Healthpeak Properties (DOC) 10-Q 6 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	1-May-14
Document and Entity Information	'	'
Entity Registrant Name	'HCP, INC.	'
Entity Central Index Key	'0000765880	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Amendment Flag	'false	'
Current Fiscal Year End Date	'--12-31	'
Entity Current Reporting Status	'Yes	'
Entity Filer Category	'Large Accelerated Filer	'
Entity Common Stock, Shares Outstanding	'	458,197,511
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'

CONDENSED_CONSOLIDATED_BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Real estate:	'		'
Buildings and improvements	$10,570,071		$10,544,110
Development costs and construction in progress	211,181		225,869
Land	1,827,137		1,822,862
Accumulated depreciation and amortization	-2,015,034		-1,965,592
Net real estate	10,593,355		10,627,249
Net investment in direct financing leases	7,190,400		7,153,399
Loans receivable, net	371,172		366,001
Investments in and advances to unconsolidated joint ventures	193,930		196,576
Accounts receivable, net of allowance of $1,897 and $1,529, respectively	28,539		27,494
Cash and cash equivalents	49,738		300,556
Restricted cash	30,296		37,229
Intangible assets, net	472,058		489,842
Real estate assets held for sale, net	'		9,819
Other assets, net	929,190		867,705
Total assets	19,858,678	[1]	20,075,870	[1]
LIABILITIES AND EQUITY	'		'
Term loan	228,269		226,858
Senior unsecured notes	6,912,812		6,963,375
Mortgage debt	1,235,169		1,396,485
Other debt	74,097		74,909
Intangible liabilities, net	94,615		98,810
Accounts payable and accrued liabilities	276,342		318,427
Deferred revenue	67,801		65,872
Total liabilities	8,889,105	[2]	9,144,736	[2]
Commitments and contingencies	'		'
Common stock, $1.00 par value: 750,000,000 shares authorized; 458,043,744 and 456,960,648 shares issued and outstanding, respectively	458,044		456,961
Additional paid-in capital	11,362,581		11,334,041
Cumulative dividends in excess of earnings	-1,044,302		-1,053,215
Accumulated other comprehensive loss	-14,570		-14,487
Total stockholders' equity	10,761,753		10,723,300
Joint venture partners	23,788		23,729
Non-managing member unitholders	184,032		184,105
Total noncontrolling interests	207,820		207,834
Total equity	10,969,573		10,931,134
Total liabilities and equity	$19,858,678		$20,075,870
[1]	The Company's consolidated total assets at March 31, 2014 and December 31, 2013 include assets of certain variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs. At both March 31, 2014 and December 31, 2013: other assets, net, $1 million. See Note 16 to the Condensed Consolidated Financial Statements for additional information.
[2]	The Company's consolidated total liabilities at March 31, 2014 and December 31, 2013 include liabilities of certain VIEs for which the VIE creditors do not have recourse to HCP, Inc. At both March 31, 2014 and December 31, 2013: accounts payable and accrued liabilities, $9 million. See Note 16 to the Condensed Consolidated Financial Statements for additional information.

CONDENSED_CONSOLIDATED_BALANCE1

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
Other assets, net	$929,190	$867,705
Accounts payable and accrued liabilities	276,342	318,427
Accounts receivable, allowance (in dollars)	1,897	1,529
Common stock, par value (in dollars per share)	$1	$1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	458,043,744	456,960,648
Common stock, shares outstanding	458,043,744	456,960,648
VIEs	'	'
Other assets, net	1,000	1,000
Accounts payable and accrued liabilities	$9,000	$9,000

