Diversified Healthcare Trust (DHC) 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	5-May-15
Document and Entity Information
Entity Registrant Name	SENIOR HOUSING PROPERTIES TRUST
Entity Central Index Key	1075415
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		235,011,646
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Real estate properties:
Land	$742,763	$683,979
Buildings and improvements	5,975,183	5,554,632
Total real estate properties, gross	6,717,946	6,238,611
Less accumulated depreciation	-1,023,843	-983,850
Total real estate properties, net	5,694,103	5,254,761
Cash and cash equivalents	77,794	27,594
Restricted cash	7,685	10,544
Deferred financing fees, net	29,649	30,549
Acquired real estate leases and other intangible assets, net	543,776	472,788
Other assets	184,088	172,033
Total assets	6,537,095	5,968,269
LIABILITIES AND SHAREHOLDERS' EQUITY
Unsecured revolving credit facility		80,000
Unsecured term loan	350,000	350,000
Senior Notes	1,743,983	1,743,628
Secured debt and capital leases	625,131	627,076
Accrued interest	31,984	20,046
Assumed real estate lease obligations, net	123,435	122,826
Other liabilities	87,769	72,286
Total liabilities	2,962,302	3,015,862
Shareholders' equity:
Common shares of beneficial interest, $.01 par value: 220,000,000 shares authorized, 203,910,305 and 188,167,643 shares issued and outstanding at December 31, 2014 and 2013, respectively	2,350	2,039
Additional paid in capital	4,485,386	3,825,063
Cumulative net income	1,393,410	1,353,622
Cumulative other comprehensive income	4,823	3,329
Cumulative distributions	-2,311,176	-2,231,646
Total shareholders' equity	3,574,793	2,952,407
Total liabilities and shareholders' equity	$6,537,095	$5,968,269

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	300,000,000	300,000,000
Common shares of beneficial interest, shares issued	234,996,215	203,910,305
Common shares of beneficial interest, shares outstanding	234,996,215	203,910,305

CONSOLIDATED_STATEMENTS_OF_INC

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental income	$145,784	$112,055
Residents fees and services	82,793	79,442
Total revenues	228,577	191,497
Expenses:
Property operating expenses	85,794	77,802
Depreciation	53,707	38,355
General and administrative	10,574	8,290
Acquisition related costs	1,158	122
Total expenses	151,233	124,569
Operating income	77,344	66,928
Interest and other income	75	105
Interest expense	-35,942	-28,900
Loss on extinguishment of debt	-1,409
Gain on lease terminations	105
Income from continuing operations before income tax expense and equity in earnings of an investee	40,068	38,133
Income tax expense	-110	-191
Equity in earnings of an investee	72	-97
Income from continuing operations	40,030	37,845
Discontinued operations:
Income from discontinued operations	-241	1,300
Loss on asset impairment from discontinued operations		-721
Income before gain on sale of properties	39,789	38,424
Gain on sale of properties		156
Net income	39,789	38,580
Other comprehensive income:
Change in net unrealized gain(loss) on investments	1,448	-1,921
Share of comprehensive income of an investee	45	19
Comprehensive income	$41,282	$36,678
Weighted average common shares outstanding (basic) (in shares)	221,375	188,026
Weighted average common shares outstanding (diluted) (in shares)	221,397	188,045
Net income per share:
Income from continuing operations per share (in dollars per share)	$0.18	$0.21
Net income per share (in dollars per share)	$0.18	$0.21

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net income	$39,789	$38,580
Adjustments to reconcile net income to cash provided by operating activities:
Depreciation	53,707	38,355
Net amortization of debt discounts, premiums and deferred financing fees	1,650	1,456
Straight line rental income	-3,509	-1,583
Amortization of acquired real estate leases and other intangible assets	-1,198	722
Impairment of assets		721
Lease termination fees	-105
Gain on sale of properties		-156
Equity in earnings of an investee	-72	97
Change in assets and liabilities:
Restricted cash	2,860	2,012
Other assets	-7,751	3,082
Accrued interest	11,938	6,060
Other liabilities	6,828	771
Cash provided by operating activities	104,137	90,117
Cash flows from investing activities:
Real estate acquisitions and deposits	-509,045	-50,050
Real estate improvements	-12,339	-17,101
Proceeds from sale of properties	250	2,400
Cash used for investing activities	-521,134	-64,751
Cash flows from financing activities:
Net proceeds from issuance of common shares issued in public offering	659,750
Proceeds from borrowings on revolving credit facility	515,000	90,000
Repayments of borrowings on revolving credit facility	-595,000	-45,000
Repayment of other debt	-32,440	-3,246
Payment of deferred financing fees	-583
Distributions to shareholders	-79,530	-73,386
Cash provided by (used for) financing activities	467,197	-31,632
Increase (decrease) in cash and cash equivalents	50,200	-6,266
Cash and cash equivalents at beginning of period	27,594	27,594
Cash and cash equivalents at end of period	77,794	32,967
Supplemental cash flow information:
Interest paid	22,354	21,384
Income taxes paid		200
Non-cash investing activities:
Acquisitions funded by assumed debt	-29,955
Non-cash financing activities:
Assumption of mortgage notes payable	29,955
Issuance of common shares	$808	$438

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2015
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, 2014, 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 our 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	3 Months Ended
	Mar. 31, 2015
Recent Accounting Pronouncements
Recent Accounting Pronouncements	Note 2.  Recent Accounting Pronouncements
	In February 2015, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2015-02, Consolidation.  Among other things, this update changes how an entity determines the primary beneficiary of a variable interest entity.  This update is effective for interim and annual periods beginning after December 15, 2015, with early adoption permitted.  The implementation of this update is not expected to cause any significant changes to our condensed consolidated financial statements.
	In April 2015, the FASB issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which requires debt issuance costs to be presented in the balance sheet as a direct deduction from the associated debt liability. This update is effective for interim and annual reporting periods beginning after December 15, 2015 and requires retrospective application.  The implementation of this update is not expected to cause any material changes to our consolidated financial statements other than the reclassification of debt issuance costs from assets to liabilities on our condensed consolidated balance sheets.

