XML 120 R90.htm IDEA: XBRL DOCUMENT v3.8.0.1
Segment Reporting (Details)
$ in Thousands
3 Months Ended 12 Months Ended
Dec. 31, 2017
USD ($)
Sep. 30, 2017
USD ($)
Jun. 30, 2017
USD ($)
Mar. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Sep. 30, 2016
USD ($)
[2]
Jun. 30, 2016
USD ($)
Mar. 31, 2016
USD ($)
Dec. 31, 2017
USD ($)
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Summary of information for reportable segments                      
Rental income                 $ 1,445,871 $ 1,648,815 $ 1,598,948
Resident fees and services                 2,779,423 2,504,731 2,158,031
Interest income                 73,811 97,963 84,141
Other income                 17,536 29,651 18,706
Total revenues $ 1,104,257 [1] $ 1,091,483 $ 1,058,602 $ 1,062,298 $ 1,078,321 $ 1,079,133 $ 1,076,657 $ 1,047,050 4,316,641 4,281,160 3,859,826
Property operating expenses                 2,083,925 1,876,983 1,622,257
Net Operating Income, Total                 2,232,716 [3] 2,404,177 2,237,569
Interest expense                 484,622 521,345 492,169
Loss (gain) on derivatives, net                 2,284 (2,448) (58,427)
Depreciation and amortization expenses                 921,720 901,242 826,240
General and administrative                 122,008 155,241 147,416
Transaction costs                 0 42,910 110,926
Loss (gain) on extinguishment of debt, net                 37,241 17,214 34,677
Provision for loan losses 62,966               62,966 10,215 0
Impairment of asset 99,821               124,483 37,207 2,220
Other expenses                 177,776 11,998 46,231
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest, Total                 299,616 709,253 636,117
Income tax (expense) benefit                 (20,128) 19,128 (6,451)
(Loss) income from unconsolidated entities                 (83,125) (10,357) (21,504)
Income (loss) from continuing operations                 196,363 718,024 608,162
Gain (loss) on real estate dispositions, net                 344,250 364,046 280,387
Net income (loss)                 540,613 1,082,070 $ 888,549
Total assets $ 27,944,445       $ 28,865,184       $ 27,944,445 $ 28,865,184  
Segment Reporting (Textuals)                      
Percent of Assets 1       1       1 1  
Percent of Revenues                 1 1 1
United States                      
Summary of information for reportable segments                      
Total revenues                 $ 3,464,527 $ 3,453,485 $ 3,133,327
Total assets $ 22,274,443       $ 23,572,459       $ 22,274,443 $ 23,572,459  
Segment Reporting (Textuals)                      
Percent of Assets 0.797       0.817       0.797 0.817  
Percent of Revenues                 0.803 0.806 0.811
United Kingdom                      
Summary of information for reportable segments                      
Total revenues                 $ 407,351 $ 388,383 $ 407,745
Total assets $ 3,239,039       $ 2,782,489       $ 3,239,039 $ 2,782,489  
Segment Reporting (Textuals)                      
Percent of Assets 0.116       0.096       0.116 0.096  
Percent of Revenues                 0.094 0.091 0.106
Canada                      
Summary of information for reportable segments                      
Total revenues                 $ 444,763 $ 439,292 $ 318,754
Total assets $ 2,430,963       $ 2,510,236       $ 2,430,963 $ 2,510,236  
Segment Reporting (Textuals)                      
Percent of Assets 0.087       0.087       0.087 0.087  
Percent of Revenues                 0.103 0.103 0.083
Triple Net [Member]                      
Summary of information for reportable segments                      
Rental income                 $ 885,811 $ 1,112,325 $ 1,094,827
Resident fees and services                 0 0 0
Interest income                 73,742 90,476 74,108
Other income                 7,531 6,059 6,871
Total revenues                 967,084 1,208,860 1,175,806
Property operating expenses                 0 0 0
Net Operating Income, Total                 967,084 1,208,860 1,175,806
Interest expense                 15,194 21,370 28,384
Loss (gain) on derivatives, net                 2,284 68 (58,427)
Depreciation and amortization expenses                 243,830 297,197 288,242
General and administrative                 0 0 0
Transaction costs                   10,016 53,195
Loss (gain) on extinguishment of debt, net                 29,083 863 10,095
Provision for loan losses                 62,966 6,935  
Impairment of asset                 96,909 20,169 2,220
Other expenses                 116,689 [4] 0 35,648
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest, Total                 400,129 852,242 816,449
Income tax (expense) benefit                 (4,291) (1,087) (4,244)
(Loss) income from unconsolidated entities                 19,428 9,767 8,260
Income (loss) from continuing operations                 415,266 860,922 820,465
Gain (loss) on real estate dispositions, net                 286,325 355,394 86,261
Net income (loss)                 701,591 1,216,316 906,726
Total assets $ 9,325,344       $ 10,713,032       9,325,344 10,713,032  
Seniors Housing Operating [Member]                      
Summary of information for reportable segments                      
Rental income                 0 0 0
Resident fees and services                 2,779,423 2,504,731 2,158,031
Interest income                 69 4,180 4,180
Other income                 5,127 17,085 6,060
Total revenues                 2,784,619 2,525,996 2,168,271
Property operating expenses                 1,904,593 1,711,882 1,467,009
