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Segment Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2014
Segment Disclosures |
Information of revenue of reportable segment | For the three months ended September 30, 2014:
|  |  |  |  |  |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
|  | Rental |  | Resident Fees |  | Interest |  | Management |  | Total |  |  |  | Adjusted |
Segments |  | Revenues(1) |  | and Services |  | Income |  | Fee Income |  | Revenues |  | NOI(2) |  | (Cash) NOI(2) |
Senior housing |  | $ | 183,834 |  | $ | 62,213 |  | $ | 3,919 |  | $ | — |  | $ | 249,966 |  | $ | 203,030 |  | $ | 155,512 |
Post-acute/skilled |  |  | 139,205 |  |  | — |  |  | 13,598 |  |  | — |  |  | 152,803 |  |  | 138,671 |  |  | 121,978 |
Life science |  |  | 79,450 |  |  | — |  |  | — |  |  | 1 |  |  | 79,451 |  |  | 62,813 |  |  | 60,722 |
Medical office |  |  | 92,412 |  |  | — |  |  | — |  |  | 446 |  |  | 92,858 |  |  | 53,953 |  |  | 54,481 |
Hospital |  |  | 21,560 |  |  | — |  |  | — |  |  | — |  |  | 21,560 |  |  | 20,608 |  |  | 20,738 |
Total |  | $ | 516,461 |  | $ | 62,213 |  | $ | 17,517 |  | $ | 447 |  | $ | 596,638 |  | $ | 479,075 |  | $ | 413,431 |
For the three months ended September 30, 2013:
|  |  |  |  |  |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
|  | Rental |  | Resident Fees |  | Interest |  | Management |  | Total |  |  |  | Adjusted |
Segments |  | Revenues(1) |  | and Services |  | Income |  | Fee Income |  | Revenues |  | NOI(2) |  | (Cash) NOI(2) |
Senior housing |  | $ | 149,443 |  | $ | 36,370 |  | $ | 3,121 |  | $ | — |  | $ | 188,934 |  | $ | 162,078 |  | $ | 148,684 |
Post-acute/skilled |  |  | 136,017 |  |  | — |  |  | 38,642 |  |  | — |  |  | 174,659 |  |  | 135,388 |  |  | 117,921 |
Life science |  |  | 72,531 |  |  | — |  |  | — |  |  | 1 |  |  | 72,532 |  |  | 58,440 |  |  | 56,352 |
Medical office |  |  | 88,425 |  |  | — |  |  | — |  |  | 463 |  |  | 88,888 |  |  | 52,438 |  |  | 52,397 |
Hospital |  |  | 20,829 |  |  | — |  |  | 315 |  |  | — |  |  | 21,144 |  |  | 19,854 |  |  | 19,883 |
Total |  | $ | 467,245 |  | $ | 36,370 |  | $ | 42,078 |  | $ | 464 |  | $ | 546,157 |  | $ | 428,198 |  | $ | 395,237 |
For the nine months ended September 30, 2014:
|  |  |  |  |  |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
|  | Rental |  | Resident Fees |  | Interest |  | Management |  | Total |  |  |  | Adjusted |
Segments |  | Revenues(1) |  | and Services |  | Income |  | Fee Income |  | Revenues |  | NOI(2) |  | (Cash) NOI(2) |
Senior housing |  | $ | 485,823 |  | $ | 138,205 |  | $ | 10,633 |  | $ | — |  | $ | 634,661 |  | $ | 531,640 |  | $ | 459,363 |
Post-acute/skilled |  |  | 415,533 |  |  | — |  |  | 40,517 |  |  | — |  |  | 456,050 |  |  | 413,934 |  |  | 362,182 |
Life science |  |  | 233,113 |  |  | — |  |  | — |  |  | 3 |  |  | 233,116 |  |  | 186,866 |  |  | 178,890 |
Medical office |  |  | 273,215 |  |  | — |  |  | — |  |  | 1,337 |  |  | 274,552 |  |  | 162,075 |  |  | 161,280 |
Hospital |  |  | 64,372 |  |  | — |  |  | — |  |  | — |  |  | 64,372 |  |  | 61,573 |  |  | 61,874 |
Total |  | $ | 1,472,056 |  | $ | 138,205 |  | $ | 51,150 |  | $ | 1,340 |  | $ | 1,662,751 |  | $ | 1,356,088 |  | $ | 1,223,589 |
For the nine months ended September 30, 2013:
|  |  |  |  |  |  |  |  |  |  | Investment |  |  |  |  |  |  |  |  |  |
|  | Rental |  | Resident Fees |  | Interest |  | Management |  | Total |  |  |  | Adjusted |
Segments |  | Revenues(1) |  | and Services |  | Income |  | Fee Income |  | Revenues |  | NOI(2) |  | (Cash) NOI(2) |
Senior housing |  | $ | 448,600 |  | $ | 108,509 |  | $ | 8,328 |  | $ | — |  | $ | 565,437 |  | $ | 486,516 |  | $ | 439,410 |
Post-acute/skilled |  |  | 405,108 |  |  | — |  |  | 59,656 |  |  | — |  |  | 464,764 |  |  | 403,218 |  |  | 349,590 |
Life science |  |  | 221,088 |  |  | — |  |  | — |  |  | 3 |  |  | 221,091 |  |  | 179,775 |  |  | 170,957 |
Medical office |  |  | 265,252 |  |  | — |  |  | — |  |  | 1,403 |  |  | 266,655 |  |  | 159,888 |  |  | 157,406 |
