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Segment Reporting | 6 Months Ended
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Jun. 30, 2016
Segment Reporting |
Segment Reporting | Note 8. Segment Reporting As of June 30, 2016, we have four operating segments, of which three are separate reporting segments. The first reporting segment includes triple net senior living communities that provide short term and long term residential care and other services for residents. The second reporting segment includes managed senior living communities that provide short term and long term residential care and other services for residents. The third reporting segment includes MOBs. Our fourth segment includes the remainder of our operations, including certain properties that offer wellness, fitness and spa services to members, which we do not consider to be sufficiently material to constitute a separate reporting segment, and all of our other operations.
|  | For the Three Months Ended June 30, 2016
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 66,441 |  | $ | — |  | $ | 92,978 |  | $ | 4,578 |  | $ | 163,997
Residents fees and services |  |  | — |  |  | 97,370 |  |  | — |  |  | — |  |  | 97,370
Total revenues |  |  | 66,441 |  |  | 97,370 |  |  | 92,978 |  |  | 4,578 |  |  | 261,367
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 423 |  |  | 71,642 |  |  | 25,409 |  |  | — |  |  | 97,474
Depreciation and amortization |  |  | 19,273 |  |  | 20,140 |  |  | 31,011 |  |  | 948 |  |  | 71,372
General and administrative |  |  | — |  |  | — |  |  | — |  |  | 11,965 |  |  | 11,965
Acquisition related costs |  |  | — |  |  | — |  |  | — |  |  | 180 |  |  | 180
Impairment of assets |  |  | — |  |  | — |  |  | 4,961 |  |  | — |  |  | 4,961
Total expenses |  |  | 19,696 |  |  | 91,782 |  |  | 61,381 |  |  | 13,093 |  |  | 185,952
Operating income (loss) |  |  | 46,745 |  |  | 5,588 |  |  | 31,597 |  |  | (8,515) |  |  | 75,415
Dividend income |  |  | — |  |  | — |  |  | — |  |  | 789 |  |  | 789
Interest and other income |  |  | — |  |  | — |  |  | — |  |  | 177 |  |  | 177
Interest expense |  |  | (6,282) |  |  | (2,663) |  |  | (844) |  |  | (31,329) |  |  | (41,118)
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee |  |  | 40,463 |  |  | 2,925 |  |  | 30,753 |  |  | (38,878) |  |  | 35,263
Income tax expense |  |  | — |  |  | — |  |  | — |  |  | (108) |  |  | (108)
Equity in earnings of an investee |  |  | — |  |  | — |  |  | — |  |  | 17 |  |  | 17
Income (loss) before gain on sale of properties |  | $ | 40,463 |  | $ | 2,925 |  | $ | 30,753 |  | $ | (38,969) |  | $ | 35,172
Gain on sale of properties |  |  | 4,061 |  |  | — |  |  | — |  |  | — |  |  | 4,061
Net income (loss) |  | $ | 44,524 |  | $ | 2,925 |  | $ | 30,753 |  | $ | (38,969) |  |  | 39,233
|  | As of June 30, 2016
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated
Total assets |  | $ | 2,318,798 |  | $ | 1,258,212 |  | $ | 3,374,952 |  | $ | 313,805 |  | $ | 7,265,767
|  | 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 and amortization |  |  | 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) from continuing operations 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 |
|  | As of December 31, 2015 |
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated |
Total assets |  | $ | 2,251,212 |  | $ | 1,260,425 |  | $ | 3,362,214 |  | $ | 286,239 |  | $ | 7,160,090 |
|  | For the Six Months Ended June 30, 2016
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Rental income |  | $ | 131,749 |  | $ | — |  | $ | 184,559 |  | $ | 9,111 |  | $ | 325,419
Residents fees and services |  |  | — |  |  | 194,323 |  |  | — |  |  | — |  |  | 194,323
Total revenues |  |  | 131,749 |  |  | 194,323 |  |  | 184,559 |  |  | 9,111 |  |  | 519,742
Expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Property operating expenses |  |  | 786 |  |  | 143,820 |  |  | 50,816 |  |  | — |  |  | 195,422
Depreciation and amortization |  |  | 38,674 |  |  | 40,158 |  |  | 61,866 |  |  | 1,896 |  |  | 142,594
General and administrative |  |  | — |  |  | — |  |  | — |  |  | 22,828 |  |  | 22,828
Acquisition related costs |  |  | — |  |  | — |  |  | — |  |  | 619 |  |  | 619
Impairment of assets |  |  | 4,391 |  |  | — |  |  | 7,960 |  |  | — |  |  | 12,351
Total expenses |  |  | 43,851 |  |  | 183,978 |  |  | 120,642 |  |  | 25,343 |  |  | 373,814
Operating income (loss) |  |  | 87,898 |  |  | 10,345 |  |  | 63,917 |  |  | (16,232) |  |  | 145,928
Dividend income |  |  | — |  |  | — |  |  | — |  |  | 789 |  |  | 789
Interest and other income |  |  | — |  |  | — |  |  | — |  |  | 242 |  |  | 242
Interest expense |  |  | (12,665) |  |  | (5,227) |  |  | (1,798) |  |  | (60,709) |  |  | (80,399)
Loss on early extinguishment of debt |  |  | — |  |  | (6) |  |  | — |  |  | — |  |  | (6)
Income (loss) from continuing operations before income tax expense and equity in earnings of an investee |  |  | 75,233 |  |  | 5,112 |  |  | 62,119 |  |  | (75,910) |  |  | 66,554
Income tax expense |  |  | — |  |  | — |  |  | — |  |  | (202) |  |  | (202)
Equity in earnings of an investee |  |  | — |  |  | — |  |  | — |  |  | 94 |  |  | 94
Income (loss) before gain on sale of properties |  |  | 75,233 |  |  | 5,112 |  |  | 62,119 |  |  | (76,018) |  |  | 66,446
Gain on sale of properties |  |  | 4,061 |  |  | — |  |  | — |  |  | — |  |  | 4,061
Net income (loss) |  | $ | 79,294 |  | $ | 5,112 |  | $ | 62,119 |  | $ | (76,018) |  | $ | 70,507
|  | As of June 30, 2016
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated
Total assets |  | $ | 2,318,798 |  | $ | 1,258,212 |  | $ | 3,374,952 |  | $ | 313,805 |  | $ | 7,265,767
|  | 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 and amortization |  |  | 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) from continuing operations 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
|  | As of December 31, 2015
|  | Triple Net |  |  |  |  |  |  |  |  |  |  |  |
|  | Leased |  | Managed |  |  |  |  |  |  |  |  |
|  | Senior Living |  | Senior Living |  |  |  |  | All Other |  |  |
|  | Communities |  | Communities |  | MOBs |  | Operations |  | Consolidated
Total assets |  | $ | 2,251,212 |  | $ | 1,260,425 |  | $ | 3,362,214 |  | $ | 286,239 |  | $ | 7,160,090

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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 34 -URI http://asc.fasb.org/extlink&oid=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&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=51669610&loc=d3e8906-108599 + Details
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