Diversified Healthcare Trust (DHC) 10-Q 4 Aug 14 2014 Q2 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	6 Months Ended
	Jun. 30, 2014	Aug. 01, 2014
Document and Entity Information	'	'
Entity Registrant Name	'SENIOR HOUSING PROPERTIES TRUST	'
Entity Central Index Key	'0001075415	'
Document Type	'10-Q	'
Document Period End Date	30-Jun-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	203,767,203
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q2	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate properties:	'	'
Land	$680,937	$623,756
Buildings and improvements	5,486,755	4,639,869
Total real estate properties, gross	6,167,692	5,263,625
Less accumulated depreciation	-909,021	-840,760
Total real estate properties, net	5,258,671	4,422,865
Cash and cash equivalents	79,392	39,233
Restricted cash	10,960	12,514
Deferred financing fees, net	33,500	27,975
Acquired real estate leases and other intangible assets, net	495,782	103,494
Other assets	138,550	158,585
Total assets	6,016,855	4,764,666
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Unsecured revolving credit facility	'	100,000
Unsecured term loan	350,000	'
Senior unsecured notes, net of discount	1,742,893	1,093,337
Secured debt and capital leases	672,761	699,427
Accrued interest	20,401	15,839
Assumed real estate lease obligations, net	128,207	12,528
Other liabilities	73,012	66,546
Total liabilities	2,987,274	1,987,677
Commitments and contingencies	'	'
Shareholders' equity:	'	'
Common shares of beneficial interest, $.01 par value: 220,000,000 shares authorized, 203,755,980 and 188,167,643 shares issued and outstanding at June 30, 2014 and December 31, 2013, respectively	2,037	1,882
Additional paid in capital	3,821,811	3,497,589
Cumulative net income	1,271,221	1,194,985
Cumulative other comprehensive income	7,173	8,412
Cumulative distributions	-2,072,661	-1,925,879
Total shareholders' equity	3,029,581	2,776,989
Total liabilities and shareholders' equity	$6,016,855	$4,764,666

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Jun. 30, 2014	Dec. 31, 2013
CONDENSED CONSOLIDATED BALANCE SHEETS	'	'
Common shares of beneficial interest, par value (in dollars per share)	$0.01	$0.01
Common shares of beneficial interest, shares authorized	220,000,000	220,000,000
Common shares of beneficial interest, shares issued	203,755,980	188,167,643
Common shares of beneficial interest, shares outstanding	203,755,980	188,167,643

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		6 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Revenues:	'	'	'	'
Rental income	$127,669	$112,297	$239,724	$224,150
Residents fees and services	79,039	74,631	158,481	149,687
Total revenues	206,708	186,928	398,205	373,837
Expenses:	'	'	'	'
Property operating expenses	79,786	74,484	157,590	148,163
Depreciation	46,703	38,296	85,058	75,999
General and administrative	9,577	8,168	17,866	16,816
Acquisition related costs	2,512	292	2,635	2,187
Impairment of assets	'	4,371	'	5,675
Total expenses	138,578	125,611	263,149	248,840
Operating income	68,130	61,317	135,056	124,997
Interest and other income	154	397	258	570
Interest expense	-34,112	-29,567	-63,012	-59,131
Loss on early extinguishment of debt	'	-105	'	-105
Income from continuing operations before income tax expense and equity in earnings of an investee	34,172	32,042	72,302	66,331
Income tax expense	-155	-140	-346	-280
Equity in earnings of an investee	118	79	21	155
Income from continuing operations	34,135	31,981	71,977	66,206
Discontinued operations:	'	'	'	'
Income from discontinued operations	741	1,513	2,041	2,523
Impairment of assets from discontinued operations	387	-27,896	-334	-27,896
Income before gain on sale of properties	35,263	5,598	73,684	40,833
Gain on sale of properties	2,396	'	2,552	'
Net income	37,659	5,598	76,236	40,833
Other comprehensive income:	'	'	'	'
Change in net unrealized (loss) / gain on investments	640	-4,404	-1,280	4,360
Share of comprehensive income (loss) of an investee	31	-73	50	-81
Comprehensive income	$38,330	$1,121	$75,006	$45,112
Weighted average shares outstanding (in shares)	199,810	188,081	194,025	186,350
Income from continuing operations per share (in dollars per share)	$0.18	$0.17	$0.38	$0.36
Income from discontinued operations per share (in dollars per share)	$0.01	($0.14)	$0.01	($0.14)
Net income per share (in dollars per share)	$0.19	$0.03	$0.39	$0.22

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013
Cash flows from operating activities:	'	'
Net income	$76,236	$40,833
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation	85,058	76,798
Amortization of deferred financing fees and debt discounts	3,011	2,068
Straight line rental income	-3,938	-3,698
Amortization of acquired real estate leases and other intangible assets	153	1,935
Loss on early extinguishment of debt	'	105
Impairment of assets	334	33,571
Gain on sale of properties	-2,552	'
Equity in earnings of an investee	-21	-155
Change in assets and liabilities:	'	'
Restricted cash	1,555	-2,973
Other assets	7,007	1,135
Accrued interest	4,562	-63
Other liabilities	7,597	1,376
Cash provided by operating activities	179,002	150,932
Cash flows from investing activities:	'	'
Real estate acquisitions and deposits	-1,143,340	-76,006
Real estate improvements	-37,334	-22,669
Investment in Affiliates Insurance Company	-825	'
Proceeds from sale of properties	17,900	'
Cash used for investing activities	-1,163,599	-98,675
Cash flows from financing activities:	'	'
Proceeds from issuance of common shares, net	322,864	261,813
Proceeds from issuance of unsecured senior notes, net of discount	648,914	'
Proceeds from unsecured term loan	350,000	'
Proceeds from borrowings on revolving credit facility	90,000	45,000
Repayments of borrowings on revolving credit facility	-190,000	-205,000
Repayment of other debt	-42,201	-16,662
Payment of deferred financing fees	-8,038	-248
Distributions to shareholders	-146,783	-142,206
Cash provided by (used for) financing activities	1,024,756	-57,303
Increase (decrease) in cash and cash equivalents	40,159	-5,046
Cash and cash equivalents at beginning of period	39,233	42,382
Cash and cash equivalents at end of period	79,392	37,336
Supplemental cash flow information:	'	'
Interest paid	55,439	57,126
Income taxes paid	106	516
Non-cash investing activities:	'	'
Acquisitions funded by assumed debt	-15,630	-12,266
Non-cash financing activities:	'	'
Assumption of mortgage notes payable	15,630	12,266
Issuance of common shares	$1,511	$929

Basis_of_Presentation

Basis of Presentation	6 Months Ended
	Jun. 30, 2014
Basis of Presentation	'
Basis of Presentation	'
	Note 1.  Basis of Presentation
	The accompanying condensed consolidated financial statements of Senior Housing Properties Trust and its subsidiaries, or we, us, or our, are unaudited.  Certain information and disclosures required by U.S. generally accepted accounting principles, or GAAP, for complete financial statements have been condensed or omitted.  We believe the disclosures made are adequate to make the information presented not misleading.  However, the accompanying condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in our Annual Report on Form 10-K for the year ended December 31, 2013, or our Annual Report.  In the opinion of our management, all adjustments, which include only normal recurring adjustments, considered necessary for a fair presentation have been included.  All intercompany transactions and balances with or among our consolidated subsidiaries have been eliminated.  Operating results for interim periods are not necessarily indicative of the results that may be expected for the full year.  Reclassifications have been made to the prior year’s financial statements to conform to the current year’s presentation.  These reclassifications were made to conform the prior periods’ rental income, property operating expenses, discontinued operations, general and administrative expenses, interest and other income and impairment of assets to the current classification.  These reclassifications had no effect on net income or shareholders’ equity.
	The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect reported amounts. Actual results could differ from those estimates.  Significant estimates in the condensed consolidated financial statements include purchase price allocations, useful lives of fixed assets and impairment of real estate and intangible assets.

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements	6 Months Ended
	Jun. 30, 2014
Recent Accounting Pronouncements	'
Recent Accounting Pronouncements	'
	Note 2.  Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity.  This update amends the criteria for reporting discontinued operations to, among other things, raise the threshold for disposals to qualify as discontinued operations. This update is effective for interim and annual reporting periods, beginning after December 15, 2014, with early adoption permitted.  We currently expect that, when adopted, this update will reduce the number of any future property dispositions to be presented as discontinued operations in our consolidated financial statements.
	In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, which provides guidance for revenue recognition. This update is effective for interim and annual reporting periods beginning after December 15, 2016.  We are currently in the process of evaluating the impact, if any, the adoption of this ASU will have on our consolidated financial statements.

