Diversified Healthcare Trust (DHC) 10-Q3 Nov 142014 Q3 Quarterly reportFinancial data

Company Profile

Document_and_Entity_Informatio

Document and Entity Information	9 Months Ended
Document and Entity Information	Sep. 30, 2014	Nov. 03, 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-Sep-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	'	203,885,292
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q3	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified	Sep. 30, 2014	Dec. 31, 2013
Real estate properties:	'	'
Land	$680,994	$623,756
Buildings and improvements	5,503,074	4,639,869
Total real estate properties, gross	6,184,068	5,263,625
Less accumulated depreciation	-946,566	-840,760
Total real estate properties, net	5,237,502	4,422,865
Cash and cash equivalents	80,750	39,233
Restricted cash	10,986	12,514
Deferred financing fees, net	32,021	27,975
Acquired real estate leases and other intangible assets, net	482,564	103,494
Other assets	145,299	158,585
Total assets	5,989,122	4,764,666
LIABILITIES AND SHAREHOLDERS' EQUITY	'	'
Unsecured revolving credit facility	'	100,000
Unsecured term loan	350,000	'
Senior unsecured notes, net of discount	1,743,272	1,093,337
Secured debt and capital leases	669,011	699,427
Accrued interest	32,555	15,839
Assumed real estate lease obligations, net	125,493	12,528
Other liabilities	84,576	66,546
Total liabilities	3,004,907	1,987,677
Shareholders' equity:	'	'
Common shares of beneficial interest, $.01 par value: 220,000,000 shares authorized, 203,872,829 and 188,167,643 shares issued and outstanding at September 30, 2014 and December 31, 2013, respectively	2,039	1,882
Additional paid in capital	3,824,237	3,497,589
Cumulative net income	1,308,333	1,194,985
Cumulative other comprehensive income	1,736	8,412
Cumulative distributions	-2,152,130	-1,925,879
Total shareholders' equity	2,984,215	2,776,989
Total liabilities and shareholders' equity	$5,989,122	$4,764,666

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Sep. 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	203,872,829	188,167,643
Common shares of beneficial interest, shares outstanding	203,872,829	188,167,643

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended		9 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Revenues:	'	'	'	'
Rental income	$137,614	$112,319	$377,339	$336,468
Residents fees and services	79,259	74,946	237,740	224,634
Total revenues	216,873	187,265	615,079	561,102
Expenses:	'	'	'	'
Property operating expenses	82,706	74,729	240,297	222,893
Depreciation	50,074	38,473	135,132	114,472
General and administrative	10,384	7,798	28,250	24,615
Acquisition related costs	15	396	2,649	2,590
Impairment of assets	'	'	'	5,675
Total expenses	143,179	121,396	406,328	370,245
Operating income	73,694	65,869	208,751	190,857
Interest and other income	78	42	336	612
Interest expense	-36,201	-29,405	-99,213	-88,536
Loss on early extinguishment of debt	'	-692	'	-797
Income from continuing operations before income tax expense and equity in earnings of an investee	37,571	35,814	109,874	102,136
Income tax expense	-156	-125	-502	-405
Equity in earnings of an investee	38	64	59	219
Income from continuing operations	37,453	35,753	109,431	101,950
Discontinued operations:	'	'	'	'
Income from discontinued operations	-557	1,231	1,484	3,762
Impairment of assets from discontinued operations	216	'	-117	-27,896
Income before gain on sale of properties	37,112	36,984	110,798	77,816
Gain on sale of properties	'	1,141	2,552	1,141
Net income	37,112	38,125	113,350	78,957
Other comprehensive income:	'	'	'	'
Change in net unrealized (loss) / gain on investments	-5,404	-2,166	-6,684	2,195
Share of comprehensive income (loss) of an investee	-33	13	17	-68
Comprehensive income	$31,675	$35,972	$106,683	$81,084
Weighted average shares outstanding (in shares)	203,792	188,102	197,317	186,942
Income from continuing operations per share (in dollars per share)	$0.18	$0.19	$0.56	$0.55
Income from discontinued operations per share (in dollars per share)	'	$0.01	$0.01	($0.13)
Net income per share (in dollars per share)	$0.18	$0.20	$0.57	$0.42

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013
Cash flows from operating activities:	'	'
Net income	$113,350	$78,957
Adjustments to reconcile net income to cash provided by operating activities:	'	'
Depreciation	135,132	115,274
Amortization of deferred financing fees and debt discounts	4,709	4,559
Straight line rental income	-6,814	-5,256
Amortization of acquired real estate leases and other intangible assets	-1,110	2,793
Loss on early extinguishment of debt	'	797
Impairment of assets	117	33,571
Gain on sale of properties	-2,552	-1,141
Equity in earnings of an investee	-59	-219
Change in assets and liabilities:	'	'
Restricted cash	1,528	-614
Other assets	331	569
Accrued interest	16,716	6,006
Other liabilities	20,175	12,884
Cash provided by operating activities	281,523	248,180
Cash flows from investing activities:	'	'
Real estate acquisitions and deposits	-1,146,840	-148,775
Real estate improvements	-53,197	-36,820
Investment in Affiliates Insurance Company	-825	'
Proceeds from sale of properties	18,575	2,550
Cash used for investing activities	-1,182,287	-183,045
Cash flows from financing activities:	'	'
Proceeds from issuance of common shares, net	322,962	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	160,000
Repayments of borrowings on revolving credit facility	-190,000	-225,000
Repayment of other debt	-45,304	-33,261
Payment of deferred financing fees	-8,039	-3,252
Distributions to shareholders	-226,252	-215,559
Cash provided by (used for) financing activities	942,281	-55,259
Increase (decrease) in cash and cash equivalents	41,517	9,876
Cash and cash equivalents at beginning of period	39,233	42,382
Cash and cash equivalents at end of period	80,750	52,258
Supplemental cash flow information:	'	'
Interest paid	77,788	79,552
Income taxes paid	152	536
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	$3,997	$2,538

Basis_of_Presentation

Basis of Presentation	9 Months Ended
Basis of Presentation	Sep. 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	9 Months Ended
Recent Accounting Pronouncements	Sep. 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.

	In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements – Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern. The update requires an entity to evaluate whether there are conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued (or within one year after the financial statements are available to be issued when applicable) and to provide related footnote disclosures in certain circumstances. The update is effective for the annual period ending after December 15, 2016, and for annual and interim periods thereafter with early adoption permitted. The implementation of this update is not expected to cause any significant changes to our condensed consolidated financial statements.

Real_Estate_Properties

Real Estate Properties	9 Months Ended
Real Estate Properties	Sep. 30, 2014
Real Estate Properties	'
Real Estate Properties	'
	Note 3. Real Estate Properties

	At September 30, 2014, we owned 371 properties (398 buildings) located in 38 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
	14-Apr		San Antonio, TX		1		125	$	32,932	$	3,141	$	26,421	$	4,393	$	10	$	15,630	$	1,013
	14-May		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. In September 2014, we entered into an agreement to acquire one senior living community for approximately $40,430, excluding closing costs. The senior living community is located in Madison, Wisconsin and includes 176 independent and assisted living units. If these acquisitions are completed, we expect that a subsidiary of Five Star Quality Care, Inc. will manage these communities for our account pursuant to long term management agreements. In this Quarterly Report on Form 10-Q, we refer to Five Star Quality Care, Inc. and its applicable subsidiaries as Five Star.

