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Segment Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2016
Segment Disclosures |
Summary financial information of reportable segment (in thousands) | The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2016:
|  |  |  |  |  | Life |  | Medical |  | Other |  | Corporate |  |  |  |
Segments |  | SH NNN |  | SHOP |  | Science |  | Office |  | Non-reportable |  | Non-segment |  | Total |
Rental revenues(1) |  | $ | 423,118 |  | $ | 686,822 |  | $ | 358,537 |  | $ | 446,280 |  | $ | 125,729 |  | $ | — |  | $ | 2,040,486 |
HCP share of unconsolidated JV revenues |  |  | — |  |  | 204,591 |  |  | 7,599 |  |  | 1,996 |  |  | 1,618 |  |  | — |  |  | 215,804 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  |  | (6,710) |  |  | (480,870) |  |  | (72,478) |  |  | (173,687) |  |  | (4,654) |  |  | — |  |  | (738,399) |
HCP share of unconsolidated JV operating expenses |  |  | — |  |  | (166,791) |  |  | (1,601) |  |  | (595) |  |  | (48) |  |  | — |  |  | (169,035) |
NOI |  |  | 416,408 |  |  | 243,752 |  |  | 292,057 |  |  | 273,994 |  |  | 122,645 |  |  | — |  |  | 1,348,856 |
Non-cash adjustments to NOI(2) |  |  | (7,566) |  |  | 20,076 |  |  | (3,003) |  |  | (3,557) |  |  | (3,019) |  |  | — |  |  | 2,931 |
Adjusted NOI |  |  | 408,842 |  |  | 263,828 |  |  | 289,054 |  |  | 270,437 |  |  | 119,626 |  |  | — |  |  | 1,351,787 |
Addback non-cash adjustments |  |  | 7,566 |  |  | (20,076) |  |  | 3,003 |  |  | 3,557 |  |  | 3,019 |  |  | — |  |  | (2,931) |
Interest income |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 88,808 |  |  | — |  |  | 88,808 |
Interest expense |  |  | (9,499) |  |  | (29,745) |  |  | (2,357) |  |  | (5,895) |  |  | (9,153) |  |  | (407,754) |  |  | (464,403) |
Depreciation and amortization |  |  | (136,146) |  |  | (108,806) |  |  | (130,829) |  |  | (161,790) |  |  | (30,537) |  |  | — |  |  | (568,108) |
General and administrative |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (103,611) |  |  | (103,611) |
Acquisition and pursuit costs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (9,821) |  |  | (9,821) |
Gain on sales of real estate, net |  |  | 48,744 |  |  | 675 |  |  | 49,042 |  |  | 8,333 |  |  | 57,904 |  |  | — |  |  | 164,698 |
Loss on debt extinguishments |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (46,020) |  |  | (46,020) |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,654 |  |  | 3,654 |
Income tax expense |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,473) |  |  | (4,473) |
Less: HCP share of unconsolidated JV NOI |  |  | — |  |  | (37,800) |  |  | (5,998) |  |  | (1,401) |  |  | (1,570) |  |  | — |  |  | (46,769) |
Equity income from unconsolidated joint ventures |  |  | — |  |  | 4,226 |  |  | 2,927 |  |  | 3,350 |  |  | 857 |  |  | — |  |  | 11,360 |
Total discontinued operations |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 265,755 |  |  | 265,755 |
Net income (loss) |  | $ | 319,507 |  | $ | 72,302 |  | $ | 204,842 |  | $ | 116,591 |  | $ | 228,954 |  | $ | (302,270) |  | $ | 639,926 |
For the year ended December 31, 2015:
|  |  |  |  |  | Life |  | Medical |  | Other |  | Corporate |  |  |  |
Segments |  | SH NNN |  | SHOP |  | Science |  | Office |  | Non-reportable |  | Non-segment |  | Total |
Rental revenues(1) |  | $ | 428,269 |  | $ | 518,264 |  | $ | 342,984 |  | $ | 415,351 |  | $ | 123,437 |  | $ | — |  | $ | 1,828,305 |
HCP share of unconsolidated JV revenues |  |  | — |  |  | 181,410 |  |  | 7,106 |  |  | 1,870 |  |  | 1,600 |  |  | — |  |  | 191,986 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | — |
Operating expenses |  |  | (3,427) |  |  | (371,016) |  |  | (70,217) |  |  | (162,054) |  |  | (3,965) |  |  | — |  |  | (610,679) |
HCP share of unconsolidated JV operating expenses |  |  | — |  |  | (151,962) |  |  | (1,612) |  |  | (612) |  |  | (73) |  |  | — |  |  | (154,259) |
NOI |  |  | 424,842 |  |  | 176,696 |  |  | 278,261 |  |  | 254,555 |  |  | 120,999 |  |  | — |  |  | 1,255,353 |
Non-cash adjustments to NOI(2) |  |  | (9,716) |  |  | 34,045 |  |  | (10,392) |  |  | (4,933) |  |  | (2,356) |  |  | — |  |  | 6,648 |
Adjusted NOI |  |  | 415,126 |  |  | 210,741 |  |  | 267,869 |  |  | 249,622 |  |  | 118,643 |  |  | — |  |  | 1,262,001 |
Addback non-cash adjustments |  |  | 9,716 |  |  | (34,045) |  |  | 10,392 |  |  | 4,933 |  |  | 2,356 |  |  | — |  |  | (6,648) |
Interest income |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 112,184 |  |  | — |  |  | 112,184 |
Interest expense |  |  | (16,899) |  |  | (31,869) |  |  | (2,878) |  |  | (9,603) |  |  | (9,745) |  |  | (408,602) |  |  | (479,596) |
Depreciation and amortization |  |  | (125,538) |  |  | (80,981) |  |  | (126,241) |  |  | (143,682) |  |  | (28,463) |  |  | — |  |  | (504,905) |
General and administrative |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (95,965) |  |  | (95,965) |
Acquisition and pursuit costs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (27,309) |  |  | (27,309) |
Impairments, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (108,349) |  |  | — |  |  | (108,349) |
Gain on sales of real estate, net |  |  | 6,325 |  |  | — |  |  | — |  |  | 52 |  |  | — |  |  | — |  |  | 6,377 |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 16,208 |  |  | 16,208 |
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,807 |  |  | 9,807 |
Less: HCP share of unconsolidated JV NOI |  |  | — |  |  | (29,448) |  |  | (5,494) |  |  | (1,258) |  |  | (1,527) |  |  | — |  |  | (37,727) |
Equity (loss) income from unconsolidated joint ventures |  |  | — |  |  | (9,032) |  |  | 2,718 |  |  | 12,904 |  |  | — |  |  | — |  |  | 6,590 |
Total discontinued operations |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (699,086) |  |  | (699,086) |
Net income (loss) |  | $ | 288,730 |  | $ | 25,366 |  | $ | 146,366 |  | $ | 112,968 |  | $ | 85,099 |  | $ | (1,204,947) |  | $ | (546,418) |
For the year ended December 31, 2014:
|  |  |  |  |  | Life |  | Medical |  | Other |  | Corporate |  |  |  |
Segments |  | SH NNN |  | SHOP |  | Science |  | Office |  | Non-reportable |  | Non-segment |  | Total |
Rental revenues(1) |  | $ | 538,113 |  | $ | 243,612 |  | $ | 314,114 |  | $ | 368,055 |  | $ | 99,316 |  | $ | — |  | $ | 1,563,210 |
HCP share of unconsolidated JV revenues |  |  | — |  |  | 57,740 |  |  | 6,888 |  |  | 1,825 |  |  | — |  |  | — |  |  | 66,453 |
Less: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Operating expenses |  |  | (3,629) |  |  | (163,650) |  |  | (63,080) |  |  | (147,144) |  |  | (3,791) |  |  | — |  |  | (381,294) |
HCP share of unconsolidated JV operating expenses |  |  | — |  |  | (49,571) |  |  | (1,749) |  |  | (571) |  |  | — |  |  | — |  |  | (51,891) |
NOI |  |  | 534,484 |  |  | 88,131 |  |  | 256,173 |  |  | 222,165 |  |  | 95,525 |  |  | — |  |  | 1,196,478 |
Non-cash adjustments to NOI(2) |  |  | (66,474) |  |  | 10,160 |  |  | (10,375) |  |  | (1,291) |  |  | (805) |  |  | — |  |  | (68,785) |
Adjusted NOI |  |  | 468,010 |  |  | 98,291 |  |  | 245,798 |  |  | 220,874 |  |  | 94,720 |  |  | — |  |  | 1,127,693 |
Addback non-cash adjustments |  |  | 66,474 |  |  | (10,160) |  |  | 10,375 |  |  | 1,291 |  |  | 805 |  |  | — |  |  | 68,785 |