Real_Estate_Properties

Real Estate Properties	6 Months Ended
	Jun. 30, 2014
Real Estate Properties	'
Real Estate Properties	'
	Note 3.  Real Estate Properties
	At June 30, 2014, we owned 372 properties (399 buildings) located in 39 states and Washington, D.C. We have accounted, or expect to account for, the following acquisitions as business combinations unless otherwise noted.
	MOB Acquisitions:
	In April 2014, we acquired one property (one building) leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or an MOB, for approximately $32,658, including the assumption of approximately $15,630 of mortgage debt, and excluding closing costs. This MOB is located in Texas and includes 125,240 square feet of leasable space. We funded this acquisition using cash on hand and borrowings under our revolving credit facility. In May 2014, we acquired one MOB (two buildings) for approximately $1,125,420, excluding closing costs. This MOB is located in Massachusetts and includes approximately 1,651,037 gross building square feet. We funded this acquisition using the proceeds of equity and debt offerings and borrowings under our revolving credit facility.
	MOB Acquisitions since January 1, 2014:
								Cash Paid										Acquired
				Number				plus								Acquired		Real Estate				Premium
				of		Square		Assumed						Buildings and		Real Estate		Lease		Assumed		on Assumed
	Date	Location		Properties		Feet (000’s)		Debt (1)			Land			Improvements		Leases		Obligations		Debt		Debt
	Apr-14	San Antonio, TX		1		125		$	32,932		$	3,141		$	26,421	$	4,393	$	10	$	15,630	$	1,013
	May-14	Boston, MA		1		1,651		1,124,031			52,643			944,362		245,511		118,485		—		—
				2		1,776		$	1,156,963		$	55,784		$	970,783	$	249,904	$	118,495	$	15,630	$	1,013
	(1)       These amounts include the cash we paid plus debt we assumed, if any, as well as other settlement adjustments with respect to the acquisitions but exclude closing costs.  The allocation of the purchase price of our acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed.  Consequently, amounts preliminarily allocated to assets acquired and liabilities assumed may change from those used in these condensed consolidated financial statements.
	In July 2014, we entered into an agreement to acquire one senior living community for approximately $7,000, excluding closing costs.  The senior living community is located in Jackson, Wisconsin and includes 52 assisted living units.  We expect that a subsidiary of Five Star Quality Care, Inc. will manage this community for our account pursuant to a long term management agreement. In this Quarterly Report on Form 10-Q, we refer to Five Star Quality Care, Inc. and its applicable subsidiaries as Five Star.
	Impairment
	We periodically evaluate our properties for impairments. Impairment indicators may include declining tenant occupancy, weak or declining tenant profitability, cash flow or liquidity, our decision to dispose of an asset before the end of its estimated useful life, and legislative, market or industry changes that could permanently reduce the value of a property. If indicators of impairment are present, we evaluate the carrying value of the affected property by comparing it to the expected future undiscounted net cash flows to be generated from that property. If the sum of these expected future net cash flows is less than the carrying value, we reduce the net carrying value of the property to its estimated fair value.
	As of June 30, 2014, we had seven senior living communities with 552 living units and two MOBs (five buildings) with 385,541 square feet categorized as properties held for sale. During the six months ended June 30, 2014, we recorded net impairment of assets charges of $334 to adjust the carrying value of three MOBs included in discontinued operations to their aggregate estimated net sale price. The nine properties are included in other assets in our condensed consolidated balance sheets and have a net book value (after impairment) of approximately $13,249 at June 30, 2014. As of December 31, 2013, we had 10 senior living communities with 744 units and four MOBs (seven buildings) with 831,499 square feet categorized as properties held for sale, which were similarly recorded and categorized at June 30, 2014, except that three of the senior living communities and two of the MOBs were sold during the first and second quarter of 2014, as noted below. These properties are included in other assets in our condensed consolidated balance sheets and had a net book value (after impairment) of approximately $27,888 at December 31, 2013. We decided to sell these properties due to underlying conditions in the markets where these properties are located. We classify all properties as held for sale in our condensed consolidated balance sheets that meet the applicable criteria for that treatment as set forth in the Property, Plant and Equipment Topic of the FASB Accounting Standards Codification, or the Codification.
	Results of operations for properties sold or held for sale are included in discontinued operations in our condensed consolidated statements of operations once the criteria for discontinued operations in the Presentation of Financial Statements Topic of the Codification are met. Summarized income statement information for the four MOBs (seven buildings) that meet the criteria for discontinued operations is included in discontinued operations as follows:
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Rental income	$	1,432		$	2,574		$	3,726		$	5,095
	Property operating expenses	(691		)	(862		)	(1,685		)	(1,773		)
	Depreciation and amortization	—			(199		)	—			(799		)
	Income from discontinued operations	$	741		$	1,513		$	2,041		$	2,523
	In January 2014, we sold a senior living community with 36 units that was previously classified as held for sale for $2,400 and recorded a gain on the sale of this property of approximately $156.
	In April 2014, we sold one MOB (one building) with 210,879 square feet that is included in discontinued operations for $5,000 and recorded no gain or loss on the sale.
	In June 2014, we sold two senior living communities with 156 units that were previously classified as held for sale for $4,500 and recorded a gain on the sale of these properties of approximately $2,396.
	In June 2014, we sold one MOB (one building) with 235,079 square feet that is included in discontinued operations for $6,000 and recorded no gain or loss on the sale.
	The senior living properties which we are offering for sale do not meet the criteria for discontinued operations as they are included within combination leases with other properties that we expect to continue leasing.

Unrealized_Gain_Loss_on_Invest

Unrealized Gain / Loss on Investments	6 Months Ended
	Jun. 30, 2014
Unrealized Gain / Loss on Investments	'
Unrealized Gain / Loss on Investments	'
	Note 4.  Unrealized Gain / Loss on Investments
	As of June 30, 2014, we owned 250,000 common shares of Equity Commonwealth (formerly known as CommonWealth REIT), or EQC, and 4,235,000 common shares of Five Star which are carried at fair market value in other assets on our condensed consolidated balance sheets. Cumulative other comprehensive income shown in our condensed consolidated balance sheets includes the net unrealized gain or loss on investments determined as the net difference between the value at quoted market prices of our EQC and Five Star shares as of June 30, 2014 ($26.32 and $5.01 per share, respectively) and our weighted average costs at the time we acquired these shares, as adjusted to reflect any share splits or combinations ($26.00 and $3.36 per share, respectively).

Indebtedness

Indebtedness	6 Months Ended
	Jun. 30, 2014
Indebtedness	'
Indebtedness	'
	Note 5.  Indebtedness
	Our principal debt obligations at June 30, 2014 were: (1) six public issuances of unsecured senior notes, including: (a) $250,000 principal amount at an annual interest rate of 4.30% due 2016, (b) $400,000 principal amount at an annual interest rate of 3.25% due 2019, (c) $200,000 principal amount at an annual interest rate of 6.75% due 2020, (d) $300,000 principal amount at an annual interest rate of 6.75% due 2021, (e) $250,000 principal amount at an annual interest rate of 4.75% due 2024 and (f) $350,000 principal amount at an annual interest rate of 5.625% due 2042; (2) our $350,000 principal amount term loan; and (3) $655,324 aggregate principal amount of mortgages secured by 47 of our properties (50 buildings) with maturity dates from 2015 to 2043.  The 47 mortgaged properties (50 buildings) had a carrying value of $886,458 at June 30, 2014.  We also had two properties subject to capital leases totaling $13,047 at June 30, 2014; these two properties had a carrying value of $18,403 at June 30, 2014.
	We have a $750,000 unsecured revolving credit facility that is available for general business purposes, including acquisitions.  The maturity date of our revolving credit facility is January 15, 2018 and, subject to the payment of an extension fee and meeting certain other conditions, we have an option to further extend the stated maturity date by an additional one year to January 15, 2019.  The revolving credit facility agreement provides that we can borrow, repay and reborrow funds available under the revolving credit facility agreement until maturity, and no principal repayment is due until maturity.  The revolving credit facility agreement includes a feature under which maximum borrowings under the facility may be increased to up to $1,500,000 in certain circumstances. The interest rate paid on borrowings under the revolving credit facility agreement is LIBOR plus a premium of 130 basis points, and the facility fee is 30 basis points per annum on the total amount of lending commitments.  Both the interest rate premium and the facility fee are subject to adjustment based upon changes to our credit ratings.  As of June 30, 2014, the interest rate payable on borrowings under our revolving credit facility was 1.42% and the weighted average interest rate for borrowings under our revolving credit facility was 1.42% for both the three and six months ended June 30, 2014. The weighted average interest rate for borrowings under our revolving credit facility was 2.56% and 1.86% for the three and six months ended June 30, 2013, respectively. We incurred interest expense and other associated costs related to our revolving credit facility of $969 and $1,880 for the three and six months ended June 30, 2014, respectively.  As of both June 30, 2014 and August 4, 2014, we had no amounts outstanding and $750,000 available for borrowing by us.
	Our revolving credit facility agreement provides for acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, such as a change of control of us, which includes Reit Management & Research LLC, or RMR, ceasing to act as our business manager and property manager.
	In April 2014, we sold $400,000 of 3.25% senior unsecured notes due 2019 and $250,000 of 4.75% senior unsecured notes due 2024, raising net proceeds of approximately $644,889, after underwriting discounts but before expenses. Interest on the notes is payable semi-annually in arrears. We used the net proceeds of this offering for general business purposes, including funding the acquisitions described in Note 3.
	On May 30, 2014, we entered into a term loan agreement with Wells Fargo Bank, National Association and a syndicate of other lenders, pursuant to which we obtained a $350,000 unsecured term loan. Our term loan matures on January 15, 2020, and is prepayable without penalty at any time.  In addition, our term loan includes a feature under which maximum borrowings may be increased to up to $700,000 in certain circumstances. Our term loan bears interest at a rate of LIBOR plus a premium of 140 basis points that is subject to adjustment based upon changes to our credit ratings.  We used the net proceeds of our term loan to repay amounts outstanding under our revolving credit facility, to repay existing mortgage notes and for general business purposes. As of June 30, 2014, the interest rate payable for amounts outstanding under our term loan was 1.55%.  The weighted average annual interest rate for amounts outstanding on our term loan was 1.55% for the period from May 30, 2014 to June 30, 2014.
	Our public debt indentures and related supplements and our credit facility agreement contain a number of financial and other covenants, including covenants that restrict our ability to incur indebtedness or to make distributions under certain circumstances and require us to maintain financial ratios and a minimum net worth.
	In connection with the acquisitions discussed in Note 3 above, during the three months ended June 30, 2014, we assumed $15,630 of mortgage debt, which was recorded at a fair value of $16,643.  This mortgage has a contractual interest rate of 6.28% and matures in July 2022.  We recorded the assumed mortgage at its fair value, which exceeded its outstanding principal balance by $1,013.  We determined the fair value of the assumed mortgage using a market approach based upon Level 3 inputs (significant other unobservable inputs) in the fair value hierarchy.
	In June 2014, we repaid mortgage notes that encumbered two of our properties that had an aggregate principal balance of $35,300 and a weighted average interest rate of 5.8%.

Shareholders_Equity

Shareholders' Equity	6 Months Ended
	Jun. 30, 2014
Shareholders' Equity	'
Shareholders' Equity	'
	Note 6.  Shareholders’ Equity
	On February 21, 2014, we paid a distribution to common shareholders of $0.39 per share, or approximately $73,386, that was declared on January 3, 2014 and was payable to shareholders of record on January 13, 2014.
	On May 21, 2014, we paid a distribution to common shareholders of $0.39 per share, or approximately $73,397, that was declared on April 2, 2014 and was payable to shareholders of record on April 14, 2014.
	On July 7, 2014, we declared a distribution payable to common shareholders of record on July 18, 2014, of $0.39 per share, or approximately $79,469. We expect to pay this distribution on or about August 21, 2014 using cash on hand and borrowings under our revolving credit facility.
	We issued 30,900 and 50,837 common shares to RMR during the three and six months ended June 30, 2014, respectively, and 11,223 shares in July 2014, as part of its compensation under our business management agreement. See Note 10 for further information regarding this agreement.
	In April 2014, we issued 15,525,000 common shares in a public offering, raising net proceeds of approximately $323,318, after underwriting discounts but before expenses. We used the net proceeds from this offering to repay borrowings outstanding under our revolving credit facility and for general business purposes, including the partial funding of the acquisitions described in Note 3.
	On June 5, 2014, we granted 2,500 common shares valued at $24.50 per share, the closing price of our common shares on the New York Stock Exchange on that day, to each of our five Trustees.