CONDENSED_CONSOLIDATED_STATEME

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenues:	'	'
Rental and related revenues	$284,823	$281,539
Tenant recoveries	25,434	24,202
Resident fees and services	38,053	35,746
Income from direct financing leases	164,537	156,870
Interest income	16,696	12,386
Investment management fee income	449	443
Total revenues	529,992	511,186
Costs and expenses:	'	'
Interest expense	106,638	109,110
Depreciation and amortization	107,388	103,179
Operating	75,707	72,686
General and administrative	21,394	20,656
Total costs and expenses	311,127	305,631
Other income, net	1,930	12,112
Income before income taxes and equity income from unconsolidated joint ventures	220,795	217,667
Income taxes	-1,446	-916
Equity income from unconsolidated joint ventures	14,528	14,801
Income from continuing operations	233,877	231,552
Discontinued operations:	'	'
Income before gain on sales of real estate, net of income taxes	1,736	2,232
Gain on sales of real estate, net of income taxes	28,010	'
Total discontinued operations	29,746	2,232
Net income	263,623	233,784
Noncontrolling interests' share in earnings	-4,512	-3,199
Net income attributable to HCP, Inc.	259,111	230,585
Participating securities' share in earnings	-1,064	-478
Net income applicable to common shares	$258,047	$230,107
Basic earnings per common share:	'	'
Continuing operations (in dollars per share)	$0.50	$0.50
Discontinued operations (in dollars per share)	$0.06	$0.01
Net income applicable to common shares (in dollars per share)	$0.56	$0.51
Diluted earnings per common share:	'	'
Continuing operations (in dollars per share)	$0.50	$0.50
Discontinued operations (in dollars per share)	$0.06	$0.01
Net income applicable to common shares (in dollars per share)	$0.56	$0.51
Weighted average shares used to calculate earnings per common share:	'	'
Basic (in shares)	457,294	453,651
Diluted (in shares)	457,674	454,613
Dividends declared per common share (in dollars per share)	$0.55	$0.53

CONDENSED_CONSOLIDATED_STATEME1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME	'	'
Net income	$263,623	$233,784
Change in net unrealized gains on securities:	'	'
Unrealized gains	3	1,355
Reclassification adjustment realized in net income	'	-9,131
Change in net unrealized gains (losses) on cash flow hedges:	'	'
Unrealized gains (losses)	-695	5,320
Reclassification adjustment realized in net income	605	272
Change in Supplemental Executive Retirement Plan obligation	54	55
Foreign currency translation adjustment	-50	178
Total other comprehensive loss	-83	-1,951
Total comprehensive income	263,540	231,833
Total comprehensive income attributable to noncontrolling interests	-4,512	-3,199
Total comprehensive income attributable to HCP, Inc.	$259,028	$228,634

CONDENSED_CONSOLIDATED_STATEME2

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Income (Loss)	Total Noncontrolling Interests
In Thousands, unless otherwise specified
Balance at Dec. 31, 2012	$10,753,777	$10,551,237	$453,191	$11,180,066	($1,067,367)	($14,653)	$202,540
Balance (in shares) at Dec. 31, 2012	'	'	453,191	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net income	233,784	230,585	'	'	230,585	'	3,199
Other comprehensive loss	-1,951	-1,951	'	'	'	-1,951	'
Issuance of common stock, net	12,277	14,456	555	13,901	'	'	-2,179
Issuance of common stock, net (in shares)	'	'	555	'	'	'	'
Repurchase of common stock	-689	-689	-14	-675	'	'	'
Repurchase of common stock (in shares)	'	'	-14	'	'	'	'
Exercise of stock options	20,665	20,665	685	19,980	'	'	'
Exercise of stock options (in shares)	'	'	685	'	'	'	'
Amortization of deferred compensation	5,430	5,430	'	5,430	'	'	'
Common dividends ($0.545 and $0.525 per share for the period ended March 31, 2014 and 2013, respectively)	-238,467	-238,467	'	'	-238,467	'	'
Distributions to noncontrolling interests	-3,754	'	'	'	'	'	-3,754
Issuance of noncontrolling interests	987	'	'	'	'	'	987
Balance at Mar. 31, 2013	10,782,059	10,581,266	454,417	11,218,702	-1,075,249	-16,604	200,793
Balance (in shares) at Mar. 31, 2013	'	'	454,417	'	'	'	'
Balance at Dec. 31, 2013	10,931,134	10,723,300	456,961	11,334,041	-1,053,215	-14,487	207,834
Balance (in shares) at Dec. 31, 2013	'	'	456,961	'	'	'	'
Increase (Decrease) in Stockholders' Equity	'	'	'	'	'	'	'
Net income	263,623	259,111	'	'	259,111	'	4,512
Other comprehensive loss	-83	-83	'	'	'	-83	'
Issuance of common stock, net	32,633	32,706	1,287	31,419	'	'	-73
Issuance of common stock, net (in shares)	'	'	1,287	'	'	'	'
Repurchase of common stock	-8,068	-8,068	-208	-7,860	'	'	'
Repurchase of common stock (in shares)	'	'	-208	'	'	'	'
Exercise of stock options	95	95	4	91	'	'	'
Exercise of stock options (in shares)	'	'	4	'	'	'	'
Amortization of deferred compensation	4,890	4,890	'	4,890	'	'	'
Common dividends ($0.545 and $0.525 per share for the period ended March 31, 2014 and 2013, respectively)	-250,198	-250,198	'	'	-250,198	'	'
Distributions to noncontrolling interests	-3,975	'	'	'	'	'	-3,975
Issuance of noncontrolling interests	1,193	'	'	'	'	'	1,193
Purchase of noncontrolling interests	-1,671	'	'	'	'	'	-1,671
Balance at Mar. 31, 2014	$10,969,573	$10,761,753	$458,044	$11,362,581	($1,044,302)	($14,570)	$207,820
Balance (in shares) at Mar. 31, 2014	'	'	458,044	'	'	'	'

