Care Capital Properties Inactive 10-Q10 May 172017 Q1 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2017	May 05, 2017
Document and Entity Information [Abstract]
Entity Registrant Name	Care Capital Properties, Inc.
Entity Central Index Key	1,639,947
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q1
Amendment Flag	false
Entity Common Stock, Shares Outstanding		84,049,657

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Real estate investments:
Land and improvements	$ 262,601	$ 262,064
Buildings and improvements	2,812,433	2,785,166
Construction in progress	24,999	45,892
Acquired lease intangibles	91,824	92,431
Gross real estate investments	3,191,857	3,185,553
Accumulated depreciation and amortization	(727,907)	(702,809)
Net real estate property	2,463,950	2,482,744
Net investment in direct financing lease	22,636	22,531
Net real estate investments	2,486,586	2,505,275
Loans receivable, net	61,522	62,264
Cash	17,891	15,813
Restricted cash	64,396	0
Goodwill	123,884	123,884
Other assets	78,172	105,132
Total assets	2,832,451	2,812,368
Liabilities:
Term loans, senior notes and other debt	1,477,591	1,414,534
Tenant deposits	43,470	42,574
Lease intangible liabilities, net	99,027	103,182
Dividends payable	0	47,861
Accounts payable and other liabilities	25,160	37,177
Deferred income taxes	1,766	1,852
Total liabilities	1,647,014	1,647,180
Commitments and contingencies
Equity:
Preferred stock, $0.01 par value; 10,000 shares authorized, unissued at March 31, 2017 and December 31, 2016	0	0
Common stock, $0.01 par value; 300,000 shares authorized, 84,069 and 83,970 shares issued at March 31, 2017 and December 31, 2016, respectively	841	840
Additional paid-in capital	1,274,079	1,272,642
Dividends in excess of net income	(102,752)	(119,750)
Treasury stock, 20 and 11 shares at March 31, 2017 and December 31, 2016, respectively	(488)	(330)
Accumulated other comprehensive income	12,471	10,476
Total common stockholders’ equity	1,184,151	1,163,878
Noncontrolling interest	1,286	1,310
Total equity	1,185,437	1,165,188
Total liabilities and equity	$ 2,832,451	$ 2,812,368

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock shares authorized (in shares)	10,000,000	10,000,000
Preferred stock shares issued (in shares)	0	0
Common stock par value (in dollars per share)	$ 0.01	$ 0.01
Common stock shares authorized (in shares)	300,000,000	300,000,000
Common stock shares issued (in shares)	84,069,000	83,970,000
Treasury stock (in shares)	20,000	11,000

CONSOLIDATED STATEMENTS OF INCO

CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues:
Rental income, net	$ 78,221	$ 81,351
Income from investments in direct financing lease and loans	1,946	1,182
Real estate services fee income	1,226	1,705
Interest and other income	323	305
Net gain on lease termination	1,115	0
Total revenues	82,831	84,543
Expenses:
Interest	15,185	10,067
Depreciation and amortization	24,896	28,641
Impairment on real estate investments and associated goodwill	0	5,499
General, administrative and professional fees	8,729	8,001
Deal costs	197	1,160
Loss on extinguishment of debt	0	757
Other expenses, net	913	94
Total expenses	49,920	54,219
Income before income taxes, real estate dispositions and noncontrolling interests	32,911	30,324
Income tax expense	(239)	(421)
Gain (loss) on real estate dispositions	32,245	(120)
Net income	64,917	29,783
Net income attributable to noncontrolling interests	8	17
Net income attributable to common stockholders	64,909	29,766
Other comprehensive gain (loss) - derivatives	1,995	(5,791)
Total comprehensive income	66,912	23,992
Comprehensive income attributable to noncontrolling interests	8	17
Comprehensive income attributable to common stockholders	$ 66,904	$ 23,975
Basic:
Net income attributable to common stockholders, excluding dividends on unvested restricted shares (USD per share)	$ 0.77	$ 0.35
Diluted:
Net income attributable to common stockholders, excluding dividends on unvested restricted shares (USD per share)	0.77	0.35
Dividends declared per common share (in dollars per share)	$ 0.57	$ 0.57
Weighted average shares used in computing earnings per common share:
Basic (in shares)	83,670	83,544
Diluted (in shares)	83,799	83,620

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) $ in Thousands	Total	Common Stock Par Value	Additional Paid-In Capital	Dividends in Excess of Net Income	Treasury Stock	Accumulated Other Comprehensive Income	Total Common Stockholders’ Equity	Noncontrolling Interests
Beginning Balance at Dec. 31, 2015	$ 1,215,847	$ 838	$ 1,264,650	$ (51,056)	$ 0	$ 0	$ 1,214,432	$ 1,415
Increase (decrease) in stockholders' equity
Net income attributable to CCP	122,743			122,743			122,743
Net change in noncontrolling interests	(105)							(105)
Issuance of common stock for acquisition	1,373	2	1,371				1,373
Stock-based compensation	6,291		6,621		(330)		6,291
Other comprehensive income	10,476					10,476	10,476
Dividends to common stockholders	(191,437)			(191,437)			(191,437)
Ending Balance at Dec. 31, 2016	1,165,188	840	1,272,642	(119,750)	(330)	10,476	1,163,878	1,310
Increase (decrease) in stockholders' equity
Net income attributable to CCP	64,909			64,909			64,909
Net change in noncontrolling interests	(24)							(24)
Issuance of common stock at separation	0	1	(1)
Stock-based compensation	1,280		1,438		(158)		1,280
Other comprehensive income	1,995					1,995	1,995
Dividends to common stockholders	(47,911)			(47,911)			(47,911)
Ending Balance at Mar. 31, 2017	$ 1,185,437	$ 841	$ 1,274,079	$ (102,752)	$ (488)	$ 12,471	$ 1,184,151	$ 1,286

CONSOLIDATED STATEMENTS OF EQU6

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Mar. 31, 2017	Jan. 05, 2017	Mar. 31, 2017	Dec. 31, 2016
Statement of Stockholders' Equity [Abstract]
Dividends paid in cash (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 2.28

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Cash flows from operating activities:
Net income	$ 64,917	$ 29,783
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and impairment	23,737	33,122
Amortization of above and below market lease intangibles, net	(1,721)	(2,032)
Amortization of deferred financing fees	1,057	1,283
Accretion of direct financing lease	(400)	(361)
Amortization of leasing costs and other intangibles	1,134	1,018
Amortization of stock-based compensation	1,344	1,497
Straight-lining of rental income, net	3	(21)
(Gain) loss on real estate dispositions	(32,245)	120
Net gain on lease termination	(1,115)	0
Loss on extinguishment of debt	0	757
Deferred income tax (benefit) expense	(86)	135
Other	(20)	(26)
Changes in operating assets and liabilities, net of effects of the acquisitions:
Increase in other assets	(3,890)	(2,007)
Increase (decrease) in tenant deposits	881	(2,793)
Decrease in accounts payable and other liabilities	(8,624)	(10,091)
Net cash provided by operating activities	44,972	50,384
Cash flows from investing activities:
Net investment in real estate property	(2,936)	0
Proceeds from real estate disposals	0	5,390
Investment in loans receivable	(28,949)	(13,879)
Proceeds from loans receivable	30,090	9,947
Development project expenditures	(5,110)	(8,924)
Capital expenditures	(950)	(2,028)
Net cash used in investing activities	(7,855)	(9,494)
Cash flows from financing activities:
Net change in borrowings under revolving credit facility	62,000	3,000
Proceeds from debt	0	200,000
Repayment of debt	0	(198,000)
Payment of deferred financing costs	0	(1,790)
Distributions to noncontrolling interest	(33)	(32)
Purchase of treasury stock	(1,234)	(654)
Cash distribution to common stockholders	(95,772)	(47,861)
Net cash used in financing activities	(35,039)	(45,337)
Net increase (decrease) in cash	2,078	(4,447)
Cash at beginning of period	15,813	16,995
Cash at end of period	17,891	12,548
Supplemental disclosure of cash flow information:
Interest paid	22,267	8,884
Income taxes refunded, net	(17)	0
Supplemental schedule of non-cash activities:
Transfer of real estate to receivables	0	4,432
Settlement of accrued acquisition costs via transfer of stock	0	1,372
(Decrease) increase in accrued capital expenditures	(2,057)	817
Transfer of liability accounted stock-based compensation awards to equity	1,165	1,379
Proceeds from sales of real estate received in restricted cash	$ 64,396	$ 0

Description of Business

Description of Business	3 Months Ended
Description of Business	Mar. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Description of Business	Description of Business Care Capital Properties, Inc. (together with its consolidated subsidiaries, unless the context otherwise requires or indicates, “we,” “us,” “our,” “our company” or “CCP”) is a self-administered, self-managed real estate investment trust (“REIT”) with a diversified portfolio of skilled nursing facilities (“SNFs”) and other healthcare assets operated by private regional and local care providers. We generate our revenues primarily by leasing our properties to unaffiliated tenants under long-term triple-net leases, pursuant to which the tenants are obligated to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. In addition, we originate and manage a small portfolio of loans, made primarily to our SNF operators and other post-acute care providers. Our company was originally formed in April 2015 to hold the post-acute/SNF portfolio of Ventas, Inc. (“Ventas”) and its subsidiaries operated by regional and local care providers (the “CCP Business”). On August 17, 2015, Ventas completed its spin-off of the CCP Business by distributing one share of our common stock for every four shares of Ventas common stock held as of the applicable record date, and, as a result, we began operating as an independent public company and our common stock commenced trading on the New York Stock Exchange under the symbol “CCP” as of August 18, 2015. As of March 31, 2017 , our portfolio consisted of 337 properties operated by 39 private regional and local care providers, spread across 36 states and containing a total of approximately 37,000 beds/units. We conduct all of our operations through our wholly owned operating partnership, Care Capital Properties, LP (“Care Capital LP”), and its subsidiaries.

