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Real Estate (Tables) | 12 Months Ended
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Dec. 31, 2018
Real Estate [Abstract] |
Schedule of Components of Real Estates | Depreciation—Real estate held for investment, other than land, are depreciated on a straight-line basis over the estimated useful lives of the assets, as follows:
Real Estate Assets |  | Term
Building (fee interest) |  | 5 to 51 years
Building leasehold interests |  | Lesser of remaining term of the lease or remaining life of the building
Building improvements |  | Lesser of useful life or remaining life of the building
Land improvements |  | 6 to 20 years
Tenant improvements |  | Lesser of useful life or remaining term of the lease
Furniture, fixtures and equipment |  | 3 to 20 years
The Company's real estate held for investment was as follows:
(In thousands) |  | December 31, 2018 |  | December 31, 2017
Land |  | $ | 1,950,412 |  |  | $ | 2,011,794 |
Buildings and improvements |  | 11,895,642 |  |  | 12,403,794 |
Tenant improvements |  | 163,397 |  |  | 134,709 |
Furniture, fixtures and equipment |  | 389,969 |  |  | 383,855 |
Construction in progress |  | 155,511 |  |  | 108,403 |
|  | 14,554,931 |  |  | 15,042,555 |
Less: Accumulated depreciation |  | (935,917 | ) |  | (578,297 | )
Real estate assets, net |  | $ | 13,619,014 |  |  | $ | 14,464,258 |
Schedule of Proceeds From Sales of Real Estate | Results from sales of real estate were as follows:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Proceeds from sales of real estate |  | $ | 864,347 |  |  | $ | 1,607,806 |  |  | $ | 390,943 |
Gain on sale of real estate |  | 167,231 |  |  | 137,370 |  |  | 73,616 |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The following table summarizes the Company's real estate acquisitions, excluding real estate acquired as part of business combinations discussed in Note 3.
($ in thousands) |  |  |  |  |  | Purchase Price Allocation (1)
| Acquisition Date |  | Property Type and Location |  | Number of Buildings |  | Purchase Price (1) |  | Land and Improvements |  | Building and Improvements |  | Lease Intangible Assets |  | Lease Intangible Liabilities
Year Ended December 31, 2018 |  |  |  |  |  |  |  |  |  |
Asset Acquisitions(2) |  |  |  |  |  |  |  |  |  |  |  |
| September |  | Healthcare—United Kingdom(3) |  | 1 |  | $ | 24,444 |  |  | $ | 10,506 |  |  | $ | 12,458 |  |  | $ | 1,480 |  |  | $ | — |
| November |  | Office and Industrial—France |  | 220 |  | 478,844 |  |  | 125,949 |  |  | 314,661 |  |  | 38,234 |  |  | — |
| Various |  | Industrial—Various in U.S.(4) |  | 40 |  | 569,442 |  |  | 131,334 |  |  | 412,900 |  |  | 30,183 |  |  | (4,975 | )
|  |  |  |  |  |  | $ | 1,072,730 |  |  | $ | 267,789 |  |  | $ | 740,019 |  |  | $ | 69,897 |  |  | $ | (4,975 | )
Year Ended Ended December 31, 2017 |  |  |  |  |  |  |  |  |  |
Asset Acquisitions |  |  |  |  |  |  |  |  |  |  |  |
| January |  | Industrial—Spain |  | 2 |  | $ | 10,374 |  |  | $ | 3,855 |  |  | $ | 5,564 |  |  | $ | 955 |  |  | $ | — |
| June |  | Office—Los Angeles, CA (5) |  | 1 |  | 455,699 |  |  | 93,577 |  |  | 314,590 |  |  | 50,518 |  |  | (2,986 | )
| Various |  | Industrial—Various in U.S. |  | 55 |  | 636,690 |  |  | 137,005 |  |  | 472,747 |  |  | 31,512 |  |  | (4,574 | )
|  |  |  |  |  |  | $ | 1,102,763 |  |  | $ | 234,437 |  |  | $ | 792,901 |  |  | $ | 82,985 |  |  | $ | (7,560 | )
($ in thousands) |  |  |  |  |  | Purchase Price Allocation (1)
| Acquisition Date |  | Property Type and Location |  | Number of Buildings |  | Purchase Price (1) |  | Land and Improvements |  | Building and Improvements |  | Lease Intangible Assets |  | Lease Intangible Liabilities
Year Ended Ended December 31, 2016 |  |  |  |  |  |  |  |  |  |
Business Combinations (6) |  |  |  |  |  |  |  |  |  |  |  |
| January |  | Industrial—Spain |  | 23 |  | $ | 94,403 |  |  | $ | 33,265 |  |  | $ | 56,585 |  |  | $ | 5,318 |  |  | $ | (765 | )
| April |  | Industrial—Massachusetts, U.S. |  | 1 |  | 34,900 |  |  | 5,235 |  |  | 27,731 |  |  | 1,934 |  |  | — |
