
Boynton Beach, FL(7)
|
4,910 | $ | 1,446 | 6,034 | 1,400 | $ | 1,446 | 7,434 | 11 | 2006 | 1993 | |||||||||||||||||||||||||
Boynton Beach, FL(7)
|
4,404 | 1,451 | 6,425 | 1,096 | 1,451 | 7,521 | 10 | 2006 | 1995 | |||||||||||||||||||||||||||
Charlotte, NC
|
641 | 7,881 | 1,037 | 641 | 8,918 | 12 | 2006 | 1988 | ||||||||||||||||||||||||||||
Coral Springs, FL
|
1,246 | 7,949 | 1,928 | 1,246 | 9,877 | 18 | 2006 | 1993 | ||||||||||||||||||||||||||||
Dallas, TX(7)
|
16,571 | 29,208 | 5,401 | 34,608 | 58 | 2006 | 1995 | |||||||||||||||||||||||||||||
Decatur, GA
|
508 | 974 | 979 | 508 | 1,953 | 6 | 2006 | 1971 | ||||||||||||||||||||||||||||
Delray Beach, FL(7)
|
14,552 | 21,449 | 11,986 | 33,436 | 46 | 2006 | 1983 | |||||||||||||||||||||||||||||
Durham, NC(7)
|
6,812 | 4,322 | 15,702 | 4,510 | 4,322 | 20,213 | 31 | 2006 | 1980 | |||||||||||||||||||||||||||
Edinburg, TX(7)
|
6,392 | 337 | 13,375 | 649 | 337 | 14,023 | 15 | 2006 | 1996 | |||||||||||||||||||||||||||
El Paso, TX
|
897 | 2,336 | 603 | 897 | 2,939 | 5 | 2006 | 1982 | ||||||||||||||||||||||||||||
El Paso, TX(7)
|
11,088 | 21,915 | 2,867 | 24,782 | 28 | 2006 | 1997 | |||||||||||||||||||||||||||||
Fayetteville, GA(7)
|
3,531 | 522 | 6,238 | 905 | 522 | 7,143 | 10 | 2006 | 1999 | |||||||||||||||||||||||||||
Germantown, TN
|
1,962 | 9,289 | 1,790 | 1,962 | 11,079 | 16 | 2006 | 2002 | ||||||||||||||||||||||||||||
Jupiter, FL(7)
|
7,740 | 1,676 | 9,345 | 1,621 | 1,676 | 10,966 | 16 | 2006 | 2001 | |||||||||||||||||||||||||||
Lakewood, CA
|
10,964 | 901 | 11,865 | 12 | 2006 | 1993 | ||||||||||||||||||||||||||||||
Las Vegas, NV(7)
|
4,789 | 2,052 | 9,378 | 906 | 2,052 | 10,283 | 11 | 2006 | 1991 | |||||||||||||||||||||||||||
Las Vegas, NV(7)
|
8,505 | 5,730 | 47,861 | 4,761 | 5,730 | 52,622 | 65 | 2006 | 1982 | |||||||||||||||||||||||||||
Lawrenceville, GA
|
1,274 | 8,140 | 1,585 | 1,274 | 9,725 | 14 | 2006 | 2001 | ||||||||||||||||||||||||||||
Lawrenceville, GA(7)
|
2,511 | 603 | 3,862 | 750 | 603 | 4,612 | 7 | 2006 | 2002 | |||||||||||||||||||||||||||
Lewisville, TX
|
8,133 | 914 | 9,047 | 12 | 2006 | 1997 | ||||||||||||||||||||||||||||||
Los Gatos, CA
|
14,512 | 5,015 | 19,528 | 26 | 2006 | 1993 | ||||||||||||||||||||||||||||||
Loxahatchee, FL(7)
|
3,519 | 1,675 | 5,171 | 804 | 1,675 | 5,975 | 7 | 2006 | 1993 | |||||||||||||||||||||||||||
Loxahatchee, FL(7)
|
2,888 | 1,240 | 3,954 | 639 | 1,240 | 4,594 | 6 | 2006 | 1996 | |||||||||||||||||||||||||||
Loxahatchee, FL
|
3,899 | 697 | 4,596 | 6 | 2006 | 1996 | ||||||||||||||||||||||||||||||
Middletown, NY
|
13,156 | 7,759 | 20,915 | 42 | 2006 | 1998 | ||||||||||||||||||||||||||||||
Nashville, TN
|
1,505 | 5,469 | 1,218 | 1,505 | 6,687 | 11 | 2006 | 1986 | ||||||||||||||||||||||||||||
North Las Vegas, NV(7)
|
6,491 | 10,696 | 1,689 | 12,385 | 18 | 2006 | 2000 | |||||||||||||||||||||||||||||
Ocala, FL
|
1,708 | 4,095 | 1,044 | 1,708 | 5,139 | 9 | 2006 | 1991 | ||||||||||||||||||||||||||||
Palm Bay, FL(7)
|
2,063 | 1,026 | 2,322 | 1,554 | 1,026 | 3,876 | 10 | 2006 | 1997 | |||||||||||||||||||||||||||
Palm Springs, CA
|
9,870 | 1,384 | 11,254 | 14 | 2006 | 1998 | ||||||||||||||||||||||||||||||
Palm Springs, FL
|
832 | 5,474 | 1,112 | 840 | 6,578 | 10 | 2006 | 1997 | ||||||||||||||||||||||||||||
Palm Springs, FL(7)
|
2,960 | 684 | 3,115 | 610 | 684 | 3,724 | 6 | 2006 | 1993 | |||||||||||||||||||||||||||
Pearland, TX(7)
|
2,547 | 458 | 4,309 | 752 | 458 | 5,060 | 7 | 2006 | 2000 | |||||||||||||||||||||||||||
Pearland, TX(7)
|
1,732 | 1,542 | 3,408 | 694 | 1,542 | 4,102 | 6 | 2006 | 2002 | |||||||||||||||||||||||||||
Pelham, AL
|
688 | 2,412 | 583 | 688 | 2,995 | 5 | 2006 | 1990 | ||||||||||||||||||||||||||||
Phoenix, AZ(7)
|
31,380 | 38,216 | 9,917 | 48,133 | 77 | 2006 | 1998 | |||||||||||||||||||||||||||||
Plantation, FL(7)
|
10,503 | 7,892 | 6,666 | 2,226 | 7,892 | 8,892 | 17 | 2006 | 1996 | |||||||||||||||||||||||||||
Plantation, FL(7)
|
9,807 | 7,860 | 3,500 | 4,559 | 7,860 | 8,058 | 29 | 2006 | 1995 | |||||||||||||||||||||||||||
Reno, NV(7)
|
8,600 | 921 | 16,489 | 2,465 | 921 | 18,955 | 28 | 2006 | 1991 | |||||||||||||||||||||||||||
Sacramento, CA(7)
|
5,230 | 9,015 | 3,552 | 12,566 | 15 | 2006 | 1990 | |||||||||||||||||||||||||||||
San Antonio, TX(7)
|
6,881 | 1,320 | 11,395 | 3,558 | 1,320 | 14,954 | 28 | 2006 | 1999 | |||||||||||||||||||||||||||
Suwanee, GA
|
1,127 | 5,116 | 1,044 | 1,127 | 6,160 | 9 | 2006 | 1998 | ||||||||||||||||||||||||||||
Suwanee, GA
|
967 | 4,746 | 1,115 | 967 | 5,860 | 9 | 2006 | 2001 | ||||||||||||||||||||||||||||