Accounting Policies

Accounting Policies	3 Months Ended
Accounting Policies	Mar. 31, 2017
Accounting Policies [Abstract]
Accounting Policies	Accounting Policies The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of results for the interim periods have been included. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The accompanying consolidated financial statements and related notes should be read in conjunction with our audited combined consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the SEC on March 1, 2017. Please refer to the Company's audited consolidated financial statements for the year ended December 31, 2016, as certain note disclosures contained in such audited consolidated financial statements have been omitted from these interim consolidated financial statements. Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation. Recently Issued or Adopted Relevant Accounting Standards In 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers (“ASU 2014-09”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and will replace existing revenue recognition standards. The sale of investment property and any non-lease components contained within lease agreements will be required to follow the new guidance; however, lease components of lease contracts will be excluded from this guidance. This pronouncement allows either a full or a modified retrospective method of adoption. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. While we anticipate additional disclosure, we do not expect the adoption of this pronouncement will have a material effect on our consolidated financial statements, as substantially all of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09; however, we will continue to evaluate this assessment until the guidance becomes effective. We are currently in the process of reviewing our revenue contracts and lease agreements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which, among other things, requires lessees to recognize most leases on the balance sheet and, therefore, will increase reported assets and liabilities of such lessees. This new guidance is effective January 1, 2019, with early adoption permitted, and will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The pronouncement requires a modified retrospective method of adoption, with some optional practical expedients. Upon adoption, we will recognize a lease liability and a right-of-use asset for operating leases where we are the lessee, such as ground leases and office leases. We will continue to evaluate the impact of this guidance until it becomes effective. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which provides for an impairment model that is based on expected losses rather than incurred losses. Under ASU 2016-13, an entity recognizes as an allowance its estimate of expected credit losses. ASU 2016-13 is effective for us beginning January 1, 2020. We are continuing to evaluate this guidance; however, we do not expect its adoption will have a significant effect on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), that addresses eight classification issues related to the statement of cash flows. ASU 2016-15 is effective for us for fiscal years beginning after December 15, 2017. We are continuing to evaluate the application of this guidance and its effect on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquisition (or disposition) as opposed to a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. We elected to early adopt ASU 2017-01 on a prospective basis as of January 1, 2017. Under this new guidance, we expect that most acquisitions of investment property will not meet the definition of a business and, thus will be accounted for as asset acquisitions. We allocate the purchase price of each acquired investment property that is accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies the measurement of goodwill impairment. An entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. ASU 2017-04 is effective for us for fiscal years beginning after December 15, 2019. We are continuing to evaluate the application of this guidance and its effect on our consolidated financial statements.

Triple-Net Lease Arrangements

Triple-Net Lease Arrangements	3 Months Ended
Triple-Net Lease Arrangements	Mar. 31, 2017
Leases [Abstract]
Triple-Net Lease Arrangements	Triple-Net Lease Arrangements Certain of our triple-net leases provide for periodic and determinable increases in base rent. We recognize base rental revenues under these leases on a straight-line basis over the applicable lease term when collectibility is reasonably assured. Recognizing rental income on a straight-line basis generally results in recognized revenues during the first half of a lease term exceeding the cash amounts contractually due from our tenants, creating a straight-line rent receivable that is included in other assets on our consolidated balance sheets. We assess our rent receivables, including straight-line rent receivables, to determine whether an allowance is appropriate. We base our assessment of rent receivables (other than straight-line rent receivables) on several factors, including, among other things, payment history, the financial strength of the tenant and any guarantors, the value of the underlying collateral, if any, and current economic conditions, including government reimbursement. If our evaluation of these factors indicates that we may not be able to recover the full value of the receivable, we provide an allowance against the portion of the receivable that we estimate may not be recovered. We also base our assessment of straight-line rent receivables on several factors, including, among other things, the financial strength of the tenant and any guarantors, the historical operations and operating trends of the property, the historical payment pattern of the tenant, the type of property and government reimbursement. If our evaluation of these factors indicates that we may not be able to receive the increases in rent payments due in the future, we provide an allowance against the recognized straight-line rent receivable asset that we estimate may not be recovered. If we change our assumptions or estimates regarding the collectibility of future rent payments required by a lease, we may adjust the allowance to increase or reduce the rental revenue recognized in the period we make such change in our assumptions or estimates. Our remaining leases provide for periodic increases in base rent only if certain revenue parameters or other substantive contingencies are met. We recognize the increased rental revenue under these leases as the related parameters or contingencies are met, rather than on a straight-line basis over the applicable lease term. Our accounts receivable balance was $2.5 million and $2.9 million , net of allowances of $5.0 million and $3.7 million , respectively, as of March 31, 2017 and December 31, 2016 . We recognized charges for rental income allowances within rental income, net in our consolidated statements of income and comprehensive income of $1.4 million and $1.9 million , respectively, for the three months ended March 31, 2017 and 2016 . Our straight-line rent receivable balance was $0.7 million and $0.7 million , net of allowances of $96.9 million and $97.1 million , respectively, as of March 31, 2017 and December 31, 2016 . We recognized charges for straight-line rent allowances within rental income, net in our consolidated statements of income and comprehensive income of $0.7 million and $7.3 million , respectively, for the three months ended March 31, 2017 and 2016 .

Acquisitions of Real Estate Pro

Acquisitions of Real Estate Property	3 Months Ended
Acquisitions of Real Estate Property	Mar. 31, 2017
Business Combinations [Abstract]
Acquisitions of Real Estate Property	Acquisitions of Real Estate Property In March 2017, we completed the acquisition of one SNF from an existing operator for $3.0 million . The property was part of the $39 million sale-leaseback transaction with an existing operator that was partially consummated in December 2016. In December 2016, we completed the acquisition of four SNFs, one seniors housing communities and one campus (consisting of one SNF and one seniors housing community) from the operator for $36.0 million . As of March 31, 2017, the properties were held in an Internal Revenue Code of 1986, as amended (the “Code”), Section 1031 exchange escrow account with a qualified intermediary and reflected as restricted cash on our consolidated balance sheet. Estimated Fair Value We accounted for our 2017 and 2016 acquisitions under the acquisition method in accordance with ASC 805. The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the three months ended March 31, 2017 (in thousands): Land and improvements $ 175 Buildings and improvements 2,735 Acquired lease intangibles 90 Total assets acquired 3,000 Tenant deposits 64 Total liabilities assumed 64 Net assets acquired $ 2,936 The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during 2016 (in thousands): Land and improvements $ 2,240 Buildings and improvements 31,640 Acquired lease intangibles 2,120 Total assets acquired 36,000 Tenant deposits 765 Total liabilities assumed 765 Net assets acquired $ 35,235 Deal Costs Effective January 1, 2017, we adopted ASU 2017-01 and will capitalize acquisition costs associated with completed asset acquisitions. For the three months ended March 31, 2017 , deal costs consist of expenses associated with transactions that were not consummated or operator transitions. For the three months ended March 31, 2016, deal costs consist of expenses primarily related to transactions, whether consummated or not, and operator transitions. Deal costs were $0.2 million and $1.2 million for the three months ended March 31, 2017 and 2016, respectively.

Assets Held For Sale and Dispos

Assets Held For Sale and Dispositions of Real Estate Property	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Assets Held For Sale and Dispositions of Real Estate Property	Assets Held For Sale and Dispositions of Real Estate Property As of March 31, 2017 and December 31, 2016 , we classified 21 properties and 30 properties, respectively, as assets held for sale. The corresponding assets are included in other assets on our consolidated balance sheets and the corresponding liabilities are included in accounts payable and other liabilities on our consolidated balance sheets. Rollforward of Assets Held For Sale Number of Properties Net Book Value (In thousands) December 31, 2016 30 $ 66,871 Properties added — — Properties sold (9 ) (31,369 ) March 31, 2017 21 $ 35,502 During the three months ended March 31, 2017, we sold nine SNFs for aggregate consideration of $69.0 million , of which $4.0 million is contingent consideration, and we recognized a total gain of $32.2 million on the dispositions. These nine SNFs were previously classified as held for sale. As of March 31, 2017, the net proceeds from these sales were held in a Code Section 1031 exchange escrow account with a qualified intermediary and reflected in restricted cash on our consolidated balance sheets. In February 2016, we sold seven SNFs, which were previously classified as held for sale, for aggregate proceeds of $5.4 million . We recognized a loss on the sales of these assets of $0.1 million . In connection with the sale of one SNF, we made an 18 -month secured loan to the purchaser in the amount of $4.5 million . See “Note 6—Loans Receivable, Net.” For the three months ended March 31, 2017, we did no t recognize any impairment charges. For the three months ended March 31, 2016, we recognized a $5.5 million impairment on real estate assets and goodwill as a result of our decision to pursue the sale or transition of certain properties in our portfolio. The fair value was estimated based on the intended purchase price of the property or based on a market approach and Level 3 inputs.

