FFO, as defined by the National Association of Real Estate Investment Trusts (“NAREIT”), for the quarter ended June 30, 2012 increased 135 percent to $236.0 million, from $100.6 million in the comparable 2011 period. NAREIT FFO per diluted common share for the quarter ended June 30, 2012 increased 42 percent to $0.81, from $0.57 in 2011. This increase is primarily due to the factors described above for net income excluding the net impact of gains or losses on real estate dispositions.

NAREIT FFO for the six months ended June 30, 2012 increased 124 percent to $450.8 million, from $201.6 million in the comparable 2011 period. NAREIT FFO per diluted common share for the six months ended June 30, 2011 increased 30 percent to $1.55, from $1.19 in 2011. This increase is primarily due to the factors described above for net income excluding the net impact of gains or losses on real estate dispositions.

PRIVATE PAY SENIORS HOUSING OPERATING PORTFOLIO

Second Quarter 2012 Total Portfolio NOI and Same-Store Occupancy Trend Positive

At June 30, 2012, the Company’s seniors housing operating portfolio included 95 private pay seniors housing communities managed by Sunrise and 119 private pay seniors housing communities managed by Atria. Of these 214 assets, 197 were owned by the Company for the full first and second quarters of 2012 (“same-store”).

Same-store Net Operating Income (“NOI”) before management fees for the 197 same-store communities increased 2.0 percent to $107.9 million in the second quarter of 2012 versus $105.7 million in the first quarter of 2012. Same-store NOI after management fees increased sequentially by 1.7 percent, from $90.3 million in the first quarter of 2012 to $91.8 million in the second quarter of 2012. Per unit occupancy in the 197 same-store communities rose 80 basis points to 89.2 percent in the second quarter of 2012 compared to the first quarter of 2012.

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