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Commitments and Contingencies (Tables) | 9 Months Ended
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Sep. 30, 2014
Concentration of Credit Risk |
Summary of HCR ManorCare's condensed consolidated financial information |
|  | September 30, |  | December 31, |
|  | 2014 |  | 2013 |
Real estate and other property, net |  | $ | 2,956.4 |  | $ | 2,993.2 |
Cash and cash equivalents |  |  | 137.2 |  |  | 141.8 |
Goodwill, intangible and other assets, net |  |  | 5,084.1 |  |  | 5,174.9 |
Total assets |  | $ | 8,177.7 |  | $ | 8,309.9 |
Debt and financing obligations |  | $ | 6,145.1 |  | $ | 6,258.5 |
Accounts payable, accrued liabilities and other |  |  | 993.7 |  |  | 1,013.4 |
Total equity |  |  | 1,038.9 |  |  | 1,038.0 |
Total liabilities and equity |  | $ | 8,177.7 |  | $ | 8,309.9 |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
|  | 2014 |  | 2013 |  | 2014 |  | 2013 |
Revenues |  | $ | 1,030.9 |  | $ | 1,021.2 |  | $ | 3,117.6 |  | $ | 3,105.0 |
Operating, general and administrative expense |  |  | (888.3) |  |  | (875.5) |  |  | (2,698.6) |  |  | (2,639.5) |
Depreciation and amortization expense |  |  | (36.0) |  |  | (35.7) |  |  | (106.9) |  |  | (108.1) |
Interest expense |  |  | (101.8) |  |  | (103.6) |  |  | (306.5) |  |  | (311.7) |
Other income (expense), net |  |  | (0.5) |  |  | 2.4 |  |  | 4.0 |  |  | 4.1 |
Income from continuing operations before income tax expense |  |  | 4.3 |  |  | 8.8 |  |  | 9.6 |  |  | 49.8 |
Income tax expense |  |  | (2.2) |  |  | (3.6) |  |  | (4.4) |  |  | (17.1) |
Income from continuing operations |  |  | 2.1 |  |  | 5.2 |  |  | 5.2 |  |  | 32.7 |
Income (loss) from discontinued operations, net of taxes |  |  | 3.6 |  |  | (2.6) |  |  | (2.0) |  |  | (8.3) |
Net income |  | $ | 5.7 |  | $ | 2.6 |  | $ | 3.2 |  | $ | 24.4 |
Operators |
Concentration of Credit Risk |
Schedule of concentration of credit risk |
|  | Percentage of |  | Percentage of |  | Percentage of |
|  | Total Company Assets |  | Total Company Revenues |  | Total Company Revenues |
|  | September 30, |  | December 31, |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
Operators |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
HCR ManorCare |  | 31 | % | 32 | % | 25 | % | 27 | % | 27 | % | 28 | %
Brookdale(1) |  | 14 |  | 19 |  | 13 |  | 16 |  | 15 |  | 17 |
(1) On July 31, 2014, Brookdale completed its acquisition of 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. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3 for additional information regarding the Brookdale Transaction). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) on behalf of the Company, under a RIDEA structure.
Senior housing | Operators |
Concentration of Credit Risk |
Schedule of concentration of credit risk |
|  | Percentage of |  | Percentage of |  | Percentage of |
|  | Senior Housing Gross Assets |  | Senior Housing Revenues |  | Senior Housing Revenues |
|  | September 30, |  | December 31, |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
Operators |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
HCR ManorCare |  | 10 | % | 11 | % | 7 | % | 10 | % | 9 | % | 10 | %
Brookdale(1) |  | 34 |  | 48 |  | 32 |  | 47 |  | 40 |  | 47 |
(1) On July 31, 2014, Brookdale completed its acquisition of 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. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3 for additional information regarding the Brookdale Transaction). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) on behalf of the Company, under a RIDEA structure.
Post-acute/skilled | Operators |
Concentration of Credit Risk |
Schedule of concentration of credit risk |
|  | Percentage of Post-Acute/ |  | Percentage of Post-Acute/ |  | Percentage of Post-Acute/ |
|  | Skilled Nursing Gross Assets |  | Skilled Nursing Revenues |  | Skilled Nursing Revenues |
|  | September 30, |  | December 31, |  | Three Months Ended September 30, |  | Nine Months Ended September 30, |
Operators |  | 2014 |  | 2013 |  | 2014 |  | 2013 |  | 2014 |  | 2013 |
HCR ManorCare |  | 89 | % | 89 | % | 86 | % | 74 | % | 86 | % | 82 | %

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