XML 28 R47.htm IDEA: XBRL DOCUMENT v2.4.0.6
Real Estate Property Investments (Details) (USD $)
3 Months Ended 6 Months Ended
Mar. 31, 2013
item
Dec. 31, 2012
item
Mar. 31, 2012
Mar. 31, 2013
item
Senior housing, life science and medical office
       
Acquisition        
Payments to acquire productive assets $ 42,000,000   $ 30,000,000  
Blackstone JV | Senior housing
       
Acquisition        
Number of senior housing communities 4 129   133
Number of states where acquired senior housing communities are located 29     29
Number of communities that are stabilized 99     99
Number of communities currently lease-up 34     34
Number of stages for acquisition to close       2
Acquistion of senior housing 38,000,000 1,700,000,000   38,000,000
Cash consideration 1,730,000,000     1,730,000,000
Liabilities assumed 13,000,000     13,000,000
Cash consideration paid to acquire real estate 1,570,000,000     1,570,000,000
Cash consideration paid to acquire intangible assets 174,000,000     174,000,000
Consideration, Debt and Other Liabilities Assumed 4,000,000     4,000,000
Unaudited pro forma consolidated results of operations        
Revenues     482,277,000  
Net income     204,408,000  
Net income applicable to HCP, Inc.     201,224,000  
Basic earnings per common share (in dollars per share) $ 0.43      
Diluted earnings per common share (in dollars per share) $ 0.43      
Blackstone JV | Senior housing | Emeritus Corporation
       
Acquisition        
Number of individual leases       5
Number of properties operated pursuant to a new triple-net master lease       128
Rental and related revenues 105,800,000     105,800,000
Rate of increase in rent receivable per year on average over the initial lease term (as a percent)       3.70%
Initial lease term with Emeritus Corporation       5 years
Rate of increase in rent receivable per year for remaining years of lease term (as a percent)       3.00%
Percentage of operating leases basis spread on variable floor rate       103.00%
Percentage of operating leases basis spread on variable cap rate       130.00%
Number of asset pools 3     3
Number of extension options with Emeritus Corporation       2
Blackstone JV | Senior housing | Emeritus Corporation | Real Estate Secured
       
Acquisition        
Number of senior housing communities       9
Principal amount of secured debt $ 52,000,000     $ 52,000,000
Term of loan       4 years
Interest rate on debt, initially (as a percent)       6.10%
Interest rate on debt after four year term (as a percent)       6.80%
Blackstone JV | Senior housing | Minimum | Emeritus Corporation
       
Acquisition        
Initial available term of asset pools       14 years
Total initial available term of asset pools       30 years
Blackstone JV | Senior housing | Maximum | Emeritus Corporation
       
Acquisition        
Initial available term of asset pools       16 years
Total initial available term of asset pools       35 years
Blackstone JV | Senior housing | Assisted living
       
Acquisition        
Percentage of units of real estate property       61.00%
Blackstone JV | Senior housing | Independent living
       
Acquisition        
Percentage of units of real estate property       25.00%
Blackstone JV | Senior housing | Memory care
       
Acquisition        
Percentage of units of real estate property       13.00%
Blackstone JV | Senior housing | Skilled nursing
       
Acquisition        
Percentage of units of real estate property       1.00%