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Commitments and Contingencies (Tables)
 6 Months Ended
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

%