Real_Estate_Properties

Real Estate Properties	3 Months Ended
	Mar. 31, 2015
Real Estate Properties
Real Estate Properties	Note 3.  Real Estate Properties
	At March 31, 2015, we owned 392 properties (419 buildings) located in 39 states and Washington, D.C. We have accounted, or expect to account for, the following acquisitions as business combinations unless otherwise noted.
	MOB Acquisitions:
	In January 2015, we acquired 23 properties (23 buildings) leased to medical providers, medical related businesses, clinics and biotech laboratory tenants, or MOBs, for approximately $539,000, including the assumption of approximately $29,955 of mortgage debt with a weighted average interest rate of 4.73%, and excluding closing costs. These MOBs are located in 12 states and include approximately 2,170,000 square feet of leasable space. We funded this acquisition using cash on hand and borrowings under our revolving credit facility. The 23 properties were purchased from Select Income REIT, or SIR, in connection with the acquisition by SIR of Cole Corporate Income Trust, Inc., or CCIT. See Note 10 for further information regarding this transaction.
	MOB Acquisitions since January 1, 2015:
								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
	15-Jan		12 States		23		2,170	$	539,000	$	58,294	$	399,582	$	85,496	$	-3,298	$	-29,955	$	-1,074
					23		2,170	$	539,000	$	58,294	$	399,582	$	85,496	$	-3,298	$	-29,955	$	-1,074
		-1		These amounts include the cash we paid plus the 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.
	Senior Living Community Acquisitions:
	In December 2014, we entered into a purchase agreement to acquire 38 senior living communities with 3,466 living units located in 16 states for $790,000, excluding closing costs, and including the assumption of approximately $153,000 of mortgage debt with a weighted average interest rate of 4.77%.  These communities include an aggregate of 3,466 living units, comprised of 826 independent living units, 1,860 assisted living units, 744 memory care units and 36 skilled nursing facility units.  On May 1, 2015, we completed the acquisition of 37 of these senior living communities with 3,379 living units for approximately $762,611, excluding closing costs, and we amended the purchase agreement to accommodate a delayed closing of the remaining senior living community with 87 living units.  The acquisition of the one remaining senior living community is subject to various conditions; accordingly, we can provide no assurance that we will acquire this community, that the acquisition will not be delayed further or that the terms will not change. Nineteen of the 38 communities, with 2,190 living units, including the one community that we have not yet acquired, are leased to seven senior living operators. The 19 remaining communities, with 1,276 living units, were acquired using taxable real estate investment trust, or REIT, subsidiary, or TRS, structures. Pursuant to pre-existing management agreements, we paid fees of $975 and terminated these agreements for 14 of the 19 communities, with 881 living units, and entered into management agreements with Five Star Quality Care, Inc., or Five Star, to manage these communities. See Note 10 for further information regarding these management agreements with Five Star. The remaining five communities, with 395 living units, continue to be managed by the current third party senior living operator. As of the date of this filing, the purchase price allocation for this acquisition is pending.
	In April 2015, we entered into an agreement to acquire one senior living community with 40 private pay independent living units located in Cumming, GA, for approximately $9,750, excluding closing costs. We intend to acquire this community using a TRS structure and we expect to enter into a management agreement with Five Star to manage this community. This senior living community is adjacent to another community that we own which is managed by Five Star. This acquisition is subject to various conditions; accordingly, we can provide no assurance that we will purchase this property, that the acquisition and related expected management arrangement with Five Star will not be delayed or that the terms will not change.
	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.
	Discontinued Operations and Properties Held for Sale:
	As of March 31, 2015, we had three senior living communities with 192 living units and one MOB (four buildings) with 323,541 square feet categorized as properties held for sale.  These four properties are included in other assets in our condensed consolidated balance sheets and have a net book value (after impairment) of approximately $3,145 at March 31, 2015. 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. We had one MOB (four buildings) and four MOBs (seven buildings), classified in discontinued operations as of March 31, 2015 and 2014, respectively. Summarized income statement information for these MOBs that meet the criteria for inclusion in discontinued operations is as follows:
			Three Months Ended
			March 31,
			2015			2014
	Rental income		$	32		$	2,294
	Property operating expenses			-273			-994
	(Loss) income from discontinued operations		$	-241		$	1,300
	Dispositions:
	In February 2015, we sold one vacant senior living community located in Pennsylvania for a sale price of $250, excluding closing costs. In April 2015, we sold the remaining held for sale MOB (four buildings) for a sale price of $1,500, excluding closing costs. Any adjustments to net book value related to this sale will be recognized in the second quarter of 2015 when all of the costs of the sale are known.

Unrealized_Gain_Loss_on_Invest

Unrealized Gain / Loss on Investments	3 Months Ended
	Mar. 31, 2015
Unrealized Gain / Loss on Investments
Unrealized Gain / Loss on Investments	Note 4.  Unrealized Gain / Loss on Investments
	As of March 31, 2015, 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 March 31, 2015  ($26.55 and $4.44 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	3 Months Ended
	Mar. 31, 2015
Indebtedness
Indebtedness	Note 5.  Indebtedness
	Our principal debt obligations at March 31, 2015 were: (1) six public issuances of senior unsecured 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) $609,032 aggregate principal amount of mortgages secured by 46 of our properties  (48 buildings) with maturity dates from 2015 to 2043.  The 46 mortgaged properties (48 buildings) had a carrying value of $776,980 at March 31, 2015.  We also had two properties subject to capital leases totaling $12,621 at March 31, 2015; these two properties had a carrying value of $18,095 at March 31, 2015. The capital leases expire in 2026.
	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 March 31, 2015, the interest rate payable on borrowings under our revolving credit facility was 1.47%, and the weighted average interest rate for borrowings under our revolving credit facility was 1.54% and 1.42% for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015, we had no amounts outstanding and $750,000 available for borrowing by us, and as of May 5, 2015, we had $550,000 outstanding and $200,000 available for borrowing by us under our revolving credit facility.
	In 2014, we entered into a term loan agreement 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. As of March 31, 2015, the interest rate payable for amounts outstanding under our term loan was 1.57%.  The weighted average annual interest rate for amounts outstanding on our term loan was 1.59% for the three months ended March 31, 2015.
	Our revolving credit facility and term loan agreements provide for the acceleration of payment of all amounts outstanding upon the occurrence and continuation of certain events of default, including 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 December 2014, we entered an agreement to acquire the 38 senior living communities discussed in Note 3 above. Simultaneous with entering this agreement, we received a bridge loan commitment for $700,000. In February 2015, we terminated the bridge loan commitment and we recognized a loss of $1,409 on extinguishment of debt in the first quarter of 2015 in connection with that termination. We acquired 37 of these 38 senior living communities in May 2015 and financed the acquisition using cash on hand, borrowings under our revolving credit facility and the assumption of approximately $139,181 of mortgage debt with a weighted average interest rate of 4.59%.
	Our public debt indenture and its related supplements and our credit facility and term loan agreements 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. We believe we were in compliance with the terms and conditions of our public debt indenture and its supplements and our credit facility and term loan agreements at March 31, 2015.
	In connection with two of the properties acquired in January 2015, discussed in Note 3 above, we assumed $29,955 of mortgage debt, which we recorded at their aggregate fair value of $31,029.  These two assumed mortgage notes have a contractual weighted average interest rate of 4.73% and mature in July 2016 and October 2022.  We determined the fair value of the assumed mortgage notes using a market approach based upon Level 3 inputs (significant other unobservable inputs) in the fair value hierarchy.
	In February 2015, we repaid a mortgage note that encumbered one of our properties that had a principal balance of $29,227 and an interest rate of 6.02%.
	In April 2015, we prepaid a mortgage note that encumbered one of our properties that had a principal balance of $6,274 and an interest rate of 5.81%.

