XML 46 R13.htm IDEA: XBRL DOCUMENT
v3.2.0.727

Segment Reporting | 6 Months Ended
--- | ---
Jun. 30, 2015
Segment Reporting |
Segment Reporting | Note 8. Segment Reporting We have four operating segments, of which three are separately reportable operating segments: (i) triple net senior living communities that we lease to operators who provide short term and long term residential care and dining services for residents, (ii) managed senior living communities that provide short term and long term residential care and dining services for residents and (iii) MOBs. Our triple net and managed senior living communities include independent living communities, assisted living communities and skilled nursing facilities, or SNFs. 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, 2015 |
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 61,347 |  | $ | — |  | $ | 89,591 |  | $ | 4,608 |  | $ | 155,546 |
Residents fees and services |  |  | — |  |  | 91,856 |  |  | — |  |  | — |  |  | 91,856 |
Total revenues |  |  | 61,347 |  |  | 91,856 |  |  | 89,591 |  |  | 4,608 |  |  | 247,402 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | — |  |  | 69,792 |  |  | 23,800 |  |  | — |  |  | 93,592 |
Depreciation |  |  | 17,058 |  |  | 13,649 |  |  | 30,856 |  |  | 948 |  |  | 62,511 |
General and administrative |  |  | — |  |  | — |  |  | — |  |  | 11,674 |  |  | 11,674 |
Acquisition related costs |  |  | — |  |  | — |  |  | — |  |  | 4,617 |  |  | 4,617 |
Total expenses |  |  | 17,058 |  |  | 83,441 |  |  | 54,656 |  |  | 17,239 |  |  | 172,394 |
Operating income (loss) |  |  | 44,289 |  |  | 8,415 |  |  | 34,935 |  |  | (12,631) |  |  | 75,008 |
Interest and other income |  |  | — |  |  | — |  |  | — |  |  | 142 |  |  | 142 |
Interest expense |  |  | (6,270) |  |  | (2,561) |  |  | (1,758) |  |  | (27,318) |  |  | (37,907) |
Loss on early extinguishment of debt |  |  | (6) |  |  | (33) |  |  | — |  |  | — |  |  | (39) |
Income (loss) before income tax expense and equity in earnings of an investee |  |  | 38,013 |  |  | 5,821 |  |  | 33,177 |  |  | (39,807) |  |  | 37,204 |
Income tax expense |  |  | — |  |  | — |  |  | — |  |  | (129) |  |  | (129) |
Equity in earnings of an investee |  |  | — |  |  | — |  |  | — |  |  | 23 |  |  | 23 |
Income (loss) from continuing operations |  |  | 38,013 |  |  | 5,821 |  |  | 33,177 |  |  | (39,913) |  |  | 37,098 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations |  |  | — |  |  | — |  |  | (109) |  |  | — |  |  | (109) |
Impairment of assets from discontinued operations |  |  | — |  |  | — |  |  | (602) |  |  | — |  |  | (602) |
Net income (loss) |  | $ | 38,013 |  | $ | 5,821 |  | $ | 32,466 |  | $ | (39,913) |  | $ | 36,387 |
Total assets |  | $ | 2,231,685 |  | $ | 1,298,982 |  | $ | 3,412,125 |  | $ | 405,234 |  | $ | 7,348,026 |
|  | For the Three Months Ended June 30, 2014 |
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |  |
|  | Communities |  | Communities |  | MOBs |  | 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 Six Months Ended June 30, 2015 |
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 116,598 |  | $ | — |  | $ | 175,592 |  | $ | 9,139 |  | $ | 301,329 |
Residents fees and services |  |  | — |  |  | 174,649 |  |  | — |  |  | — |  |  | 174,649 |
Total revenues |  |  | 116,598 |  |  | 174,649 |  |  | 175,592 |  |  | 9,139 |  |  | 475,978 |
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | — |  |  | 132,195 |  |  | 47,191 |  |  | — |  |  | 179,386 |
Depreciation |  |  | 32,183 |  |  | 22,109 |  |  | 60,030 |  |  | 1,896 |  |  | 116,218 |
General and administrative |  |  | — |  |  | — |  |  | — |  |  | 22,248 |  |  | 22,248 |
Acquisition related costs |  |  | — |  |  | — |  |  | — |  |  | 5,775 |  |  | 5,775 |
Total expenses |  |  | 32,183 |  |  | 154,304 |  |  | 107,221 |  |  | 29,919 |  |  | 323,627 |
Operating income (loss) |  |  | 84,415 |  |  | 20,345 |  |  | 68,371 |  |  | (20,780) |  |  | 152,351 |
Interest and other income |  |  | — |  |  | — |  |  | — |  |  | 217 |  |  | 217 |
Interest expense |  |  | (12,255) |  |  | (4,580) |  |  | (3,525) |  |  | (53,488) |  |  | (73,848) |
Loss on early extinguishment of debt |  |  | (6) |  |  | (33) |  |  | — |  |  | (1,409) |  |  | (1,448) |
Income (loss) before income tax expense and equity in earnings of an investee |  |  | 72,154 |  |  | 15,732 |  |  | 64,846 |  |  | (75,460) |  |  | 77,272 |
Income tax expense |  |  | — |  |  | — |  |  | — |  |  | (239) |  |  | (239) |
Equity in earnings of an investee |  |  | — |  |  | — |  |  | — |  |  | 95 |  |  | 95 |
Income (loss) from continuing operations |  |  | 72,154 |  |  | 15,732 |  |  | 64,846 |  |  | (75,604) |  |  | 77,128 |
Discontinued operations: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Loss from discontinued operations |  |  | — |  |  | — |  |  | (350) |  |  | — |  |  | (350) |
Impairment of assets from discontinued operations |  |  | — |  |  | — |  |  | (602) |  |  | — |  |  | (602) |
Net income (loss) |  | $ | 72,154 |  | $ | 15,732 |  | $ | 63,894 |  | $ | (75,604) |  | $ | 76,176 |
Total assets |  | $ | 2,231,685 |  | $ | 1,298,982 |  | $ | 3,412,125 |  | $ | 405,234 |  | $ | 7,348,026 |
|  | For the Six Months Ended June 30, 2014 |
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |  |
|  | Communities |  | Communities |  | MOBs |  | 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 |

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 34 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8981-108599 Reference 2: 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 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 12 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8595-108599 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 32 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8933-108599 Reference 7: 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 8: 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 9: 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 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 10 -URI http://asc.fasb.org/extlink&oid=6534315&loc=d3e8538-108599 Reference 12: 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 13: 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 14: 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 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration