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Segment Disclosures (Tables) | 6 Months Ended
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Jun. 30, 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 June 30, 2018:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 70,713 |  |  | $ | 138,352 |  |  | $ | 101,031 |  |  | $ | 125,246 |  |  | $ | 32,762 |  |  | $ | — |  |  | $ | 468,104 |
Operating expenses |  | (791 | ) |  | (101,767 | ) |  | (22,732 | ) |  | (47,271 | ) |  | (1,305 | ) |  | — |  |  | (173,866 | )
NOI |  | 69,922 |  |  | 36,585 |  |  | 78,299 |  |  | 77,975 |  |  | 31,457 |  |  | — |  |  | 294,238 |
Adjustments to NOI(2) |  | 1,006 |  |  | (124 | ) |  | (2,233 | ) |  | (993 | ) |  | (1,318 | ) |  | — |  |  | (3,662 | )
Adjusted NOI |  | 70,928 |  |  | 36,461 |  |  | 76,066 |  |  | 76,982 |  |  | 30,139 |  |  | — |  |  | 290,576 |
Addback adjustments |  | (1,006 | ) |  | 124 |  |  | 2,233 |  |  | 993 |  |  | 1,318 |  |  | — |  |  | 3,662 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,447 |  |  | — |  |  | 1,447 |
Interest expense |  | (607 | ) |  | (990 | ) |  | (80 | ) |  | (119 | ) |  | (742 | ) |  | (70,500 | ) |  | (73,038 | )
Depreciation and amortization |  | (21,251 | ) |  | (28,002 | ) |  | (35,269 | ) |  | (46,419 | ) |  | (12,351 | ) |  | — |  |  | (143,292 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (22,514 | ) |  | (22,514 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,404 | ) |  | (2,404 | )
Recoveries (impairments), net |  | (6,273 | ) |  | — |  |  | (7,639 | ) |  | — |  |  | — |  |  | — |  |  | (13,912 | )
Gain (loss) on sales of real estate, net |  | (23,039 | ) |  | 48,252 |  |  | — |  |  | — |  |  | 20,851 |  |  | — |  |  | 46,064 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,786 |  |  | 1,786 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 4,654 |  |  | 4,654 |
Equity income (loss) from unconsolidated JVs |  | — |  |  | — |  |  | — |  |  | — |  |  | (101 | ) |  | — |  |  | (101 | )
Net income (loss) |  | $ | 18,752 |  |  | $ | 55,845 |  |  | $ | 35,311 |  |  | $ | 31,437 |  |  | $ | 40,561 |  |  | $ | (88,978 | ) |  | $ | 92,928 |
_______________________________________
(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 June 30, 2017:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 78,079 |  |  | $ | 125,416 |  |  | $ | 86,730 |  |  | $ | 119,164 |  |  | $ | 28,670 |  |  | $ | — |  |  | $ | 438,059 |
Operating expenses |  | (882 | ) |  | (85,866 | ) |  | (18,744 | ) |  | (46,581 | ) |  | (1,090 | ) |  | — |  |  | (153,163 | )
NOI |  | 77,197 |  |  | 39,550 |  |  | 67,986 |  |  | 72,583 |  |  | 27,580 |  |  | — |  |  | 284,896 |
Adjustments to NOI(2) |  | (406 | ) |  | 12 |  |  | (123 | ) |  | (763 | ) |  | (864 | ) |  | — |  |  | (2,144 | )
Adjusted NOI |  | 76,791 |  |  | 39,562 |  |  | 67,863 |  |  | 71,820 |  |  | 26,716 |  |  | — |  |  | 282,752 |
Addback adjustments |  | 406 |  |  | (12 | ) |  | 123 |  |  | 763 |  |  | 864 |  |  | — |  |  | 2,144 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 20,869 |  |  | — |  |  | 20,869 |
Interest expense |  | (631 | ) |  | (1,166 | ) |  | (96 | ) |  | (127 | ) |  | (1,181 | ) |  | (74,587 | ) |  | (77,788 | )
Depreciation and amortization |  | (25,519 | ) |  | (24,415 | ) |  | (31,004 | ) |  | (42,488 | ) |  | (7,325 | ) |  | — |  |  | (130,751 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (21,286 | ) |  | (21,286 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (867 | ) |  | (867 | )
Recoveries (impairments), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (56,682 | ) |  | — |  |  | (56,682 | )
Gain (loss) on sales of real estate, net |  | (230 | ) |  | (232 | ) |  | 1,280 |  |  | (406 | ) |  | — |  |  | — |  |  | 412 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 71 |  |  | 71 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 2,987 |  |  | 2,987 |
Equity income (loss) from unconsolidated JVs |  | — |  |  | — |  |  | — |  |  | — |  |  | 240 |  |  | — |  |  | 240 |
Net income (loss) |  | $ | 50,817 |  |  | $ | 13,737 |  |  | $ | 38,166 |  |  | $ | 29,562 |  |  | $ | (16,499 | ) |  | $ | (93,682 | ) |  | $ | 22,101 |
_______________________________________
(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 six months ended June 30, 2018:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 145,003 |  |  | $ | 283,022 |  |  | $ | 200,653 |  |  | $ | 249,180 |  |  | $ | 63,078 |  |  | $ | — |  |  | $ | 940,936 |
Operating expenses |  | (1,837 | ) |  | (203,513 | ) |  | (44,541 | ) |  | (93,967 | ) |  | (2,560 | ) |  | — |  |  | (346,418 | )
