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Commitments and Contingencies (Tables)
 3 Months Ended
Mar. 31, 2014
Concentration of Credit Risk  
Summary of HCR ManorCare's condensed consolidated financial information

HCR ManorCare’s summarized condensed consolidated financial information follows (in millions):

 

 

 

March 31,

 

December 31,

 

 

 

2014

 

2013

 

Real estate and other property, net

 

$

2,984.1

 

$

2,996.8

 

Cash and cash equivalents

 

169.7

 

141.8

 

Goodwill, intangible and other assets, net

 

5,170.0

 

5,171.3

 

Total assets

 

$

8,323.8

 

$

8,309.9

 

 

 

 

 

 

 

Debt and financing obligations

 

$

6,227.6

 

$

6,258.5

 

Accounts payable, accrued liabilities and other

 

1,049.7

 

1,013.4

 

Total equity

 

1,046.5

 

1,038.0

 

Total liabilities and equity

 

$

8,323.8

 

$

8,309.9

 

 

 

 

Three Months Ended March 31,

 

 

 

2014

 

2013

 

 

 

 

 

 

 

Revenues

 

$

1,054.3

 

$

1,066.3

 

Operating, general and administrative expense

 

(904.6

)

(907.7

)

Depreciation and amortization expense

 

(35.6

)

(36.8

)

Interest expense

 

(102.7

)

(104.4

)

Other income, net

 

2.9

 

2.3

 

Income from continuing operations before income taxes

 

14.3

 

19.7

 

Income taxes

 

(5.9

)

(6.3

)

Income from continuing operations

 

8.4

 

13.4

 

Loss from discontinued operations, net of taxes

 

—

 

(1.7

)

Net income

 

$

8.4

 

$

11.7
Operators
  
Concentration of Credit Risk  
Schedule of concentration of credit risk by segments

 

 

 

 

Percentage of
Total Company Assets

 

Percentage of
Total Company Revenues

 

 

 

March 31,

 

December 31,

 

Three Months Ended March 31,

 

Operators

 

2014

 

2013

 

2014

 

2013

 

HCR ManorCare

 

32

%

32

%

28

%

28

%

Emeritus(1) 

 

15

 

14

 

12

 

13

 

Sunrise(2) 

 

7

 

7

 

4

 

5

 

Brookdale(1) (3) 

 

4

 

4

 

4

 

4

 

 

(1)          On February 20, 2014, Brookdale and Emeritus signed definitive agreements to merge; the merger is anticipated to close in the third quarter of 2014.   Contingent on the closing of this merger, on April 23, 2014, the Company agreed to amend all of its leases with Emeritus and enter into two RIDEA joint ventures with Brookdale (see Note 20 for additional information regarding these potential transactions).

(2)          Certain of the Company’s properties are leased to tenants who have entered into management contracts with Sunrise to operate the respective property on their behalf. The Company’s concentration of gross assets includes properties directly leased to Sunrise and properties that are managed by Sunrise on behalf of third party tenants.

(3)         Percentages do not include senior housing facilities that Brookdale operates on the Company’s behalf under a RIDEA structure.
Senior housing | Operators
  
Concentration of Credit Risk  
Schedule of concentration of credit risk by segments

 

 

 

 

Percentage of
Senior Housing Gross Assets

 

Percentage of
Senior Housing Revenues

 

 

 

March 31,

 

December 31,

 

Three Months Ended March 31,

 

Operators

 

2014

 

2013

 

2014

 

2013

 

HCR ManorCare

 

11

%

11

%

10

%

10

%

Emeritus (1) 

 

37

 

37

 

34

 

35

 

Sunrise Senior Living (“Sunrise”)(2) 

 

17

 

17

 

11

 

13

 

Brookdale Senior Living (“Brookdale”)(1) (3) 

 

11

 

11

 

12

 

12

 
Post-acute/skilled | Operators
  
Concentration of Credit Risk  
Schedule of concentration of credit risk by segments

 

 

 

 

Percentage of Post-Acute/
Skilled Nursing Gross Assets

 

Percentage of Post-Acute/
Skilled Nursing Revenues

 

 

 

March 31,

 

December 31,

 

Three Months Ended March 31,

 

Operators

 

2014

 

2013

 

2014

 

2013

 

HCR ManorCare

 

89

%

88

%

86

%

88

%