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Segment Reporting | 9 Months Ended
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Sep. 30, 2011
Segment Reporting |
Segment Reporting |
Note 10. Segment Reporting We have two reportable operating segments: (i) short term and long term residential care communities that offer dining for residents and (ii) properties where medical related activities occur but where residential overnight stays or dining services are not provided, or MOBs. Properties in the short term and long term residential care communities segment include leased and managed independent living communities, assisted living communities, skilled nursing facilities and rehabilitation hospitals. We earn rental income from the tenants of our leased communities and we earn fees and services from the residents of our Managed Communities. We acquired our Managed Communities beginning in June 2011. Properties in the MOB segment include office, clinic and biotech laboratory buildings. The “All Other Operations” category in the following table includes amounts related to corporate business activities and the operating results of certain properties that offer fitness, wellness and spa services to members.
|  | For the Three Months Ended September 30, 2011 |
|  | Short and Long Term Residential Care Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |
Rental income |  | $ | 58,391 |  | $ | 39,716 |  | $ | 4,439 |  | $ | 102,546 |
Residents fees and services |  | 10,731 |  | — |  | — |  | 10,731 |
Total revenues |  | 69,122 |  | 39,716 |  | 4,439 |  | 113,277 |
Expenses: |  |  |  |  |  |  |  |  |
Depreciation expense |  | 18,369 |  | 9,507 |  | 948 |  | 28,824 |
Property operating expenses |  | 8,603 |  | 11,151 |  | — |  | 19,754 |
General and administrative |  | — |  | — |  | 6,608 |  | 6,608 |
Acquisition related costs |  | — |  | — |  | 2,620 |  | 2,620 |
Impairment of assets |  | 1,028 |  | — |  | — |  | 1,028 |
Total expenses |  | 28,000 |  | 20,658 |  | 10,176 |  | 58,834 |
Operating income (loss) |  | 41,122 |  | 19,058 |  | (5,737 | ) | 54,443 |
Interest and other income |  | — |  | — |  | 462 |  | 462 |
Interest expense |  | (11,152 | ) | (254 | ) | (13,324 | ) | (24,730 | )
Equity in earnings of an investee |  | — |  | — |  | 28 |  | 28 |
Income (loss) before income tax expense |  | 29,970 |  | 18,804 |  | (18,571 | ) | 30,203 |
Income tax expense |  | — |  | — |  | (207 | ) | (207 | )
Net income (loss) |  | $ | 29,970 |  | $ | 18,804 |  | $ | (18,778 | ) | $ | 29,996 |
Total assets |  | $ | 2,079,432 |  | $ | 1,465,833 |  | $ | 458,048 |  | $ | 4,003,313 |
|  | For the Three Months Ended September 30, 2010 |
|  | Short and Long Term Residential Care Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Rental income |  | $ | 56,895 |  | $ | 19,743 |  | $ | 4,323 |  | $ | 80,961 |
Expenses: |  |  |  |  |  |  |  |  |
Depreciation expense |  | 16,571 |  | 4,986 |  | 948 |  | 22,505 |
Property operating expenses |  | — |  | 4,599 |  | — |  | 4,599 |
General and administrative |  | — |  | — |  | 5,545 |  | 5,545 |
Acquisition related costs |  | — |  | — |  | 286 |  | 286 |
Total expenses |  | 16,571 |  | 9,585 |  | 6,779 |  | 32,935 |
Operating income (loss) |  | 40,324 |  | 10,158 |  | (2,456 | ) | 48,026 |
Interest and other income |  | — |  | — |  | 203 |  | 203 |
Interest expense |  | (10,574 | ) | (234 | ) | (9,418 | ) | (20,226 | )
Gain on sale of properties |  | 109 |  | — |  | — |  | 109 |
Equity in earnings of an investee |  | — |  | — |  | 35 |  | 35 |
Income (loss) before income tax expense |  | 29,859 |  | 9,924 |  | (11,636 | ) | 28,147 |
Income tax expense |  | — |  | — |  | (69 | ) | (69 | )
Net income (loss) |  | $ | 29,859 |  | $ | 9,924 |  | $ | (11,705 | ) | $ | 28,078 |
Total assets |  | $ | 1,933,822 |  | $ | 776,126 |  | $ | 289,764 |  | $ | 2,999,712 |
|  | For the Nine Months Ended September 30, 2011 |
|  | Short and Long Term Residential Care Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |
Rental income |  | $ | 172,686 |  | $ | 114,575 |  | $ | 13,266 |  | $ | 300,527 |
Residents fees and services |  | 11,575 |  | — |  | — |  | 11,575 |
Total revenues |  | 184,261 |  | 114,575 |  | 13,266 |  | 312,102 |
Expenses: |  |  |  |  |  |  |  |  |
