Segment Disclosures (Tables)

6 Months Ended

Jun. 30, 2016

Summary financial information of reportable segment (in thousands)

The following tables summarize information for the reportable segments (in thousands):

For the three months ended June 30, 2016:



	Senior		Post-acute/		Life		Medical				Corporate
	Housing		Skilled Nursing		Science		Office		Hospital		Non-segment		Total
Rental revenues(1)	$	131,495	$	110,125	$	90,201	$	111,218	$	22,067	$	—	$	465,106
Resident fees and services		164,202		—		—		—		—		—		164,202
Operating expenses		(117,121)		(589)		(17,961)		(43,439)		(1,015)		—		(180,125)
NOI		178,576		109,536		72,240		67,779		21,052		—		449,183
Non-cash adjustments to NOI(2)		(2,502)		(173)		(545)		(759)		582		—		(3,397)
Adjusted (cash) NOI		176,074		109,363		71,695		67,020		21,634		—		445,786
Adjusted (cash) NOI from unconsolidated joint ventures		15,310		400		1,499		361		—		—		17,570
Interest income		16,474		16,313		—		—		—		—		32,787
Portfolio Income		207,858		126,076		73,194		67,381		21,634		—		496,143
Addback non-cash adjustments		2,502		173		545		759		(582)		—		3,397
Investment management fee income		—		—		1		80		—		—		81
Interest expense		(11,885)		(2,475)		(632)		(1,626)		—		(104,715)		(121,333)
Depreciation and amortization		(61,257)		(3,255)		(32,077)		(40,986)		(3,811)		—		(141,386)
General and administrative expenses		—		—		—		—		—		(22,793)		(22,793)
Acquisition and pursuit costs		—		—		—		—		—		(14,527)		(14,527)
Gain on sales of real estate, net		23,940		57,909		29,455		8,310		—		—		119,614
Other income, net		—		—		—		—		—		2,280		2,280
Income tax benefit		—		—		—		—		—		2,003		2,003
Equity (loss) income in unconsolidated joint ventures, excluding adjusted (cash) NOI		(17,790)		(182)		(724)		59		—		—		(18,637)
Net income (loss)	$	143,368	$	178,246	$	69,762	$	33,977	$	17,241	$	(137,752)	$	304,842

For the three months ended June 30, 2015:



	Senior		Post-acute/		Life		Medical				Corporate
	Housing		Skilled Nursing		Science		Office		Hospital		Non-segment		Total
Rental revenues(1)	$	123,910	$	130,895	$	85,409	$	102,585	$	21,492	$	—	$	464,291
Resident fees and services		106,838		—		—		—		—		—		106,838
Operating expenses		(76,514)		(538)		(17,234)		(40,785)		(1,271)		—		(136,342)
NOI		154,234		130,357		68,175		61,800		20,221		—		434,787
Non-cash adjustments to NOI(2)		1,238		(19,077)		(2,745)		(1,170)		226		—		(21,528)
Adjusted (cash) NOI		155,472		111,280		65,430		60,630		20,447		—		413,259
Adjusted (cash) NOI from unconsolidated joint ventures		14,814		—		1,298		306		—		—		16,418
Interest income		12,237		23,708		—		—		—		—		35,945
Portfolio Income		182,523		134,988		66,728		60,936		20,447		—		465,622
Addback non-cash adjustments		(1,238)		19,077		2,745		1,170		(226)		—		21,528
Investment management fee income		—		—		1		457		—		—		458
Interest expense		(12,198)		(2,492)		(764)		(2,454)		—		(100,724)		(118,632)
Depreciation and amortization		(48,916)		(3,210)		(30,294)		(34,174)		(3,809)		—		(120,403)
General and administrative expenses		—		—		—		—		—		(28,845)		(28,845)
Acquisition and pursuit costs		—		—		—		—		—		(18,407)		(18,407)
Impairments		—		(41,887)		—		(2,948)		—				(44,835)
Gain on sales of real estate, net		61		—		—		—		—		—		61
Other income, net		—		—		—		—		—		11,055		11,055
Income tax benefit		—		—		—		—		—		4,563		4,563
Equity (loss) income in unconsolidated joint ventures, excluding adjusted (cash) NOI		(16,774)		13,831		(555)		(961)		42		—		(4,417)
Net income (loss)	$	103,458	$	120,307	$	37,861	$	22,026	$	16,454	$	(132,358)	$	167,748

For the six months ended June 30, 2016:



