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Discontinued Operations and Dispositions of Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2016
HCRMC |
Summary of quantitative information about fair value measurements | The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model
Description of Input(s) to the Valuation |  | Valuation Inputs |
Range of revenue growth rates(1) |  | (1.8%)-3.0% |
Range of occupancy growth rates(1) |  | (0.8%)-0.2% |
Range of operating expense growth rates(1) |  | (1.1%)-3.1% |
Discount rate |  | 15.20% |
Range of earnings multiples |  | 6.0x-7.0x |
| (1) |  | For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period.
Description of Input(s) to the Valuation |  | Valuation Inputs |
Range of revenue growth rates(1) |  | (0.2%)-3.5% |
Range of occupancy growth rates(1) |  | (0.3%)-0.2% |
Range of operating expense growth rates(1) |  | 0.6%-2.8% |
Discount rate |  | 13.7% |
Range of earnings multiples |  | 6.0x-7.0x |
| (1) |  | For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period.
|  |  |  |  | Post-acute/ |
|  | Senior Housing |  |  | Skilled nursing |
Description of Input(s) to the Valuation |  | DFL Valuation Inputs |  |  | DFL Valuation Inputs |
Range of EBITDAR |  | $75,000-$85,000 |  |  | $385,000-$435,000 |
Range of rent coverage ratio |  | 1.05x-1.15x |  |  | 1.25x-1.35x |
Range of real estate capitalization rate |  | 6.25%-7.25% |  |  | 7.50%-8.50% |
Spinoff |
Summary of assets and liabilities transferred to QCP at the Spin-Off date | The following is a summary of the assets and liabilities transferred to QCP at the Spin-Off date (in thousands):
|  | October 31, |  | December 31,
|  | 2016 |  | 2015
ASSETS |  |  |  |  |  |
Real estate: |  |  |  |  |  |
Buildings and improvements |  | $ | 191,633 |  | $ | 191,633
Land |  |  | 14,147 |  |  | 14,147
Accumulated depreciation and amortization |  |  | (71,845) |  |  | (65,319)
Net real estate |  |  | 133,935 |  |  | 140,461
Net investment in direct financing leases |  |  | 5,107,180 |  |  | 5,154,316
Cash and cash equivalents |  |  | 6,096 |  |  | 6,058
Restricted cash |  |  | — |  |  | 14,526
Intangible assets, net |  |  | 18,517 |  |  | 17,049
Other assets, net |  |  | 6,620 |  |  | 7,790
Total assets |  | $ | 5,272,348 |  | $ | 5,340,200
LIABILITIES |  |  |  |  |  |
Accounts payable and accrued liabilities |  | $ | 46,925 |  | $ | 5,453
Deferred revenue |  |  | 667 |  |  | 687
Total liabilities |  |  | 47,592 |  |  | 6,140
Net assets |  | $ | 5,224,756 |  | $ | 5,334,060
The results of discontinued operations through October 31, 2016, the Spin-Off date, are included in the consolidated results for the years ended December 31, 2016, 2015 and 2014. Summarized financial information for discontinued operations for the years ended December 31, 2016, 2015, and 2014 is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2016 |  | 2015 |  | 2014 |
Revenues: |  |  |  |  |  |  |  |  |  |
Rental and related revenues |  | $ | 22,971 |  | $ | 27,651 |  | $ | 27,111 |
Tenant recoveries |  |  | 1,233 |  |  | 1,464 |  |  | 1,029 |
Income from direct financing leases |  |  | 384,752 |  |  | 572,835 |  |  | 598,629 |
Interest income |  |  | — |  |  | — |  |  | 868 |
Total revenues |  |  | 408,956 |  |  | 601,950 |  |  | 627,637 |
Costs and expenses: |  |  |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (4,892) |  |  | (5,880) |  |  | (4,979) |
Operating |  |  | (3,367) |  |  | (3,697) |  |  | (3,309) |
General and administrative |  |  | (67) |  |  | (57) |  |  | (410) |
Transaction costs |  |  | (86,765) |  |  | — |  |  | — |
Impairments |  |  | — |  |  | (1,295,504) |  |  | — |
Other income, net |  |  | 71 |  |  | 70 |  |  | 85 |
Income (loss) before income taxes and income from and impairments of equity method investment |  |  | 313,936 |  |  | (703,118) |  |  | 619,024 |
Income tax expense |  |  | (48,181) |  |  | (796) |  |  | (756) |
Income from equity method investment |  |  | — |  |  | 50,723 |  |  | 53,175 |
Impairments of equity method investment |  |  | — |  |  | (45,895) |  |  | (35,913) |
Net income (loss) from discontinued operations |  | $ | 265,755 |  | $ | (699,086) |  | $ | 635,530 |

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