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Consolidated Statements of Income (Unaudited) - USD ($)
3 Months Ended 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Jun. 30, 2015
Jun. 30, 2014
Revenues:        
Rental income $ 396,626,000 $ 347,847,000 $ 776,213,000 $ 684,303,000
Resident fees and services 535,553,000 467,639,000 1,028,063,000 923,904,000
Interest income 20,576,000 8,933,000 37,570,000 17,527,000
Other income 4,414,000 2,027,000 9,500,000 2,520,000
Total revenues 957,169,000 826,446,000 1,851,346,000 1,628,254,000
Expenses:        
Interest expense 118,861,000 121,065,000 239,942,000 241,898,000
Property operating expenses 398,354,000 343,754,000 774,815,000 685,185,000
Depreciation and amortization 208,802,000 214,449,000 397,631,000 447,766,000
General and administrative 38,474,000 51,660,000 73,612,000 84,524,000
Transaction costs 12,491,000 7,040,000 61,045,000 7,993,000
Loss (gain) on derivatives, net 0 351,000 (58,427,000) [1] 351,000
Loss (gain) on extinguishment of debt, net 18,887,000 531,000 34,288,000 383,000
Impairment of Asset 0 0 2,220,000 0
Other expenses 10,583,000 0 10,583,000 0
Total expenses 806,452,000 738,850,000 1,535,709,000 1,468,100,000
Income (loss) from continuing operations before income taxes and income from unconsolidated entities, total 150,717,000 87,596,000 315,637,000 160,154,000
Income tax (expense) benefit (7,417,000) (1,569,000) (7,113,000) (3,830,000)
(Loss) income from unconsolidated entities (2,952,000) (11,516,000) (15,600,000) (17,073,000)
Income from continuing operations 140,348,000 74,511,000 292,924,000 139,251,000
Discontinued operations:        
Gain (loss) on sales of properties, net 0 6,411,000 0 6,411,000
Income (loss) from discontinued operations, net 0 264,000 0 724,000
Discontinued operations, net 0 6,675,000 0 7,135,000
Gain (loss) on real estate dispositions, net 190,111,000 6,668,000 246,956,000 6,668,000
Net income 330,459,000 87,854,000 539,880,000 153,054,000
Less: Preferred stock dividends 16,352,000 16,352,000 32,703,000 32,705,000
Less: Net income (loss) attributable to noncontrolling interests [2] 1,534,000 (327,000) 3,804,000 (1,502,000)
Net income (loss) attributable to common stockholders $ 312,573,000 $ 71,829,000 $ 503,373,000 $ 121,851,000
Average number of common shares outstanding:        
Basic 350,399,000 296,256,000 343,624,000 293,046,000
Diluted 351,366,000 297,995,000 344,623,000 294,590,000
Basic:        
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions $ 0.89 $ 0.22 $ 1.46 $ 0.39
Discontinued operations, net 0 0.02 0 0.02
Net income (loss) attributable to common stockholders, total 0.89 0.24 1.46 0.42
Diluted:        
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions 0.89 0.22 1.46 0.39
Discontinued operations, net 0 0.02 0 0.02
Net income (loss) attributable to common stockholders, total 0.89 0.24 1.46 0.41
Dividends declared and paid per common share $ 0.825 $ 0.795 $ 1.65 $ 1.59
[1] (1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.
[2] (1) Includes amounts attributable to redeemable noncontrolling interests.