WELLTOWER INC. - FORM 8-K - EX-99.2

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8-K - FORM 8-K - WELLTOWER INC.	l37951e8vk.htm
EX-99.1 - EX-99.1 - WELLTOWER INC.	l37951exv99w1.htm

Exhibit 99.2

3Q09 SUPPLEMENTAL INFORMATION

CORPORATE HEALTH CARE REIT, INC., a real estate investment trust (“REIT”) with an enterprise value of $7.8 billion, invests in health care real estate, including independent living, assisted living and skilled nursing facilities, continuing care retirement communities, hospitals and medical office buildings. The company’s full service platform also offers property management and development services to its customers. Data as of: September 30, 2009 NYSE Symbol: HCN Enterprise Value: $7.8 billion Investment Concentration* Closing Price: $41.62 Gross Real Estate Assets: $6.7 billion Owned Assets: 92% 52 Week Hi/Lo: $53.50/$25.86 Debt to Market Capitalization: 31% Top 5 Customers: 24% Dividend/Yield: $2.72/6.54% Debt to Book Capitalization: 39% Top 5 States: 44% Shares Outstanding: 122.9 million Senior Debt Ratings: Baa2/BBB-/BBB * % of total investments FULL SERVICE PLATFORM Health Care REIT provides senior housing operators and health care systems with a single source for facility planning, design and turn-key development, property management and monetization or expansion of existing real estate. By extending successful relationship investment programs to health care systems across higher acuity asset classes, the company has significantly increased potential investment opportunities. DEVELOPMENT FUNDING GROSS REAL ESTATE ASSETS $ millions $ millions $621 $6,762 $6,462 $554 $5,498 $4,477 $308 $3,131 $2,667 $223 $159 2004 2005 2006 2007 2008 2009E* 2006 2007 2008 2009E* Future *represents projected future funding for projects underway *based on HCN 2009 net investment as of September 30, 2009 guidance of $300 million 2 3Q09 Earnings 8K Exhibit 992.pdf

CORPORATE SECURE DIVIDEND Health Care REIT maintains a commitment to investment grade ratings, conservative balance sheet management and underwriting, asset and property management protocols that ensure prudent investments and proactive management over the life of its long-term leases. The company has declared 154 consecutive quarterly dividends during its 39-year history and remains focused on delivering attractive stockholder returns. GROWTH SINCE INCEPTION* SOLID DIVIDEND PAYMENT RECORD* $3,500,000 $3,000,000 $3.00 $2,500,000 $2.50 $2,000,000 $2.00 $1,500,000 $1.50 $1,000,000 $1.00 $500,000 $0.50 $0 $ 0.00 71 75 79 83 87 91 95 99 03 07 71 75 79 83 87 91 95 99 03 07 *value of $10,000 investment made 6/30/1971, *adjusted for stock splits assuming reinvestment of dividends TOTAL RETURNS* 1 year -16.1% 3 years 7.9% 5 years 10.3% 10 years 16.6% 20 years 14.9% Since inception 15.9% *assumes reinvestment of dividends RELATIONSHIP FOCUSED, LONG-TERM STRATEGY With 64 operators and over 800 medical office tenants in 39 states, the company strives to provide each customer with the highest quality service and attention to detail. Throughout the company’s 39-year history, it has been a long-term capital provider to senior housing and health care systems throughout all market cycles. The relationship approach enables the company to partner with the best regionally focused operators and health systems and help them grow profitably, while concentrating on what they do best — provide quality care to patients and residents. SPEED AND CERTAINTY OF EXECUTION Health Care REIT’s experience and knowledge enable it to make investment decisions within days, rather than weeks or months. The company has accessed over $4.2 billion in capital in the last five years, including $814 million in 2008 and $980 million during the nine months ended September 30, 2009. The company’s $1.15 billion line of credit ensures new investments will be funded on time.

George L. Chapman CORPORATE ANALYST COVERAGE Chairman, CEO & President Bank of America Merrill Lynch Mr. Chapman is currently Chairman, BMO Capital Markets Corp. Chief Executive Officer and President Deutsche Bank Securities Inc. of the company. He has served as Green Street Advisors, Inc. Chairman and Chief Executive Officer KeyBanc Capital Markets since October 1996, and previously Morgan Keegan & Co., Inc. Oppenheimer & Co Inc. served as President of the company Raymond James & Associates, Inc. from September 1995 to May 2002. Robert W. Baird & Co. From January 1992 to September Stifel Nicolaus & Company, Inc. 1995, he served as Executive Vice UBS Securities President and General Counsel of the Wells Fargo Securities company. Jeffrey H. Miller EVP-Operations & General INVESTOR RELATIONS Counsel ANALYST / INVESTOR CONTACT Mr. Miller is currently Executive Vice Scott A. Estes EVP & CFO President-Operations and General sestes@hcreit.com Counsel, He served as Executive Vice President and General Counsel from Michael A. Crabtree March 2006 to January 2009 and SVP & Treasurer Vice President and General Counsel mcrabtree@hcreit.com of the company from July 2004 to March 2006. From 1996 to June 2004, Mr. Miller was a partner in the GENERAL INQUIRIES real estate practice group of the law Erin C. Ibele SVP-Administration & Corporate Secretary firm of Shumaker, Loop & Kendrick, info@hcreit.com LLP. Scott A. Estes EVP & CFO Mr. Estes is currently Executive Vice President and Chief Financial Officer. He served as Senior Vice President and Chief Financial Officer of the company since March 2006 and served as Vice President of Finance of the company from April 2003 to March 2006. From January 2000 to April 2003, Mr. Estes served as a Senior Equity Analyst and Vice President with Deutsche Bank Securities. From January 1998 to December 1999, Mr. Estes served as a Senior Equity Analyst and Vice President with Bank of America Securities.

CORPORATE Forward-Looking Statements and Risk Factors This document may contain “forward-looking” statements as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern and are based upon, among other things, the possible expansion of the company’s portfolio; the sale of properties; the performance of its operators/tenants and properties; its occupancy rates; its ability to acquire, develop and/or manage properties; its ability to enter into agreements with viable new tenants for vacant space or for properties that the company takes back from financially troubled tenants, if any; its ability to make distributions to stockholders; its policies and plans regarding investments, financings and other matters; its tax status as a real estate investment trust; its ability to appropriately balance the use of debt and equity; its ability to access capital markets or other sources of funds; its critical accounting policies; and its ability to meet its earnings guidance. When the company uses words such as “may,” “will,” “intend,” “should,” “believe,” “expect,” “anticipate,” “project,” “estimate” or similar expressions, it is making forward-looking statements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties. The company’s expected results may not be achieved, and actual results may differ materially from expectations. This may be a result of various factors, including, but not limited to: the status of the economy; the status of capital markets, including availability and cost of capital; issues facing the health care industry, including compliance with, and changes to, regulations and payment policies, responding to government investigations and punitive settlements and operators’/tenants’ difficulty in cost-effectively obtaining and maintaining adequate liability and other insurance; changes in financing terms; competition within the health care and senior housing industries; negative developments in the operating results or financial condition of operators/tenants, including, but not limited to, their ability to pay rent and repay loans; the company’s ability to transition or sell facilities with profitable results; the failure to make new investments as and when anticipated; acts of God affecting the company’s properties; the company’s ability to re-lease space at similar rates as vacancies occur; the company’s ability to timely reinvest sale proceeds at similar rates to assets sold; operator/tenant bankruptcies or insolvencies; government regulations affecting Medicare and Medicaid reimbursement rates and operational requirements; liability or contract claims by or against operators/tenants; unanticipated difficulties and/or expenditures relating to future acquisitions; environmental laws affecting the company’s properties; changes in rules or practices governing the company’s financial reporting; and legal and operational matters, including real estate investment trust qualification and key management personnel recruitment and retention. Finally, the company assumes no obligation to update or revise any forward-looking statements or to update the reasons why actual results could differ from those projected in any forward-looking statements.

FINANCIAL Consolidated Balance Sheets (unaudited) (dollars in thousands) September 30, 2009 2008 Assets Real estate investments: Real property owned Land and land improvements $ 523,107 $ 506,083 Buildings and improvements 4,933,561 4,649,491 Acquired lease intangibles 121,059 136,603 Real property held for sale, net of accumulated depreciation 37,118 41,336 Construction in progress 638,507 497,673 Gross real property owned 6,253,352 5,831,186 Less accumulated depreciation and amortization (664,415) (569,363) Net real property owned 5,588,937 5,261,823 Real estate loans receivable (1) 494,877 501,871 Less allowance for losses on loans receivable (7,640) (7,406) Net real estate loans receivable 487,237 494,465 Net real estate investments 6,076,174 5,756,288 Other assets: Equity investments 3,020 1,862 Deferred loan expenses 24,755 25,315 Cash and cash equivalents 102,353 18,273 Restricted cash 17,493 83,189 Receivables and other assets (2) 157,611 137,028 Total other assets 305,232 265,667 Total assets $ 6,381,406 $ 6,021,955 Liabilities and equity Liabilities: Borrowings under unsecured lines of credit arrangements $ 143,000 $ 387,000 Senior unsecured notes 1,651,916 1,830,102 Secured debt 625,571 452,054 Accrued expenses and other liabilities 124,769 124,986 Total liabilities 2,545,256 2,794,142 Equity: Preferred stock 288,683 301,901 Common stock 122,870 103,110 Capital in excess of par value 3,878,872 3,147,807 Treasury stock (7,619) (5,145) Cumulative net income 1,510,449 1,327,009 Cumulative dividends (1,968,336) (1,647,699) Accumulated other comprehensive income (4,942) (11,905) Other equity 5,551 3,777 Total Health Care REIT, Inc. stockholders’ equity 3,825,528 3,218,855 Noncontrolling interests 10,622 8,958 Total equity 3,836,150 3,227,813 Total liabilities and equity $ 6,381,406 $ 6,021,955 Notes: (1) Includes non-accrual loan balances of $72,365,000 and $39,190,000 at September 30, 2009 and 2008, respectively. (2) Includes straight-line receivable balances of $35,999,000 and $53,121,000 at September 30, 2009 and 2008, respectively.