	In August 2014, we entered into an agreement to acquire the entities owning 23 MOBs for approximately $539,000, including the assumption of approximately $30,000 of mortgage debt. The MOBs contain approximately 2,200,000 square feet and are located in 12 states. The closing of this acquisition is subject to various conditions; accordingly, we may not purchase some or all of these properties, these purchases may be delayed or the terms of these purchases may change. See Note 10 for further information about this acquisition.

	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 September 30, 2014, we had seven senior living communities with 552 living units and one MOB (four buildings) with 323,541 square feet categorized as properties held for sale. During the nine months ended September 30, 2014, we recorded net impairment of assets charges of $117 to adjust the carrying value of four MOBs included in discontinued operations to their aggregate estimated net sale price. The eight properties are included in other assets in our condensed consolidated balance sheets and have a net book value (after impairment) of approximately $12,924 at September 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 September 30, 2014, except that three of the senior living communities and three of the MOBs were sold during the first nine months 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 because of what we believe to be unattractive conditions in the markets in which these properties are located or in which they operate. 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. The senior living properties which we are or were offering for sale as of the applicable periods do not meet the criteria for discontinued operations as they are included within combination leases with other properties that we expect to continue leasing. 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					Nine Months Ended
			September 30,					September 30,
			2014			2013		2014		2013
	Rental income		$	111		$	2,189	$	3,837	$	7,284
	Property operating expenses			-668			-958		-2,353		-2,723
	Depreciation and amortization			—			—		—		-799
	Income from discontinued operations		$	-557		$	1,231	$	1,484	$	3,762

	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 was 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 was included in discontinued operations for $6,000 and recorded no gain or loss on the sale.

	In September 2014, we sold one MOB ( one building) with 62,000 square feet that was included in discontinued operations for $675 and recorded no gain or loss on the sale.

	In October 2014, we sold one senior living community with 70 units that was previously classified as held for sale for $2,850. Also in October 2014, we sold two senior living communities with 177 units that were previously classified as held for sale for $5,900. We will record the gain or loss on these sales during the period ending December 31, 2014 when all of the costs of the sales are known.

Unrealized_Gain_Loss_on_Invest

Unrealized Gain / Loss on Investments	9 Months Ended
Unrealized Gain / Loss on Investments	Sep. 30, 2014
Unrealized Gain / Loss on Investments	'
Unrealized Gain / Loss on Investments	'
	Note 4. Unrealized Gain / Loss on Investments

	As of September 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 September 30, 2014 ($25.71 and $3.77 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	9 Months Ended
Indebtedness	Sep. 30, 2014
Indebtedness	'
Indebtedness	'
	Note 5. Indebtedness

	Our principal debt obligations at September 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) $652,359 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 $881,216 at September 30, 2014. We also had two properties subject to capital leases totaling $12,910 at September 30, 2014; these two properties had a carrying value of $18,375 at September 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 September 30, 2014, the interest rate payable on borrowings under our revolving credit facility was 1.45%, and the weighted average interest rate for borrowings under our revolving credit facility was 1.42% for both the three and nine months ended September 30, 2014. The weighted average interest rate for borrowings under our revolving credit facility was 1.64% and 1.68% for the three and nine months ended September 30, 2013, respectively. As of both September 30, 2014 and November 3, 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 mortgage notes and for general business purposes. As of September 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 three and nine months ended September 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, in April 2014, we assumed $15,630 of mortgage debt, which we recorded at its 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. 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%.

	In October 2014, we prepaid at par our $14,700 loan incurred in connection with certain revenue bonds scheduled to mature on December 1, 2027. That loan had an interest rate of 5.875%.

	In October 2014, we repaid a mortgage note that encumbered one of our properties that had a principal balance of $11,900 and an interest rate of 6.25%.

Shareholders_Equity

Shareholders' Equity	9 Months Ended
Shareholders' Equity	Sep. 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 August 21, 2014, we paid a distribution to common shareholders of $0.39 per share, or approximately $79,469, that was declared on July 7, 2014 and was payable to shareholders of record on July 18, 2014.

	On October 2, 2014, we declared a distribution payable to common shareholders of record on October 17, 2014, of $0.39 per share, or approximately $79,515. We expect to pay this distribution on or about November 21, 2014 using cash on hand and borrowings under our revolving credit facility.

	During the nine months ended September 30, 2014 and the period from October 1, 2014 to November 3, 2014, we issued 85,986 and 12,463, respectively, of our common shares to RMR as part of the business management fee payable by us 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 funding 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, or NYSE, on that day, to each of our five Trustees.

	On September 12, 2014, pursuant to our 2012 Equity Compensation Plan, we granted an aggregate of 81,700 of our common shares to our officers and certain employees of our manager, RMR, valued at $21.42 per share, the closing price of our common shares on the NYSE on that day.

Fair_Value_of_Assets_and_Liabi

Fair Value of Assets and Liabilities	9 Months Ended
Fair Value of Assets and Liabilities	Sep. 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 September 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)		$	12,924	$	—	$	12,924	$	—
	Investments in available for sale securities(2)		$	22,393	$	22,393	$	—	$	—
	Unsecured senior notes(3)		$	1,816,660	$	1,816,660	$	—	$	—
	Secured debt(4)		$	726,242	$	—	$	—	$	726,242



		-1		Assets held for sale consist of eight properties (11 buildings) 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 $13,500 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 September 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 September 30, 2014. The fair values of these senior note obligations exceed their aggregate book values of $1,743,272 by $73,387 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 September 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 and other unsecured debt. The fair values of these additional financial instruments approximate their carrying values at September 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	9 Months Ended
Segment Reporting	Sep. 30, 2014
Segment Reporting	'
Segment Reporting	'
	Note 8. Segment Reporting

	We have four operating segments, of which three are separately reportable operating segments: (1) 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, (2) 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 (3) 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 buildings leased to medical providers, medical related businesses, clinics and biotech laboratory tenants. 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 September 30, 2014
			Triple Net
			Leased			Managed
			Senior Living			Senior Living						All Other
			Communities			Communities			MOBs			Operations			Consolidated

	Revenues:
	Rental income		$	55,266		$	—		$	77,798		$	4,550		$	137,614
	Residents fees and services			—			79,259			—			—			79,259
	Total revenues			55,266			79,259			77,798			4,550			216,873

	Expenses:
	Property operating expenses			—			61,330			21,376			—			82,706
	Depreciation			15,372			8,006			25,748			948			50,074
	General and administrative			—			—			—			10,384			10,384
	Acquisition related costs			—			—			—			15			15
	Total expenses			15,372			69,336			47,124			11,347			143,179

