SEGMENT INFORMATION (Tables)

9 Months Ended

Sep. 30, 2015

Segment Reporting [Abstract]

Summary Information by Reportable Business Segment

Summary information by reportable business segment is as follows:

For the three months ended September 30, 2015:

	Triple-Net Leased Properties			Senior Living Operations		MOB Operations		All Other			Total
	(In thousands)
Revenues:
Rental income	$	201,028		$	—	$	142,755	$	—		$	343,783
Resident fees and services	—			454,825		—		—			454,825
Medical office building and other services revenue	1,011			—		8,459		530			10,000
Income from loans and investments	—			—		—		18,924			18,924
Interest and other income	—			—		—		74			74
Total revenues	$	202,039		$	454,825	$	151,214	$	19,528		$	827,606
Total revenues	$	202,039		$	454,825	$	151,214	$	19,528		$	827,606
Less:
Interest and other income	—			—		—		74			74
Property-level operating expenses	—			304,540		43,305		—			347,845
Medical office building services costs	—			—		6,416		—			6,416
Segment NOI	202,039			150,285		101,493		19,454			473,271
(Loss) income from unconsolidated entities	(1,431		)	433		108		(65		)	(955		)
Segment profit	$	200,608		$	150,718	$	101,601	$	19,389		472,316
Interest and other income											74
Interest expense											(97,135		)
Depreciation and amortization											(226,332		)
General, administrative and professional fees											(32,114		)
Loss on extinguishment of debt, net											(15,331		)
Merger-related expenses and deal costs											(62,145		)
Other											(4,795		)
Income tax benefit											10,697
Discontinued operations											(22,383		)
Gain on real estate dispositions											265
Net income											$	23,117

For the three months ended September 30, 2014:

	Triple-Net Leased Properties		Senior Living Operations			MOB Operations		All Other			Total
	(In thousands)
Revenues:
Rental income	$	170,873	$	—		$	116,686	$	—		$	287,559
Resident fees and services	—		396,247			—		—			396,247
Medical office building and other services revenue	1,136		—			5,937		500			7,573
Income from loans and investments	—		—			—		13,186			13,186
Interest and other income	—		—			—		367			367
Total revenues	$	172,009	$	396,247		$	122,623	$	14,053		$	704,932
Total revenues	$	172,009	$	396,247		$	122,623	$	14,053		$	704,932
Less:
Interest and other income	—		—			—		367			367
Property-level operating expenses	—		265,274			41,262		—			306,536
Medical office building services costs	—		—			4,568		—			4,568
Segment NOI	172,009		130,973			76,793		13,686			393,461
Income (loss) from unconsolidated entities	252		(225		)	66		(140		)	(47		)
Segment profit	$	172,261	$	130,748		$	76,859	$	13,546		393,414
Interest and other income											367
Interest expense											(77,325		)
Depreciation and amortization											(173,006		)
General, administrative and professional fees											(29,464		)
Loss on extinguishment of debt, net											(2,414		)
Merger-related expenses and deal costs											(16,188		)
Other											(9,413		)
Income tax benefit											1,887
Discontinued operations											18,171
Gain on real estate dispositions											3,625
Net income											$	109,654

For the nine months ended September 30, 2015:

	Triple-Net Leased Properties			Senior Living Operations			MOB Operations		All Other			Total
	(In thousands)
Revenues:
Rental income	$	571,591		$	—		$	420,287	$	—		$	991,878
Resident fees and services	—			1,356,384			—		—			1,356,384
Medical office building and other services revenue	3,286			—			25,066		1,599			29,951
Income from loans and investments	—			—			—		66,192			66,192
Interest and other income	—			—			—		719			719
Total revenues	$	574,877		$	1,356,384		$	445,353	$	68,510		$	2,445,124
Total revenues	$	574,877		$	1,356,384		$	445,353	$	68,510		$	2,445,124
Less:
Interest and other income	—			—			—		719			719
Property-level operating expenses	—			902,154			129,152		—			1,031,306
Medical office building services costs	—			—			19,098		—			19,098
Segment NOI	574,877			454,230			297,103		67,791			1,394,001
(Loss) income from unconsolidated entities	(785		)	(221		)	226		(417		)	(1,197		)
Segment profit	$	574,092		$	454,009		$	297,329	$	67,374		1,392,804
Interest and other income												719
Interest expense												(263,422		)
Depreciation and amortization												(657,262		)
General, administrative and professional fees												(100,399		)
Loss on extinguishment of debt, net												(14,897		)
Merger-related expenses and deal costs												(105,023		)
Other												(13,948		)
Income tax benefit												27,736
Discontinued operations												13,434
Gain on real estate dispositions												14,420
Net income												$	294,162

