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Other Assets
12 Months Ended
Dec. 31, 2015
Other Assets..  
Other Assets

 

NOTE 10.    Other Assets

The Company’s other assets consisted of the following (in thousands):

 

 

 

 

 

 

 

 

 

 

 

December 31,

 

 

 

2015

 

2014

 

Straight-line rent receivables, net of allowance of $33,648 and $34,182, respectively

    

$

385,888

    

$

355,864

 

Marketable debt securities, net 

 

 

102,958

 

 

231,442

 

Leasing costs and inducements, net 

 

 

158,708

 

 

146,500

 

Goodwill

 

 

50,346

 

 

50,346

 

Other

 

 

119,965

 

 

117,516

 

Total other assets

 

$

817,865

 

$

901,668

 

 

At December 31, 2015 and 2014, within other assets is a non-interest bearing receivable of $9 million and $26 million, respectively, from Brookdale payable in eight quarterly installments (see Note 3). At December 31, 2014, other assets also include a loan receivable of $15 million from HCP Ventures IV, which was repaid as part of real estate asset sales in December 2015 (see Note 8).

During the year ended December 31, 2013, the Company realized gains from the sale of marketable equity securities of $11 million, which were included in other income, net.

Four Seasons Health Care Senior Unsecured Notes

Marketable debt securities, net are classified as held-to-maturity debt securities and primarily represent senior notes issued by Elli Investments Limited (“Elli”), a company beneficially owned by funds or limited partnerships managed by Terra Firma, as part of the financing for Elli’s acquisition of Four Seasons Health Care (the “Four Seasons Notes”). The Four Seasons Notes mature in June 2020, are non-callable through June 2016 and bear interest on their par value at a fixed rate of 12.25% per annum. The Company purchased an aggregate par value of £138.5 million of the Four Seasons Notes at a discount for £136.8 million ($215 million) in June 2012, representing 79% of the total £175 million issued and outstanding Four Seasons Notes.  In June 2015 and September 2015, the Company determined that the Four Seasons Notes were other-than-temporarily impaired (see Note 17). In December 2015, the Company received its contractual interest payment of £8 million ($13 million), which was applied against the principal balance reducing the carrying amount to £58 million ($85 million).