Shareholders_Equity

Shareholders' Equity	3 Months Ended
	Mar. 31, 2015
Shareholders' Equity
Shareholders' Equity	Note 6.  Shareholders’ Equity
	In February 2015, we issued 31,050,000 common shares in a public offering, raising net proceeds of approximately $659,750 after underwriting discounts and expenses. We used the net proceeds from this offering to repay borrowings outstanding under our revolving credit facility and for general business purposes.
	On February 24, 2015, we paid a distribution to common shareholders of $0.39 per share, or approximately $79,530, that was declared on January 12, 2015 and was payable to shareholders of record on January 23, 2015.
	On April 13, 2015, we declared a distribution payable to common shareholders of record on April 24, 2015, of $0.39 per share, or approximately $91,655. We expect to pay this distribution on or about May 21, 2015 using cash on hand and borrowings under our revolving credit facility.
	During the three months ended March 31, 2015 and the period from April 1, 2015 to May 5, 2015, we issued 36,610 and 15,431, 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.

Fair_Value_of_Assets_and_Liabi

Fair Value of Assets and Liabilities	3 Months Ended
	Mar. 31, 2015
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 March 31, 2015 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)		$	3,145	$	—	$	—	$	3,145
	Investments in available for sale securities(2)		$	25,441	$	25,441	$	—	$	—
		-1		Assets held for sale consist of four of our properties (seven buildings) that we expect to sell or have sold subsequent to March 31, 2015 that are reported at fair value less estimated costs to sell. We used offers to purchase these properties made by third parties or comparable sales transactions (Level 3 inputs) to determine the fair values of these properties. We have recorded cumulative impairments of approximately $11,365 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 upon quoted prices at March 31, 2015 in active markets (Level 1 inputs).
	We estimate the fair values of our senior unsecured notes using an average of the bid and ask price of our outstanding six issuances of senior notes (Level 1 inputs) on or about March 31, 2015.  The fair values of these senior note obligations exceed their aggregate book values of $1,743,983 by $107,931 because these notes were trading at premiums to their face amounts.
	We estimate the fair values of our secured debt by using discounted cash flow analyses and currently prevailing market terms as of the measurement date (Level 3 inputs). The fair value of our secured debt exceeds its book value of $609,032 by $66,837 because current market interest rates are lower than the market interest rates at the time we assumed the secured debt. 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 and our senior unsecured notes and secured debt, 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 March 31, 2015 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	3 Months Ended
	Mar. 31, 2015
Segment Reporting
Segment Reporting
	Note 8.  Segment Reporting
	We have four operating segments, of which three are separately reportable operating segments: (i) triple net senior living communities that we lease to operators who provide short term and long term residential care and dining services for residents, (ii) managed senior living communities that provide short term and long term residential care and dining services for residents and (iii) MOBs. Our triple net and managed senior living communities include independent living communities, assisted living communities and skilled nursing facilities, or SNFs. Properties in the MOB segment include medical office, clinic and biotech laboratory buildings. The “All Other” category in the following table includes amounts related to corporate business activities and the operating results of certain properties that offer fitness, wellness and spa services to members.
		For the Three Months Ended March 31, 2015
		Triple Net
		Leased		Managed
		Senior Living		Senior Living				All Other
		Communities		Communities		MOBs		Operations		Consolidated
	Revenues:
	Rental income	$	55,251	$	—	$	86,001	$	4,532	$	145,784
	Residents fees and services		—		82,793		—		—		82,793
	Total revenues		55,251		82,793		86,001		4,532		228,577
	Expenses:
	Property operating expenses		—		62,403		23,391		—		85,794
	Depreciation		15,125		8,460		29,174		948		53,707
	General and administrative		—		—		—		10,574		10,574
	Acquisition related costs		—		—		—		1,158		1,158
	Total expenses		15,125		70,863		52,565		12,680		151,233
	Operating income (loss)		40,126		11,930		33,436		-8,148		77,344
	Interest and other income		—		—		—		75		75
	Interest expense		-5,985		-2,019		-1,768		-26,170		-35,942
	Loss on extinguishment of debt		—		—		—		-1,409		-1,409
	Income (loss) before income tax expense and equity in earnings of an investee		34,141		9,911		31,668		-35,652		40,068
	Income tax expense		—		—		—		-110		-110
	Equity in earnings of an investee		—		—		—		72		72
	Income (loss) from continuing operations		34,141		9,911		31,668		-35,690		40,030
	Discontinued operations:
	Loss from discontinued operations		—		—		-241		—		-241
	Net income (loss)		34,141		9,911		31,427		-35,690		39,789
	Total assets	$	1,767,189	$	967,751	$	3,451,814	$	350,341	$	6,537,095
		For the Three Months Ended March 31, 2014
		Triple Net
		Leased		Managed
		Senior Living		Senior Living				All Other
		Communities		Communities		MOBs		Operations		Consolidated
	Revenues:
	Rental income	$	54,890	$	—	$	52,763	$	4,402	$	112,055
	Residents fees and services		—		79,442		—		—		79,442
	Total revenues		54,890		79,442		52,763		4,402		191,497
	Expenses:
	Property operating expenses		—		60,788		17,014		—		77,802
	Depreciation		15,637		8,155		13,615		948		38,355
	General and administrative		—		—		—		8,290		8,290
	Acquisition related costs		—		—		—		122		122
	Total expenses		15,637		68,943		30,629		9,360		124,569
	Operating income (loss)		39,253		10,499		22,134		-4,958		66,928
	Interest and other income		—		—		—		105		105
	Interest expense		-6,388		-2,988		-1,337		-18,187		-28,900
	Loss on extinguishment of debt		—		—		—		—		—
	Income (loss) before income tax expense and equity in earnings of an investee		32,865		7,511		20,797		-23,040		38,133
	Income tax expense		—		—		—		-191		-191
	Equity in earnings of an investee		—		—		—		-97		-97
	Income (loss) from continuing operations		32,865		7,511		20,797		-23,328		37,845
	Discontinued operations:
	Income from discontinued operations		—		—		1,300		—		1,300
	Impairment of assets from discontinued operations		—		—		-721		—		-721
	Income (loss) before gain on sale of properties		32,865		7,511		21,376		-23,328		38,424
	Gain on sale of properties		156		—		—		—		156
	Net income (loss)	$	33,021	$	7,511	$	21,376	$	-23,328		38,580
	Total assets	$	1,843,510	$	949,468	$	1,717,000	$	268,689	$	4,778,667

Significant_Tenant

Significant Tenant	3 Months Ended
	Mar. 31, 2015
Significant Tenant
Significant Tenant	Note 9. Significant Tenant
	Five Star is our former subsidiary.  Rental income from Five Star represented 32.7% of our rental income for the three months ended March 31, 2015, and the properties Five Star leases from us represented 31.8% of our investments, at cost, as of March 31, 2015.  As of March 31, 2015, Five Star also managed 46 senior living communities for our account. See Note 10 for further information relating to our leases and management arrangements with Five Star.