For the nine months ended September 30, 2014:

	Triple-Net Leased Properties		Senior Living Operations			MOB Operations		All Other			Total
	(In thousands)
Revenues:
Rental income	$	500,047	$	—		$	346,942	$	—		$	846,989
Resident fees and services	—		1,141,781			—		—			1,141,781
Medical office building and other services revenue	3,429		—			13,311		1,500			18,240
Income from loans and investments	—		—			—		36,902			36,902
Interest and other income	—		—			—		811			811
Total revenues	$	503,476	$	1,141,781		$	360,253	$	39,213		$	2,044,723
Total revenues	$	503,476	$	1,141,781		$	360,253	$	39,213		$	2,044,723
Less:
Interest and other income	—		—			—		811			811
Property-level operating expenses	—		762,993			120,021		—			883,014
Medical office building services costs	—		—			9,565		—			9,565
Segment NOI	503,476		378,788			230,667		38,402			1,151,333
Income (loss) from unconsolidated entities	838		(209		)	326		(406		)	549
Segment profit	$	504,314	$	378,579		$	230,993	$	37,996		1,151,882
Interest and other income											811
Interest expense											(214,117		)
Depreciation and amortization											(507,167		)
General, administrative and professional fees											(93,632		)
Loss on extinguishment of debt, net											(5,079		)
Merger-related expenses and deal costs											(35,944		)
Other											(18,070		)
Income tax expense											(4,820		)
Discontinued operations											79,026
Gain on real estate dispositions											16,514
Net income											$	369,404

Assets by reportable business segment are as follows:

	As of September 30, 2015				As of December 31, 2014
	(Dollars in thousands)
Assets:
Triple-net leased properties	$	8,143,204	36.3	%	$	9,173,873	43.3	%
Senior living operations	8,154,058		36.4		7,416,150		35.0
MOB operations	5,179,767		23.1		3,525,397		16.7
All other assets	936,948		4.2		1,050,493		5.0
Total assets	$	22,413,977	100.0	%	$	21,165,913	100.0	%

Capital expenditures, including investments in real estate property and development project expenditures, by reportable business segment are as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30,
	2015		2014		2015		2014
	(In thousands)
Capital expenditures:
Triple-net leased properties	$	1,318,868	$	99,590	$	1,878,857	$	349,022
Senior living operations	34,104		853,723		345,910		932,903
MOB operations	10,317		6,858		498,491		29,721
Total capital expenditures	$	1,363,289	$	960,171	$	2,723,258	$	1,311,646

Revenues from External Customers and Net Real Estate Property by Geographic Area

Geographic information regarding our operations is as follows:

	For the Three Months Ended September 30,				For the Nine Months Ended September 30, 2015
	2015		2014		2015		2014
	(In thousands)
Revenues:
United States	$	777,320	$	665,217	$	2,294,780	$	1,957,116
Canada	42,756		35,129		131,542		78,168
United Kingdom	7,530		4,586		18,802		9,439
Total revenues	$	827,606	$	704,932	$	2,445,124	$	2,044,723

	As of September 30, 2015		As of December 31, 2014
	(In thousands)
Net real estate property:
United States	$	18,358,283	$	15,315,950
Canada	1,087,829		1,269,710
United Kingdom	325,474		168,594
Total net real estate property	$	19,771,586	$	16,754,254