	Operating income (loss)			39,894			9,923			30,674			-6,797			73,694

	Interest and other income			—			—			—			78			78
	Interest expense			-6,446			-2,416			-1,484			-25,855			-36,201
	Income (loss) before income tax expense and equity in earnings of an investee			33,448			7,507			29,190			-32,574			37,571
	Income tax expense			—			—			—			-156			-156
	Equity in earnings of an investee			—			—			—			38			38
	Income (loss) from continuing operations			33,448			7,507			29,190			-32,692			37,453
	Discontinued operations:
	Loss from discontinued operations			—			—			-557			—			-557
	Impairment of assets from discontinued operations			—			—			216			—			216
	Net income (loss)		$	33,448		$	7,507		$	28,849		$	-32,692		$	37,112

	Total assets		$	1,823,234		$	899,545		$	2,953,668		$	312,675		$	5,989,122



			For the Three Months Ended September 30, 2013
			Triple Net
			Leased			Managed
			Senior Living			Senior Living						All Other
			Communities			Communities			MOBs			Operations			Consolidated

	Revenues:
	Rental income		$	57,073		$	—		$	50,910		$	4,336		$	112,319
	Residents fees and services			—			74,946			—			—			74,946
	Total revenues			57,073			74,946			50,910			4,336			187,265

	Expenses:
	Property operating expenses			—			57,708			17,021			—			74,729
	Depreciation			16,760			7,251			13,514			948			38,473
	General and administrative			—			—			—			7,798			7,798
	Acquisition related costs			—			—			—			396			396
	Total expenses			16,760			64,959			30,535			9,142			121,396

	Operating income (loss)			40,313			9,987			20,375			-4,806			65,869

	Interest and other income			—			—			—			42			42
	Interest expense			-6,546			-3,054			-1,369			-18,436			-29,405
Loss on early extinguishment of debt			—			—			—			-692			-692
Income (loss) before income tax expense and equity in earnings of an investee			33,767			6,933			19,006			-23,892			35,814
Income tax expense			—			—			—			-125			-125
Equity in earnings of an investee			—			—			—			64			64
Income (loss) from continuing operations			33,767			6,933			19,006			-23,953			35,753
Discontinued operations:
Income from discontinued operations			—			—			1,231			—			1,231
Income (loss) before gain on sale of properties			33,767			6,933			20,237			-23,953			36,984
Gain on sale of properties			1,141			—			—			—			1,141
Net income (loss)		$	34,908		$	6,933		$	20,237		$	-23,953		$	38,125

Total assets		$	1,861,729		$	967,187		$	1,732,217		$	246,197		$	4,807,330



		For the Nine Months Ended September 30, 2014
		Triple Net
		Leased			Managed
		Senior Living			Senior Living						All Other
		Communities			Communities			MOBs			Operations			Consolidated

Revenues:
Rental income		$	165,321		$	—		$	198,589		$	13,429		$	377,339
Residents fees and services			—			237,740			—			—			237,740
Total revenues			165,321			237,740			198,589			13,429			615,079

Expenses:
Property operating expenses			—			182,742			57,555			—			240,297
Depreciation			46,525			24,494			61,269			2,844			135,132
General and administrative			—			—			—			28,250			28,250
Acquisition related costs			—			—			—			2,649			2,649
Total expenses			46,525			207,236			118,824			33,743			406,328

Operating income (loss)			118,796			30,504			79,765			-20,314			208,751

Interest and other income			—			—			—			336			336
Interest expense			-19,307			-8,210			-4,328			-67,368			-99,213
Income (loss) before income tax expense and equity in earnings of an investee			99,489			22,294			75,437			-87,346			109,874
Income tax expense			—			—			—			-502			-502
Equity in earnings of an investee			—			—			—			59			59
Income (loss) from continuing operations			99,489			22,294			75,437			-87,789			109,431
Discontinued operations:
Income from discontinued operations			—			—			1,484			—			1,484
Impairment of assets from discontinued operations			—			—			-117			—			-117
Income (loss) before gain on sale of properties			99,489			22,294			76,804			-87,789			110,798
Gain on sale of properties			2,552			—			—			—			2,552
Net income (loss)		$	102,041		$	22,294		$	76,804		$	-87,789		$	113,350

Total assets		$	1,823,234		$	899,545		$	2,953,668		$	312,675		$	5,989,122





		For the Nine Months Ended September 30, 2013
		Triple Net
		Leased			Managed
		Senior Living			Senior Living						All Other
		Communities			Communities			MOBs			Operations			Consolidated

Revenues:
Rental income		$	170,794		$	—		$	152,492		$	13,182		$	336,468
Residents fees and services			—			224,634			—			—			224,634
Total revenues			170,794			224,634			152,492			13,182			561,102

Expenses:
Property operating expenses			—			173,844			49,049			—			222,893
Depreciation			50,696			21,128			39,804			2,844			114,472
General and administrative			—			—			—			24,615			24,615
Acquisition related costs			—			—			—			2,590			2,590
Impairment of assets			4,371			—			—			1,304			5,675
Total expenses			55,067			194,972			88,853			31,353			370,245

Operating income (loss)			115,727			29,662			63,639			-18,171			190,857

Interest and other income			—			—			—			612			612
Interest expense			-20,030			-9,196			-4,103			-55,207			-88,536
Loss on early extinguishment of debt			—			—			—			-797			-797
Income (loss) before income tax expense and equity in earnings of an investee			95,697			20,466			59,536			-73,563			102,136
Income tax expense			—			—			—			-405			-405
Equity in earnings of an investee			—			—			—			219			219
Income (loss) from continuing operations			95,697			20,466			59,536			-73,749			101,950
Discontinued operations:
Income from discontinued operations			—			—			3,762			—			3,762
Impairment of assets from discontinued operations			—			—			-27,896			—			-27,896
Income (loss) before gain on sale of properties			95,697			20,466			35,402			-73,749			77,816
Gain on sale of properties			1,141			—			—			—			1,141
Net income (loss)		$	96,838		$	20,466		$	35,402		$	-73,749		$	78,957

Total assets		$	1,861,729		$	967,187		$	1,732,217		$	246,197		$	4,807,330

Significant_Tenant

Significant Tenant	9 Months Ended
Significant Tenant	Sep. 30, 2014
Significant Tenant	'
Significant Tenant	'
	Note 9. Significant Tenant

	Five Star is our former subsidiary. Rental income from Five Star represented 34.7% of our rental income for the three months ended September 30, 2014, and the properties Five Star leases from us represented 34.5% of our investments, at cost, as of September 30, 2014. As of September 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 and in September 2014, Five Star filed with the SEC its Annual Report on Form 10-K for the year ended December 31, 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 Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014 and June 30, 2014. Five Star has publicly disclosed that it intends to file with the SEC its Quarterly Reports on Form 10-Q for the quarters ended March 31, 2014, June 30, 2014 and September 30, 2014 on or about the same day, and that it currently expected those filings to occur by December 31, 2014.

	See Note 10 for further information relating to our leases and management arrangements with Five Star.

Related_Person_Transactions

Related Person Transactions	9 Months Ended
Related Person Transactions	Sep. 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 certain senior living communities for us. In 2001, we distributed substantially all of Five Star’s then issued and outstanding shares of common stock to our shareholders. As of September 30, 2014, we owned 4,235,000 shares of common stock of Five Star, or approximately 8.7% of Five Star’s issued and 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.

