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SEGMENT INFORMATION | 6 Months Ended
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Jun. 30, 2013
Segment Reporting [Abstract] |
SEGMENT INFORMATION | SEGMENT INFORMATION As of June 30, 2013, we operated through three reportable business segments: triple-net leased properties, senior living operations and MOB operations. Under our triple-net leased properties segment, we acquire and own seniors housing and healthcare properties throughout the United States and lease those properties to healthcare operating companies under “triple-net” or “absolute-net” leases that obligate the tenants to pay all property-related expenses. Under our senior living operations segment, we invest in seniors housing communities throughout the United States and Canada and engage independent operators, such as Atria and Sunrise, to manage those communities. Under our MOB operations segment, we primarily acquire, own, develop, lease and manage MOBs. Information provided for “all other” includes income from loans and investments and other miscellaneous income and various corporate-level expenses not directly attributable to our three reportable business segments. Assets included in “all other” consist primarily of corporate assets, including cash, restricted cash, deferred financing costs, loans receivable and investments, and miscellaneous accounts receivable. We evaluate performance of the combined properties in each reportable business segment based on segment profit, which we define as NOI adjusted for income/loss from unconsolidated entities. We define NOI as total revenues, less interest and other income, property-level operating expenses and medical office building services costs. Although we believe that net income, as defined by GAAP, is the most appropriate earnings measurement, we consider segment profit a useful supplement to net income because it allows investors, analysts and our management to measure unlevered property-level operating results and to compare our operating results to the operating results of other real estate companies and between periods on a consistent basis. Segment profit should not be considered as an alternative to net income (determined in accordance with GAAP) as an indicator of our financial performance. In order to facilitate a clear understanding of our historical consolidated operating results, segment profit should be examined in conjunction with net income as presented in our Consolidated Financial Statements and other financial data included elsewhere in this Quarterly Report on Form 10-Q. Interest expense, depreciation and amortization, general, administrative and professional fees, income tax expense, discontinued operations and other non-property specific revenues and expenses are not allocated to individual reportable business segments for purposes of assessing segment performance. There are no intersegment sales or transfers. Summary information by reportable business segment is as follows: For the three months ended June 30, 2013:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 214,239 |  |  | $ | — |  |  | $ | 110,946 |  |  | $ | — |  |  | $ | 325,185 |
Resident fees and services | — |  |  | 341,594 |  |  | — |  |  | — |  |  | 341,594 |
Medical office building and other services revenue | 1,115 |  |  | — |  |  | 2,159 |  |  | 263 |  |  | 3,537 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 14,733 |  |  | 14,733 |
Interest and other income | — |  |  | — |  |  | — |  |  | 797 |  |  | 797 |
Total revenues | $ | 215,354 |  |  | $ | 341,594 |  |  | $ | 113,105 |  |  | $ | 15,793 |  |  | $ | 685,846 |
Total revenues | $ | 215,354 |  |  | $ | 341,594 |  |  | $ | 113,105 |  |  | $ | 15,793 |  |  | $ | 685,846 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 797 |  |  | 797 |
Property-level operating expenses | — |  |  | 231,337 |  |  | 38,401 |  |  | — |  |  | 269,738 |
Medical office building services costs | — |  |  | — |  |  | 1,667 |  |  | — |  |  | 1,667 |
Segment NOI | 215,354 |  |  | 110,257 |  |  | 73,037 |  |  | 14,996 |  |  | 413,644 |
Income (loss) from unconsolidated entities | 183 |  |  | (541 | ) |  | 43 |  |  | (191 | ) |  | (506 | )
Segment profit | $ | 215,537 |  |  | $ | 109,716 |  |  | $ | 73,080 |  |  | $ | 14,805 |  |  | 413,138 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 797 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (83,046 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (172,706 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (27,327 | )
Gain on extinguishment of debt |  |  |  |  |  |  |  |  | 720 |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (6,667 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (4,385 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 12,064 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | (18,055 | )
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 114,533 |
For the three months ended June 30, 2012:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 204,561 |  |  | $ | — |  |  | $ | 89,110 |  |  | $ | — |  |  | $ | 293,671 |
Resident fees and services | — |  |  | 303,437 |  |  | — |  |  | — |  |  | 303,437 |
Medical office building and other services revenue | 1,110 |  |  | — |  |  | 5,529 |  |  | — |  |  | 6,639 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 8,152 |  |  | 8,152 |
Interest and other income | — |  |  | — |  |  | — |  |  | 65 |  |  | 65 |
Total revenues | $ | 205,671 |  |  | $ | 303,437 |  |  | $ | 94,639 |  |  | $ | 8,217 |  |  | $ | 611,964 |
Total revenues | $ | 205,671 |  |  | $ | 303,437 |  |  | $ | 94,639 |  |  | $ | 8,217 |  |  | $ | 611,964 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 65 |  |  | 65 |
Property-level operating expenses | — |  |  | 207,031 |  |  | 29,621 |  |  | — |  |  | 236,652 |
Medical office building services costs | — |  |  | — |  |  | 3,839 |  |  | — |  |  | 3,839 |
Segment NOI | 205,671 |  |  | 96,406 |  |  | 61,179 |  |  | 8,152 |  |  | 371,408 |
Income from unconsolidated entities | 454 |  |  | — |  |  | 60 |  |  | — |  |  | 514 |