FINANCIAL Consolidated Statements of Income (unaudited) (amounts in thousands except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Revenues: Rental income $ 133,481 $ 126,384 $ 393,901 $ 357,588 Interest income 10,528 10,910 30,639 29,177 Other income 1,089 2,055 3,810 5,655 Total revenues 145,098 139,349 428,350 392,420 Expenses: Interest expense 28,571 33,725 82,512 101,569 Property operating expenses 12,433 11,192 35,377 32,600 Depreciation and amortization 41,085 39,011 120,129 109,649 General and administrative expenses 10,363 10,789 38,784 33,693 Realized loss on derivatives — 1,513 — 1,513 Loss (gain) on extinguishment of debt 26,374 (768) 24,697 (2,094) Provision for loan losses — - 140 - Total expenses 118,826 95,462 301,639 276,930 Income from continuing operations before income taxes 26,272 43,887 126,711 115,490 Income tax expense 55 153 (17) (1,170) Income from continuing operations 26,327 44,040 126,694 114,320 Discontinued operations: Gain (loss) on sales of properties (806) 12,619 26,907 130,813 Impairment of assets (1,873) — (1,873) -Income from discontinued operations, net 1,037 2,661 4,361 10,903 Discontinued operations, net (1,642) 15,280 29,395 141,716 Net income 24,685 59,320 156,089 256,036 Less: Preferred stock dividends 5,520 5,730 16,560 17,660 Net income attributable to noncontrolling interests 35 1 40 128 Net income attributable to common stockholders $ 19,130 $ 53,589 $ 139,489 $ 238,248 Average number of common shares outstanding: Basic 114,874 96,040 111,345 90,500 Diluted 115,289 96,849 111,749 91,121 Net income attributable to common stockholders per share: Basic $ 0.17 $ 0.56 $ 1.25 $ 2.63 Diluted $ 0.17 $ 0.55 $ 1.25 $ 2.61 Common dividends per share $ 0.68 $ 0.68 $ 2.04 $ 2.02

FINANCIAL Funds From Operations Reconciliation (amounts in thousands except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Net income attributable to common stockholders $ 19,130 $ 53,589 $ 139,489 $ 238,248 Depreciation and amortization (1) 41,085 41,690 123,143 120,894 Loss (gain)3on sales of properties 806 (12,619) (26,907) (130,813) Noncontrolling interests (88) (87) (262) (261) Funds from operations 60,933 82,573 235,463 228,068 Impairment of assets 1,873 — 1,873 -Realized loss on derivatives — 1,513 - 1,513 Non-recurring G&A expenses — - 3,909 -Loss (gain) on extinguishment of debt 26,374 (768) 24,697 (2,094) Provision for loan losses — - 140 -Non-recurring income tax expense — - — 1,325 Funds from operations — normalized $ 89,180 $ 83,318 $ 266,082 $ 228,812 Average common shares outstanding: Basic 114,874 96,040 111,345 90,500 Diluted 115,289 96,849 111,749 91,121 Per share data: Net income attributable to common stockholders Basic $ 0.17 $ 0.56 $ 1.25 $ 2.63 Diluted $ 0.17 $ 0.55 $ 1.25 $ 2.61 Funds from operations Basic $ 0.53 $ 0.86 $ 2.11 $ 2.52 Diluted $ 0.53 $ 0.85 $ 2.11 $ 2.50 Funds from operations — normalized Basic $ 0.78 $ 0.87 $ 2.39 $ 2.53 Diluted $ 0.77 $ 0.86 $ 2.38 $ 2.51 FFO Payout Ratio Dividends per share $ 0.68 $ 0.68 $ 2.04 $ 2.02 FFO per diluted share $ 0.53 $ 0.85 $ 2.11 $ 2.50 FFO payout ratio 128% 80% 97% 81% FFO Payout Ratio — Normalized Dividends per share $ 0.68 $ 0.68 $ 2.04 $ 2.02 FFO per diluted share — normalized $ 0.77 $ 0.86 $ 2.38 $ 2.51 FFO payout ratio — normalized 88% 79% 86% 80% Notes: (1) Depreciation and amortization includes depreciation and amortization from discontinued operations. 8 3Q09 Earnings 8K Exhibit 992.pdf

FINANCIAL Funds Available for Distribution Reconciliation (amounts in thousands except per share data) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Net income attributable to common stockholders $ 19,130 $ 53,589 $ 139,489 $ 238,248 Depreciation and amortization (1) 41,085 41,690 123,143 120,894 Loss (gain)3on sales of properties 806 (12,619) (26,907) (130,813) Noncontrolling interests (17) (9) (49) (26) Gross straight-line rental income (4,571) (5,437) (14,499) (15,807) Prepaid/straight-line rent receipts 8,319 4,781 23,463 15,679 Amortization related to above/(below) market leases, net (620) (214) (1,344) (676) Non-cash interest expense 2,895 2,774 8,511 8,332 Cap-ex, tenant improvements, lease commissions (3,637) (1,555) (8,795) (3,482) Funds available for distribution 63,390 83,000 243,012 232,349 Impairment of assets 1,873 — 1,873 -Realized loss on derivatives — 1,513 — 1,513 Non-recurring G&A expenses - - 3,909 -Loss (gain) on extinguishment of debt 26,374 (768) 24,697 (2,094) Provision for loan losses — - 140 -Non-recurring income tax expense — - — 1,325 Prepaid/straight-line rent receipts (8,319) (4,781) (23,463) (15,679) Funds available for distribution — normalized $ 83,318 $ 78,964 $ 250,168 $ 217,414 Average common shares outstanding: Basic 114,874 96,040 111,345 90,500 Diluted 115,289 96,849 111,749 91,121 Per share data: Net income attributable to common stockholders Basic $ 0.17 $ 0.56 $ 1.25 $ 2.63 Diluted $ 0.17 $ 0.55 $ 1.25 $ 2.61 Funds available for distribution Basic $ 0.55 $ 0.86 $ 2.18 $ 2.57 Diluted $ 0.55 $ 0.86 $ 2.17 $ 2.55 Funds available for distribution — normalized Basic $ 0.73 $ 0.82 $ 2.25 $ 2.40 Diluted $ 0.72 $ 0.82 $ 2.24 $ 2.39 FAD Payout Ratio Dividends per share $ 0.68 $ 0.68 $ 2.04 $ 2.02 FAD per diluted share $ 0.55 $ 0.86 $ 2.17 $ 2.55 FAD payout ratio 124% 79% 94% 79% FAD Payout Ratio — Normalized Dividends per share $ 0.68 $ 0.68 $ 2.04 $ 2.02 FAD per diluted share — normalized $ 0.72 $ 0.82 $ 2.24 $ 2.39 FAD payout ratio — normalized 94% 83% 91% 85% and amortization includes depreciation and amortization from discontinued operations. 9

FINANCIAL Adjusted EBITDA Reconciliation (dollars in thousands) Twelve Months Ended September 30, December 31, March 31, June 30, September 30, 2008 2008 2009 2009 2009 Net income $ 303,603 $ 283,425 $ 314,613 $ 218,112 $ 183,478 Interest expense (3) 147,596 141,059 131,750 122,927 116,406 Income tax expense 1,439 1,306 77 54 152 Depreciation and amortization (3) 160,975 163,045 164,797 165,898 165,292 Stock-based compensation (4) 8,024 8,530 11,360 11,034 10,637 Provision for loan losses — 94 234 234 234 Loss (gain) on extinguishment of debt (3,175) (2,094) (2,446) (2,446) 24,696 Adjusted EBITDA $ 618,462 $ 595,365 $ 620,385 $ 515,813 $ 500,895 Interest Coverage Ratio (1) Interest expense (3) $ 147,596 $ 141,059 $ 131,750 $ 122,927 $ 116,406 Capitalized interest (5) 21,062 25,029 29,727 35,690 39,301 Non-cash interest expense (11,325) (11,231) (11,214) (11,289) (11,410) Total interest $ 157,333 $ 154,857 $ 150,263 $ 147,328 $ 144,297 Adjusted EBITDA $ 618,462 $ 595,365 $ 620,385 $ 515,813 $ 500,895 Adjusted interest coverage ratio 3.93x 3.84x 4.13x 3.50x 3.47x Fixed Charge Coverage Ratio (2) Total interest (3) $ 157,333 $ 154,857 $ 150,263 $ 147,328 $ 144,297 Secured debt principal amortization 8,137 8,119 8,232 8,592 8,810 Preferred dividends 23,840 23,201 22,579 22,311 22,101 Total fixed charges $ 189,310 $ 186,177 $ 181,074 $ 178,231 $ 175,208 Adjusted EBITDA $ 618,462 $ 595,365 $ 620,385 $ 515,813 $ 500,895 Adjusted fixed charge coverage ratio 3.27x 3.20x 3.43x 2.89x 2.86x Net Debt to EBITDA Ratio Total debt $ 2,669,158 $ 2,847,676 $ 2,589,873 $ 2,697,432 $ 2,420,487 Less: cash and cash equivalents (18,273) (23,370) (19,180) (79,505) (102,353) Net debt $ 2,650,885 $ 2,824,306 $ 2,570,693 $ 2,617,927 $ 2,318,134 Adjusted EBITDA 618,462 595,365 620,385 515,813 500,895 Net debt to adjusted EBITDA ratio 4.29x 4.74x 4.14x 5.08x 4.63x Notes: (1) A comparable covenant in our senior unsecured notes is a minimum of 1.50 times. (2) A comparable covenant in our unsecured line of credit arrangement is a minimum of 1.75 times. (3) Interest expense and depreciation and amortization include discontinued operations. (4) Stock-based compensation expense was $1,075,000 and $8,734,000 for the three and nine months ended September 30, 2009. (5) Capitalized interest was $9,975,000 and $30,866,000 for the three and nine months ended September 30, 2009.