	As of September 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. We recognized total rental income from Five Star of $47,717 and $49,705 for the three months ended September 30, 2014 and 2013, respectively, and $142,842 and $148,732 for the nine months ended September 30, 2014 and 2013, respectively. As of September 30, 2014 and December 31, 2013, our rents receivable from Five Star were $15,907 and $17,960, 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 $1,498 and $1,301 for the three months ended September 30, 2014 and 2013, respectively, and $4,317 and $3,823 for the nine months ended September 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 nine months ended September 30, 2014 and 2013, pursuant to the terms of our leases with Five Star, we purchased $23,776 and $22,501, 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 $1,902 and $1,800, 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. In October 2014, we sold a senior living community located in Virginia with 70 assisted living units for a sale price of $2,850 and, as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $285, or 10% of the net proceeds of the sale to us, in accordance with the terms of the applicable lease. Also in October 2014, we sold two senior living communities located in Arizona with 177 units for a sale price of $5,900 and, as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $590, 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 four senior living communities that 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) pursuant to which Five Star exercised the first of its existing lease extension options under Lease No. 4, extending the term from April 30, 2017 to April 30, 2032, and we granted Five Star a third option for Five Star to extend the term of Lease No. 4 from May 1, 2047 to April 30, 2062.

	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 and other communities for us pursuant to long term management agreements. As of September 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 $2,438 and $2,290 for the three months ended September 30, 2014 and 2013, respectively, and $7,295 and $6,866 for the nine months ended September 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 for 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, 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.

	On July 10, 2014, we entered into an amendment to our management agreements with Five Star that include assisted living communities to (1) 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 (2) 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 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 entered into purchase agreements to purchase two senior living communities in Wisconsin for a total of $47,430. If these acquisitions are completed, we expect to lease these communities to one of our TRSs and to enter into long term management agreements with Five Star to manage these communities on terms similar to those management arrangements we currently have with Five Star for communities that include assisted living units. We further expect that these management agreements would be added to the third AL Pooling Agreement. These acquisitions are subject to various conditions and there can be no assurance that these acquisitions 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: (1) a business management agreement, which relates to our business generally, and (2) 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. Certain of Five Star’s executive officers are officers 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 and Mr. Adam Portnoy serve as managing directors or managing trustees of a majority of the companies to which RMR or its affiliates provide management services. 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 $8,077 and $6,847 for the three months ended September 30, 2014 and 2013, respectively, and $22,492 and $20,088 for the nine months ended September 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 98,449 of our common shares to RMR for the nine months ended September 30, 2014 as payment for a portion 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 $2,211 and $1,678 for the three months ended September 30, 2014 and 2013, respectively, and $5,928 and $4,937 for the nine months ended September 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. Also, 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.

	SIR: On August 30, 2014, we entered into a Purchase and Sale Agreement and Joint Escrow Instructions, or the Purchase Agreement, with SC Merger Sub LLC, or Merger Sub, a Maryland limited liability company and wholly owned subsidiary of Select Income REIT, a Maryland real estate investment trust, or SIR, pursuant to which we have agreed to acquire the entities owning 23 healthcare properties, or the healthcare properties, which we classify as properties leased to MOBs, for approximately $539,000, including the assumption of approximately $30,000 of mortgage debt. The healthcare properties contain approximately 2,200,000 square feet and are located in 12 states. SIR has announced that it has agreed to acquire Cole Corporate Income Trust, Inc., a Maryland corporation, or CCIT, that, through its subsidiaries, owns the healthcare properties we have agreed to acquire from SIR. SIR's acquisition of CCIT would be pursuant to an agreement and plan of merger among SIR, Merger Sub and CCIT, which provides for the merger of CCIT with and into Merger Sub, with Merger Sub surviving as SIR's wholly owned subsidiary, or the Merger. The Merger is expected to be completed in the first half of 2015 and our acquisition of the 23 healthcare properties is expected to close substantially concurrently with the closing of the Merger.

	One of our Managing Trustees, Mr. Barry Portnoy, is a managing trustee of SIR and of Government Properties Income Trust, a Maryland real estate investment trust, or GOV, that is SIR's largest shareholder. Our other Managing Trustee, Mr. Adam Portnoy, is the son of Mr. Barry Portnoy and a managing trustee of both SIR and GOV. Two of our Independent Trustees also serve as independent trustees of GOV and one of our Independent Trustees also serves as an independent trustee of SIR. As of September 30, 2014, GOV, RMR and Messrs. Barry Portnoy and Adam Portnoy reported that they collectively beneficially owned 22,066,212.364 common shares of SIR, or approximately 36.8% of the issued and outstanding common shares of SIR. These shareholders of SIR have entered into voting agreements with CCIT and American Realty Capital Properties, Inc., a Maryland corporation and parent of the manager of CCIT, or ARCP, pursuant to which they have agreed, upon and subject to the terms and conditions of such agreements, to vote all common shares of SIR beneficially owned by them in favor of the issuance of additional SIR common shares to CCIT stockholders pursuant to the Merger Agreement. These voting agreements also contain standstill provisions pursuant to which ARCP has agreed, among other things, not to make unsolicited proposals to acquire us, SIR or GOV for a period of 36 months.

	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 September 30, 2014, we had invested $6,034 in AIC. 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 $6,806 and $5,913 as of September 30, 2014 and December 31, 2013, respectively, which amounts are included in other assets on our condensed consolidated balance sheet. We recognized income of $38 and $64 for the three months ended September 30, 2014 and 2013, respectively, and $59 and $219 for the nine months ended September 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 for these extensions. Further information about those policies is contained in Note 5 to our audited financial statements contained in our Annual Report. In September 2014, we purchased a two year combined directors' and officers' insurance policy with RMR and five other companies managed by RMR that provides $10,000 in aggregate primary coverage, including certain errors and omission coverage. At that time, we also purchased separate additional one year directors' and officers' liability insurance policies that provide $20,000 of aggregate excess coverage plus $5,000 of excess non-indemnifiable coverage. The total premium payable by us for these policies purchased in September 2014 was approximately $651.

Income_Taxes

Income Taxes	9 Months Ended
Income Taxes	Sep. 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 nine months ended September 30, 2014, we recognized income tax expense of $156 and $502, respectively. During the three and nine months ended September 30, 2013 we recognized income tax expense of $125 and $405, respectively.

Pro_Forma_Information

Pro Forma Information	9 Months Ended
	Sep. 30, 2014
Pro Forma Information	'
Pro Forma Information	'
	Note 12. Pro Forma Information

	During the nine months ended September 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 second quarter of 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 nine months ended September 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.



