Question-and-Answer Session
Operator
(Operator Instructions) Your first question comes from the line of David Toti from Citi.
David Toti - Citi
Mike Bilerman is here with me as well. Couple of questions, first, can we start with some of the asset types within seniors housing, the assisted living, the independent living, can you just comment on some of this diverging performance if there is any among those different care levels within your portfolio?
Debra Cafaro
We can. I mean the conventional wisdom, David, is that the independent living assets, which is a smaller part of our senior living portfolio is a little bit softer than the more need driven, higher acuity assisted living business. That's sort of the growth over generalization. I would say that we are seeing good stability in our IL, but I guess probably faster occupancy increases in our AL as the market has started improving.
David Toti - Citi
Then in reference to Alzheimer's are you seeing changes in those care levels?
Ray Lewis
Our Alzheimer's have performed consistently well, David. That's the most need driven product in our portfolio and the least correlated to changes in the general economy. So we've seen pretty strong demand even in the downturn for that product.
David Toti - Citi
Then just going to leases, are you in negotiations with anybody relative to renewals, has anybody or has any of your tenants contacted you relative to renegotiating ahead of expiration? Any color on those discussion would be helpful.
Debra Cafaro
Well, there are no discussions, so there is no color. As Ray mentioned, we have about 1% of the triple-net rolling over before 2013. so there is good coverage everywhere so operators are generally doing well.
David Toti - Citi
Then relative to transactions, I know you've mentioned that you've been cautious, but you are obviously looking at some acquisition opportunities, recent transaction data for senior housing suggests that cap rates are somewhere in the 8 to 9.5 range. Does that seem accurate relative to what's coming across your desk?
Ray Lewis
I mean that's generally right, David. I mean it's going to vary by product type, but we are seeing things ranging between 7.5 and 10, depending upon the acuity of the asset, the quality of the age and the location.
Michael Bilerman - Citi
It's Michael Bilerman. Ray, you mentioned that your pipeline is filling up nicely, I think were the words if I wrote it down right. Can you just give a little bit more color in terms of how that pipeline has changed and size, and maybe total size and maybe largest deal or how should we think about it?
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