Fair_Value_of_Assets_and_Liabi

Fair Value of Assets and Liabilities	6 Months Ended
	Jun. 30, 2014
Fair Value of Assets and Liabilities	'
Fair Value of Assets and Liabilities	'
	Note 7.  Fair Value of Assets and Liabilities
	The following table presents certain of our assets and liabilities that are measured at fair value on a recurring and non recurring basis at June 30, 2014 categorized by the level of inputs used in the valuation of each asset or liability.
				Quoted Prices in		Significant		Significant
				Active Markets for		Other		Unobservable
				Identical Assets		Observable		Inputs
						Inputs
	Description	Total		(Level 1)		(Level 2)		(Level 3)
	Assets held for sale(1)	$	13,249	$	—	$	13,249	$	—
	Investments in available for sale securities(2)	$	27,797	$	27,797	$	—	$	—
	Unsecured senior notes(3)	$	1,827,753	$	1,827,753	$	—	$	—
	Secured debt(4)	$	735,341	$	—	$	—	$	735,341
	(1)       Assets held for sale consist of nine of our properties that we expect to sell that are reported at fair value less costs to sell.  We used offers to purchase these properties made by third parties or comparable sales transactions (Level 2 inputs) to determine the fair value of these properties.  We have recorded cumulative impairments of approximately $22,545 to these properties in order to reduce their book value to fair value.
	(2)       Our investments in available for sale securities include our 250,000 common shares of EQC and 4,235,000 common shares of Five Star. The fair values of these shares are based on quoted prices at June 30, 2014 in active markets (Level 1 inputs).
	(3)       We estimate the fair values of our unsecured senior notes using an average of the bid and ask price of our outstanding six issuances of senior notes (Level 1 inputs) on or about June 30, 2014.  The fair values of these senior note obligations exceed their aggregate book values of $1,742,893 by $84,860 because these notes were trading at premiums to their face amounts.
	(4)       We estimate the fair values of our secured debt by using discounted cash flow analyses and currently prevailing market terms at June 30, 2014 (Level 3 inputs).  Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.
	In addition to the assets and liabilities described in the above table, our additional financial instruments include rents receivable, cash and cash equivalents, restricted cash, other unsecured debt and other liabilities. The fair values of these additional financial instruments approximate their carrying values at June 30, 2014 based upon their liquidity, short term maturity, variable rate pricing or our estimate of fair value using discounted cash flow analyses and prevailing interest rates.

Segment_Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2014
Segment Reporting	'
Segment Reporting	'
	Note 8.  Segment Reporting
	We have four operating segments, of which three are separately reportable operating segments:  (i) triple net leased senior living communities that provide short term and long term residential care and dining services for residents that are leased to third parties, (ii) managed senior living communities that provide short term and long term residential care and dining services for residents that are managed for our account and (iii) MOBs.  Our triple net leased and managed senior living communities both include independent living communities, assisted living communities, skilled nursing facilities, or SNFs, and some communities that offer a combination of the independent and assisted living and skilled nursing services.  Properties in the MOB segment include medical office, clinic and biotech laboratory buildings.  The “All Other” category in the following table includes amounts related to corporate business activities and the operating results of certain properties that offer fitness, wellness and spa services to members.
		For the Three Months Ended June 30, 2014
		Triple Net			Managed			MOBs			All Other			Consolidated
		Leased			Senior Living						Operations
		Senior Living			Communities
		Communities
	Revenues:
	Rental income	$	55,166		$	—		$	68,027		$	4,476		$	127,669
	Residents fees and services	—			79,039			—			—			79,039
	Total revenues	55,166			79,039			68,027			4,476			206,708
	Expenses:
	Property operating expenses	—			60,624			19,162			—			79,786
	Depreciation	15,515			8,333			21,907			948			46,703
	General and administrative	—			—			—			9,577			9,577
	Acquisition related costs	—			—			—			2,512			2,512
	Total expenses	15,515			68,957			41,069			13,037			138,578
	Operating income (loss)	39,651			10,082			26,958			(8,561		)	68,130
	Interest and other income	—			—			—			154			154
	Interest expense	(6,472		)	(2,806		)	(1,507		)	(23,327		)	(34,112		)
	Income (loss) before income tax expense and equity in earnings of an investee	33,179			7,276			25,451			(31,734		)	34,172
	Income tax expense	—			—			—			(155		)	(155		)
	Equity in earnings of an investee	—			—			—			118			118
	Income (loss) from continuing operations	33,179			7,276			25,451			(31,771		)	34,135
	Discontinued operations:
	Income from discontinued operations	—			—			741			—			741
	Impairment of assets from discontinued operations	—			—			387			—			387
	Income (loss) before gain on sale of properties	33,179			7,276			26,579			(31,771		)	35,263
	Gain on sale of properties	2,396			—			—			—			2,396
	Net income (loss)	$	35,575		$	7,276		$	26,579		$	(31,771	)	$	37,659
	Total assets	$	1,806,867		$	922,557		$	2,967,167		$	320,264		$	6,016,855
		For the Three Months Ended June 30, 2013
		Triple Net			Managed			MOBs			All Other			Consolidated
		Leased			Senior Living						Operations
		Senior Living			Communities
		Communities
	Revenues:
	Rental income	$	56,957		$	—		$	50,899		$	4,441		$	112,297
	Residents fees and services	—			74,631			—			—			74,631
	Total revenues	56,957			74,631			50,899			4,441			186,928
	Expenses:
	Property operating expenses	—			58,231			16,253			—			74,484
	Depreciation	17,019			7,028			13,301			948			38,296
	General and administrative	—			—			—			8,168			8,168
	Acquisition related costs	—			—			—			292			292
	Impairment of assets	4,371			—			—			—			4,371
	Total expenses	21,390			65,259			29,554			9,408			125,611
	Operating income (loss)	35,567			9,372			21,345			(4,967		)	61,317
	Interest and other income	—			—			—			397			397
	Interest expense	(6,596		)	(3,073		)	(1,387		)	(18,511		)	(29,567		)
	Loss on early extinguishment of debt	—			—			—			(105		)	(105		)
	Income (loss) before income tax expense and equity in earnings of an investee	28,971			6,299			19,958			(23,186		)	32,042
	Income tax expense	—			—			—			(140		)	(140		)
	Equity in earnings of an investee	—			—			—			79			79
	Income (loss) from continuing operations	28,971			6,299			19,958			(23,247		)	31,981
	Discontinued operations:
	Income from discontinued operations	—			—			1,513			—			1,513
	Impairment of assets from discontinued operations	—			—			(27,896		)	—			(27,896		)
	Net income (loss)	$	28,971		$	6,299		$	(6,425	)	$	(23,247	)	$	5,598
	Total assets	$	1,829,372		$	964,610		$	1,742,120		$	212,529		$	4,748,631
		For the Six Months Ended June 30, 2014
		Triple Net			Managed			MOBs			All Other			Consolidated
		Leased			Senior Living						Operations
Senior Living		Communities
Communities
Revenues:
Rental income	$	110,055		$	—		$	120,791		$	8,878		$	239,724
Residents fees and services	—			158,481			—			—			158,481
Total revenues	110,055			158,481			120,791			8,878			398,205
Expenses:
Property operating expenses	—			121,412			36,178			—			157,590
Depreciation	31,152			16,488			35,522			1,896			85,058
General and administrative	—			—			—			17,866			17,866
Acquisition related costs	—			—			—			2,635			2,635
Total expenses	31,152			137,900			71,700			22,397			263,149
Operating income (loss)	78,903			20,581			49,091			(13,519		)	135,056
Interest and other income	—			—			—			258			258
Interest expense	(12,860		)	(5,794		)	(2,844		)	(41,514		)	(63,012		)
Income (loss) before income tax expense and equity in earnings of an investee	66,043			14,787			46,247			(54,775		)	72,302
Income tax expense	—			—			—			(346		)	(346		)
Equity in earnings of an investee	—			—			—			21			21
Income (loss) from continuing operations	66,043			14,787			46,247			(55,100		)	71,977
Discontinued operations:
Income from discontinued operations	—			—			2,041			—			2,041
Impairment of assets from discontinued operations	—			—			(334		)	—			(334		)
Income (loss) before gain on sale of properties	66,043			14,787			47,954			(55,100		)	73,684
Gain on sale of properties	2,552			—			—			—			2,552
Net income (loss)	$	68,595		$	14,787		$	47,954		$	(55,100	)	$	76,236
Total assets	$	1,806,867		$	922,557		$	2,967,167		$	320,264		$	6,016,855
	For the Six Months Ended June 30, 2013
	Triple Net			Managed			MOBs			All Other			Consolidated
	Leased			Senior Living						Operations
	Senior Living			Communities
	Communities
Revenues:
Rental income	$	113,723		$	—		$	101,582		$	8,845		$	224,150
Residents fees and services	—			149,687			—			—			149,687
Total revenues	113,723			149,687			101,582			8,845			373,837
Expenses:
Property operating expenses	—			116,135			32,028			—			148,163
Depreciation	33,936			13,877			26,290			1,896			75,999
General and administrative	—			—			—			16,816			16,816
Acquisition related costs	—			—			—			2,187			2,187
Impairment of assets	4,371			—			—			1,304			5,675
Total expenses	38,307			130,012			58,318			22,203			248,840
Operating income (loss)	75,416			19,675			43,264			(13,358		)	124,997
Interest and other income	—			—			—			570			570
Interest expense	(13,060		)	(6,141		)	(2,734		)	(37,196		)	(59,131		)
Loss on early extinguishment of debt	—			—			—			(105		)	(105		)
Income (loss) before income tax expense and equity in earnings of an investee	62,356			13,534			40,530			(50,089		)	66,331
Income tax expense	—			—			—			(280		)	(280		)
Equity in earnings of an investee	—			—			—			155			155
Income (loss) from continuing operations	62,356			13,534			40,530			(50,214		)	66,206
Discontinued operations:
Income from discontinued operations	—			—			2,523			—			2,523
Impairment of assets from discontinued operations	—			—			(27,896		)	—			(27,896		)
Net income (loss)	$	62,356		$	13,534		$	15,157		$	(50,214	)	$	40,833
Total assets	$	1,829,372		$	964,610		$	1,742,120		$	212,529		$	4,748,631

Significant_Tenant

Significant Tenant	6 Months Ended
	Jun. 30, 2014
Significant Tenant	'
Significant Tenant	'
	Note 9. Significant Tenant
	Five Star is our former subsidiary.  Rental income from Five Star represented 35.8% of our rental income for the three months ended June 30, 2014, and the properties Five Star leases from us represented 34.5% of our investments, at cost, as of June 30, 2014.  As of June 30, 2014, Five Star also managed 44 senior living communities for our account.
	Subject to the information in the following paragraph, financial information about Five Star may be found on the website of the Securities and Exchange Commission, or SEC, by entering Five Star’s name at http://www.sec.gov/edgar/searchedgar/companysearch.html. Reference to Five Star’s financial information on this external website is presented to comply with applicable accounting guidance of the SEC. Except for such financial information contained therein as is included herein under such guidance, Five Star’s public filings and other information located in external websites are not incorporated by reference into these financial statements.
	In April 2014, Five Star filed with the SEC an amended Annual Report on Form 10-K for the year ended December 31, 2012 and amended Quarterly Reports on Form 10-Q for the quarters ended March 31, 2013 and June 30, 2013 that restated its financial results for 2011, 2012 and the first and second quarters of 2013 to correct certain errors in its previously filed financial reports for those periods.  In addition, in April 2014, Five Star filed with the SEC its Quarterly Report on Form 10-Q for the quarter ended September 30, 2013.  In those filings, Five Star disclosed that it has material weaknesses in its internal control over financial reporting and that Five Star is currently in the process of developing a remediation plan for the material weaknesses.  Five Star has not yet filed its 2013 Annual Report on Form 10-K for the year ended December 31, 2013 or its 2014 first quarter Quarterly Report on Form 10-Q for the quarter ended March 31, 2014.  Five Star has publicly disclosed that it is in the process of preparing its Annual Report on Form 10-K for the year ended December 31, 2013.
	See Note 10 for further information relating to our leases and management arrangements with Five Star.

