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 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, 2021 (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)

Alabama	3	$	34,937	$	8,795	3	$	33,898	$	4,233	2	$	33,359	$	2,792
Arkansas	1	38,630		10,296		—	—		—		1	22,520		2,920
Arizona	10	214,624		47,406		—	—		—		7	79,905		9,887
California	93	3,129,715		730,284		24	460,884		69,799		38	906,083		91,507
Colorado	15	456,837		98,388		12	294,463		24,997		1	10,185		2,175
Connecticut	3	68,634		16,543		4	75,789		32,480		7	102,045		7,430
District Of Columbia	2	87,481		12,799		—	—		—		—	—		—
Delaware	8	240,407		38,371		4	104,491		12,829		—	—		—
Florida	13	713,529		116,379		53	623,783		89,573		25	234,127		43,779

Georgia	16	268,543		60,190		3	38,796		4,614		12	215,537		27,067

Hawaii	1	2,568		18,090		—	—		—		—	—		—
Iowa	7	90,641		26,804		7	55,196		6,156		—	—		—
Idaho	3	64,462		6,187		—	—		—		2	50,510		4,368
Illinois	35	583,215		142,670		24	353,815		28,432		7	110,944		14,957
Indiana	8	223,553		31,609		27	411,883		47,524		—	—		—
Kansas	3	66,494		14,325		27	234,044		43,949		—	—		—
Kentucky	4	58,703		18,713		7	68,269		8,872		—	—		—
Louisiana	5	70,555		19,726		3	82,193		3,690		—	—		—
Massachusetts	16	386,988		76,800		10	189,021		7,384		7	104,531		9,383
Maryland	10	438,074		76,124		21	265,773		23,042		11	238,210		24,710
Maine	1	23,154		11,489		—	—		—		—	—		—

Michigan	13	354,570		66,542		25	245,965		28,273		13	194,793		10,067
Minnesota	3	78,936		12,888		12	229,964		23,326		7	145,120		31,083
Missouri	6	126,388		18,897		—	—		—		12	189,326		27,418

Mississippi	2	16,778		8,834		1	10,085		—		1	34,947		2,382
Montana	2	25,831		8,148		—	—		—		—	—		—

North Carolina	10	283,634		52,225		51	415,157		57,404		24	567,936		47,387
North Dakota	1	13,721		1,336		—	—		—		—	—		—
Nebraska	5	39,674		13,795		—	—		—		1	11,240		2,728
New Hampshire	—	—		—		3	33,395		2,936		—	—		—
New Jersey	28	702,293		192,833		29	597,879		64,403		13	328,853		46,868

Nevada	7	128,179		29,585		—	—		—		8	127,634		9,542
New York	33	676,220		147,063		4	63,822		10,246		15	418,384		28,926
Ohio	29	419,811		76,084		40	407,072		48,538		5	84,941		11,236
Oklahoma	5	98,030		26,279		20	208,168		41,909		2	13,779		2,449
Oregon	14	164,576		40,374		1	2,550		864		1	43,191		2,720
Pennsylvania	18	275,220		72,017		59	645,435		87,385		4	72,343		6,946



South Carolina	5	94,471		24,313		7	33,320		4,263		2	9,930		1,522

Tennessee	7	115,744		31,729		7	98,620		8,380		3	66,216		6,670
Texas	70	1,350,583		289,097		26	410,668		61,531		56	1,028,184		104,534
Utah	4	74,617		23,932		1	22,372		2,106		—	—		—
Virginia	9	376,764		108,414		29	383,314		46,121		6	110,626		13,517


Washington	30	661,076		146,938		7	89,181		11,517		8	186,665		27,367
Wisconsin	2	18,953		4,985		5	88,064		10,906		5	88,135		9,508
West Virginia	—	—		—		1	6,293		1,005		—	—		—

Total domestic	560	13,357,813		2,978,296		557	7,283,622		918,687		306	5,830,199		633,845

Canada	97	2,047,065		405,295		6	140,606		10,840		—	—		—
United Kingdom	64	2,084,141		407,824		61	1,543,664		178,100		—	—		—
Total international	161	4,131,206		813,119		67	1,684,270		188,940		—	—		—

Grand total	721	$	17,489,019	$	3,791,415	624	$	8,967,892	$	1,107,627	306	$	5,830,199	$	633,845

(1) Represents revenue for the month ended December 31, 2021 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)
	2021	2020	2021		2020
Seniors Housing Operating(3)	76.4%	75.9%	$	48,300	$	48,749	per unit
Triple-net(4)	73.0%	72.8%	19,675		17,604		per bed/unit
Outpatient Medical(5)	95.4%	95.4%	37		36		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 in service, as presented in the tables above.

(3) Occupancy represents average occupancy of properties in service 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, 2021 (dollars in thousands):


	Expiration Year(1)
	2022			2023			2024			2025			2026			2027			2028			2029			2030			2031			Thereafter
Triple-net:
Properties	57			3			4			28			64			18			14			14			23			16			367
Base rent(2)	$	6,751		$	2,482		$	12,110		$	6,147		$	67,063		$	33,567		$	15,549		$	32,248		$	43,027		$	18,808		$	377,212
% of base rent	1.1		%	0.4		%	2.0		%	1.0		%	10.9		%	5.5		%	2.5		%	5.2		%	7.0		%	3.1		%	61.3		%
Units	6,071			304			692			1,759			4,878			2,350			1,474			1,214			2,439			2,008			36,991
% of units	10.1		%	0.5		%	1.1		%	2.9		%	8.1		%	3.9		%	2.4		%	2.0		%	4.1		%	3.3		%	61.6		%
Outpatient Medical:
Square feet	1,793,229			1,720,158			2,080,831			1,031,346			1,389,353			1,153,609			921,218			751,892			1,486,918			1,396,014			3,475,995
Base rent(2)	$	52,877		$	48,606		$	63,809		$	29,253		$	37,775		$	30,380		$	24,719		$	21,395		$	38,494		$	37,905		$	78,835
% of base rent	11.4		%	10.5		%	13.8		%	6.3		%	8.1		%	6.5		%	5.3		%	4.6		%	8.3		%	8.2		%	17.0		%
Leases	404			369			354			218			255			175			126			83			102			80			151
% of leases	17.4		%	15.9		%	15.3		%	9.4		%	11.0		%	7.6		%	5.4		%	3.6		%	4.4		%	3.5		%	6.5		%

(1) Excludes investments in unconsolidated entities, developments, land parcels, loans receivable and sub-leases. Investments classified as held for sale are included in 2022.

(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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