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Commitments and Contingencies (Tables)
 9 Months Ended
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 

%