CONSOLIDATED BALANCE SHEETS (USD $) In Thousands, unless otherwise specified	Dec. 31, 2013		Dec. 31, 2012
Real estate:
Buildings and improvements	$ 10,544,110		$ 10,448,752
Development costs and construction in progress	225,869		236,859
Land	1,822,862		1,838,613
Accumulated depreciation and amortization	(1,965,592)		(1,694,892)
Net real estate	10,627,249		10,829,332
Net investment in direct financing leases	7,153,399		6,881,393
Loans receivable, net	366,001		276,030
Investments in and advances to unconsolidated joint ventures	196,576		212,213
Accounts receivable, net of allowance of $1,529 and $1,668, respectively	27,494		34,150
Cash and cash equivalents	300,556		247,673
Restricted cash	37,229		37,848
Intangible assets, net	489,842		551,737
Real estate and intangible assets held for sale, net	9,819		56,659
Other assets, net	867,705		788,520
Total assets	20,075,870	[1]	19,915,555	[1]
LIABILITIES AND EQUITY
Term loan	226,858		222,694
Senior unsecured notes	6,963,375		6,712,624
Mortgage debt	1,396,485		1,665,210
Mortgage debt and intangible liabilities on assets held for sale, net			13,063
Other debt	74,909		81,958
Intangible liabilities, net	98,810		104,180
Accounts payable and accrued liabilities	318,427		293,994
Deferred revenue	65,872		68,055
Total liabilities	9,144,736	[2]	9,161,778	[2]
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 456,960,648 and 453,191,321 shares issued and outstanding, respectively	456,961		453,191
Additional paid-in capital	11,334,041		11,180,066
Cumulative dividends in excess of earnings	(1,053,215)		(1,067,367)
Accumulated other comprehensive loss	(14,487)		(14,653)
Total stockholders' equity	10,723,300		10,551,237
Joint venture partners	23,729		14,752
Non-managing member unitholders	184,105		187,788
Total noncontrolling interests	207,834		202,540
Total equity	10,931,134		10,753,777
Total liabilities and equity	$ 20,075,870		$ 19,915,555

[1] The Company's consolidated total assets at December 31, 2013 and 2012 include assets of certain variable interest entities (VIEs) that can only be used to settle the liabilities of those VIEs. At December 31, 2013: other assets, net, $1 million. At December 31, 2012: accounts receivable, net, $2 million; cash and cash equivalents, $10 million; and other assets, net, $2 million. See Note 21 for additional details.

[2] The Company's consolidated total liabilities at December 31, 2013 and 2012 include liabilities of certain VIEs for which the VIE creditors do not have recourse to HCP, Inc. At December 31, 2013: accounts payable and accrued liabilities, $9 million. At December 31, 2012: other debt, $0.2 million; accounts payable and accrued liabilities, $14 million; and deferred revenue, $2 million. See Note 21 for additional details.