Related_Person_Transactions

Related Person Transactions	6 Months Ended
	Jun. 30, 2014
Related Person Transactions	'
Related Person Transactions	'
	Note 10. Related Person Transactions
	Five Star:  Five Star was formerly our 100% owned subsidiary.  Five Star is our largest tenant, we are Five Star’s largest stockholder and Five Star manages several senior living communities for us.  In 2001, we distributed substantially all of Five Star’s then outstanding shares of common stock to our shareholders.  As of June 30, 2014, we owned 4,235,000 shares of common stock of Five Star, or approximately 8.7% of Five Star’s outstanding shares of common stock.  One of our Managing Trustees, Mr. Barry Portnoy, is a managing director of Five Star.  RMR provides management services to both us and Five Star.  Five Star’s President and Chief Executive Officer and its Chief Financial Officer and Treasurer are officers of RMR.
	As of June 30, 2014, we leased 184 senior living communities to Five Star under four combination leases.  Under Five Star’s leases with us, Five Star pays us rent consisting of minimum annual rent amounts plus percentage rent based on increases in gross revenues at certain properties.  Five Star’s total minimum annual rent payable to us as of June 30, 2014 was $190,867, excluding percentage rent.  We recognized total rental income from Five Star of $47,618 and $49,595 for the three months ended June 30, 2014 and 2013, respectively, and $95,124 and $99,027 for the six months ended June 30, 2014 and 2013, respectively.  As of June 30, 2014 and December 31, 2013, our rents receivable from Five Star were $15,849 and $17,620, respectively, and those amounts are included in other assets in our condensed consolidated balance sheets.  We had deferred estimated percentage rent under our Five Star leases of $1,403 and $1,268 for the three months ended June 30, 2014 and 2013, respectively, and $2,819 and $2,517 for the six months ended June 30, 2014 and 2013, respectively.  We determine percentage rent due under our Five Star leases annually and recognize it at year end when all contingencies are met.  During the six months ended June 30, 2014 and 2013, pursuant to the terms of our leases with Five Star, we purchased $17,423 and $15,901, respectively, of improvements made to properties leased to Five Star, and, as a result, the annual rent payable to us by Five Star increased by approximately $1,394 and $1,272, respectively.
	In June 2013, we and Five Star agreed to offer for sale 11 senior living communities we lease to Five Star.  Five Star’s rent payable to us will be reduced if and as these sales occur pursuant to terms set in our leases with Five Star.  In August 2013, we sold one of these communities, a SNF, with 112 living units, for a sales price of $2,550, and as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $255, or 10% of the net proceeds of the sale to us, in accordance with the terms of the applicable lease.  In January 2014, we sold one senior living community located in Texas with 36 assisted living units, for a sale price of $2,400, and as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $210, or 8.75% of the net proceeds of the sale to us, in accordance with the terms of the applicable lease.  In June 2014, we sold two senior living communities located in Wisconsin with 156 SNF units, for a sale price of $4,500, and as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $452, or 10% of the net proceeds of the sale to us, in accordance with the terms of the applicable lease. We can provide no assurance that the remaining seven senior living communities which we and Five Star have agreed to offer for sale will be sold, when any sales may occur or what the terms of any sales may provide.
	On July 10, 2014, we and Five Star entered into the Fifth Amendment to the Amended and Restated Master Lease Agreement (Lease No. 4). Under this Lease No. 4 amendment, Five Star exercised the first of its existing options under Lease No. 4, extending the term from April 30, 2017 to April 30, 2032, and a third option for Five Star to extend the term of Lease No. 4 from May 1, 2047 to April 30, 2062, was added.
	Five Star began managing communities for our account in 2011.  We lease certain of our senior living communities that are managed by Five Star to our taxable REIT subsidiaries, or TRSs, and Five Star manages these communities pursuant to long term management agreements.  As of June 30, 2014, Five Star managed 44 senior living communities for our account.
	In connection with these management agreements, we and Five Star have entered into four combination agreements, or pooling agreements: three pooling agreements combine our management agreements for communities that include assisted living units, or the AL Pooling Agreements, and a fourth pooling agreement combines our management agreements for communities consisting only of independent living units, or the IL Pooling Agreement.  The management agreements that are included in each of our pooling agreements are on substantially similar terms.  Our first AL Pooling Agreement includes 20 identified communities and our second AL Pooling Agreement includes 19 identified communities.  The third AL Pooling Agreement currently includes the management agreement for a community we acquired in November 2013.  The IL Pooling Agreement currently includes management agreements for two communities that have only independent living units.  The senior living community in New York and one senior living community in California described below that Five Star manages for our account are not included in any of our pooling agreements.  Each of the AL Pooling Agreements and the IL Pooling Agreement aggregates the determination of fees and expenses of the various communities that are subject to such pooling agreement, including determinations of our return on our invested capital and Five Star’s incentive fees.  We incurred management fees paid to Five Star of $2,433 and $2,281 for the three months ended June 30, 2014 and 2013, respectively, and $4,857 and $4,576 for the six months ended June 30, 2014 and 2013, respectively.  These amounts are included in property operating expenses in our condensed consolidated statements of income and comprehensive income.
	Our second AL Pooling Agreement previously included the management agreement pursuant to which Five Star manages our assisted living community known as Villa Valencia, which is located in California.  On July 10, 2014, we entered into an agreement with Five Star, or the Villa Valencia Agreement, pursuant to which the management agreement for Villa Valencia was removed from the second AL Pooling Agreement as of July 1, 2014. We expect that the management agreement affecting the Villa Valencia community will not be included in any pooling agreement until after extensive renovations planned at that community are completed.
	Also on July 10, 2014, we entered into an amendment to our management agreements with Five Star that include assisted living communities, or the Amendment to AL Management Agreements, to (i) extend the term of each of the management agreements between us and Five Star for Villa Valencia and the 19 assisted living communities currently included in the second AL Pooling Agreement from December 31, 2031 to December 31, 2033 and (ii) extend the term of the management agreement between us and Five Star for the senior living community known as Willow Pointe, which is currently included in the third AL Pooling Agreement, from December 31, 2031 to December 31, 2035.  On July 10, 2014, we also entered into an amendment to our management agreements with Five Star that include only independent living communities, or the Amendment to IL Management Agreements, to extend the term of the management agreements between us and Five Star for two independent living communities from December 31, 2031 to December 31, 2032.
	We own a senior living community in New York with 310 living units, a portion of which is managed by Five Star pursuant to a long term management agreement with us with respect to the living units at this community that are not subject to the requirements of New York healthcare licensing laws.  In order to accommodate certain requirements of New York healthcare licensing laws, one of our TRSs subleases the portion of this community that is subject to those requirements to an entity, D&R Yonkers LLC, which is owned by our President and Chief Operating Officer and Treasurer and Chief Financial Officer.  Five Star manages this portion of the community pursuant to a long term management agreement with D&R Yonkers LLC. Under the sublease agreement, D&R Yonkers LLC is obligated to pay rent only from available revenues generated by the subleased community.  Our TRS is obligated to advance any rent shortfalls to D&R Yonkers LLC, and D&R Yonkers LLC is obligated to repay one of our TRSs only from available revenues generated by the subleased community.
	We may enter into additional management arrangements with Five Star for our senior living communities and we may add the management agreements to our existing pooling agreements or enter into additional pooling agreements with Five Star. For example, as noted in Note 3, we have entered into an agreement to acquire an additional senior living community located in Wisconsin.  If this acquisition is completed, we expect to lease this community to one of our TRSs and we expect to enter into a long term management agreement with Five Star to manage this community on terms similar to those management arrangements we currently have with Five Star for communities that include assisted living units and that this management agreement would be added to the third AL Pooling Agreement.  This acquisition is subject to various conditions and there can be no assurance that this acquisition will be completed.
	RMR:  We have no employees.  Personnel and various services we require to operate our business are provided to us by RMR.  We have two agreements with RMR to provide management and administrative services to us: (i) a business management agreement, which relates to our business generally, and (ii) a property management agreement, which relates to the property level operations of our MOBs.
	One of our Managing Trustees, Mr. Barry Portnoy, is Chairman, majority owner and an employee of RMR.  Our other Managing Trustee, Mr. Adam Portnoy, is the son of Mr. Barry Portnoy, and an owner, President, Chief Executive Officer and a director of RMR.  Each of our executive officers is also an officer of RMR, and our President and Chief Operating Officer, Mr. David Hegarty, is a director of RMR.  A majority of our Independent Trustees also serve as independent directors or independent trustees of other public companies to which RMR provides management services.  Mr. Barry Portnoy serves as a managing director or managing trustee of a majority of the companies that RMR or its affiliates provide management services to and Mr. Adam Portnoy serves as a managing trustee of a majority of those companies.  In addition, officers of RMR serve as officers of those companies.
	Pursuant to our business management agreement with RMR, we recognized business management fees of $7,733 and $6,691 for the three months ended June 30, 2014 and 2013, respectively, and $14,415 and $13,241 for the six months ended June 30, 2014 and 2013, respectively. These amounts are included in general and administrative expenses in our condensed consolidated financial statements.  In accordance with the terms of our business management agreement, we issued 62,060 of our common shares to RMR for the six months ended June 30, 2014 as payment for 10% of the base business management fee we recognized for such period.
	In connection with our property management agreement with RMR, the aggregate property management and construction supervision fees we recognized were $2,079 and $1,659 for the three months ended June 30, 2014 and 2013, respectively, and $3,718 and $3,259 for the six months ended June 30, 2014 and 2013, respectively.  These amounts are included in property operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements.
	On May 9, 2014, we and RMR entered into amendments to our business management agreement and property management agreement.  As amended, RMR may terminate the agreements upon 120 days’ written notice.  Prior to the amendments, RMR could terminate the agreements upon 60 days’ written notice and could also terminate the property management agreement upon five business days’ notice if we underwent a change of control.  The amendments also provide for certain termination payments by us to RMR in the event that we terminate the agreements other than for cause, including certain proportional adjustments to the termination fees if we merge with another real estate investment trust, or REIT, to which RMR is providing management services or if we spin-off a subsidiary of ours to which we contributed properties and to which RMR is providing management services both at the time of the spin-off and on the date of the expiration or termination of the agreement.  Finally, as amended, RMR agrees to provide certain transition services to us for 120 days following an applicable termination by us or notice of termination by RMR.
	AIC:  We, RMR, Five Star, and four other companies to which RMR provides management services currently own Affiliates Insurance Company, or AIC, an Indiana insurance company.  All of our Trustees and most of the trustees and directors of the other AIC shareholders currently serve on the board of directors of AIC.  RMR provides management and administrative services to AIC pursuant to a management and administrative services agreement with AIC.
	On March 25, 2014, as a result of the removal, without cause, of all of the trustees of EQC, EQC underwent a change in control, as defined in the shareholders agreement among us, the other shareholders of AIC and AIC.  As a result of that change in control and in accordance with the terms of the shareholders agreement, on May 9, 2014, we and those other shareholders purchased pro rata the AIC shares EQC owned.  Pursuant to that purchase, we purchased 2,857 AIC shares from EQC for $825.  Following these purchases, we and the other remaining six shareholders each owned approximately 14.3% of AIC.
	In June 2014, we and the other shareholders of AIC renewed our participation in an insurance program arranged by AIC.  In connection with that renewal, we purchased a one-year property insurance policy providing $500,000 of coverage, with respect to which AIC is a reinsurer of certain coverage amounts.  We paid AIC a premium, including taxes and fees, of approximately $3,118 in connection with that policy, which amount may be adjusted from time to time as we acquire or dispose of properties that are included in the policy.
	As of June 30, 2014, we had invested $6,054 in AIC since its formation in 2008.  Although we own less than 20% of AIC, we use the equity method to account for this investment because we believe that we have significant influence over AIC as all of our Trustees are also directors of AIC.  Our investment in AIC had a carrying value of $6,801 and $5,913 as of June 30, 2014 and December 31, 2013, respectively, which amounts are included in other assets on our condensed consolidated balance sheet.  We recognized income of $118 and $79 for the three months ended June 30, 2014 and 2013, respectively, and $21 and $155 for the six months ended June 30, 2014 and 2013, respectively, related to our investment in AIC.
	Directors’ and Officers’ Liability Insurance:  In June 2014, we, RMR, Five Star and three other companies to which RMR provides management services extended our and their combined directors’ and officers’ liability insurance policy, and we extended our separate directors’ and officers’ liability insurance policy, in each case for an interim period.  We paid an aggregate premium of approximately $51,000 for these extensions.  Further information about those policies is contained in note 5 to our audited financial statements contained in our Annual Report.

