Segment Reporting

3 Months Ended

Mar. 31, 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 March 31, 2015
	Triple Net
	Leased		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated
Revenues:
Rental income	$	55,251	$	—	$	86,001	$	4,532	$	145,784
Residents fees and services		—		82,793		—		—		82,793
Total revenues		55,251		82,793		86,001		4,532		228,577
Expenses:
Property operating expenses		—		62,403		23,391		—		85,794
Depreciation		15,125		8,460		29,174		948		53,707
General and administrative		—		—		—		10,574		10,574
Acquisition related costs		—		—		—		1,158		1,158
Total expenses		15,125		70,863		52,565		12,680		151,233
Operating income (loss)		40,126		11,930		33,436		(8,148)		77,344
Interest and other income		—		—		—		75		75
Interest expense		(5,985)		(2,019)		(1,768)		(26,170)		(35,942)
Loss on extinguishment of debt		—		—		—		(1,409)		(1,409)
Income (loss) before income tax expense and equity in earnings of an investee		34,141		9,911		31,668		(35,652)		40,068
Income tax expense		—		—		—		(110)		(110)
Equity in earnings of an investee		—		—		—		72		72
Income (loss) from continuing operations		34,141		9,911		31,668		(35,690)		40,030
Discontinued operations:
Loss from discontinued operations		—		—		(241)		—		(241)
Net income (loss)		34,141		9,911		31,427		(35,690)		39,789
Total assets	$	1,767,189	$	967,751	$	3,451,814	$	350,341	$	6,537,095

	For the Three Months Ended March 31, 2014
	Triple Net
	Leased		Managed
	Senior Living		Senior Living				All Other
	Communities		Communities		MOBs		Operations		Consolidated
Revenues:
Rental income	$	54,890	$	—	$	52,763	$	4,402	$	112,055
Residents fees and services		—		79,442		—		—		79,442
Total revenues		54,890		79,442		52,763		4,402		191,497
Expenses:
Property operating expenses		—		60,788		17,014		—		77,802
Depreciation		15,637		8,155		13,615		948		38,355
General and administrative		—		—		—		8,290		8,290
Acquisition related costs		—		—		—		122		122
Total expenses		15,637		68,943		30,629		9,360		124,569
Operating income (loss)		39,253		10,499		22,134		(4,958)		66,928
Interest and other income		—		—		—		105		105
Interest expense		(6,388)		(2,988)		(1,337)		(18,187)		(28,900)
Loss on extinguishment of debt		—		—		—		—		—
Income (loss) before income tax expense and equity in earnings of an investee		32,865		7,511		20,797		(23,040)		38,133
Income tax expense		—		—		—		(191)		(191)
Equity in earnings of an investee		—		—		—		(97)		(97)
Income (loss) from continuing operations		32,865		7,511		20,797		(23,328)		37,845
Discontinued operations:
Income from discontinued operations		—		—		1,300		—		1,300
Impairment of assets from discontinued operations		—		—		(721)		—		(721)
Income (loss) before gain on sale of properties		32,865		7,511		21,376		(23,328)		38,424
Gain on sale of properties		156		—		—		—		156
Net income (loss)	$	33,021	$	7,511	$	21,376	$	(23,328)		38,580
Total assets	$	1,843,510	$	949,468	$	1,717,000	$	268,689	$	4,778,667