Related_Person_Transactions

Related Person Transactions	3 Months Ended
	Mar. 31, 2015
Related Person Transactions
Related Person Transactions
	Note 10. Related Person Transactions
	We have relationships and historical and continuing transactions with Five Star, RMR and others affiliated with them, including other companies to which RMR provides management services and which have trustees, directors and officers who are also trustees, directors or officers of us or RMR.  For further information about these and other such relationships and certain other related person transactions, please refer to our Annual Report.
	Five Star:  As of March 31, 2015, we leased 180 senior living communities to Five Star.  Five Star's total minimum annual rent payable to us as of March 31, 2015, was $191,007, excluding percentage rent.  We recognized total rental income from Five Star of $47,691 and $47,506 for the three months ended March 31, 2015 and 2014, respectively.  As of March 31, 2015 and December 31, 2014, our rents receivable from Five Star were $15,893 and $17,310, respectively, and those amounts are included in other assets in our condensed consolidated balance sheets.  In April 2015 and 2014, we received estimated percentage rent payments from Five Star of $1,456 and $1,416 for the three months ended March 31, 2015 and 2014, respectively.  We determine actual percentage rent due under our Five Star leases annually and recognize any resulting amount as rental income at year end when all contingencies are met.  During the three months ended March 31, 2015 and 2014, pursuant to the terms of our leases with Five Star, we purchased $4,550 and $8,614, 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 $367 and $689, respectively.
	In February 2015, we and Five Star sold a vacant assisted living community located in Pennsylvania with 120 units for a sale price of $250; and, as a result of this sale, Five Star’s annual minimum rent payable to us decreased by $23 in accordance with the terms of the applicable lease.
	As of March 31, 2015, Five Star managed 46 senior living communities for our account.  Pursuant to our management agreements with Five Star, we incurred management fees of $2,523 and $2,425 for the three months ended March 31, 2015 and 2014, respectively, with respect to the communities Five Star manages.  These amounts are included in property operating expenses in our condensed consolidated statements of income and comprehensive income.
	In connection with our acquisition of 37 senior living communities in May 2015 described in Note 3, we terminated the pre-existing management agreements for 14 of these communities, with 881 living units, and entered into management agreements with Five Star to manage these communities for our account.
	In April 2015, we entered into an agreement to acquire one senior living community with 40 private pay independent living units located in Cumming, GA, for approximately $9,750, excluding closing costs. We intend to acquire this community using a TRS structure and we expect to enter into a management agreement with Five Star to manage this community. This senior living community is adjacent to another community that we own which is managed by Five Star. This acquisition is subject to various conditions; accordingly, we can provide no assurance that we will purchase this property, that the acquisition and related expected management arrangement with Five Star will not be delayed or that the terms will not change.
	Pursuant to the sublease agreement between one of our TRSs and D&R Yonkers LLC, D&R Yonkers LLC paid to us $752 and $730 in rent for the three months ended March 31, 2015 and 2014, respectively.  D&R Yonkers LLC is owned by our officers in order to accommodate certain state licensing requirements. Five Star manages the senior living community to which the sublease agreement relates.
	RMR:  Pursuant to our business management agreement with RMR, we recognized business management fees of $8,869 and $6,682 for the three months ended March 31, 2015 and 2014, respectively. The business management fees we recognized for the 2014 and 2015 periods 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 39,467 of our common shares to RMR for the three months ended March 31, 2015, as payment for a portion of the base business management fee we recognized for that period.
	Pursuant to our property management agreement with RMR, the aggregate property management and construction supervision fees we recognized were $2,438 and $1,638 for the three months ended March 31, 2015 and 2014, respectively.  These amounts are included in property operating expenses or have been capitalized, as appropriate, in our condensed consolidated financial statements.
	SIR:  On January 29, 2015, we acquired from SIR, entities owning 23 MOBs that SIR acquired when its subsidiary merged with CCIT. Our purchase price for these 23 MOBs was approximately $539,000, including the assumption of approximately $29,955 of mortgage debt.  These 23 MOBs contain approximately 2,170,000 square feet and are located in 12 states. As of March 31, 2015, $8,993 of amounts due from related persons included in other assets in our condensed consolidated balance sheet represented amounts owed to us from SIR related to working capital activity for the 23 MOBs as of the sale date. This amount was paid to us in April 2015.
	AIC:  As of March 31, 2015, our investment in Affiliates Insurance Company, or AIC, an Indiana insurance company, had a carrying value of $6,944, which amount is included in other assets on our condensed consolidated balance sheet.  We recognized income (loss) of $72 and ($97) related to our investment in AIC for the three months ended March 31, 2015 and 2014, respectively.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2015
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 months ended March 31, 2015 and 2014, we recognized income tax expense of $110 and $191, respectively.

Per_Common_Share_Amounts

Per Common Share Amounts	3 Months Ended
	Mar. 31, 2015
Per Common Share Amounts
Per Common Share Amounts	Note 12. Weighted Average Per Common Share Amounts
	We calculate basic earnings per common share by dividing net income by the weighted average number of common shares outstanding during the period. We calculate diluted earnings per common share by using the more dilutive of the two class method or the treasury stock method. Unvested share awards and other potentially dilutive common shares, including contingently issuable common shares under our business management agreement with RMR, if any, and the related impact on earnings, are considered when calculating diluted earnings per share. The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands):
		Three Months Ended March 31,
		2015		2014
	Weighted average common shares for basic earnings per share		221,375		188,026
	Effect of dilutive securities: unvested share awards		22		19
	Weighted average common shares for diluted earnings per share		221,397		188,045

Pro_Forma_Information

Pro Forma Information	3 Months Ended
	Mar. 31, 2015
Pro Forma Information
Pro Forma Information
	Note 13.  Pro Forma Information
	During the three months ended March 31, 2015, we acquired 23 properties for an aggregate purchase price of $539,000, excluding closing costs, and including the assumption of $29,955 of mortgage debt with a weighted average interest rate of 4.73%. We recognized rental income and property operating expenses from this acquisition of $7,046 and $1,094, respectively, for the three months ended March 31, 2015. In February 2015, we sold 31,050,000 of our common shares in a public offering raising net proceeds of approximately $659,750 after underwriting discounts and expenses.
	During 2014, we purchased two senior living communities and two MOBs (three buildings) for $1,204,393, excluding closing costs. We also assumed $15,630 of mortgage debt at a weighted average interest rate of 6.28% related to one of our 2014 acquisitions. In April 2014, we issued 15,525,000 common shares in a public offering, raising net proceeds of approximately $322,807 after underwriting discounts and expenses.  Also 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 and expenses. In May 2014, we entered into a $350,000 term loan agreement, which bears interest at a rate of LIBOR plus a premium of 140 basis points.
	The following table presents our pro forma results of operations for the three months ended March 31, 2015 and 2014 as if the acquisition of the 37 senior living communities described in Note 3 and the 2015 acquisition and financing activities described in the two preceding paragraphs had occurred on January 1, 2014, and the 2014 acquisition and financing activities described in the two paragraphs above had occurred on January 1, 2013.  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 2015, and for other reasons.
		Three Months Ended
		March 31,		March 31,
		2015		2014
	Total revenues	$	254,851	$	254,301
	Net income	$	45,628	$	36,065
	Net income per share	$	0.19	$	0.15