Suwanee, GA
|
643 | 4,423 | 609 | 643 | 5,032 | 6 | 2006 | 2003 | ||||||||||||||||||||||||||||
Tomball, TX(7)
|
3,116 | 766 | 8,167 | 1,335 | 766 | 9,503 | 12 | 2006 | 1982 | |||||||||||||||||||||||||||
Trussville, AL
|
759 | 1,495 | 990 | 759 | 2,485 | 6 | 2006 | 1990 | ||||||||||||||||||||||||||||
Union City, TN
|
1,005 | 11,799 | 1,409 | 1,005 | 13,208 | 17 | 2006 | 1998 | ||||||||||||||||||||||||||||
Voorhees, NJ
|
9,582 | 19,482 | 3,513 | 9,582 | 22,995 | 34 | 2006 | 1997 | ||||||||||||||||||||||||||||
Wellington, FL(7)
|
7,574 | 12,960 | 1,417 | 14,377 | 16 | 2006 | 2002 | |||||||||||||||||||||||||||||
West Palm Beach, FL(7)
|
6,498 | 10,185 | 4,068 | 14,254 | 17 | 2006 | 1995 | |||||||||||||||||||||||||||||
West Palm Beach, FL(7)
|
7,838 | 10,373 | 3,247 | 13,621 | 24 | 2006 | 1993 | |||||||||||||||||||||||||||||
West Palm Beach, FL(7)
|
7,240 | 11,034 | 2,305 | 13,339 | 20 | 2006 | 1991 | |||||||||||||||||||||||||||||
Yorkville, IL
|
982 | 2,146 | 823 | 982 | 2,969 | 5 | 2006 | 1980 | ||||||||||||||||||||||||||||
Total Medical Office
Buildings:
|
248,782 | 93,988 | 662,151 | 145,178 | 94,026 | 807,294 | 1,188 | |||||||||||||||||||||||||||||
Construction in
Progress:
|
138,222 | 138,222 | ||||||||||||||||||||||||||||||||||
378,400 | 386,388 | 3,607,249 | 264,810 | 386,693 | 3,881,369 | 347,004 | ||||||||||||||||||||||||||||||
Assets Held for
Sale
|
||||||||||||||||||||||||||||||||||||
Litchfield, CT
|
660 | 9,652 | 283 | 660 | 9,934 | 4,379 | 1997 | 1998 | ||||||||||||||||||||||||||||
Middletown, OH
|
800 | 3,700 | 800 | 3,700 | 264 | 2004 | 2000 | |||||||||||||||||||||||||||||
Newark, OH
|
410 | 5,711 | 409 | 410 | 6,120 | 2,185 | 1998 | 1987 | ||||||||||||||||||||||||||||
Total Assets Held for
Sale
|
0 | 1,870 | 19,063 | 692 | 1,870 | 19,754 | 6,828 | |||||||||||||||||||||||||||||
110
Gross Amount at Which |
||||||||||||||||||||||||||||||||||||
Carried at Close of Period | ||||||||||||||||||||||||||||||||||||
Initial Cost to Company |
Accumulated |
|||||||||||||||||||||||||||||||||||
Buildings, |
Cost Capitalized |
Buildings, |
Depreciation |
|||||||||||||||||||||||||||||||||
Intangibles & |
Subsequent to |
Intangibles & |
and |
Year |
Year |
|||||||||||||||||||||||||||||||
Description
|
Encumbrances | Land | Improvements | Acquisition | Land | Improvements | Amortization | Acquired | Built | |||||||||||||||||||||||||||
Total Investment in Real
Property Owned
|
$ | 378,400 | $ | 388,258 | $ | 3,635,928 | $ | 265,502 | $ | 388,563 | $ | 3,901,123 | $ | 353,832 | ||||||||||||||||||||||
(1) | In June 2003, three wholly-owned subsidiaries of the Company completed the acquisitions of three assisted living facilities from Emeritus Corporation. The properties were subject to existing mortgage debt of $13,981,000. The three wholly-owned subsidiaries are included in the Companys consolidated financial statements. Notwithstanding consolidation for financial statement purposes, it is the Companys intention that the subsidiaries be separate legal entities wherein the assets and liabilities are not available to pay other debts or obligations of the consolidated Company. | |
(2) | In September 2003, four wholly-owned subsidiaries of the Company completed the acquisitions of four assisted living facilities from Emeritus Corporation. The properties were subject to existing mortgage debt of $24,291,000. The four wholly-owned subsidiaries are included in the Companys consolidated financial statements. Notwithstanding consolidation for financial statement purposes, it is the Companys intention that the subsidiaries be separate legal entities wherein the assets and liabilities are not available to pay other debts or obligations of the consolidated Company. | |
(3) | In September 2003, 17 wholly-owned subsidiaries of the Company completed the acquisitions of 17 assisted living facilities from Southern Assisted Living, Inc. The properties were subject to existing mortgage debt of $59,471,000. The 17 wholly-owned subsidiaries are included in the Companys consolidated financial statements. Notwithstanding consolidation for financial statement purposes, it is the Companys intention that the subsidiaries be separate legal entities wherein the assets and liabilities are not available to pay other debts or obligations of the consolidated Company. | |