		Nine Months Ended
		September 30,
		2014
	Total revenues	$	649,949
	Net income	$	110,583
	Net income per share	$	0.54

Real_Estate_Properties_Tables

Real Estate Properties (Tables)	9 Months Ended
Real Estate Properties (Tables)	Sep. 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					Nine Months Ended
		September 30,					September 30,
		2014			2013		2014		2013
	Rental income	$	111		$	2,189	$	3,837	$	7,284
	Property operating expenses		-668			-958		-2,353		-2,723
	Depreciation and amortization		—			—		—		-799
	Income from discontinued operations	$	-557		$	1,231	$	1,484	$	3,762


MOBs	'
Real Estate Properties	'
Schedule of real estate property acquisition	'

							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
	14-Apr	San Antonio, TX		1		125	$	32,932	$	3,141	$	26,421	$	4,393	$	10	$	15,630	$	1,013
	14-May	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

Fair_Value_of_Assets_and_Liabi1

Fair Value of Assets and Liabilities (Tables)	9 Months Ended
Fair Value of Assets and Liabilities (Tables)	Sep. 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)		$	12,924	$	—	$	12,924	$	—
	Investments in available for sale securities(2)		$	22,393	$	22,393	$	—	$	—
	Unsecured senior notes(3)		$	1,816,660	$	1,816,660	$	—	$	—
	Secured debt(4)		$	726,242	$	—	$	—	$	726,242



		-1		Assets held for sale consist of eight properties (11 buildings) 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 $13,500 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 September 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 September 30, 2014. The fair values of these senior note obligations exceed their aggregate book values of $1,743,272 by $73,387 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 September 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)	9 Months Ended
Segment Reporting (Tables)	Sep. 30, 2014
Segment Reporting	'
Schedule of segment reporting information	'

			For the Three Months Ended September 30, 2014
			Triple Net
			Leased			Managed
			Senior Living			Senior Living						All Other
			Communities			Communities			MOBs			Operations			Consolidated

	Revenues:
	Rental income		$	55,266		$	—		$	77,798		$	4,550		$	137,614
	Residents fees and services			—			79,259			—			—			79,259
	Total revenues			55,266			79,259			77,798			4,550			216,873

	Expenses:
	Property operating expenses			—			61,330			21,376			—			82,706
	Depreciation			15,372			8,006			25,748			948			50,074
	General and administrative			—			—			—			10,384			10,384
	Acquisition related costs			—			—			—			15			15
	Total expenses			15,372			69,336			47,124			11,347			143,179

	Operating income (loss)			39,894			9,923			30,674			-6,797			73,694

	Interest and other income			—			—			—			78			78
	Interest expense			-6,446			-2,416			-1,484			-25,855			-36,201
	Income (loss) before income tax expense and equity in earnings of an investee			33,448			7,507			29,190			-32,574			37,571
	Income tax expense			—			—			—			-156			-156
	Equity in earnings of an investee			—			—			—			38			38
	Income (loss) from continuing operations			33,448			7,507			29,190			-32,692			37,453
	Discontinued operations:
	Loss from discontinued operations			—			—			-557			—			-557
	Impairment of assets from discontinued operations			—			—			216			—			216
	Net income (loss)		$	33,448		$	7,507		$	28,849		$	-32,692		$	37,112

	Total assets		$	1,823,234		$	899,545		$	2,953,668		$	312,675		$	5,989,122



			For the Three Months Ended September 30, 2013
			Triple Net
			Leased			Managed
			Senior Living			Senior Living						All Other
			Communities			Communities			MOBs			Operations			Consolidated

	Revenues:
	Rental income		$	57,073		$	—		$	50,910		$	4,336		$	112,319
	Residents fees and services			—			74,946			—			—			74,946
	Total revenues			57,073			74,946			50,910			4,336			187,265

	Expenses:
	Property operating expenses			—			57,708			17,021			—			74,729
	Depreciation			16,760			7,251			13,514			948			38,473
	General and administrative			—			—			—			7,798			7,798
	Acquisition related costs			—			—			—			396			396
	Total expenses			16,760			64,959			30,535			9,142			121,396

	Operating income (loss)			40,313			9,987			20,375			-4,806			65,869

	Interest and other income			—			—			—			42			42
	Interest expense			-6,546			-3,054			-1,369			-18,436			-29,405
	Loss on early extinguishment of debt			—			—			—			-692			-692
	Income (loss) before income tax expense and equity in earnings of an investee			33,767			6,933			19,006			-23,892			35,814
	Income tax expense			—			—			—			-125			-125
	Equity in earnings of an investee			—			—			—			64			64
	Income (loss) from continuing operations			33,767			6,933			19,006			-23,953			35,753
Discontinued operations:
Income from discontinued operations			—			—			1,231			—			1,231
Income (loss) before gain on sale of properties			33,767			6,933			20,237			-23,953			36,984
Gain on sale of properties			1,141			—			—			—			1,141
Net income (loss)		$	34,908		$	6,933		$	20,237		$	-23,953		$	38,125

Total assets		$	1,861,729		$	967,187		$	1,732,217		$	246,197		$	4,807,330



		For the Nine Months Ended September 30, 2014
		Triple Net
		Leased			Managed
		Senior Living			Senior Living						All Other
		Communities			Communities			MOBs			Operations			Consolidated

Revenues:
Rental income		$	165,321		$	—		$	198,589		$	13,429		$	377,339
Residents fees and services			—			237,740			—			—			237,740
Total revenues			165,321			237,740			198,589			13,429			615,079

Expenses:
Property operating expenses			—			182,742			57,555			—			240,297
Depreciation			46,525			24,494			61,269			2,844			135,132
General and administrative			—			—			—			28,250			28,250
Acquisition related costs			—			—			—			2,649			2,649
Total expenses			46,525			207,236			118,824			33,743			406,328

Operating income (loss)			118,796			30,504			79,765			-20,314			208,751

Interest and other income			—			—			—			336			336
Interest expense			-19,307			-8,210			-4,328			-67,368			-99,213
Income (loss) before income tax expense and equity in earnings of an investee			99,489			22,294			75,437			-87,346			109,874
Income tax expense			—			—			—			-502			-502
Equity in earnings of an investee			—			—			—			59			59
Income (loss) from continuing operations			99,489			22,294			75,437			-87,789			109,431
Discontinued operations:
Income from discontinued operations			—			—			1,484			—			1,484
Impairment of assets from discontinued operations			—			—			-117			—			-117
Income (loss) before gain on sale of properties			99,489			22,294			76,804			-87,789			110,798
Gain on sale of properties			2,552			—			—			—			2,552
Net income (loss)		$	102,041		$	22,294		$	76,804		$	-87,789		$	113,350

Total assets		$	1,823,234		$	899,545		$	2,953,668		$	312,675		$	5,989,122





		For the Nine Months Ended September 30, 2013
		Triple Net
		Leased			Managed
		Senior Living			Senior Living						All Other
		Communities			Communities			MOBs			Operations			Consolidated

Revenues:
Rental income		$	170,794		$	—		$	152,492		$	13,182		$	336,468
Residents fees and services			—			224,634			—			—			224,634
Total revenues			170,794			224,634			152,492			13,182			561,102

Expenses:
Property operating expenses			—			173,844			49,049			—			222,893
Depreciation			50,696			21,128			39,804			2,844			114,472
General and administrative			—			—			—			24,615			24,615
Acquisition related costs			—			—			—			2,590			2,590
Impairment of assets			4,371			—			—			1,304			5,675
Total expenses			55,067			194,972			88,853			31,353			370,245

