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Commitments and Contingencies (Tables) | 6 Months Ended
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Jun. 30, 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):
|  | June 30, |  | December 31, |
|  | 2014 |  | 2013 |
Real estate and other property, net |  | $ | 2,970.7 |  | $ | 2,993.2 |
Cash and cash equivalents |  | 150.7 |  | 141.8 |
Goodwill, intangible and other assets, net |  | 5,099.9 |  | 5,174.9 |
Total assets |  | $ | 8,221.3 |  | $ | 8,309.9 |
Debt and financing obligations |  | $ | 6,191.7 |  | $ | 6,258.5 |
Accounts payable, accrued liabilities and other |  | 996.4 |  | 1,013.4 |
Total equity |  | 1,033.2 |  | 1,038.0 |
Total liabilities and equity |  | $ | 8,221.3 |  | $ | 8,309.9 |
|  | Three Months Ended June 30, |  | Six Months Ended June 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Revenues |  | $ | 1,039.1 |  | $ | 1,024.3 |  | $ | 2,086.7 |  | $ | 2,083.8 |
Operating, general and administrative expense |  | (914.5 | ) | (864.4 | ) | (1,810.3 | ) | (1,764.0 | )
Depreciation and amortization expense |  | (35.3 | ) | (35.7 | ) | (70.9 | ) | (72.4 | )
Interest expense |  | (102.2 | ) | (103.9 | ) | (204.7 | ) | (208.1 | )
Other income (expense), net |  | 1.6 |  | (0.5 | ) | 4.5 |  | 1.7 |
(Loss) income from continuing operations before income tax benefit (expense) |  | (11.3 | ) | 19.8 |  | 5.3 |  | 41.0 |
Income tax benefit (expense) |  | 4.6 |  | (6.7 | ) | (2.2 | ) | (13.5 | )
(Loss) income from continuing operations |  | (6.7 | ) | 13.1 |  | 3.1 |  | 27.5 |
Loss from discontinued operations, net of taxes |  | (4.2 | ) | (3.0 | ) | (5.6 | ) | (5.7 | )
Net (loss) income |  | $ | (10.9 | ) | $ | 10.1 |  | $ | (2.5 | ) | $ | 21.8 |
Operators |
Concentration of Credit Risk |
Schedule of concentration of credit risk |
|  | Percentage of Total Company Assets |  | Percentage of Total Company Revenues |  | Percentage of Total Company Revenues |
|  | June 30, |  | December 31, |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Operators |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
HCR ManorCare |  | 32 | % | 32 | % | 28 | % | 29 | % | 28 | % | 28 | %
Brookdale(1) |  | 19 |  | 19 |  | 17 |  | 17 |  | 17 |  | 17 |
Sunrise(2) |  | 7 |  | 7 |  | 4 |  | 5 |  | 4 |  | 5 |
(1) On July 31, 2014, Brookdale completed its acquisition of Emeritus Corporation ("Emeritus"). These percentages of segment revenues, total revenues, segment assets and total assets for all periods presented are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the periods presented. Additionally, on April 23, 2014, the Company agreed to amend or terminate its Emeritus (pre-merger) leases and enter into two RIDEA joint ventures with Brookdale (see Note 20 for additional information regarding these potential transactions).Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) on behalf of the Company, under a RIDEA structure. (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.
Senior housing | Operators |
Concentration of Credit Risk |
Schedule of concentration of credit risk |
|  | Percentage of Senior Housing Gross Assets |  | Percentage of Senior Housing Revenues |  | Percentage of Senior Housing Revenues |
|  | June 30, |  | December 31, |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Operators |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
HCR ManorCare |  | 11 | % | 11 | % | 10 | % | 10 | % | 10 | % | 10 | %
Brookdale Senior Living (“Brookdale”)(1) |  | 46 |  | 48 |  | 46 |  | 46 |  | 46 |  | 46 |
Sunrise Senior Living (“Sunrise”)(2) |  | 17 |  | 17 |  | 11 |  | 13 |  | 11 |  | 13 |
Post-acute/skilled | Operators |
Concentration of Credit Risk |
Schedule of concentration of credit risk |
|  | Percentage of Post-Acute/ Skilled Nursing Gross Assets |  | Percentage of Post-Acute/ Skilled Nursing Revenues |  | Percentage of Post-Acute/ Skilled Nursing Revenues |
|  | June 30, |  | December 31, |  | Three Months Ended June 30, |  | Six Months Ended June 30, |
Operators |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
HCR ManorCare |  | 89 | % | 89 | % | 86 | % | 87 | % | 86 | % | 88 | %

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