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SEGMENT INFORMATION | 9 Months Ended
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Sep. 30, 2016
Segment Reporting [Abstract] |
SEGMENT INFORMATION | NOTE 16—SEGMENT INFORMATION As of September 30, 2016, we operated through three reportable business segments: triple-net leased properties, senior living operations and office operations. Under our triple-net leased properties segment, we invest in and own seniors housing and healthcare properties throughout the United States and the United Kingdom 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. In 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. In our office operations segment, we primarily acquire, own, develop, lease and manage MOBs and life science and innovation centers throughout the United States. Information provided for “all other” includes income from loans and investments and other miscellaneous income and various corporate-level expenses not directly attributable to any of 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 office building services costs. We consider segment profit useful 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 between periods on a consistent basis. 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 September 30, 2016
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 210,424 |  |  | $ | — |  |  | $ | 158,273 |  |  | $ | — |  |  | $ | 368,697 |
Resident fees and services | — |  |  | 461,974 |  |  | — |  |  | — |  |  | 461,974 |
Office building and other services revenue | 1,246 |  |  | — |  |  | 2,211 |  |  | 860 |  |  | 4,317 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 31,566 |  |  | 31,566 |
Interest and other income | — |  |  | — |  |  | — |  |  | 562 |  |  | 562 |
Total revenues | $ | 211,670 |  |  | $ | 461,974 |  |  | $ | 160,484 |  |  | $ | 32,988 |  |  | $ | 867,116 |
Total revenues | $ | 211,670 |  |  | $ | 461,974 |  |  | $ | 160,484 |  |  | $ | 32,988 |  |  | $ | 867,116 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 562 |  |  | 562 |
Property-level operating expenses | — |  |  | 312,145 |  |  | 48,972 |  |  | — |  |  | 361,117 |
Office building services costs | — |  |  | — |  |  | 974 |  |  | — |  |  | 974 |
Segment NOI | 211,670 |  |  | 149,829 |  |  | 110,538 |  |  | 32,426 |  |  | 504,463 |
Income from unconsolidated entities | 584 |  |  | 75 |  |  | 238 |  |  | 34 |  |  | 931 |
Segment profit | $ | 212,254 |  |  | $ | 149,904 |  |  | $ | 110,776 |  |  | $ | 32,460 |  |  | 505,394 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 562 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (105,063 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (208,387 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (31,567 | )
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (383 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (16,217 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (2,430 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 8,537 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  | $ | 150,446 |
| For the Three Months Ended September 30, 2015
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 201,028 |  |  | $ | — |  |  | $ | 142,755 |  |  | $ | — |  |  | $ | 343,783 |
Resident fees and services | — |  |  | 454,825 |  |  | — |  |  | — |  |  | 454,825 |
Office building and other services revenue | 1,011 |  |  | — |  |  | 8,459 |  |  | 530 |  |  | 10,000 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 18,924 |  |  | 18,924 |
Interest and other income | — |  |  | — |  |  | — |  |  | 74 |  |  | 74 |
Total revenues | $ | 202,039 |  |  | $ | 454,825 |  |  | $ | 151,214 |  |  | $ | 19,528 |  |  | $ | 827,606 |
Total revenues | $ | 202,039 |  |  | $ | 454,825 |  |  | $ | 151,214 |  |  | $ | 19,528 |  |  | $ | 827,606 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 74 |  |  | 74 |
Property-level operating expenses | — |  |  | 304,540 |  |  | 43,305 |  |  | — |  |  | 347,845 |
Office building services costs | — |  |  | — |  |  | 6,416 |  |  | — |  |  | 6,416 |
Segment NOI | 202,039 |  |  | 150,285 |  |  | 101,493 |  |  | 19,454 |  |  | 473,271 |
(Loss) income from unconsolidated entities | (1,431 | ) |  | 433 |  |  | 108 |  |  | (65 | ) |  | (955 | )
Segment profit | $ | 200,608 |  |  | $ | 150,718 |  |  | $ | 101,601 |  |  | $ | 19,389 |  |  | 472,316 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 74 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (97,135 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (226,332 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (32,114 | )
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (15,331 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (62,145 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (4,795 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 10,697 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  | $ | 45,235 |
| For the Nine Months Ended September 30, 2016
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 635,030 |  |  | $ | — |  |  | $ | 446,496 |  |  | $ | — |  |  | $ | 1,081,526 |
Resident fees and services | — |  |  | 1,390,387 |  |  | — |  |  | — |  |  | 1,390,387 |
Office building and other services revenue | 3,676 |  |  | — |  |  | 10,556 |  |  | 2,774 |  |  | 17,006 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 78,098 |  |  | 78,098 |
Interest and other income | — |  |  | — |  |  | — |  |  | 792 |  |  | 792 |
Total revenues | $ | 638,706 |  |  | $ | 1,390,387 |  |  | $ | 457,052 |  |  | $ | 81,664 |  |  | $ | 2,567,809 |
Total revenues | $ | 638,706 |  |  | $ | 1,390,387 |  |  | $ | 457,052 |  |  | $ | 81,664 |  |  | $ | 2,567,809 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 792 |  |  | 792 |
Property-level operating expenses | — |  |  | 932,675 |  |  | 136,619 |  |  | — |  |  | 1,069,294 |
Office building services costs | — |  |  | — |  |  | 6,277 |  |  | — |  |  | 6,277 |
Segment NOI | 638,706 |  |  | 457,712 |  |  | 314,156 |  |  | 80,872 |  |  | 1,491,446 |