FINANCIAL Net Operating Income Reconciliation (dollars in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2009 2008 2009 2008 Total revenues: Investment properties: Rental income: (1) Independent living/CCRCs $ 19,070 $ 18,545 $ 58,588 $ 46,841 Assisted living facilities 28,634 28,189 85,212 89,488 Skilled nursing facilities 41,337 40,687 124,667 121,047 Specialty care facilities 11,272 12,650 35,242 31,436 Sub-total rental income 100,313 100,071 303,709 288,812 Interest income 10,528 10,910 30,639 29,177 Other income 641 1,219 2,177 4,048 Total investment property income 111,482 112,200 336,525 322,037 Medical office buildings: Rental income (1) 35,008 33,958 100,854 100,194 Other income 248 261 695 708 Total MOB income 35,256 34,219 101,549 100,902 Non-segment/corporate other income 200 575 938 899 Total revenues 146,938 146,994 439,012 423,838 Property operating expenses: Investment properties — - — -Medical office buildings (1) 12,974 11,868 37,000 34,609 Non-segment/corporate — - — - Total property operating expenses 12,974 11,868 37,000 34,609 Net operating income: Investment properties 111,482 112,200 336,525 322,037 Medical office buildings 22,282 22,351 64,549 66,293 Non-segment/corporate 200 575 938 899 Net operating income $ 133,964 $ 135,126 $ 402,012 $ 389,229 Note: The three months ended September 30, 2009 includes the following amounts (in thousands): Rental income from discontinued operations: Skilled nursing facilities $ 1,315 Medical office buildings 525 Total $ 1,840 Non-cash rental income from continuing operations: Independent living/CCRCs $ 1,403 Assisted living facilities 1,067 Skilled nursing facilities 956 Specialty care facilities 347 Medical office buildings 1,810 Total $ 5,583 Property operating expenses from discontinued operations: Medical office buildings $ 541

FINANCIAL Outlook Reconciliation (amounts in thousands except per share data) Year Ended December 31, 2009 Low High Investments: Acquisitions $ — $ -Development 550,000 550,000 Gross new investments 550,000 550,000 Dispositions (250,000) (250,000) Net new investments 300,000 300,000 FFO Reconciliation: Net income attributable to common stockholders $ 185,038 $ 187,288 Loss (gain) on sales of properties (26,907) (26,907) Depreciation and amortization (1) 167,000 167,000 Funds from operations $ 325,131 $ 327,381 Loss (gain) on extinguishment of debt 24,697 24,697 Impairment of assets 1,873 1,873 Provision for loan losses 140 140 Non-recurring G&A expenses (2) 3,909 3,909 Funds from operations — normalized $ 355,750 $ 358,000 Per share data (diluted): Net income attributable to common stockholders $ 1.61 $ 1.63 Funds from operations 2.83 2.85 Funds from operations — normalized 3.10 3.12 FAD Reconciliation: Net income attributable to common stockholders $ 185,038 $ 187,288 Loss (gain) on sales of properties (26,907) (26,907) Depreciation and amortization (1) 167,000 167,000 Gross straight-line rental income (18,800) (18,800) Prepaid/straight-line rent receipts 23,463 23,463 Amortization related to above (below) market leases, net (1,750) (1,750) Non-cash interest expense 11,550 11,550 Cap-ex, tenant improvements, lease commissions (11,500) (11,500) Funds available for distribution $ 328,094 $ 330,344 Loss (gain) on extinguishment of debt 24,697 24,697 Impairment of assets 1,873 1,873 Provision for loan losses 140 140 Non-recurring G&A expenses (2) 3,909 3,909 Prepaid/straight-line rent receipts (23,463) (23,463) Funds available for distribution — normalized $ 335,250 $ 337,500 Per share data (diluted): Net income attributable to common stockholders $ 1.61 $ 1.63 Funds available for distribution 2.86 2.88 Funds available for distribution — normalized 2.92 2.94 Notes: (1) Depreciation and amortization includes depreciation and amortization from discontinued operations. (2) Expenses recognized in connection with the departure of Raymond Braun.

FINANCIAL Revenue and Lease Maturity (amounts in thousands except per share data) Rental Income (1) Independent Assisted Skilled Specialty Medical Total Rental Interest Total % of Year Living / CCRC Living Nursing Care Office Income Income (2) Revenues Total 2009 $ — $ — $ 5,263 $ — $ 3,293 $ 8,556 $ 2,401 $ 10,957 2.0% 2010 — - — - 8,703 8,703 2,452 11,155 2.0% 2011 — 1,305 — - 10,120 11,425 12,607 24,032 4.4% 2012 1,760 3,741 6,887 — 10,994 23,382 872 24,254 4.4% 2013 6,932 1,516 - - 8,394 16,842 12,498 29,340 5.4% 2014 — 2,859 6,230 — 11,019 20,108 1,605 21,713 4.0% 2015 — - 1,934 — 8,383 10,317 411 10,728 2.0% 2016 — - 6,374 — 13,370 19,744 156 19,900 3.7% 2017 — 14,742 3,632 2,082 5,628 26,084 3,233 29,317 5.4% 2018 3,584 33,772 16,705 2,350 2,192 58,603 1,413 60,016 11.0% Thereafter 56,891 60,488 119,579 37,918 23,611 298,487 5,184 303,671 55.7% $ 69,167 $ 118,423 $ 166,604 $ 42,350 $ 105,707 $ 502,251 $ 42,832 $ 545,083 100.0% Notes: (1) Rental income represents annualized base rent for effective lease agreements. The amounts are derived from the current contracted monthly base rent including straight-line for leases with fixed escalators or annual cash rent for leases with contingent escalators, net of collectability reserves, if applicable. Rental income does not include common area maintenance charges or the amortization of above/below market lease intangibles. (2) Reflects contract rate of interest for loans, net of collectability reserves if applicable.

FINANCIAL Debt Maturities and Principal Payments (dollars in thousands) % of Year Line of Credit (1) Senior Notes (2,4) Secured Debt (2,5) Total Total 2009 $ — $ — $ 2,786 $ 2,786 0.1% 2010 — - 12,250 12,250 0.5% 2011 143,000 — 12,920 155,920 6.4% 2012 — 76,853 19,060 95,913 3.9% 2013 - 300,000 67,828 367,828 15.1% 2014 — - 128,275 128,275 5.3% 2015 — 250,000 71,485 321,485 13.2% Thereafter — 1,035,000 313,186 1,348,186 55.5% Totals $ 143,000 $ 1,661,853 $ 627,790 $ 2,432,643 100.0% Weighted Avg Interest Rate (3) 0.9% 5.6% 5.8% 5.4% Weighted Avg Maturity (4) 1.8 10.7 7.0 9.2 Fixed and Floating Rate Debt (dollars in thousands) Principal % of Debt Fixed Rate Debt Senior notes $ 1,661,853 68.3% Secured debt (6) 595,687 24.5% Total fixed $ 2,257,540 92.8% Floating Rate Debt Line of credit $ 143,000 5.9% Secured debt (6) 32,103 1.3% Total floating $ 175,103 7.2% Total debt $ 2,432,643 100.0% Notes: (1) Current line of credit capacity of $1.15 billion with remaining availability of $1.0 billion at September 30, 2009. Line of credit currently matures on August 5, 2011 but can be extended for one year at our discretion. (2) Amounts above represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. (3) Line of credit interest rate represents 1-month LIBOR + 60 bps at September 30, 2009. Senior notes and secured debt average interest rate represents the face value note rate. (4) $340 million of convertible senior notes are puttable on December 1, 2011 and $395 million of convertible senior notes are puttable on July 15, 2012. Weighted average maturities would be 4.0 years and 4.7 years for senior notes and total debt, respectively, using the puttable dates. (5) $6,230,000 of secured debt that matures in 2013 and $1,977,000 of secured debt that matures in 2015 relates to assets-held-for sale. Weighted-average maturities would be 6.9 years and 9.2 years for secured debt and total debt, respectively, if one used a 12/31/09 extinguishment date. (6) $100,353,000 of floating rate secured debt is characterized as fixed rate debt due to interest rate swap agreements at September 30, 2009. If one treated this as floating rate debt, total debt would be 88.7% fixed and 11.3% floating.

FINANCIAL Current Capitalization (amounts in thousands except per share data) Balance % of Total Book Capitalization (1) Line of credit $ 143,000 2.3% Long-term debt obligations 2,277,487 36.4% Debt to total book capitalization 2,420,487 38.7% Total equity 3,836,150 61.3% Total book capitalization $ 6,256,637 100.0% Undepreciated Book Capitalization Line of credit $ 143,000 2.1% Long-term debt obligations 2,277,487 32.9% Debt to undepreciated book capitalization 2,420,487 35.0% Accumulated depreciation and amortization 664,415 9.6% Total equity 3,836,150 55.4% Total undepreciated book capitalization $ 6,921,052 100.0% Enterprise Value Line of credit $ 143,000 1.8% Long-term debt obligations 2,277,487 29.1% Debt to total enterprise value 2,420,487 30.9% Common shares outstanding 122,892 Period end share price $ 41.62 Common equity market capitalization 5,114,765 65.3% Noncontrolling interests 10,622 0.1% Preferred stock 288,683 3.7% Total enterprise value $ 7,834,557 100.0% Secured Debt as % of Total Assets (2) Secured debt $ 625,571 9.8% Total assets $ 6,381,406 Total Debt as % of Total Assets (3) Total debt $ 2,420,487 37.9% Total assets $ 6,381,406 Unencumbered Assets as % of Unsecured Debt (4) Unencumbered assets $ 5,942,046 331.0% Unsecured debt $ 1,794,916 Notes: (1) A comparable covenant in our unsecured line of credit arrangement is a maximum of 60%. (2) A comparable covenant in our senior unsecured notes is a maximum of 40%. A comparable covenant in our unsecured line of credit arrangement is a maximum of 30%. (3) A comparable covenant in our senior unsecured notes is a maximum of 60%. (4) A comparable covenant in our unsecured line of credit arrangement is a minimum of 167%. A comparable covenant in our senior unsecured notes is a minimum of 150%.

INVESTMENT Gross Investment Activity 17 Third Quarter 2009 Beds / Units / Amount Investment Per Bed / Initial Properties Square Feet ($000) Unit / Square Foot Cash Yield Construction in Progress Development projects: CCRC — entrance fee 2 613 units $ 12,133 CCRC — rental 1 32 units 1,908 Combination — entrance fee 3 404 units 16,357 Combination — rental 10 1,154 units 26,201 Freestanding dementia care 2 101 units 2,366 Specialty care 3 212 beds 30,816 Medical office 6 870,062 sf 50,893 Total development projects 27 140,674 Expansion projects: CCRC — entrance fee 3 16 units 467 Combination — entrance fee 4 22 units 1,157 Total expansion projects 7 1,624 Total construction in progress 34 142,298 Capital improvements to existing properties 4,176 8.8% Loan advances 9,835 9.6% Gross investments $ 156,309

INVESTMENT Gross Investment Activity Year-To-Date 2009 Investment Per Beds / Units / Amount Bed / Unit / Initial Properties Square Feet ($000) Square Foot Cash Yield Construction in Progress Development projects: CCRC — entrance fee 3 757 units $ 62,930 CCRC — rental 1 32 units 2,813 Combination — entrance fee 4 548 units 60,697 Combination — rental 16 1,722 units 126,015 Freestanding dementia care 3 157 units 6,949 Freestanding skilled nursing 1 120 beds 5,559 Specialty care 3 212 beds 82,671 Medical office 6 870,062 sf 96,642 Total development projects 37 444,276 Expansion projects: CCRC — entrance fee 3 33 units 2,297 Combination — entrance fee 4 22 units 2,340 Total expansion projects 7 4,637 Total construction in progress 44 448,913 Capital improvements to existing properties 11,938 9.5% Loan advances 46,882 9.6% Gross investments $ 507,733

INVESTMENT Investment Timing (dollars in thousands) Initial Cash Loan Initial Cash Construction Initial Cash Acquisitions Yield Advances Yield Conversions Yield Dispositions Yield on Sale January $ — 0.0% $ 2,226 11.5% $ 10,639 9.3% $ 26,211 9.8% February — 0.0% 2,485 10.7% — 0.0% 3,427 8.9% March — 0.0% 1,523 11.7% 26,790 9.0% 14,630 12.6% April — 0.0% 1,472 10.5% 242 8.8% 4,259 10.1% May — 0.0% 26,806 9.1% 28,825 9.0% 11,293 8.5% June — 0.0% 2,534 11.0% 149,157 8.0% 63,192 11.2% July — 0.0% 4,648 10.2% 66,272 8.4% 17,975 7.3% August — 0.0% 2,465 9.0% — 0.0% 4,185 7.6% September — 0.0% 2,723 9.2% 167,900 7.5% 7,968 5.3% Total $ — 0.0% $ 46,882 9.6% $ 449,825 8.0% $ 153,140 9.6% Disposition Activity (dollars in thousands) Third Quarter 2009 Year-To-Date 2009 Amount % of Total Amount % of Total Dispositions by Investment Type Real property $ 28,128 93.4% $ 132,700 86.7% Real estate loans receivable 2,000 6.6% 20,440 13.3% Total $ 30,128 100.0% $ 153,140 100.0% Dispositions by Property Type CCRC — rental $ — 0.0% $ 24,341 15.9% Combination — rental — 0.0% 21,497 14.0% Freestanding assisted living — 0.0% 1,858 1.2% Freestanding dementia care — 0.0% 5,811 3.8% Freestanding skilled nursing — 0.0% 10,224 6.7% Specialty care facility — 0.0% 40,841 26.7% Medical office building 28,128 93.4% 28,128 18.4% Real estate loans receivable 2,000 6.6% 20,440 13.3% Total $ 30,128 100.0% $ 153,140 100.0% Discontinued Operations (dollars in thousands) Third Quarter Year-To-Date 2009 2008 2009 2008 Revenues Rental income $ 1,840 $ 7,645 $ 10,662 $ 31,418 Expenses Interest expense 262 1,629 1,664 7,261 Property operating expenses 541 676 1,623 2,009 Depreciation and amortization — 2,679 3,014 11,245 Income / (loss) from discontinued operations, net $ 1,037 $ 2,661 $ 4,361 $ 10,903

PORTFOLIO Portfolio Composition (dollars in thousands) Properties Investment Balance % of Total Committed Balance % of Total Balance Sheet Data Real property 576 $ 5,588,937 91.9% $ 5,917,490 92.3% Loans 32 494,877 8.1% 494,877 7.7% Total 608 $ 6,083,814 100.0% $ 6,412,367 100.0% Investment Concentration — By Predominant Service Type Independent living / CCRC 57 $ 1,179,708 19.4% $ 1,236,966 19.4% Assisted living 180 1,289,485 21.2% 1,329,924 20.7% Skilled nursing 223 1,561,406 25.7% 1,566,229 24.4% Specialty care 28 636,853 10.4% 819,379 12.7% Medical office 120 1,416,362 23.3% 1,459,869 22.8% Total 608 $ 6,083,814 100.0% $ 6,412,367 100.0% Investment Concentration - Senior Housing & Care and Medical Facilities Senior housing & care portfolio CCRC — entrance fee 6 $ 350,351 5.8% $ 384,182 6.0% CCRC — rental 8 149,378 2.5% 149,934 2.3% Combination — entrance fee 8 364,144 6.0% 387,015 6.0% Combination — rental 125 1,164,845 19.0% 1,204,810 18.9% Subtotal combination / CCRC 147 2,028,718 33.3% 2,125,941 33.2% Freestanding independent living 22 155,675 2.6% 155,675 2.4% Freestanding assisted living 65 222,298 3.7% 222,298 3.5% Freestanding dementia care 31 157,955 2.6% 163,252 2.5% Freestanding skilled nursing 190 1,150,667 18.9% 1,150,667 18.0% Subtotal freestanding 308 1,686,595 27.8% 1,691,892 26.4% Land 5 16,510 0.3% 16,510 0.3% Other loans — 298,776 4.9% 298,776 4.6% Senior housing & care total 460 4,030,599 66.3% 4,133,119 64.5% Medical facilities portfolio Long-term acute care 14 185,240 3.0% 185,240 2.9% Acute care 7 260,081 4.3% 442,607 6.9% Inpatient rehab 5 134,603 2.2% 134,603 2.1% Land 2 13,868 0.2% 13,868 0.2% Other loans — 43,061 0.7% 43,061 0.6% Subtotal specialty care 28 636,853 10.4% 819,379 12.7% Medical office 120 1,416,362 23.3% 1,459,869 22.8% Medical facilities total 148 2,053,215 33.7% 2,279,248 35.5% Total portfolio 608 $ 6,083,814 100.0% $ 6,412,367 ^100.0% Bed / Unit Committed Per Bed / Unit / Square Foot Balance ($000) / Square Foot Investment Metrics Independent living / CCRC 7,047 units $ 1,236,966 $ 175,531 Assisted living 11,140 units 1,329,924 119,383 Skilled nursing 30,211 beds 1,566,229 51,843 Specialty care 1,629 beds 819,379 502,995 Medical office 5,615,653 sf 1,459,869 260 Total $ 6,412,367 19