(4) | In September 2005, one wholly-owned subsidiary of the Company completed the acquisition of one assisted living facility from Emeritus Corporation. The property was subject to existing mortgage debt of $6,705,000. The wholly-owned subsidiary is included in the Companys consolidated financial statements. Notwithstanding consolidation for financial statement purposes, it is the Companys intention that the subsidiary be a separate legal entity wherein the assets and liabilities are not available to pay other debts or obligations of the consolidated Company. | |
(5) | In January 2005, one wholly-owned subsidiary of the Company completed the acquisition of one assisted living facility from Emeritus Corporation. The property was subject to existing mortgage debt of $7,875,000. The wholly-owned subsidiary is included in the Companys consolidated financial statements. Notwithstanding consolidation for financial statement purposes, it is the Companys intention that the subsidiary be a separate legal entity wherein the assets and liabilities are not available to pay other debts or obligations of the consolidated Company. | |
(6) | In March 2006, four wholly-owned subsidiaries of the Company completed the acquisition of four skilled nursing facilities from Provider Services, Inc. The properties were subject to existing mortgage debt of $25,049,000. The wholly-owned subsidiaries are included in the Companys consolidated financial statements. Notwithstanding consolidation for financial statement purposes, it is the Companys intention that the subsidiaries be separate legal entities wherein the assets and liabilities are not available to pay other debts or obligations of the consolidated Company. | |
(7) | In December 2006, the Company completed the acquisition of Windrose Medical Properties Trust. Certain of the properties were subject to existing mortgage debt of $248,844,000 (principal only). Notwithstanding consolidation for financial statement purposes, it is the Companys intention that the subsidiaries related to the aforementioned properties be separate legal entities wherein the assets and liabilities are not available to pay other debts or obligations of the consolidated Company. |
111
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Investment in real estate:
|
||||||||||||
Balance at beginning of year
|
$ | 2,936,800 | $ | 2,409,963 | $ | 1,893,977 | ||||||
Additions:
|
||||||||||||
Acquisitions
|
1,239,289 | 568,660 | 504,336 | |||||||||
Improvements
|
169,811 | 31,422 | 33,538 | |||||||||
Conversions from loans receivable
|
11,204 | 3,908 | 8,500 | |||||||||
Deferred acquisition payments
|
2,000 | 18,125 | ||||||||||
Assumed debt
|
25,049 | 22,309 | 14,555 | |||||||||
Total additions
|
1,447,353 | 644,424 | 560,929 | |||||||||
Deductions:
|
||||||||||||
Cost of real estate sold
|
(94,466 | ) | (115,179 | ) | (44,629 | ) | ||||||
Reclassification of accumulated
depreciation for assets held for sale
|
(6,829 | ) | (2,408 | ) | ||||||||
Impairment of assets
|
(314 | ) | ||||||||||
Total deductions
|
(101,295 | ) | (117,587 | ) | (44,943 | ) | ||||||
Balance at end of year(1)
|
$ | 4,282,858 | $ | 2,936,800 | $ | 2,409,963 | ||||||
Accumulated depreciation:
|
||||||||||||
Balance at beginning of year
|
$ | 274,875 | $ | 219,536 | $ | 152,440 | ||||||
Additions:
|
||||||||||||
Depreciation and amortization
expenses
|
97,638 | 84,828 | 74,015 | |||||||||
Deductions:
|
||||||||||||
Sale of properties
|
(18,677 | ) | (27,081 | ) | (6,919 | ) | ||||||
Reclassification of accumulated
depreciation for assets held for sale
|
(6,829 | ) | (2,408 | ) | ||||||||
Balance at end of year
|
$ | 347,007 | $ | 274,875 | $ | 219,536 | ||||||
(1) | The aggregate cost for tax purposes for real property equals $4,049,675,000, $2,389,766,000 and $2,411,323,000 at December 31, 2006, 2005 and 2004, respectively. |
112
(In thousands) | |||||||||||||||||||||||||
Principal Amount |
|||||||||||||||||||||||||
of Loans Subject |
|||||||||||||||||||||||||
Final |
Carrying |
to Delinquent |
|||||||||||||||||||||||
Interest |
Maturity |
Periodic Payment |
Prior |
Face Amount |
Amount of |
Principal or |
|||||||||||||||||||
Description
|
Rate | Date | Terms | Liens | of Mortgages | Mortgages | Interest | ||||||||||||||||||
Two skilled nursing facilities in
|
9.89% | 09/30/20 | Monthly Payments | $ | 34,000 | $ | 33,894 | None | |||||||||||||||||
Florida
|
$306,326 | ||||||||||||||||||||||||
Chicago, IL
|
16.48% | 6/30/07 | Monthly Payments | 20,355 | 18,330 | None | |||||||||||||||||||
(Specialty care facility)
|
$234,525 | ||||||||||||||||||||||||
Lauderhill, FL