Income from unconsolidated entities | 738 |  |  | 732 |  |  | 301 |  |  | 380 |  |  | 2,151 |
Segment profit | $ | 639,444 |  |  | $ | 458,444 |  |  | $ | 314,457 |  |  | $ | 81,252 |  |  | 1,493,597 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 792 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (312,001 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (666,735 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (95,387 | )
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (3,165 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (25,073 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (8,901 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 28,507 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  | $ | 411,634 |
| For the Nine Months Ended September 30, 2015
| Triple-Net Leased Properties |  | Senior Living Operations |  | Office Operations |  | All Other |  | Total
| (In thousands)
Revenues: |  |  |  |  |  |  |  |  |
Rental income | $ | 571,591 |  |  | $ | — |  |  | $ | 420,287 |  |  | $ | — |  |  | $ | 991,878 |
Resident fees and services | — |  |  | 1,356,384 |  |  | — |  |  | — |  |  | 1,356,384 |
Office building and other services revenue | 3,286 |  |  | — |  |  | 25,066 |  |  | 1,599 |  |  | 29,951 |
Income from loans and investments | — |  |  | — |  |  | — |  |  | 66,192 |  |  | 66,192 |
Interest and other income | — |  |  | — |  |  | — |  |  | 719 |  |  | 719 |
Total revenues | $ | 574,877 |  |  | $ | 1,356,384 |  |  | $ | 445,353 |  |  | $ | 68,510 |  |  | $ | 2,445,124 |
Total revenues | $ | 574,877 |  |  | $ | 1,356,384 |  |  | $ | 445,353 |  |  | $ | 68,510 |  |  | $ | 2,445,124 |
Less: |  |  |  |  |  |  |  |  |
Interest and other income | — |  |  | — |  |  | — |  |  | 719 |  |  | 719 |
Property-level operating expenses | — |  |  | 902,154 |  |  | 129,152 |  |  | — |  |  | 1,031,306 |
Office building services costs | — |  |  | — |  |  | 19,098 |  |  | — |  |  | 19,098 |
Segment NOI | 574,877 |  |  | 454,230 |  |  | 297,103 |  |  | 67,791 |  |  | 1,394,001 |
(Loss) income from unconsolidated entities | (785 | ) |  | (221 | ) |  | 226 |  |  | (417 | ) |  | (1,197 | )
Segment profit | $ | 574,092 |  |  | $ | 454,009 |  |  | $ | 297,329 |  |  | $ | 67,374 |  |  | 1,392,804 |
Interest and other income |  |  |  |  |  |  |  |  |  |  |  |  | 719 |
Interest expense |  |  |  |  |  |  |  |  |  |  |  |  | (263,422 | )
Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  |  | (657,262 | )
General, administrative and professional fees |  |  |  |  |  |  |  |  |  |  |  |  | (100,399 | )
Loss on extinguishment of debt, net |  |  |  |  |  |  |  |  | (14,897 | )
Merger-related expenses and deal costs |  |  |  |  |  |  |  |  |  |  |  |  | (105,023 | )
Other |  |  |  |  |  |  |  |  |  |  |  |  | (13,948 | )
Income tax benefit |  |  |  |  |  |  |  |  |  |  |  |  | 27,736 |
Income from continuing operations |  |  |  |  |  |  |  |  |  |  |  |  | $ | 266,308 |
Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows:
| For the Three Months Ended September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands)
Capital expenditures: |  |  |  |  |  |  |
Triple-net leased properties | $ | 12,992 |  |  | $ | 1,318,868 |  |  | $ | 69,642 |  |  | $ | 1,878,857 |
Senior living operations | 26,495 |  |  | 34,104 |  |  | 70,297 |  |  | 345,910 |
Office operations | 1,400,742 |  |  | 10,317 |  |  | 1,451,347 |  |  | 498,491 |
Total capital expenditures | $ | 1,440,229 |  |  | $ | 1,363,289 |  |  | $ | 1,591,286 |  |  | $ | 2,723,258 |
Our portfolio of properties and mortgage loan and other investments are located in the United States, Canada and the United Kingdom. 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 September 30, |  | For the Nine Months Ended September 30,
| 2016 |  | 2015 |  | 2016 |  | 2015
| (In thousands)
Revenues: |  |  |  |  |  |  |
United States | $ | 815,719 |  |  | $ | 777,320 |  |  | $ | 2,417,314 |  |  | $ | 2,294,780 |
Canada | 45,021 |  |  | 42,756 |  |  | 130,195 |  |  | 131,542 |
United Kingdom | 6,376 |  |  | 7,530 |  |  | 20,300 |  |  | 18,802 |
Total revenues | $ | 867,116 |  |  | $ | 827,606 |  |  | $ | 2,567,809 |  |  | $ | 2,445,124 |
| As of September 30, 2016 |  | As of December 31, 2015
| (In thousands)
Net real estate property: |  |  |
United States | $ | 19,266,865 |  |  | $ | 18,271,829 |
Canada | 1,066,924 |  |  | 1,039,561 |
United Kingdom | 267,613 |  |  | 313,830 |
Total net real estate property | $ | 20,601,402 |  |  | $ | 19,625,220 |

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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 Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e8981-108599 Reference 2: 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=68060357&loc=d3e9038-108599 Reference 3: 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=68060357&loc=d3e8971-108599 Reference 4: 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=68060357&loc=d3e8595-108599 Reference 5: 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=68060357&loc=d3e8380-108599 Reference 6: 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=68060357&loc=d3e8933-108599 Reference 7: 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=68060357&loc=d3e8844-108599 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=68060357&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 40 -URI http://asc.fasb.org/extlink&oid=68060357&loc=d3e9031-108599 Reference 10: 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=68060357&loc=d3e9054-108599 Reference 11: 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=68060357&loc=d3e8538-108599 Reference 12: 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=68060357&loc=d3e8864-108599 Reference 13: 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=68060357&loc=d3e8924-108599 Reference 14: 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=68060357&loc=d3e8906-108599 + Details
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