CONDENSED_CONSOLIDATED_STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	0 Months Ended		3 Months Ended
	1-May-14	Jan. 30, 2014	Mar. 31, 2014	Mar. 31, 2013
CONDENSED CONSOLIDATED STATEMENTS OF EQUITY	'	'	'	'
Common dividends, per share (in dollars per share)	$0.55	$0.55	$0.55	$0.53

CONDENSED_CONSOLIDATED_STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Cash flows from operating activities:	'	'
Net income	$263,623	$233,784
Depreciation and amortization of real estate, in-place lease and other intangibles:	'	'
Continuing operations	107,388	103,179
Discontinued operations	'	1,538
Amortization of above and below market lease intangibles, net	-168	-78
Amortization of deferred compensation	4,890	5,430
Amortization of deferred financing costs, net	4,965	4,644
Straight-line rents	-13,968	-18,793
Loan and direct financing lease interest accretion	-21,503	-24,266
Deferred rental revenues	-145	1,257
Equity income from unconsolidated joint ventures	-14,528	-14,801
Distributions of earnings from unconsolidated joint ventures	2,430	803
Gain on sales of real estate	-28,010	'
Marketable securities and other (gains) losses, net	63	-11,082
Changes in:	'	'
Accounts receivable, net	-1,045	1,967
Other assets	-8,942	-8,699
Accounts payable and accrued liabilities	-47,869	-60,533
Net cash provided by operating activities	247,181	214,350
Cash flows from investing activities:	'	'
Acquisitions of real estate	-5,473	-25,654
Development of real estate	-33,983	-38,749
Leasing costs and tenant and capital improvements	-12,405	-8,959
Proceeds from sales of real estate, net	36,753	'
Distributions in excess of earnings from unconsolidated joint ventures	772	568
Proceeds from the sale of marketable securities	'	28,030
Principal repayments on loans receivable	3,133	2,188
Investments in loans receivable and other	-42,281	-14,957
Decrease in restricted cash	6,933	173
Net cash used in investing activities	-46,551	-57,360
Cash flows from financing activities:	'	'
Net borrowings under bank line of credit	'	14,000
Issuance of senior unsecured notes	350,000	'
Repayments of senior unsecured notes	-400,000	-150,000
Repayments of mortgage debt	-162,739	-12,135
Deferred financing costs	-9,239	'
Issuance of common stock and exercise of options	32,728	32,942
Repurchase of common stock	-8,068	-689
Dividends paid on common stock	-250,198	-238,467
Issuance of noncontrolling interests	41	987
Distributions to noncontrolling interests	-3,975	-3,754
Net cash used in financing activities	-451,450	-357,116
Effect of foreign exchange on cash and cash equivalents	2	'
Net decrease in cash and cash equivalents	-250,818	-200,126
Cash and cash equivalents, beginning of period	300,556	247,673
Cash and cash equivalents, end of period	$49,738	$47,547

