Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2019

Segment Reporting [Abstract]

Summary of Information for Reportable Segments

Summary information for the reportable segments (which excludes unconsolidated entities) during the years ended December 31, 2019, 2018 and 2017 is as follows (in thousands):

Year Ended December 31, 2019:	Seniors Housing Operating		Triple-net			Outpatient Medical			Non-segment / Corporate			Total
Resident fees and services	$	3,448,175	$	—		$	—		$	—		$	3,448,175
Rental income	—		903,798			684,602			—			1,588,400
Interest income	36		62,599			1,195			—			63,830
Other income	8,658		6,246			2,031			3,966			20,901
Total revenues	3,456,869		972,643			687,828			3,966			5,121,306
Property operating expenses	2,417,349		53,900			218,793			—			2,690,042
Consolidated net operating income	1,039,520		918,743			469,035			3,966			2,431,264
Depreciation and amortization	553,189		232,626			241,258			—			1,027,073
Interest expense	67,983		12,892			13,411			461,273			555,559
General and administrative expenses	—		—			—			126,549			126,549
Loss (gain) on derivatives and financial instruments, net	—		(4,399		)	—			—			(4,399		)
Loss (gain) on extinguishment of debt, net	1,614		—			—			82,541			84,155
Provision for loan losses	—		18,690			—			—			18,690
Impairment of assets	2,145		11,926			14,062			—			28,133
Other expenses	26,348		13,771			1,788			10,705			52,612
Income (loss) from continuing operations before income taxes and other items	388,241		633,237			198,516			(677,102		)	542,892
Income tax (expense) benefit	6,246		(4,209		)	(2,710		)	(2,284		)	(2,957		)
(Loss) income from unconsolidated entities	12,388		22,985			7,061			—			42,434
Gain (loss) on real estate dispositions, net	528,747		218,322			972			—			748,041
Income (loss) from continuing operations	935,622		870,335			203,839			(679,386		)	1,330,410
Net income (loss)	$	935,622	$	870,335		$	203,839		$	(679,386	)	$	1,330,410
Total assets	$	15,784,898	$	9,434,817		$	7,991,521		$	169,515		$	33,380,751

Year Ended December 31, 2018:	Seniors Housing Operating			Triple-net				Outpatient Medical			Non-segment / Corporate			Total
Resident fees and services	$	3,234,852		$	—			$	—		$	—		$	3,234,852
Rental income	—			828,865				551,557			—			1,380,422
Interest income	578			54,926				310			—			55,814
Other income	5,024			17,173				4,939			2,275			29,411
Total revenues	3,240,454			900,964				556,806			2,275			4,700,499
Property operating expenses	2,255,432			915				176,670			—			2,433,017
Consolidated net operating income	985,022			900,049				380,136			2,275			2,267,482
Depreciation and amortization	529,449			235,480				185,530			—			950,459
Interest expense	69,060			14,225				7,051			436,256			526,592
General and administrative expenses	—			—				—			126,383			126,383
Loss (gain) on derivatives and financial instruments, net	—			(4,016		)		—			—			(4,016		)
Loss (gain) on extinguishment of debt, net	110			(32		)		11,928			4,091			16,097
Impairment of assets	7,599			107,980				—			—			115,579
Other expenses	6,624			90,975			(1)	7,570			7,729			112,898
Income (loss) from continuing operations before income taxes and other items	372,180			455,437				168,057			(572,184		)	423,490
Income tax (expense) benefit	1,202			1,611				(125		)	(11,362		)	(8,674		)
(Loss) income from unconsolidated entities	(28,142		)	21,938				5,563			—			(641		)
Gain (loss) on real estate dispositions, net	(2,245		)	196,589				221,231			—			415,575
Income (loss) from continuing operations	342,995			675,575				394,726			(583,546		)	829,750
Net income (loss)	$	342,995		$	675,575			$	394,726		$	(583,546	)	$	829,750
Total assets	$	14,607,127		$	10,111,227			$	5,426,810		$	196,908		$	30,342,072

⁽¹⁾ Represents non-capitalizable transaction costs of $81,116,000 primarily related to a joint venture transaction with an existing seniors housing operator including the conversion of properties from Triple-net to Seniors Housing Operating and termination/restructuring of preexisting relationships.

Year Ended December 31, 2017:	Seniors Housing Operating			Triple-net				Outpatient Medical			Non-segment / Corporate				Total
Resident fees and services	$	2,779,423		$	—			$	—		$	—			$	2,779,423
Rental income	—			885,811				560,060			—				1,445,871
Interest income	69			73,742				—			—				73,811
Other income	5,127			7,531				3,340			1,538				17,536
Total revenues	2,784,619			967,084				563,400			1,538				4,316,641
Property operating expenses	1,904,593			—				179,332			—				2,083,925
Consolidated net operating income	880,026			967,084				384,068			1,538				2,232,716
Depreciation and amortization	484,796			243,830				193,094			—				921,720
Interest expense	63,265			15,194				10,015			396,148				484,622
General and administrative	—			—				—			122,008				122,008
Loss (gain) on derivatives and financial instruments, net	—			2,284				—			—				2,284
Loss (gain) on extinguishment of debt, net	3,785			29,083				4,373			—				37,241
Provision for loan losses	—			62,966				—			—				62,966
Impairment of assets	21,949			96,909				5,625			—				124,483
Other expenses	8,347			116,689			(1)	1,911			50,829			(2)	177,776
Income (loss) from continuing operations before income taxes and other items	297,884			400,129				169,050			(567,447		)		299,616
Income tax (expense) benefit	(16,430		)	(4,291		)		(1,477		)	2,070				(20,128		)
(Loss) income from unconsolidated entities	(105,236		)	19,428				2,683			—				(83,125		)
Gain (loss) on real estate dispositions, net	56,295			286,325				1,630			—				344,250
Income (loss) from continuing operations	232,513			701,591				171,886			(565,377		)		540,613
Net income (loss)	$	232,513		$	701,591			$	171,886		$	(565,377	)		$	540,613

⁽¹⁾ 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 and termination/restructuring of preexisting relationships. Also includes $18,294,000 other-than-temporary impairment charge on the Genesis available-for-sale equity investment.

⁽²⁾ Primarily related to $40,730,000 expense recognized for the donation of the corporate headquarters.

The following is a summary of geographic information for the periods presented (dollars in thousands):

	Year Ended
	December 31, 2019				December 31, 2018				December 31, 2017
Revenues:	Amount(1)		%		Amount		%		Amount		%
United States	$	4,205,492	82.1	%	$	3,777,960	80.4	%	$	3,464,527	80.3	%
United Kingdom	452,698		8.8	%	452,956		9.6	%	407,351		9.4	%
Canada	463,116		9.1	%	469,583		10.0	%	444,763		10.3	%
Total	$	5,121,306	100.0	%	$	4,700,499	100.0	%	$	4,316,641	100.0	%
	As of
	December 31, 2019				December 31, 2018
Assets:	Amount		%		Amount		%
United States	$	27,513,911	82.4	%	$	24,884,292	82.0	%
United Kingdom	3,405,388		10.2	%	3,078,994		10.1	%
Canada	2,461,452		7.4	%	2,378,786		7.9	%
Total	$	33,380,751	100.0	%	$	30,342,072	100.0	%

 

⁽¹⁾ The United States, United Kingdom and Canada represent 77%, 10% and 13%, respectively, of our resident fees and services revenue stream for the year ended December 31, 2019.