As of December 31, 2022, our principal executive offices are located at 18191 Von Karman Avenue, Suite 300, Irvine, California 92612.
−Removed: We also lease office and building spaces in Arizona and Indiana.
+Added: As of December 31, 2022, we also leased office and building space in Arizona.
We believe our existing leased facilities are in good condition and suitable for the conduct of our business.
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As of December 31, 2022, we operated through six reportable business segments:
−Removed: MOBs, integrated senior health campuses, SNFs, SHOP, senior housing and hospitals.
−Removed: We own and/or operate 100% of our properties as of December 31, 2021, with the exception of our investments through Trilogy, or Trilogy Portfolio, Lakeview IN Medical Plaza, Southlake TX Hospital, Central Florida Senior Housing Portfolio, Pinnacle Beaumont ALF, Pinnacle Warrenton ALF, Catalina West Haven ALF, Louisiana Senior Housing Portfolio and Catalina Madera ALF.
+Added: integrated senior health campuses, MOBs, SNFs, SHOP, senior housing — leased and hospitals.
+Added: We own and/or operate 100% of our properties as of December 31, 2022, with the exception of our investments through Trilogy, or Trilogy Portfolio, Lakeview IN Medical Plaza, Southlake TX Hospital, Central Florida Senior Housing Portfolio, Pinnacle Beaumont ALF, Pinnacle Warrenton ALF and Louisiana Senior Housing Portfolio.
See Note 13, Redeemable Noncontrolling Interests, and Note 14, Equity — Noncontrolling Interests in Total Equity, to the Consolidated Financial Statements that are part of this Annual Report on Form 10-K, for a further discussion of our noncontrolling interests.
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Integrated senior health campuses 120 9,089,000 45.7 % $ 1,898,591,000 $ 152,652,000 46.8 % 84.5 %
−Removed: Medical office buildings 105 4,986,000 26.0 1,249,658,000 110,884,000 41.1 92.0 %
+Added: MOBs 104 4,964,000 24.9 1,369,596,000 108,862,000 33.4 89.0 %
SHOP 51 3,856,000 19.4 787,797,000 19,535,000 6.0 77.0 %
−Removed: Senior housing 20 673,000 3.5 169,885,000 12,340,000 4.6 100.0 %
−Removed: Skilled nursing facilities 17 1,142,000 6.0 237,300,000 23,665,000 8.8 100.0 %
+Added: Senior housing — leased
+Added: 20 673,000 3.4 179,285,000 12,149,000 3.7 100 %
+Added: SNFs 17 1,142,000 5.7 249,200,000 24,009,000 7.3 100 %
Hospitals 2 173,000 0.9 139,780,000 9,181,000 2.8 100 %
Total/weighted average(3) 314 19,897,000 100 % $ 4,624,249,000 $ 326,388,000 100 % 92.2 %
−Removed: (1) With the exception of our SHOP and integrated senior health campuses, amount is based on contractual base rent from leases in effect as of December 31, 2021.
−Removed: For our SHOP and integrated senior health campuses, amount is based on annualized NOI, a non-GAAP financial measure.
+Added: (1) With the exception of our SHOP and integrated senior health campuses, amount is based on annualized contractual base rent from leases as of December 31, 2022.
+Added: For our SHOP and integrated senior health campuses, amount is based on annualized NOI, a non-GAAP financial measure, due to the characteristics of the RIDEA structure.
See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Net Operating Income, for a further discussion of NOI.
−Removed: (2) Leased percentage includes all leased space of the properties included in the respective segment including master leases, except for our SHOP and integrated senior health campuses where leased percentage represents resident occupancy on the available units of the SHOP or integrated senior health campuses.
+Added: (2) Leased percentage includes all third-party leased space at our non-RIDEA properties (including master leases), and excludes our SHOP and integrated senior health campuses where leased percentage represents resident occupancy on the available units/beds therein.
(3) Total portfolio weighted average leased percentage excludes our SHOP and integrated senior health campuses.
−Removed: We own fee simple interests in all of our buildings except for 24 buildings for which we own fee simple interests in the building and improvements of such properties subject to the respective ground leases.
+Added: We own fee simple interests in all of our land, buildings and campuses except for 17 MOBs and seven integrated senior health campuses, for which we own fee simple interests in the buildings and other improvements on such properties subject to the respective ground leases and for 21 integrated senior health campuses that were leased to Trilogy Portfolio by third parties.
The following information generally applies to our properties:
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Feet of Expiring
−Removed: Leases % of Leased Area
+Added: Leases % of GLA
Represented by
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Total 652 6,429,000 100 % $ 178,680,000 100 %
−Removed: (1) Amount is based on the total annual contractual base rent expiring in the applicable year, based on leases in effect as of December 31, 2021.
+Added: (1) Amount is based on the total annual contractual base rent expiring in the applicable year, based on leases as of December 31, 2022.
Geographic Diversification/Concentration Table
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Total 314 19,897,000 100 % $ 326,388,000 100 %
−Removed: (1) Amount is based on contractual base rent from leases in effect as of December 31, 2021, with the exception of our SHOP and integrated senior health campuses, which amount is based on annualized NOI.
+Added: (1) Amount is based on contractual base rent from leases as of December 31, 2022, with the exception of our SHOP and integrated senior health campuses, which amount is based on annualized NOI due to the characteristics of the RIDEA structure.
+Added: See Part II, Item 7, Management’s Discussion and Analysis of Financial Condition and Results of Operations — Net Operating Income, for a further discussion of NOI.
For a discussion of our indebtedness, see Note 8, Mortgage Loans Payable, Net, and Note 9, Lines of Credit and Term Loans, to the Consolidated Financial Statements that are a part of this Annual Report on Form 10-K.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.