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Segment Disclosures (Tables) | 9 Months Ended
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Sep. 30, 2017
Segment Reporting [Abstract] |
Summary of Financial Information of Reportable Segments | The following tables summarize information for the reportable segments (in thousands): For the three months ended September 30, 2017:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 77,220 |  |  | $ | 126,040 |  |  | $ | 90,174 |  |  | $ | 119,847 |  |  | $ | 28,968 |  |  | $ | — |  |  | $ | 442,249 |
HCP share of unconsolidated JV revenues |  | — |  |  | 81,936 |  |  | 2,031 |  |  | 496 |  |  | 421 |  |  | — |  |  | 84,884 |
Operating expenses |  | (934 | ) |  | (86,821 | ) |  | (19,960 | ) |  | (46,486 | ) |  | (1,137 | ) |  | — |  |  | (155,338 | )
HCP share of unconsolidated JV operating expenses |  | — |  |  | (65,035 | ) |  | (433 | ) |  | (143 | ) |  | (20 | ) |  | — |  |  | (65,631 | )
NOI |  | 76,286 |  |  | 56,120 |  |  | 71,812 |  |  | 73,714 |  |  | 28,232 |  |  | — |  |  | 306,164 |
Adjustments to NOI(2) |  | (600 | ) |  | 4,551 |  |  | (751 | ) |  | (582 | ) |  | (1,283 | ) |  | — |  |  | 1,335 |
Adjusted NOI |  | 75,686 |  |  | 60,671 |  |  | 71,061 |  |  | 73,132 |  |  | 26,949 |  |  | — |  |  | 307,499 |
Addback adjustments |  | 600 |  |  | (4,551 | ) |  | 751 |  |  | 582 |  |  | 1,283 |  |  | — |  |  | (1,335 | )
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 11,774 |  |  | — |  |  | 11,774 |
Interest expense |  | (640 | ) |  | (933 | ) |  | (87 | ) |  | (126 | ) |  | (618 | ) |  | (68,924 | ) |  | (71,328 | )
Depreciation and amortization |  | (25,547 | ) |  | (24,884 | ) |  | (30,851 | ) |  | (42,047 | ) |  | (7,259 | ) |  | — |  |  | (130,588 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (23,523 | ) |  | (23,523 | )
Acquisition and pursuit costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (580 | ) |  | (580 | )
Recoveries (impairments), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (25,328 | ) |  | — |  |  | (25,328 | )
Gain (loss) on sales of real estate, net |  | (6 | ) |  | 5,180 |  |  | 8 |  |  | — |  |  | — |  |  | — |  |  | 5,182 |
Loss on debt extinguishments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (54,227 | ) |  | (54,227 | )
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10,556 | ) |  | (10,556 | )
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,481 |  |  | 5,481 |
Less: HCP share of unconsolidated JV NOI |  | — |  |  | (16,901 | ) |  | (1,598 | ) |  | (353 | ) |  | (401 | ) |  | — |  |  | (19,253 | )
Equity income (loss) from unconsolidated JVs |  | — |  |  | (245 | ) |  | 789 |  |  | 274 |  |  | 244 |  |  | — |  |  | 1,062 |
Net income (loss) |  | $ | 50,093 |  |  | $ | 18,337 |  |  | $ | 40,073 |  |  | $ | 31,462 |  |  | $ | 6,644 |  |  | $ | (152,329 | ) |  | $ | (5,720 | )
_______________________________________
(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, net, the deferral of community fees, net of amortization, lease termination fees and non-refundable entrance fees as the fees are collected by the Company’s CCRC JV, net of CCRC JV entrance fee amortization.
