Real Estate Property Investments (Tables)

9 Months Ended

Sep. 30, 2016

Schedule of real estate acquisitions (in thousands)

A summary of real estate acquisitions for the nine months ended September 30, 2016 follows (in thousands):


	Consideration				Assets Acquired(1)
			Mortgage and Other				Net
Segment	Cash Paid		Liabilities Assumed		Real Estate		Intangibles
SH NNN	$	76,362	$	1,200	$	71,875	$	5,687
SHOP		113,971		76,931		177,551		13,351
Life Science		49,000		—		47,400		1,600
Other		17,909		—		16,596		1,313
	$	257,242	$	78,131	$	313,422	$	21,951

(1)

The purchase price allocations are preliminary and may be subject to change. Revenues and earnings since the acquisition dates as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material.

A summary of real estate acquisitions for the nine months ended September 30, 2015 follows (in thousands):


	Consideration							Assets Acquired(1)
	Cash Paid/			Liabilities		Noncontrolling				Net
Segment	Debt Settled			Assumed		Interest		Real Estate		Intangibles
SH NNN	$	208		$	—	$	—	$	208	$	—
SHOP		103,296			1,373		3,885		102,579		5,975
Medical office		377,351	(2)		12,849		—		349,649		40,551
Other		296,226	(3)		6,854		—		257,960		45,120
	$	777,081		$	21,076	$	3,885	$	710,396	$	91,646

(1)Revenues and earnings since the acquisition dates as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material.

(2)Includes $225 million for a medical office building (“MOB”) portfolio acquisition completed in June 2015 and placed in HCP Ventures V, of which, in October 2015, the Company issued a 49% noncontrolling interest for $110 million (see Note 12).

(3)Includes £174 million ($254 million) of the Company’s HC-One Facility (see Note 6) converted to fee ownership in a portfolio of 36 care homes located throughout the United Kingdom (“U.K.”).

Schedule of unaudited pro forma consolidated results of operations (in thousands, except per share amounts)

The following unaudited pro forma consolidated results of operations assume that the RIDEA III acquisition was completed as of January 1, 2014 (in thousands, except per share data):



	Nine Months Ended
	September 30, 2015
Revenues	$	1,963,402
Net income		56,009
Net income applicable to HCP, Inc.		46,662
Basic earnings per common share		0.10
Diluted earnings per common share		0.10

Schedule of capital improvements (in thousands)

The following table summarizes the Company’s funding for construction, tenant and other capital improvements (in thousands):


	Nine Months Ended September 30,
Segment	2016		2015
SH NNN	$	35,687	$	27,289
SHOP		55,795		49,351
Life science		152,739		80,871
Medical office		88,523		93,012
Other		6,840		3,406
	$	339,584	$	253,929