Real_Estate_Properties_Tables

Real Estate Properties (Tables)	3 Months Ended
	Mar. 31, 2015
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
			March 31,
			2015			2014
	Rental income		$	32		$	2,294
	Property operating expenses			-273			-994
	(Loss) income from discontinued operations		$	-241		$	1,300
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
	15-Jan		12 States		23		2,170	$	539,000	$	58,294	$	399,582	$	85,496	$	-3,298	$	-29,955	$	-1,074
					23		2,170	$	539,000	$	58,294	$	399,582	$	85,496	$	-3,298	$	-29,955	$	-1,074
		-1		These amounts include the cash we paid plus the debt we assumed, if any, as well as other settlement adjustments with respect to the acquisitions, but exclude closing costs.  The allocation of the purchase price of our acquisitions shown above is based upon preliminary estimates of the fair value of assets acquired and liabilities assumed.  Consequently, amounts preliminarily allocated to assets acquired and liabilities assumed may change from those used in these condensed consolidated financial statements.

Fair_Value_of_Assets_and_Liabi1

Fair Value of Assets and Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
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)		$	3,145	$	—	$	—	$	3,145
	Investments in available for sale securities(2)		$	25,441	$	25,441	$	—	$	—
		-1		Assets held for sale consist of four of our properties (seven buildings) that we expect to sell or have sold subsequent to March 31, 2015 that are reported at fair value less estimated costs to sell. We used offers to purchase these properties made by third parties or comparable sales transactions (Level 3 inputs) to determine the fair values of these properties. We have recorded cumulative impairments of approximately $11,365 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 upon quoted prices at March 31, 2015 in active markets (Level 1 inputs).
	We estimate the fair values of our senior unsecured notes using an average of the bid and ask price of our outstanding six issuances of senior notes (Level 1 inputs) on or about March 31, 2015.  The fair values of these senior note obligations exceed their aggregate book values of $1,743,983 by $107,931 because these notes were trading at premiums to their face amounts.

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Reporting
Schedule of segment reporting information
		For the Three Months Ended March 31, 2015
		Triple Net
		Leased		Managed
		Senior Living		Senior Living				All Other
		Communities		Communities		MOBs		Operations		Consolidated
	Revenues:
	Rental income	$	55,251	$	—	$	86,001	$	4,532	$	145,784
	Residents fees and services		—		82,793		—		—		82,793
	Total revenues		55,251		82,793		86,001		4,532		228,577
	Expenses:
	Property operating expenses		—		62,403		23,391		—		85,794
	Depreciation		15,125		8,460		29,174		948		53,707
	General and administrative		—		—		—		10,574		10,574
	Acquisition related costs		—		—		—		1,158		1,158
	Total expenses		15,125		70,863		52,565		12,680		151,233
	Operating income (loss)		40,126		11,930		33,436		-8,148		77,344
	Interest and other income		—		—		—		75		75
	Interest expense		-5,985		-2,019		-1,768		-26,170		-35,942
	Loss on extinguishment of debt		—		—		—		-1,409		-1,409
	Income (loss) before income tax expense and equity in earnings of an investee		34,141		9,911		31,668		-35,652		40,068
	Income tax expense		—		—		—		-110		-110
	Equity in earnings of an investee		—		—		—		72		72
	Income (loss) from continuing operations		34,141		9,911		31,668		-35,690		40,030
	Discontinued operations:
	Loss from discontinued operations		—		—		-241		—		-241
	Net income (loss)		34,141		9,911		31,427		-35,690		39,789
	Total assets	$	1,767,189	$	967,751	$	3,451,814	$	350,341	$	6,537,095
		For the Three Months Ended March 31, 2014
		Triple Net
		Leased		Managed
		Senior Living		Senior Living				All Other
		Communities		Communities		MOBs		Operations		Consolidated
	Revenues:
	Rental income	$	54,890	$	—	$	52,763	$	4,402	$	112,055
	Residents fees and services		—		79,442		—		—		79,442
	Total revenues		54,890		79,442		52,763		4,402		191,497
	Expenses:
	Property operating expenses		—		60,788		17,014		—		77,802
	Depreciation		15,637		8,155		13,615		948		38,355
	General and administrative		—		—		—		8,290		8,290
	Acquisition related costs		—		—		—		122		122
	Total expenses		15,637		68,943		30,629		9,360		124,569
	Operating income (loss)		39,253		10,499		22,134		-4,958		66,928
	Interest and other income		—		—		—		105		105
	Interest expense		-6,388		-2,988		-1,337		-18,187		-28,900
	Loss on extinguishment of debt		—		—		—		—		—
	Income (loss) before income tax expense and equity in earnings of an investee		32,865		7,511		20,797		-23,040		38,133
	Income tax expense		—		—		—		-191		-191
	Equity in earnings of an investee		—		—		—		-97		-97
	Income (loss) from continuing operations		32,865		7,511		20,797		-23,328		37,845
	Discontinued operations:
	Income from discontinued operations		—		—		1,300		—		1,300
	Impairment of assets from discontinued operations		—		—		-721		—		-721
	Income (loss) before gain on sale of properties		32,865		7,511		21,376		-23,328		38,424
	Gain on sale of properties		156		—		—		—		156
	Net income (loss)	$	33,021	$	7,511	$	21,376	$	-23,328		38,580
	Total assets	$	1,843,510	$	949,468	$	1,717,000	$	268,689	$	4,778,667

Per_Common_Share_Amounts_Table

Per Common Share Amounts (Tables)	3 Months Ended
	Mar. 31, 2015
Per Common Share Amounts
Schedule of Weighted Average Number of Shares	The following table provides a reconciliation of the weighted average number of common shares used in the calculation of basic and diluted earnings per share (in thousands):
		Three Months Ended March 31,
		2015		2014
	Weighted average common shares for basic earnings per share		221,375		188,026
	Effect of dilutive securities: unvested share awards		22		19
	Weighted average common shares for diluted earnings per share		221,397		188,045

Pro_Forma_Information_Tables

Pro Forma Information (Tables)	3 Months Ended
	Mar. 31, 2015
Pro Forma Information
Schedule of pro forma results of operations
		Three Months Ended
		March 31,		March 31,
		2015		2014
	Total revenues	$	254,851	$	254,301
	Net income	$	45,628	$	36,065
	Net income per share	$	0.19	$	0.15

