Item 2. Properties

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Item 2. Properties

We own our corporate headquarters located at 4500 Dorr Street, Toledo, Ohio 43615. We also lease corporate offices in California, Canada and the United Kingdom and have ground leases relating to certain of our properties. The following table sets forth certain information regarding the properties that comprise our consolidated real property and real estate loan investments as of December 31, 2015 (dollars in thousands and annualized revenues adjusted for timing of investment):

		Triple-Net					Seniors Housing Operating
Property Location		Number of Properties	Total Investment		Annualized Revenues		Number of Properties	Total Investment		Annualized Revenues
	Alabama	4	$	36,064	$	3,777	-	$	-	$	-
	Arizona	2		26,229		2,129	4		61,590		21,643
	California	28		521,032		53,635	49		1,401,544		406,568
	Colorado	6		220,438		19,019	5		145,554		39,599
	Connecticut	14		181,567		21,292	15		400,887		127,418
	District Of Columbia	-		-		-	1		64,807		13,893
	Delaware	11		161,880		19,660	1		21,586		6,210
	Florida	43		593,363		55,001	6		576,254		77,420
	Georgia	8		102,828		9,414	7		124,942		36,295
	Iowa	3		46,916		4,324	1		33,276		8,960
	Idaho	2		33,326		3,551	-		-		-
	Illinois	13		276,616		25,876	13		447,407		104,156
	Indiana	36		535,615		53,270	-		-		-
	Kansas	27		228,905		16,427	3		71,771		17,657
	Kentucky	12		98,976		14,957	2		39,434		12,595
	Louisiana	3		21,451		3,349	2		52,156		11,718
	Massachusetts	31		372,189		53,489	33		941,674		211,109
	Maryland	26		401,734		41,357	3		84,221		32,512
	Maine	-		-		-	2		50,666		17,820
	Michigan	6		102,612		9,968	5		113,041		25,867
	Minnesota	9		210,533		14,026	4		115,688		23,698
	Missouri	2		28,320		1,171	4		137,698		20,141
	Mississippi	3		30,147		2,444	-		-		-
	Montana	1		6,266		948	-		-		-
	North Carolina	56		391,386		38,795	1		41,460		7,134
	Nebraska	4		34,033		15,342	-		-		-
	New Hampshire	12		172,718		23,410	4		119,954		29,723
	New Jersey	67		1,420,271		144,374	8		244,350		65,915
	New Mexico	-		-		-	1		19,038		1,593
	Nevada	5		86,164		12,217	2		37,350		9,946
	New York	9		201,410		18,051	10		349,716		77,276
	Ohio	28		229,031		38,171	4		198,222		29,215
	Oklahoma	19		150,460		12,968	2		38,922		4,179
	Oregon	10		75,671		6,337	-		-		-
	Pennsylvania	53		1,331,667		158,356	6		83,081		37,106
	Rhode Island	3		43,802		6,031	3		69,010		21,156
	South Carolina	5		34,602		5,550	-		-		-
	Tennessee	24		165,388		24,367	2		50,805		14,790
	Texas	45		594,463		61,905	15		510,222		98,671
	Utah	2		31,724		2,461	1		17,545		8,817
	Virginia	14		202,859		20,033	2		38,493		15,715
	Vermont	2		25,393		3,511	1		28,080		6,864
	Washington	24		455,323		44,724	11		331,280		62,173
	Wisconsin	8		134,120		14,474	-		-		-
	West Virginia	25		376,283		50,902	-		-		-
	Total domestic	705		10,393,775		1,131,063	233		7,061,726		1,705,550

	Canada	14		277,977		15,763	103		2,058,121		406,614
	United Kingdom	60		1,123,413		118,428	52		1,457,237		303,158
	Total international	74		1,401,390		134,191	155		3,515,358		709,772

