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Segment Disclosures (Tables) | 12 Months Ended
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Dec. 31, 2019
Segment Reporting [Abstract] |
Summary financial information of reportable segment | The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2019:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Real estate revenues(1) |  | $ | 199,441 |  |  | $ | 725,171 |  |  | $ | 440,784 |  |  | $ | 571,530 |  |  | $ | 50,613 |  |  | $ | — |  |  | $ | 1,987,539 |
Operating expenses |  | (4,565 | ) |  | (565,713 | ) |  | (107,472 | ) |  | (201,538 | ) |  | (82 | ) |  | — |  |  | (879,370 | )
NOI |  | 194,876 |  |  | 159,458 |  |  | 333,312 |  |  | 369,992 |  |  | 50,531 |  |  | — |  |  | 1,108,169 |
Adjustments to NOI(2) |  | 2,725 |  |  | 2,872 |  |  | (22,120 | ) |  | (5,877 | ) |  | 1,342 |  |  | — |  |  | (21,058 | )
Adjusted NOI |  | 197,601 |  |  | 162,330 |  |  | 311,192 |  |  | 364,115 |  |  | 51,873 |  |  | — |  |  | 1,087,111 |
Addback adjustments |  | (2,725 | ) |  | (2,872 | ) |  | 22,120 |  |  | 5,877 |  |  | (1,342 | ) |  | — |  |  | 21,058 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,844 |  |  | — |  |  | 9,844 |
Interest expense |  | (1,003 | ) |  | (7,519 | ) |  | (277 | ) |  | (434 | ) |  | — |  |  | (216,386 | ) |  | (225,619 | )
Depreciation and amortization |  | (55,361 | ) |  | (214,590 | ) |  | (168,339 | ) |  | (214,669 | ) |  | (7,030 | ) |  | — |  |  | (659,989 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (92,966 | ) |  | (92,966 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,743 | ) |  | (8,743 | )
Recoveries (impairments), net |  | (43,859 | ) |  | (164,369 | ) |  | — |  |  | (17,332 | ) |  | (377 | ) |  | — |  |  | (225,937 | )
Gain (loss) on sales of real estate, net |  | 3,557 |  |  | 19,384 |  |  | 3,651 |  |  | 3,139 |  |  | (6,831 | ) |  | — |  |  | 22,900 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (58,364 | ) |  | (58,364 | )
Other income (expense), net |  | — |  |  | 160,886 |  |  | — |  |  | — |  |  | 8,137 |  |  | 13,106 |  |  | 182,129 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,262 |  |  | 17,262 |
Equity income (loss) from unconsolidated joint ventures |  | — |  |  | — |  |  | — |  |  | — |  |  | (8,625 | ) |  | — |  |  | (8,625 | )
Net income (loss) |  | $ | 98,210 |  |  | $ | (46,750 | ) |  | $ | 168,347 |  |  | $ | 140,696 |  |  | $ | 45,649 |  |  | $ | (346,091 | ) |  | $ | 60,061 |
_______________________________________
(1) | Represents rental and related revenues, resident fees and services, and income from DFLs.
(2) | Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees.
For the year ended December 31, 2018:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Real estate revenues(1) |  | $ | 276,091 |  |  | $ | 547,976 |  |  | $ | 395,064 |  |  | $ | 547,375 |  |  | $ | 69,777 |  |  | $ | — |  |  | $ | 1,836,283 |
Operating expenses |  | (3,618 | ) |  | (414,312 | ) |  | (91,742 | ) |  | (195,100 | ) |  | (266 | ) |  | — |  |  | (705,038 | )
NOI |  | 272,473 |  |  | 133,664 |  |  | 303,322 |  |  | 352,275 |  |  | 69,511 |  |  | — |  |  | 1,131,245 |
Adjustments to NOI(2) |  | 2,127 |  |  | 2,875 |  |  | (9,589 | ) |  | (6,690 | ) |  | (627 | ) |  | — |  |  | (11,904 | )
Adjusted NOI |  | 274,600 |  |  | 136,539 |  |  | 293,733 |  |  | 345,585 |  |  | 68,884 |  |  | — |  |  | 1,119,341 |
Addback adjustments |  | (2,127 | ) |  | (2,875 | ) |  | 9,589 |  |  | 6,690 |  |  | 627 |  |  | — |  |  | 11,904 |
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,406 |  |  | — |  |  | 10,406 |
Interest expense |  | (2,404 | ) |  | (2,725 | ) |  | (316 | ) |  | (474 | ) |  | (1,469 | ) |  | (258,955 | ) |  | (266,343 | )
Depreciation and amortization |  | (79,605 | ) |  | (104,405 | ) |  | (140,480 | ) |  | (200,430 | ) |  | (24,579 | ) |  | — |  |  | (549,499 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (96,702 | ) |  | (96,702 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (10,772 | ) |  | (10,772 | )
Recoveries (impairments), net |  | — |  |  | (44,343 | ) |  | (7,639 | ) |  | — |  |  | (3,278 | ) |  | — |  |  | (55,260 | )
Gain (loss) on sales of real estate, net |  | 641 |  |  | 93,977 |  |  | 806,184 |  |  | 4,428 |  |  | 20,755 |  |  | — |  |  | 925,985 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (44,162 | ) |  | (44,162 | )
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,605 |  |  | 3,711 |  |  | 13,316 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 17,854 |  |  | 17,854 |
Equity income (loss) from unconsolidated joint ventures |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,594 | ) |  | — |  |  | (2,594 | )
Net income (loss) |  | $ | 191,105 |  |  | $ | 76,168 |  |  | $ | 961,071 |  |  | $ | 155,799 |  |  | $ | 78,357 |  |  | $ | (389,026 | ) |  | $ | 1,073,474 |
_______________________________________
(1) | Represents rental and related revenues, resident fees and services, and income from DFLs.