Income_Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2014
Income Taxes	'
Income Taxes	'
	Note 11.  Income Taxes
	We have elected to be taxed as a REIT under the Internal Revenue Code of 1986, as amended, and as such, are generally not subject to federal and most state income taxation on our operating income provided we distribute our taxable income to our shareholders and meet certain organization and operating requirements. We do, however, lease certain managed senior living communities to our wholly owned TRSs that, unlike most of our subsidiaries, file a separate consolidated federal corporate income tax return and are subject to federal and state income taxes.  Our consolidated income tax provision includes the income tax provision related to the operations of our TRSs and certain state income taxes we incur despite our REIT status.  During the three and six months ended June 30, 2014, we recognized income tax expense of $155 and $346, respectively. During the three and six months ended June 30, 2013 we recognized income tax expense of $140 and $280, respectively.

Pro_Forma_Information

Pro Forma Information	6 Months Ended
	Jun. 30, 2014
Pro Forma Information	'
Pro Forma Information	'
	Note 12.  Pro Forma Information
	During the six months ended June 30, 2014, we acquired two properties for an aggregate purchase price of $1,158,078, excluding closing costs. During the second quarter of 2014, we sold 15,525,000 of our common shares in a public offering raising net proceeds of approximately $323,318 after underwriting discounts but before expenses. During the three months ended June 30, 2014, we also sold $400,000 of 3.25% senior unsecured notes due 2019 and $250,000 of 4.75% senior unsecured notes due 2024, raising net proceeds of approximately $644,889, after underwriting discounts but before expenses.
	The following table presents our pro forma results of operations for the six months ended June 30, 2014 as if these acquisitions and financing activities had occurred on January 1, 2014.  This pro forma data is not necessarily indicative of what our actual results of operations would have been for the periods presented, nor does it represent the results of operations for any future period. Differences could result from numerous factors, including future changes in our portfolio of investments, changes in interest rates, changes in our capital structure, changes in property level operating expenses, changes in property level revenues, including rents expected to be received on our existing leases or leases we may enter into during and after 2014, and for other reasons.
		Six Months Ended
		June 30,
		2014
	Total revenues	$	433,075
	Net income	$	73,469
	Net income per share	$	0.36

Real_Estate_Properties_Tables

Real Estate Properties (Tables)	6 Months Ended
	Jun. 30, 2014
Real Estate Properties	'
Schedule of summarized income statement information for the seven MOBs that meet the criteria for discontinued operations included in discontinued operations	'
		Three Months Ended						Six Months Ended
		June 30,						June 30,
		2014			2013			2014			2013
	Rental income	$	1,432		$	2,574		$	3,726		$	5,095
	Property operating expenses	(691		)	(862		)	(1,685		)	(1,773		)
	Depreciation and amortization	—			(199		)	—			(799		)
	Income from discontinued operations	$	741		$	1,513		$	2,041		$	2,523
MOB	'
Real Estate Properties	'
Schedule of real estate property acquisition	'
	MOB Acquisitions since January 1, 2014:
								Cash Paid										Acquired
				Number				plus								Acquired		Real Estate				Premium
				of		Square		Assumed						Buildings and		Real Estate		Lease		Assumed		on Assumed
	Date	Location		Properties		Feet (000’s)		Debt (1)			Land			Improvements		Leases		Obligations		Debt		Debt
	Apr-14	San Antonio, TX		1		125		$	32,932		$	3,141		$	26,421	$	4,393	$	10	$	15,630	$	1,013
	May-14	Boston, MA		1		1,651		1,124,031			52,643			944,362		245,511		118,485		—		—
				2		1,776		$	1,156,963		$	55,784		$	970,783	$	249,904	$	118,495	$	15,630	$	1,013
	(1)       These amounts include the cash we paid plus debt we assumed, if any, as well as other settlement adjustments with respect to the acquisitions but exclude closing costs.  The allocation of the purchase price of our acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed.  Consequently, amounts preliminarily allocated to assets acquired and liabilities assumed may change from those used in these condensed consolidated financial statements.

Fair_Value_of_Assets_and_Liabi1

Fair Value of Assets and Liabilities (Tables)	6 Months Ended
	Jun. 30, 2014
Fair Value of Assets and Liabilities	'
Assets and liabilities measured at fair value	'
				Quoted Prices in		Significant		Significant
				Active Markets for		Other		Unobservable
				Identical Assets		Observable		Inputs
						Inputs
	Description	Total		(Level 1)		(Level 2)		(Level 3)
	Assets held for sale(1)	$	13,249	$	—	$	13,249	$	—
	Investments in available for sale securities(2)	$	27,797	$	27,797	$	—	$	—
	Unsecured senior notes(3)	$	1,827,753	$	1,827,753	$	—	$	—
	Secured debt(4)	$	735,341	$	—	$	—	$	735,341
	(1)       Assets held for sale consist of nine of our properties that we expect to sell that are reported at fair value less costs to sell.  We used offers to purchase these properties made by third parties or comparable sales transactions (Level 2 inputs) to determine the fair value of these properties.  We have recorded cumulative impairments of approximately $22,545 to these properties in order to reduce their book value to fair value.
	(2)       Our investments in available for sale securities include our 250,000 common shares of EQC and 4,235,000 common shares of Five Star. The fair values of these shares are based on quoted prices at June 30, 2014 in active markets (Level 1 inputs).
	(3)       We estimate the fair values of our unsecured senior notes using an average of the bid and ask price of our outstanding six issuances of senior notes (Level 1 inputs) on or about June 30, 2014.  The fair values of these senior note obligations exceed their aggregate book values of $1,742,893 by $84,860 because these notes were trading at premiums to their face amounts.
	(4)       We estimate the fair values of our secured debt by using discounted cash flow analyses and currently prevailing market terms at June 30, 2014 (Level 3 inputs).  Because Level 3 inputs are unobservable, our estimated fair value may differ materially from the actual fair value.

