XML 85 R4.htm IDEA: XBRL DOCUMENT v2.4.0.6
CONSOLIDATED STATEMENTS OF INCOME (USD $)
In Thousands, except Per Share data, unless otherwise specified
12 Months Ended
Dec. 31, 2012
Dec. 31, 2011
Dec. 31, 2010
Revenues:      
Rental and related revenues $ 1,013,815 $ 1,002,578 $ 904,332
Tenant recoveries 94,658 92,258 89,011
Resident fees and services 143,745 50,619 32,596
Income from direct financing leases 622,073 464,704 49,438
Interest income 24,536 99,864 160,163
Investment management fee income 1,895 2,073 4,666
Total revenues 1,900,722 1,712,096 1,240,206
Costs and expenses:      
Interest expense 417,130 416,396 285,508
Depreciation and amortization 358,245 349,922 306,934
Operating 283,998 220,151 210,158
General and administrative 79,454 96,121 83,019
Litigation settlement and provision   125,000  
Impairments (recoveries) 7,878 15,400 (11,900)
Total costs and expenses 1,146,705 1,222,990 873,719
Other income, net 2,776 12,732 16,194
Income before income taxes and equity income from and impairments of investments in unconsolidated joint ventures 756,793 501,838 382,681
Income taxes 1,636 (1,250) (412)
Equity income from unconsolidated joint ventures 54,455 46,750 4,770
Impairments of investments in unconsolidated joint ventures     (71,693)
Income from continuing operations 812,884 547,338 315,346
Discontinued operations:      
Income before gain on sales of real estate 2,504 4,049 9,124
Gain on sales of real estate 31,454 3,107 19,925
Total discontinued operations 33,958 7,156 29,049
Net income 846,842 554,494 344,395
Noncontrolling interests' share in earnings (14,302) (15,603) (13,686)
Net income attributable to HCP, Inc. 832,540 538,891 330,709
Preferred stock dividends (17,006) (21,130) (21,130)
Participating securities' share in earnings (3,245) (2,459) (2,081)
Net income applicable to common shares $ 812,289 $ 515,302 $ 307,498
Basic earnings per common share:      
Continuing operations (in dollars per share) $ 1.83 $ 1.28 $ 0.91
Discontinued operations (in dollars per share) $ 0.07 $ 0.01 $ 0.10
Net income applicable to common shares (in dollars per share) $ 1.90 $ 1.29 $ 1.01
Diluted earnings per common share:      
Continuing operations (in dollars per share) $ 1.83 $ 1.28 $ 0.91
Discontinued operations (in dollars per share) $ 0.07 $ 0.01 $ 0.09
Net income applicable to common shares (in dollars per share) $ 1.90 $ 1.29 $ 1.00
Weighted average shares used to calculate earnings per common share:      
Basic (in shares) 427,047 398,446 305,574
Diluted (in shares) 428,316 400,218 306,900