QuickLinks -- Click here to rapidly navigate through this document

Exhibit 99.2

---

HCR Properties, LLC

Consolidated Financial Statements

Contents

---

Report of Independent Auditors

The Board of Directors of HCR Properties, LLC

        We have audited the accompanying consolidated balance sheets of HCR Properties, LLC. as of September 30, 2010 and December 31, 2009, and the related consolidated statements of income, cash flows and member's deficit for the nine months ended September 30, 2010 and years ended December 31, 2009 and 2008. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits.

        We conducted our audits in accordance with auditing standards generally accepted in the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. We were not engaged to perform an audit of the Company's internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.

        In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of HCR Properties, LLC as of September 30, 2010 and December 31, 2009, and the consolidated results of its operations and its cash flows for the nine months ended September 30, 2010 and years ended December 31, 2009 and 2008 in conformity with U.S. generally accepted accounting principles.

/s/ Ernst & Young

Toledo, Ohio
November 30, 2010

1

---

HCR Properties, LLC

Consolidated Balance Sheets

See accompanying notes.

2

---

HCR Properties, LLC

Consolidated Statements of Income

See accompanying notes.

3

---

HCR Properties, LLC

Consolidated Statements of Cash Flows

See accompanying notes.

4

---

HCR Properties, LLC

Consolidated Statements of Member's Deficit

See accompanying notes.

5

---

HCR Properties, LLC

Notes to Consolidated Financial Statements

1. Accounting Policies

Nature of Operations

        HCR Properties, LLC and subsidiaries (the Company) lease certain property and equipment of 331 skilled nursing and assisted living centers to a related party, HCR III Healthcare, LLC. The centers are located in 30 states, with 63 percent located in Florida, Illinois, Michigan, Ohio and Pennsylvania.

Principles of Consolidation and Basis of Presentation

        The consolidated financial statements include the accounts of HCR Properties, LLC and its wholly-owned subsidiaries. HCR Properties, LLC is a wholly-owned subsidiary of Manor Care, Inc.

        Effective July 1, 2009, the Company adopted a new accounting standard that was issued to establish the Financial Accounting Standards Board (FASB) Accounting Standard Codification as the source of authoritative accounting principles recognized by the FASB to be applied by nongovernmental entities in the preparation of financial statements in conformity with generally accepted accounting principles. Adopting this standard had no impact on the Company's financial position or results of operations.

Related-Party Transactions

        HCR III Healthcare, LLC is an indirect, wholly-owned subsidiary of HCR Healthcare, LLC and Manor Care, Inc. Certain of the consolidated subsidiaries of HCR Properties, LLC hold the title to the property and equipment of the skilled nursing and assisted living facilities. HCR III Healthcare, LLC (also referred to as Master Tenant) leases the property from certain subsidiaries of HCR Properties, LLC and conducts the operations of the business. The lease is accounted for as a direct financing lease. HCR Properties, LLC distributes the residual lease payments to Manor Care, Inc., which represents the portion of the lease payments received from HCR III Healthcare, LLC which are not used by subsidiaries of HCR Properties, LLC to make payments with respect to their loan agreements. The distributions were $204.7 million for the nine months ended September 30, 2010, $256.4 million for the year ended December 31, 2009, and $142.9 million for the year ended December 31, 2008. In addition, Manor Care, Inc. contributes funds to HCR Properties, LLC as needed, which totaled $18.0 million for the year ended December 31, 2009.

        Certain wholly-owned subsidiaries of HCR Healthcare, LLC perform services for the Company, which will be referred to as affiliated company. An affiliated company provides strategic advisory and management services to the Company in accordance with a corporate services agreement. The management fee is based on an agreed upon fee for each legal entity, as defined in the agreement. Total management fees were $1.2 million for the nine months ended September 30, 2010, and $1.6 million for each of the years ended December 31, 2009 and 2008. Cash is received and disbursed on behalf of the Company by an affiliated company. The net payable to an affiliated company was $16.3 million at September 30, 2010 and $19.5 million at December 31, 2009. The payable is due on the earlier of 30 days after the affiliated company demands payment, the Company is no longer a direct or indirect wholly-owned subsidiary of Manor Care, Inc., or an event of default, as defined in the agreement. The payable is guaranteed by Manor Care, Inc. Payments or other credits are applied against any outstanding balance on a first-in, first-out basis. Generally, the payable accrues interest if it remains outstanding for more than three months. There was no interest expense recorded during the nine months ended September 30, 2010 or the years ended December 31, 2009 and 2008.