Segment_Reporting_Tables

Segment Reporting (Tables)	6 Months Ended
	Jun. 30, 2014
Segment Reporting	'
Schedule of segment reporting information	'
		For the Three Months Ended June 30, 2014
		Triple Net			Managed			MOBs			All Other			Consolidated
		Leased			Senior Living						Operations
		Senior Living			Communities
		Communities
	Revenues:
	Rental income	$	55,166		$	—		$	68,027		$	4,476		$	127,669
	Residents fees and services	—			79,039			—			—			79,039
	Total revenues	55,166			79,039			68,027			4,476			206,708
	Expenses:
	Property operating expenses	—			60,624			19,162			—			79,786
	Depreciation	15,515			8,333			21,907			948			46,703
	General and administrative	—			—			—			9,577			9,577
	Acquisition related costs	—			—			—			2,512			2,512
	Total expenses	15,515			68,957			41,069			13,037			138,578
	Operating income (loss)	39,651			10,082			26,958			(8,561		)	68,130
	Interest and other income	—			—			—			154			154
	Interest expense	(6,472		)	(2,806		)	(1,507		)	(23,327		)	(34,112		)
	Income (loss) before income tax expense and equity in earnings of an investee	33,179			7,276			25,451			(31,734		)	34,172
	Income tax expense	—			—			—			(155		)	(155		)
	Equity in earnings of an investee	—			—			—			118			118
	Income (loss) from continuing operations	33,179			7,276			25,451			(31,771		)	34,135
	Discontinued operations:
	Income from discontinued operations	—			—			741			—			741
	Impairment of assets from discontinued operations	—			—			387			—			387
	Income (loss) before gain on sale of properties	33,179			7,276			26,579			(31,771		)	35,263
	Gain on sale of properties	2,396			—			—			—			2,396
	Net income (loss)	$	35,575		$	7,276		$	26,579		$	(31,771	)	$	37,659
	Total assets	$	1,806,867		$	922,557		$	2,967,167		$	320,264		$	6,016,855
		For the Three Months Ended June 30, 2013
		Triple Net			Managed			MOBs			All Other			Consolidated
		Leased			Senior Living						Operations
		Senior Living			Communities
		Communities
	Revenues:
	Rental income	$	56,957		$	—		$	50,899		$	4,441		$	112,297
	Residents fees and services	—			74,631			—			—			74,631
	Total revenues	56,957			74,631			50,899			4,441			186,928
	Expenses:
	Property operating expenses	—			58,231			16,253			—			74,484
	Depreciation	17,019			7,028			13,301			948			38,296
	General and administrative	—			—			—			8,168			8,168
	Acquisition related costs	—			—			—			292			292
	Impairment of assets	4,371			—			—			—			4,371
	Total expenses	21,390			65,259			29,554			9,408			125,611
	Operating income (loss)	35,567			9,372			21,345			(4,967		)	61,317
	Interest and other income	—			—			—			397			397
	Interest expense	(6,596		)	(3,073		)	(1,387		)	(18,511		)	(29,567		)
	Loss on early extinguishment of debt	—			—			—			(105		)	(105		)
	Income (loss) before income tax expense and equity in earnings of an investee	28,971			6,299			19,958			(23,186		)	32,042
	Income tax expense	—			—			—			(140		)	(140		)
	Equity in earnings of an investee	—			—			—			79			79
	Income (loss) from continuing operations	28,971			6,299			19,958			(23,247		)	31,981
	Discontinued operations:
	Income from discontinued operations	—			—			1,513			—			1,513
	Impairment of assets from discontinued operations	—			—			(27,896		)	—			(27,896		)
	Net income (loss)	$	28,971		$	6,299		$	(6,425	)	$	(23,247	)	$	5,598
	Total assets	$	1,829,372		$	964,610		$	1,742,120		$	212,529		$	4,748,631
		For the Six Months Ended June 30, 2014
		Triple Net			Managed			MOBs			All Other			Consolidated
		Leased			Senior Living						Operations
		Senior Living			Communities
		Communities
Revenues:
Rental income	$	110,055		$	—		$	120,791		$	8,878		$	239,724
Residents fees and services	—			158,481			—			—			158,481
Total revenues	110,055			158,481			120,791			8,878			398,205
Expenses:
Property operating expenses	—			121,412			36,178			—			157,590
Depreciation	31,152			16,488			35,522			1,896			85,058
General and administrative	—			—			—			17,866			17,866
Acquisition related costs	—			—			—			2,635			2,635
Total expenses	31,152			137,900			71,700			22,397			263,149
Operating income (loss)	78,903			20,581			49,091			(13,519		)	135,056
Interest and other income	—			—			—			258			258
Interest expense	(12,860		)	(5,794		)	(2,844		)	(41,514		)	(63,012		)
Income (loss) before income tax expense and equity in earnings of an investee	66,043			14,787			46,247			(54,775		)	72,302
Income tax expense	—			—			—			(346		)	(346		)
Equity in earnings of an investee	—			—			—			21			21
Income (loss) from continuing operations	66,043			14,787			46,247			(55,100		)	71,977
Discontinued operations:
Income from discontinued operations	—			—			2,041			—			2,041
Impairment of assets from discontinued operations	—			—			(334		)	—			(334		)
Income (loss) before gain on sale of properties	66,043			14,787			47,954			(55,100		)	73,684
Gain on sale of properties	2,552			—			—			—			2,552
Net income (loss)	$	68,595		$	14,787		$	47,954		$	(55,100	)	$	76,236
Total assets	$	1,806,867		$	922,557		$	2,967,167		$	320,264		$	6,016,855
	For the Six Months Ended June 30, 2013
	Triple Net			Managed			MOBs			All Other			Consolidated
	Leased			Senior Living						Operations
	Senior Living			Communities
	Communities
Revenues:
Rental income	$	113,723		$	—		$	101,582		$	8,845		$	224,150
Residents fees and services	—			149,687			—			—			149,687
Total revenues	113,723			149,687			101,582			8,845			373,837
Expenses:
Property operating expenses	—			116,135			32,028			—			148,163
Depreciation	33,936			13,877			26,290			1,896			75,999
General and administrative	—			—			—			16,816			16,816
Acquisition related costs	—			—			—			2,187			2,187
Impairment of assets	4,371			—			—			1,304			5,675
Total expenses	38,307			130,012			58,318			22,203			248,840
Operating income (loss)	75,416			19,675			43,264			(13,358		)	124,997
Interest and other income	—			—			—			570			570
Interest expense	(13,060		)	(6,141		)	(2,734		)	(37,196		)	(59,131		)
Loss on early extinguishment of debt	—			—			—			(105		)	(105		)
Income (loss) before income tax expense and equity in earnings of an investee	62,356			13,534			40,530			(50,089		)	66,331
Income tax expense	—			—			—			(280		)	(280		)
Equity in earnings of an investee	—			—			—			155			155
Income (loss) from continuing operations	62,356			13,534			40,530			(50,214		)	66,206
Discontinued operations:
Income from discontinued operations	—			—			2,523			—			2,523
Impairment of assets from discontinued operations	—			—			(27,896		)	—			(27,896		)
Net income (loss)	$	62,356		$	13,534		$	15,157		$	(50,214	)	$	40,833
Total assets	$	1,829,372		$	964,610		$	1,742,120		$	212,529		$	4,748,631

Pro_Forma_Information_Tables

Pro Forma Information (Tables)	6 Months Ended
	Jun. 30, 2014
Pro Forma Information	'
Schedule of pro forma results of operations	'
		Six Months Ended
		June 30,
		2014
	Total revenues	$	433,075
	Net income	$	73,469
	Net income per share	$	0.36

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)

3 Months Ended

6 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

In Thousands, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Dec. 31, 2013

Jun. 30, 2014

Dec. 31, 2013

Aug. 31, 2013

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jan. 31, 2014

Aug. 31, 2013

Jun. 30, 2014

Jul. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

31-May-14

31-May-14

31-May-14

Jan. 31, 2014

Apr. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

property

property

MOB

MOB

Senior living communities

Senior living communities

Senior living communities

Senior living communities

Sale

Sale

Sale

Sale

Sale

Sale

Sale

Sale

Acquisition

Acquisition

Land

Buildings and improvements

MA

MA

MA

Texas

Texas

Texas

Texas

state

state

item

sqft

item

item

Five Star

Five Star

MOB

MOB

MOB

MOB

Senior living communities

Senior living communities

Senior living communities

Senior living communities

MOB

Senior living communities

Acquisition

Acquisition

Acquisition

Land

Buildings and improvements

Sale

Acquisition

Land

Buildings and improvements

building

building

property

building

property

item

sqft

property

building

property

property

Five Star

Five Star

Five Star

property

Subsequent event

MOB

MOB

MOB

Acquisition

Acquisition

Senior living communities

MOB

Acquisition

Acquisition

sqft

property

building

property

sqft

property

property

item

sqft

property

building

MOB

MOB

Five Star

building

MOB

MOB

building

sqft

sqft

item

item

item

property

item

property

sqft

sqft

Real Estate Properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties owned

372

'

372

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of buildings owned

399

'

399

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of states in which properties are located

39

'

39

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real Estate Properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired or agreed to be acquired

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

1

'

'

1

'

'

'

1

'

'

Number of buildings acquired

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

1

'

'

Number of living units

'

'

'

'

'

'

552

744

'

'

'

'

'

'

'

156

36

112

'

52

'

'

'

'

'

'

'

'

'

Cash Paid plus Assumed Debt, excluding closing costs

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$1,156,963

$7,000

'

'

$1,124,031

'

'

'

$32,932

'

'

Mortgage debt assumed in connection with real estate acquisitions

'

'

15,630

12,266

'

'

'

'

'

'

'

'

'

'

'

'

'

'

15,630

'

'

'

'

'

'

'

15,630

'

'

Area of real estate properties acquired (in square feet)

'

'

'

'

'

'

'

'

'

'

210,879

235,079

210,879

235,079

'

'

'

'

1,776,000

'

'

'

1,651,037

'

'

'

125,240

'

'

Impairment of asset charges recorded

'

4,371

'

5,675

334

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties classified as held for sale

9

'

9

'

2

4

7

10

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of buildings classified as held for sale

'

'

'

'

5

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Property held for sale (in square feet)

'

'

'

'

385,541

831,499

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties impaired

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate properties, held for sale

'

'

'

'

'

'

13,249

27,888

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties to be sold

'

'

'

'

'

'

'

'

1

'

'

1

1

2

3

2

1

'

'

'

'

'

'

'

'

36

'

'

'

Sale price of property sold and agreed to be sold

'

'

'

'

'

'

'

'

'

'

5,000

6,000

'

'

'

4,500

2,400

2,550

'

'

'

'

'

'

'

2,400

'

'

'

Gain on the sale of property

2,396

'

2,552

'

'

'

'

'

'

'

'

0

0

'

'

2,396

156

'

'

'

'

'

'

'

'

'

'

'

'

Number of buildings sold

'

'

'

'

'

'

'

'

'

'

'

1

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Premium on Assumed Debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,013

'

'

'

'

'

'

'

1,013

'

'

Intangible lease assets recorded

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

249,904

'

'

'

245,511

'

'

'

4,393

'

'

Intangible lease liabilities recorded

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

118,495

'

'

'

118,485

'

'

'

10

'

'

Property plant and equipment recorded

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$55,784

$970,783

'

$52,643

$944,362

'

'

$3,141

$26,421

Real_Estate_Properties_Details1

Real Estate Properties (Details 2) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
	building		building		property
	property		property		building
Real estate properties	'	'	'	'	'
Number of properties that met the criteria for discontinued operations	9	'	9	'	'
Income from discontinued operations	$741	$1,513	$2,041	$2,523	'
MOBs	'	'	'	'	'
Real estate properties	'	'	'	'	'
Number of properties that met the criteria for discontinued operations	2	'	2	'	4
Number of buildings that met the criteria for discontinued operations	5	'	5	'	7
Rental income	1,432	2,574	3,726	5,095	'
Property operating expenses	-691	-862	-1,685	-1,773	'
Depreciation and amortization	'	-199	'	-799	'
Income from discontinued operations	$741	$1,513	$2,041	$2,523	'
Discontinued operations, properties sold or held for sale | MOBs	'	'	'	'	'
Real estate properties	'	'	'	'	'
Number of properties that met the criteria for discontinued operations	4	'	4	'	'
Number of buildings that met the criteria for discontinued operations	7	'	7	'	'

