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Segment Reporting | 6 Months Ended
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Jun. 30, 2014
Segment Reporting |
Segment Reporting | Note 8. Segment Reporting We have four operating segments, of which three are separately reportable operating segments: (i) triple net leased senior living communities that provide short term and long term residential care and dining services for residents that are leased to third parties, (ii) managed senior living communities that provide short term and long term residential care and dining services for residents that are managed for our account and (iii) MOBs. Our triple net leased and managed senior living communities both include independent living communities, assisted living communities, skilled nursing facilities, or SNFs, and some communities that offer a combination of the independent and assisted living and skilled nursing services. Properties in the MOB segment include medical office, clinic and biotech laboratory buildings. The “All Other” 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 June 30, 2014 |
|  | Triple Net Leased Senior Living Communities |  | Managed Senior Living Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 55,166 |  | $ | — |  | $ | 68,027 |  | $ | 4,476 |  | $ | 127,669 |
Residents fees and services |  | — |  | 79,039 |  | — |  | — |  | 79,039 |
Total revenues |  | 55,166 |  | 79,039 |  | 68,027 |  | 4,476 |  | 206,708 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | — |  | 60,624 |  | 19,162 |  | — |  | 79,786 |
Depreciation |  | 15,515 |  | 8,333 |  | 21,907 |  | 948 |  | 46,703 |
General and administrative |  | — |  | — |  | — |  | 9,577 |  | 9,577 |
Acquisition related costs |  | — |  | — |  | — |  | 2,512 |  | 2,512 |
Total expenses |  | 15,515 |  | 68,957 |  | 41,069 |  | 13,037 |  | 138,578 |
Operating income (loss) |  | 39,651 |  | 10,082 |  | 26,958 |  | (8,561 | ) | 68,130 |
Interest and other income |  | — |  | — |  | — |  | 154 |  | 154 |
Interest expense |  | (6,472 | ) | (2,806 | ) | (1,507 | ) | (23,327 | ) | (34,112 | )
Income (loss) before income tax expense and equity in earnings of an investee |  | 33,179 |  | 7,276 |  | 25,451 |  | (31,734 | ) | 34,172 |
Income tax expense |  | — |  | — |  | — |  | (155 | ) | (155 | )
Equity in earnings of an investee |  | — |  | — |  | — |  | 118 |  | 118 |
Income (loss) from continuing operations |  | 33,179 |  | 7,276 |  | 25,451 |  | (31,771 | ) | 34,135 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  | — |  | — |  | 741 |  | — |  | 741 |
Impairment of assets from discontinued operations |  | — |  | — |  | 387 |  | — |  | 387 |
Income (loss) before gain on sale of properties |  | 33,179 |  | 7,276 |  | 26,579 |  | (31,771 | ) | 35,263 |
Gain on sale of properties |  | 2,396 |  | — |  | — |  | — |  | 2,396 |
Net income (loss) |  | $ | 35,575 |  | $ | 7,276 |  | $ | 26,579 |  | $ | (31,771 | ) | $ | 37,659 |
Total assets |  | $ | 1,806,867 |  | $ | 922,557 |  | $ | 2,967,167 |  | $ | 320,264 |  | $ | 6,016,855 |
|  | For the Three Months Ended June 30, 2013 |
|  | Triple Net Leased Senior Living Communities |  | Managed Senior Living Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 56,957 |  | $ | — |  | $ | 50,899 |  | $ | 4,441 |  | $ | 112,297 |
Residents fees and services |  | — |  | 74,631 |  | — |  | — |  | 74,631 |
Total revenues |  | 56,957 |  | 74,631 |  | 50,899 |  | 4,441 |  | 186,928 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | — |  | 58,231 |  | 16,253 |  | — |  | 74,484 |
Depreciation |  | 17,019 |  | 7,028 |  | 13,301 |  | 948 |  | 38,296 |
General and administrative |  | — |  | — |  | — |  | 8,168 |  | 8,168 |
Acquisition related costs |  | — |  | — |  | — |  | 292 |  | 292 |
Impairment of assets |  | 4,371 |  | — |  | — |  | — |  | 4,371 |
Total expenses |  | 21,390 |  | 65,259 |  | 29,554 |  | 9,408 |  | 125,611 |
Operating income (loss) |  | 35,567 |  | 9,372 |  | 21,345 |  | (4,967 | ) | 61,317 |
Interest and other income |  | — |  | — |  | — |  | 397 |  | 397 |
Interest expense |  | (6,596 | ) | (3,073 | ) | (1,387 | ) | (18,511 | ) | (29,567 | )
Loss on early extinguishment of debt |  | — |  | — |  | — |  | (105 | ) | (105 | )
Income (loss) before income tax expense and equity in earnings of an investee |  | 28,971 |  | 6,299 |  | 19,958 |  | (23,186 | ) | 32,042 |
Income tax expense |  | — |  | — |  | — |  | (140 | ) | (140 | )
Equity in earnings of an investee |  | — |  | — |  | — |  | 79 |  | 79 |
Income (loss) from continuing operations |  | 28,971 |  | 6,299 |  | 19,958 |  | (23,247 | ) | 31,981 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  | — |  | — |  | 1,513 |  | — |  | 1,513 |
Impairment of assets from discontinued operations |  | — |  | — |  | (27,896 | ) | — |  | (27,896 | )
Net income (loss) |  | $ | 28,971 |  | $ | 6,299 |  | $ | (6,425 | ) | $ | (23,247 | ) | $ | 5,598 |
Total assets |  | $ | 1,829,372 |  | $ | 964,610 |  | $ | 1,742,120 |  | $ | 212,529 |  | $ | 4,748,631 |