|
11.50% | 09/01/12 | Monthly Payments | 12,700 | 12,453 | None | |||||||||||||||||||
(Skilled nursing facility)
|
$128,975 | ||||||||||||||||||||||||
Four assisted living facilities in
Ohio
|
8.96% | 08/01/08 | Monthly Payments | 15,965 | 11,047 | None | |||||||||||||||||||
and Pennsylvania
|
$82,480 | ||||||||||||||||||||||||
Six skilled nursing facilities
|
5.75% | 06/30/18 | Monthly Payments | 11,000 | 11,000 | None | |||||||||||||||||||
in Illinois and Missouri
|
$52,708 | ||||||||||||||||||||||||
26 skilled nursing facilities and
three
|
13.69% | 03/31/10 | Monthly Payments | 11,143 | 9,252 | None | |||||||||||||||||||
assisted living facilities in
Florida,
|
$275,000 | ||||||||||||||||||||||||
Pennsylvania, South Carolina,
|
|||||||||||||||||||||||||
Tennessee and Kentucky
|
|||||||||||||||||||||||||
Sun Valley, CA
|
9.63% | 05/01/08 | Monthly Payments | 18,800 | 7,472 | None | |||||||||||||||||||
(Specialty care facility)
|
$91,547 | ||||||||||||||||||||||||
Bala, PA
|
11.50% | 07/01/08 | Monthly Payments | 7,400 | 7,145 | None | |||||||||||||||||||
(Skilled nursing facility)
|
$68,470 | ||||||||||||||||||||||||
Plymouth, MA
|
19.26% | 09/09/09 | Monthly Payments | 6,175 | 6,175 | None | |||||||||||||||||||
(Independent living facility)
|
$52,179 | ||||||||||||||||||||||||
Boalsburg, PA
|
19.00% | 06/01/07 | Monthly Payments | 5,938 | 5,350 | None | |||||||||||||||||||
(Independent living facility)
|
$35,666 | ||||||||||||||||||||||||
28 mortgage loans relating to
19 skilled nursing facilities, 63 assisted living facilities, 12 independent living facilities and 2 specialty care facilities |
From 3.9% to 19.26% |
From 06/01/07 07/01/20 |
Monthly Payments from $45 to $99,787 |
62,072 | 55,497 | None | |||||||||||||||||||
Totals
|
$ | 205,548 | $ | 177,615 | $ | 0 | |||||||||||||||||||
113
Year Ended December 31, | ||||||||||||
2006 | 2005 | 2004 | ||||||||||
(In thousands) | ||||||||||||
Reconciliation of mortgage loans:
|
||||||||||||
Balance at beginning of year
|
$ | 141,467 | $ | 155,266 | $ | 164,139 | ||||||
Additions:
|
||||||||||||
New mortgage loans
|
87,563 | 36,055 | 30,057 | |||||||||
229,030 | 191,321 | 194,196 | ||||||||||
Deductions:
|
||||||||||||
Collections of principal(1)
|
40,155 | 45,946 | 20,197 | |||||||||
Conversions to real property
|
11,204 | 3,908 | 8,500 | |||||||||
Charge-offs
|
56 | |||||||||||
Other(2)
|
10,233 | |||||||||||
51,415 | 49,854 | 38,930 | ||||||||||
Balance at end of year
|
$ | 177,615 | $ | 141,467 | $ | 155,266 | ||||||
(1) | Includes collection of negative principal amortization. | |
(2) | Includes mortgage loans that were reclassified to working capital loans during the periods indicated. |
114
2 | .1 | Agreement and Plan of Merger, dated as of September 12, 2006, by and among Health Care REIT, Inc., Heat Merger Sub, LLC, Heat OP Merger Sub, L.P., Windrose Medical Properties Trust and Windrose Medical Properties, L.P. (filed with the Commission as Exhibit 2.1 to the Companys Form 8-K filed September 15, 2006, and incorporated herein by reference thereto). | ||
2 | .2 | Amendment No. 1 to Agreement and Plan of Merger, dated as of October 12, 2006, by and among Health Care REIT, Inc., Heat Merger Sub, LLC, Heat OP Merger Sub, L.P., Windrose Medical Properties Trust and Windrose Medical Properties, L.P. (filed with the Commission as Exhibit 2.1 to the Companys Form 8-K filed October 13, 2006, and incorporated herein by reference thereto). | ||
3 | .1 | Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 10-K filed March 20, 2000, and incorporated herein by reference thereto). | ||
3 | .2 | Certificate of Designation, Preferences and Rights of Junior Participating Preferred Stock, Series A, of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 10-K filed March 20, 2000, and incorporated herein by reference thereto). | ||
3 | .3 | Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 10-K filed March 20, 2000, and incorporated herein by reference thereto). | ||
3 | .4 | Certificate of Amendment of Second Restated Certificate of Incorporation of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed June 13, 2003, and incorporated herein by reference thereto). | ||
3 | .5 | Certificate of Designation of 77/8% Series D Cumulative Redeemable Preferred Stock of the Company (filed with the Commission as Exhibit 2.5 to the Companys Form 8-A/A filed July 8, 2003, and incorporated herein by reference thereto). | ||