Loans Receivable, Net

Loans Receivable, Net	3 Months Ended
Loans Receivable, Net	Mar. 31, 2017
Receivables [Abstract]
Loans Receivable, Net	Loans Receivable, Net Below is a summary of our loans receivable as of March 31, 2017 and December 31, 2016 . March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgage loans receivable, net $ 9,307 $ 8,822 $ 9,313 $ 8,746 Other loans receivable, net 52,215 51,699 52,951 52,288 Total loans receivable, net $ 61,522 $ 60,521 $ 62,264 $ 61,034 Mortgage Loans Receivable, Net Mortgage loans receivable, net represents two loans. One loan, with a principal amount of $5.6 million and a net carrying value of $ 5.3 million , is secured by one SNF, has a stated interest rate of 9.75% per annum and matures in 2018. The other loan, with a principal amount of $4.5 million and a net carrying value of $4.0 million , is secured by one SNF, has a stated interest rate of 10.0% per annum, and matures in 2017. This loan was made to the purchaser of a closed SNF in connection with the sale of the property in February 2016 and was cross-collateralized and cross-defaulted to our lease agreements with affiliates of the borrower. In February 2017, we converted the loan to a secured construction loan and committed funds up to approximately $19.0 million to finance the redevelopment of the SNF to a behavioral healthcare facility. The converted loan has a stated interest rate of 10.0% per annum and matures in 2027. Interest on the loan represents unrecognized profit. Other Loans Receivable, Net In May 2016, we made a four -year mezzanine loan in the amount of $25.0 million and maturing in 2020 to an affiliate of the purchasers of seven properties we sold. The loan has a stated interest rate of 10.0% per annum. It is secured by equity interests in subsidiaries of the borrower and cross-collateralized and cross-defaulted to our lease agreements with affiliates of the borrower. In connection with operator transitions during the three months ended March 31, 2017, we made three working capital loans, of which $2.7 million principal amount was outstanding at March 31, 2017. The remaining other loans receivable balance of $24.5 million consists of ten loans with various operators with interest rates ranging from 5.0% to 11.3% per annum and maturity dates through 2027. Interest income for the three months ended March 31, 2017 and 2016 was $ 1.3 million and $ 0.6 million, respectively. Fair value estimates as reflected in the table above are subjective in nature and based upon Level 3 inputs and several important assumptions, including estimates of future cash flows, risks, discount rates and relevant comparable market information associated with each financial instrument. The use of different market assumptions and estimation methodologies may have a material effect on the reported estimated fair value amounts. Accordingly, the estimates presented above are not necessarily indicative of the amounts we would realize in a current market exchange.

Intangibles and Goodwill

Intangibles and Goodwill	3 Months Ended
Intangibles and Goodwill	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangibles and Goodwill	Intangible Assets and Liabilities and Goodwill The following is a summary of our intangible assets and liabilities and goodwill as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Balance Remaining Weighted Average Amortization Period in Years Balance Remaining Weighted Average Amortization Period in Years (Dollars in thousands) Intangible assets: Above market lease intangibles $ 56,080 10.8 $ 56,570 11.1 In-place lease intangibles 35,744 12.8 35,861 12.8 Tradename, technology and customer relationships 2,950 3.3 2,950 3.5 Accumulated amortization (46,042 ) N/A (44,511 ) N/A Goodwill 123,884 N/A 123,884 N/A Net intangible assets $ 172,616 11.4 $ 174,754 11.5 Intangible liabilities: Below market lease intangibles $ 165,915 14.8 $ 167,789 15.0 Above market ground lease intangibles 1,907 51.7 1,907 51.9 Accumulated amortization (74,341 ) N/A (72,060 ) N/A Purchase option intangibles 5,546 N/A 5,546 N/A Net intangible liabilities $ 99,027 15.5 $ 103,182 15.7 N/A—Not Applicable. Above market lease intangibles and in-place lease intangibles are included in acquired lease intangibles within real estate investments on our consolidated balance sheets. Below market lease intangibles, above market ground lease intangibles and purchase option intangibles are included in lease intangible liabilities, net on our consolidated balance sheets. Tradename, technology and customer relationships are associated with our specialty valuation firm subsidiary and included in other assets on our consolidated balance sheets. For the three months ended March 31, 2017 and 2016 , our net accretion related to all of these intangibles was $1.0 million and $1.2 million , respectively. The estimated net accretion related to these intangibles for the remainder of 2017 and the subsequent four years is as follows: remainder of 2017 - $2.9 million ; 2018 - $3.8 million ; 2019 - $4.2 million ; 2020 - $4.0 million ; and 2021 - $2.5 million . As a result of the lease termination with respect to two properties, we recognized revenues of $1.1 million for the three months ended March 31, 2017 due to the accelerated amortization of above and below-market rent intangibles, which is recorded in net gain on lease termination. In addition, for the same properties, depreciation and amortization increased by $0.2 million for the three months ended March 31, 2017 due to accelerated amortization of in-place lease intangibles.

Other Assets

Other Assets	3 Months Ended
Other Assets	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Assets	Other Assets The following is a summary of our other assets as of March 31, 2017 and December 31, 2016 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 654 $ 657 Deferred lease costs 6,150 5,471 Assets held for sale 38,582 70,103 Derivative fair value asset 12,472 10,476 Other assets, net 20,314 18,425 Total other assets $ 78,172 $ 105,132

Borrowing Arrangements

Borrowing Arrangements	3 Months Ended
Borrowing Arrangements	Mar. 31, 2017
Debt Disclosure [Abstract]
Borrowing Arrangements	Borrowing Arrangements The following is a summary of our term loans, senior notes and other debt as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility $ 86,000 $ 24,000 Secured term loan due 2019 135,000 135,000 Unsecured term loan due 2020 474,000 474,000 Unsecured term loan due 2023 200,000 200,000 5.125% senior notes due 2026 500,000 500,000 5.38% senior notes due 2027 100,000 100,000 Total 1,495,000 1,433,000 Unamortized debt issuance costs 17,409 18,466 Term loans, senior notes and other debt $ 1,477,591 $ 1,414,534 Revolving Credit Facility and Unsecured Term Loans Our unsecured credit facility (the “Facility”) is comprised of a $600 million revolving credit facility (the “Revolver”), a $600 million term loan due 2017 (which has been repaid in full) and an $800 million term loan due 2020. Borrowings under the Facility bear interest at a fluctuating rate per annum equal to LIBOR plus an applicable margin based on Care Capital LP’s unsecured long-term debt ratings. At March 31, 2017 , the applicable margin was 1.30% for Revolver borrowings and 1.50% for term loan borrowings, and we had approximately $514 million of unused borrowing capacity available under the Revolver. For the three months ended March 31, 2017 and 2016 , we recognized interest expense of $3.3 million and $7.1 million , respectively, related to the Facility. In January 2016, Care Capital LP, as borrower, and CCP and Care Capital Properties GP, LLC (“Care Capital GP”), as guarantors, entered into a Term Loan and Guaranty Agreement with a syndicate of banks that provides for a $200 million unsecured term loan due 2023 at an interest rate of LIBOR plus an applicable margin based on Care Capital LP’s unsecured long-term debt ratings, which was 1.80% at March 31, 2017 . For the three months ended March 31, 2017 and 2016 , we recognized interest expense of $1.3 million and $0.8 million , respectively, related to the $200 million Term Loan. Also in January 2016, we entered into agreements to swap a total of $600 million of indebtedness outstanding under our $200 million term loan and our $800 million term loan, effectively converting the interest on that debt from floating rates to fixed rates. The swap agreements have original terms of 4.6 years and seven years. Secured Term Loan In July 2016, certain wholly owned subsidiaries of Care Capital LP, as borrowers (the “Borrowers”), entered into a Loan Agreement with a syndicate of banks providing for a $135 million term loan due 2019 that bears interest at a fluctuating rate per annum equal to LIBOR for a one -month interest period plus 1.80% . The $135 million term loan is secured by first lien mortgages and assignments of leases and rents on 12 facilities owned by the Borrowers. The payment and performance of the Borrowers’ obligations under the $135 million term loan are guaranteed by CCP and Care Capital LP. For the three months ended March 31, 2017 , we recognized interest expense of $0.9 million related to this loan. Senior Notes In July 2016, Care Capital LP issued and sold $500 million aggregate principal amount of 5.125% Senior Notes due 2026 (the “Notes due 2026”) to qualified institutional buyers pursuant to Rule 144A and to certain persons outside of the United States pursuant to Regulation S, each under the Securities Act, for total proceeds of $500 million before the initial purchasers’ discount and expenses. The Notes due 2026 are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by CCP and Care Capital GP. Care Capital LP may, at its option, redeem the Notes due 2026 at any time in whole or from time to time in part at a redemption price equal to 100% of their principal amount, together with accrued and unpaid interest thereon, if any, to (but excluding) the date of redemption, plus, if redeemed prior to May 15, 2026, a make-whole premium. In February 2017, we completed an offer to exchange the Notes due 2026 with a new series of notes that are registered under the Securities Act of 1933, as amended (the “Securities Act”), and are otherwise substantially identical to the original Notes due 2026, except that certain transfer restrictions, registration rights and liquidated damages do not apply to the new notes. We did not receive any additional proceeds in connection with the exchange offer. For the three months ended March 31, 2017 , we recognized interest expense of $6.4 million related to the Notes due 2026. In May 2016, Care Capital LP issued and sold $100.0 million aggregate principal amount of 5.38% Senior Notes due May 17, 2027 (the “Notes due 2027”) in a private placement exempt from registration under the Securities Act, for total proceeds of $100.0 million before expenses. The Notes due 2027 are fully and unconditionally guaranteed, jointly and severally, on a senior unsecured basis by CCP and Care Capital GP. For the three months ended March 31, 2017 , we recognized interest expense of $1.3 million related to the Notes due 2027. Debt Maturities As of March 31, 2017 , our indebtedness had the following maturities: Principal Amount Due at Maturity Revolver (1) Total Maturities (In thousands) 2017 $ — $ — $ — 2018 — — — 2019 135,000 86,000 221,000 2020 474,000 — 474,000 2021 — — — Thereafter 800,000 — 800,000 Total Maturities $ 1,409,000 $ 86,000 $ 1,495,000 (1) As of March 31, 2017 , we had $17.9 million of unrestricted cash, resulting in $68.1 million of net borrowings outstanding under the Revolver. The Revolver may be extended, at Care Capital LP’s option, for two additional six -month periods. Fair Value of Debt As of March 31, 2017 , the fair value and carrying value of our term loans, senior notes and other debt totaled $1.5 billion .