Real_Estate_Properties_Details

Real Estate Properties (Details) (USD $)	1 Months Ended	3 Months Ended		1 Months Ended	12 Months Ended	1 Months Ended	0 Months Ended	1 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2015	Mar. 31, 2015	Mar. 31, 2014	Apr. 30, 2015	Dec. 31, 2014	Jan. 31, 2015	1-May-15	31-May-15	Dec. 31, 2014
	property	property		building	community	property		community	community
		building		property	item	building		item	state
		item		sqft		sqft			item
						state
Real Estate Properties
Number of properties owned		392
Number of buildings owned		419
Number of states in which properties are located		39
Real estate properties, at cost		$6,717,946			6,238,611				6,238,611
Accumulated depreciation		1,023,843			983,850				983,850
Assumption of mortgage notes payable		29,955
Number of properties classified as held for sale		4
Number of buildings classified as held for sale		7
Number of properties to be sold	1
Gain on the sale of property			156
Five Star
Real Estate Properties
Real estate improvements purchased		4,550	8,614
Increase or decrease in annual lease rent payable		367	689
MOBs
Real Estate Properties
Number of properties classified as held for sale		1	4
Number of buildings classified as held for sale		4	7
Property held for sale (in square feet)		323,541
Number of buildings sold				4
Sale price of property sold and agreed to be sold				1,500
Senior living communities
Real Estate Properties
Number of communities					5
Number of living units		192			395				395
Number of properties classified as held for sale		3
Real estate properties, held for sale		3,145
Senior living communities | Five Star
Real Estate Properties
Number of properties acquired, referred to as managed properties		46
Number of communities					14
Number of living units					881				881
Fees paid to terminate the agreement					975				975
Independent living facility
Real Estate Properties
Number of living units					826				826
Assisted living facility
Real Estate Properties
Number of living units					1,860				1,860
Memory care facility
Real Estate Properties
Number of living units					744				744
Skilled nursing facilities
Real Estate Properties
Number of living units					36				36
Acquisition
Real Estate Properties
Number of properties acquired or agreed to be acquired		23
Assumption of mortgage notes payable		29,955
Acquisition | MOBs
Real Estate Properties
Number of properties acquired or agreed to be acquired		23			2	23
Number of buildings acquired					3	23
Number of states in which property is located						12
Cash Paid plus Assumed Debt, excluding closing costs						539,000
Assumption of mortgage notes payable		-29,955			15,630	-29,955
Weighted average interest rate on debt (as a percent)						4.73%
Area of real estate properties (in square feet)		2,170,000				2,170,000
Cash Paid plus Assumed Debt, excluding closing costs plus other settlement adjustments		539,000				539,000
Premium on Assumed Debt		-1,074				-1,074
Intangible lease assets recorded		85,496				85,496
Intangible lease liabilities recorded		-3,298				-3,298
Acquisition | Senior living communities
Real Estate Properties
Number of properties acquired or agreed to be acquired					2
Acquisition | Senior living communities | Subsequent event
Real Estate Properties
Number of living units							3,379
Number of living units with delayed closing							87
Cash Paid plus Assumed Debt, excluding closing costs							762,611
Acquisition | Senior living communities | Five Star
Real Estate Properties
Number of communities								14
Number of living units								881
Agreement to acquire | Senior living communities
Real Estate Properties
Number of properties acquired or agreed to be acquired					38
Number of communities								37	38
Number of living units					3,466				3,466
Number of states in which property is located					16				16
Cash Paid plus Assumed Debt, excluding closing costs					790,000
Assumption of mortgage notes payable					153,000			139,181
Weighted average interest rate on debt (as a percent)					4.77%			4.59%
Agreement to acquire | Senior living communities | Leasing Member
Real Estate Properties
Number of communities					19
Number of living units					2,190				2,190
Number of communities not yet acquired					1
Number of operators					7
Agreement to acquire | Senior living communities | TRS | Non Leasing Member
Real Estate Properties
Number of communities					19
Number of living units					1,276				1,276
Land | Acquisition | MOBs
Real Estate Properties
Property plant and equipment recorded		58,294				58,294
Buildings and improvements | Acquisition | MOBs
Real Estate Properties
Property plant and equipment recorded		399,582				399,582
GA | Senior living communities | Five Star
Real Estate Properties
Number of living units				40
Cash Paid plus Assumed Debt, excluding closing costs plus other settlement adjustments				9,750
GA | Agreement to acquire | Senior living communities
Real Estate Properties
Number of communities				1
Number of living units				40
Cash Paid plus Assumed Debt, excluding closing costs				9,750
Pennsylvania | Senior living communities
Real Estate Properties
Sale price of property sold and agreed to be sold	250
Pennsylvania | Sale | Senior living communities | Five Star
Real Estate Properties
Number of living units	120
Sale price of property sold and agreed to be sold	250
Increase or decrease in annual lease rent payable	23

Real_Estate_Properties_Details1

Real Estate Properties (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	building
	property
Real estate properties
Number of properties that met the criteria for discontinued operations	4
Number of buildings that met the criteria for discontinued operations	7
(Loss) income from discontinued operations	($241)	$1,300
MOBs
Real estate properties
Number of properties that met the criteria for discontinued operations	1	4
Number of buildings that met the criteria for discontinued operations	4	7
Rental income	32	2,294
Property operating expenses	-273	-994
(Loss) income from discontinued operations	($241)	$1,300

Unrealized_Gain_Loss_on_Invest1

Unrealized Gain / Loss on Investments (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
CommonWealth REIT (EQC)
Unrealized gain on investments
Investment in common shares	250,000
Quoted market prices (in dollars per share)	$26.55
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)	$4.44
Weighted average costs (in dollars per share)	$3.36

Indebtedness_Details

Indebtedness (Details) (USD $)

3 Months Ended

1 Months Ended

4 Months Ended

12 Months Ended

1 Months Ended

In Thousands, unless otherwise specified

Mar. 31, 2015

Mar. 31, 2014

Apr. 30, 2015

Feb. 28, 2015

31-May-14

Sep. 30, 2014

Dec. 31, 2014

31-May-15

Dec. 31, 2014

5-May-15

Aug. 04, 2014

Jun. 30, 2014

item

item

item

community

community

community

property

building

Indebtedness

Number of public issues of unsecured senior notes

6

Principal amount of unsecured senior notes

$1,743,983

1,743,628

$1,743,628

Interest rate (as a percent)

1.57%

Aggregate principal amount of mortgage debt

609,032

Carrying value of mortgaged properties

5,694,103

5,254,761

5,254,761

Assumption of mortgage notes payable

29,955

Unsecured revolving credit facility

80,000

80,000

Loss on extinguishment of debt

-1,409

Unsecured revolving credit facility

Indebtedness

Revolving credit facility, available amount

750,000

Extension period of revolving credit facility

1 year

Principal repayment due until maturity

0

Option to increase the borrowing capacity under revolving credit facility

1,500,000

Interest rate, description

LIBOR

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

1.30%

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

1.47%

Debt instrument, facility fee (as a percent)

0.30%

Weighted average interest rate on debt (as a percent)

1.54%

1.42%

Unsecured revolving credit facility

0

Unsecured revolving credit facility | Subsequent event

Indebtedness

Revolving credit facility, available amount

200,000

750,000

Unsecured revolving credit facility

550,000

Senior unsecured notes 4.30%

Indebtedness

Principal amount of unsecured senior notes

250,000

Interest rate (as a percent)

