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Segment Disclosures (Tables) | 3 Months Ended
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Mar. 31, 2018
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 March 31, 2018:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 74,289 |  |  | $ | 144,670 |  |  | $ | 99,622 |  |  | $ | 123,935 |  |  | $ | 30,316 |  |  | $ | — |  |  | $ | 472,832 |
Operating expenses |  | (1,045 | ) |  | (101,746 | ) |  | (21,809 | ) |  | (46,696 | ) |  | (1,256 | ) |  | — |  |  | (172,552 | )
NOI |  | 73,244 |  |  | 42,924 |  |  | 77,813 |  |  | 77,239 |  |  | 29,060 |  |  | — |  |  | 300,280 |
Adjustments to NOI(2) |  | (1,865 | ) |  | (1,607 | ) |  | (3,751 | ) |  | (1,071 | ) |  | (1,392 | ) |  | — |  |  | (9,686 | )
Adjusted NOI |  | 71,379 |  |  | 41,317 |  |  | 74,062 |  |  | 76,168 |  |  | 27,668 |  |  | — |  |  | 290,594 |
Addback adjustments |  | 1,865 |  |  | 1,607 |  |  | 3,751 |  |  | 1,071 |  |  | 1,392 |  |  | — |  |  | 9,686 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,365 |  |  | — |  |  | 6,365 |
Interest expense |  | (600 | ) |  | (988 | ) |  | (83 | ) |  | (120 | ) |  | (728 | ) |  | (72,583 | ) |  | (75,102 | )
Depreciation and amortization |  | (21,906 | ) |  | (27,628 | ) |  | (36,080 | ) |  | (45,519 | ) |  | (12,117 | ) |  | — |  |  | (143,250 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (29,175 | ) |  | (29,175 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,195 | ) |  | (2,195 | )
Gain (loss) on sales of real estate, net |  | — |  |  | 20,815 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,815 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (40,567 | ) |  | 160 |  |  | (40,407 | )
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 5,336 |  |  | 5,336 |
Equity income (loss) from unconsolidated JVs |  | — |  |  | — |  |  | — |  |  | — |  |  | 570 |  |  | — |  |  | 570 |
Net income (loss) |  | $ | 50,738 |  |  | $ | 35,123 |  |  | $ | 41,650 |  |  | $ | 31,600 |  |  | $ | (17,417 | ) |  | $ | (98,457 | ) |  | $ | 43,237 |
_______________________________________
(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, deferral of community fees, net and termination fees.
For the three months ended March 31, 2017:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 100,034 |  |  | $ | 140,228 |  |  | $ | 85,321 |  |  | $ | 118,371 |  |  | $ | 29,883 |  |  | $ | — |  |  | $ | 473,837 |
Operating expenses |  | (1,111 | ) |  | (94,539 | ) |  | (17,319 | ) |  | (44,864 | ) |  | (1,248 | ) |  | — |  |  | (159,081 | )
NOI |  | 98,923 |  |  | 45,689 |  |  | 68,002 |  |  | 73,507 |  |  | 28,635 |  |  | — |  |  | 314,756 |
Adjustments to NOI(2) |  | (1,839 | ) |  | (310 | ) |  | (305 | ) |  | (961 | ) |  | (1,012 | ) |  | — |  |  | (4,427 | )
Adjusted NOI |  | 97,084 |  |  | 45,379 |  |  | 67,697 |  |  | 72,546 |  |  | 27,623 |  |  | — |  |  | 310,329 |
Addback adjustments |  | 1,839 |  |  | 310 |  |  | 305 |  |  | 961 |  |  | 1,012 |  |  | — |  |  | 4,427 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 18,331 |  |  | — |  |  | 18,331 |
Interest expense |  | (627 | ) |  | (4,596 | ) |  | (104 | ) |  | (129 | ) |  | (1,997 | ) |  | (79,265 | ) |  | (86,718 | )
Depreciation and amortization |  | (26,411 | ) |  | (26,358 | ) |  | (33,791 | ) |  | (42,729 | ) |  | (7,265 | ) |  | — |  |  | (136,554 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,478 | ) |  | (22,478 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,057 | ) |  | (1,057 | )
Gain (loss) on sales of real estate, net |  | 268,464 |  |  | 366 |  |  | 44,633 |  |  | — |  |  | 3,795 |  |  | — |  |  | 317,258 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,895 |  |  | 313 |  |  | 51,208 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 6,162 |  |  | 6,162 |
Equity income (loss) from unconsolidated JVs |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,269 |  |  | — |  |  | 3,269 |
Net income (loss) |  | $ | 340,349 |  |  | $ | 15,101 |  |  | $ | 78,740 |  |  | $ | 30,649 |  |  | $ | 95,663 |  |  | $ | (96,325 | ) |  | $ | 464,177 |
_______________________________________
(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, deferral of community fees, net and termination fees.
Reconciliation of Company's Revenues by Segment | The following table summarizes the Company’s revenues by segment (in thousands):
|  | Three Months Ended March 31,
Segment |  | 2018 |  | 2017
Senior housing triple-net |  | $ | 74,289 |  |  | $ | 100,034 |
SHOP |  | 144,670 |  |  | 140,228 |
Life science |  | 99,622 |  |  | 85,321 |
Medical office |  | 123,935 |  |  | 118,371 |
Other non-reportable segments |  | 36,681 |  |  | 48,214 |
Total revenues |  | $ | 479,197 |  |  | $ | 492,168 |

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