For the three months ended September 30, 2016:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 104,262 |  |  | $ | 170,739 |  |  | $ | 90,847 |  |  | $ | 113,653 |  |  | $ | 30,574 |  |  | $ | — |  |  | $ | 510,075 |
HCP share of unconsolidated JV revenues |  | — |  |  | 50,973 |  |  | 1,929 |  |  | 502 |  |  | 410 |  |  | — |  |  | 53,814 |
Operating expenses |  | (1,794 | ) |  | (121,502 | ) |  | (18,487 | ) |  | (44,738 | ) |  | (1,193 | ) |  | — |  |  | (187,714 | )
HCP share of unconsolidated JV operating expenses |  | — |  |  | (42,463 | ) |  | (406 | ) |  | (148 | ) |  | (20 | ) |  | — |  |  | (43,037 | )
NOI |  | 102,468 |  |  | 57,747 |  |  | 73,883 |  |  | 69,269 |  |  | 29,771 |  |  | — |  |  | 333,138 |
Adjustments to NOI(2) |  | (1,003 | ) |  | 4,081 |  |  | (314 | ) |  | (814 | ) |  | (1,140 | ) |  | — |  |  | 810 |
Adjusted NOI |  | 101,465 |  |  | 61,828 |  |  | 73,569 |  |  | 68,455 |  |  | 28,631 |  |  | — |  |  | 333,948 |
Addback adjustments |  | 1,003 |  |  | (4,081 | ) |  | 314 |  |  | 814 |  |  | 1,140 |  |  | — |  |  | (810 | )
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,482 |  |  | — |  |  | 20,482 |
Interest expense |  | (644 | ) |  | (8,130 | ) |  | (634 | ) |  | (1,608 | ) |  | (2,260 | ) |  | (104,584 | ) |  | (117,860 | )
Depreciation and amortization |  | (34,030 | ) |  | (26,837 | ) |  | (31,967 | ) |  | (41,111 | ) |  | (7,462 | ) |  | — |  |  | (141,407 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (34,781 | ) |  | (34,781 | )
Acquisition and pursuit costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,763 | ) |  | (2,763 | )
Gain (loss) on sales of real estate, net |  | — |  |  | — |  |  | — |  |  | (9 | ) |  | — |  |  | — |  |  | (9 | )
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,432 |  |  | 1,432 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 424 |  |  | 424 |
Less: HCP share of unconsolidated JV NOI |  | — |  |  | (8,510 | ) |  | (1,523 | ) |  | (354 | ) |  | (390 | ) |  | — |  |  | (10,777 | )
Equity income (loss) from unconsolidated JVs |  | — |  |  | (3,517 | ) |  | 778 |  |  | 462 |  |  | 224 |  |  | — |  |  | (2,053 | )
Discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 108,213 |  |  | 108,213 |
Net income (loss) |  | $ | 67,794 |  |  | $ | 10,753 |  |  | $ | 40,537 |  |  | $ | 26,649 |  |  | $ | 40,365 |  |  | $ | (32,059 | ) |  | $ | 154,039 |
_______________________________________
(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, net, the deferral of community fees, net of amortization, lease termination fees and non-refundable entrance fees as the fees are collected by the Company’s CCRC JV, net of CCRC JV entrance fee amortization.
For the nine months ended September 30, 2017:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 255,332 |  |  | $ | 391,684 |  |  | $ | 262,224 |  |  | $ | 357,381 |  |  | $ | 87,524 |  |  | $ | — |  |  | $ | 1,354,145 |
HCP share of unconsolidated JV revenues |  | — |  |  | 239,667 |  |  | 5,975 |  |  | 1,481 |  |  | 1,256 |  |  | — |  |  | 248,379 |
Operating expenses |  | (2,927 | ) |  | (267,226 | ) |  | (56,024 | ) |  | (137,930 | ) |  | (3,475 | ) |  | — |  |  | (467,582 | )
HCP share of unconsolidated JV operating expenses |  | — |  |  | (190,049 | ) |  | (1,234 | ) |  | (431 | ) |  | (58 | ) |  | — |  |  | (191,772 | )
NOI |  | 252,405 |  |  | 174,076 |  |  | 210,941 |  |  | 220,501 |  |  | 85,247 |  |  | — |  |  | 943,170 |
Adjustments to NOI(2) |  | (2,844 | ) |  | 12,229 |  |  | (1,094 | ) |  | (2,321 | ) |  | (3,164 | ) |  | — |  |  | 2,806 |
Adjusted NOI |  | 249,561 |  |  | 186,305 |  |  | 209,847 |  |  | 218,180 |  |  | 82,083 |  |  | — |  |  | 945,976 |
Addback adjustments |  | 2,844 |  |  | (12,229 | ) |  | 1,094 |  |  | 2,321 |  |  | 3,164 |  |  | — |  |  | (2,806 | )
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,974 |  |  | — |  |  | 50,974 |
Interest expense |  | (1,898 | ) |  | (6,950 | ) |  | (288 | ) |  | (382 | ) |  | (3,541 | ) |  | (222,775 | ) |  | (235,834 | )
Depreciation and amortization |  | (77,478 | ) |  | (75,657 | ) |  | (95,648 | ) |  | (127,261 | ) |  | (21,849 | ) |  | — |  |  | (397,893 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (67,287 | ) |  | (67,287 | )
Acquisition and pursuit costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,504 | ) |  | (2,504 | )
Recoveries (impairments), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (82,010 | ) |  | — |  |  | (82,010 | )
Gain (loss) on sales of real estate, net |  | 268,227 |  |  | 5,313 |  |  | 45,922 |  |  | (406 | ) |  | 3,796 |  |  | — |  |  | 322,852 |
Loss on debt extinguishments |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (54,227 | ) |  | (54,227 | )
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 40,723 |  |  | 40,723 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 14,630 |  |  | 14,630 |
Less: HCP share of unconsolidated JV NOI |  | — |  |  | (49,618 | ) |  | (4,741 | ) |  | (1,050 | ) |  | (1,198 | ) |  | — |  |  | (56,607 | )
Equity income (loss) from unconsolidated JVs |  | — |  |  | 683 |  |  | 2,322 |  |  | 846 |  |  | 720 |  |  | — |  |  | 4,571 |
Net income (loss) |  | $ | 441,256 |  |  | $ | 47,847 |  |  | $ | 158,508 |  |  | $ | 92,248 |  |  | $ | 32,139 |  |  | $ | (291,440 | ) |  | $ | 480,558 |
_______________________________________
(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, net, the deferral of community fees, net of amortization, lease termination fees and non-refundable entrance fees as the fees are collected by the Company’s CCRC JV, net of CCRC JV entrance fee amortization.
