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Segment Reporting
 3 Months Ended
Mar. 31, 2012
Segment Reporting  
Segment Reporting

Note 9.  Segment Reporting

 

We have three operating segments, of which two are reportable operating segments.  The two reportable operating segments are: (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 revenues from the tenants that lease and operate our leased communities and we earn fees and services revenues from the residents of our Managed Communities.  Five Star began managing our Managed Communities for our account in June 2011.  Properties in the MOB segment include those leased to medical providers, medical related businesses, clinics and biotech laboratory tenants.  We earn rental income revenues from tenants of our MOBs.  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 March 31, 2012

 

 

 

Short and Long
Term Residential
Care
Communities

 

MOBs

 

All Other
Operations

 

Consolidated

 

Revenues:

 

 

 

 

 

 

 

 

 

Rental income

 

$

58,824

 

$

46,261

 

$

4,420

 

$

109,505

 

Residents fees and services

 

35,568

 

—

 

—

 

35,568

 

Total revenues

 

94,392

 

46,261

 

4,420

 

145,073

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

Depreciation

 

20,897

 

11,532

 

948

 

33,377

 

Property operating expenses

 

25,499

 

13,835

 

—

 

39,334

 

General and administrative

 

—

 

—

 

7,685

 

7,685

 

Acquisition related costs

 

—

 

—

 

688

 

688

 

Impairment of assets

 

—

 

3,071

 

—

 

3,071

 

Total expenses

 

46,396

 

28,438

 

9,321

 

84,155

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

47,996

 

17,823

 

(4,901

)

60,918

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

—

 

—

 

482

 

482

 

Interest expense

 

(13,178

)

(412

)

(15,299

)

(28,889

)

Equity in earnings of an investee

 

—

 

—

 

45

 

45

 

Income (loss) before income tax expense

 

34,818

 

17,411

 

(19,673

)

32,556

 

Income tax expense

 

—

 

—

 

(204

)

(204

)

Net income (loss)

 

$

34,818

 

$

17,411

 

$

(19,877

)

$

32,352

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

2,449,750

 

$

1,479,244

 

$

454,827

 

$

4,383,821

 

 

 

 

For the Three Months Ended March 31, 2011

 

 

 

Short and Long
Term Residential
Care
Communities

 

MOBs

 

All Other
Operations

 

Consolidated

 

 

 

 

 

 

 

 

 

 

 

Rental income

 

$

57,109

 

$

37,090

 

$

4,353

 

$

98,552

 

 

 

 

 

 

 

 

 

 

 

Expenses:

 

 

 

 

 

 

 

 

 

Depreciation

 

16,730

 

8,683

 

948

 

26,361

 

Property operating expenses

 

—

 

10,433

 

—

 

10,433

 

General and administrative

 

—

 

—

 

6,156

 

6,156

 

Acquisition related costs

 

—

 

—

 

1,113

 

1,113

 

Impairment of assets

 

—

 

166

 

—

 

166

 

Total expenses

 

16,730

 

19,282

 

8,217

 

44,229

 

 

 

 

 

 

 

 

 

 

 

Operating income (loss)

 

40,379

 

17,808

 

(3,864

)

54,323

 

 

 

 

 

 

 

 

 

 

 

Interest and other income

 

—

 

—

 

232

 

232

 

Interest expense

 

(10,274

)

(217

)

(12,255

)

(22,746

)

Equity in earnings of an investee

 

—

 

—

 

37

 

37

 

Income (loss) before income tax expense

 

30,105

 

17,591

 

(15,850

)

31,846

 

Income tax expense

 

—

 

—

 

(71

)

(71

)

Net income (loss)

 

$

30,105

 

$

17,591

 

$

(15,921

)

$

31,775

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

$

1,881,550

 

$

1,276,755

 

$

367,103

 

$

3,525,408