Segment profit | $ | 206,125 |  |  | $ | 96,406 |  |  | $ | 61,239 |  |  | $ | 8,152 |  |  | 371,922 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 65 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (72,767 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (187,367 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (26,423 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  | (9,989 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (36,668 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (1,510 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 5,179 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | 31,294 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 73,736 |
For the six months ended June 30, 2013:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 427,760 |  |  | $ | — |  |  | $ | 222,092 |  |  | $ | — |  |  | $ | 649,852 |
Resident fees and services | — |  |  | 680,764 |  |  | — |  |  | — |  |  | 680,764 |
Medical office building and other services revenue | 2,226 |  |  | — |  |  | 4,696 |  |  | 263 |  |  | 7,185 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 30,836 |  |  | 30,836 |
Interest and other income | — |  |  | — |  |  | — |  |  | 1,835 |  |  | 1,835 |
Total revenues | $ | 429,986 |  |  | $ | 680,764 |  |  | $ | 226,788 |  |  | $ | 32,934 |  |  | $ | 1,370,472 |
Total revenues | $ | 429,986 |  |  | $ | 680,764 |  |  | $ | 226,788 |  |  | $ | 32,934 |  |  | $ | 1,370,472 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 1,835 |  |  | 1,835 |
Property-level operating expenses | — |  |  | 462,245 |  |  | 74,942 |  |  | — |  |  | 537,187 |
Medical office building services costs | — |  |  | — |  |  | 3,306 |  |  | — |  |  | 3,306 |
Segment NOI | 429,986 |  |  | 218,519 |  |  | 148,540 |  |  | 31,099 |  |  | 828,144 |
Income (loss) from unconsolidated entities | 370 |  |  | (1,141 | ) |  | 1,385 |  |  | (191 | ) |  | 423 |
Segment profit | $ | 430,356 |  |  | $ | 217,378 |  |  | $ | 149,925 |  |  | $ | 30,908 |  |  | 828,567 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 1,835 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (162,452 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (351,495 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (56,101 | )
Gain on extinguishment of debt |  |  |  |  |  |  |  |  | 720 |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (10,929 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (8,972 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 10,320 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | (23,862 | )
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 227,631 |
For the six months ended June 30, 2012:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 407,798 |  |  | $ | — |  |  | $ | 153,075 |  |  | $ | — |  |  | $ | 560,873 |
Resident fees and services | — |  |  | 588,630 |  |  | — |  |  | — |  |  | 588,630 |
Medical office building and other services revenue | 2,219 |  |  | — |  |  | 10,028 |  |  | — |  |  | 12,247 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 16,188 |  |  | 16,188 |
Interest and other income | — |  |  | — |  |  | — |  |  | 112 |  |  | 112 |
Total revenues | $ | 410,017 |  |  | $ | 588,630 |  |  | $ | 163,103 |  |  | $ | 16,300 |  |  | $ | 1,178,050 |
Total revenues | $ | 410,017 |  |  | $ | 588,630 |  |  | $ | 163,103 |  |  | $ | 16,300 |  |  | $ | 1,178,050 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 112 |  |  | 112 |
Property-level operating expenses | — |  |  | 402,165 |  |  | 50,324 |  |  | — |  |  | 452,489 |
Medical office building services costs | — |  |  | — |  |  | 6,827 |  |  | — |  |  | 6,827 |
Segment NOI | 410,017 |  |  | 186,465 |  |  | 105,952 |  |  | 16,188 |  |  | 718,622 |
Income from unconsolidated entities | 720 |  |  | — |  |  | 111 |  |  | — |  |  | 831 |
Segment profit | $ | 410,737 |  |  | $ | 186,465 |  |  | $ | 106,063 |  |  | $ | 16,188 |  |  | 719,453 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 112 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (140,678 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (347,563 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (48,621 | )
Loss on extinguishment of debt |  |  |  |  |  |  |  |  |  |  |  |  | (39,533 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (44,649 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (3,086 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | (6,159 | )
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | 74,552 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 163,828 |
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
| (In thousands)
Capital expenditures: |  |  |  |  |  |  |
Triple-net leased | $ | 31,824 |  |  | $ | 9,017 |  |  | $ | 45,004 |  |  | $ | 13,880 |
Senior living | 224,921 |  |  | 331,665 |  |  | 245,089 |  |  | 348,831 |
MOB | 10,062 |  |  | 601,302 |  |  | 74,272 |  |  | 621,066 |
Total capital expenditures | $ | 266,807 |  |  | $ | 941,984 |  |  | $ | 364,365 |  |  | $ | 983,777 |
The properties and mortgage loan and other investments in our portfolio are located in the United States and Canada. Revenues are attributed to an individual country based on the location of each property. Geographic information regarding our operations is as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
| 2013 |  | 2012 |  | 2013 |  | 2012
| (In thousands)
Revenues: |  |  |  |  |  |  |
United States | $ | 662,394 |  |  | $ | 588,335 |  |  | $ | 1,323,640 |  |  | $ | 1,130,820 |
Canada | 23,452 |  |  | 23,629 |  |  | 46,832 |  |  | 47,230 |
Total revenues | $ | 685,846 |  |  | $ | 611,964 |  |  | $ | 1,370,472 |  |  | $ | 1,178,050 |
| As of June 30, 2013 |  | As of December 31, 2012
| (In thousands)
Net real estate property: |  |  |
United States | $ | 16,758,149 |  |  | $ | 16,711,508 |
Canada | 377,699 |  |  | 400,024 |
Total net real estate property | $ | 17,135,848 |  |  | $ | 17,111,532 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 + Details
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