Derivatives and Hedging Activit

Derivatives and Hedging Activities	3 Months Ended
Derivatives and Hedging Activities	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging Activities	Derivatives and Hedging Activities We are exposed to certain risks arising from both our business operations and economic conditions. We principally manage our exposures to a wide variety of business and operational risks through management of our core business activities. We manage economic risks, including interest rate, liquidity and credit risk, primarily by managing the amount, sources, and duration of our debt funding and the use of derivative financial instruments. Specifically, we enter into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by interest rates. Our derivative financial instruments are used to manage differences in the amount, timing, and duration of our known or expected cash receipts and our known or expected cash payments principally related to our investments and borrowings. We recognized interest expense of $0.8 million and $0.9 million related to derivatives and hedging activities in the three months ended March 31, 2017 and 2016 , respectively. Cash Flow Hedges of Interest Rate Risk Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. To accomplish these objectives, we primarily use interest rate swaps as part of our interest rate risk management strategy. As of March 31, 2017 and December 31, 2016 , we had eight outstanding interest rate swaps with a combined notional amount of $600 million that were designated as cash flow hedges of interest rate risk. During the three months ended March 31, 2017 and March 31, 2016 , these derivatives were used to hedge the variable cash flows associated with existing variable rate debt. The effective portion of changes in the fair value of derivatives designated and that qualify as cash flow hedges is recorded in accumulated other comprehensive income (“AOCI”) and is subsequently reclassified into earnings in the period that the hedged forecasted transaction affects earnings. The ineffective portion of the change in fair value of the derivatives is recognized directly in earnings. Amounts reported in accumulated other comprehensive income related to derivatives will be reclassified to interest expense as interest payments are made on our variable rate debt. During the next 12 months, we estimate that an additional $0.4 million will be reclassified as an increase to interest expense. The table below presents the fair value of our derivative financial instruments, as well as their classification on our consolidated balance sheets as of March 31, 2017 and December 31, 2016 (in thousands): Asset Derivative Derivatives Designated as Hedging Instruments Balance Sheet Location March 31, 2017 December 31, 2016 Interest rate contracts Other assets $ 12,472 $ 10,476 As of March 31, 2017 and December 31, 2016 , we did not have any derivative instruments in a net liability position. The table below presents the effect of our derivative financial instruments on our consolidated statements of income and comprehensive income for the three months ended March 31, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain/Loss Reclassified from AOCI into Income (Effective Portion) Amount of Loss Reclassified from AOCI into Income (Effective Portion) Three months ended March 31, 2017 Interest rate contracts $ 1,205 Interest expense $ (790 ) Three months ended March 31, 2016 Interest rate contracts $ (6,708 ) Interest expense $ (917 ) Our derivatives were 100% effective, and therefore, we did not record any hedge ineffectiveness in earnings during the three months ending March 31, 2017 and 2016. We did not offset our derivative financial instrument asset against any derivative financial instrument liabilities as of March 31, 2017 or December 31, 2016 . Credit-Risk-Related Contingent Features Our agreements with each of our derivative counterparties provide that we could be in default on our derivative obligations if the underlying indebtedness is accelerated by the lender due to our default on that indebtedness. Fair Value Disclosure of Derivative Financial Instruments The valuation of our interest rate swaps is determined using widely accepted valuation techniques, including a discounted cash flow analysis on the expected cash flows of each derivative. This analysis reflects the contractual terms of the derivatives, including the period to maturity, and uses observable market-based inputs, including interest rate curves and implied volatilities. The fair values of interest rate swaps are determined using the standard methodology of netting the discounted future fixed cash receipts (or payments) and the discounted expected variable cash payments (or receipts). The variable cash payments (or receipts) are based on an expectation of future interest rates derived from observable market forward interest rate curves. To comply with the provisions of ASC 820, we incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty’s nonperformance risk in the fair value measurements. In adjusting the fair value of our derivative contracts for the effect of nonperformance risk, we have considered the impact of netting and any applicable credit enhancements (such as collateral postings, thresholds, mutual puts and guarantees). The fair value of interest rate hedging instruments is the amount that we would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the reporting date. Our valuations of derivative instruments are determined using widely accepted valuation techniques, including discounted cash flow analysis on the expected cash flows of each derivative, and therefore fall into Level 2 of the fair value hierarchy. The valuations reflect the contractual terms of the derivatives, including the period to maturity, and use observable market-based inputs, including forward curves. The fair values of interest rate hedging instruments also incorporate credit valuation adjustments to appropriately reflect both our own nonperformance risk and the respective counterparty's nonperformance risk. The table below presents our derivative financial instrument asset measured at fair value on a recurring basis as of March 31, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2017 Derivative financial instrument asset $ — $ 12,472 $ — $ 12,472 The table below presents our derivative financial instrument asset measured at fair value on a recurring basis as of December 31, 2016 , aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2016 Derivative financial instrument asset $ — $ 10,476 $ — $ 10,476

Income Taxes

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes We elected to be treated as a REIT under the Code, beginning with the taxable year ended December 31, 2015. So long as we qualify as a REIT under the Code, we generally will not be subject to federal income tax. We test our compliance with the REIT requirements on a quarterly and annual basis. We also review our distributions and projected distributions each year to ensure we have met and will continue to meet the annual REIT distribution requirements. However, as a result of our structure, we may be subject to income or franchise taxes in certain states and municipalities. Subject to the limitation under the REIT asset test rules, we are permitted to own up to 100% of the stock of one or more TRSs. We have elected for one of our subsidiaries to be treated as a TRS, which is subject to federal, state and local income taxes. Our consolidated provision for income taxes for the three months ended March 31, 2017 was an expense of $0.2 million . Our consolidated provision for income taxes for the three months ended March 31, 2016 was an expense of $0.4 million . As of March 31, 2017 and December 31, 2016 , we had no uncertain tax positions which would require us to record a tax exposure liability.

Stock-based Compensation

Stock-based Compensation	3 Months Ended
Stock-based Compensation	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	Stock-Based Compensation In August 2015, we adopted the Care Capital Properties, Inc. 2015 Incentive Plan (the “Plan”), pursuant to which options to purchase common stock, shares of restricted stock or restricted stock units (“RSUs”), performance shares and other equity awards may be granted to our employees, directors and consultants. A total of 7,000,000 shares of our common stock was reserved initially for issuance under the Plan. During the three months ended March 31, 2017, we granted 140,845 shares of restricted stock and 34,886 performance-based RSUs to employees under the Plan having a grant date fair value of $4.7 million . During the three months ended March 31, 2016, we granted 134,416 shares of restricted stock, 496,859 options to purchase common stock and 41,626 performance-based RSUs to employees under the Plan having a grant date fair value of $6.0 million . The value of shares of restricted stock granted is the closing price of our common stock on the date of grant. Restricted stock and option awards granted to employees generally vest in three equal annual installments beginning on the date of grant or on the first anniversary of the date of grant. For shares with a graded vesting schedule that only require service, we recognize stock-based compensation expense on a straight-line basis over the requisite service period of the last separately vesting portion of the award. Performance-based RSUs granted to employees generally vest on the day on which our Compensation Committee meets to determine our level of achievement over the performance period.

Concentration of Risk

Concentration of Risk	3 Months Ended
Concentration of Risk	Mar. 31, 2017
Risks and Uncertainties [Abstract]
Concentration of Risk	Concentration of Risk Our properties were located in 36 states as of March 31, 2017 , with properties in only one state (Texas) accounting for more than 10% of our total revenues for the three months then ended. As of March 31, 2017 , Senior Care Centers, LLC (together with its subsidiaries, “SCC”) and Avamere Group, LLC (together with its subsidiaries, “Avamere”) operated approximately 20.4% and 10.9% respectively, of our real estate investments based on gross book value. For the three months ended March 31, 2017 , approximately 17.3% , 12.3% and 11.6% of our total revenues excluding net gain on lease termination were derived from our lease and loan agreements with SCC, Signature HealthCARE, LLC (together with its subsidiaries, “Signature”) and Avamere, respectively. For the three months ended March 31, 2016 , approximately 16.4% , 14.2% and 10.7% of our total revenues were derived from our lease and loan agreements with SCC, Signature and Avamere, respectively. Each of our leases with SCC, Avamere and Signature is a triple-net lease that obligates the tenant to pay all property-related expenses, including maintenance, utilities, repairs, taxes, insurance and capital expenditures. Our leases with SCC and Signature have guaranty and/or cross-default provisions tied to other leases with the same tenant or its affiliates, and our lease with Avamere is a pooled, multi-facility master lease.