	Grand total	779	$	11,795,165	$	1,265,253	388	$	10,577,084	$	2,415,322

		Outpatient Medical
Property Location		Number of Properties	Total Investment		Annualized Revenues
	Alaska	1	$	22,667	$	2,809
	Alabama	3		31,637		5,308
	Arkansas	1		24,382		1,027
	Arizona	4		68,885		8,213
	California	30		880,782		67,173
	Colorado	1		12,642		1,804
	Connecticut	1		9,886		-
	Florida	37		465,472		61,459
	Georgia	10		162,880		20,585
	Iowa	1		6,974		2,193
	Illinois	5		53,688		7,971
	Indiana	8		152,126		17,326
	Kansas	7		78,474		12,059
	Kentucky	1		8,153		772
	Maryland	5		80,535		5,396
	Maine	1		21,649		2,805
	Michigan	1		15,983		2,280
	Minnesota	8		179,786		23,689
	Missouri	7		149,053		17,610
	North Carolina	3		58,086		6,506
	Nebraska	2		36,815		5,794
	New Hampshire	1		14,673		1,511
	New Jersey	7		215,048		37,389
	New Mexico	3		34,665		3,498
	Nevada	5		46,748		3,802
	New York	8		84,330		7,768
	Ohio	8		76,546		13,386
	Oklahoma	2		25,843		3,279
	Oregon	1		9,763		1,267
	South Carolina	1		26,910		2,282
	Tennessee	7		78,906		9,968
	Texas	51		891,594		87,667
	Virginia	3		51,645		7,800
	Washington	6		188,369		20,317
	Wisconsin	19		250,839		28,243
	Total	259	$	4,516,434	$	500,954

The following table sets forth occupancy, coverages and average annualized revenues for certain property types (excluding investments in unconsolidated entities):

	Occupancy(1)		Coverages(1,2)		Average Annualized Revenues(3)
	2015	2014	2015	2014	2015		2014
Triple-net(4)	87.2%	87.7%	1.49x	1.54x	$	16,047	$	14,562	per bed/unit
Seniors housing operating(5)	91.0%	90.3%	n/a	n/a		60,260		67,376	per unit
Outpatient medical(6)	95.1%	94.4%	n/a	n/a		33		33	per sq. ft.

(1) We use unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and coverages for properties other than medical office buildings and have not independently verified the information.
(2) Represents the ratio of our triple-net customers' earnings before interest, taxes, depreciation, amortization, rent and management fees to contractual rent or interest due us. Data reflects the 12 months ended September 30 for the periods presented.
(3) Represents annualized revenues divided by total beds, units or square feet as presented in the tables above.
(4) Occupancy represents average quarterly operating occupancy based on the quarters ended September 30 and excludes properties that are unstabilized, closed or for which data is not available or meaningful.
(5) Occupancy for seniors housing operating represents average occupancy for the three months ended December 31.
(6) Outpatient medical facilities occupancy represents the percentage of total rentable square feet leased and occupied (including month-to-month and holdover leases and excluding terminations) as of December 31.

The following table sets forth information regarding lease expirations for certain portions of our portfolio as of December 31, 2015 (dollars in thousands):

			Expiration Year
			2016		2017		2018		2019		2020		2021		2022		2023		2024		2025		Thereafter

Triple-net:
	Properties		0		30		56		1		12		24		37		1		6		57		517
	Base rent(1)	$	0	$	12,846	$	41,162	$	1,368	$	14,571	$	35,797	$	32,959	$	692	$	12,130	$	66,118	$	948,129
	% of base rent		0.0%		1.1%		3.5%		0.1%		1.2%		3.1%		2.8%		0.1%		1.0%		5.7%		81.3%
	Units		0		1,165		3,686		123		1,076		3,625		4,731		60		831		4,189		56,319
	% of units		0.0%		1.5%		4.9%		0.2%		1.4%		4.8%		6.2%		0.1%		1.1%		5.5%		74.3%

Outpatient medical:
	Square feet		792,914		1,092,946		933,888		1,085,684		1,251,256		1,182,630		2,178,650		1,103,893		1,411,610		585,459		3,691,978
	Base rent(1)	$	21,884	$	27,369	$	24,225	$	27,762	$	32,365	$	29,630	$	45,348	$	26,609	$	37,890	$	17,156	$	69,591
	% of base rent		6.1%		7.6%		6.7%		7.7%		9.0%		8.2%		12.6%		7.4%		10.5%		4.8%		19.4%
	Leases		283		283		255		259		243		187		186		152		101		75		164
	% of leases		12.9%		12.9%		11.7%		11.8%		11.1%		8.5%		8.5%		6.9%		4.6%		3.4%		7.7%

(1) The most recent monthly base rent including straight line for leases with fixed escalators or annual cash rents with contingent escalators. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles.

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