Business

Business	3 Months Ended
	Mar. 31, 2014
Business	'
Business	'
	(1)         Business
	HCP, Inc., a Standard & Poor’s (“S&P”) 500 company, together with its consolidated entities (collectively, “HCP” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). The Company is a Maryland corporation and was organized to qualify as a self-administered real estate investment trust (“REIT”) in 1985. The Company is headquartered in Long Beach, California, with offices in Nashville, Tennessee and San Francisco, California. The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. The Company’s portfolio is comprised of investments in the following five healthcare segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. The Company makes investments within the healthcare segments using the following five investment products: (i) properties under lease, (ii) debt investments, (iii) developments and redevelopments, (iv) investment management and (v) investments in senior housing operations utilizing the structure permitted by the Housing and Economic Recovery Act of 2008, which is commonly referred to as “RIDEA.”

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Summary of Significant Accounting Policies	'
	(2)         Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
	The condensed consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries and joint ventures or variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”).
	Certain amounts in the Company’s condensed consolidated financial statements have been reclassified for prior periods to conform to the current period presentation. Assets sold or held for sale and associated liabilities have been reclassified on the condensed consolidated balance sheets and the related operating results reclassified from continuing to discontinued operations on the condensed consolidated statements of income (see Note 4).
	Allowance for Doubtful Accounts
	The Company maintains an allowance for doubtful accounts, including an allowance for operating lease straight line rent receivables, for estimated losses resulting from tenant defaults or the inability of tenants to make contractual rent and tenant recovery payments. For operating lease straight line rent amounts, the Company’s assessment is based on amounts estimated to be recoverable over the term of the lease.
	The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA, along with liquidity. The Company evaluates, on a monthly basis or immediately upon a change in circumstances, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company.
	In connection with the Company’s quarterly loans receivable and direct financing leases (“DFLs”) (collectively “Finance Receivables”) review process, Finance Receivables are assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection of all amounts owed is reasonably assured. Watch List Finance Receivables meet all present contractual obligations; however, the timing and/or collection of all amounts owed may not be reasonably assured. Workout Finance Receivables are defined as Finance Receivables where the Company has determined, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the agreement.
	Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured. If the ultimate collectibility of the recorded nonaccrual Finance Receivable balance is in doubt, the cost recovery method is used, and cash collected is applied to first reduce the carrying value of the Finance Receivable. Otherwise, the cash basis method is used, whereby income may be recognized to the extent cash is received. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of remaining loan or lease payments is no longer in doubt.
	Allowances are established for Finance Receivables based upon an estimate of probable losses on an individual basis if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the borrower’s or lessee’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate.
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). This update changes the requirements for reporting and the definition of discontinued operations. Based on the current revisions, the disposal of a component of an entity, or a group of components of an entity, is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when certain defined criteria are met. ASU 2014-08 is effective for fiscal years and interim periods ending after December 15, 2014 and shall be applied prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. Upon the Company’s early adoption of ASU 2014-08, on June 30, 2014, it does not expect that future sales of real estate assets will represent strategic shifts or have a major effect on the Company’s operations or financial results; therefore, such dispositions would not be considered discontinued operations.

Real_Estate_Property_Investmen

Real Estate Property Investments	3 Months Ended
	Mar. 31, 2014
Real Estate Property Investments	'
Real Estate Property Investments	'
	(3)         Real Estate Property Investments
	During the three months ended March 31, 2014, the Company acquired land for a senior housing community development project for $7 million, subject to a 15 percent noncontrolling interest. During the three months ended March 31, 2013, the Company acquired the four remaining senior housing communities from a joint venture between Emeritus Corporation (“Emeritus”) and Blackstone Real Estate Partners VI for $38 million and acquired 38 acres of land to be developed for use in the post-acute/skilled nursing segment for $0.4 million.
	During the three months ended March 31, 2014 and 2013, the Company funded an aggregate of $49 million and $42 million, respectively, for construction, tenant and other capital improvement projects, primarily in its senior housing, life science and medical office segments.

