Item 2. Properties

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Item 2. Properties

We lease our corporate headquarters located at 4500 Dorr Street, Toledo, Ohio 43615. We also lease corporate offices throughout the U.S., 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, 2019 (dollars in thousands):



	Seniors Housing Operating					Triple-net					Outpatient Medical
Property Location	Number of Properties	Total Investment		Annualized Revenues(1)		Number of Properties	Total Investment		Annualized Revenues(1)		Number of Properties	Total Investment		Annualized Revenues(1)
Alaska	—	$	—	$	—	—	$	—	$	—	2	$	29,810	$	(2,240	)
Alabama	2	15,133		6,083		2	19,705		2,569		8	94,244		10,565
Arkansas	—	—		—		—	—		—		2	42,529		3,529
Arizona	6	86,883		32,517		—	—		—		8	87,655		11,077
California	82	3,052,393		688,631		23	456,935		64,633		45	1,092,865		105,239
Colorado	11	427,566		87,463		12	302,374		32,854		2	33,628		5,074
Connecticut	3	66,838		17,820		8	117,918		15,211		1	41,421		5,499
District Of Columbia	2	78,356		14,540		—	—		—		—	—		—
Delaware	3	69,290		25,484		7	114,126		9,544		—	46,998		1,402
Florida	14	898,178		144,974		51	583,500		56,682		42	529,060		74,346
Georgia	9	127,018		38,612		3	40,852		3,570		13	236,915		32,572
Iowa	4	75,655		28,926		7	57,537		5,884		1	7,734		1,648
Idaho	1	22,405		5,433		—	67		—		2	55,317		1,399
Illinois	16	454,088		119,759		25	356,243		31,919		7	108,941		14,426
Indiana	—	—		—		28	358,904		45,696		10	164,034		22,324
Kansas	3	67,263		15,133		27	242,844		27,460		5	62,249		8,665
Kentucky	2	37,074		14,461		6	50,485		4,187		1	6,792		762
Louisiana	3	50,062		15,957		1	8,076		840		—	—		—
Massachusetts	19	565,730		113,921		9	110,005		16,484		7	110,662		4,556
Maryland	8	393,479		90,687		24	298,974		18,155		12	283,567		28,576
Maine	1	25,151		11,995		—	—		—		1	18,601		2,693
Michigan	6	165,217		32,231		18	207,961		20,225		3	70,250		7,706
Minnesota	3	83,838		15,771		11	233,938		21,552		9	182,594		30,679
Missouri	6	153,312		25,085		1	12,089		854		11	201,245		23,578
Mississippi	2	14,870		8,354		1	10,820		—		1	37,866		1,020
Montana	1	5,635		4,484		1	6,131		767		—	—		—
North Carolina	2	113,352		19,680		50	372,570		54,641		26	479,061		39,975
Nebraska	—	—		—		4	29,852		4,418		2	32,943		4,885
New Hampshire	—	—		—		4	47,720		7,341		1	12,038		1,721
New Jersey	26	688,084		210,140		41	771,913		84,672		15	407,653		51,813
New Mexico	1	17,505		1,548		—	—		—		3	29,424		3,594
Nevada	4	47,210		23,816		1	18,780		3,767		8	100,851		10,794
New York	27	596,987		141,993		4	41,850		7,271		18	434,793		17,454
Ohio	17	422,614		66,041		34	288,499		35,030		9	125,346		13,712
Oklahoma	2	37,620		3,650		20	219,772		25,505		2	22,736		4,361
Oregon	1	10,339		2,678		1	2,793		818		2	55,131		4,059
Pennsylvania	14	222,217		67,864		71	837,818		116,500		1	34,315		2,312
South Carolina	1	4,086		7,121		8	37,460		3,069		3	33,762		3,684
Tennessee	2	48,041		16,259		4	37,879		4,791		9	177,859		18,778
Texas	33	1,088,682		234,874		37	393,201		53,592		71	1,386,701		135,489
Utah	2	20,355		7,875		1	23,614		2,103		—	—		—
Virginia	5	282,587		77,302		27	281,446		29,811		6	119,944		14,492
Washington	24	625,662		137,873		7	93,483		10,254		9	218,008		26,987
Wisconsin	2	19,850		8,493		4	67,702		8,640		5	94,723		6,123
West Virginia	—	—		—		3	45,336		5,107		—	—		—
Total domestic	370	11,180,625		2,585,528		586	7,201,172		836,416		383	7,310,265		755,328

Canada	106	2,150,044		452,734		6	146,737		10,341		—	—		—
United Kingdom	57	1,634,009		352,658		66	1,228,409		106,336		4	268,010		25,587
Total international	163	3,784,053		805,392		72	1,375,146		116,677		4	268,010		25,587

Grand total	533	$	14,964,678	$	3,390,920	658	$	8,576,318	$	953,093	387	$	7,578,275	$	780,915

(1) Represents revenue for the month ended December 31, 2019 annualized.

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



	Occupancy(1)		Average Annualized Revenues(2)
	2019	2018	2019		2018
Seniors Housing Operating(3)	86.9%	87.5%	$	56,329	$	60,635	per unit
Triple-net(4)	84.3%	84.9%	14,578		12,831		per bed/unit
Outpatient Medical(5)	94.1%	93.1%	34		34		per sq. ft.

(1) We use unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy for properties other than Outpatient Medical buildings and have not independently verified the information.

(2) Represents December annualized revenues divided by total beds, units or square feet as presented in the tables above.

(3) Occupancy represents average occupancy for the three months ended December 31.

(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 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, 2019 (dollars in thousands):



	Expiration Year(1)
	2020			2021			2022			2023			2024			2025			2026			2027			2028			2029			Thereafter
Triple-net:
Properties	11			7			10			1			4			48			76			18			15			15			431
Base rent(2)	$	3,782		$	12,292		$	8,889		$	840		$	11,262		$	53,216		$	103,179		$	35,381		$	22,036		$	33,619		$	492,113
% of base rent	0.5		%	1.6		%	1.1		%	0.1		%	1.5		%	6.9		%	13.3		%	4.6		%	2.8		%	4.3		%	63.3		%
Units	1,101			1,394			1,264			70			692			3,033			6,085			2,350			1,633			1,429			44,811
% of units	1.7		%	2.2		%	2.0		%	0.1		%	1.1		%	4.7		%	9.5		%	3.7		%	2.6		%	2.2		%	70.2		%
Outpatient Medical:
Square feet	1,748,858			2,053,686			2,165,074			2,158,927			2,230,230			1,305,946			1,670,290			1,025,948			1,052,671			1,148,176			6,183,564
Base rent(2)	$	48,233		$	57,464		$	58,846		$	58,295		$	65,687		$	34,681		$	42,112		$	25,805		$	27,501		$	29,829		$	139,889
% of base rent	8.2		%	9.8		%	10.0		%	9.9		%	11.2		%	5.9		%	7.2		%	4.4		%	4.7		%	5.1		%	23.6		%
Leases	471			422			433			442			355			213			208			137			118			152			214
% of leases	14.9		%	13.3		%	13.7		%	14.0		%	11.2		%	6.7		%	6.6		%	4.3		%	3.7		%	4.8		%	6.8		%

(1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in 2020.

(2) The most recent monthly cash base rent annualized. Base rent does not include tenant recoveries or amortization of above and below market lease intangibles or other non cash income.

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