For the nine months ended September 30, 2016:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 319,989 |  |  | $ | 500,704 |  |  | $ | 269,994 |  |  | $ | 331,881 |  |  | $ | 95,483 |  |  | $ | — |  |  | $ | 1,518,051 |
HCP share of unconsolidated JV revenues |  | — |  |  | 152,424 |  |  | 5,628 |  |  | 1,503 |  |  | 1,224 |  |  | — |  |  | 160,779 |
Operating expenses |  | (5,521 | ) |  | (350,949 | ) |  | (53,191 | ) |  | (129,715 | ) |  | (3,375 | ) |  | — |  |  | (542,751 | )
HCP share of unconsolidated JV operating expenses |  | — |  |  | (125,244 | ) |  | (1,173 | ) |  | (452 | ) |  | (30 | ) |  | — |  |  | (126,899 | )
NOI |  | 314,468 |  |  | 176,935 |  |  | 221,258 |  |  | 203,217 |  |  | 93,302 |  |  | — |  |  | 1,009,180 |
Adjustments to NOI(2) |  | (8,464 | ) |  | 14,648 |  |  | (1,545 | ) |  | (2,361 | ) |  | (1,926 | ) |  | — |  |  | 352 |
Adjusted NOI |  | 306,004 |  |  | 191,583 |  |  | 219,713 |  |  | 200,856 |  |  | 91,376 |  |  | — |  |  | 1,009,532 |
Addback adjustments |  | 8,464 |  |  | (14,648 | ) |  | 1,545 |  |  | 2,361 |  |  | 1,926 |  |  | — |  |  | (352 | )
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 71,298 |  |  | — |  |  | 71,298 |
Interest expense |  | (8,859 | ) |  | (23,818 | ) |  | (1,904 | ) |  | (4,899 | ) |  | (7,067 | ) |  | (314,708 | ) |  | (361,255 | )
Depreciation and amortization |  | (101,737 | ) |  | (78,124 | ) |  | (97,640 | ) |  | (120,432 | ) |  | (23,248 | ) |  | — |  |  | (421,181 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (83,011 | ) |  | (83,011 | )
Acquisition and pursuit costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6,061 | ) |  | (6,061 | )
Gain (loss) on sales of real estate, net |  | 23,940 |  |  | — |  |  | 29,428 |  |  | 8,333 |  |  | 57,904 |  |  | — |  |  | 119,605 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,064 |  |  | 5,064 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,101 | ) |  | (1,101 | )
Less: HCP share of unconsolidated JV NOI |  | — |  |  | (27,180 | ) |  | (4,455 | ) |  | (1,051 | ) |  | (1,194 | ) |  | — |  |  | (33,880 | )
Equity income (loss) from unconsolidated JVs |  | — |  |  | (8,477 | ) |  | 2,263 |  |  | 1,541 |  |  | 645 |  |  | — |  |  | (4,028 | )
Discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 283,996 |  |  | 283,996 |
Net income (loss) |  | $ | 227,812 |  |  | $ | 39,336 |  |  | $ | 148,950 |  |  | $ | 86,709 |  |  | $ | 191,640 |  |  | $ | (115,821 | ) |  | $ | 578,626 |
_______________________________________
(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, net, the deferral of community fees, net of amortization, lease termination fees and non-refundable entrance fees as the fees are collected by the Company’s CCRC JV, net of CCRC JV entrance fee amortization.
Reconciliation of Company's Revenues by Segment | The following table summarizes the Company’s revenues by segment (in thousands):
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
Segment |  | 2017 |  | 2016 |  | 2017 |  | 2016
Senior housing triple-net |  | $ | 77,220 |  |  | $ | 104,262 |  |  | $ | 255,332 |  |  | $ | 319,989 |
SHOP |  | 126,040 |  |  | 170,739 |  |  | 391,684 |  |  | 500,704 |
Life science |  | 90,174 |  |  | 90,847 |  |  | 262,224 |  |  | 269,994 |
Medical office |  | 119,847 |  |  | 113,653 |  |  | 357,381 |  |  | 331,881 |
Other non-reportable segments |  | 40,742 |  |  | 51,056 |  |  | 138,498 |  |  | 166,781 |
Total revenues |  | $ | 454,023 |  |  | $ | 530,557 |  |  | $ | 1,405,119 |  |  | $ | 1,589,349 |

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