| May |  | Office—France |  | 1 |  | 18,203 |  |  | 14,150 |  |  | 3,815 |  |  | 388 |  |  | (150 | )
| Various |  | Industrial—Various in U.S. |  | 18 |  | 201,635 |  |  | 36,974 |  |  | 151,689 |  |  | 16,063 |  |  | (3,091 | )
Asset Acquisitions |  |  |  |  |  |  |  |  |  |  |  |
| Various |  | Industrial—Various in U.S. |  | 12 |  | 113,200 |  |  | 20,749 |  |  | 84,724 |  |  | 8,398 |  |  | (671 | )
|  |  |  |  |  |  | $ | 462,341 |  |  | $ | 110,373 |  |  | $ | 324,544 |  |  | $ | 32,101 |  |  | $ | (4,677 | )
__________
(1) | Dollar amounts of purchase price and allocation to assets acquired and liabilities assumed are translated using foreign exchange rates as of the respective dates of acquisition, where applicable.
(2) | Useful life of real estate acquired in 2018 is 5 to 51 years for buildings, 6 to 14 years for site improvements and 4 months (based on remaining lease terms) to 10 years for both tenant improvements and lease intangibles.
(3) | Net leased senior housing acquired pursuant to a purchase option under the Company's development facility to the healthcare operator at a purchase price equivalent to the outstanding loan balance.
(4) | Includes acquisition of $13.1 million of land for co-development with operating partners.
(5) | In September 2017, 90% of equity in the property holding entity was syndicated to third party investors. The new equity partners were granted certain participation rights in the business, resulting in a deconsolidation of the investment. The interest retained by the Company is reflected as an equity method investment.
Schedule of Components of Property Operating Income | The components of property operating income were as follows:
|  | Year Ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Rental income |  | $ | 623,785 |  |  | $ | 672,292 |  |  | $ | 276,404 |
Tenant reimbursements |  | 143,759 |  |  | 138,433 |  |  | 65,657 |
Resident fee income (1) |  | 275,911 |  |  | 286,818 |  |  | — |
Hotel operating income |  | 1,204,285 |  |  | 1,016,294 |  |  | 29,021 |
|  | $ | 2,247,740 |  |  | $ | 2,113,837 |  |  | $ | 371,082 |
__________
(1) | Healthcare properties that operate through management agreements with independent third-party operators through structures permitted by the REIT Investment Diversification and Empowerment Act of 2007 (“RIDEA”) allow us, through a TRS, to have direct exposure to resident fee income and incur customary related operating expenses.
Schedule Of Future Minimum Rental Payments Receivable For Operating Leases | The Company has operating leases with tenants that expire at various dates through 2061. Future contractual minimum rental payments to be received under noncancelable operating leases for real estate held for investment as of December 31, 2018 are as follows.
Year Ending December 31, |  | (In thousands)
2019 |  | $ | 495,765 |
2020 |  | 464,229 |
2021 |  | 413,416 |
2022 |  | 372,432 |
2023 |  | 327,836 |
2024 and thereafter |  | 1,123,879 |
Total (1) |  | $ | 3,197,557 |
__________
(1) | Excludes hotel operating income and rents from short-term leases.
Schedule of Future Minimum Rental Payments | At December 31, 2018, future minimum rental payments on noncancelable ground leases, excluding any contingent rent payments, on real estate held for investment were as follows.
Year Ending December 31, |  | (In thousands)
2019 |  | $ | 5,236 |
2020 |  | 5,318 |
2021 |  | 5,487 |
2022 |  | 5,877 |
2023 |  | 5,821 |
2024 and thereafter |  | 89,276 |
Total |  | $ | 117,015 |
Future contractual minimum rental payments for office leases at December 31, 2018 are as follows:
Year Ending December 31, |  | (In thousands)
2019 |  | $ | 9,380 |
2020 |  | 9,007 |
2021 |  | 8,617 |
2022 |  | 7,602 |
2023 |  | 7,045 |
2024 and thereafter |  | 29,615 |
Total |  | $ | 71,266 |

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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=84161108&loc=d3e4845-128472 + Details
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