Interest income |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 73,623 |  |  | — |  |  | 73,623 |
Interest expense |  |  | (32,866) |  |  | (31,648) |  |  | (3,141) |  |  | (9,396) |  |  | (4,441) |  |  | (358,250) |  |  | (439,742) |
Depreciation and amortization |  |  | (158,881) |  |  | (42,153) |  |  | (111,552) |  |  | (124,141) |  |  | (18,284) |  |  | (5) |  |  | (455,016) |
General and administrative |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (81,765) |  |  | (81,765) |
Acquisition and pursuit costs |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (17,142) |  |  | (17,142) |
Gain on sales of real estate, net |  |  | 3,288 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,288 |
Other income, net |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,252 |  |  | 9,252 |
Income tax benefit |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 506 |  |  | 506 |
Less: HCP share of unconsolidated JV NOI |  |  | — |  |  | (8,169) |  |  | (5,139) |  |  | (1,254) |  |  | — |  |  | — |  |  | (14,562) |
Equity (loss) income from unconsolidated joint ventures |  |  | — |  |  | (4,110) |  |  | 2,834 |  |  | (2,329) |  |  | — |  |  | — |  |  | (3,605) |
Total discontinued operations |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 665,276 |  |  | 665,276 |
Net income |  | $ | 346,025 |  | $ | 2,051 |  | $ | 139,175 |  | $ | 85,045 |  | $ | 146,423 |  | $ | 217,872 |  | $ | 936,591 |
| (1) |  | Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs.
| (2) |  | Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles and lease termination fees.
Reconciliation of company's revenues to total revenues (in thousands) | The following table summarizes the Company’s revenues by segment (in thousands):
|  | Year Ended
|  | December 31,
Segments |  | 2016 |  | 2015 |  | 2014
SH NNN |  | $ | 423,118 |  | $ | 428,269 |  | $ | 538,113
SHOP |  |  | 686,822 |  |  | 518,264 |  |  | 243,612
Life science |  |  | 358,537 |  |  | 342,984 |  |  | 314,114
Medical office |  |  | 446,280 |  |  | 415,351 |  |  | 368,055
Other non-reportable segments |  |  | 214,537 |  |  | 235,621 |  |  | 172,939
Total revenues |  | $ | 2,129,294 |  | $ | 1,940,489 |  | $ | 1,636,833
Reconciliation of company's assets to total assets (in thousands) |
|  | Year Ended
|  | December 31,
Segments |  | 2016 |  | 2015 |  | 2014
SH NNN |  | $ | 423,118 |  | $ | 428,269 |  | $ | 538,113
SHOP |  |  | 686,822 |  |  | 518,264 |  |  | 243,612
Life science |  |  | 358,537 |  |  | 342,984 |  |  | 314,114
Medical office |  |  | 446,280 |  |  | 415,351 |  |  | 368,055
Other non-reportable segments |  |  | 214,537 |  |  | 235,621 |  |  | 172,939
Total revenues |  | $ | 2,129,294 |  | $ | 1,940,489 |  | $ | 1,636,833
The following table summarizes the Company’s total assets by segment (in thousands):
|  | December 31, |
Segments |  | 2016 |  | 2015 |
SH NNN |  | $ | 3,871,720 |  | $ | 5,092,443 |
SHOP |  |  | 3,623,931 |  |  | 3,195,384 |
Life science |  |  | 4,029,500 |  |  | 3,682,308 |
Medical office |  |  | 3,737,939 |  |  | 3,436,884 |
Gross reportable segment assets |  |  | 15,263,090 |  |  | 15,407,019 |
Accumulated depreciation and amortization |  |  | (2,900,060) |  |  | (2,704,425) |
Net reportable segment assets |  |  | 12,363,030 |  |  | 12,702,594 |
Other non-reportable segment assets |  |  | 1,685,563 |  |  | 1,787,579 |
Assets held for sale and discontinued operations, net |  |  | 927,866 |  |  | 5,654,326 |
Other non-segment assets |  |  | 782,806 |  |  | 1,305,350 |
Total assets |  | $ | 15,759,265 |  | $ | 21,449,849 |

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