4.30%

Senior unsecured notes 6.75%

Indebtedness

Principal amount of unsecured senior notes

200,000

Interest rate (as a percent)

6.75%

Unsecured senior notes due 2021

Indebtedness

Principal amount of unsecured senior notes

300,000

Interest rate (as a percent)

6.75%

Senior unsecured notes 5.625% due in 2042

Indebtedness

Principal amount of unsecured senior notes

350,000

Interest rate (as a percent)

5.63%

Mortgages

Indebtedness

Aggregate principal amount of mortgage debt

609,032

Number of properties mortgaged

46

Number of buildings mortgaged

48

Carrying value of mortgaged properties

776,980

Weighted average interest rate on debt (as a percent)

5.81%

6.02%

Number of mortgage notes

1

1

Repayment of debt

6,274

29,227

Mortgages | Significant Unobservable Inputs (Level 3)

Indebtedness

Interest rate (as a percent)

4.73%

Assumption of mortgage notes payable

29,955

Fair value of mortgage notes payable

31,029

Capital leases

Indebtedness

Carrying value of mortgaged properties

18,095

Number of properties recorded under capital lease

2

Capital leases

12,621

Senior unsecured notes due 2019

Indebtedness

Principal amount of unsecured senior notes

400,000

Interest rate (as a percent)

3.25%

Senior unsecured notes due 2024

Indebtedness

Principal amount of unsecured senior notes

250,000

Interest rate (as a percent)

4.75%

Unsecured Debt

Indebtedness

Unsecured term loan facility

350,000

350,000

350,000

Interest rate, description

LIBOR

LIBOR

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

1.40%

Weighted average interest rate on debt (as a percent)

1.59%

Maximum borrowing capacity that may be increased

700,000

Senior living communities

Indebtedness

Number of communities

5

Senior living communities | Agreement to acquire

Indebtedness

Assumption of mortgage notes payable

153,000

139,181

Weighted average interest rate on debt (as a percent)

4.77%

4.59%

Bridge loan commitment received

700,000

$700,000

Number of communities

37

38

Shareholders_Equity_Details

Shareholders' Equity (Details) (USD $)	0 Months Ended	1 Months Ended		3 Months Ended			0 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 24, 2015	Feb. 28, 2015	Apr. 30, 2014	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Apr. 24, 2015	Apr. 01, 2015
Distributions
Distribution to common shareholders (in dollars per share)	$0.39
Distributions to shareholders	($79,530)			($79,530)		($73,386)
Common shares issued in public offering		31,050,000	15,525,000		31,050,000
Net proceeds after underwriting discounts from issuance of common shares issued in public offering		659,750	322,807	659,750	659,750
Subsequent event
Distributions
Distribution to common shareholders (in dollars per share)							$0.39
Distributions to shareholders							($91,655)
Common shares awarded								15,431
RMR
Distributions
Common shares issued in public offering				39,467
Common shares awarded				36,610

Fair_Value_of_Assets_and_Liabi2

Fair Value of Assets and Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
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	4
Number of buildings classified as held for sale	7
Cumulative impairments of properties held for sale	$11,365
Number of public issues of unsecured senior notes	6
Senior notes	1,743,983	1,743,628
Excess of fair value over aggregate book value	107,931
Secured Debt	609,032
Excess of fair value over aggregate book value	66,837
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	3,145
Investments in available for sale securities	25,441
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	25,441
Recurring and Nonrecurring | Significant Unobservable Inputs (Level 3)
Assets and liabilities measured at fair value
Assets held for sale	$3,145

Segment_Reporting_Details

Segment Reporting (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
	segment
Segment reporting
Number of operating segments	4
Number of reportable segments	3
Revenues:
Rental income	$145,784	$112,055
Residents fees and services	82,793	79,442
Total revenues	228,577	191,497
Expenses:
Property operating expenses	85,794	77,802
Depreciation	53,707	38,355
General and administrative	10,574	8,290
Acquisition related costs	1,158	122
Total expenses	151,233	124,569
Operating income	77,344	66,928
Interest and other income	75	105
Interest expense	-35,942	-28,900
Loss on extinguishment of debt	-1,409
Gain on lease terminations	105
Income (loss) before income tax expense and equity in earnings of an investee	40,068	38,133
Income tax expense	-110	-191
Equity in earnings of an investee	72	-97
Income from continuing operations	40,030	37,845
Discontinued Operations:
Income from discontinued operations	-241	1,300
Impairment of assets from discontinued operations		-721
Income before gain on sale of properties	39,789	38,424
Gain on sale of properties		156
Net income	39,789	38,580
Total assets	6,537,095	4,778,667	5,968,269
Triple Net Leased Net Senior Living Communities
Revenues:
Rental income	55,251	54,890
Total revenues	55,251	54,890
Expenses:
Depreciation	15,125	15,637
Total expenses	15,125	15,637
Operating income	40,126	39,253
Interest expense	-5,985	-6,388
Income (loss) before income tax expense and equity in earnings of an investee	34,141	32,865
Income from continuing operations	34,141	32,865
Discontinued Operations:
Income before gain on sale of properties		32,865
Gain on sale of properties		156
Net income	34,141	33,021
Total assets	1,767,189	1,843,510
Managed Senior Living Communities
Revenues:
Residents fees and services	82,793	79,442
Total revenues	82,793	79,442
Expenses:
Property operating expenses	62,403	60,788
Depreciation	8,460	8,155
Total expenses	70,863	68,943
Operating income	11,930	10,499
Interest expense	-2,019	-2,988
Income (loss) before income tax expense and equity in earnings of an investee	9,911	7,511
Income from continuing operations	9,911	7,511
Discontinued Operations:
Income before gain on sale of properties		7,511
Net income	9,911	7,511
Total assets	967,751	949,468
MOBs
Revenues:
Rental income	86,001	52,763
Total revenues	86,001	52,763
Expenses:
Property operating expenses	23,391	17,014
Depreciation	29,174	13,615
Total expenses	52,565	30,629
Operating income	33,436	22,134
Interest expense	-1,768	-1,337
Income (loss) before income tax expense and equity in earnings of an investee	31,668	20,797
Income from continuing operations	31,668	20,797
Discontinued Operations:
Income from discontinued operations	-241	1,300
Impairment of assets from discontinued operations		-721
Income before gain on sale of properties		21,376
Net income	31,427	21,376
Total assets	3,451,814	1,717,000
All Other Operations
Revenues:
Rental income	4,532	4,402
Total revenues	4,532	4,402
Expenses:
Depreciation	948	948
General and administrative	10,574	8,290
Acquisition related costs	1,158	122
Total expenses	12,680	9,360
Operating income	-8,148	-4,958
Interest and other income	75	105
Interest expense	-26,170	-18,187
Loss on extinguishment of debt	-1,409
Income (loss) before income tax expense and equity in earnings of an investee	-35,652	-23,040
Income tax expense	-110	-191
Equity in earnings of an investee	72	-97
Income from continuing operations	-35,690	-23,328
Discontinued Operations:
Income before gain on sale of properties		-23,328
Net income	-35,690	-23,328
Total assets	$350,341	$268,689

