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Segment Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2015
Segment Disclosures |
Summary financial information of reportable segment (in thousands) | For the three months ended September 30, 2015:
|  |  | Senior |  | Post-acute/ |  | Life |  | Medical |  |  |  |  |  |
|  |  | Housing |  | Skilled nursing |  | Science |  | Office |  | Hospital |  | Total |  |
| Rental revenues(1) |  | $ | 131,267 |  | $ | 132,650 |  | $ | 86,140 |  | $ | 109,915 |  | $ | 22,395 |  | $ | 482,367 |  |
| Resident fees and services |  |  | 155,290 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 155,290 |  |
| Operating expenses |  |  | (111,167) |  |  | (531) |  |  | (17,785) |  |  | (43,432) |  |  | (600) |  |  | (173,515) |  |
| NOI |  |  | 175,390 |  |  | 132,119 |  |  | 68,355 |  |  | 66,483 |  |  | 21,795 |  |  | 464,142 |  |
| Non-cash adjustments to NOI(2) |  |  | (6,141) |  |  | (20,362) |  |  | (2,613) |  |  | (1,363) |  |  | 286 |  |  | (30,193) |  |
| Adjusted (cash) NOI |  |  | 169,249 |  |  | 111,757 |  |  | 65,742 |  |  | 65,120 |  |  | 22,081 |  |  | 433,949 |  |
| Interest income |  |  | 2,411 |  |  | 17,431 |  |  | — |  |  | — |  |  | — |  |  | 19,842 |  |
| Portfolio Income |  | $ | 171,660 |  | $ | 129,188 |  | $ | 65,742 |  | $ | 65,120 |  | $ | 22,081 |  |  | 453,791 |  |
| Addback non-cash adjustments |  |  |  |  |  |  |  |  |  |  |  | 30,193 |  |
| Investment management fee income |  |  |  |  |  |  |  |  |  |  |  | 454 |  |
| Interest expense |  |  |  |  |  |  |  |  |  |  |  | (122,157) |  |
| Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (134,704) |  |
| General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  | (20,534) |  |
| Acquisition and pursuit costs |  |  |  |  |  |  |  |  |  |  |  | (1,553) |  |
| Impairments |  |  |  |  |  |  |  |  |  |  |  | (69,622) |  |
| Gains on sales of real estate, net of income taxes |  |  |  |  |  |  |  |  |  |  |  | 52 |  |
| Other expense, net |  |  |  |  |  |  |  |  |  |  |  | (1,026) |  |
| Income tax benefit |  |  |  |  |  |  |  |  |  |  |  | 1,980 |  |
| Equity income in unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | 8,314 |  |
| Impairment of investments in unconsolidated joint ventures |  |  |  |  |  |  |  |  | (27,234) |  |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 117,954 |  |
For the three months ended September 30, 2014:
|  |  | Senior |  | Post-acute/ |  | Life |  | Medical |  |  |  |  |  |
|  |  | Housing |  | Skilled nursing |  | Science |  | Office |  | Hospital |  | Total |  |
| Rental revenues(1) |  | $ | 183,834 |  | $ | 139,205 |  | $ | 79,450 |  | $ | 92,412 |  | $ | 21,560 |  | $ | 516,461 |  |
| Resident fees and services |  |  | 62,213 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 62,213 |  |
| Operating expenses |  |  | (43,017) |  |  | (534) |  |  | (16,637) |  |  | (38,459) |  |  | (952) |  |  | (99,599) |  |
| NOI |  |  | 203,030 |  |  | 138,671 |  |  | 62,813 |  |  | 53,953 |  |  | 20,608 |  |  | 479,075 |  |
| Non-cash adjustments to NOI(2) |  |  | (47,518) |  |  | (16,693) |  |  | (2,091) |  |  | 528 |  |  | 130 |  |  | (65,644) |  |
| Adjusted (cash) NOI |  |  | 155,512 |  |  | 121,978 |  |  | 60,722 |  |  | 54,481 |  |  | 20,738 |  |  | 413,431 |  |
| Interest income |  |  | 3,919 |  |  | 13,598 |  |  | — |  |  | — |  |  | — |  |  | 17,517 |  |
| Portfolio Income |  | $ | 159,431 |  | $ | 135,576 |  | $ | 60,722 |  | $ | 54,481 |  | $ | 20,738 |  |  | 430,948 |  |
| Addback non-cash adjustments |  |  |  |  |  |  |  |  |  |  |  | 65,644 |  |
| Investment management fee income |  |  |  |  |  |  |  |  |  |  |  | 447 |  |
| Interest expense |  |  |  |  |  |  |  |  |  |  |  | (111,275) |  |
| Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (122,975) |  |
| General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  | (19,479) |  |
| Acquisition and pursuit costs |  |  |  |  |  |  |  |  |  |  |  | (5,475) |  |
| Other expense, net |  |  |  |  |  |  |  |  |  |  |  | 3,111 |  |
| Income tax benefit |  |  |  |  |  |  |  |  |  |  |  | (55) |  |
| Equity income in unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | 10,168 |  |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 251,059 |  |
For the nine months ended September 30, 2015:
|  |  | Senior |  | Post-acute/ |  | Life |  | Medical |  |  |  |  |  |
|  |  | Housing |  | Skilled nursing |  | Science |  | Office |  | Hospital |  | Total |  |
| Rental revenues(1) |  | $ | 382,559 |  | $ | 404,121 |  | $ | 255,100 |  | $ | 310,805 |  | $ | 66,129 |  | $ | 1,418,714 |  |
| Resident fees and services |  |  | 367,141 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 367,141 |  |