6

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

1. Accounting Policies (Continued)

Use of Estimates

        The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Actual results could differ from those estimates.

Restricted Cash and Cash Equivalents

        The Company's restricted cash and cash equivalents represent amounts escrowed under the Company's loan agreements for insurance and taxes

Derivative Financial Instruments and Hedging Activities

        The accounting standard for derivatives and hedging activities establishes accounting and reporting standards for derivative instruments, including certain derivative instruments embedded in other contracts, and for hedging activities. The Company records all derivatives on the balance sheet at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative and the resulting designation. Derivatives used to hedge the exposure to changes in the fair value of an asset, liability, or firm commitment attributable to a particular risk, such as interest rate risk, are considered fair value hedges. Derivatives used to hedge the exposure to variability in expected future cash flows, or other types of forecasted transactions, are considered cash flow hedges.

        For derivatives designated as fair value hedges, changes in the fair value of the derivative and the hedged item related to the hedged risk are recognized in earnings. For derivatives designated as cash flow hedges, the effective portion of changes in the fair value of the derivative is initially reported in other comprehensive income (outside of earnings) and subsequently reclassified to earnings when the hedged transaction affects earnings, and the ineffective portion of changes in the fair value of the derivative is recognized directly in earnings. The Company assesses the effectiveness of each hedging relationship by comparing the changes in fair value or cash flows of the derivative hedging instrument with the changes in fair value or cash flows of the designated hedged item or transaction. For derivatives not designated as hedges, changes in fair value are recognized in earnings. The Company records all derivative activity in cash flows from operations.

        On January 1, 2009, the Company adopted a new accounting standard that amends and expands the disclosure requirements for derivative instruments and hedging activities. The new standard requires qualitative disclosures about objectives and strategies for using derivatives, quantitative disclosures about the fair value of and gains and losses on derivative instruments, and disclosures about credit-risk-related contingent features in derivative instruments. See Note 4 for the expanded disclosures.

Assets and Liabilities Measured at Fair Value

        In 2008, the Company adopted a new accounting standard for its financial instruments measured at fair value on a recurring basis. See Note 5 for the disclosures. On January 1, 2009, the Company adopted a new accounting standard for its non-financial assets and liabilities that are not recognized at fair value on a recurring basis. The new standard defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements. The adoption of the standard for its non-financial assets did not affect the Company's consolidated financial statements.

7

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

1. Accounting Policies (Continued)

        In the first quarter of 2010, the Company adopted a new accounting standard that amends and expands the disclosures about fair value measurements. The additional disclosures include the amount of transfers between Levels 1 and 2 of the fair value hierarchy, the reasons for transfers in and out of Level 3 and activity for recurring Level 3 measures. The amendments clarify certain existing disclosure requirements related to the level at which fair value disclosures should be disaggregated and the requirement to provide disclosures about the valuation techniques and inputs used in determining the fair value of assets or liabilities classified as Levels 2 or 3. The Company previously provided disclosures about the valuation techniques and inputs. See Note 5 for these disclosures.

Concentrations of Credit Risk

        Financial instruments that potentially subject the Company to significant concentrations of credit risk consist of restricted cash and cash equivalents, and derivatives, which the Company maintains with various financial institutions. The Company's loan agreements limit the types of investments that the Company can make. The majority of the Company's cash equivalents are invested in money market funds. As part of its cash and risk management process, the Company performs periodic evaluations of the relative credit standing of the financial institutions. The Company has not sustained credit losses from instruments held at financial institutions. The Company utilizes interest rate caps to add stability to interest expense. Such contracts involve the risk of non-performance by the counterparties with respect to the interest rate caps, which could result in a material loss if interest rates were to increase.