NOI |  | 143,166 |  |  | 79,509 |  |  | 156,112 |  |  | 155,213 |  |  | 60,518 |  |  | — |  |  | 594,518 |
Adjustments to NOI(2) |  | (858 | ) |  | (1,732 | ) |  | (5,984 | ) |  | (2,064 | ) |  | (2,711 | ) |  | — |  |  | (13,349 | )
Adjusted NOI |  | 142,308 |  |  | 77,777 |  |  | 150,128 |  |  | 153,149 |  |  | 57,807 |  |  | — |  |  | 581,169 |
Addback adjustments |  | 858 |  |  | 1,732 |  |  | 5,984 |  |  | 2,064 |  |  | 2,711 |  |  | — |  |  | 13,349 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 7,812 |  |  | — |  |  | 7,812 |
Interest expense |  | (1,207 | ) |  | (1,979 | ) |  | (162 | ) |  | (239 | ) |  | (1,469 | ) |  | (143,084 | ) |  | (148,140 | )
Depreciation and amortization |  | (43,157 | ) |  | (55,630 | ) |  | (71,350 | ) |  | (91,937 | ) |  | (24,468 | ) |  | — |  |  | (286,542 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (51,689 | ) |  | (51,689 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4,599 | ) |  | (4,599 | )
Recoveries (impairments), net |  | (6,273 | ) |  | — |  |  | (7,639 | ) |  | — |  |  | — |  |  | — |  |  | (13,912 | )
Gain (loss) on sales of real estate, net |  | (23,039 | ) |  | 69,067 |  |  | — |  |  | — |  |  | 20,851 |  |  | — |  |  | 66,879 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (40,567 | ) |  | 1,946 |  |  | (38,621 | )
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,990 |  |  | 9,990 |
Equity income (loss) from unconsolidated JVs |  | — |  |  | — |  |  | — |  |  | — |  |  | 469 |  |  | — |  |  | 469 |
Net income (loss) |  | $ | 69,490 |  |  | $ | 90,967 |  |  | $ | 76,961 |  |  | $ | 63,037 |  |  | $ | 23,146 |  |  | $ | (187,436 | ) |  | $ | 136,165 |
_______________________________________
(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 six months ended June 30, 2017:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Rental revenues(1) |  | $ | 178,112 |  |  | $ | 265,644 |  |  | $ | 172,050 |  |  | $ | 237,535 |  |  | $ | 58,555 |  |  | $ | — |  |  | 911,896 |
Operating expenses |  | (1,993 | ) |  | (180,405 | ) |  | (36,064 | ) |  | (91,444 | ) |  | (2,338 | ) |  | — |  |  | (312,244 | )
NOI |  | 176,119 |  |  | 85,239 |  |  | 135,986 |  |  | 146,091 |  |  | 56,217 |  |  | — |  |  | 599,652 |
Adjustments to NOI(2) |  | (2,245 | ) |  | (299 | ) |  | (426 | ) |  | (1,726 | ) |  | (1,879 | ) |  | — |  |  | (6,575 | )
Adjusted NOI |  | 173,874 |  |  | 84,940 |  |  | 135,560 |  |  | 144,365 |  |  | 54,338 |  |  | — |  |  | 593,077 |
Addback adjustments |  | 2,245 |  |  | 299 |  |  | 426 |  |  | 1,726 |  |  | 1,879 |  |  | — |  |  | 6,575 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 39,200 |  |  | — |  |  | 39,200 |
Interest expense |  | (1,258 | ) |  | (6,017 | ) |  | (200 | ) |  | (256 | ) |  | (2,923 | ) |  | (153,852 | ) |  | (164,506 | )
Depreciation and amortization |  | (51,930 | ) |  | (50,773 | ) |  | (64,795 | ) |  | (85,217 | ) |  | (14,590 | ) |  | — |  |  | (267,305 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (43,764 | ) |  | (43,764 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,924 | ) |  | (1,924 | )
Recoveries (impairments), net |  | — |  |  | — |  |  | — |  |  | — |  |  | (56,682 | ) |  | — |  |  | (56,682 | )
Gain (loss) on sales of real estate, net |  | 268,234 |  |  | 134 |  |  | 45,913 |  |  | (406 | ) |  | 3,795 |  |  | — |  |  | 317,670 |
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,895 |  |  | 384 |  |  | 51,279 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,149 |  |  | 9,149 |
Equity income (loss) from unconsolidated JVs |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,509 |  |  | — |  |  | 3,509 |
Net income (loss) |  | $ | 391,165 |  |  | $ | 28,583 |  |  | $ | 116,904 |  |  | $ | 60,212 |  |  | $ | 79,421 |  |  | $ | (190,007 | ) |  | $ | 486,278 |
_______________________________________
(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 June 30, |  | Six Months Ended June 30,
Segment |  | 2018 |  | 2017 |  | 2018 |  | 2017
Senior housing triple-net |  | $ | 70,713 |  |  | $ | 78,079 |  |  | $ | 145,003 |  |  | $ | 178,112 |
SHOP |  | 138,352 |  |  | 125,416 |  |  | 283,022 |  |  | 265,644 |
Life science |  | 101,031 |  |  | 86,730 |  |  | 200,653 |  |  | 172,050 |
Medical office |  | 125,246 |  |  | 119,164 |  |  | 249,180 |  |  | 237,535 |
Other non-reportable segments |  | 34,209 |  |  | 49,539 |  |  | 70,890 |  |  | 97,755 |
Total revenues |  | $ | 469,551 |  |  | $ | 458,928 |  |  | $ | 948,748 |  |  | $ | 951,096 |

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