Earnings Per Share

Earnings Per Share	3 Months Ended
Earnings Per Share	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share The following table shows the amounts used in computing our basic and diluted earnings per common share: For the Three Months Ended March 31, 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Net income attributable to common stockholders $ 64,909 $ 29,766 Less: dividends on unvested restricted shares (175 ) (191 ) Net income attributable to common stockholders excluding dividends on unvested restricted shares 64,734 29,575 Denominator: Denominator for basic earnings per share—weighted average shares 83,670 83,544 Effect of dilutive securities: Stock options — 4 Restricted stock 129 72 Denominator for diluted earnings per share—adjusted weighted average shares 83,799 83,620 Basic earnings per share: Net income attributable to common stockholders, excluding dividends on unvested restricted shares $ 0.77 $ 0.35 Diluted earnings per share: Net income attributable to common stockholders, excluding dividends on unvested restricted shares $ 0.77 $ 0.35

Stockholders_ Equity

Stockholders’ Equity	3 Months Ended
Stockholders’ Equity	Mar. 31, 2017
Equity [Abstract]
Stockholders’ Equity	Stockholders’ Equity In December 2016, we established an “at-the-market” (“ATM”) equity offering program through which we may sell from time to time up to an aggregate of $250 million of our common stock. During the three months ended March 31, 2017, we did not issue or sell any shares of common stock under the ATM program. Dividends On January 5, 2017, we paid the fourth quarterly installment of our 2016 cash dividend in the amount of $0.57 per share to the holders of record of our common stock on December 16, 2016. On March 31, 2017 , we paid a cash dividend in the amount of $0.57 per share to the holders of record of our common stock as of March 10, 2017.

Litigation

Litigation	3 Months Ended
Litigation	Mar. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Litigation	Litigation We are involved from time to time in various legal proceedings that arise in the ordinary course of our business, including, but not limited to commercial disputes, environmental matters, and litigation in connection with transactions including acquisitions and divestitures. We believe that such litigation, claims and administrative proceedings will not have a material adverse impact on our financial position or our results of operations. We record a liability when a loss is considered probable and the amount can be reasonably estimated. Our tenants and, in some cases, their affiliates may be required by the terms of their leases and other agreements with us to indemnify, defend and hold us harmless against certain actions, investigations and claims arising in the ordinary course of their business and related to the operations of our properties. In addition, third parties from whom we acquired certain of our assets and, in some cases, their affiliates may be required by the terms of the related conveyance documents to indemnify, defend and hold us harmless against certain actions, investigations and claims related to the acquired assets and arising prior to our ownership or related to excluded assets and liabilities. In some cases, a portion of the purchase price consideration is held in escrow for a specified period of time as collateral for these indemnification obligations.

Summarized Condensed Consolidat

Summarized Condensed Consolidating and Combining Information	3 Months Ended
	Mar. 31, 2017
Condensed Financial Information of Parent Company Only Disclosure [Abstract]
Summarized Condensed Consolidating and Combining Information	Summarized Condensed Consolidating and Combining Information CCP and Care Capital GP fully and unconditionally guaranteed the obligation to pay principal and interest with respect to Care Capital LP’s outstanding Notes due 2026. CCP, as limited partner, owns a 99% interest in Care Capital LP, and Care Capital GP, as general partner, owns a 1% interest in Care Capital LP. CCP is the sole member of Care Capital GP and, as a result, Care Capital LP is indirectly 100% owned by CCP. CCP consolidates Care Capital GP and Care Capital LP and Care Capital LP’s consolidated subsidiaries for financial reporting purposes and has no direct subsidiaries other than Care Capital GP and Care Capital LP. CCP’s assets and liabilities consist entirely of its investments in the General Partner and Care Capital LP, and CCP’s operations are conducted entirely through Care Capital LP. Therefore, the assets and liabilities of CCP and Care Capital LP are the same on their respective financial statements. None of Care Capital LP’s subsidiaries are obligated with respect to the Notes due 2026. Under certain circumstances, however, contractual and legal restrictions, including those contained in the instruments governing Care Capital LP’s subsidiaries’ outstanding mortgage indebtedness, may restrict Care Capital LP’s ability to obtain cash from its subsidiaries for the purpose of meeting its debt service obligations, including with respect to the Notes due 2026.

Subsequent Events

Subsequent Events	3 Months Ended
Subsequent Events	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 28, 2017, we completed the acquisition of six behavioral health hospitals from affiliates of Signature Healthcare Services, LLC (“SHS”). We funded a total of $378.6 million at closing and have a fair market value purchase option, exercisable beginning in October 2018, to purchase one additional building. We funded a portion of this transaction with restricted cash held in a Code Section 1031 exchange escrow account. Concurrent with the closing of the transaction, we entered into a long-term triple-net lease with affiliates of SHS to operate the acquired properties at an initial annual base rent of $30.3 million . In April and May 2017, we transitioned 17 SNFs from existing tenants to replacement operators in consensual transactions. On May 7, 2017, we entered into a definitive agreement with Sabra Health Care REIT, Inc. (“Sabra”) pursuant to which our two companies will combine in an all-stock transaction. Under the terms of the agreement, at the effective time of the merger, our stockholders will receive 1.123 shares of Sabra common stock for each share of our common stock they own. The transaction is subject to customary closing conditions, including receipt of the approval of both companies’ shareholders, and is expected to close during the third quarter of 2017.

Accounting Policies (Policies)

Accounting Policies (Policies)	3 Months Ended
Accounting Policies (Policies)	Mar. 31, 2017
Accounting Policies [Abstract]
Basis of Accounting	The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information set forth in the Accounting Standards Codification (“ASC”), as published by the Financial Accounting Standards Board (“FASB”), and with the Securities and Exchange Commission (“SEC”) instructions to Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of results for the interim periods have been included. Operating results for the three months ended March 31, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . The accompanying consolidated financial statements and related notes should be read in conjunction with our audited combined consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2016 , filed with the SEC on March 1, 2017.
Reclassifications	Reclassifications Certain prior year amounts have been reclassified to conform to the current year presentation.
Recently Issued or Adopted Relevant Accounting Standards	Recently Issued or Adopted Relevant Accounting Standards In 2014, the FASB issued ASU No. 2014-09, Revenue From Contracts With Customers (“ASU 2014-09”), which outlines a comprehensive model for entities to use in accounting for revenue arising from contracts with customers. This new guidance is effective January 1, 2018, with early adoption permitted beginning January 1, 2017, and will replace existing revenue recognition standards. The sale of investment property and any non-lease components contained within lease agreements will be required to follow the new guidance; however, lease components of lease contracts will be excluded from this guidance. This pronouncement allows either a full or a modified retrospective method of adoption. Expanded quantitative and qualitative disclosures regarding revenue recognition will be required for contracts that are subject to this guidance. While we anticipate additional disclosure, we do not expect the adoption of this pronouncement will have a material effect on our consolidated financial statements, as substantially all of our revenue consists of rental income from leasing arrangements, which is specifically excluded from ASU 2014-09; however, we will continue to evaluate this assessment until the guidance becomes effective. We are currently in the process of reviewing our revenue contracts and lease agreements. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”), which, among other things, requires lessees to recognize most leases on the balance sheet and, therefore, will increase reported assets and liabilities of such lessees. This new guidance is effective January 1, 2019, with early adoption permitted, and will require lessees to recognize a liability to make lease payments and a right-of-use asset, initially measured at the present value of lease payments, for both operating and financing leases. For leases with a term of 12 months or less, lessees will be permitted to make an accounting policy election by class of underlying asset to not recognize lease liabilities and lease assets. Under this new pronouncement, lessor accounting will be largely unchanged from existing GAAP. The pronouncement requires a modified retrospective method of adoption, with some optional practical expedients. Upon adoption, we will recognize a lease liability and a right-of-use asset for operating leases where we are the lessee, such as ground leases and office leases. We will continue to evaluate the impact of this guidance until it becomes effective. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”), which provides for an impairment model that is based on expected losses rather than incurred losses. Under ASU 2016-13, an entity recognizes as an allowance its estimate of expected credit losses. ASU 2016-13 is effective for us beginning January 1, 2020. We are continuing to evaluate this guidance; however, we do not expect its adoption will have a significant effect on our consolidated financial statements. In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”), that addresses eight classification issues related to the statement of cash flows. ASU 2016-15 is effective for us for fiscal years beginning after December 15, 2017. We are continuing to evaluate the application of this guidance and its effect on our consolidated financial statements. In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805): Clarifying the Definition of a Business (“ASU 2017-01”), which clarifies the definition of a business and provides a screen to determine when an integrated set of assets and activities is not considered a business and, thus, accounted for as an asset acquisition (or disposition) as opposed to a business combination. The screen requires that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or a group of similar identifiable assets, the set is not considered a business. We elected to early adopt ASU 2017-01 on a prospective basis as of January 1, 2017. Under this new guidance, we expect that most acquisitions of investment property will not meet the definition of a business and, thus will be accounted for as asset acquisitions. We allocate the purchase price of each acquired investment property that is accounted for as an asset acquisition based upon the relative fair value of the individual assets acquired and liabilities assumed, which generally include (i) land, (ii) building and other improvements, (iii) in-place lease value intangibles, (iv) acquired above and below market lease intangibles, (v) any assumed financing that is determined to be above or below market and (vi) the value of customer relationships. Asset acquisitions do not give rise to goodwill and the related transaction costs are capitalized and included with the allocated purchase price. In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”), which simplifies the measurement of goodwill impairment. An entity will no longer perform a hypothetical purchase price allocation to measure goodwill impairment. Instead, impairment will be measured using the difference between the carrying amount and the fair value of the reporting unit. ASU 2017-04 is effective for us for fiscal years beginning after December 15, 2019. We are continuing to evaluate the application of this guidance and its effect on our consolidated financial statements.

