v3.2.0.727

SEGMENT INFORMATION (Tables) | 6 Months Ended
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Jun. 30, 2015
Segment Reporting [Abstract] |
Summary Information by Reportable Business Segment | Summary information by reportable business segment is as follows: For the three months ended June 30, 2015:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 260,562 |  |  | $ | — |  |  | $ | 140,403 |  |  | $ | — |  |  | $ | 400,965 |
Resident fees and services | — |  |  | 454,645 |  |  | — |  |  | — |  |  | 454,645 |
Medical office building and other services revenue | 1,139 |  |  | — |  |  | 7,749 |  |  | 520 |  |  | 9,408 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 26,068 |  |  | 26,068 |
Interest and other income | — |  |  | — |  |  | — |  |  | 236 |  |  | 236 |
Total revenues | $ | 261,701 |  |  | $ | 454,645 |  |  | $ | 148,152 |  |  | $ | 26,824 |  |  | $ | 891,322 |
Total revenues | $ | 261,701 |  |  | $ | 454,645 |  |  | $ | 148,152 |  |  | $ | 26,824 |  |  | $ | 891,322 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 236 |  |  | 236 |
Property-level operating expenses | — |  |  | 299,252 |  |  | 43,321 |  |  | — |  |  | 342,573 |
Medical office building services costs | — |  |  | — |  |  | 5,764 |  |  | — |  |  | 5,764 |
Segment NOI | 261,701 |  |  | 155,393 |  |  | 99,067 |  |  | 26,588 |  |  | 542,749 |
Income (loss) from unconsolidated entities | 221 |  |  | (240 | ) |  | 143 |  |  | (115 | ) |  | 9 |
Segment profit | $ | 261,922 |  |  | $ | 155,153 |  |  | $ | 99,210 |  |  | $ | 26,473 |  |  | 542,758 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 236 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (107,591 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (249,195 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (33,962 | )
Gain on extinguishment of debt, net |  |  |  |  |  |  |  |  | 455 |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (14,585 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (5,091 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 9,789 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | 67 |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 7,469 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 150,350 |
For the three months ended June 30, 2014:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 242,726 |  |  | $ | — |  |  | $ | 114,890 |  |  | $ | — |  |  | $ | 357,616 |
Resident fees and services | — |  |  | 374,473 |  |  | — |  |  | — |  |  | 374,473 |
Medical office building and other services revenue | 1,145 |  |  | — |  |  | 2,722 |  |  | 500 |  |  | 4,367 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 14,625 |  |  | 14,625 |
Interest and other income | — |  |  | — |  |  | — |  |  | 173 |  |  | 173 |
Total revenues | $ | 243,871 |  |  | $ | 374,473 |  |  | $ | 117,612 |  |  | $ | 15,298 |  |  | $ | 751,254 |
Total revenues | $ | 243,871 |  |  | $ | 374,473 |  |  | $ | 117,612 |  |  | $ | 15,298 |  |  | $ | 751,254 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 173 |  |  | 173 |
Property-level operating expenses | — |  |  | 249,424 |  |  | 39,335 |  |  | — |  |  | 288,759 |
Medical office building services costs | — |  |  | — |  |  | 1,626 |  |  | — |  |  | 1,626 |
Segment NOI | 243,871 |  |  | 125,049 |  |  | 76,651 |  |  | 15,125 |  |  | 460,696 |
Income (loss) from unconsolidated entities | 17 |  |  | 160 |  |  | 307 |  |  | (136 | ) |  | 348 |
Segment profit | $ | 243,888 |  |  | $ | 125,209 |  |  | $ | 76,958 |  |  | $ | 14,989 |  |  | 461,044 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 173 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (91,501 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (190,818 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (31,306 | )
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (2,924 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (9,599 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (4,863 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | (3,274 | )
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | (255 | )
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 11,889 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 138,566 |
For the six months ended June 30, 2015:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 526,768 |  |  | $ | — |  |  | $ | 277,393 |  |  | $ | — |  |  | $ | 804,161 |
Resident fees and services | — |  |  | 901,559 |  |  | — |  |  | — |  |  | 901,559 |
Medical office building and other services revenue | 2,275 |  |  | — |  |  | 16,607 |  |  | 1,069 |  |  | 19,951 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 48,967 |  |  | 48,967 |
Interest and other income | — |  |  | — |  |  | — |  |  | 708 |  |  | 708 |
Total revenues | $ | 529,043 |  |  | $ | 901,559 |  |  | $ | 294,000 |  |  | $ | 50,744 |  |  | $ | 1,775,346 |
Total revenues | $ | 529,043 |  |  | $ | 901,559 |  |  | $ | 294,000 |  |  | $ | 50,744 |  |  | $ | 1,775,346 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 708 |  |  | 708 |
Property-level operating expenses | — |  |  | 597,614 |  |  | 85,670 |  |  | — |  |  | 683,284 |
Medical office building services costs | — |  |  | — |  |  | 12,682 |  |  | — |  |  | 12,682 |
Segment NOI | 529,043 |  |  | 303,945 |  |  | 195,648 |  |  | 50,036 |  |  | 1,078,672 |
Income (loss) from unconsolidated entities | 645 |  |  | (662 | ) |  | 119 |  |  | (344 | ) |  | (242 | )
