filings.toolsItem 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, 2017 (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 | $ | 34,374 | $ | 4,198 | - | $ | - | $ | - | |||||||
| Arizona | 2 | 26,771 | 2,349 | 4 | 59,180 | 22,940 | |||||||||||
| California | 25 | 425,291 | 50,368 | 71 | 2,629,870 | 636,760 | |||||||||||
| Colorado | 8 | 253,330 | 22,718 | 5 | 137,842 | 39,864 | |||||||||||
| Connecticut | 13 | 162,800 | 20,314 | 17 | 420,700 | 135,459 | |||||||||||
| District Of Columbia | - | - | - | 1 | 62,508 | 14,169 | |||||||||||
| Delaware | 6 | 102,090 | 12,340 | 1 | 20,657 | 6,750 | |||||||||||
| Florida | 21 | 208,011 | 22,468 | 9 | 714,900 | 110,064 | |||||||||||
| Georgia | 3 | 21,769 | 4,435 | 7 | 119,906 | 35,284 | |||||||||||
| Iowa | 4 | 55,228 | 5,588 | 1 | 31,736 | 11,292 | |||||||||||
| Idaho | 2 | 21,801 | 3,547 | - | - | - | |||||||||||
| Illinois | 9 | 157,493 | 16,926 | 14 | 438,607 | 111,523 | |||||||||||
| Indiana | 32 | 462,707 | 50,889 | - | - | - | |||||||||||
| Kansas | 27 | 259,364 | 26,624 | 3 | 68,739 | 17,284 | |||||||||||
| Kentucky | 6 | 50,832 | 8,676 | 2 | 38,366 | 14,209 | |||||||||||
| Louisiana | 3 | 19,168 | 3,328 | 2 | 49,858 | 12,373 | |||||||||||
| Massachusetts | 20 | 185,084 | 32,601 | 39 | 1,124,085 | 253,943 | |||||||||||
| Maryland | 8 | 133,528 | 8,969 | 4 | 149,237 | 51,050 | |||||||||||
| Maine | - | - | - | 2 | 49,437 | 18,715 | |||||||||||
| Michigan | 6 | 96,814 | 10,165 | 5 | 108,521 | 24,860 | |||||||||||
| Minnesota | 10 | 222,546 | 18,809 | 4 | 111,503 | 21,595 | |||||||||||
| Missouri | 1 | 11,926 | 186 | 5 | 147,090 | 23,376 | |||||||||||
| Mississippi | 3 | 26,661 | 1,887 | - | - | - | |||||||||||
| Montana | 1 | 5,841 | 959 | - | - | - | |||||||||||
| North Carolina | 50 | 369,065 | 41,964 | 1 | 39,461 | 7,239 | |||||||||||
| Nebraska | 4 | 31,942 | 4,067 | - | - | - | |||||||||||
| New Hampshire | 4 | 51,186 | 7,599 | 4 | 117,062 | 29,986 | |||||||||||
| New Jersey | 56 | 1,229,004 | 132,850 | 8 | 233,766 | 65,306 | |||||||||||
| New Mexico | - | - | - | 1 | 18,199 | 1,375 | |||||||||||
| Nevada | 5 | 80,918 | 12,785 | 2 | 35,919 | 10,995 | |||||||||||
| New York | 6 | 147,412 | 15,993 | 10 | 334,217 | 87,283 | |||||||||||
| Ohio | 16 | 125,308 | 31,430 | 5 | 216,731 | 36,858 | |||||||||||
| Oklahoma | 21 | 225,662 | 20,181 | 2 | 39,679 | 3,374 | |||||||||||
| Oregon | 10 | 74,169 | 7,125 | - | - | - | |||||||||||
| Pennsylvania | 31 | 766,860 | 12,909 | 6 | 80,343 | 39,962 | |||||||||||
| Rhode Island | - | - | - | 3 | 59,215 | 20,345 | |||||||||||
| South Carolina | 5 | 31,653 | 5,698 | - | - | - | |||||||||||
| Tennessee | 4 | 39,654 | 3,839 | 2 | 48,830 | 15,741 | |||||||||||
| Texas | 37 | 387,507 | 48,760 | 30 | 928,494 | 205,362 | |||||||||||
| Utah | 2 | 30,108 | 2,582 | 1 | 16,315 | 10,546 | |||||||||||
| Virginia | 12 | 179,684 | 13,229 | 3 | 92,020 | 11,062 | |||||||||||
| Vermont | - | - | - | 1 | 26,501 | 6,710 | |||||||||||
| Washington | 18 | 318,379 | 33,773 | 12 | 403,565 | 78,355 | |||||||||||
| Wisconsin | 7 | 108,644 | 14,650 | - | - | - | |||||||||||
| West Virginia | 4 | 66,949 | 8,454 | - | - | - | |||||||||||
| Total domestic | 506 | 7,207,533 | 746,232 | 287 | 9,173,059 | 2,192,009 | |||||||||||
| Canada | 6 | 160,418 | 11,023 | 103 | 2,077,853 | 440,222 | |||||||||||
| United Kingdom | 61 | 1,220,528 | 107,728 | 53 | 1,542,910 | 312,009 | |||||||||||
| Total international | 67 | 1,380,946 | 118,751 | 156 | 3,620,763 | 752,231 | |||||||||||
| Grand total | 573 | $ | 8,588,479 | $ | 864,983 | 443 | $ | 12,793,822 | $ | 2,944,240 |
| Outpatient Medical | |||||||||
|---|---|---|---|---|---|---|---|---|---|
| Property Location | Number of Properties | Total Investment | Annualized Revenues | ||||||
| Alaska | 2 | $ | 23,414 | $ | 2,423 | ||||
| Alabama | 3 | 30,119 | 5,515 | ||||||
| Arkansas | 1 | 22,730 | 2,067 | ||||||
| Arizona | 4 | 62,649 | 9,453 | ||||||
| California | 32 | 866,727 | 91,492 | ||||||