	Senior		Post-acute/		Life		Medical				Corporate
	Housing		Skilled nursing		Science		Office		Hospital		Non-segment		Total
Rental revenues(1)	$	260,392	$	217,315	$	179,149	$	220,212	$	44,937	$	—	$	922,005
Resident fees and services		329,965		—		—		—		—		—		329,965
Operating expenses		(233,257)		(1,153)		(34,704)		(85,752)		(2,214)		—		(357,080)
NOI		357,100		216,162		144,445		134,460		42,723		—		894,890
Non-cash adjustments to NOI(2)		(8,458)		(444)		(1,218)		(1,564)		885		—		(10,799)
Adjusted (cash) NOI		348,642		215,718		143,227		132,896		43,608		—		884,091
Adjusted (cash) NOI from unconsolidated joint ventures		30,208		804		2,919		683		—		—		34,614
Interest income		18,359		32,457		—		—		—		—		50,816
Portfolio Income		397,209		248,979		146,146		133,579		43,608		—		969,521
Addback non-cash adjustments		8,458		444		1,218		1,564		(885)		—		10,799
Investment management fee income		—		—		2		170		—		—		172
Interest expense		(23,904)		(4,805)		(1,270)		(3,291)		—		(210,125)		(243,395)
Depreciation and amortization		(123,124)		(6,205)		(65,674)		(80,083)		(7,622)		—		(282,708)
General and administrative expenses		—		—		—		—		—		(48,292)		(48,292)
Acquisition and pursuit costs		—		—		—		—		—		(17,002)		(17,002)
Gain on sales of real estate, net		23,940		57,909		29,455		8,310		—		—		119,614
Other income, net		—		—		—		—		—		3,502		3,502
Income tax expense		—		—		—		—		—		(51,035)		(51,035)
Equity (loss) income in unconsolidated joint ventures, excluding adjusted (cash) NOI		(35,180)		(368)		(1,435)		95		299		—		(36,589)
Net income (loss)	$	247,399	$	295,954	$	108,442	$	60,344	$	35,400	$	(322,952)	$	424,587

For the six months ended June 30, 2015:



	Senior		Post-acute/		Life		Medical				Corporate
	Housing		Skilled nursing		Science		Office		Hospital		Non-segment		Total
Rental revenues(1)	$	251,292	$	271,471	$	168,960	$	200,890	$	43,734	$	—	$	936,347
Resident fees and services		211,851		—		—		—		—		—		211,851
Operating expenses		(152,024)		(1,071)		(33,933)		(79,037)		(2,308)		—		(268,373)
NOI		311,119		270,400		135,027		121,853		41,426		—		879,825
Non-cash adjustments to NOI(2)		(5,175)		(37,160)		(5,820)		(3,036)		478		—		(50,713)
Adjusted (cash) NOI		305,944		233,240		129,207		118,817		41,904		—		829,112
Adjusted (cash) NOI from unconsolidated joint ventures		28,826		—		2,526		610		—		—		31,962
Interest income		19,631		49,576		—		—		—		—		69,207
Portfolio Income		354,401		282,816		131,733		119,427		41,904		—		930,281
Addback non-cash adjustments		5,175		37,160		5,820		3,036		(478)		—		50,713
Investment management fee income		—		—		2		916		—		—		918
Interest expense		(24,288)		(4,768)		(1,528)		(4,918)		—		(199,910)		(235,412)
Depreciation and amortization		(95,942)		(4,469)		(60,490)		(66,356)		(7,668)		—		(234,925)
General and administrative expenses		—		—		—		—		—		(53,618)		(53,618)
Acquisition and pursuit costs		—		—		—		—		—		(21,797)		(21,797)
Impairments		61,466		(581,817)		—		(2,948)		—		—		(523,299)
Gain on sales of real estate, net		6,325		—		—		—		—		—		6,325
Other income, net		—		—		—		—		—		12,779		12,779
Income tax benefit		—		—		—		—		—		4,640		4,640
Equity (loss) income in unconsolidated joint ventures, excluding adjusted (cash) NOI		(31,452)		27,986		(1,109)		(1,867)		82		—		(6,360)
Net income (loss)	$	275,685	$	(243,092)	$	74,428	$	47,290	$	33,840	$	(257,906)	$	(69,755)

(1)

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

(2)

Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles and lease termination fees.

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

The following table summarizes the Company’s assets by segment (in thousands):


	June 30,		December 31,
Segment	2016		2015
Senior housing	$	9,854,208	$	9,812,142
Post-acute/skilled nursing		5,018,072		5,162,947
Life science		3,952,550		3,905,137
Medical office		3,489,833		3,469,048
Hospital		622,820		622,820
Gross segment assets		22,937,483		22,972,094
Accumulated depreciation and amortization		(3,157,266)		(2,941,568)
Net segment assets		19,780,217		20,030,526
Real estate and related assets held for sale, net		330,453		314,126
Other non-segment assets		1,005,787		1,105,197
Total assets	$	21,116,457	$	21,449,849

At both June 30, 2016 and December 31, 2015, goodwill of $50 million was allocated to segment assets as follows: (i) senior housing—$31 million, (ii) post-acute/skilled nursing—$3 million, (iii) medical office—$11 million and (iv) hospital—$5 million.