Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2015

Information of revenue of reportable segment (in thousands)

For the three months ended June 30, 2015:


							Investment
	Rental		Resident Fees		Interest		Management		Total				Adjusted
Segments	Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
Senior housing	$	123,910	$	106,838	$	12,237	$	—	$	242,985	$	154,234	$	155,472
Post-acute/skilled		130,895		—		23,708		—		154,603		130,357		111,280
Life science		85,409		—		—		1		85,410		68,175		65,430
Medical office		102,585		—		—		457		103,042		61,800		60,630
Hospital		21,492		—		—		—		21,492		20,221		20,447
Total	$	464,291	$	106,838	$	35,945	$	458	$	607,532	$	434,787	$	413,259

For the three months ended June 30, 2014:


							Investment
	Rental		Resident Fees		Interest		Management		Total				Adjusted
Segments	Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
Senior housing	$	151,904	$	37,939	$	3,430	$	—	$	193,273	$	165,020	$	153,476
Post-acute/skilled		138,548		—		13,507		—		152,055		138,015		122,105
Life science		77,541		—		—		1		77,542		62,092		59,339
Medical office		91,541		—		—		443		91,984		54,376		53,770
Hospital		21,267		—		—		—		21,267		20,370		20,475
Total	$	480,801	$	37,939	$	16,937	$	444	$	536,121	$	439,873	$	409,165

For the six months ended June 30, 2015:


							Investment
	Rental		Resident Fees		Interest		Management		Total				Adjusted
Segments	Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
Senior housing	$	251,292	$	211,851	$	19,631	$	—	$	482,774	$	311,119	$	305,944
Post-acute/skilled		271,471		—		49,576		—		321,047		270,400		233,240
Life science		168,960		—		—		2		168,962		135,027		129,207
Medical office		200,890		—		—		916		201,806		121,853		118,817
Hospital		43,734		—		—		—		43,734		41,426		41,904
Total	$	936,347	$	211,851	$	69,207	$	918	$	1,218,323	$	879,825	$	829,112

For the six months ended June 30, 2014:


							Investment
	Rental		Resident Fees		Interest		Management		Total				Adjusted
Segments	Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
Senior housing	$	301,989	$	75,992	$	6,714	$	—	$	384,695	$	328,610	$	303,851
Post-acute/skilled		276,328		—		26,919		—		303,247		275,263		240,204
Life science		153,663		—		—		2		153,665		124,053		118,168
Medical office		180,803		—		—		891		181,694		108,122		106,799
Hospital		42,812		—		—		—		42,812		40,965		41,136
Total	$	955,595	$	75,992	$	33,633	$	893	$	1,066,113	$	877,013	$	810,158

(1)

Represents rental and related revenues, tenant recoveries and income from DFLs.

(2)

NOI and Adjusted NOI are non-GAAP supplemental financial measures used to evaluate the operating performance of real estate. The Company defines NOI as rental and related revenues, including tenant recoveries, resident fees and services, and income from DFLs, less property level operating expense; NOI excludes all other financial statement amounts included in net income (loss) as presented below. The Company believes NOI provides relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees. Adjusted NOI is oftentimes referred to as “cash NOI.” The Company uses NOI and adjusted NOI to make decisions about resource allocations, and to assess and compare property level performance, and evaluate its same property portfolio. The Company believes that net income (loss) is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income (loss) as defined by GAAP because it does not reflect various excluded items. Further, the Company’s definition of NOI may not be comparable to the definition used by other REITs or real estate companies, as those companies may use different methodologies for calculating NOI.

Reconciliation of reported net (loss) income to NOI and adjusted NOI (in thousands)


	Three Months Ended June 30,				Six Months Ended June 30,
	2015		2014		2015		2014
Net income (loss)	$	167,748	$	222,279	$	(69,755)	$	485,902
Interest income		(35,945)		(16,937)		(69,207)		(33,633)
Investment management fee income		(458)		(444)		(918)		(893)
Interest expense		118,632		106,842		235,412		213,480
Depreciation and amortization		120,403		113,133		234,925		220,521
General and administrative		28,845		21,656		53,618		42,555
Acquisition and pursuit costs		18,407		7,406		21,797		7,901
Impairments		44,835		—		523,299		—
Gains on sales of real estate, net of income taxes		(61)		—		(6,325)		—
Other income, net		(11,055)		(709)		(12,779)		(2,639)
Income tax (benefit) expense		(4,563)		1,339		(4,640)		2,785
Equity income from unconsolidated joint ventures		(12,001)		(14,692)		(25,602)		(29,220)
Total discontinued operations		—		—		—		(29,746)
NOI		434,787		439,873		879,825		877,013
Straight-line rents		(8,202)		(12,487)		(17,748)		(26,455)
DFL accretion		(21,210)		(17,813)		(41,514)		(39,235)
Amortization of above and below market lease intangibles, net		(258)		(175)		(636)		(343)
Lease termination fees		8,142		(233)		9,185		(811)
NOI adjustments related to discontinued operations		—		—		—		(11)
Adjusted (Cash) NOI	$	413,259	$	409,165	$	829,112	$	810,158

Reconciliation of company's assets to total assets (in thousands)


	June 30,		December 31,
Segments	2015		2014
Senior housing	$	9,449,641	$	8,383,345
Post-acute/skilled nursing		6,511,511		6,875,122
Life science		4,187,616		4,154,789
Medical office		3,404,395		2,988,888
Hospital		639,807		640,253
Gross segment assets		24,192,970		23,042,397
Accumulated depreciation and amortization		(2,778,924)		(2,600,072)
Net segment assets		21,414,046		20,442,325
Other non-segment assets		934,081		927,615
Total assets	$	22,348,127	$	21,369,940