Income Taxes

        In accordance with accounting standards for income taxes, the Company's financial statements recognize the current and deferred income tax consequences that result from the Company's activities as if the Company were a separate taxpayer, rather than a member of the ultimate parent company's consolidated income tax return group. The Company's related party lease activity is eliminated in consolidation and not reflected in the parent company's consolidated tax return. As a result, the Company's current income taxes receivable or payable will remain on the Company's balance sheets.

Subsequent Events

        On April 1, 2009, the Company adopted the new accounting standard that establishes the accounting for and disclosure of events that occur after the balance sheet date but before financial statements are issued or available to be issued. The Company has evaluated subsequent events through November 30, 2010, the date the financial statements were available to be issued.

2. Net Investment in Direct Financing Lease and Subscription Receivable

        In December 2007, the Company entered into a master lease agreement to lease its property and equipment for skilled nursing and assisted living facilities to HCR III Healthcare, LLC. The original term of the agreement is 12 years with one 10-year renewal. Because HCR III Healthcare, LLC has an economic compulsion to renew the lease, all lease payments are included in the minimum lease payment calculations. At the inception of the lease, the present value of the minimum lease payments exceeded the fair value of the property and equipment. The excess value is classified as a subscription receivable and included in member's deficit. Unearned income is recognized as interest income using the interest method over the term of the lease. There is no allowance for uncollectible minimum lease

8

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

2. Net Investment in Direct Financing Lease and Subscription Receivable (Continued)

payments receivable. In 2009, the Company sold one skilled nursing facility in Ohio for $4.7 million, resulting in a net gain of $1.2 million due to the related adjustment of the direct financing lease and subscription receivable.

        At September 30, 2010, future minimum lease payments receivable for the direct financing lease and future subscription payments receivable are as follows:

        The components of net investment in direct financing lease consisted of:

        The components of subscription receivable consisted of:

9

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

3. Debt

        Debt consisted of the following:

        Commercial Mortgage-Backed Securities (CMBS) and Mezzanine Loans.    In December 2007, subsidiaries of the Company entered into loan agreements with aggregate proceeds of $4.6 billion, consisting of CMBS totaling $3.0 billion and Mezzanine loans totaling $1.6 billion. The CMBS and Mezzanine debt are non-recourse and expire on January 9, 2012, subject to a one-year extension at the borrower's option if certain criteria are met. CMBS debt is secured by mortgages on the assets of certain of the subsidiaries of the Company, with a net book value of $2.8 billion at September 30, 2010. Interest on the CMBS and Mezzanine loans is payable monthly at LIBOR plus a spread, as defined in the loan agreements. Principal and any unpaid interest are payable at maturity. At September 30, 2010 and December 31, 2009, the weighted-average interest rate on the CMBS and Mezzanine loans was 2.8 percent and 2.7 percent, respectively. See Note 4 for discussion on interest rate caps entered into with respect to the CMBS and Mezzanine debt. During 2009, the Company paid a total of $3.6 million on its CMBS and Mezzanine loans due to the sale of a facility and excess land. During 2008, the Company paid $0.5 million due to the sale of excess land at a facility with an immaterial prepayment premium.

        The CMBS and Mezzanine debt are not obligations of HCR Healthcare, LLC or HCR III Healthcare, LLC. HCR Properties, LLC and its subsidiaries' assets and credit are not available to satisfy the debts and other obligations of any of their affiliates or any other person. HCR III Healthcare, LLC and its subsidiaries' assets and credit are not available to satisfy the debts and other obligations of any of their affiliates or any other person.

        Fair Value.    At September 30, 2010 and December 31, 2009, the carrying value of the Company's debt was $4.6 billion and the fair value was $4.3 billion and $3.9 billion, respectively. At September 30, 2010 and December 31, 2009, the fair value of the Company's variable-rate debt was calculated using cash flows based upon the variable interest rate in effect at period end discounted at a current replacement spread over LIBOR based on current market conditions.

        Other Information.    Interest paid, primarily related to debt, amounted to $97.1 million for the nine months ended September 30, 2010, $135.8 million for the year ended December 31, 2009, and $229.1 million for the year ended December 31, 2008.