Depreciation expense |  | 52,112 |  | 27,164 |  | 2,844 |  | 82,120 |
Property operating expenses |  | 9,212 |  | 31,360 |  | — |  | 40,572 |
General and administrative |  | — |  | — |  | 19,618 |  | 19,618 |
Acquisition related costs |  | — |  | — |  | 6,547 |  | 6,547 |
Impairment of assets |  | 1,028 |  | 166 |  | — |  | 1,194 |
Total expenses |  | 62,352 |  | 58,690 |  | 29,009 |  | 150,051 |
Operating income (loss) |  | 121,909 |  | 55,885 |  | (15,743 | ) | 162,051 |
Interest and other income |  | — |  | — |  | 971 |  | 971 |
Interest expense |  | (31,751 | ) | (686 | ) | (38,400 | ) | (70,837 | )
Loss on early extinguishment of debt |  | — |  | — |  | (427 | ) | (427 | )
Gain on sale of properties |  | 21,236 |  | 79 |  | — |  | 21,315 |
Equity in earnings of an investee |  | — |  | — |  | 111 |  | 111 |
Income (loss) before income tax expense |  | 111,394 |  | 55,278 |  | (53,488 | ) | 113,184 |
Income tax expense |  | — |  | — |  | (365 | ) | (365 | )
Net income (loss) |  | $ | 111,394 |  | $ | 55,278 |  | $ | (53,853 | ) | $ | 112,819 |
Total assets |  | $ | 2,079,432 |  | $ | 1,465,833 |  | $ | 458,048 |  | $ | 4,003,313 |
|  | For the Nine Months Ended September 30, 2010 |
|  | Short and Long Term Residential Care Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Rental income |  | $ | 170,219 |  | $ | 58,986 |  | $ | 12,968 |  | $ | 242,173 |
Expenses: |  |  |  |  |  |  |  |  |
Depreciation expense |  | 49,533 |  | 14,762 |  | 2,844 |  | 67,139 |
Property operating expenses |  | — |  | 13,138 |  | — |  | 13,138 |
General and administrative |  | — |  | — |  | 16,439 |  | 16,439 |
Acquisition related costs |  | — |  | — |  | 725 |  | 725 |
Impairment of assets |  | 1,095 |  | — |  | — |  | 1,095 |
Total expenses |  | 50,628 |  | 27,900 |  | 20,008 |  | 98,536 |
Operating income (loss) |  | 119,591 |  | 31,086 |  | (7,040 | ) | 143,637 |
Interest and other income |  | — |  | — |  | 703 |  | 703 |
Interest expense |  | (31,304 | ) | (636 | ) | (27,215 | ) | (59,155 | )
Loss on early extinguishment of debt |  | — |  | — |  | (2,433 | ) | (2,433 | )
Gain on sale of properties |  | 109 |  | — |  | — |  | 109 |
Equity in losses of an investee |  | — |  | — |  | (17 | ) | (17 | )
Income (loss) before income tax expense |  | 88,396 |  | 30,450 |  | (36,002 | ) | 82,844 |
Income tax expense |  | — |  | — |  | (223 | ) | (223 | )
Net income (loss) |  | $ | 88,396 |  | $ | 30,450 |  | $ | (36,225 | ) | $ | 82,621 |
Total assets |  | $ | 1,933,822 |  | $ | 776,126 |  | $ | 289,764 |  | $ | 2,999,712 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 33 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8971-108599 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 6: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8380-108599 Reference 7: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 35 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8984-108599 Reference 8: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 41 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9038-108599 Reference 9: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 10: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Statement of Financial Accounting Standard (FAS) -Number 131 -LegacyDoc This reference is SUPERSEDED by the Accounting Standards Codification effective for interim and annual periods ending after September 15, 2009. This reference is included to help users transition from the previous accounting hierarchy and will be removed from future versions of this taxonomy. Reference 11: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 12: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 26 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8844-108599 Reference 13: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 40 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9031-108599 Reference 14: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 42 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e9054-108599 Reference 15: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -SubTopic 10 -Section 50 -Paragraph 31 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8924-108599 + Details
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