| Operating expenses |  |  | (263,191) |  |  | (1,602) |  |  | (51,718) |  |  | (122,469) |  |  | (2,908) |  |  | (441,888) |  |
| NOI |  |  | 486,509 |  |  | 402,519 |  |  | 203,382 |  |  | 188,336 |  |  | 63,221 |  |  | 1,343,967 |  |
| Non-cash adjustments to NOI(2) |  |  | (11,316) |  |  | (57,522) |  |  | (8,433) |  |  | (4,399) |  |  | 764 |  |  | (80,906) |  |
| Adjusted (cash) NOI |  |  | 475,193 |  |  | 344,997 |  |  | 194,949 |  |  | 183,937 |  |  | 63,985 |  |  | 1,263,061 |  |
| Interest income |  |  | 22,042 |  |  | 67,007 |  |  | — |  |  | — |  |  | — |  |  | 89,049 |  |
| Portfolio Income |  | $ | 497,235 |  | $ | 412,004 |  | $ | 194,949 |  | $ | 183,937 |  | $ | 63,985 |  |  | 1,352,110 |  |
| Addback non-cash adjustments |  |  |  |  |  |  |  |  |  |  |  | 80,906 |  |
| Investment management fee income |  |  |  |  |  |  |  |  |  |  |  | 1,372 |  |
| Interest expense |  |  |  |  |  |  |  |  |  |  |  | (357,569) |  |
| Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (369,629) |  |
| General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  | (74,152) |  |
| Acquisition and pursuit costs |  |  |  |  |  |  |  |  |  |  |  | (23,350) |  |
| Impairments |  |  |  |  |  |  |  |  |  |  |  | (592,921) |  |
| Gains on sales of real estate, net of income taxes |  |  |  |  |  |  |  |  |  |  |  | 6,377 |  |
| Other income, net |  |  |  |  |  |  |  |  |  |  |  | 11,753 |  |
| Income tax benefit |  |  |  |  |  |  |  |  |  |  |  | 6,620 |  |
| Equity income in unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | 33,916 |  |
| Impairment of investments in unconsolidated joint ventures |  |  |  |  |  |  |  |  | (27,234) |  |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 48,199 |  |
For the nine months ended September 30, 2014:
|  |  | Senior |  | Post-acute/ |  | Life |  | Medical |  |  |  |  |  |
|  |  | Housing |  | Skilled nursing |  | Science |  | Office |  | Hospital |  | Total |  |
| Rental revenues(1) |  | $ | 485,823 |  | $ | 415,533 |  | $ | 233,113 |  | $ | 273,215 |  | $ | 64,372 |  | $ | 1,472,056 |  |
| Resident fees and services |  |  | 138,205 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 138,205 |  |
| Operating expenses |  |  | (92,388) |  |  | (1,599) |  |  | (46,247) |  |  | (111,140) |  |  | (2,799) |  |  | (254,173) |  |
| NOI |  |  | 531,640 |  |  | 413,934 |  |  | 186,866 |  |  | 162,075 |  |  | 61,573 |  |  | 1,356,088 |  |
| Non-cash adjustments to NOI(2) |  |  | (72,277) |  |  | (51,752) |  |  | (7,976) |  |  | (795) |  |  | 301 |  |  | (132,499) |  |
| Adjusted (cash) NOI |  |  | 459,363 |  |  | 362,182 |  |  | 178,890 |  |  | 161,280 |  |  | 61,874 |  |  | 1,223,589 |  |
| Interest income |  |  | 10,633 |  |  | 40,517 |  |  | — |  |  | — |  |  | — |  |  | 51,150 |  |
| Portfolio Income |  | $ | 469,996 |  | $ | 402,699 |  | $ | 178,890 |  | $ | 161,280 |  | $ | 61,874 |  |  | 1,274,739 |  |
| Addback non-cash adjustments |  |  |  |  |  |  |  |  |  |  |  | 132,499 |  |
| Investment management fee income |  |  |  |  |  |  |  |  |  |  |  | 1,340 |  |
| Interest expense |  |  |  |  |  |  |  |  |  |  |  | (324,755) |  |
| Depreciation and amortization |  |  |  |  |  |  |  |  |  |  |  | (343,496) |  |
| General and administrative expenses |  |  |  |  |  |  |  |  |  |  |  | (62,034) |  |
| Acquisition and pursuit costs |  |  |  |  |  |  |  |  |  |  |  | (13,376) |  |
| Other income, net |  |  |  |  |  |  |  |  |  |  |  | 5,750 |  |
| Income tax expense |  |  |  |  |  |  |  |  |  |  |  | (2,840) |  |
| Equity income in unconsolidated joint ventures |  |  |  |  |  |  |  |  |  |  |  | 39,388 |  |
| Total discontinued operations |  |  |  |  |  |  |  |  |  |  |  | 29,746 |  |
| Net income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 736,961 |  |
| (1) |  | Represents rental and related revenues, tenant recoveries and income from DFLs.
| (2) |  | Represents straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees.
Reconciliation of company's assets to total assets (in thousands) |
|  | September 30, |  | December 31, |
Segment |  | 2015 |  | 2014 |
Senior housing |  | $ | 9,490,110 |  | $ | 8,383,345 |
Post-acute/skilled nursing |  |  | 6,368,064 |  |  | 6,875,122 |
Life science |  |  | 4,198,937 |  |  | 4,154,789 |
Medical office |  |  | 3,439,970 |  |  | 2,988,888 |
Hospital |  |  | 639,807 |  |  | 640,253 |
Gross segment assets |  |  | 24,136,888 |  |  | 23,042,397 |
Accumulated depreciation and amortization |  |  | (2,895,184) |  |  | (2,600,072) |
Net segment assets |  |  | 21,241,704 |  |  | 20,442,325 |
Other non-segment assets |  |  | 951,269 |  |  | 927,615 |
Total assets |  | $ | 22,192,973 |  | $ | 21,369,940 |

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