        The Company has assumed that it will extend the CMBS and Mezzanine debt for one year, which is permitted under the loan agreements if certain criteria are met, until 2013. Therefore, the only debt maturity for the five years subsequent to September 30, 2010 is $4.6 billion in 2013.

10

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

4. Derivative Financial Instruments and Hedging Activities

        Risk Management Objective of Using Derivatives.    The Company is exposed to certain risk arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its debt funding and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. The Company's derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company's known or expected cash receipts and its known or expected cash payments principally related to the Company's borrowings. As of September 30, 2010 and December 31, 2009, no derivatives were designated as fair value hedges or hedges of net investments in foreign operations. Additionally, the Company does not use derivatives for trading or speculative purposes.

        Cash Flow Hedges of Interest Rate Risk.    The Company's objectives in using interest rate derivatives are to add stability to interest expense and to manage its exposure to interest rate movements. To accomplish this objective, the Company uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps designated as cash flow hedges involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract in exchange for an up-front premium.

        During December 2007, the Company entered into 24 interest rate caps, which expire in January 2012, to hedge the variable cash flows associated with the CMBS and Mezzanine variable-rate debt of $4.6 billion for an up-front premium of $36.9 million. These transactions were executed in conjunction with interest rate floor transactions executed by HCR Healthcare, LLC. During the first quarter of 2009, the Company modified certain interest rate caps to reduce the strike rate on $2.5 billion of the total outstanding notional amount for an up-front premium of $14.2 million. As a result of these modifications, the Company discontinued prospectively the hedge accounting on 16 of its interest rate caps for $3.57 billion of the notional amount, as this portion no longer met the strict hedge accounting requirements. As of September 30, 2010, the Company had eight interest rate caps designated as cash flow hedges of interest rate risk for a notional amount of $1.03 billion.

        The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in other comprehensive income (OCI) and is subsequently reclassified from accumulated other comprehensive income (AOCI) into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. The payment of $3.6 million of CMBS and Mezzanine variable rate debt in 2009 created a minor ineffective portion and the change in fair value that is recorded directly to earnings is disclosed in the table below.

        Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on the Company's variable-rate debt. The Company continues to report the net gain or loss at the time of the modification related to the discontinued cash flow hedges in AOCI. The net gain or loss is expected to be reclassified into earnings during the original contractual terms of the derivative agreements as the hedged interest payments are expected to occur as forecasted. During the twelve months ending September 30, 2011, the Company estimates that an additional $16.2 million will be reclassified as an increase to interest expense.

11

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

4. Derivative Financial Instruments and Hedging Activities (Continued)

        Non-Designated Hedges.    Derivatives not designated as hedges are not speculative and are used to manage the Company's exposure to interest rate movements and other identified risks but do not meet the strict hedge accounting requirements. The Company uses interest rate caps as part of its interest rate risk management strategy. Interest rate caps involve the receipt of variable-rate amounts from a counterparty if interest rates rise above the strike rate on the contract. Changes in the fair value are recorded directly in earnings. As of September 30, 2010, the Company had 16 interest rate caps for a notional amount of $3.57 billion that were not designated as hedges in qualifying hedging relationships.

        Balance Sheet Classification.    The fair value of the Company's derivative financial instruments and their classification on the consolidated balance sheets was as follows:

        Income Statement Effect.    The effect of the Company's derivative financial instruments on the consolidated statements of income was as follows:

Derivatives Designated as Cash Flow Hedges

Interest Rate Caps:

12

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

4. Derivative Financial Instruments and Hedging Activities (Continued)

Derivatives Not Designated as Hedging Instruments

        Other Comprehensive Income (Loss).    The derivative activity included in other comprehensive income (loss) was as follows:

5. Fair Value Measurements

        The Company measures certain financial assets and liabilities at fair value on a recurring basis. Fair value is a market-based measurement, not an entity-specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. The Company's assessment of the significance of a particular input to the fair value measurement in its entirety requires judgment, and considers factors specific to the asset or liability. The following three-tier hierarchy prioritizes the inputs used in measuring fair value:

13

---

HCR Properties, LLC

Notes to Consolidated Financial Statements (Continued)

5. Fair Value Measurements (Continued)