PORTFOLIO 18 Portfolio Concentration (dollars in thousands) Total Investment % of Properties Balance Balances By Operator / Tenant Senior Living Communities, LLC 10 $ 396,649 6.5% Brookdale Senior Living, Inc. 86 307,920 5.1% Signature Healthcare LLC 34 307,574 5.1% Emeritus Corporation 21 241,276 4.0% Life Care Centers of America, Inc. 18 206,099 3.4% Merrill Gardens LLC 13 166,003 2.7% One Lantern Senior Living LLC 9 155,699 2.6% Gulf Coast Health Care 25 153,684 2.5% Lyric Health Care, LLC 27 144,810 2.4% Vibra Healthcare, LLC 5 142,969 2.3% Remaining portfolio 360 3,861,131 63.4% Total 608 $6,083,814 100.0% Independent Assisted Skilled Specialty Medical Total Investment % of Living / CCRC Living Nursing Care Office Properties Balance Total Balances By State Florida $ 196,914 $ 59,857 $ 279,872 $ — $ 262,369 88 $ 799,012 13.1% Texas 10,203 102,855 172,601 171,703 197,514 76 654,876 10.8% California 163,890 60,281 — 149,669 124,947 29 498,787 8.2% Massachusetts 76,538 117,357 220,589 13,869 — 36 428,353 7.0% Ohio 80,648 40,208 177,128 13,677 7,087 30 318,748 5.2% Tennessee — 37,361 206,514 — 62,439 30 306,314 5.0% South Carolina 241,348 6,478 — - 16,660 13 264,486 4.3% North Carolina 46,020 158,701 — - 23,775 53 228,496 3.8% Wisconsin 25,483 82,320 — 24,009 90,296 12 222,108 3.7% Illinois — 125,189 26,507 48,450 16,500 15 216,646 3.6% Remaining portfolio 338,664 498,878 478,195 215,476 614,775 226 2,145,988 35.3% Total $1,179,708 $1,289,485 $1,561,406 $636,853 $1,416,362 608 $6,083,814 100.0% Independent Assisted Skilled Specialty Medical Total Total % of Living / CCRC Living Nursing Care Office Properties Revenues (1) Total Revenues By State Florida $ 2,733 $ 853 $ 8,926 $ — $ 6,346 88 $ 18,858 12.9% Texas 598 2,465 4,851 4,221 4,889 76 17,024 11.7% California 4,607 1,827 — 1,843 3,573 29 11,850 8.1% Massachusetts 137 3,272 6,098 607 — 36 10,114 6.9% Tennessee — 818 6,762 69 2,031 30 9,680 6.6% North Carolina 1,054 5,605 — - 498 53 7,157 4.9% Ohio - 1,025 4,964 388 205 30 6,582 4.5% Nevada 296 1,886 — - 2,278 14 4,460 3.1% Indiana 1,838 180 989 862 552 13 4,421 3.0% Illinois — 1,610 812 1,213 566 15 4,201 2.9% Remaining Portfolio 7,488 13,558 12,996 3,390 14,070 224 51,502 35.4% Total $ 18,751 $ 33,099 $ 46,398 $ 12,593 $ 35,008 608 $ 145,849 100.0% Notes: (1) Revenues represent rent and interest income including rent from discontinued operations for the three months ended September 30, 2009. Revenues exclude other income totaling $1,089,000 for the three months ended September 30, 2009. 20 3Q09 Earnings 8K Exhibit 992.pdf

PORTFOLIO Top Ten Operator Descriptions Senior Living Communities, LLC, located in Charlotte, NC, operates premier continuing care retirement communities (CCRCs) throughout the southeastern United States. The company operates ten campuses in four states. As of September 30, 2009, the HCN portfolio consisted of ten properties in four states with an investment balance of $396.6 million. Brookdale Senior Living, Inc. (NYSE:BKD), located in Chicago, IL, is a national public provider of independent living and assisted living services. The company operates 550 facilities in 35 states with the ability to serve over 51,000 residents. As of September 30, 2009, the HCN portfolio consisted of 86 properties in 16 states with an investment balance of $307.9 million. Signature Healthcare LLC, located in Palm Beach Gardens, FL, is a private operator of skilled nursing facilities spread among seven states. The company operates 64 skilled nursing facilities with 7,674 beds. As of September 30, 2009, the HCN portfolio consisted of 34 properties in four states with an investment balance of $307.6 million. Emeritus Corporation (AMEX:ESC), located in Seattle, WA, is a national public provider of independent living, assisted living and Alzheimer’s services. The company operates 288 communities representing capacity for approximately 30,000 residents in 37 states. As of September 30, 2009, the HCN portfolio consisted of 21 properties in 16 states with an investment balance of $241.3 million. Life Care Centers of America, Inc., located in Cleveland, TN, is one of the largest private owners and operators of skilled nursing facilities in the country. The company has grown to more than 330 skilled nursing, assisted living, retirement, home care and Alzheimer’s centers in 28 states. As of September 30, 2009, the HCN portfolio consisted of 18 properties in 11 states with an investment balance of $206.1 million. Merrill Gardens LLC, located in Seattle, WA, is a privately held corporation organized under the laws of Washington State. The company owns, operates and/or manages 53 IL/AL facilities with 6,455 units in eight states. As of September 30, 2009, the HCN portfolio consisted of 13 properties in seven states with an investment balance of $166.0 million. One Lantern Senior Living, LLC, a fully owned subsidiary of Lazard Real Estate Partners, LP, located in New York, NY, is a privately held corporation organized under the laws of New York. The company owns, operates and manages more than 29 assisted living and skilled nursing facilities with 3,336 units in six states. As of September 30, 2009, the HCN portfolio consisted of nine properties in three states with an investment balance of $155.7 million. Gulf Coast Health Care, located in Pensacola, FL, is a private operator of skilled nursing facilities. The company operates 43 skilled nursing facilities with 5,480 beds/units located in Florida, Alabama, and Mississippi. As of September 30, 2009, the HCN portfolio consisted of 25 properties in three states with an investment balance of $153.7 million. Lyric Health Care, LLC, located in Columbia, MD, is a private operator of 31 skilled nursing facilities and long term acute care hospitals with 3,800 beds/units in 10 states and has a management agreement with Encore Healthcare LLC to operate the facilities. As of September 30, 2009, the HCN portfolio consisted of 27 properties in nine states with an investment balance of $144.8 million. Vibra Healthcare, LLC, located in Mechanicsburg, PA, is a private operator of inpatient rehabilitation facilities and long term acute care hospitals in nine states. The company operates 15 properties with 998 beds. As of September 30, 2009, the HCN portfolio consisted of five properties in three states with an investment balance of $143.0 million.

PORTFOLIO Metropolitan Statistical Area Concentration * 19 (dollars in thousands) Top 31 Top 75 Top 100 Independent living / CCRC $ 305,086 $ 536,610 $ 738,337 % of independent living / CCRC 25.9% 45.5% 62.6% Assisted living 469,377 728,918 767,609 % of assisted living 36.4% 56.5% 59.5% Skilled nursing 481,092 840,346 920,053 % of skilled nursing 30.8% 53.8% 58.9% Specialty care 281,471 492,049 529,355 % of specialty care 44.2% 77.3% 83.1% Medical office 989,979 1,298,205 1,299,565 % of medical office 69.9% 91.7% 91.8% Total portfolio $ 2,527,005 $ 3,896,128 $ 4,254,919 % of total portfolio 41.5% 64.0% 69.9% * Metropolitan statistical areas are as defined by the U.S. Census Bureau. Top 31, 75 and 100 classifications are reported per the National Investment Center Market Area Profiles Subscription Service. Region Concentration (dollars in thousands) Total Investment % of Properties Balance Total By Region* South Atlantic 188 $1,589,936 26.1% East North Central 71 947,856 15.6% West South Central 108 778,638 12.8% Pacific 38 636,639 10.5% East South Central 66 527,002 8.7% Mountain 43 525,535 8.6% New England 48 489,246 8.0% Middle Atlantic 34 384,274 6.3% West North Central 12 204,688 3.4% Total 608 $6,083,814 100.0% *Region definitions are derived from census bureau definitions and are itemized in the glossary.

PORTFOLIO Portfolio Performance Facility Revenue Mix TTM TTM Age Occupancy CBMF (1) CAMF (1) Private Pay Medicaid Medicare Stable Portfolio* Independent living / CCRC 11 89.0% 1.29x 1.09x 93.4% 2.3% 4.3% Assisted living 11 88.1% 1.58x 1.36x 86.7% 10.8% 2.5% Skilled nursing 24 84.0% 2.24x 1.64x 19.0% 50.6% 30.4% Specialty care 12 58.0% 2.37x 2.05x 30.0% 2.8% 67.2% Medical office 13 90.9% n/a n/a 100.0% 0.0% 0.0% Total 15 1.98x 1.55x * Data as of September 30, 2009 for medical office and June 30, 2009 for remaining asset types. Notes: (1) Represents trailing twelve month coverage metrics. Same Store Revenue Growth (dollars in thousands) 3Q08 Same Store 3Q09 Same Store Properties (1) Revenue* Revenue* % Change Same Store Portfolio Independent living / CCRC (2) 51 $ 15,597 $ 13,342 -14.5% Assisted living 161 24,759 24,872 0.5% Skilled nursing 219 40,484 40,679 0.5% Specialty care (2) 24 10,585 10,434 -1.4% Total (2) 455 $ 91,425 $ 89,327 -2.3% * Same store revenue represents cash-only rent or interest income excluding the impact of lease or loan basis changes (e.g., rent-producing capital improvement additions for leases and principal draws or paydowns for loans). Notes: (1) Represents those properties in the portfolio (both stable and unstable) for the 15 months preceding the end of the portfolio performance period. (2) 3Q09 independent living/CCRC revenue impacted by $2.4 million of rent deferrals related to certain entrance fee communities versus 3Q08. 3Q09 specialty care revenue impacted by a $242,000 rent adjustment provided to one specialty care hospital versus 3Q08. Excluding the impact of these items, independent living/CCRC 3Q09 same store revenue increased 1.9%, specialty care 3Q09 same store revenue increased 1.0% and total 3Q09 same store revenue increased 0.7%.

