CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2012		Dec. 31, 2011
Real estate:
Buildings and improvements	$ 10,537,484		$ 8,816,551
Development costs and construction in progress	236,864		190,590
Land	1,850,397		1,722,948
Accumulated depreciation and amortization	(1,739,718)		(1,449,579)
Net real estate	10,885,027		9,280,510
Net investment in direct financing leases	6,881,393		6,727,777
Loans receivable, net	276,030		110,253
Investments in and advances to unconsolidated joint ventures	212,213		224,052
Accounts receivable, net of allowance of $1,668 and $1,341, respectively	34,150		26,681
Cash and cash equivalents	247,673		33,506
Restricted cash	37,848		41,553
Intangible assets, net	552,701		372,390
Assets held for sale, net			106,295
Other assets, net	788,520		485,458
Total assets	19,915,555	[1]	17,408,475
LIABILITIES AND EQUITY
Bank line of credit			454,000
Term loan	222,694
Senior unsecured notes	6,712,624		5,416,063
Mortgage debt	1,676,544		1,715,039
Mortgage debt and intangible liabilities on assets held for sale, net			55,897
Other debt	81,958		87,985
Intangible liabilities, net	105,909		117,777
Accounts payable and accrued liabilities	293,994		275,478
Deferred revenue	68,055		65,614
Total liabilities	9,161,778	[2]	8,187,853
Commitments and contingencies
Preferred stock, $1.00 par value: aggregate liquidation preference of $295.5 million as of December 31, 2011			285,173
Common stock, $1.00 par value: 750,000,000 shares authorized; 453,191,321 and 408,629,444 shares issued and outstanding, respectively	453,191		408,629
Additional paid-in capital	11,180,066		9,383,536
Cumulative dividends in excess of earnings	(1,067,367)		(1,024,274)
Accumulated other comprehensive loss	(14,653)		(19,582)
Total stockholders' equity	10,551,237		9,033,482
Joint venture partners	14,752		16,971
Non-managing member unitholders	187,788		170,169
Total noncontrolling interests	202,540		187,140
Total equity	10,753,777		9,220,622
Total liabilities and equity	$ 19,915,555		$ 17,408,475

[1] The Company's consolidated total assets at December 31, 2012, include assets of certain variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs as follows: accounts receivable, net, $1.7 million; cash and cash equivalents, $9.6 million; and other assets, net, $1.8 million. See Note 21 for additional details.

[2] The Company's consolidated total liabilities at December 31, 2012, include liabilities of certain VIEs for which the VIE creditors do not have recourse to HCP, Inc. as follows: other debt, $0.2 million; accounts payable and accrued liabilities, $14.4 million; and deferred revenue, $1.7 million. See Note 21 for additional details.