Segment Information (Tables)

12 Months Ended

Dec. 31, 2014

Segment Reporting [Abstract]

Summary information by reportable business segment

Summary information by reportable business segment is as follows:

For the year ended December 31, 2014:

	Triple-Net Leased Properties		Senior Living Operations			MOB Operations		All Other			Total
	(In thousands)
Revenues:
Rental income	$	970,377	$	—		$	463,618	$	—		$	1,433,995
Resident fees and services	—		1,552,951			—		—			1,552,951
Medical office building and other services revenue	4,565		—			22,529		2,270			29,364
Income from loans and investments	—		—			—		55,169			55,169
Interest and other income	—		—			—		4,267			4,267
Total revenues	$	974,942	$	1,552,951		$	486,147	$	61,706		$	3,075,746
Total revenues	$	974,942	$	1,552,951		$	486,147	$	61,706		$	3,075,746
Less:
Interest and other income	—		—			—		4,267			4,267
Property-level operating expenses	—		1,036,556			158,542		—			1,195,098
Medical office building services costs	—		—			17,092		—			17,092
Segment NOI	974,942		516,395			310,513		57,439			1,859,289
Income (loss) from unconsolidated entities	859		(658		)	398		(738		)	(139		)
Segment profit	$	975,801	$	515,737		$	310,911	$	56,701		1,859,150
Interest and other income											4,267
Interest expense											(376,842		)
Depreciation and amortization											(826,911		)
General, administrative and professional fees											(121,746		)
Loss on extinguishment of debt, net											(5,564		)
Merger-related expenses and deal costs											(45,051		)
Other											(38,925		)
Income tax benefit											8,732
Discontinued operations											2,106
Gain on real estate dispositions											17,970
Net income											$	477,186

For the year ended December 31, 2013:

	Triple-Net Leased Properties		Senior Living Operations			MOB Operations		All Other			Total
	(In thousands)
Revenues:
Rental income	$	877,276	$	—		$	450,107	$	—		$	1,327,383
Resident fees and services	—		1,406,005			—		—			1,406,005
Medical office building and other services revenue	4,469		—			12,077		1,263			17,809
Income from loans and investments	—		—			—		58,208			58,208
Interest and other income	—		—			—		2,047			2,047
Total revenues	$	881,745	$	1,406,005		$	462,184	$	61,518		$	2,811,452
Total revenues	$	881,745	$	1,406,005		$	462,184	$	61,518		$	2,811,452
Less:
Interest and other income	—		—			—		2,047			2,047
Property-level operating expenses	—		956,684			152,948		—			1,109,632
Medical office building services costs	—		—			8,315		—			8,315
Segment NOI	881,745		449,321			300,921		59,471			1,691,458
Income (loss) from unconsolidated entities	475		(1,980		)	1,451		(454		)	(508		)
Segment profit	$	882,220	$	447,341		$	302,372	$	59,017		1,690,950
Interest and other income											2,047
Interest expense											(334,909		)
Depreciation and amortization											(722,075		)
General, administrative and professional fees											(115,106		)
Loss on extinguishment of debt, net											(1,201		)
Merger-related expenses and deal costs											(21,634		)
Other											(18,732		)
Income tax benefit											11,828
Discontinued operations											(36,279		)
Net income											$	454,889

For the year ended December 31, 2012:

	Triple-Net Leased Properties		Senior Living Operations			MOB Operations		All Other		Total
	(In thousands)
Revenues:
Rental income	$	819,882	$	—		$	360,849	$	—	$	1,180,731
Resident fees and services	—		1,227,124			—		—		1,227,124
Medical office building and other services revenue	4,438		—			16,303		—		20,741
Income from loans and investments	—		—			—		39,913		39,913
Interest and other income	—		—			—		1,106		1,106
Total revenues	$	824,320	$	1,227,124		$	377,152	$	41,019	$	2,469,615
Total revenues	$	824,320	$	1,227,124		$	377,152	$	41,019	$	2,469,615
Less:
Interest and other income	—		—			—		1,106		1,106
Property-level operating expenses	—		841,022			125,400		—		966,422
Medical office building services costs	—		—			9,883		—		9,883
Segment NOI	824,320		386,102			241,869		39,913		1,492,204
Income (loss) from unconsolidated entities	1,313		(48		)	16,889		—		18,154
Segment profit	$	825,633	$	386,054		$	258,758	$	39,913	1,510,358
Interest and other income										1,106
Interest expense										(288,717		)
Depreciation and amortization										(714,967		)
General, administrative and professional fees										(98,510		)
Loss on extinguishment of debt, net										(37,640		)
Merger-related expenses and deal costs										(63,183		)
Other										(6,940		)
Income tax benefit										6,282
Discontinued operations										53,986
Net income										$	361,775

Assets by reportable business segment

Assets by reportable business segment are as follows:

	As of December 31,
	2014				2013
	(Dollars in thousands)
Assets:
Triple-net leased properties	$	9,176,159	43.2	%	$	8,919,360	45.2	%
Senior living operations	7,421,924		35.0		6,648,754		33.7
MOB operations	3,526,217		16.6		3,701,344		18.8
All other assets	1,101,871		5.2		462,036		2.3
Total assets	$	21,226,171	100.0	%	$	19,731,494	100.0	%

Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment

Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows:

	For the Year Ended December 31,
	2014		2013		2012 (1)
	(In thousands)
Capital expenditures:
Triple-net leased properties	$	647,870	$	847,945	$	139,680
Senior living operations	977,997		576,459		758,371
MOB operations	36,861		189,953		1,003,865
Total capital expenditures	$	1,662,728	$	1,614,357	$	1,901,916

(1) Includes funds held in a Code Section 1031 exchange escrow account with a qualified intermediary as follows: triple-net leased – $58.1 million; senior living – $64.7 million; and MOB – $11.2 million.

Revenues from external customers by geographic area

Geographic information regarding our operations is as follows:

	For the Year Ended December 31,
	2014		2013		2012
	(In thousands)
Revenues:
United States	$	2,935,524	$	2,718,234	$	2,373,646
Canada	126,435		93,218		95,969
United Kingdom	13,787		—		—
Total revenues	$	3,075,746	$	2,811,452	$	2,469,615

Net real estate property by geographic area

	As of December 31,
	2014		2013
	(In thousands)
Net real estate property:
United States	$	17,547,255	$	17,705,962
Canada	1,269,710		369,624
United Kingdom	168,594		—
Total net real estate property	$	18,985,559	$	18,075,586