3 | .6 | Certificate of Designation of 6% Series E Cumulative Convertible and Redeemable Preferred Stock of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed October 1, 2003, and incorporated herein by reference thereto). | ||
3 | .7 | Certificate of Designation of 75/8% Series F Cumulative Redeemable Preferred Stock of the Company (filed with the Commission as Exhibit 2.5 to the Companys Form 8-A filed September 10, 2004, and incorporated herein by reference thereto). | ||
3 | .8 | Certificate of Designation of 7.5% Series G Cumulative Convertible Preferred Stock of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed December 20, 2006, and incorporated herein by reference thereto). | ||
3 | .9 | Amended and Restated By-Laws of the Company (filed with the Commission as Exhibit 3.1 to the Companys Form 8-K filed September 8, 2004, and incorporated herein by reference thereto). | ||
4 | .1 | The Company, by signing this Report, agrees to furnish the Securities and Exchange Commission upon its request a copy of any instrument that defines the rights of holders of long-term debt of the Company and authorizes a total amount of securities not in excess of 10% of the total assets of the Company. | ||
4 | .2 | Indenture dated as of April 17, 1997 between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed April 21, 1997, and incorporated herein by reference thereto). | ||
4 | .3 | First Supplemental Indenture, dated as of April 17, 1997, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed April 21, 1997, and incorporated herein by reference thereto). | ||
4 | .4 | Second Supplemental Indenture, dated as of March 13, 1998, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed March 11, 1998, and incorporated herein by reference thereto). | ||
4 | .5 | Third Supplemental Indenture, dated as of March 18, 1999, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed March 17, 1999, and incorporated herein by reference thereto). | ||
4 | .6 | Fourth Supplemental Indenture, dated as of August 10, 2001, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed August 9, 2001, and incorporated herein by reference thereto). |
115
4 | .7 | Supplemental Indenture No. 5, dated September 10, 2003, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .8 | Amendment No. 1, dated September 16, 2003, to Supplemental Indenture No. 5, dated September 10, 2003, to Indenture dated as of April 17, 1997, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.3 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .9 | Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed September 9, 2002, and incorporated herein by reference thereto). | ||
4 | .10 | Supplemental Indenture No. 1, dated as of September 6, 2002, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed September 9, 2002, and incorporated herein by reference thereto). | ||
4 | .11 | Amendment No. 1, dated March 12, 2003, to Supplemental Indenture No. 1, dated as of September 6, 2002, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed March 14, 2003, and incorporated herein by reference thereto). | ||
4 | .12 | Supplemental Indenture No. 2, dated as of September 10, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .13 | Amendment No. 1, dated September 16, 2003, to Supplemental Indenture No. 2, dated as of September 10, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.4 to the Companys Form 8-K filed September 24, 2003, and incorporated herein by reference thereto). | ||
4 | .14 | Supplemental Indenture No. 3, dated as of October 29, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed October 30, 2003, and incorporated herein by reference thereto). | ||
4 | .15 | Amendment No. 1, dated September 13, 2004, to Supplemental Indenture No. 3, dated as of October 29, 2003, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and The Bank of New York Trust Company, N.A., as successor to Fifth Third Bank (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed September 13, 2004, and incorporated herein by reference thereto). | ||
4 | .16 | Supplemental Indenture No. 4, dated as of April 27, 2005, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed April 28, 2005, and incorporated herein by reference thereto). | ||
4 | .17 | Supplemental Indenture No. 5, dated as of November 30, 2005, to Indenture for Senior Debt Securities, dated as of September 6, 2002, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed November 30, 2005, and incorporated herein by reference thereto). | ||