Operating income (loss)			115,727			29,662			63,639			-18,171			190,857

Interest and other income			—			—			—			612			612
Interest expense			-20,030			-9,196			-4,103			-55,207			-88,536
Loss on early extinguishment of debt			—			—			—			-797			-797
Income (loss) before income tax expense and equity in earnings of an investee			95,697			20,466			59,536			-73,563			102,136
Income tax expense			—			—			—			-405			-405
Equity in earnings of an investee			—			—			—			219			219
Income (loss) from continuing operations			95,697			20,466			59,536			-73,749			101,950
Discontinued operations:
Income from discontinued operations			—			—			3,762			—			3,762
Impairment of assets from discontinued operations			—			—			-27,896			—			-27,896
Income (loss) before gain on sale of properties			95,697			20,466			35,402			-73,749			77,816
Gain on sale of properties			1,141			—			—			—			1,141
Net income (loss)		$	96,838		$	20,466		$	35,402		$	-73,749		$	78,957

Total assets		$	1,861,729		$	967,187		$	1,732,217		$	246,197		$	4,807,330

Pro_Forma_Information_Tables

Pro Forma Information (Tables)	9 Months Ended
Pro Forma Information (Tables)	Sep. 30, 2014
Pro Forma Information	'
Schedule of pro forma results of operations	'

		Nine Months Ended
		September 30,
		2014
	Total revenues	$	649,949
	Net income	$	110,583
	Net income per share	$	0.54

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 31, 2014

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Dec. 31, 2013

Aug. 31, 2013

Sep. 30, 2014

Jun. 30, 2014

Apr. 30, 2014

Sep. 30, 2014

Jun. 30, 2014

Jan. 31, 2014

Aug. 31, 2013

Sep. 30, 2014

Aug. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

31-May-14

Jan. 31, 2014

Apr. 30, 2014

Oct. 31, 2014

property

MOBs

Senior living communities

Sale

Acquisition

Land

Buildings and improvements

Texas

Virginia

Arizona

building

property

item

building

item

Five Star

MOBs

Senior living communities

MOBs

Senior living communities

Acquisition

Land

Buildings and improvements

Sale

Acquisition

Land

Buildings and improvements

Sale

item

property

sqft

property

item

building

property

building

property

Five Star

property

sqft

property

Subsequent event

MOBs

Acquisition

Senior living communities

MOBs

Acquisition

Senior living communities

building

property

building

property

sqft

property

item

sqft

state

item

property

MOBs

Five Star

building

MOBs

Five Star

sqft

item

building

item

property

item

Subsequent event

item

Subsequent event

sqft

property

item

Real Estate Properties

Number of properties owned

371

Number of buildings owned

398

Number of states in which properties are located

Number of properties acquired or agreed to be acquired

Number of buildings acquired

Number of living units

552

744

156

112

176

177

Number of states in which property is located

Cash Paid plus Assumed Debt, excluding closing costs

$539,000

$40,430

$7,000

$47,430

$1,125,420

$32,658

Cash Paid plus Assumed Debt, excluding closing costs plus other settlement adjustments

1,156,963

1,124,031

32,932

Mortgage debt assumed in connection with real estate acquisitions

15,630

12,266

30,000

15,630

Area of real estate properties (in square feet)

62,000

235,079

210,879

62,000

1,776

2,200,000

1,651,037

125,240

Impairment of asset charges recorded

5,675

117

Number of properties classified as held for sale

Number of buildings classified as held for sale

Property held for sale (in square feet)

323,541

831,499

Number of properties impaired

Real estate properties, held for sale

12,924

27,888

Number of properties sold

177

Number of buildings sold

Sale price of property sold and agreed to be sold

675

6,000

5,000

4,500

2,400

2,550

2,400

2,850

5,900

Gain on the sale of property

1,141

2,552

1,141

2,396

156

Premium on Assumed Debt

1,013

Intangible lease assets recorded

249,904

245,511

4,393

Intangible lease liabilities recorded

118,495

118,485

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		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	property		property		property
	building		building		building
Real estate properties	'	'	'	'	'
Number of properties that met the criteria for discontinued operations	8	'	8	'	'
Number of buildings that met the criteria for discontinued operations	11	'	11	'	'
Income from discontinued operations	($557)	$1,231	$1,484	$3,762	'
MOBs	'	'	'	'	'
Real estate properties	'	'	'	'	'
Number of properties that met the criteria for discontinued operations	1	'	1	'	4
Number of buildings that met the criteria for discontinued operations	5	'	5	'	7
Rental income	111	2,189	3,837	7,284	'
Property operating expenses	-668	-958	-2,353	-2,723	'
Depreciation and amortization	'	'	'	-799	'
Income from discontinued operations	($557)	$1,231	$1,484	$3,762	'
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 $)	9 Months Ended
Unrealized Gain / Loss on Investments (Details) (USD $)	Sep. 30, 2014
CommonWealth REIT (EQC)	'
Unrealized gain on investments	'
Investment in common shares	250,000
Quoted market prices (in dollars per share)	$25.71
Weighted average costs (in dollars per share)	$26
Five Star	'
Unrealized gain on investments	'
Investment in common shares	4,235,000
Quoted market prices (in dollars per share)	$3.77
Weighted average costs (in dollars per share)	$3.36

Indebtedness_Details

Indebtedness (Details) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

1 Months Ended

3 Months Ended

1 Months Ended

4 Months Ended

In Thousands, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Oct. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Aug. 04, 2014

Jun. 30, 2014

Aug. 04, 2014

Sep. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Oct. 31, 2014

Sep. 30, 2014

Apr. 30, 2014

Sep. 30, 2014

Apr. 30, 2014

Sep. 30, 2014

31-May-14

Sep. 30, 2014

Jun. 30, 2014

item

Subsequent event

Unsecured revolving credit facility

Senior unsecured notes 4.30%

Senior unsecured notes 6.75%

Unsecured senior notes due 2021

Senior unsecured notes 5.625% due in 2042

Mortgages

Capital leases

Senior unsecured notes due 2019

Senior unsecured notes due 2024

Unsecured Debt

Subsequent event

item

property

Significant Unobservable Inputs (Level 3)

Subsequent event

property

building

property

Indebtedness

Number of public issues of unsecured senior notes

Principal amount of unsecured senior notes

$1,743,272

$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

652,359

Interest rate (as a percent)

1.55%

5.88%

4.30%

6.75%

5.63%

6.28%

6.25%

3.25%

4.75%

Number of buildings mortgaged

Number of properties mortgaged

Number of properties recorded under capital lease

Carrying value of mortgaged properties

5,237,502

4,422,865

881,216

18,375

Capital leases

12,910

Extension period of revolving credit facility

'1 year

Principal repayment due until maturity

Option to increase the borrowing capacity under revolving credit facility

1,500,000

Maximum borrowing capacity that may be increased

700,000

Interest rate, description

'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%

1.64%

1.42%

1.68%

Debt, Weighted Average Interest Rate

5.80%

1.55%

Unsecured revolving credit facility

100,000

Revolving credit facility, available amount

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

Assumption of mortgage notes payable

15,630

12,266

15,630

Fair value of mortgage notes payable

16,643

Number of mortgage notes

Repayment of debt

$14,700

$35,300

$11,900

Number of properties encumbered under mortgage notes

Revolving credit facility, interest rate payable (as a percent)