|  | For the Six Months Ended June 30, 2014 |
|  | Triple Net Leased Senior Living Communities |  | Managed Senior Living Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 110,055 |  | $ | — |  | $ | 120,791 |  | $ | 8,878 |  | $ | 239,724 |
Residents fees and services |  | — |  | 158,481 |  | — |  | — |  | 158,481 |
Total revenues |  | 110,055 |  | 158,481 |  | 120,791 |  | 8,878 |  | 398,205 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | — |  | 121,412 |  | 36,178 |  | — |  | 157,590 |
Depreciation |  | 31,152 |  | 16,488 |  | 35,522 |  | 1,896 |  | 85,058 |
General and administrative |  | — |  | — |  | — |  | 17,866 |  | 17,866 |
Acquisition related costs |  | — |  | — |  | — |  | 2,635 |  | 2,635 |
Total expenses |  | 31,152 |  | 137,900 |  | 71,700 |  | 22,397 |  | 263,149 |
Operating income (loss) |  | 78,903 |  | 20,581 |  | 49,091 |  | (13,519 | ) | 135,056 |
Interest and other income |  | — |  | — |  | — |  | 258 |  | 258 |
Interest expense |  | (12,860 | ) | (5,794 | ) | (2,844 | ) | (41,514 | ) | (63,012 | )
Income (loss) before income tax expense and equity in earnings of an investee |  | 66,043 |  | 14,787 |  | 46,247 |  | (54,775 | ) | 72,302 |
Income tax expense |  | — |  | — |  | — |  | (346 | ) | (346 | )
Equity in earnings of an investee |  | — |  | — |  | — |  | 21 |  | 21 |
Income (loss) from continuing operations |  | 66,043 |  | 14,787 |  | 46,247 |  | (55,100 | ) | 71,977 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  | — |  | — |  | 2,041 |  | — |  | 2,041 |
Impairment of assets from discontinued operations |  | — |  | — |  | (334 | ) | — |  | (334 | )
Income (loss) before gain on sale of properties |  | 66,043 |  | 14,787 |  | 47,954 |  | (55,100 | ) | 73,684 |
Gain on sale of properties |  | 2,552 |  | — |  | — |  | — |  | 2,552 |
Net income (loss) |  | $ | 68,595 |  | $ | 14,787 |  | $ | 47,954 |  | $ | (55,100 | ) | $ | 76,236 |
Total assets |  | $ | 1,806,867 |  | $ | 922,557 |  | $ | 2,967,167 |  | $ | 320,264 |  | $ | 6,016,855 |
|  | For the Six Months Ended June 30, 2013 |
|  | Triple Net Leased Senior Living Communities |  | Managed Senior Living Communities |  | MOBs |  | All Other Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 113,723 |  | $ | — |  | $ | 101,582 |  | $ | 8,845 |  | $ | 224,150 |
Residents fees and services |  | — |  | 149,687 |  | — |  | — |  | 149,687 |
Total revenues |  | 113,723 |  | 149,687 |  | 101,582 |  | 8,845 |  | 373,837 |
Expenses: |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  | — |  | 116,135 |  | 32,028 |  | — |  | 148,163 |
Depreciation |  | 33,936 |  | 13,877 |  | 26,290 |  | 1,896 |  | 75,999 |
General and administrative |  | — |  | — |  | — |  | 16,816 |  | 16,816 |
Acquisition related costs |  | — |  | — |  | — |  | 2,187 |  | 2,187 |
Impairment of assets |  | 4,371 |  | — |  | — |  | 1,304 |  | 5,675 |
Total expenses |  | 38,307 |  | 130,012 |  | 58,318 |  | 22,203 |  | 248,840 |
Operating income (loss) |  | 75,416 |  | 19,675 |  | 43,264 |  | (13,358 | ) | 124,997 |
Interest and other income |  | — |  | — |  | — |  | 570 |  | 570 |
Interest expense |  | (13,060 | ) | (6,141 | ) | (2,734 | ) | (37,196 | ) | (59,131 | )
Loss on early extinguishment of debt |  | — |  | — |  | — |  | (105 | ) | (105 | )
Income (loss) before income tax expense and equity in earnings of an investee |  | 62,356 |  | 13,534 |  | 40,530 |  | (50,089 | ) | 66,331 |
Income tax expense |  | — |  | — |  | — |  | (280 | ) | (280 | )
Equity in earnings of an investee |  | — |  | — |  | — |  | 155 |  | 155 |
Income (loss) from continuing operations |  | 62,356 |  | 13,534 |  | 40,530 |  | (50,214 | ) | 66,206 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |
Income from discontinued operations |  | — |  | — |  | 2,523 |  | — |  | 2,523 |
Impairment of assets from discontinued operations |  | — |  | — |  | (27,896 | ) | — |  | (27,896 | )
Net income (loss) |  | $ | 62,356 |  | $ | 13,534 |  | $ | 15,157 |  | $ | (50,214 | ) | $ | 40,833 |
Total assets |  | $ | 1,829,372 |  | $ | 964,610 |  | $ | 1,742,120 |  | $ | 212,529 |  | $ | 4,748,631 |

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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 29 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8864-108599 Reference 2: 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 3: 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 4: 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 5: 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 6: 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 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 30 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8906-108599 Reference 10: 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 11: 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 Reference 12: 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 13: 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 14: 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 + Details
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