Acquisitions of Real Estate P27

Acquisitions of Real Estate Property (Tables)	3 Months Ended
Acquisitions of Real Estate Property (Tables)	Mar. 31, 2017
Business Combinations [Abstract]
Schedule of Acquisition Estimated Fair Value	The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during the three months ended March 31, 2017 (in thousands): Land and improvements $ 175 Buildings and improvements 2,735 Acquired lease intangibles 90 Total assets acquired 3,000 Tenant deposits 64 Total liabilities assumed 64 Net assets acquired $ 2,936 The following table summarizes the acquisition date fair values of the assets acquired and liabilities assumed during 2016 (in thousands): Land and improvements $ 2,240 Buildings and improvements 31,640 Acquired lease intangibles 2,120 Total assets acquired 36,000 Tenant deposits 765 Total liabilities assumed 765 Net assets acquired $ 35,235

Assets Held For Sale and Disp28

Assets Held For Sale and Dispositions of Real Estate Property (Tables)	3 Months Ended
	Mar. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Schedule of Assets Held for Sale	Rollforward of Assets Held For Sale Number of Properties Net Book Value (In thousands) December 31, 2016 30 $ 66,871 Properties added — — Properties sold (9 ) (31,369 ) March 31, 2017 21 $ 35,502

Loans Receivable, Net (Tables)

Loans Receivable, Net (Tables)	3 Months Ended
Loans Receivable, Net (Tables)	Mar. 31, 2017
Receivables [Abstract]
Summary of Loans Receivable	Below is a summary of our loans receivable as of March 31, 2017 and December 31, 2016 . March 31, 2017 December 31, 2016 Carrying Value Fair Value Carrying Value Fair Value (In thousands) Mortgage loans receivable, net $ 9,307 $ 8,822 $ 9,313 $ 8,746 Other loans receivable, net 52,215 51,699 52,951 52,288 Total loans receivable, net $ 61,522 $ 60,521 $ 62,264 $ 61,034

Intangibles and Goodwill (Table

Intangibles and Goodwill (Tables)	3 Months Ended
Intangibles and Goodwill (Tables)	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Finite-Lived Intangible Assets	The following is a summary of our intangible assets and liabilities and goodwill as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Balance Remaining Weighted Average Amortization Period in Years Balance Remaining Weighted Average Amortization Period in Years (Dollars in thousands) Intangible assets: Above market lease intangibles $ 56,080 10.8 $ 56,570 11.1 In-place lease intangibles 35,744 12.8 35,861 12.8 Tradename, technology and customer relationships 2,950 3.3 2,950 3.5 Accumulated amortization (46,042 ) N/A (44,511 ) N/A Goodwill 123,884 N/A 123,884 N/A Net intangible assets $ 172,616 11.4 $ 174,754 11.5 Intangible liabilities: Below market lease intangibles $ 165,915 14.8 $ 167,789 15.0 Above market ground lease intangibles 1,907 51.7 1,907 51.9 Accumulated amortization (74,341 ) N/A (72,060 ) N/A Purchase option intangibles 5,546 N/A 5,546 N/A Net intangible liabilities $ 99,027 15.5 $ 103,182 15.7 N/A—Not Applicable.
Schedule of Indefinite-Lived Intangible Assets	The following is a summary of our intangible assets and liabilities and goodwill as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 Balance Remaining Weighted Average Amortization Period in Years Balance Remaining Weighted Average Amortization Period in Years (Dollars in thousands) Intangible assets: Above market lease intangibles $ 56,080 10.8 $ 56,570 11.1 In-place lease intangibles 35,744 12.8 35,861 12.8 Tradename, technology and customer relationships 2,950 3.3 2,950 3.5 Accumulated amortization (46,042 ) N/A (44,511 ) N/A Goodwill 123,884 N/A 123,884 N/A Net intangible assets $ 172,616 11.4 $ 174,754 11.5 Intangible liabilities: Below market lease intangibles $ 165,915 14.8 $ 167,789 15.0 Above market ground lease intangibles 1,907 51.7 1,907 51.9 Accumulated amortization (74,341 ) N/A (72,060 ) N/A Purchase option intangibles 5,546 N/A 5,546 N/A Net intangible liabilities $ 99,027 15.5 $ 103,182 15.7 N/A—Not Applicable.
Schedule of Goodwill

Other Assets (Tables)

Other Assets (Tables)	3 Months Ended
Other Assets (Tables)	Mar. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Summary of Other Assets	The following is a summary of our other assets as of March 31, 2017 and December 31, 2016 : March 31, December 31, (In thousands) Straight-line rent receivables, net $ 654 $ 657 Deferred lease costs 6,150 5,471 Assets held for sale 38,582 70,103 Derivative fair value asset 12,472 10,476 Other assets, net 20,314 18,425 Total other assets $ 78,172 $ 105,132

Borrowing Arrangements (Tables)

Borrowing Arrangements (Tables)	3 Months Ended
Borrowing Arrangements (Tables)	Mar. 31, 2017
Debt Disclosure [Abstract]
Term Loans and Other Debt	The following is a summary of our term loans, senior notes and other debt as of March 31, 2017 and December 31, 2016 : March 31, 2017 December 31, 2016 (In thousands) Unsecured revolving credit facility $ 86,000 $ 24,000 Secured term loan due 2019 135,000 135,000 Unsecured term loan due 2020 474,000 474,000 Unsecured term loan due 2023 200,000 200,000 5.125% senior notes due 2026 500,000 500,000 5.38% senior notes due 2027 100,000 100,000 Total 1,495,000 1,433,000 Unamortized debt issuance costs 17,409 18,466 Term loans, senior notes and other debt $ 1,477,591 $ 1,414,534
Contractual Obligation, Fiscal Year Maturity Schedule	As of March 31, 2017 , our indebtedness had the following maturities: Principal Amount Due at Maturity Revolver (1) Total Maturities (In thousands) 2017 $ — $ — $ — 2018 — — — 2019 135,000 86,000 221,000 2020 474,000 — 474,000 2021 — — — Thereafter 800,000 — 800,000 Total Maturities $ 1,409,000 $ 86,000 $ 1,495,000 (1) As of March 31, 2017 , we had $17.9 million of unrestricted cash, resulting in $68.1 million of net borrowings outstanding under the Revolver. The Revolver may be extended, at Care Capital LP’s option, for two additional six -month periods.

Derivatives and Hedging Activ33

Derivatives and Hedging Activities (Tables)	3 Months Ended
Derivatives and Hedging Activities (Tables)	Mar. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value	The table below presents the fair value of our derivative financial instruments, as well as their classification on our consolidated balance sheets as of March 31, 2017 and December 31, 2016 (in thousands): Asset Derivative Derivatives Designated as Hedging Instruments Balance Sheet Location March 31, 2017 December 31, 2016 Interest rate contracts Other assets $ 12,472 $ 10,476
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location	The table below presents the effect of our derivative financial instruments on our consolidated statements of income and comprehensive income for the three months ended March 31, 2017 and 2016 (in thousands): Derivatives in Cash Flow Hedging Relationships Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion) Location of Gain/Loss Reclassified from AOCI into Income (Effective Portion) Amount of Loss Reclassified from AOCI into Income (Effective Portion) Three months ended March 31, 2017 Interest rate contracts $ 1,205 Interest expense $ (790 ) Three months ended March 31, 2016 Interest rate contracts $ (6,708 ) Interest expense $ (917 )
Fair Value, Measurement Inputs, Disclosure	The table below presents our derivative financial instrument asset measured at fair value on a recurring basis as of March 31, 2017 , aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at March 31, 2017 Derivative financial instrument asset $ — $ 12,472 $ — $ 12,472 The table below presents our derivative financial instrument asset measured at fair value on a recurring basis as of December 31, 2016 , aggregated by the level in the fair value hierarchy within which those measurements fall (in thousands): Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Balance at December 31, 2016 Derivative financial instrument asset $ — $ 10,476 $ — $ 10,476

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
Earnings Per Share (Tables)	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table shows the amounts used in computing our basic and diluted earnings per common share: For the Three Months Ended March 31, 2017 2016 (In thousands, except per share amounts) Numerator for basic and diluted earnings per share: Net income attributable to common stockholders $ 64,909 $ 29,766 Less: dividends on unvested restricted shares (175 ) (191 ) Net income attributable to common stockholders excluding dividends on unvested restricted shares 64,734 29,575 Denominator: Denominator for basic earnings per share—weighted average shares 83,670 83,544 Effect of dilutive securities: Stock options — 4 Restricted stock 129 72 Denominator for diluted earnings per share—adjusted weighted average shares 83,799 83,620 Basic earnings per share: Net income attributable to common stockholders, excluding dividends on unvested restricted shares $ 0.77 $ 0.35 Diluted earnings per share: Net income attributable to common stockholders, excluding dividends on unvested restricted shares $ 0.77 $ 0.35

Description of Business (Detail

Description of Business (Details) bed in Thousands	3 Months Ended
Description of Business (Details) bed in Thousands	Mar. 31, 2017propertystateproviderbed	Aug. 17, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Spin-off common stock conversion		0.25
Number of properties \| property	337
Number of private providers \| provider	39
Number of states \| state	36
Number of units in real estate property, beds \| bed	37