1.45%

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

In Thousands, except Share data, unless otherwise specified

Aug. 21, 2014

21-May-14

Feb. 21, 2014

Apr. 30, 2014

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 12, 2014

Jun. 05, 2014

Jul. 07, 2014

Jul. 31, 2014

Sep. 30, 2014

item

Subsequent event

RMR

Distributions

Distribution to common shareholders (in dollars per share)

$0.39

Distribution to common shareholders

$79,469

$73,397

$73,386

$226,252

$215,559

$79,515

Common shares issued as a part of compensation under business management agreement

12,463

85,986

Common shares issued in public offering

15,525,000

Net proceeds after underwriting discounts from issuance of common shares issued in public offering

$323,318

$322,962

$261,813

Common shares of beneficial interest

Common shares of beneficial interest granted

81,700

2,500

Common stock price per share which is the closing price at New York Stock Exchange (in dollars per share)

$21.42

$24.50

Number of trustees

Fair_Value_of_Assets_and_Liabi2

Fair Value of Assets and Liabilities (Details) (USD $)	Sep. 30, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified	property
	item
	building
Assets and liabilities measured at fair value	'	'
Number of properties classified as held for sale	8	'
Number of Buildings Held For Sale	11	'
Cumulative impairments of properties held for sale	$13,500	'
Number of public issues of unsecured senior notes	6	'
Senior notes	1,743,272	1,093,337
Excess of fair value over aggregate book value	73,387	'
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	12,924	'
Investments in available for sale securities	22,393	'
Unsecured senior notes	1,816,660	'
Secured debt	726,242	'
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	22,393	'
Unsecured senior notes	1,816,660	'
Recurring and Nonrecurring \| Significant Other Observable Inputs (Level 2)	'	'
Assets and liabilities measured at fair value	'	'
Assets held for sale	12,924	'
Recurring and Nonrecurring \| Significant Unobservable Inputs (Level 3)	'	'
Assets and liabilities measured at fair value	'	'
Secured debt	$726,242	'

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013	Dec. 31, 2013
	Sep. 30, 2014	Sep. 30, 2013	item	Sep. 30, 2013	Dec. 31, 2013
Segment reporting	'	'	'	'	'
Number of operating segments	'	'	4	'	'
Number of reportable segments	'	'	3	'	'
Revenues:	'	'	'	'	'
Rental income	$137,614	$112,319	$377,339	$336,468	'
Residents fees and services	79,259	74,946	237,740	224,634	'
Total revenues	216,873	187,265	615,079	561,102	'
Expenses:	'	'	'	'	'
Property operating expenses	82,706	74,729	240,297	222,893	'
Depreciation	50,074	38,473	135,132	114,472	'
General and administrative	10,384	7,798	28,250	24,615	'
Acquisition related costs	15	396	2,649	2,590	'
Impairment of assets	'	'	'	5,675	'
Total expenses	143,179	121,396	406,328	370,245	'
Operating income	73,694	65,869	208,751	190,857	'
Interest and other income	78	42	336	612	'
Interest expense	-36,201	-29,405	-99,213	-88,536	'
Loss on early extinguishment of debt	'	-692	'	-797	'
Income from continuing operations before income tax expense and equity in earnings of an investee	37,571	35,814	109,874	102,136	'
Income tax expense	-156	-125	-502	-405	'
Equity in earnings of an investee	38	64	59	219	'
Income from continuing operations	37,453	35,753	109,431	101,950	'
Discontinued Operations:	'	'	'	'	'
Income from discontinued operations	-557	1,231	1,484	3,762	'
Impairment of assets from discontinued operations	216	'	-117	-27,896	'
Income before gain on sale of properties	37,112	36,984	110,798	77,816	'
Gain on sale of properties	'	1,141	2,552	1,141	'
Net income	37,112	38,125	113,350	78,957	'
Total assets	5,989,122	4,807,330	5,989,122	4,807,330	4,764,666
Triple Net Leased Net Senior Living Communities	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental income	55,266	57,073	165,321	170,794	'
Total revenues	55,266	57,073	165,321	170,794	'
Expenses:	'	'	'	'	'
Depreciation	15,372	16,760	46,525	50,696	'
Impairment of assets	'	'	'	4,371	'
Total expenses	15,372	16,760	46,525	55,067	'
Operating income	39,894	40,313	118,796	115,727	'
Interest expense	-6,446	-6,546	-19,307	-20,030	'
Income from continuing operations before income tax expense and equity in earnings of an investee	33,448	33,767	99,489	95,697	'
Income from continuing operations	33,448	33,767	99,489	95,697	'
Discontinued Operations:	'	'	'	'	'
Income before gain on sale of properties	'	33,767	99,489	95,697	'
Gain on sale of properties	'	1,141	2,552	1,141	'
Net income	33,448	34,908	102,041	96,838	'
Total assets	1,823,234	1,861,729	1,823,234	1,861,729	'
Managed Senior Living Communities	'	'	'	'	'
Revenues:	'	'	'	'	'
Residents fees and services	79,259	74,946	237,740	224,634	'
Total revenues	79,259	74,946	237,740	224,634	'
Expenses:	'	'	'	'	'
Property operating expenses	61,330	57,708	182,742	173,844	'
Depreciation	8,006	7,251	24,494	21,128	'
Total expenses	69,336	64,959	207,236	194,972	'
Operating income	9,923	9,987	30,504	29,662	'
Interest expense	-2,416	-3,054	-8,210	-9,196	'
Income from continuing operations before income tax expense and equity in earnings of an investee	7,507	6,933	22,294	20,466	'
Income from continuing operations	7,507	6,933	22,294	20,466	'
Discontinued Operations:	'	'	'	'	'
Income before gain on sale of properties	'	6,933	22,294	20,466	'
Net income	7,507	6,933	22,294	20,466	'
Total assets	899,545	967,187	899,545	967,187	'
MOBs	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental income	77,798	50,910	198,589	152,492	'
Total revenues	77,798	50,910	198,589	152,492	'
Expenses:	'	'	'	'	'
Property operating expenses	21,376	17,021	57,555	49,049	'
Depreciation	25,748	13,514	61,269	39,804	'
Total expenses	47,124	30,535	118,824	88,853	'
Operating income	30,674	20,375	79,765	63,639	'
Interest expense	-1,484	-1,369	-4,328	-4,103	'
Income from continuing operations before income tax expense and equity in earnings of an investee	29,190	19,006	75,437	59,536	'
Income from continuing operations	29,190	19,006	75,437	59,536	'
Discontinued Operations:	'	'	'	'	'
Income from discontinued operations	-557	1,231	1,484	3,762	'
Impairment of assets from discontinued operations	216	'	-117	-27,896	'
Income before gain on sale of properties	'	20,237	76,804	35,402	'
Net income	28,849	20,237	76,804	35,402	'
Total assets	2,953,668	1,732,217	2,953,668	1,732,217	'
All Other Operations	'	'	'	'	'
Revenues:	'	'	'	'	'
Rental income	4,550	4,336	13,429	13,182	'
Total revenues	4,550	4,336	13,429	13,182	'
Expenses:	'	'	'	'	'
Depreciation	948	948	2,844	2,844	'
General and administrative	10,384	7,798	28,250	24,615	'
Acquisition related costs	15	396	2,649	2,590	'
Impairment of assets	'	'	'	1,304	'
Total expenses	11,347	9,142	33,743	31,353	'
Operating income	-6,797	-4,806	-20,314	-18,171	'
Interest and other income	78	42	336	612	'
Interest expense	-25,855	-18,436	-67,368	-55,207	'
Loss on early extinguishment of debt	'	-692	'	-797	'
Income from continuing operations before income tax expense and equity in earnings of an investee	-32,574	-23,892	-87,346	-73,563	'
Income tax expense	-156	-125	-502	-405	'
Equity in earnings of an investee	38	64	59	219	'
Income from continuing operations	-32,692	-23,953	-87,789	-73,749	'
Discontinued Operations:	'	'	'	'	'
Income before gain on sale of properties	'	-23,953	-87,789	-73,749	'
Net income	-32,692	-23,953	-87,789	-73,749	'
Total assets	$312,675	$246,197	$312,675	$246,197	'