Same Store (19 properties) PORTFOLIO Portfolio Performance — Independent Living / CCRC Stable Trailing Twelve Month Payment Coverage Before Management Fees 1.50 1.40 1.29x 1.30 1.28x 1.20 basis 2Q09 / 2Q09 / 1.10 points 2Q08 1Q09 Same Store (9) (3) 1.00 Stable (7) (1) 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Occupancy 95% 89.0% 90% 88.3% 85% basis 2Q09 / 2Q09 / 80% points 2Q08 1Q09 Same Store (430) (130) Stable (380) (80) 75% 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Revenue per Occupied Unit $3,500 $3,276 $3,300 $3,257 $3,100 2Q09 / 2Q09 / $2,900 (% chg) 2Q08 1Q09 Same Store 5.3% 1.0% $2,700 Stable 7.0% 3.3% 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Expense per Occupied Unit $2,300 $2,209 $2,150 $2,209 $2,000 2Q09 / 2Q09 / (% chg) 2Q08 1Q09 $1,850 Same Store 8.1% 1.8% Stable 10.3% 5.1% $1,700 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009

Same Store (132 properties) PORTFOLIO Stable Portfolio Performance — Assisted Living Trailing Twelve Month Payment Coverage Before Management Fees 1.70 1.59x 1.60 1.58x 1.50 basis 2Q09 / 2Q09 / points 2Q08 1Q09 1.40 Same Store 1 2 Stable — 1 1.30 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Occupancy 95% 90% 88.1% 87.7% 85% basis 2Q09 / 2Q09 / 80% points 2Q08 1Q09 Same Store 20 10 75% Stable 60 10 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Revenue per Occupied Unit $4,700 $4,494 $4,500 $4,300 $4,432 2Q09 / 2Q09 / $4,100 (% chg) 2Q08 1Q09 Same Store 1.7% -0.3% $3,900 Stable 0.7% 0.2% 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Expense per Occupied Unit $3,000 $2,843 $2,850 $2,700 $2,794 2Q09 / 2Q09 / $2,550 (% chg) 2Q08 1Q09 Same Store -1.4% -1.8% $2,400 Stable -2.5% -1.1% 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 25

PORTFOLIO Same Store (210 properties) Portfolio Performance — Skilled Nursing Stable Trailing Twelve Month Payment Coverage Before Management Fees 2.4 2.3 2.27x 2.2 2.24x basis 2Q09 / 2Q09 / 2.1 points 2Q08 1Q09 Same Store — 3 2.0 Stable (2) 3 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Occupancy 90% 84.0% 85% 83.8% 80% basis 2Q09 / 2Q09 / points 2Q08 1Q09 75% Same Store (20) (40) Stable (10) (40) 70% 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Revenue per Occupied Bed $6,900 $6,819 $6,700 $6,818 $6,500 2Q09 / 2Q09 / $6,300 (% chg) 2Q08 1Q09 Same Store 5.4% 3.3% $6,100 Stable 5.4% 3.3% 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009 Expense per Occupied Bed $5,600 $5,524 $5,450 $5,523 $5,300 2Q09 / 2Q09 / (% chg) 2Q08 1Q09 $5,150 Same Store 5.0% 3.3% Stable 4.8% 3.1% $5,000 3Q2007 4Q2007 1Q2008 2Q2008 3Q2008 4Q2008 1Q2009 2Q2009

Same Store (12 properties) PORTFOLIO Stable Portfolio Performance — Specialty Care* Trailing Twelve Month Payment Coverage Before Management Fees 2.5 2.39x 2.4 2.37x 2.3 basis 2Q09 / 2Q09 / 2.2 points 2Q08 1Q09 Same Store N/A 5 2.1 Stable N/A 4 3Q2008 4Q2008 1Q2009 2Q2009 Occupancy 65% 60% 59.1% 58.0% 55% basis 2Q09 / 2Q09 / points 2Q08 1Q09 50% Same Store N/A 440 Stable N/A 300 45% 3Q2008 4Q2008 1Q2009 2Q2009 *Due to recent portfolio activity, the same store criteria for the specialty care portfolio has been reduced to 12 months to capture a larger number of facilities in the above charts. Per occupied unit metrics not applicable for specialty care.

PORTFOLIO Portfolio Composition — Medical Office Buildings (dollars in thousands) Investment Total Operating Properties Square Feet Balance Revenues Expenses NOI Age Occupancy On Campus 47 2,824,221 $ 762,946 $ 19,417 $ 7,049 $ 12,368 13 92.5% Off Campus-Affiliated 22 1,065,491 240,805 6,537 2,439 4,098 11 92.3% Off Campus 41 1,331,059 362,004 8,777 2,945 5,832 14 86.5% Subtotal 110 5,220,771 1,365,755 34,731 12,433 22,298 13 90.9% Held-for-sale 4 154,341 10,137 525 541 (16) Development 3 240,541 19,670 Land 3 20,800 Total 120 5,615,653 $ 1,416,362 $ 35,256 $ 12,974 $ 22,282 Portfolio Performance — Medical Office Buildings (dollars in thousands) 3Q08A 4Q08A 1Q09A 2Q09A 3Q09A Total MOB Performance Properties* 107 107 107 107 110 Square feet* 4,642,366 4,642,366 4,643,283 4,643,430 5,220,771 Investment balance* $ 1,249,177 $ 1,240,302 $ 1,229,461 $ 1,219,866 $ 1,365,755 Occupancy* 91.5% 90.4% 90.2% 90.6% 90.9% Total revenue* $33,226 $32,779 $32,811 $32,203 $34,731 Operating expenses* $11,178 $11,389 $11,419 $11,525 $12,433 NOI from continuing operations* $22,048 $21,390 $21,392 $20,678 $22,298 NOI from discontinued operations $304 $(49) $91 $105 $(16) Total cap-ex / TI / LC $1,555 $2,865 $2,425 $2,733 $3,637 Expired (square feet)* 123,621 188,367 169,133 139,034 124,279 Retained (square feet)* 82,760 145,349 121,932 115,048 77,864 Retention rate* 66.9% 77.2% 72.1% 82.7% 62.7% 3Q08A 4Q08A 1Q09A 2Q09A 3Q09A Same Store Performance* Properties 104 104 104 104 104 Square feet 4,428,660 4,428,660 4,428,660 4,428,660 4,428,660 Investment balance $ 1,174,994 $ 1,166,788 $ 1,156,610 $ 1,147,681 $ 1,138,785 Occupancy 91.0% 89.9% 89.7% 90.2% 90.3% Total revenue $32,497 $31,140 $31,047 $30,180 $31,513 Operating expenses $11,142 $11,007 $11,022 $10,921 $11,904 NOI $21,355 $20,133 $20,025 $19,259 $19,609 2009 2010 2011 2012 2013 Remaining Lease Expirations* Square feet 101,913 424,033 459,186 510,340 375,853 % of total portfolio 2.0% 8.1% 8.8% 9.8% 7.2% * Results and forecasts include month-to-month and holdover leases and exclude terminations and discontinued operations.

Portfolio Concentration — Medical Office Buildings PORTFOLIO Square Feet % of Total By Tenant* Aurora Health Care, Inc. 293,629 5.6% Tenet Health Systems 254,145 4.9% Baptist Health System, Inc 161,933 3.1% United HealthCare Services, Inc 160,855 3.1% Community Health Systems 155,365 3.0% Remaining Portfolio 4,194,844 80.3% Total 5,220,771 100.0% *Excludes development and held-for-sale properties. Investment Balance per Properties Square Feet % of Total Balance ($000) Square Foot By Region* South Atlantic 46 1,483,749 26.4% $381,096 $257 West South Central 17 884,514 15.8% 209,496 237 Middle Atlantic 13 781,505 13.9% 187,552 240 Mountain 16 700,583 12.5% 215,883 308 East South Central 11 610,449 10.9% 112,861 185 Pacific 9 508,997 9.1% 152,818 300 East North Central 6 475,483 8.5% 135,295 285 West North Central 2 170,373 2.9% 21,361 125 Total 120 5,615,653 100.0% $ 1,416,362 $252 *Region definitions are derived from U.S. Census Bureau definitions and are itemized in the glossary. Investment Balance per Properties Square Feet % of Total Balance ($000) Square Foot By State Florida 27 935,943 16.7% $262,369 $280 Texas 16 839,711 15.0% 197,514 235 California 8 445,833 7.9% 124,947 280 New Jersey 5 406,985 7.2% 107,425 264 Arizona 6 339,205 6.0% 98,504 290 Nevada 9 324,992 5.8% 110,408 340 Alabama 5 304,021 5.4% 42,225 139 Wisconsin 1 293,629 5.2% 90,296 308 Georgia 7 286,152 5.1% 66,179 231 New York 7 276,388 4.9% 58,914 213 Remaining portfolio 29 1,162,794 20.8% 257,581 222 Total 120 5,615,653 100.0% $ 1,416,362 $252

