if I understood correctly, he did correctly state that the 4 1/2% is depreciated over 50 years (what you may have missed is that he said that it is already included in the $35,000 figure used as an average bed cost).
You are also right that the tenant inducement fee ($4,000)is not on the books as part of the facility. I assume just added to bed cost as it is part of the "upfront" cost of a facility. It gets amortized against revenue over lease term, but still added back, like depreciation, in arriving at FFO.
CFO situation is confused. Darrell Massengale, the long-time CCA CFO who used to be in on the conference calls, is now at OPCO. Vida Carol, the PZN CFO was on the call (in the room), and is on the road show with Doc.