XML 56 R45.htm IDEA: XBRL DOCUMENT v3.5.0.2
Net Investment in Direct Financing Leases (Details)
1 Months Ended 3 Months Ended 6 Months Ended 9 Months Ended 12 Months Ended 19 Months Ended
Apr. 01, 2016
Apr. 01, 2015
USD ($)
Mar. 29, 2015
USD ($)
property
Jun. 30, 2016
USD ($)
property
May 31, 2016
facility
Dec. 31, 2015
USD ($)
property
Mar. 31, 2015
USD ($)
Mar. 31, 2017
facility
property
Jun. 30, 2016
USD ($)
property
Mar. 31, 2016
USD ($)
facility
Dec. 31, 2015
USD ($)
property
Jun. 30, 2015
USD ($)
Mar. 31, 2015
USD ($)
property
Dec. 31, 2016
facility
property
Jun. 30, 2016
USD ($)
property
Jun. 30, 2015
USD ($)
Mar. 31, 2017
facility
Dec. 31, 2015
USD ($)
facility
property
Dec. 31, 2011
USD ($)
property
Aug. 09, 2016
property
Sep. 30, 2015
USD ($)
Feb. 28, 2015
USD ($)
Sep. 30, 2013
item
Net Investment in Direct Financing Leases                                              
Minimum lease payments receivable       $ 25,912,425,000   $ 26,283,392,000     $ 25,912,425,000   $ 26,283,392,000       $ 25,912,425,000     $ 26,283,392,000          
Estimated residual values       3,930,300,000   3,900,679,000     3,930,300,000   3,900,679,000       3,930,300,000     3,900,679,000          
Less unearned income       (23,169,141,000)   (23,462,022,000)     (23,169,141,000)   (23,462,022,000)       (23,169,141,000)     (23,462,022,000)          
Net investment in direct financing leases before allowance       6,673,584,000   6,722,049,000     6,673,584,000   6,722,049,000       6,673,584,000     6,722,049,000          
Allowance for DFL losses       (817,040,000)   (817,040,000)     (817,040,000)   (817,040,000)       (817,040,000)     (817,040,000)          
Net investment in direct financing leases       $ 5,856,544,000   $ 5,905,009,000     $ 5,856,544,000   $ 5,905,009,000       $ 5,856,544,000     $ 5,905,009,000          
Properties subject to direct financing leases | property       340   348     340   348       340     348          
DFL income                 $ 132,100,000     $ 156,181,000     $ 260,068,000 $ 323,259,000              
Number of non-strategic assets involved in sales transaction | facility         17                                    
Number of facility sales closed | property                             11     22   33      
Number of properties for which sales contracts entered | property       10         10           10                
Sales price                             $ 62,000,000     $ 219,000,000          
Federal built-in gain tax from assets sold, state term                             10 years                
Percentage of DFL Portfolio       100.00%         100.00%           100.00%                
Forecast                                              
Net Investment in Direct Financing Leases                                              
Number of non-strategic assets involved in sales transaction | property               10           7                  
Number of facility sales closed | facility               10           7     17            
Maximum                                              
Net Investment in Direct Financing Leases                                              
Federal and state built-in gain tax from assets sold                                     $ 2,000,000,000        
HCRMC                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases           $ 5,200,000,000 $ 6,100,000,000       $ 5,200,000,000   $ 6,100,000,000         5,200,000,000     $ 6,000,000,000 $ 6,600,000,000  
Number of Facilities Acquired | property                                     334        
Number of non-strategic assets involved in sales transaction | property                         50                    
Annual rent reduction on sold properties, as a percent of the sales proceeds                         7.75%                    
Reduction in initial net annual rent due to lease amendment     $ 68,000,000                                        
Annual rent under Master Agreement   $ 473,000,000 $ 541,000,000                                        
Minimum rent escalation during the initial term (as a percent) 3.00%                                            
Increase in Rent, first two years (as a percent)     3.50%                                        
Increase in Rent, afterwards (as a percent)     3.00%                                        
Period of extension of initial term of lease   5 years                                          
Average lease term   16 years                                          
Deferred lease obligation       $ 525,000,000         $ 525,000,000           $ 525,000,000                
Expected Annual Rent                             19,000,000                
Impairment charges related to investments in DFLs             $ 478,000,000       817,000,000                        
Federal and state built-in gain tax from assets sold, term                                     10 years        