Dispositions_of_Real_Estate_an

Dispositions of Real Estate and Discontinued Operations	3 Months Ended
	Mar. 31, 2014
Dispositions of Real Estate and Discontinued Operations	'
Dispositions of Real Estate and Discontinued Operations	'
	(4)         Dispositions of Real Estate andDiscontinued Operations
	During the three months ended March 31, 2014, the Company sold two post-acute/skilled nursing facilities for $22 million and a hospital for $17 million. There were no sales of real estate assets during the three months ended March 31, 2013.
	At December 31, 2013, one hospital and two post-acute/skilled nursing facilities were classified as held for sale, with a carrying value of $10 million. There were no assets classified as held for sale at March 31, 2014.
	The following table summarizes operating income from discontinued operations and gain on sales of real estate included in discontinued operations (dollars in thousands):
		Three Months Ended March 31,
		2014		2013
	Rental and related revenues	$	1,810	$	5,083
	Depreciation and amortization expenses	—		1,538
	Operating expenses	54		919
	Other expenses, net	20		394
	Income before gain on sales of real estate, net of income taxes	$	1,736	$	2,232
	Gain on sales of real estate, net of income taxes	$	28,010	$	—
	Number of properties included in discontinued operations	3		13

Net_Investment_in_Direct_Finan

Net Investment in Direct Financing Leases	3 Months Ended
	Mar. 31, 2014
Net Investment in Direct Financing Leases	'
Net Investment in Direct Financing Leases	'
	(5)         Net Investment in Direct Financing Leases
	The components of net investment in DFLs consisted of the following (dollars in thousands):
		March 31,			December 31,
		2014			2013
	Minimum lease payments receivable(1)	$	24,666,528		$	24,808,386
	Estimated residual values	4,134,405			4,134,405
	Less unearned income	(21,610,533		)	(21,789,392		)
	Net investment in direct financing leases	$	7,190,400		$	7,153,399
	Properties subject to direct financing leases	364			364
	The minimum lease payments receivable are primarily attributable to HCR ManorCare, Inc. (“HCR ManorCare”) ($23.4 billion and $23.5 billion at March 31, 2014 and December 31, 2013, respectively). The triple-net master lease with HCR ManorCare provides for annual rent of $524 million beginning April 1, 2014 (prior to April 1, 2014, annual rent was $506 million). The rent increases by 3.5% per year over the next two years and by 3% for the remaining portion of the initial lease term. The properties are grouped into four pools, and HCR ManorCare has a one-time extension option for each pool with rent increased for the first year of the extension option to the greater of fair market rent or a 3% increase over the rent for the prior year. Including the extension options, which the Company determined to be bargain renewal options, the four leased pools had total initial available terms ranging from 23 to 35 years.
	The following table summarizes the Company’s internal ratings for net investment in DFLs at March 31, 2014 (in thousands):
		Carrying			Percentage of		Internal Ratings
					DFL
	Investment Type	Amount			Portfolio		Performing DFLs		Watch List DFLs		Workout DFLs
	Senior housing	$	1,484,656		21		$	1,111,264	$	373,392	$	—
	Post-acute/skilled nursing	5,581,853			77		5,581,853		—		—
	Hospital	123,891			2		123,891		—		—
		$	7,190,400		100		$	6,817,008	$	373,392	$	—
	During the quarter ended September 30, 2013, the Company placed a 14-property senior housing DFL (the “DFL Portfolio”) on non-accrual status. Based on the Company’s determination that the collection of all rental payments was no longer reasonably assured, rental revenue for the DFL Portfolio is recognized on a cash basis. Furthermore, the Company determined that the DFL Portfolio was not impaired at September 30, 2013, based on its belief that: (i) it was not probable that it will not collect all of the rental payments under the terms of the lease; and (ii) the fair value of the underlying collateral exceeded the DFL Portfolio’s $376 million carrying amount. The fair value of the DFL Portfolio was estimated based on a discounted cash flow model, the inputs to which are considered to be a Level 3 measurement within the fair value hierarchy. Inputs to this valuation model include real estate capitalization rates, industry growth rates and operating margins, some of which influence the Company’s expectation of future cash flows from the DFL Portfolio and, accordingly, the fair value of its investment. During the three months ended March 31, 2014 and 2013, the Company recognized DFL income of $4.9 million and $7.0 million, respectively, and received cash payments of $5.8 million and $5.8 million, respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $373 million and $374 million at March 31, 2014 and December 31, 2013, respectively. At March 31, 2014, the Company believes the fair value of the collateral supporting this loan is in excess of its carrying value.