Triple-Net Lease Arrangements (

Triple-Net Lease Arrangements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Leases [Abstract]
Accounts receivable	$ 2,500		$ 2,900
Allowance for doubtful accounts receivable	5,000		3,700
Provision for doubtful accounts, rental income	1,400	$ 1,900
Straight-line rent receivables, net	654		657
Allowance of straight line rent receivables	96,900		$ 97,100
Straight-line rent allowances expense	$ 700	$ 7,300

Acquisitions of Real Estate P37

Acquisitions of Real Estate Property (Details) $ in Thousands	1 Months Ended	3 Months Ended
	Dec. 31, 2016USD ($)property	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)
Business Acquisition [Line Items]
Acquisition-related cost \| $		$ 197	$ 1,160
2017 Acquisitions
Business Acquisition [Line Items]
Aggregate purchase price \| $		3,000
2016 Acquisitions
Business Acquisition [Line Items]
Aggregate purchase price \| $	$ 39,000	$ 36,000
Skilled Nursing Facilities \| 2017 Acquisitions
Business Acquisition [Line Items]
Number of properties acquired		1
Skilled Nursing Facilities \| 2016 Acquisitions
Business Acquisition [Line Items]
Number of properties acquired		4
Campus \| 2016 Acquisitions
Business Acquisition [Line Items]
Number of properties acquired	1
SNF - Campus \| 2016 Acquisitions
Business Acquisition [Line Items]
Number of properties acquired		1
Senior Housing Community - Campus \| 2016 Acquisitions
Business Acquisition [Line Items]
Number of properties acquired		1

Acquisitions of Real Estate P38

Acquisitions of Real Estate Property (Estimated Fair Value) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
2017 Acquisitions
Business Acquisition [Line Items]
Land and improvements	$ 175
Buildings and improvements	2,735
Acquired lease intangibles	90
Total assets acquired	3,000
Tenant deposits	64
Total liabilities assumed	64
Net assets acquired	$ 2,936
2016 Acquisitions
Business Acquisition [Line Items]
Land and improvements		$ 2,240
Buildings and improvements		31,640
Acquired lease intangibles		2,120
Total assets acquired		36,000
Tenant deposits		765
Total liabilities assumed		765
Net assets acquired		$ 35,235

Assets Held For Sale and Disp39

Assets Held For Sale and Dispositions of Real Estate Property (Narrative) (Details)	1 Months Ended		3 Months Ended
	Mar. 31, 2017USD ($)property	Feb. 29, 2016USD ($)property	Mar. 31, 2017USD ($)property	Mar. 31, 2016USD ($)	Dec. 31, 2016property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale \| property	21		21		30
Proceeds from real estate disposals			$ 0	$ 5,390,000
Gain (loss) on real estate dispositions			32,245,000	(120,000)
Impairment of real estate			$ 0	$ 5,500,000
Skilled Nursing Facilities
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale \| property	9		9
Number of properties sold \| property		7	9
Proceeds from real estate disposals		$ 5,400,000	$ 69,000,000
Contingent consideration	$ 4,000,000		$ 4,000,000
Gain (loss) on real estate dispositions	$ 32,200,000	$ (100,000)
Number of real estate property sold to existing operator \| property		1
Term of loan receivable		18 months
Amount of loan receivable issued		$ 4,500,000

Assets Held For Sale and Disp40

Assets Held For Sale and Dispositions of Real Estate Property (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)property
Activity of Property Classified as Held for Sale [Roll Forward]
Beginning balance \| property	30
Properties added \| property	0
Properties sold \| property	(9)
Ending balance \| property	21
Activity of Property Classified as Held for Sale, Net Book Value [Roll Forward]
Beginning, net book value \| $	$ 66,871
Properties added \| $	0
Properties sold \| $	(31,369)
Assets Held-for-sale, Net \| $	$ 35,502

Loans Receivable, Net (Details)

Loans Receivable, Net (Details)	1 Months Ended			3 Months Ended
Loans Receivable, Net (Details)	Feb. 28, 2017USD ($)	May 31, 2016USD ($)property	Feb. 29, 2016USD ($)property	Mar. 31, 2017USD ($)propertyloan	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured and unsecured loans receivable, net, Carrying Value				$ 61,522,000		$ 62,264,000
Secured and unsecured loans receivable, net, Fair Value				$ 60,521,000		61,034,000
Number of loans \| loan				2
Interest income				$ 323,000	$ 305,000
Secured Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured and unsecured loans receivable, net, Carrying Value				9,307,000		9,313,000
Secured and unsecured loans receivable, net, Fair Value				8,822,000		8,746,000
Unsecured Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured and unsecured loans receivable, net, Carrying Value				52,215,000		52,951,000
Secured and unsecured loans receivable, net, Fair Value				$ 51,699,000		$ 52,288,000
Secured Loan Receivable Matures 2027
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured and unsecured loans receivable, net, Carrying Value	$ 19,000,000
Stated interest rate	10.00%
Mezzanine Loan
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loan receivable issued		$ 25,000,000
Term of loan receivable		4 years
Number of properties sold \| property		7
Fixed interest rate		$ 0.1
Various Operators \| Unsecured Loans Receivable
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans \| loan				10
Loans receivable				$ 24,500,000
Interest income				$ 1,300,000	$ 600,000
Skilled Nursing Facilities
Accounts, Notes, Loans and Financing Receivable [Line Items]
Amount of loan receivable issued			$ 4,500,000
Term of loan receivable			18 months
Number of properties sold \| property			7	9
Skilled Nursing Facilities \| Secured Loan Receivable Matures 2018
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured and unsecured loans receivable, net, Carrying Value				$ 5,300,000
Number of loans \| loan				1
Amount of loan receivable issued				$ 5,600,000
Number of skilled nursing facility used to secure loans receivable \| property				1
Stated interest rate				9.75%
Skilled Nursing Facilities \| Secured Loan Receivable Matures 2017
Accounts, Notes, Loans and Financing Receivable [Line Items]
Secured and unsecured loans receivable, net, Carrying Value				$ 4,000,000
Amount of loan receivable issued				$ 4,500,000
Number of skilled nursing facility used to secure loans receivable \| property				1
Stated interest rate				10.00%
Skilled Nursing Facilities \| Working Capital
Accounts, Notes, Loans and Financing Receivable [Line Items]
Number of loans \| loan				3
Loans receivable				$ 2,700,000
Minimum \| Various Operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed interest rate				0.05
Maximum \| Various Operators
Accounts, Notes, Loans and Financing Receivable [Line Items]
Fixed interest rate				$ 0.113

Intangibles and Goodwill (Intan

Intangibles and Goodwill (Intangible Assets) (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Remaining Weighted Average Amortization Period in Years	11 years 4 months 24 days		11 years 6 months
Intangible assets:
Accumulated amortization	$ (46,042)		$ (44,511)
Goodwill	123,884		123,884
Net intangible assets	172,616		174,754
Intangible liabilities:
Below market lease intangibles	165,915		167,789
Accumulated amortization	(74,341)		(72,060)
Purchase option intangibles	5,546		5,546
Net intangible liabilities	$ 99,027		$ 103,182
Below market leases, remaining weighted average amortization period	14 years 9 months 18 days		15 years
Finite-lived intangible liabilities, remaining weighted average amortization period	15 years 6 months		15 years 8 months 12 days
Intangibles
Net amortization expense	$ 1,000	$ 1,200
Estimated net amortization of the intangibles remainder of 2017	2,900
Estimated net amortization of the intangibles during 2018	3,800
Estimated net amortization of the intangibles during 2019	4,200
Estimated net amortization of the intangibles during 2020	4,000
Estimated net amortization of the intangibles during 2021	2,500
Above market ground lease intangibles
Intangible liabilities:
Above market ground lease intangibles	$ 1,907		$ 1,907
Above market ground leases, remaining weighted average amortization period	51 years 8 months 12 days		51 years 10 months 24 days
Above market lease intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 56,080		$ 56,570
Remaining Weighted Average Amortization Period in Years	10 years 9 months 18 days		11 years 1 month 6 days
In-place lease intangibles
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 35,744		$ 35,861
Remaining Weighted Average Amortization Period in Years	12 years 9 months 18 days		12 years 9 months 18 days
Tradename, technology and customer relationships
Finite-Lived Intangible Assets [Line Items]
Intangible assets	$ 2,950		$ 2,950
Remaining Weighted Average Amortization Period in Years	3 years 3 months 18 days		3 years 6 months

Intangibles and Goodwill (Sched

Intangibles and Goodwill (Schedule of Goodwill) (Details) $ in Thousands	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 123,884
Goodwill, ending balance	$ 123,884

Intangibles and Goodwill (Narra

Intangibles and Goodwill (Narrative) (Details) $ in Millions	12 Months Ended
	Dec. 31, 2016USD ($)property
Goodwill and Intangible Assets Disclosure [Abstract]
Number of Properties Related to Lease Termination \| property	2
Lease termination revenue	$ 1.1
Accumulated depreciation and amortization increase	$ 0.2

Other Assets (Details)

Other Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Straight-line rent receivables, net	$ 654	$ 657
Deferred lease costs	6,150	5,471
Assets held for sale	38,582	70,103
Derivative fair value asset	12,472	10,476
Other assets, net	20,314	18,425
Total other assets	$ 78,172	$ 105,132