Segment profit | $ | 529,688 |  |  | $ | 303,283 |  |  | $ | 195,767 |  |  | $ | 49,692 |  |  | 1,078,430 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 708 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (214,181 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (496,636 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (68,292 | )
Gain on extinguishment of debt, net |  |  |  |  |  |  |  |  | 434 |
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (49,757 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (10,387 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 17,039 |
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | (356 | )
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 14,155 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 271,157 |
For the six months ended June 30, 2014:
| Triple-Net Leased Properties |  | Senior Living Operations |  | MOB Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 480,572 |  |  | $ | — |  |  | $ | 230,113 |  |  | $ | — |  |  | $ | 710,685 |
Resident fees and services | — |  |  | 745,534 |  |  | — |  |  | — |  |  | 745,534 |
Medical office building and other services revenue | 2,293 |  |  | — |  |  | 7,374 |  |  | 1,000 |  |  | 10,667 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 25,392 |  |  | 25,392 |
Interest and other income | — |  |  | — |  |  | — |  |  | 446 |  |  | 446 |
Total revenues | $ | 482,865 |  |  | $ | 745,534 |  |  | $ | 237,487 |  |  | $ | 26,838 |  |  | $ | 1,492,724 |
Total revenues | $ | 482,865 |  |  | $ | 745,534 |  |  | $ | 237,487 |  |  | $ | 26,838 |  |  | $ | 1,492,724 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 446 |  |  | 446 |
Property-level operating expenses | — |  |  | 497,719 |  |  | 78,680 |  |  | — |  |  | 576,399 |
Medical office building services costs | — |  |  | — |  |  | 4,997 |  |  | — |  |  | 4,997 |
Segment NOI | 482,865 |  |  | 247,815 |  |  | 153,810 |  |  | 26,392 |  |  | 910,882 |
Income (loss) from unconsolidated entities | 586 |  |  | 16 |  |  | 260 |  |  | (266 | ) |  | 596 |
Segment profit | $ | 483,451 |  |  | $ | 247,831 |  |  | $ | 154,070 |  |  | $ | 26,126 |  |  | 911,478 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 446 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (179,342 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (384,412 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (64,172 | )
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (2,665 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (20,359 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (10,092 | )
Income tax expense |  |  |  |  |  |  |  |  |  |  |  |  | (6,707 | )
Discontinued operations |  |  |  |  |  |  |  |  |  |  |  |  | 2,776 |
Gain on real estate dispositions |  |  |  |  |  |  |  |  | 12,889 |
Net income |  |  |  |  |  |  |  |  |  |  |  |  | $ | 259,840 |
Assets by reportable business segment are as follows:
| As of June 30, 2015 |  | As of December 31, 2014
| (Dollars in thousands)
Assets: |  |  |  |  |  |  |
Triple-net leased properties | $ | 9,638,035 |  |  | 39.7 | % |  | $ | 9,176,159 |  |  | 43.2 | %
Senior living operations | 8,267,934 |  |  | 34.0 |  |  | 7,421,924 |  |  | 35.0 |
MOB operations | 5,233,638 |  |  | 21.6 |  |  | 3,526,217 |  |  | 16.6 |
All other assets | 1,135,555 |  |  | 4.7 |  |  | 1,101,871 |  |  | 5.2 |
Total assets | $ | 24,275,162 |  |  | 100.0 | % |  | $ | 21,226,171 |  |  | 100.0 | %
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,
| 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Capital expenditures: |  |  |  |  |  |  |
Triple-net leased properties | $ | 102,971 |  |  | $ | 57,380 |  |  | $ | 559,989 |  |  | $ | 249,432 |
Senior living operations | 29,374 |  |  | 62,317 |  |  | 311,806 |  |  | 79,180 |
MOB operations | 100,447 |  |  | 9,830 |  |  | 488,174 |  |  | 22,863 |
Total capital expenditures | $ | 232,792 |  |  | $ | 129,527 |  |  | $ | 1,359,969 |  |  | $ | 351,475 |
Revenues from External Customers and Net Real Estate Property by Geographic Area | Geographic information regarding our operations is as follows:
| For the Three Months Ended June 30, |  | For the Six Months Ended June 30, 2015
| 2015 |  | 2014 |  | 2015 |  | 2014
| (In thousands)
Revenues: |  |  |  |  |  |  |
United States | $ | 840,830 |  |  | $ | 724,725 |  |  | $ | 1,675,287 |  |  | $ | 1,444,833 |
Canada | 44,736 |  |  | 21,821 |  |  | 88,786 |  |  | 43,038 |
United Kingdom | 5,756 |  |  | 4,708 |  |  | 11,273 |  |  | 4,853 |
Total revenues | $ | 891,322 |  |  | $ | 751,254 |  |  | $ | 1,775,346 |  |  | $ | 1,492,724 |
| As of June 30, 2015 |  | As of December 31, 2014
| (In thousands)
Net real estate property: |  |  |
United States | $ | 19,858,871 |  |  | $ | 17,547,255 |
Canada | 1,163,102 |  |  | 1,269,710 |
United Kingdom | 343,123 |  |  | 168,594 |
Total net real estate property | $ | 21,365,096 |  |  | $ | 18,985,559 |

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- Definition Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss. + References Reference 1: 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 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 25 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8813-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 21 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8721-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=35741047&loc=d3e13816-109267 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 22 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8736-108599 + Details
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