| Colorado | 2 | 32,967 | 5,025 | ||||||
| Connecticut | 1 | 41,686 | 3,939 | ||||||
| Florida | 36 | 436,149 | 50,703 | ||||||
| Georgia | 10 | 169,521 | 28,178 | ||||||
| Iowa | 1 | 6,615 | 1,303 | ||||||
| Illinois | 5 | 49,505 | 8,749 | ||||||
| Indiana | 9 | 162,463 | 20,157 | ||||||
| Kansas | 7 | 72,142 | 12,695 | ||||||
| Kentucky | 1 | 7,297 | 679 | ||||||
| Maryland | 5 | 93,869 | 11,817 | ||||||
| Maine | 1 | 19,290 | 2,824 | ||||||
| Michigan | 2 | 30,159 | 4,141 | ||||||
| Minnesota | 8 | 165,704 | 26,127 | ||||||
| Missouri | 8 | 144,391 | 17,451 | ||||||
| North Carolina | 3 | 53,499 | 7,086 | ||||||
| Nebraska | 2 | 33,727 | 5,379 | ||||||
| New Hampshire | 1 | 13,344 | 1,758 | ||||||
| New Jersey | 8 | 266,546 | 44,194 | ||||||
| New Mexico | 3 | 31,760 | 3,731 | ||||||
| Nevada | 5 | 43,466 | 4,200 | ||||||
| New York | 8 | 109,193 | 7,214 | ||||||
| Ohio | 5 | 51,894 | 9,845 | ||||||
| Oklahoma | 2 | 23,633 | 3,318 | ||||||
| Oregon | 1 | 9,279 | 1,453 | ||||||
| South Carolina | 1 | 24,844 | 2,615 | ||||||
| Tennessee | 6 | 64,569 | 7,831 | ||||||
| Texas | 55 | 892,224 | 89,447 | ||||||
| Virginia | 2 | 31,824 | 4,846 | ||||||
| Washington | 6 | 170,665 | 20,456 | ||||||
| Wisconsin | 20 | 244,483 | 32,779 | ||||||
| Total domestic | 266 | 4,502,347 | 550,890 | ||||||
| United Kingdom | 4 | 286,434 | 25,880 | ||||||
| Grand total | 270 | $ | 4,788,781 | $ | 576,770 |
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) | ||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2017 | 2016 | 2017 | 2016 | 2017 | 2016 | |||||||||||
| Triple-net(4) | 85.8% | 86.5% | 1.34x | 1.43x | $ | 15,663 | $ | 16,841 | per bed/unit | |||||||
| Seniors housing operating(5) | 86.5% | 88.7% | n/a | n/a | 60,828 | 59,627 | per unit | |||||||||
| Outpatient medical(6) | 93.7% | 94.7% | 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 outpatient medical 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 twelve 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 represents average occupancy for the three months ended December 31. | ||||||||||||||||
| (6) 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, 2017 (dollars in thousands):
| Expiration Year(1) | ||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | Thereafter | ||||||||||||||||||||||||
| Triple-net: | ||||||||||||||||||||||||||||||||||
| Properties | 100 | - | 14 | 10 | 13 | 11 | 4 | 59 | 31 | 45 | 272 | |||||||||||||||||||||||
| Base rent(2) | $ | 107,517 | $ | - | $ | 17,740 | $ | 16,576 | $ | 9,895 | $ | 8,348 | $ | 10,842 | $ | 76,589 | $ | 63,138 | $ | 95,730 | $ | 482,337 | ||||||||||||
| % of base rent | 12.1% | 0.0% | 2.0% | 1.9% | 1.1% | 0.9% | 1.2% | 8.6% | 7.1% | 10.8% | 54.3% | |||||||||||||||||||||||
| Units | 8,715 | - | 1,225 | 1,620 | 1,220 | 1,432 | 692 | 4,489 | 3,662 | 4,647 | 26,065 | |||||||||||||||||||||||
| % of units | 16.2% | 0.0% | 2.3% | 3.0% | 2.3% | 2.7% | 1.3% | 8.3% | 6.8% | 8.6% | 48.5% | |||||||||||||||||||||||
| Outpatient medical: | ||||||||||||||||||||||||||||||||||
| Square feet | 2,382,066 | 1,173,527 | 1,312,277 | 1,502,213 | 1,701,977 | 1,048,663 | 1,143,704 | 736,777 | 1,133,674 | 402,904 | 4,359,985 | |||||||||||||||||||||||
| Base rent(2) | $ | 50,744 | $ | 32,011 | $ | 35,425 | $ | 39,984 | $ | 45,079 | $ | 28,599 | $ | 32,946 | $ | 21,255 | $ | 28,705 | $ | 11,425 | $ | 98,411 | ||||||||||||
| % of base rent | 12.0% | 7.5% | 8.3% | 9.4% | 10.6% | 6.7% | 7.8% | 5.0% | 6.8% | 2.7% | 23.2% | |||||||||||||||||||||||
| Leases | 317 | 310 | 311 | 268 | 302 | 203 | 122 | 108 | 126 | 78 | 162 | |||||||||||||||||||||||
| % of leases | 13.7% | 13.4% | 13.5% | 11.6% | 13.1% | 8.8% | 5.3% | 4.7% | 5.5% | 3.4% | 6.9% | |||||||||||||||||||||||
| (1) Excludes investments in unconsolidated entities. Investments classified as held for sale are included in 2018. | ||||||||||||||||||||||||||||||||||
| (2) 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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