Borrowing Arrangements (Summary

Borrowing Arrangements (Summary of Long Term Debt) (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Debt Instrument [Line Items]
Debt amount	$ 1,495,000	$ 1,433,000
Unamortized debt issuance costs	17,409	18,466
Term loans, senior notes and other debt	1,477,591	1,414,534
Unsecured revolving credit facility
Debt Instrument [Line Items]
Debt amount	86,000	24,000
Secured term loan due 2019
Debt Instrument [Line Items]
Debt amount	135,000	135,000
Unsecured term loan due 2020
Debt Instrument [Line Items]
Debt amount	474,000	474,000
Unsecured term loan due 2023
Debt Instrument [Line Items]
Debt amount	200,000	200,000
5.125% senior notes due 2026
Debt Instrument [Line Items]
Debt amount	$ 500,000	500,000
Interest rate	5.125%
5.38% senior notes due 2027
Debt Instrument [Line Items]
Debt amount	$ 100,000	$ 100,000
Interest rate	5.38%

Borrowing Arrangements (Narrati

Borrowing Arrangements (Narrative) (Details) - USD ($)	Mar. 31, 2017	Jul. 31, 2016	May 31, 2016	Jan. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016	Aug. 17, 2015
Term Loans and Other Debt
Proceeds from issuance of debt					$ 0	$ 200,000,000
Debt amount	$ 1,495,000,000				1,495,000,000		$ 1,433,000,000
Term Loans Due 2017
Term Loans and Other Debt
Face amount of debt	600,000,000				600,000,000
Term Loans Due 2020
Term Loans and Other Debt
Face amount of debt	800,000,000				800,000,000
Notes Due 2026
Term Loans and Other Debt
Interest expense, debt					6,400,000
Proceeds from issuance of debt		$ 500,000,000
Stated interest rate		5.125%
Redemption price of principal amount		100.00%
Senior Notes due 2027
Term Loans and Other Debt
Interest expense, debt					1,300,000
Proceeds from issuance of debt			$ 100,000,000
Stated interest rate			5.38%
Debt amount	100,000,000				100,000,000		100,000,000
Unsecured term loan due 2023
Term Loans and Other Debt
Face amount of debt				$ 200,000,000
LIBOR Spread, percentage				1.80%
Interest expense, debt					1,300,000	800,000
Debt amount	$ 200,000,000				200,000,000		$ 200,000,000
Swap Agreement
Term Loans and Other Debt
Face amount of debt								$ 600,000,000
Unsecured term loan \| Term Loans
Term Loans and Other Debt
LIBOR Spread, percentage	1.50%
Revolving Credit Facility
Term Loans and Other Debt
Line of credit facility, maximum borrowing capacity	$ 600,000,000				600,000,000
LIBOR Spread, percentage	1.30%
Interest expense, debt					3,300,000	$ 7,100,000
Revolving Credit Facility \| Unsecured term loan
Term Loans and Other Debt
Available capacity of unused borrowings	$ 514,000,000				514,000,000
Minimum \| Swap Agreement
Term Loans and Other Debt
Term of debt instrument, years				4 years 7 months 6 days
Maximum \| Swap Agreement
Term Loans and Other Debt
Term of debt instrument, years				7 years
Subsidiaries \| Secured Debt \| Term Loan Due July 2019
Term Loans and Other Debt
Face amount of debt		$ 135,000,000
Interest expense, debt					$ 900,000
LIBOR \| Subsidiaries \| Secured Debt \| Term Loan Due July 2019
Term Loans and Other Debt
LIBOR Spread, percentage		1.80%
LIBOR interest period		1 month

Borrowing Arrangements (Maturit

Borrowing Arrangements (Maturities) (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)extension	Dec. 31, 2016USD ($)
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	$ 0
2,018	0
2,019	221,000
2,020	474,000
2,021	0
Thereafter	800,000
Total Maturities	1,495,000	$ 1,433,000
Cash	17,891	15,813
Debt outstanding excluding cash held	68,100
Term Loans and Senior Notes
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	0
2,018	0
2,019	135,000
2,020	474,000
2,021	0
Thereafter	800,000
Total Maturities	1,409,000
Revolver
Long-term Debt, Fiscal Year Maturity [Abstract]
2,017	0
2,018	0
2,019	86,000
2,020	0
2,021	0
Thereafter	0
Total Maturities	$ 86,000	$ 24,000
Debt extensions available \| extension	2
Extension periods	6 months

Derivatives and Hedging Activ49

Derivatives and Hedging Activities (Details) $ in Thousands	3 Months Ended
Derivatives and Hedging Activities (Details) $ in Thousands	Mar. 31, 2017USD ($)derivative	Mar. 31, 2016USD ($)
Derivative [Line Items]
Interest expense	$ 15,185	$ 10,067
Number of interest rate derivatives held \| derivative	8
Effective derivatives	100.00%
Derivatives Designated as Hedging Instruments
Derivative [Line Items]
Derivative, notional amount	$ 600,000
Interest expense
Derivative [Line Items]
Derivative instruments, loss reclassified from accumulated OCI into income, effective portion	400
Derivative
Derivative [Line Items]
Interest expense	$ 800	$ 900

Derivatives and Hedging Activ50

Derivatives and Hedging Activities (Financial Position) (Details) - Interest rate contracts - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Derivatives Designated as Hedging Instruments \| Other assets
Derivatives, Fair Value [Line Items]
Asset Derivative	$ 12,472
Cash Flow Hedging \| Interest expense
Derivatives, Fair Value [Line Items]
Amount of Gain (Loss) Recognized in AOCI on Derivative (Effective Portion)	1,205	$ (6,708)
Amount of Loss Reclassified from AOCI into Income (Effective Portion)	$ (790)	$ (917)

Derivatives and Hedging Activ51

Derivatives and Hedging Activities (Financial Instrument Asset) (Details) - Fair Value, Measurements, Recurring - Fair Value - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivative	$ 12,472	$ 10,476
Quoted Prices in Active Markets for Identical Assets and Liabilities (Level 1)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivative	0	0
Significant Other Observable Inputs (Level 2)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivative	12,472
Significant Unobservable Inputs (Level 3)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Asset Derivative	$ 0	$ 0

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended
Income Taxes (Details)	Mar. 31, 2017USD ($)subsidiary	Mar. 31, 2016USD ($)	Dec. 31, 2016USD ($)
Income Tax Disclosure [Abstract]
Number of subsidiaries treated as taxable REIT \| subsidiary	1
Income tax expense	$ 239,000	$ 421,000
Deferred income taxes	1,766,000		$ 1,852,000
Liability for uncertain tax positions	$ 0		$ 0

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) $ in Millions	3 Months Ended
	Mar. 31, 2017USD ($)installmentshares	Mar. 31, 2016USD ($)shares	Aug. 31, 2015shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of annual installments of vesting shares \| installment	3
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	140,845	134,416
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted (in shares)		496,859
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	34,886	41,626
2015 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common stock was reserved initially for issuance (in shares)			7,000,000
Employees and Directors \| 2015 Incentive Plan \| Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares granted, value \| $	$ 4.7	$ 6

Concentration of Risk (Details)

Concentration of Risk (Details) - state	3 Months Ended
Concentration of Risk (Details) - state	Mar. 31, 2017	Mar. 31, 2016
Concentration Risk [Line Items]
Number of states	36
TEXAS \| Revenues or NOI
Concentration Risk [Line Items]
Number of states accounting for more than 10 percent of revenues	1
Senior Care Centers, LLC \| Real Estate Properties Total Gross Book Value \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk rate	20.40%
Senior Care Centers, LLC \| Revenues \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk rate	17.30%	16.40%
Signature HealthCARE LLC \| Revenues \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk rate	12.30%	14.20%
Avamere Group, LLC \| Real Estate Properties Total Gross Book Value \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk rate	10.90%
Avamere Group, LLC \| Revenues \| Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk rate	11.60%	10.70%

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Numerator for basic and diluted earnings per share:
Net income attributable to common stockholders	$ 64,909	$ 29,766
Less: dividends on unvested restricted shares	(175)	(191)
Net income attributable to common stockholders excluding dividends on unvested restricted shares	$ 64,734	$ 29,575
Denominator:
Denominator for basic earnings per share—weighted average shares (in shares)	83,670	83,544
Effect of dilutive securities:
Stock options (in shares)	0	4
Restricted stock (in shares)	129	72
Denominator for diluted earnings per share—adjusted weighted average shares (in shares)	83,799	83,620
Basic earnings per share:
Net income attributable to common stockholders, excluding dividends on unvested restricted shares (USD per share)	$ 0.77	$ 0.35
Diluted earnings per share:
Net income attributable to common stockholders, excluding dividends on unvested restricted shares (USD per share)	$ 0.77	$ 0.35

Stockholders Equity (Details)

Stockholders Equity (Details) - USD ($) $ / shares in Units, $ in Millions	Mar. 31, 2017	Jan. 05, 2017	Mar. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Equity offering program				$ 250
Dividends paid in cash (in dollars per share)	$ 0.57	$ 0.57	$ 0.57	$ 2.28

Summarized Condensed Consolid57

Summarized Condensed Consolidating and Combining Information (Details) - Care Capital LP	Mar. 31, 2017
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	100.00%
CCP
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	99.00%
General Partner \| Care Capital Properties GP, LLC
Condensed Financial Statements, Captions [Line Items]
Ownership percentage	1.00%

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ in Millions	Apr. 28, 2017USD ($)property	May 05, 2017property	May 07, 2017
Subsequent Event [Line Items]
Number of properties acquired	6
Payments to acquire businesses \| $	$ 378.6
Number of buildings to be bought, option	1
Rent receivable \| $	$ 30.3
Number of properties transitioned		17
Potential merger transaction, conversion ratio			1.123