4 | .18 | Indenture, dated as of November 20, 2006, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.1 to the Companys Form 8-K filed November 20, 2006, and incorporated herein by reference thereto). | ||
4 | .19 | Supplemental Indenture No. 1, dated as of November 20, 2006, between the Company and The Bank of New York Trust Company, N.A. (filed with the Commission as Exhibit 4.2 to the Companys Form 8-K filed November 20, 2006, and incorporated herein by reference thereto). | ||
4 | .20 | Form of Indenture for Senior Subordinated Debt Securities (filed with the Commission as Exhibit 4.9 to the Companys Form S-3 (File No. 333-73936) filed November 21, 2001, and incorporated herein by reference thereto). | ||
4 | .21 | Form of Indenture for Junior Subordinated Debt Securities (filed with the Commission as Exhibit 4.10 to the Companys Form S-3 (File No. 333-73936) filed November 21, 2001, and incorporated herein by reference thereto). |
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10 | .1 | Third Amended and Restated Loan Agreement, dated as of July 26, 2006, by and among the Company and certain of its subsidiaries, the banks signatory thereto, KeyBank National Association, as administrative agent, Deutsche Bank Securities Inc., as syndication agent, and UBS Securities LLC, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as documentation agents (filed with the Commission as Exhibit 10.2 to the Companys Form 10-Q filed July 28, 2006, and incorporated herein by reference thereto). | ||
10 | .2 | Amendment No. 1 to Third Amended and Restated Loan Agreement by and among the Company and certain of its subsidiaries, the banks signatory thereto, KeyBank National Association, as administrative agent, Deutsche Bank Securities Inc., as syndication agent, and UBS Securities LLC, Bank of America, N.A. and JPMorgan Chase Bank, N.A., as documentation agents, dated as of September 20, 2006 (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed September 26, 2006, and incorporated herein by reference thereto). | ||
10 | .3 | Credit Agreement, dated as of May 31, 2006, by and among the Company and certain of its subsidiaries and Fifth Third Bank (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed June 5, 2006, and incorporated by reference thereto). | ||
10 | .4 | ISDA Master Agreement and Schedule dated as of May 6, 2004 by and between Bank of America, N.A. and Health Care REIT, Inc. (filed with the Commission as Exhibit 10.3 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). | ||
10 | .5 | Interest Rate Swap Confirmation dated May 10, 2004 between Health Care REIT, Inc. and Bank of America, N.A. (filed with the Commission as Exhibit 10.4 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). | ||
10 | .6 | Interest Rate Swap Confirmation dated May 6, 2004 between Health Care REIT, Inc. and Deutsche Bank AG (filed with the Commission as Exhibit 10.5 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). | ||
10 | .7 | Health Care REIT, Inc. Interest Rate & Currency Risk Management Policy adopted on May 6, 2004 (filed with the Commission as Exhibit 10.6 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto). | ||
10 | .8 | The 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Appendix II to the Companys Proxy Statement for the 1995 Annual Meeting of Stockholders, filed September 29, 1995, and incorporated herein by reference thereto).* | ||
10 | .9 | First Amendment to the 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Exhibit 4.2 to the Companys Form S-8 (File No. 333-40771) filed November 21, 1997, and incorporated herein by reference thereto).* | ||
10 | .10 | Second Amendment to the 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Exhibit 4.3 to the Companys Form S-8 (File No. 333-73916) filed November 21, 2001, and incorporated herein by reference thereto).* | ||
10 | .11 | Third Amendment to the 1995 Stock Incentive Plan of Health Care REIT, Inc. (filed with the Commission as Exhibit 10.15 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .12 | Stock Plan for Non-Employee Directors of Health Care REIT, Inc. (filed with the Commission as Exhibit 10.1 to the Companys Form 10-Q filed May 10, 2004, and incorporated herein by reference thereto).* | ||
10 | .13 | First Amendment to the Stock Plan for Non-Employee Directors of Health Care REIT, Inc. effective April 21, 1998 (filed with the Commission as Exhibit 10.2 to the Companys Form 10-Q filed May 10, 2004, and incorporated herein by reference thereto).* | ||