Significant_Tenant_Details

Significant Tenant (Details) (Five Star)	3 Months Ended
	Mar. 31, 2015
Rents from significant lessee
% of Total (as a percent)	32.70%
Investment
% of Total (as a percent)	31.80%

Related_Person_Transactions_De

Related Person Transactions (Details) (USD $)	1 Months Ended		3 Months Ended			12 Months Ended	1 Months Ended	0 Months Ended	1 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	Apr. 30, 2014	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Apr. 30, 2015	1-May-15	Jan. 31, 2015	31-May-15	Dec. 31, 2014
	property		property			community			property	community	community
			item			item			sqft		item
Related person transactions
Issuance of shares (in shares)	31,050,000	15,525,000		31,050,000
Number of states in which properties are located			39
Income (loss) recognized arising from equity investments			$72		($97)
Number of properties agreed to be offered for sale			4
Number of properties sold or agreed to be sold	1
Interest and other income			75		105
Mortgages
Related person transactions
Number of Real Estate Properties Collateralized			46
Senior living communities
Related person transactions
Number of living units			192			395					395
Number Of Communities						5
Number of properties agreed to be offered for sale			3
Senior living communities | Pennsylvania
Related person transactions
Sale price of properties under agreement to be sold	250
MOBs
Related person transactions
Sale price of properties under agreement to be sold							1,500
Number of properties agreed to be offered for sale			1		4
Acquisition
Related person transactions
Total rental income recognized			7,046
Number of properties acquired or agreed to be acquired			23
Acquisition | Senior living communities
Related person transactions
Number of properties acquired or agreed to be acquired						2
Acquisition | Senior living communities | Subsequent event
Related person transactions
Number of living units								3,379
Purchase price								762,611
Acquisition | MOBs
Related person transactions
Purchase price excluding closing costs			539,000						539,000
Number of properties acquired or agreed to be acquired			23			2			23
Purchase price									539,000
Area of real estate properties (in square feet)			2,170,000						2,170,000
Agreement to acquire | Senior living communities
Related person transactions
Number of living units						3,466					3,466
Number Of Communities										37	38
Number of properties acquired or agreed to be acquired						38
Purchase price						790,000
Agreement to acquire | Senior living communities | GA
Related person transactions
Number of living units							40
Number Of Communities							1
Purchase price							9,750
Five Star
Related person transactions
Minimum annual rent payable to entity			191,007
Total rental income recognized			47,691		47,506
Rents receivable			15,893			17,310					17,310
Deferred estimated percentage rent			1,456		1,416
Real estate improvements purchased			4,550		8,614
Increase or decrease in annual lease rent payable			367		689
Sublease rental			752		730
Five Star | Senior living communities
Related person transactions
Number of real estate properties leased			180
Number of living units						881					881
Number of properties acquired, referred to as managed properties			46
Property management agreement expense			2,523		2,425
Number Of Communities						14
Five Star | Senior living communities | GA
Related person transactions
Number of living units							40
Purchase price excluding closing costs							9,750
Five Star | Acquisition | Senior living communities
Related person transactions
Number of living units										881
Number Of Communities										14
Five Star | Sale | Senior living communities | Pennsylvania
Related person transactions
Increase or decrease in annual lease rent payable	23
Number of living units	120
Sale price of properties under agreement to be sold	250
RMR
Related person transactions
Property management agreement expense			2,438		1,638
Business management agreement expense			8,869		6,682
Issuance of shares (in shares)			39,467
SIR
Related person transactions
Debt disposed of from properties sold									29,955
Amount from SIR related to working capital activity			8,993
SIR | Acquisition | MOBs
Related person transactions
Number of properties acquired or agreed to be acquired									23
Purchase price									539,000
Area of real estate properties (in square feet)									2,170,000
Number of states in which properties are located			12
AIC
Related person transactions
Equity method investments, carrying value			6,944
Income (loss) recognized arising from equity investments			$72		($97)

Income_Taxes_Details

Income Taxes (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Current:
Recognized income tax expense	$110	$191
Income tax expense	$110	$191

Per_Common_Share_Amounts_Detai

Per Common Share Amounts (Details)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Per Common Share Amounts
Weighted average common shares outstanding (basic) (in shares)	221,375	188,026
Effect of dilutive securities: unvested share awards	22	19
Weighted average common shares outstanding (diluted) (in shares)	221,397	188,045

Pro_Forma_Information_Details

Pro Forma Information (Details) (USD $)	1 Months Ended		3 Months Ended			12 Months Ended	1 Months Ended		4 Months Ended
In Thousands, except Share data, unless otherwise specified	Feb. 28, 2015	Apr. 30, 2014	Mar. 31, 2015	Jun. 30, 2014	Mar. 31, 2014	Dec. 31, 2014	Jan. 31, 2015	31-May-14	Sep. 30, 2014
	property					community	property
							building
Pro Forma Information
Number of properties to be sold	1
Interest rate (as a percent)			1.57%
Mortgage debt assumed			$29,955
Common shares issued in public offering	31,050,000	15,525,000		31,050,000
Net proceeds from issuance of common shares issued in public offering	659,750	322,807	659,750	659,750
Pro Forma
Pro forma results of operations
Total revenues			254,851		254,301
Net income			45,628		36,065
Per common share data:
Net income per share(in dollars per share)			$0.19		$0.15
Senior living communities
Pro Forma Information
Number of communities						5
Acquisition
Pro Forma Information
Number of properties acquired or agreed to be acquired			23
Aggregate purchase price properties, excluding closing costs			539,000
Mortgage debt assumed			29,955
Weighted average interest rate on debt (as a percent)			4.73%
Property operating expenses			1,094
Total rental income recognized			7,046
Acquisition | Senior living communities
Pro Forma Information
Number of properties acquired or agreed to be acquired						2
Acquisition | Senior living communities | Pro Forma
Pro Forma Information
Number of communities			37		37
Acquisition | MOBs
Pro Forma Information
Number of properties acquired or agreed to be acquired			23			2	23
Number of buildings acquired						3	23
Aggregate purchase price properties, excluding closing costs						1,204,393
Mortgage debt assumed			-29,955			15,630	-29,955
Weighted average interest rate on debt (as a percent)						6.28%
Senior unsecured notes 3.25%
Pro Forma Information
Interest rate (as a percent)		3.25%
Principal amount of debt		400,000
Senior unsecured notes 4.75%
Pro Forma Information
Interest rate (as a percent)		4.75%
Principal amount of debt		250,000
Unsecured Debt
Pro Forma Information
Weighted average interest rate on debt (as a percent)				1.59%
Principal amount of debt			$350,000	$350,000				$350,000
Interest rate, description								LIBOR	LIBOR
Interest rate added to the base rate (as a percent)								1.40%