XML 66 R4.htm IDEA: XBRL DOCUMENT v2.4.1.9
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)
In Thousands, except Per Share data, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Revenues:    
Rental and related revenues $ 275,082us-gaap_OperatingLeasesIncomeStatementLeaseRevenue $ 284,823us-gaap_OperatingLeasesIncomeStatementLeaseRevenue
Tenant recoveries 29,896us-gaap_TenantReimbursements 25,434us-gaap_TenantReimbursements
Resident fees and services 105,013us-gaap_HealthCareOrganizationResidentServiceRevenue 38,053us-gaap_HealthCareOrganizationResidentServiceRevenue
Income from direct financing leases 167,078us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue 164,537us-gaap_CapitalLeasesIncomeStatementDirectFinancingLeaseRevenue
Interest income 33,262us-gaap_InterestIncomeOperating 16,696us-gaap_InterestIncomeOperating
Fees earned by HCP 460us-gaap_ManagementFeesRevenue 449us-gaap_ManagementFeesRevenue
Total revenues 610,791us-gaap_Revenues 529,992us-gaap_Revenues
Costs and expenses:    
Interest expense 116,780us-gaap_InterestExpense 106,638us-gaap_InterestExpense
Depreciation and amortization 114,522us-gaap_DepreciationAndAmortization 107,388us-gaap_DepreciationAndAmortization
Operating 132,031us-gaap_CostOfRealEstateRevenue 75,707us-gaap_CostOfRealEstateRevenue
General and administrative 24,773us-gaap_GeneralAndAdministrativeExpense 20,899us-gaap_GeneralAndAdministrativeExpense
Acquisition and pursuit costs 3,390us-gaap_BusinessCombinationAcquisitionRelatedCosts 495us-gaap_BusinessCombinationAcquisitionRelatedCosts
Impairments 478,464us-gaap_AssetImpairmentCharges  
Total costs and expenses 869,960us-gaap_CostsAndExpenses 311,127us-gaap_CostsAndExpenses
Gain on sales of real estate, net of income taxes 6,264us-gaap_GainsLossesOnSalesOfInvestmentRealEstate  
Other income, net 1,724us-gaap_OtherNonoperatingIncomeExpense 1,930us-gaap_OtherNonoperatingIncomeExpense
(Loss) income before income taxes and equity income from unconsolidated joint ventures (251,181)us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments 220,795us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
Income taxes benefit (provision) 77us-gaap_IncomeTaxExpenseBenefit (1,446)us-gaap_IncomeTaxExpenseBenefit
Equity income from unconsolidated joint ventures 13,601us-gaap_IncomeLossFromEquityMethodInvestments 14,528us-gaap_IncomeLossFromEquityMethodInvestments
(Loss) income from continuing operations (237,503)us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest 233,877us-gaap_IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
Discontinued operations:    
Income before impairment losses and gain on sales of real estate, net of income taxes   1,736us-gaap_DiscontinuedOperationIncomeLossFromDiscontinuedOperationDuringPhaseOutPeriodNetOfTax
Gain on sales of real estate, net of income taxes   28,010us-gaap_DiscontinuedOperationGainLossOnDisposalOfDiscontinuedOperationNetOfTax
Total discontinued operations   29,746us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTax
Net (loss) income (237,503)us-gaap_ProfitLoss 263,623us-gaap_ProfitLoss
Noncontrolling interests' share in earnings (3,111)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest (4,512)us-gaap_NetIncomeLossAttributableToNoncontrollingInterest
Net (loss) income applicable to HCP, Inc. (240,614)us-gaap_NetIncomeLoss 259,111us-gaap_NetIncomeLoss
Participating securities' share in earnings (335)hcp_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted (1,064)hcp_ParticipatingSecuritiesDistributedAndUndistributedEarningsLossBasicAndDiluted
Net (loss) income applicable to common shares $ (240,949)us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic $ 258,047us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic
Basic earnings per common share:    
Continuing operations (in dollars per share) $ (0.52)us-gaap_IncomeLossFromContinuingOperationsPerBasicShare $ 0.50us-gaap_IncomeLossFromContinuingOperationsPerBasicShare
Discontinued operations (in dollars per share)   $ 0.06us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
Net (loss) income applicable to common shares (in dollars per share) $ (0.52)us-gaap_EarningsPerShareBasic $ 0.56us-gaap_EarningsPerShareBasic
Diluted earnings per common share:    
Continuing operations (in dollars per share) $ (0.52)us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare $ 0.50us-gaap_IncomeLossFromContinuingOperationsPerDilutedShare
Discontinued operations (in dollars per share)   $ 0.06us-gaap_IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
Net (loss) income applicable to common shares (in dollars per share) $ (0.52)us-gaap_EarningsPerShareDiluted $ 0.56us-gaap_EarningsPerShareDiluted
Weighted average shares used to calculate earnings per common share:    
Basic (in shares) 460,880us-gaap_WeightedAverageNumberOfSharesOutstandingBasic 457,294us-gaap_WeightedAverageNumberOfSharesOutstandingBasic
Diluted (in shares) 460,880us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding 457,674us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding