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 Canada, the United Kingdom and Luxembourg 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, 2016 (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	$	35,149	$	3,856	-	$	-	$	-
	Arizona	2		26,126		2,237	4		60,346		22,075
	California	28		506,530		54,595	69		2,564,855		585,482
	Colorado	7		241,603		21,311	5		140,940		40,800
	Connecticut	14		178,295		21,102	15		391,695		126,697
	District Of Columbia	-		-		-	1		63,194		14,544
	Delaware	6		105,106		15,537	1		21,160		6,268
	Florida	34		585,009		48,896	6		550,064		78,566
	Georgia	8		98,973		11,019	7		122,512		36,955
	Iowa	4		56,783		5,346	1		32,434		10,068
	Idaho	2		32,254		3,564	-		-		-
	Illinois	12		259,844		25,446	14		448,055		114,224
	Indiana	37		519,632		54,568	-		-		-
	Kansas	29		267,942		24,639	3		70,132		17,262
	Kentucky	7		74,482		10,037	2		38,805		13,096
	Louisiana	3		20,260		3,369	2		50,879		12,278
	Massachusetts	21		226,246		31,814	39		1,159,025		224,522
	Maryland	8		144,638		8,829	4		153,359		47,671
	Maine	-		-		-	2		49,790		17,831
	Michigan	6		99,727		9,989	5		110,532		26,436
	Minnesota	9		205,989		17,162	4		113,982		23,538
	Missouri	2		28,164		870	4		134,202		20,225
	Mississippi	3		27,446		3,241	-		-		-
	Montana	1		6,050		959	-		-		-
	North Carolina	49		359,869		33,706	1		40,413		7,181
	Nebraska	4		32,988		4,067	-		-		-
	New Hampshire	4		52,757		19,578	4		118,242		28,647
	New Jersey	56		1,238,636		131,635	8		239,091		65,946
	New Mexico	-		-		-	1		18,606		1,496
	Nevada	5		83,529		12,519	2		36,658		10,576
	New York	9		197,196		38,570	11		468,303		85,404
	Ohio	28		222,137		41,569	4		193,825		37,672
	Oklahoma	19		175,095		13,864	2		40,441		3,864
	Oregon	10		76,035		6,741	-		-		-
	Pennsylvania	31		911,973		90,347	6		81,188		39,484
	Rhode Island	-		-		4,603	3		60,107		20,290
	South Carolina	5		33,116		5,656	-		-		-
	Tennessee	4		40,926		3,600	2		50,044		15,624
	Texas	47		631,977		66,283	20		593,826		118,877
	Utah	2		30,908		2,533	1		16,892		10,796
	Virginia	13		181,903		19,166	2		37,677		11,252
	Vermont	-		-		2,680	1		27,428		6,405
	Washington	24		444,970		45,324	12		410,424		74,123
	Wisconsin	8		130,602		15,138	-		-		-
	West Virginia	4		68,678		19,591	-		-		-
	Total domestic	569		8,659,543		955,556	268		8,709,126		1,976,175

	Canada	6		153,544		10,530	104		2,058,447		427,444
	United Kingdom	56		996,194		88,262	48		1,291,441		273,270
	Total international	62		1,149,738		98,792	152		3,349,888		700,714

	Grand total	631	$	9,809,281	$	1,054,348	420	$	12,059,014	$	2,676,889

		Outpatient Medical
Property Location		Number of Properties	Total Investment		Annualized Revenues
	Alaska	1	$	21,859	$	2,562
	Alabama	3		30,531		5,233
	Arkansas	1		22,845		2,079
	Arizona	4		65,537		8,466
	California	29		841,277		80,417
	Colorado	3		29,924		4,097
	Connecticut	1		41,153		2,318
	Florida	33		400,031		48,218
	Georgia	10		175,245		24,572
	Iowa	1		6,794		1,653
	Illinois	5		51,613		8,920
	Indiana	8		146,612		18,383
	Kansas	7		75,300		12,673
	Kentucky	1		7,677		752
	Maryland	5		85,994		13,394
	Maine	1		20,470		2,980
	Michigan	2		22,315		1,931
	Minnesota	8		172,680		28,877
	Missouri	7		142,631		18,383
	North Carolina	3		55,776		7,199
	Nebraska	2		35,186		5,465
	New Hampshire	1		14,009		806
	New Jersey	7		205,118		42,169
	New Mexico	3		33,235		3,715
	Nevada	5		45,069		4,194
	New York	8		102,417		6,849
	Ohio	7		67,209		11,365
	Oklahoma	2		24,987		3,262
	Oregon	1		9,506		1,575
	South Carolina	1		25,853		2,138
	Tennessee	7		78,058		10,499
	Texas	53		891,821		97,226
	Virginia	2		33,073		5,103
	Washington	6		179,100		20,751
	Wisconsin	20		267,226		27,991
	Total domestic	258		4,428,131		536,215

	United Kingdom	4		267,204		23,849
	Grand total	262	$	4,695,335	$	560,064

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)
	2016	2015	2016	2015	2016		2015
Triple-net(4)	86.5%	87.2%	1.43x	1.49x	$	16,841	$	15,966	per bed/unit
Seniors housing operating(5)	88.7%	91.2%	n/a	n/a		59,627		60,260	per unit
Outpatient medical(6)	94.7%	95.1%	n/a	n/a		33		32	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, 2016 (dollars in thousands):

			Expiration Year
			2017		2018		2019		2020		2021		2022		2023		2024		2025		2026		Thereafter

Triple-net:
	Properties		30		51		0		14		12		7		4		5		61		32		368
	Base rent(1)	$	12,936	$	37,120	$	0	$	17,740	$	24,906	$	7,295	$	4,175	$	11,076	$	72,866	$	64,361	$	665,719
	% of base rent		1.4%		4.0%		0.0%		1.9%		2.7%		0.8%		0.5%		1.2%		7.9%		7.0%		72.5%
	Units		1,165		3,151		0		1,225		2,289		690		317		762		4,538		3,724		39,644
	% of units		2.0%		5.5%		0.0%		2.1%		4.0%		1.2%		0.6%		1.3%		7.9%		6.5%		68.9%

Outpatient medical:
	Square feet		1,253,812		923,728		1,171,476		1,153,444		1,442,424		2,297,626		1,168,037		1,347,883		669,305		1,064,151		3,684,305
	Base rent(1)	$	32,570	$	23,952	$	30,651	$	30,505	$	38,660	$	48,713	$	28,635	$	37,287	$	18,552	$	27,262	$	83,817
	% of base rent		8.1%		6.0%		7.7%		7.6%		9.7%		12.2%		7.1%		9.3%		4.6%		6.8%		20.9%
	Leases		337		263		296		259		255		222		171		100		91		119		125
	% of leases		15.1%		11.8%		13.2%		11.6%		11.4%		9.9%		7.6%		4.5%		4.1%		5.3%		5.5%

(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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