(2) | Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees.
For the year ended December 31, 2017:
|  | Senior Housing Triple-Net |  | SHOP |  | Life Science |  | Medical Office |  | Other Non-reportable |  | Corporate Non-segment |  | Total
Real estate revenues(1) |  | $ | 313,547 |  |  | $ | 525,473 |  |  | $ | 358,816 |  |  | $ | 512,385 |  |  | $ | 81,920 |  |  | $ | — |  |  | $ | 1,792,141 |
Operating expenses |  | (3,819 | ) |  | (396,491 | ) |  | (78,001 | ) |  | (187,688 | ) |  | (252 | ) |  | — |  |  | (666,251 | )
NOI |  | 309,728 |  |  | 128,982 |  |  | 280,815 |  |  | 324,697 |  |  | 81,668 |  |  | — |  |  | 1,125,890 |
Adjustments to NOI(2) |  | 17,098 |  |  | 33,227 |  |  | (4,517 | ) |  | (5,405 | ) |  | (1,993 | ) |  | — |  |  | 38,410 |
Adjusted NOI |  | 326,826 |  |  | 162,209 |  |  | 276,298 |  |  | 319,292 |  |  | 79,675 |  |  | — |  |  | 1,164,300 |
Addback adjustments |  | (17,098 | ) |  | (33,227 | ) |  | 4,517 |  |  | 5,405 |  |  | 1,993 |  |  | — |  |  | (38,410 | )
Interest income |  | — |  |  | — |  |  | — |  |  | — |  |  | 56,237 |  |  | — |  |  | 56,237 |
Interest expense |  | (2,518 | ) |  | (7,920 | ) |  | (373 | ) |  | (506 | ) |  | (4,230 | ) |  | (292,169 | ) |  | (307,716 | )
Depreciation and amortization |  | (103,820 | ) |  | (103,162 | ) |  | (128,864 | ) |  | (176,507 | ) |  | (22,373 | ) |  | — |  |  | (534,726 | )
General and administrative |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (88,772 | ) |  | (88,772 | )
Transaction costs |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (7,963 | ) |  | (7,963 | )
Recoveries (impairments), net |  | (22,590 | ) |  | — |  |  | — |  |  | — |  |  | (143,794 | ) |  | — |  |  | (166,384 | )
Gain (loss) on sales of real estate, net |  | 280,349 |  |  | 17,485 |  |  | 45,916 |  |  | 9,095 |  |  | 3,796 |  |  | — |  |  | 356,641 |
Loss on debt extinguishment |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (54,227 | ) |  | (54,227 | )
Other income (expense), net |  | — |  |  | — |  |  | — |  |  | — |  |  | 50,895 |  |  | (19,475 | ) |  | 31,420 |
Income tax benefit (expense) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,333 |  |  | 1,333 |
Equity income (loss) from unconsolidated joint ventures |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,901 |  |  | — |  |  | 10,901 |
Discontinued operations |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Net income (loss) |  | $ | 461,149 |  |  | $ | 35,385 |  |  | $ | 197,494 |  |  | $ | 156,779 |  |  | $ | 33,100 |  |  | $ | (461,273 | ) |  | $ | 422,634 |
_______________________________________
(1) | Represents rental and related revenues, resident fees and services, and income from DFLs.
(2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees.
Summary of reconciliation of company's revenues to total revenues | The following table summarizes the Company’s revenues by segment (in thousands):
|  | Year Ended
|  | December 31,
Segments |  | 2019 |  | 2018 |  | 2017
Senior housing triple-net |  | $ | 199,441 |  |  | $ | 276,091 |  |  | $ | 313,547 |
SHOP |  | 725,171 |  |  | 547,976 |  |  | 525,473 |
Life science |  | 440,784 |  |  | 395,064 |  |  | 358,816 |
Medical office |  | 571,530 |  |  | 547,375 |  |  | 512,385 |
Other non-reportable segments |  | 60,457 |  |  | 80,183 |  |  | 138,157 |
Total revenues |  | $ | 1,997,383 |  |  | $ | 1,846,689 |  |  | $ | 1,848,378 |
Summary of reconciliation of company's assets to total assets | The following table summarizes the Company’s total assets by segment (in thousands):
|  | December 31,
Segment |  | 2019 |  | 2018
Senior housing triple-net |  | $ | 1,012,443 |  |  | $ | 2,965,679 |
SHOP |  | 2,969,871 |  |  | 2,173,795 |
Life science |  | 5,688,659 |  |  | 4,303,471 |
Medical office |  | 4,761,357 |  |  | 4,603,794 |
Reportable segment assets |  | 14,432,330 |  |  | 14,046,739 |
Accumulated depreciation and amortization |  | (2,966,987 | ) |  | (2,997,012 | )
Net reportable segment assets |  | 11,465,343 |  |  | 11,049,727 |
Other non-reportable segment assets |  | 1,233,752 |  |  | 847,921 |
Assets held for sale, net |  | 504,394 |  |  | 108,086 |
Other non-segment assets |  | 829,402 |  |  | 712,819 |
Total assets |  | $ | 14,032,891 |  |  | $ | 12,718,553 |

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