Significant_Tenant_Details

Significant Tenant (Details) (Five Star)	9 Months Ended	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2014	Sep. 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	'	34.70%	34.50%
Number of properties acquired, referred to as managed properties	44	'	'

Related_Person_Transactions_De

Related Person Transactions (Details) (USD $)

3 Months Ended

9 Months Ended

1 Months Ended

9 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

9 Months Ended

1 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

1 Months Ended

3 Months Ended

9 Months Ended

0 Months Ended

In Thousands, except Share data, unless otherwise specified

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

9-May-14

Sep. 30, 2014

Dec. 31, 2013

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Jul. 31, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

Dec. 31, 2013

Dec. 31, 2001

Sep. 30, 2014

Jul. 10, 2014

Sep. 30, 2014

Jul. 10, 2014

Aug. 31, 2013

Jun. 30, 2013

Sep. 30, 2014

Jun. 30, 2014

Jan. 31, 2014

Aug. 31, 2013

Jan. 31, 2014

Oct. 31, 2014

9-May-14

8-May-14

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

9-May-14

Jun. 30, 2014

Sep. 30, 2014

Sep. 30, 2013

Sep. 30, 2014

Sep. 30, 2013

9-May-14

Dec. 31, 2013

Sep. 30, 2014

Aug. 31, 2014

item

property

item

TRS

Senior living communities

Acquisition

Sale

Five Star

RMR

AIC

SIR

property

item

Senior living communities

item

AL Pooling Agreement

IL Pooling Agreement

Second AL Pooling Agreement

Senior living communities

Acquisition

Sale

item

Healthcare properties

property

Subsequent event

property

item

Subsequent event

item

Subsequent event

property

item

Senior living communities

property

item

New York

property

item

Texas

Virginia

Arizona

item

Subsequent event

item

Subsequent event

sqft

property

item

Related person transactions

Beneficial ownership of common shares (as a percent)

100.00%

Investment in common shares

4,235,000

Percentage of total shares outstanding

8.70%

Number of real estate properties leased

184

Number of combination leases

Total rental income recognized

$47,717

$49,705

$142,842

$148,732

Rents receivable

15,907

17,960

Deferred estimated percentage rent

1,498

1,301

4,317

3,823

Real estate improvements purchased

23,776

22,501

Increase or decrease in annual lease rent payable

1,902

1,800

255

452

210

285

590

Number of properties agreed to be offered for sale

Sale price of properties under agreement to be sold

4,500

2,400

2,550

2,400

2,850

5,900

539,000

Debt disposed of from properties sold

30,000

SIR Common shares collectively beneficially owned

22,066,212

Period for which the Company has agreed not to make Unsolicited Proposals to Acquire

'36 months

Number of properties sold or agreed to be sold

177

Number of properties agreed to be sold

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

10.00%

8.75%

10.00%

Number of combination or pooling agreements

Number of communities that include assisted living units

Number of communities that include independent living units

Number of properties acquired, referred to as managed properties

Property management agreement expense

2,438

2,290

7,295

6,866

2,211

1,678

5,928

4,937

Number of living units

552

744

176

310

156

112

177

Number of TRSs to whom property was leased

Number of properties acquired or agreed to be acquired

Purchase price

40,430

7,000

47,430

Number of employees

Number of agreements to avail management and administrative services

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

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

'120 days

'60 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

8,077

6,847

22,492

20,088

Common shares issued as payment for base business management fee

98,449

Number of other shareholders in the equity method investee company

Ownership percentage held by the entity and other shareholders

14.30%

36.80%

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%

Amount invested in equity investee

6,034

Equity method investments, carrying value

6,806

5,913

Income recognized arising from equity investments

219

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

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

Liability insurance policy term

'2 years

Aggregate coverage of combined directors' and officers' liability insurance policy purchased by the related party

10,000

Additional liability insurance policy term

'1 year

Aggregate additional coverage of combined directors' and officers' liability insurance policy purchased by the related party

20,000

Non-indemnifiable coverage of combined directors' and officers' liability insurance policy purchased by the related party

5,000

Premium payable for combined directors' and officers' liability insurance policy

$651

Number of properties agreed to be acquired

Area of real estate properties (in square feet)

2,200,000

Number of states in which properties are located

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended		9 Months Ended
In Thousands, unless otherwise specified	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Sep. 30, 2013
Income Taxes	'	'	'	'
Recognized income tax expense	$156	$125	$502	$405

Pro_Forma_Information_Details

Pro Forma Information (Details) (USD $)	1 Months Ended	3 Months Ended		9 Months Ended		1 Months Ended		9 Months Ended
In Thousands, except Share data, unless otherwise specified	Apr. 30, 2014	Sep. 30, 2014	Jun. 30, 2014	Sep. 30, 2014	Sep. 30, 2013	Sep. 30, 2014	Jul. 31, 2014	Sep. 30, 2014	Sep. 30, 2014	Sep. 30, 2014
				property		Acquisition	Acquisition	Acquisition	Senior unsecured notes 3.25%	Senior unsecured notes 4.75%
						Senior living communities	Senior living communities	Senior living communities
						property	property	property
Pro Forma Information	'	'	'	'	'	'	'	'	'	'
Number of properties acquired	'	'	'	2	'	1	1	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	322,962	261,813	'	'	'	'	'
Face Amount	'	'	'	'	'	'	'	'	400,000	250,000
Interest rate (as a percent)	'	1.55%	'	1.55%	'	'	'	'	3.25%	4.75%
Net proceeds after underwriting discounts from sale of senior unsecured notes	'	644,889	'	'	'	'	'	'	'	'
Pro forma results of operations	'	'	'	'	'	'	'	'	'	'
Total revenues	'	'	'	649,949	'	'	'	'	'	'
Net income	'	'	'	$110,583	'	'	'	'	'	'
Net income per share(in dollars per share)	'	'	'	$0.54	'	'	'	'	'	'