10 | .14 | Health Care REIT, Inc. 2005 Long-Term Incentive Plan (filed with the Commission as Appendix A to the Companys Proxy Statement for the 2005 Annual Meeting of Stockholders, filed March 28, 2005, and incorporated herein by reference thereto).* | ||
10 | .15 | Form of Stock Option Agreement for Executive Officers under the 1995 Stock Incentive Plan (filed with the Commission as Exhibit 10.17 to the Companys Form 10-K filed March 16, 2005, and incorporated herein by reference thereto).* | ||
10 | .16 | Form of Restricted Stock Agreement for Executive Officers under the 1995 Stock Incentive Plan (filed with the Commission as Exhibit 10.18 to the Companys Form 10-K filed March 16, 2005, and incorporated herein by reference thereto).* |
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10 | .17 | Form of Stock Option Agreement under the Stock Plan for Non-Employee Directors (filed with the Commission as Exhibit 10.3 to the Companys Form 10-Q/A filed October 27, 2004, and incorporated herein by reference thereto).* | ||
10 | .18 | Form of Restricted Stock Agreement under the Stock Plan for Non-Employee Directors (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 16, 2005, and incorporated herein by reference thereto).* | ||
10 | .19 | Form of Stock Option Agreement (with Dividend Equivalent Rights) for the Chief Executive Officer under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.18 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .20 | Form of Stock Option Agreement (with Dividend Equivalent Rights) for Executive Officers under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.19 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .21 | Form of Stock Option Agreement (without Dividend Equivalent Rights) for the Chief Executive Officer under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .22 | Form of Stock Option Agreement (without Dividend Equivalent Rights) for Executive Officers under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.21 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .23 | Form of Restricted Stock Agreement for the Chief Executive Officer under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.22 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .24 | Form of Restricted Stock Agreement for Executive Officers under the 2005 Long-Term Incentive Plan (filed with the Commission as Exhibit 10.23 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .25 | Form of Deferred Stock Unit Grant Agreement for Non-Employee Directors under the 2005 Long- Term Incentive Plan (filed with the Commission as Exhibit 10.24 to the Companys Form 10-K filed March 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .26 | Restricted Stock Agreement, dated January 22, 2007, by and between Health Care REIT and Raymond W. Braun (filed with the Commission as Exhibit 10.2 to the Companys Form 8-K filed January 25, 2007, and incorporated herein by reference thereto).* | ||
10 | .27 | Third Amended and Restated Employment Agreement, dated January 22, 2007, by and between the Company and George L. Chapman (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed January 25, 2007, and incorporated herein by reference thereto).* | ||
10 | .28 | Second Amended and Restated Employment Agreement, effective January 1, 2004, by and between Health Care REIT, Inc. and Raymond W. Braun (filed with the Commission as Exhibit 10.18 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .29 | Second Amended and Restated Employment Agreement, effective January 1, 2004, by and between Health Care REIT, Inc. and Erin C. Ibele (filed with the Commission as Exhibit 10.19 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .30 | Amended and Restated Employment Agreement, effective January 1, 2004, by and between Health Care REIT, Inc. and Charles J. Herman, Jr. (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto).* | ||
10 | .31 | Amended and Restated Employment Agreement, effective March 17, 2006, by and between Health Care REIT, Inc. and Scott A. Estes (filed with the Commission as Exhibit 10.1 to the Companys Form 10-Q filed May 10, 2006, and incorporated herein by reference thereto).* | ||
10 | .32 | Employment Agreement, effective July 1, 2004, by and between Health Care REIT, Inc. and Jeffrey H. Miller (filed with the Commission as Exhibit 10.2 to the Companys Form 10-Q filed July 23, 2004, and incorporated herein by reference thereto).* | ||