PORTFOLIO Development Activity (dollars in thousands) Beds / Units / CIP Balance 2009 YTD 2009 YTD CIP Balance Projects Square Feet at 12/31/08 Funding Conversions at 9/30/09 Development Properties CCRC — entrance fee 3 757 $ 167,925 $ 62,930 $ (48,128) $ 182,727 CCRC — rental 1 32 231 2,813 — 3,044 Combination — entrance fee 4 548 106,958 60,697 (54,493) 113,162 Combination - rental 16 1,722 162,215 126,015 (144,195) 144,035 Freestanding dementia care 3 157 13,994 6,949 (10,640) 10,303 Freestanding skilled nursing 1 120 9,002 5,559 (14,561) -Specialty care 3 212 75,509 82,671 — 158,180 Medical office 6 870,062 96,772 96,642 (173,744) 19,670 Total 37 $ 632,606 $ 444,276 $ (445,761) $ 631,121 Expansion Projects CCRC — entrance fee 3 33 $3,814 $2,297 $(3,330) $2,781 Combination — entrance fee 4 22 2,999 2,340 (734) 4,605 Total 7 6,813 4,637 (4,064) 7,386 Development Total 44 $ 639,419 $ 448,913 $ (449,825) $ 638,507 . Development Funding Projections (dollars in thousands) Projected Future Funding Beds / Units / Square Initial 2009 2010 Funding Unfunded Committed Projects Feet Yield Funding Funding Thereafter Commitments Balances Development Properties CCRC — entrance fee 2 613 10.0% $ 8,809 $ 23,193 $- $ 32,002 $ 214,729 CCRC — rental 1 32 10.5% 556 — - 556 3,600 Combination — entrance fee 3 404 7.7% 13,403 7,860 — 21,263 134,425 Combination — rental 9 1,070 7.8% 26,907 13,058 — 39,965 184,000 Freestanding dementia care 2 101 9.0% 3,551 1,746 — 5,297 15,600 Specialty care 3 212 9.3% 36,164 107,561 38,801 182,526 340,706 Medical office 3 240,541 8.6% 15,308 28,199 — 43,507 63,177 Total 23 8.9% $104,698 $181,617 $ 38,801 $ 325,116 $ 956,237 Expansion Projects CCRC — entrance fee 3 16 9.4% $124 $- $ 1,705 $ 1,829 $4,610 Combination — entrance fee 4 22 8.7% 534 122 952 1,608 6,213 Total 7 9.0% 658 122 2,657 3,437 10,823 Development Total 30 8.9% $105,356 $181,739 $ 41,458 $ 328,553 $ 967,060

PORTFOLIO Development Project Conversion Estimates* (dollars in thousands) Quarterly Conversions Annual Conversions Projected Initial Projected Initial Amount Cash Yields (1) Amount Cash Yields (1) 1Q09 actual $ 37,072 9.1% 2009 estimate $ 722,521 8.4% 2Q09 actual 174,980 8.1% 2010 estimate 468,977 8.8% 3Q09 actual 233,709 7.7% 2011 estimate 210,500 9.3% 4Q09 estimate 276,760 8.9% 2012 estimate — 0.0% 1Q10 estimate 69,780 8.7% 2013+ estimate — 0.0% 2Q10 estimate 363,682 8.7% Total $ 1,401,998 8.6% 3Q10 estimate 35,515 9.3% 4Q10 estimate — 0.0% Total $1,191,498 8.5% * Excludes expansion projects Notes: (1) Actual initial yields may be higher if the underlying market rates increase.

PORTFOLIO Unstabilized Properties (dollars in thousands) Acquisitions/ 6/30/09 Construction Expansions/ 9/30/09 Properties Stabilized Conversions Reclassifications Properties Property Type CCRC — entrance fee 4 0 0 0 4 CCRC — rental 4 0 0 (2) 2 Combination — entrance fee 5 0 0 0 5 Combination — rental 12 (1) 2 0 13 Freestanding assisted living 2 0 0 0 2 Freestanding dementia care 6 (2) 0 0 4 Freestanding skilled nursing 3 (1) 0 0 2 Long Term Acute Care Hospital 4 0 0 0 4 Acute Care Hospital 1 (1) 0 0 0 Total 41 (5) 2 (2) 36 9/30/09 Investment % of Total Properties Beds / Units Balance Investment Property Type CCRC — entrance fee 4 746 $ 164,843 2.7% CCRC - rental 2 727 86,696 1.4% Combination — entrance fee 5 1,013 228,461 3.8% Combination — rental 13 1,443 279,279 4.6% Freestanding assisted living 2 101 11,946 0.2% Freestanding dementia care 4 173 28,788 0.5% Freestanding skilled nursing 2 240 33,245 0.5% Long Term Acute Care Hospital 4 212 67,743 1.1% Total 36 4,655 $ 901,001 14.8% 6/30/09 Construction Acquisitions/ Progressions/ 9/30/09 Properties Stabilized Conversions Expansions Reclassification Properties Occupancy 0 - 50% 23 0 2 0 (1) 24 50% — 70% 5 (1) 0 0 (2) 2 70% + 13 (4) 0 0 1 10 Total 41 (5) 2 0 (2) 36 9/30/09 Months In % of Total Investment % of Total Properties Operation Revenues Revenues (1) Balance Investment Occupancy 0 — 50% 24 13 $49,034 9.0% $569,687 9.4% 50% — 70% 2 34 7,052 1.3% 65,727 1.1% 70% + 10 33 19,017 3.5% 265,587 4.4% Total 36 20 $75,103 13.8% $901,001 ^14.8% Notes: (1) Includes annualized revenues as presented on page 13.

PORTFOLIO Portfolio Trends Operator Concentration Trend (1) 60% 50% Top 10 40% 36.6% Top 5 30% 24.1% 20% 12/31/2006 12/31/2007 12/31/2008 9/30/2009 Property Type Trend (2) 35% 30% 24.4% 25% SNF 22.8% 20.7% MOB 20% 19.4% ALF 15% ILF/CCRC 12.7% 10% SCF 5% 0% 12/31/2006 12/31/2007 12/31/2008 9/30/2009 Payor Mix Trend (3) 70% 67.1% 60% 50% Private 40% Medicaid Medicare 30% 20% 16.8% 16.1% 10% 12/31/2006 12/31/2007 12/31/2008 6/30/2009 Notes: (1) Operator concentration trend based on investment balances for the dates presented. (2) Property type trend based on committed investment balances for the dates presented. (3) Payor mix is weighted by investment balance including stable and unstabilized properties. 33

GLOSSARY Age: Current year, less the year built, adjusted for major renovations. Assisted Living: Assisted living facilities are state regulated rental properties that provide the same services as independent living facilities, but also provide supportive care from trained employees to residents who require assistance with activities of daily living, including management of medications, bathing, dressing, toileting, ambulating and eating. CAMF: Coverage after management fees represents the ratio of EBITDAR to contractual rent for leases or interest and principal payments for loans. CAMF is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful. Cap-ex, Tenant Improvements, Leasing Commissions: Represents amounts paid in cash for: 1) recurring and non-recurring capital expenditures required to maintain and re-tenant our properties, 2) second generation tenant improvements and 3) leasing commissions paid to third party leasing agents to secure new tenants. CBMF: Coverage before management fees represents the ratio of EBITDARM to contractual rent for leases or interest and principal payments for loans. CBMF is a measure of a property’s ability to generate sufficient cash flows for the operator/borrower to pay rent and meet other obligations, assuming that management fees are not paid. The coverage shown excludes properties that are unstabilized, closed or for which data is not available or meaningful. CCRC: Continuing care retirement communities include a combination of detached homes, an independent living facility, an assisted living facility and/or a skilled nursing facility on one campus. Resident payment plans vary, but can include entrance fees, condominium fees and rental fees. Many of these communities also charge monthly maintenance fees in exchange for a living unit, meals and some health services. Combination: A property that offers two or more levels of care (i.e. independent living, assisted living, dementia and skilled nursing), but does not meet the definition of a CCRC. Committed Balance: Represents investment balance plus unfunded construction commitments for which initial funding has commenced. Construction Conversion: Represents completed construction projects that were placed into service and began earning rent. Dementia Care: Certain assisted living facilities may include state licensed settings that specialize in caring for those afflicted with Alzheimer’s disease and/or similar forms of dementia. EBITDAR: Earnings before interest, taxes, depreciation, amortization and rent. Management fees are imputed at 5% of revenues for independent living, assisted living, skilled nursing and CCRCs and at 3% for specialty care which the company believes represent typical management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDAR and has not independently verified the information. EBITDAR is used to calculate CAMF. EBITDARM: Earnings before interest, taxes, depreciation, amortization, rent and management fees. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate EBITDARM and has not independently verified the information. EBITDARM is used to calculate CBMF. Entrance Fee: A property where the resident pays a substantial upfront fee and an ongoing monthly service fee for the right to occupy a unit. Typically, a portion of the upfront fee is refundable. Expense per Occupied Unit: Represents the ratio of revenue less EBITDARM to occupied units based on the most recent quarter of available data and excludes properties that are unstabilized, closed, or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by t enants/borrowers to calculate expense per occupied unit and has not independently verified the information.