Hospital |  |  | 51,007 |  |  | — |  |  | 627 |  |  | — |  |  | 51,634 |  |  | 48,177 |  |  | 59,664 |
Total |  | $ | 1,391,055 |  | $ | 108,509 |  | $ | 68,611 |  | $ | 1,406 |  | $ | 1,569,581 |  | $ | 1,277,574 |  | $ | 1,177,027 |
(1) Represents rental and related revenues, tenant recoveries and income from DFLs. (2) NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate. The Company defines NOI as rental and related revenues, including tenant recoveries, resident fees and services, and income from DFLs, less property level operating expenses. NOI excludes interest income, investment management fee income, interest expense, depreciation and amortization, general and administrative expenses, litigation settlement, impairments, impairment recoveries, other income, net, income taxes, equity income from and impairments of investments in unconsolidated joint ventures, and discontinued operations. The Company believes NOI provides relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL accretion, amortization of above and below market lease intangibles, and lease termination fees. Adjusted NOI is also referred to as “Cash NOI.” The Company uses NOI and adjusted NOI to make decisions about resource allocations and to assess and compare property level performance. The Company believes that net income is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income as defined by GAAP because it does not reflect the aforementioned excluded items. Further, the Company’s definition of NOI may not be comparable to the definition used by other REITs or real estate companies, as those companies may use different methodologies for calculating NOI.
Reconciliation of reported net income to NOI and adjusted NOI |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Net income |  | $ | 251,059 |  | $ | 236,858 |  | $ | 736,961 |  | $ | 687,367 |
Interest income |  |  | (17,517) |  |  | (42,078) |  |  | (51,150) |  |  | (68,611) |
Investment management fee income |  |  | (447) |  |  | (464) |  |  | (1,340) |  |  | (1,406) |
Interest expense |  |  | 111,275 |  |  | 108,088 |  |  | 324,755 |  |  | 325,650 |
Depreciation and amortization |  |  | 122,975 |  |  | 104,783 |  |  | 343,496 |  |  | 317,172 |
General and administrative |  |  | 24,954 |  |  | 45,326 |  |  | 75,410 |  |  | 90,043 |
Other income, net |  |  | (3,111) |  |  | (1,632) |  |  | (5,750) |  |  | (17,032) |
Income taxes |  |  | 55 |  |  | 1,034 |  |  | 2,840 |  |  | 3,553 |
Equity income from unconsolidated joint ventures |  |  | (10,168) |  |  | (13,892) |  |  | (39,388) |  |  | (44,278) |
Total discontinued operations |  |  | — |  |  | (9,825) |  |  | (29,746) |  |  | (14,884) |
NOI |  |  | 479,075 |  |  | 428,198 |  |  | 1,356,088 |  |  | 1,277,574 |
Straight-line rents |  |  | (8,627) |  |  | (12,604) |  |  | (35,082) |  |  | (28,559) |
DFL accretion |  |  | (18,760) |  |  | (19,822) |  |  | (57,995) |  |  | (65,386) |
Amortization of above and below market lease intangibles, net |  |  | (276) |  |  | (346) |  |  | (619) |  |  | (6,414) |
Lease termination fees |  |  | (37,981) |  |  | (205) |  |  | (38,792) |  |  | (220) |
NOI adjustments related to discontinued operations |  |  | — |  |  | 16 |  |  | (11) |  |  | 32 |
Adjusted (Cash) NOI |  | $ | 413,431 |  | $ | 395,237 |  | $ | 1,223,589 |  | $ | 1,177,027 |
Reconciliation of company's assets to total assets |
|  | September 30, |  | December 31, |
Segments |  | 2014 |  | 2013 |
Senior housing |  | $ | 8,427,636 |  | $ | 7,803,085 |
Post-acute/skilled nursing |  |  | 6,336,758 |  |  | 6,266,938 |
Life science |  |  | 4,113,227 |  |  | 3,986,187 |
Medical office |  |  | 2,892,081 |  |  | 2,686,069 |
Hospital |  |  | 639,922 |  |  | 639,357 |
Gross segment assets |  |  | 22,409,624 |  |  | 21,381,636 |
Accumulated depreciation and amortization |  |  | (2,488,484) |  |  | (2,257,188) |
Net segment assets |  |  | 19,921,140 |  |  | 19,124,448 |
Assets held-for-sale, net |  |  | — |  |  | 9,819 |
Other non-segment assets |  |  | 823,750 |  |  | 941,603 |
Total assets |  | $ | 20,744,890 |  | $ | 20,075,870 |

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