Unrealized_Gain_Loss_on_Invest1

Unrealized Gain / Loss on Investments (Details) (USD $)	6 Months Ended
	Jun. 30, 2014
CommonWealth REIT (EQC)	'
Unrealized gain on investments	'
Investment in common shares	250,000
Quoted market prices (in dollars per share)	$26.32
Weighted average costs (in dollars per share)	$26
Five Star Quality Care, Inc. (Five Star)	'
Unrealized gain on investments	'
Investment in common shares	4,235,000
Quoted market prices (in dollars per share)	$5.01
Weighted average costs (in dollars per share)	$3.36

Indebtedness_Details

Indebtedness (Details) (USD $)

3 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

0 Months Ended

In Thousands, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Aug. 04, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Apr. 30, 2014

30-May-14

Jun. 30, 2014

item

item

Unsecured revolving credit facility

Unsecured revolving credit facility

Unsecured revolving credit facility

Unsecured revolving credit facility

Unsecured revolving credit facility

Senior unsecured notes 4.30%

Senior unsecured notes 6.75%

Senior unsecured notes 6.75% maturing in 2021

Senior unsecured notes 5.625% due in 2042

Mortgages

Mortgages

Capital leases

Senior unsecured notes due 2019

Senior unsecured notes due 2024

Unsecured term loan

Unsecured term loan

Subsequent event

item

Significant Unobservable Inputs (Level 3)

property

property

building

Indebtedness

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of public issues of unsecured senior notes

6

6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal amount of unsecured senior notes

$1,742,893

$1,742,893

'

$1,093,337

'

'

'

'

'

$250,000

$200,000

$300,000

$350,000

'

'

'

$400,000

$250,000

'

'

Unsecured term loan facility

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

350,000

Aggregate principal amount of mortgage debt

'

'

'

'

'

'

'

'

'

'

'

'

'

655,324

'

'

'

'

'

'

Interest rate (as a percent)

1.55%

1.55%

'

'

'

'

'

'

'

4.30%

6.75%

6.75%

5.63%

'

6.28%

'

3.25%

4.75%

'

'

Number of buildings mortgaged

'

'

'

'

'

'

'

'

'

'

'

'

'

50

'

'

'

'

'

'

Number of properties mortgaged

'

'

'

'

'

'

'

'

'

'

'

'

'

47

'

'

'

'

'

'

Number of properties recorded under capital lease

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

Carrying value of mortgaged properties

5,258,671

5,258,671

'

4,422,865

'

'

'

'

'

'

'

'

'

886,458

'

18,403

'

'

'

'

Capital leases

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

13,047

'

'

'

'

Extension period of revolving credit facility

'

'

'

'

'

'

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

Principal repayment due until maturity

'

'

'

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

Option to increase the borrowing capacity under revolving credit facility

'

'

'

'

1,500,000

'

1,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

Maximum borrowing capacity that may be increased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

700,000

'

Interest rate, description

'

'

'

'

'

'

'LIBOR

'

'

'

'

'

'

'

'

'

'

'

'LIBOR

'

Interest rate added to the base rate (as a percent)

'

'

'

'

'

'

1.30%

'

'

'

'

'

'

'

'

'

'

'

1.40%

'

Debt instrument, facility fee (as a percent)

'

'

'

'

'

'

0.30%

'

'

'

'

'

'

'

'

'

'

'

'

'

Weighted average interest rate on debt (as a percent)

'

'

'

'

1.42%

2.56%

1.42%

1.86%

'

'

'

'

'

'

'

'

'

'

'

'

Debt, Weighted Average Interest Rate

'

'

'

'

'

'

'

'

'

'

'

'

'

5.80%

'

'

'

'

'

1.55%

Interest expense and other associated costs incurred

'

'

'

'

969

'

1,880

'

'

'

'

'

'

'

'

'

'

'

'

'

Unsecured revolving credit facility, amount outstanding

'

'

'

'

0

'

0

'

0

'

'

'

'

'

'

'

'

'

'

'

Revolving credit facility, available amount

'

'

'

'

750,000

'

750,000

'

750,000

'

'

'

'

'

'

'

'

'

'

'

Sale of senior unsecured notes

'

350,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

400,000

250,000

'

'

Net proceeds after underwriting discounts from sale of senior unsecured notes

644,889

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

644,889

'

'

Assumption of mortgage notes payable

'

15,630

12,266

'

'

'

'

'

'

'

'

'

'

'

15,630

'

'

'

'

'

Fair value of mortgage notes payable

'

'

'

'

'

'

'

'

'

'

'

'

'

'

16,643

'

'

'

'

'

Increase (decrease) in outstanding principal balances

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,013

'

'

'

'

'

Number of mortgage notes

'

'

'

'

'

'

'

'

'

'

'

'

'

2

'

'

'

'

'

'

Prepayment of mortgage notes

'

'

'

'

'

'

'

'

'

'

'

'

'

$35,300

'

'

'

'

'

'

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	0 Months Ended		1 Months Ended	3 Months Ended	6 Months Ended			1 Months Ended		3 Months Ended	6 Months Ended
In Thousands, except Share data, unless otherwise specified	21-May-14	Feb. 21, 2014	Apr. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013	Jun. 05, 2014	Jul. 31, 2014	Jul. 07, 2014	Jun. 30, 2014	Jun. 30, 2014
							item	Subsequent event	Subsequent event	RMR	RMR
Distributions	'	'	'	'	'	'	'	'	'	'	'
Distribution to common shareholders (in dollars per share)	$0.39	$0.39	'	'	'	'	'	'	'	'	'
Distribution to common shareholders	$73,397	$73,386	'	'	$146,783	$142,206	'	'	'	'	'
Distribution declared to common shareholders (in dollars per share)	'	'	'	'	'	'	'	'	$0.39	'	'
Distribution declared to common shareholders	'	'	'	'	'	'	'	'	79,469	'	'
Common shares issued as a part of compensation under business management agreement	'	'	'	'	'	'	'	11,223	'	30,900	50,837
Common shares issued in public offering	'	'	15,525,000	15,525,000	'	'	'	'	'	'	'
Net proceeds after underwriting discounts from issuance of common shares issued in public offering	'	'	$323,318	$323,318	$322,864	$261,813	'	'	'	'	'
Common shares of beneficial interest	'	'	'	'	'	'	'	'	'	'	'
Common shares of beneficial interest granted	'	'	'	'	'	'	2,500	'	'	'	'
Common stock price per share which is the closing price at New York Stock Exchange (in dollars per share)	'	'	'	'	'	'	$24.50	'	'	'	'
Number of trustees	'	'	'	'	'	'	5	'	'	'	'

Fair_Value_of_Assets_and_Liabi2

Fair Value of Assets and Liabilities (Details) (USD $)	Jun. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	item
	property
Assets and liabilities measured at fair value	'	'
Number of properties classified as held for sale	9	'
Cumulative impairments of properties held for sale	$22,545	'
Number of public issues of unsecured senior notes	6	'
Senior notes	1,742,893	1,093,337
Excess of fair value over aggregate book value	84,860	'
CommonWealth REIT (EQC)	'	'
Assets and liabilities measured at fair value	'	'
Investment in common shares	250,000	'
Five Star	'	'
Assets and liabilities measured at fair value	'	'
Investment in common shares	4,235,000	'
Recurring and Nonrecurring | Total	'	'
Assets and liabilities measured at fair value	'	'
Assets held for sale	13,249	'
Investments in available for sale securities	27,797	'
Unsecured senior notes	1,827,753	'
Secured debt	735,341	'
Recurring and Nonrecurring | Quoted Prices in Active Markets for Identical Assets (Level 1)	'	'
Assets and liabilities measured at fair value	'	'
Investments in available for sale securities	27,797	'
Unsecured senior notes	1,827,753	'
Recurring and Nonrecurring | Significant Other Observable Inputs (Level 2)	'	'
Assets and liabilities measured at fair value	'	'
Assets held for sale	13,249	'
Recurring and Nonrecurring | Significant Unobservable Inputs (Level 3)	'	'
Assets and liabilities measured at fair value	'	'
Secured debt	$735,341	'

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013	Dec. 31, 2013
			item
Segment Reporting	'	'	'	'	'
Number of operating segments	'	'	4	'	'
Number of reportable segments	'	'	3	'	'
Revenues:	'	'	'	'	'
Rental income	$127,669	$112,297	$239,724	$224,150	'
Residents fees and services	79,039	74,631	158,481	149,687	'
Total revenues	206,708	186,928	398,205	373,837	'
Expenses:	'	'	'	'	'
Property operating expenses	79,786	74,484	157,590	148,163	'
Depreciation	46,703	38,296	85,058	75,999	'
General and administrative	9,577	8,168	17,866	16,816	'
Acquisition related costs	2,512	292	2,635	2,187	'
Impairment of assets	'	4,371	'	5,675	'
Total expenses	138,578	125,611	263,149	248,840	'
Operating income	68,130	61,317	135,056	124,997	'
Interest and other income	154	397	258	570	'
Interest expense	-34,112	-29,567	-63,012	-59,131	'
Loss on early extinguishment of debt	'	-105	'	-105	'
Income from continuing operations before income tax expense and equity in earnings of an investee	34,172	32,042	72,302	66,331	'
Income tax expense	-155	-140	-346	-280	'
Equity in earnings of an investee	118	79	21	155	'
Income from continuing operations	34,135	31,981	71,977	66,206	'
Discontinued Operations:	'	'	'	'	'
Income from discontinued operations	741	1,513	2,041	2,523	'
Impairment of assets from discontinued operations	387	-27,896	-334	-27,896	'
Income before gain on sale of properties	35,263	5,598	73,684	40,833	'
Gain on sale of properties	2,396	'	2,552	'	'
Net income	37,659	5,598	76,236	40,833	'
Total assets	6,016,855	4,748,631	6,016,855	4,748,631	4,764,666
Triple Net Leased Net Senior Living Communities	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental income	55,166	56,957	110,055	113,723	'
Total revenues	55,166	56,957	110,055	113,723	'
Expenses:	'	'	'	'	'
Depreciation	15,515	17,019	31,152	33,936	'
Impairment of assets	'	4,371	'	4,371	'
Total expenses	15,515	21,390	31,152	38,307	'
Operating income	39,651	35,567	78,903	75,416	'
Interest expense	-6,472	-6,596	-12,860	-13,060	'
Income from continuing operations before income tax expense and equity in earnings of an investee	33,179	28,971	66,043	62,356	'
Income from continuing operations	33,179	28,971	66,043	62,356	'
Discontinued Operations:	'	'	'	'	'
Income before gain on sale of properties	33,179	'	66,043	'	'
Gain on sale of properties	2,396	'	2,552	'	'
Net income	35,575	28,971	68,595	62,356	'
Total assets	1,806,867	1,829,372	1,806,867	1,829,372	'
Managed Senior Living Communities	'	'	'	'	'
Revenues:	'	'	'	'	'
Residents fees and services	79,039	74,631	158,481	149,687	'
Total revenues	79,039	74,631	158,481	149,687	'
Expenses:	'	'	'	'	'
Property operating expenses	60,624	58,231	121,412	116,135	'
Depreciation	8,333	7,028	16,488	13,877	'
Total expenses	68,957	65,259	137,900	130,012	'
Operating income	10,082	9,372	20,581	19,675	'
Interest expense	-2,806	-3,073	-5,794	-6,141	'
Income from continuing operations before income tax expense and equity in earnings of an investee	7,276	6,299	14,787	13,534	'
Income from continuing operations	7,276	6,299	14,787	13,534	'
Discontinued Operations:	'	'	'	'	'
Income before gain on sale of properties	7,276	'	14,787	'	'
Net income	7,276	6,299	14,787	13,534	'
Total assets	922,557	964,610	922,557	964,610	'
MOBs	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental income	68,027	50,899	120,791	101,582	'
Total revenues	68,027	50,899	120,791	101,582	'
Expenses:	'	'	'	'	'
Property operating expenses	19,162	16,253	36,178	32,028	'
Depreciation	21,907	13,301	35,522	26,290	'
Total expenses	41,069	29,554	71,700	58,318	'
Operating income	26,958	21,345	49,091	43,264	'
Interest expense	-1,507	-1,387	-2,844	-2,734	'
Income from continuing operations before income tax expense and equity in earnings of an investee	25,451	19,958	46,247	40,530	'
Income from continuing operations	25,451	19,958	46,247	40,530	'
Discontinued Operations:	'	'	'	'	'
Income from discontinued operations	741	1,513	2,041	2,523	'
Impairment of assets from discontinued operations	387	-27,896	-334	-27,896	'
Income before gain on sale of properties	26,579	'	47,954	'	'
Net income	26,579	-6,425	47,954	15,157	'
Total assets	2,967,167	1,742,120	2,967,167	1,742,120	'
All Other Operations	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental income	4,476	4,441	8,878	8,845	'
Total revenues	4,476	4,441	8,878	8,845	'
Expenses:	'	'	'	'	'
Depreciation	948	948	1,896	1,896	'
General and administrative	9,577	8,168	17,866	16,816	'
Acquisition related costs	2,512	292	2,635	2,187	'
Impairment of assets	'	'	'	1,304	'
Total expenses	13,037	9,408	22,397	22,203	'
Operating income	-8,561	-4,967	-13,519	-13,358	'
Interest and other income	154	397	258	570	'
Interest expense	-23,327	-18,511	-41,514	-37,196	'
Loss on early extinguishment of debt	'	-105	'	-105	'
Income from continuing operations before income tax expense and equity in earnings of an investee	-31,734	-23,186	-54,775	-50,089	'
Income tax expense	-155	-140	-346	-280	'
Equity in earnings of an investee	118	79	21	155	'
Income from continuing operations	-31,771	-23,247	-55,100	-50,214	'
Discontinued Operations:	'	'	'	'	'
Income before gain on sale of properties	-31,771	'	-55,100	'	'
Net income	-31,771	-23,247	-55,100	-50,214	'
Total assets	$320,264	$212,529	$320,264	$212,529	'