Loans_Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2014
Loans Receivable	'
Loans Receivable	'
	(6)         Loans Receivable
	The following table summarizes the Company’s loans receivable (in thousands):
		March 31, 2014								December 31, 2013
		Real Estate		Other			Total			Real Estate			Other			Total
		Secured		Secured						Secured			Secured
	Mezzanine	$	—	$	234,455		$	234,455		$	—		$	234,455		$	234,455
	Other(1)	152,759		—			152,759			147,669			—			147,669
	Unamortized discounts, fees and costs	—		(2,632		)	(2,632		)	—			(2,713		)	(2,713		)
	Allowance for loan losses	—		(13,410		)	(13,410		)	—			(13,410		)	(13,410		)
		$	152,759	$	218,413		$	371,172		$	147,669		$	218,332		$	366,001
	(1)          Includes $123 million and $117 million at March 31, 2014 and December 31, 2013, respectively, of construction loans outstanding related to senior housing development projects.  At March 31, 2014, the Company had $25 million remaining in its commitments to fund development projects.
	The following table summarizes the Company’s internal ratings for loans receivable at March 31, 2014 (in thousands):
		Carrying		Percentage of		Internal Ratings
				Loan
	Investment Type	Amount		Portfolio		Performing Loans			Watch List Loans			Workout Loans
	Real estate secured	$	152,759	41		$	152,759		$	—		$	—
	Other secured	218,413		59		200,342			—			18,071
		$	371,172	100		$	353,101		$	—		$	18,071
	Other Secured Loans
	Tandem Health Care Loan.  On July 31, 2012, the Company closed a mezzanine loan facility to lend up to $205 million to Tandem Health Care (“Tandem”), as part of the recapitalization of a post-acute/skilled nursing portfolio. The Company funded $100 million (the “First Tranche”) at closing and funded an additional $102 million (the “Second Tranche”) in June 2013. At March 31, 2014, the loans were subordinate to $442 million of senior mortgage debt. The loans bear interest at fixed rates of 12% and 14% per annum for the First and Second Tranches, respectively. This loan facility has a total term of up to 63 months from the First Tranche closing, is prepayable at the borrower’s option and is secured by real estate partnership interests. The loans are subject to prepayment premiums if repaid on or before the third anniversary from the First Tranche closing date.
	Delphis Operations, L.P. Loan.  The Company holds a secured term loan made to Delphis Operations, L.P. (“Delphis” or the “Borrower”) that is collateralized by assets of the Borrower. The Borrower’s collateral is comprised primarily of a partnership interest in an operating surgical facility that leases a property owned by the Company. This loan is on cost recovery status. The carrying value of the loan, net of an allowance for loan losses of $13 million, was $18.1 million at both March 31, 2014 and December 31, 2013. At March 31, 2014, the Company believes the fair value of the collateral supporting this loan is in excess of its carrying value.
	A reconciliation of the Company’s allowance related to the Company’s senior secured loan to Delphis follows (in thousands):
		Amount
	Balance at January 1, 2014	$	13,410
	Additions	—
	Balance at March 31, 2014	$	13,410

