Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2018

Summary of information for reportable segments

Summary information for the reportable segments (which excludes unconsolidated entities) during the years ended December 31, 2018, 2017 and 2016 is as follows (in thousands):



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	—			—				—			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 benefit (expense)	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 pre-existing 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 benefit (expense)	(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

Total assets	$	13,432,001		$	9,325,344			$	5,082,145		$	104,955			$	27,944,445

(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 pre-existing relationships. In addition, includes $18,294,000 other-than-temporary impairment charge on the Genesis available-for-sale equity investment.

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



Year Ended December 31, 2016:	Seniors Housing Operating			Triple-net			Outpatient Medical			Non-segment / Corporate			Total
Resident fees and services	$	2,504,731		$	—		$	—		$	—		$	2,504,731
Rental income	—			1,112,325			536,490			—			1,648,815
Interest income	4,180			90,476			3,307			—			97,963
Other income	17,085			6,059			5,568			939			29,651
Total revenues	2,525,996			1,208,860			545,365			939			4,281,160

Property operating expenses	1,711,882			—			165,101			—			1,876,983
Consolidated net operating income	814,114			1,208,860			380,264			939			2,404,177

Depreciation and amortization	415,429			297,197			188,616			—			901,242
Interest expense	81,853			21,370			19,087			399,035			521,345
General and administrative	—			—			—			155,241			155,241
Loss (gain) on derivatives and financial instruments, net	—			68			—			(2,516		)	(2,448		)
Transaction costs	29,207			10,016			3,687			—			42,910
Loss (gain) on extinguishment of debt, net	(88		)	863			—			16,439			17,214
Provision for loan losses	—			6,935			3,280			—			10,215
Impairment of assets	12,403			20,169			4,635			—			37,207
Other expenses	—			—			—			11,998			11,998
Income (loss) from continuing operations before income taxes and other items	275,310			852,242			160,959			(579,258		)	709,253
Income tax benefit (expense)	(3,762		)	(1,087		)	(511		)	24,488			19,128
(Loss) income from unconsolidated entities	(20,442		)	9,767			318			—			(10,357		)
Gain (loss) on real estate dispositions, net	9,880			355,394			(1,228		)	—			364,046
Income from continuing operations	260,986			1,216,316			159,538			(554,770		)	1,082,070
Net income (loss)	$	260,986		$	1,216,316		$	159,538		$	(554,770	)	$	1,082,070

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



	Year Ended
	December 31, 2018				December 31, 2017				December 31, 2016
Revenues:	Amount		%		Amount		%		Amount		%
United States	$	3,777,960	80.4	%	$	3,464,527	80.3	%	$	3,453,485	80.6	%
United Kingdom	452,956		9.6	%	407,351		9.4	%	388,383		9.1	%
Canada	469,583		10.0	%	444,763		10.3	%	439,292		10.3	%
Total	$	4,700,499	100.0	%	$	4,316,641	100.0	%	$	4,281,160	100.0	%

	As of
	December 31, 2018				December 31, 2017
Assets:	Amount		%		Amount		%
United States	$	24,884,292	82.0	%	$	22,274,443	79.7	%
United Kingdom	3,078,994		10.1	%	3,239,039		11.6	%
Canada	2,378,786		7.9	%	2,430,963		8.7	%
Total	$	30,342,072	100.0	%	$	27,944,445	100.0	%