Intention to hold the assets, term                                     10 years        
Federal built-in gain tax from assets sold, federal term           5 years                                  
State built-in gain from assets sold                             49,000,000                
Direct Financing Lease Tranche A [Member] | HCRMC                                              
Net Investment in Direct Financing Leases                                              
Deferred lease obligation       275,000,000         275,000,000           $ 275,000,000                
Direct Financing Lease Rental Factor, first period (as a percent)                             6.90%                
Expected Annual Rent                             $ 19,000,000                
Direct Financing Lease Tranche B [Member] | HCRMC                                              
Net Investment in Direct Financing Leases                                              
Deferred lease obligation       250,000,000         250,000,000           $ 250,000,000                
Direct Financing Lease Rental Factor, first period (as a percent)                             3.00%                
Direct Financing Lease Rental Factor, second period (as a percent)                             4.00%                
Direct Financing Lease Rental Factor, third period (as a percent)                             5.00%                
Direct Financing Lease Rental Factor, fourth period (as a percent)                             6.00%                
Direct Financing Leases                                              
Net Investment in Direct Financing Leases                                              
DFL income                 4,000,000     5,000,000     $ 8,000,000 9,000,000              
Cash payments received                 5,000,000     6,000,000     10,000,000 11,000,000              
Performing Loans                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       386,169,000         386,169,000           386,169,000                
Watch List Loans                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       5,470,375,000         5,470,375,000           5,470,375,000                
Senior housing                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       $ 1,793,743,000         $ 1,793,743,000           $ 1,793,743,000                
Percentage of DFL Portfolio       31.00%         31.00%           31.00%                
Senior housing | Direct Financing Leases                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       $ 363,000,000   $ 366,000,000     $ 363,000,000   366,000,000       $ 363,000,000     $ 366,000,000          
Properties subject to direct financing leases | item                                             14
Senior housing | Performing Loans                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       262,278,000         262,278,000           262,278,000                
Senior housing | Watch List Loans                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       1,531,465,000         1,531,465,000           1,531,465,000                
Post-acute/skilled nursing                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       $ 3,938,910,000         $ 3,938,910,000           $ 3,938,910,000                
Number of Facilities     9             2               7          
Acquisition of facility     $ 275,000,000             $ 92,000,000               $ 183,000,000          
Percentage of DFL Portfolio       67.00%         67.00%           67.00%                
Post-acute/skilled nursing | Watch List Loans                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       $ 3,938,910,000         $ 3,938,910,000           $ 3,938,910,000                
Hospital                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       $ 123,891,000         $ 123,891,000           $ 123,891,000                
Percentage of DFL Portfolio       2.00%         2.00%           2.00%                
Hospital | Performing Loans                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       $ 123,891,000         $ 123,891,000           $ 123,891,000                
HCRMC                                              
Net Investment in Direct Financing Leases                                              
Net investment in direct financing leases       $ 5,100,000,000   5,200,000,000     5,100,000,000   5,200,000,000       5,100,000,000     5,200,000,000          
Carrying value, equity method investments           $ 0         $ 0             $ 0          
DFL accretion                       22,000,000     0 43,000,000              
DFL income                 116,000,000     140,000,000     229,000,000 292,000,000              
Cash payments received                 $ 116,000,000     $ 118,000,000     $ 229,000,000 $ 249,000,000              
Federal built-in gain tax from assets sold, federal term       10 years