Significant_Tenant_Details

Significant Tenant (Details) (Five Star)	6 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2014
	Senior living communities	Rental income	Investment
	item	Rents from significant lessee	Rents from significant lessee
Concentration of credit risk	'	'	'
Percentage of total rents leased or managed	'	35.80%	34.50%
Number of properties acquired, referred to as managed properties	44	'	'

Related_Person_Transactions_De

Related Person Transactions (Details) (USD $)

3 Months Ended

6 Months Ended

6 Months Ended

3 Months Ended

6 Months Ended

6 Months Ended

0 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

6 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

6 Months Ended

In Thousands, except Share data, unless otherwise specified

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

9-May-14

Jun. 30, 2014

Jun. 30, 2014

Dec. 31, 2013

Jul. 31, 2014

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

Dec. 31, 2001

Jun. 30, 2014

Jun. 30, 2014

Jul. 10, 2014

Jun. 30, 2014

Jul. 10, 2014

Aug. 31, 2013

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2014

Jan. 31, 2014

Aug. 31, 2013

Jan. 31, 2014

8-May-14

9-May-14

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

9-May-14

Jun. 30, 2014

Jun. 30, 2014

Jun. 30, 2013

Jun. 30, 2014

Jun. 30, 2013

Dec. 31, 2013

property

property

item

TRS

Senior living communities

Senior living communities

Acquisition

Sale

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

Five Star

RMR

RMR

RMR

RMR

RMR

RMR

RMR

AIC

AIC

AIC

AIC

AIC

AIC

AIC

item

item

item

item

item

Senior living communities

Senior living communities

item

item

AL Pooling Agreement

IL Pooling Agreement

IL Pooling Agreement

Second AL Pooling Agreement

Second AL Pooling Agreement

Senior living communities

Senior living communities

Senior living communities

Acquisition

Sale

Sale

Sale

Sale

sqft

item

item

Subsequent event

property

item

item

Subsequent event

item

Subsequent event

property

property

item

Senior living communities

Senior living communities

Senior living communities

Senior living communities

Senior living communities

item

item

item

item

New York

property

property

item

Texas

item

item

item

item

Related person transactions

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Beneficial ownership of common shares (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

100.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Investment in common shares

'

'

'

'

'

'

'

'

'

'

4,235,000

'

4,235,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Percentage of total shares outstanding

'

'

'

'

'

'

'

'

'

'

8.70%

'

8.70%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of real estate properties leased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

184

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of combination leases

'

'

'

'

'

'

'

'

'

'

4

'

4

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum annual rent payable to entity

'

'

'

'

'

'

'

'

'

'

'

'

$190,867

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total rental income recognized

'

'

'

'

'

'

'

'

'

'

47,618

49,595

95,124

99,027

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Rents receivable

'

'

'

'

'

'

'

'

'

'

15,849

'

15,849

'

17,620

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Deferred estimated percentage rent

'

'

'

'

'

'

'

'

'

'

1,403

1,268

2,819

2,517

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate improvements purchased

'

'

'

'

'

'

'

'

'

'

'

'

17,423

15,901

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase or decrease in annual lease rent payable

'

'

'

'

'

'

'

'

'

'

'

'

1,394

1,272

'

'

'

'

'

'

'

255

'

'

'

452

210

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties agreed to be offered for sale

9

'

9

'

'

'

7

10

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Sale price of properties under agreement to be sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4,500

2,400

2,550

2,400

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties sold or agreed to be sold

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

1

'

'

'

2

1

'

36

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties agreed to be sold

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

11

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increase or decrease in annual lease rent payable as a percentage of net proceeds of the sale

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

'

'

'

10.00%

8.75%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of combination or pooling agreements

'

'

'

'

'

'

'

'

'

'

4

'

4

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of communities that include assisted living units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20

'

'

19

19

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of communities that include independent living units

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of properties acquired, referred to as managed properties

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

44

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Property management agreement expense

'

'

'

'

'

'

'

'

'

'

2,433

2,281

4,857

4,576

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,079

1,659

3,718

3,259

'

'

'

'

'

'

'

Number of living units

'

'

'

'

'

'

552

744

52

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

310

156

36

112

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of TRSs to whom property was leased

'

'

'

'

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of employees

0

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Number of agreements to avail management and administrative services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

2

'

2

'

'

'

'

'

'

'

'

Number of Managing Trustees also serving as managing trustee of Five Star

'

'

'

'

'

'

'

'

'

'

1

'

1

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Period before which the written notice is required to be given for cancellation of business management agreement and the property management agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'60 days

'120 days

'

'

'

'

'

'

'

'

'

'

'

'

Number of business days before which the notice is required to be given for termination of property management agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'5 days

'

'

'

'

'

'

'

'

'

'

'

'

'

Period for providing transition services under business management agreement and property management agreement

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'120 days

'

'

'

'

'

'

'

'

Business management agreement expense

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

7,733

6,691

14,415

13,241

'

'

'

'

'

'

'

Common shares issued as payment for base business management fee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

62,060

'

'

'

'

'

'

'

'

Base business management fee payable in common shares (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

10.00%

10.00%

'

10.00%

'

'

'

'

'

'

'

'

Number of other shareholders in the equity method investee company

4

'

4

'

6

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Ownership percentage held by the entity and other shareholders

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

14.30%

'

'

'

'

'

'

Term of property insurance policy

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'1 year

'

'

'

'

'

Total premiums including taxes and fees

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3,118

'

'

'

'

'

The entity owns less than this percentage of an equity method investment

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

20.00%

20.00%

'

20.00%

'

'

Amount invested in equity investee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,054

6,054

'

6,054

'

'

Equity method investments, carrying value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

6,801

6,801

'

6,801

'

5,913

Income recognized arising from equity investments

118

79

21

155

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

118

79

21

155

'

Coverage of property insurance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

500,000

'

'

Number of shares purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2,857

'

'

'

'

'

'

Payments for share purchased

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

825

'

'

'

'

'

'

Number of entities to which RMR provides management services

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3

'

'

'

'

'

'

'

'

'

'

'

Premium paid for combined and separate directors' and officers' liability insurance policy

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$51,000

'

'

'

'

'

'

'

'

'

'

'

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		6 Months Ended
In Thousands, unless otherwise specified	Jun. 30, 2014	Jun. 30, 2013	Jun. 30, 2014	Jun. 30, 2013
Income Taxes	'	'	'	'
Recognized income tax expense	$155	$140	$346	$280

Pro_Forma_Information_Details

Pro Forma Information (Details) (USD $)	1 Months Ended	3 Months Ended	6 Months Ended
In Thousands, except Share data, unless otherwise specified	Apr. 30, 2014	Jun. 30, 2014	Jun. 30, 2014	Jun. 30, 2013
			property
Pro Forma Information	'	'	'	'
Number of properties acquired	'	'	2	'
Aggregate purchase price properties, excluding closing costs	'	'	$1,158,078	'
Common shares issued in public offering	15,525,000	15,525,000	'	'
Net proceeds after underwriting discounts from issuance of common shares issued in public offering	323,318	323,318	322,864	261,813
Interest rate (as a percent)	'	1.55%	1.55%	'
Net proceeds after underwriting discounts from sale of senior unsecured notes	'	644,889	'	'
Pro forma results of operations	'	'	'	'
Total revenues	'	'	433,075	'
Net income	'	'	73,469	'
Net income per share(in dollars per share)	'	'	$0.36	'
Senior unsecured notes 3.25%	'	'	'	'
Pro Forma Information	'	'	'	'
Face Amount	'	400,000	400,000	'
Interest rate (as a percent)	'	3.25%	3.25%	'
Senior unsecured notes 4.75%	'	'	'	'
Pro Forma Information	'	'	'	'
Face Amount	'	$250,000	$250,000	'
Interest rate (as a percent)	'	4.75%	4.75%	'