Net Operating Income, Total                 880,026 814,114 701,262
Interest expense                 63,265 81,853 70,388
Loss (gain) on derivatives, net                 0 0 0
Depreciation and amortization expenses                 484,796 415,429 351,733
General and administrative                 0 0 0
Transaction costs                   29,207 54,966
Loss (gain) on extinguishment of debt, net                 3,785 (88) (195)
Provision for loan losses                 0 0  
Impairment of asset                 21,949 12,403 0
Other expenses                 8,347 0 0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest, Total                 297,884 275,310 224,370
Income tax (expense) benefit                 (16,430) (3,762) 986
(Loss) income from unconsolidated entities                 (105,236) (20,442) (32,672)
Income (loss) from continuing operations                 176,218 251,106 192,684
Gain (loss) on real estate dispositions, net                 56,295 9,880 0
Net income (loss)                 232,513 260,986 192,684
Total assets 13,432,001       12,851,414       13,432,001 12,851,414  
Outpatient Medical [Member]                      
Summary of information for reportable segments                      
Rental income                 560,060 536,490 504,121
Resident fees and services                 0 0 0
Interest income                 0 3,307 5,853
Other income                 3,340 5,568 4,684
Total revenues                 563,400 545,365 514,658
Property operating expenses                 179,332 165,101 155,248
Net Operating Income, Total                 384,068 380,264 359,410
Interest expense                 10,015 19,087 27,542
Loss (gain) on derivatives, net                 0 0 0
Depreciation and amortization expenses                 193,094 188,616 186,265
General and administrative                 0 0 0
Transaction costs                   3,687 2,765
Loss (gain) on extinguishment of debt, net                 4,373 0 0
Provision for loan losses                 0 3,280  
Impairment of asset                 5,625 4,635 0
Other expenses                 1,911 0 0
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest, Total                 169,050 160,959 142,838
Income tax (expense) benefit                 (1,477) (511) 245
(Loss) income from unconsolidated entities                 2,683 318 2,908
Income (loss) from continuing operations                 170,256 160,766 145,991
Gain (loss) on real estate dispositions, net                 1,630 (1,228) 194,126
Net income (loss)                 171,886 159,538 340,117
Total assets 5,082,145       4,951,538       5,082,145 4,951,538  
Corporate, Non-Segment [Member]                      
Summary of information for reportable segments                      
Rental income                 0 0 0
Resident fees and services                 0 0 0
Interest income                 0 0 0
Other income                 1,538 939 1,091
Total revenues                 1,538 939 1,091
Property operating expenses                 0 0 0
Net Operating Income, Total                 1,538 939 1,091
Interest expense                 396,148 399,035 365,855
Loss (gain) on derivatives, net                 0 (2,516) 0
Depreciation and amortization expenses                 0 0 0
General and administrative                 122,008 155,241 147,416
Transaction costs                   0 0
Loss (gain) on extinguishment of debt, net                 0 16,439 24,777
Provision for loan losses                 0 0  
Impairment of asset                 0 0 0
Other expenses                 50,829 [5] 11,998 10,583
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Extraordinary Items, Cumulative Effects of Changes in Accounting Principles, Noncontrolling Interest, Total                 (567,447) (579,258) (547,540)
Income tax (expense) benefit                 2,070 24,488 (3,438)
(Loss) income from unconsolidated entities                 0 0 0
Income (loss) from continuing operations                 (565,377) (554,770) (550,978)
Gain (loss) on real estate dispositions, net                 0 0 0
Net income (loss)                 (565,377) (554,770) $ (550,978)
Total assets $ 104,955       $ 349,200       $ 104,955 $ 349,200  
[1]
The decrease in net income (loss) and amounts per share are primarily attributable to $99,821,100 impairment of assets and $62,966,000 provision for loan losses recognized in the fourth quarter as compared to none in the third quarter.
[2]
The increase in net income and amounts per share are primarily attributable to gains on sales of real estate of $162,351,000 for the third quarter as compared to gains of $1,530,000 for the second quarter.
[3]
Genesis HealthCare is in our triple-net segment. Sunrise Senior Living and Revera are in our seniors housing operating segment. Brookdale Senior Living and Benchmark Senior Living are in both our triple-net and seniors housing operating segments.
[4]
Primarily represents non-capitalizable transaction costs, including $88,316,000 due to a joint venture transaction with an existing seniors housing operator which converted a portfolio of properties from triple-net to seniors housing operating, an exchange of PropCo/OpCo interests, and termination/restructuring of pre-existing relationships. In addition, includes $18,294,000 other than temporary impairment charge on the Genesis available-for-sale equity investment (see also Notes 11 and 16).
[5]
Primarily related to $40,730,000 recognized for the donation of the corporate headquarters. See also Note 12.