Freestanding: A property that offers one level of service. GLOSSARY Independent Living: Independent living facilities are age-restricted multi-family properties with central dining facilities that provide residents access to28meals and other services such as housekeeping, linen service, transportation and social and recreational activities. Initial Cash Yield: Represents annualized contractual income to be received in cash at date of investment divided by investment amount. Investment Amount: Acquisitions — Represents purchase price. New loans — Represents face amount of new loan. Construction conversion — Represents book balance converted from CIP to real property upon completion. Capital improvements to existing properties — Represents cash funded to tenants under an existing lease agreement. Loan advances — Represents cash funded to operators under an existing loan agreement. Investment Balance: Represents net book value of real estate investments as reflected on the company’s balance sheet. Medical Office: Medical office buildings are office and clinic facilities, often located near hospitals or on GLOSSARY hospital campuses, specifically constructed and designed for use by physicians and other health care 32 personnel to provide services to their patients. They may also include ambulatory surgery centers that are used for general or specialty surgical procedures not requiring an overnight stay in a hospital. Medical office buildings typically contain sole and group physician practices and may provide laboratory and other patient services. Metropolitan Statistical Area: Metropolitan statistical areas are geographic entities defined by the U.S. Office of Management and Budget (OMB) for use by Federal statistical agencies in collecting, tabulating and publishing Federal statistics. The NIC MAP™ Data and Analysis Service provides revenue, supply and demographic information for the IL/CCRC, assisted living, and skilled nursing service types and commonly aggregates the information for the top 31, top 75 and top 100 MSAs. The company provides investment balance information in the same categories as another measure of geographic concentration. Occupancy: Medical office occupancy represents the percentage of total rentable square feet leased and occupied, including month-to-month leases, as of the date reported. Occupancy for all other property types represents average quarterly operating occupancy based on the most recent quarter of available data and excludes properties that are unstabilized, closed or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate occupancy and has not independently verified the information. Off Campus: Properties that are neither on campus nor off campus affiliated. Off Campus-Affiliated: Properties not on campus are considered affiliated with a hospital or health system if one or more of the following conditions are met: 1) a ground lease is maintained with a hospital or system entity; 2) a master lease is maintained with a hospital or system entity; 3) significant square footage is leased to a hospital or system entity; or 4) the property includes an ambulatory surgery center with a hospital partnership interest. On Campus: Properties are considered on campus if one or more of the following criteria are met: 1) the land parcel is contained within the physical boundaries of a hospital campus; 2) the land parcel is located adjacent to the campus; or 3) the building is physically connected to the hospital regardless of the land ownership structure.

GLOSSARY Region Definitions: Eight divisions as established by the Census Bureau. New England — Connecticut , Maine , Massachusetts, New Hampshire, Rhode Island, Vermont. Middle Atlantic — New Jersey, New York, Pennsylvania. East North Central — Indiana, Illinois, Michigan, Ohio, Wisconsin. West North Central — Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota. South Atlantic — Delaware, District of Columbia, Florida, Georgia, Maryland, North Carolina, South Carolina, Virginia, West Virginia. East South Central — Alabama, Kentucky, Mississippi, Tennessee. West South Central — Arkansas, Louisiana, Oklahoma, Texas. Mountain — Arizona, Colorado, Idaho, New Mexico, Montana, Utah, Nevada, Wyoming. Pacific — Alaska, California, Hawaii, Oregon, Washington. Renewal Rate: The ratio of total square feet expiring and available for lease to total renewed square feet. Renewed Square Feet: Square feet expiring during the reporting period upon which a lease is executed by the current occupant. Rental: A property where the resident pays a monthly market rate for the level of care provided, but is not required to pay a substantial upfront fee. Revenue per Occupied Unit: Represents the ratio of total revenue to occupied units based on the most recent quarter of available data and excludes properties that are unstabilized, closed, or for which data is not available or meaningful. The company uses unaudited, periodic financial information provided solely by tenants/borrowers to calculate revenue per occupied unit and has not independently verified the information. Same Store: For the medical office building portfolio, same store is defined as those properties owned for the entire previous five quarters. Properties acquired, developed or classified in discontinued operations are excluded from the same store amounts. For all other property types, same store is defined as those properties in the stable portfolio for the 24 months preceding the end of the portfolio performance reporting period, unless otherwise noted. Skilled Nursing: Skilled nursing facilities are licensed daily rate or rental properties where the majority of individuals require 24-hour nursing and/or medical care. Generally, these properties are licensed for Medicaid and/or Medicare reimbursement. Specialty Care: Specialty care facilities generally include acute care hospitals, long-term acute care hospitals and other specialty care facilities. Acute care hospitals provide a wide range of inpatient and outpatient services, including, but not limited to, surgery, rehabilitation, therapy and clinical laboratories. Long-term acute care hospitals provide inpatient services for patients with complex medical conditions who require more intensive care, monitoring or emergency support than that available in most skilled nursing facilities. Other specialty care facilities typically provide specialized inpatient and outpatient care for specific illnesses or diseases, including, among others, orthopedic and neurologic care. Square Feet: Net rentable square feet calculated utilizing Building Owners and Managers Association measurement standards. Stable: A facility will generally enter the stable portfolio after it has generated CAMF of 1.10x or greater for three consecutive months. Additionally, a facility will enter the stable portfolio if a facility fails to meet the above criteria in the 12 months following the budgeted stabilization date. Unstabilized: An acquisition that does not meet the stable criteria upon closing or a construction property that has opened but not yet reached stabilization. Yield on Sale: Represents annualized contractual income that was being received in cash at date of disposition divided by disposition cash proceeds. 36

The company believes that net income attributable to common stockholders (NICS), as defined by U.S. SUPPLEMENTAL generally accepted accounting principles (U.S. GAAP), is the most appropriate earnings measurement. However, the company considers funds from operations (FFO) and funds available for distribution (FAD) to be useful supplemental measures of its operating performance. Historical cost accounting for real estate assets in accordance with U.S. GAAP implicitly assumes that the value of real estate assets diminishes predictably over time as evidenced by the provision for depreciation. However, since real estate values have historically risen or fallen with market conditions, many industry investors and analysts have considered presentations of operating results for real estate companies that use historical cost accounting to be insufficient. In response, the National Association of Real Estate Investment Trusts (NAREIT) created FFO as a supplemental measure of operating REPORTING performance for REITs that excludes historical cost depreciation from net income. FFO, as defined by NAREIT, means net income, computed in accordance with U.S. GAAP, excluding gains (or losses) from sales of real estate, plus real estate depreciation and amortization, and after adjustments for unconsolidated partnerships and joint ventures. Normalized FFO represents FFO adjusted for unusual and non-recurring items. FAD represents FFO excluding net straight-line rental adjustments, amortization related to above/below market leases and amortization of non-cash interest expenses and less cash used to fund capital expenditures, tenant MEASURES improvements and lease commissions at medical office buildings. Normalized FAD represents FAD excluding prepaid/straight-line rent cash receipts and adjusted for unusual and non-recurring items. EBITDA stands for earnings before interest, taxes, depreciation and amortization. A covenant in our line of credit arrangement contains a financial ratio based on a definition of EBITDA that is specific to that agreement. Failure to satisfy this covenant could result in an event of default that could have a material adverse impact on our cost and availability of capital, which could in turn have a material adverse impact on our consolidated results of operations, liquidity and/or financial condition. Due to the materiality of this debt agreement and the financial covenant, we have disclosed Adjusted EBITDA, which represents EBITDA as defined above and adjusted for stock-based compensation expense, provision for loan losses and gain/loss on extinguishment of debt. We use Adjusted EBITDA to measure our adjusted fixed charge coverage ratio, which represents Adjusted EBITDA divided by fixed charges on a trailing twelve months basis. Fixed charges include total interest (excluding capitalized interest and non-cash interest expenses), secured debt principal amortization and preferred dividends. Our covenant requires an adjusted fixed charge ratio of at least 1.75 times. Net operating income (NOI) is used to evaluate the operating performance of the company’s properties. The company defines NOI as total revenues, including tenant reimbursements and discontinued operations, less property operating expenses, which exclude depreciation and amortization, general and administrative expenses, impairments and interest expense. The company believes NOI provides investors relevant and useful information because it measures the operating performance of the company’s properties at the property level on an unleveraged basis. The company uses NOI to make decisions about resource allocations and to assess the property level performance of our properties. Other than Adjusted EBITDA, the company’s supplemental reporting measures and similarly entitled financial measures are widely used by investors, equity and debt analysts and rating agencies in the valuation, comparison, rating and investment recommendations of companies. The company’s management uses these financial measures to facilitate internal and external comparisons to historical operating results and in making operating decisions. Additionally, these measures are utilized by the Board of Directors to evaluate management. Adjusted EBITDA is used solely to determine our compliance with a financial covenant of our line of credit arrangement and is not being presented for use by investors for any other purpose. The supplemental reporting measures do not represent net income or cash flow provided from operating activities as determined in accordance with U.S. GAAP and should not be considered as alternative measures of profitability or liquidity. Finally, the supplemental reporting measures, as defined by the company, may not be comparable to similarly entitled items reported by other real estate investment trusts or other companies. Multi-period amounts may not equal the sum of the individual quarterly amounts due to rounding.

HEALTH CARE REIT, INC. One SeaGate, Suite 1500 P. O. Box 1475 Toledo, OH 43603-1475 419.247.2800 main 419.247.2826 fax www.hcreit.com

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