10 | .33 | Consulting Agreement dated as of September 12, 2006 between the Company and Fred S. Klipsch (filed with the Commission as Exhibit 10.1 to the Companys Form S-4 filed October 13, 2006, and incorporated herein by reference thereto).* | ||
10 | .34 | Consulting Agreement dated as of September 12, 2006 between the Company and Frederick L. Farrar (filed with the Commission as Exhibit 10.2 to the Companys Form S-4 filed October 13, 2006, and incorporated herein by reference thereto).* |
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10 | .35 | Employment Agreement dated as of September 12, 2006 between the Company and Daniel R. Loftus (filed with the Commission as Exhibit 10.3 to the Companys Form S-4 filed October 13, 2006, and incorporated herein by reference thereto).* | ||
10 | .36 | Health Care REIT, Inc. Supplemental Executive Retirement Plan, effective as of January 1, 2001 (filed with the Commission as Exhibit 10.19 to the Companys Form 10-K filed March 10, 2003, and incorporated herein by reference thereto).* | ||
10 | .37 | Health Care REIT, Inc. Executive Loan Program, effective as of August 1999 (filed with the Commission as Exhibit 10.20 to the Companys Form 10-K filed March 10, 2003, and incorporated herein by reference thereto).* | ||
10 | .38 | Form of Indemnification Agreement between the Company and each director, executive officer and officer of the Company (filed with the Commission as Exhibit 10.1 to the Companys Form 8-K filed February 18, 2005, and incorporated herein by reference thereto).* | ||
10 | .39 | Summary of Director Compensation (filed with the Commission as Exhibit 10.39 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto).* | ||
14 | Code of Business Conduct and Ethics (filed with the Commission as Exhibit 14 to the Companys Form 10-K filed March 12, 2004, and incorporated herein by reference thereto). | |||
21 | Subsidiaries of the Company (filed with the Commission as Exhibit 21 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | |||
23 | Consent of Ernst & Young LLP, independent registered public accounting firm. | |||
24 | .1 | Power of Attorney executed by Pier C. Borra (Director) (filed with the Commission as Exhibit 24.1 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .2 | Power of Attorney executed by Thomas J. DeRosa (Director) (filed with the Commission as Exhibit 24.2 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .3 | Power of Attorney executed by Jeffrey H. Donahue (Director) (filed with the Commission as Exhibit 24.3 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .4 | Power of Attorney executed by Peter J. Grua (Director) (filed with the Commission as Exhibit 24.4 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .5 | Power of Attorney executed by Fred S. Klipsch (Director) (filed with the Commission as Exhibit 24.5 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .6 | Power of Attorney executed by Sharon M. Oster (Director) (filed with the Commission as Exhibit 24.6 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .7 | Power of Attorney executed by R. Scott Trumbull (Director) (filed with the Commission as Exhibit 24.7 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .8 | Power of Attorney executed by George L. Chapman (Director, Chairman of the Board and Chief Executive Officer and Principal Executive Officer) (filed with the Commission as Exhibit 24.8 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .9 | Power of Attorney executed by Scott A. Estes (Senior Vice President and Chief Financial Officer and Principal Financial Officer) (filed with the Commission as Exhibit 24.9 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .10 | Power of Attorney executed by Paul D. Nungester, Jr. (Vice President and Controller and Principal Accounting Officer) (filed with the Commission as Exhibit 24.10 to the Companys Form 10-K filed March 1, 2007, and incorporated herein by reference thereto). | ||
24 | .11 | Power of Attorney executed by William C. Ballard, Jr. (Director). | ||
31 | .1 | Rule 13a-14(a)/15d-14(a) Certification of Chief Executive Officer. | ||
31 | .2 | Rule 13a-14(a)/15d-14(a) Certification of Chief Financial Officer. | ||
32 | .1 | Certification pursuant to 18 U.S.C. Section 1350 by Chief Executive Officer. | ||
32 | .2 | Certification pursuant to 18 U.S.C. Section 1350 by Chief Financial Officer. |
* | Management Contract or Compensatory Plan or Arrangement. |
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