Investments_in_and_Advances_to

Investments in and Advances to Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2014
Investments in and Advances to Unconsolidated Joint Ventures	'
Investments in and Advances to Unconsolidated Joint Ventures	'
	(7)         Investments in and Advances to Unconsolidated Joint Ventures
	The Company owns interests in the following entities that are accounted for under the equity method at March 31, 2014 (dollars in thousands):
	Entity(1)	Segment		Investment(2)			Ownership%
	HCR ManorCare	post-acute/skilled nursing		$	82,311		9.5
	HCP Ventures III, LLC	medical office		7,065			30
	HCP Ventures IV, LLC	medical office and hospital		29,074			20
	HCP Life Science(3)	life science		68,798			50-63
	Suburban Properties, LLC	medical office		6,180			67
	Advances to unconsolidated joint ventures, net			502
				$	193,930
	Edgewood Assisted Living Center, LLC	senior housing		$	(431	)
	Seminole Shores Living Center, LLC	senior housing		(656		)
				$	(1,087	)
	(1)          These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
	(2)          Represents the carrying value of the Company’s investment in the unconsolidated joint venture. Negative balances are recorded in accounts payable and accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Includes a 72% interest in a senior housing partnership which has an investment balance of zero.
	(3)          Includes three unconsolidated joint ventures between the Company and an institutional capital partner for which the Company is the managing member. HCP Life Science includes the following partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP (50%); (ii) Britannia Biotech Gateway, LP (55%); and (iii) LASDK, LP (63%).
	Summarized combined financial information for the Company’s unconsolidated joint ventures follows (in thousands):
		March 31,			December 31,
		2014			2013
	Real estate, net	$	3,644,045		$	3,662,450
	Goodwill and other assets, net	5,414,544			5,384,553
	Total assets	$	9,058,589		$	9,047,003
	Capital lease obligations and mortgage debt	$	6,736,980		$	6,768,815
	Accounts payable	1,083,690			1,045,260
	Other partners’ capital	1,102,974			1,098,228
	HCP’s capital(1)	134,945			134,700
	Total liabilities and partners’ capital	$	9,058,589		$	9,047,003
	(1)          The combined basis difference of the Company’s investments in these joint ventures of $57 million, as of March 31, 2014, is primarily attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles.
		Three Months Ended March 31,
		2014			2013
	Total revenues	$	1,079,891		$	1,093,374
	Net income	7,996			10,584
	HCP’s share of earnings(1)	14,528			14,801
	Fees earned by HCP	449			443
	Distributions received by HCP	3,202			1,371
	(1)          The Company’s joint venture interest in HCR ManorCare is accounted for using the equity method and results in an ongoing elimination of DFL income proportional to HCP’s ownership in HCR ManorCare. The elimination of the respective proportional lease expense at the HCR ManorCare level in substance results in $15.6 million and $15.9 million of DFL income that is recharacterized to the Company’s share of earnings from HCR ManorCare (equity income from unconsolidated joint ventures) for the three months ended March 31, 2014 and 2013, respectively.

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2014
Intangibles	'
Intangibles	'
	(8)         Intangibles
	At March 31, 2014 and December 31, 2013, intangible lease assets, comprised of lease-up intangibles, above market tenant lease intangibles and below market ground lease intangibles, were $776 million and $781 million, respectively. At March 31, 2014 and December 31, 2013, the accumulated amortization of intangible assets was $304 million and $292 million, respectively.
	At both March 31, 2014 and December 31, 2013, intangible lease liabilities, comprised of below market lease intangibles and above market ground lease intangibles were $207 million. At March 31, 2014 and December 31, 2013, the accumulated amortization of intangible liabilities was $113 million and $108 million, respectively.

Other_Assets

Other Assets	3 Months Ended
	Mar. 31, 2014
Other Assets.	'
Other Assets	'
	(9)         Other Assets
	The Company’s other assets consisted of the following (in thousands):
		March 31,		December 31,
		2014		2013
	Straight-line rent assets, net of allowance of $34,214 and $34,230 respectively	$	380,820	$	368,919
	Marketable debt securities, net	245,649		244,089
	Leasing costs, net	104,386		104,601
	Deferred financing costs, net	48,230		42,106
	Goodwill	50,346		50,346
	Other(1)	99,759		57,644
	Total other assets	$	929,190	$	867,705
	(1)          Includes a $5.4 million allowance for losses related to accrued interest receivable on the Delphis loan, which accrued interest is included in other assets. At both March 31, 2014 and December 31, 2013, the carrying value of interest accrued related to the Delphis loan was zero. See Note 6 for additional information about the Delphis loan and the related impairment. At March 31, 2014 and December 31, 2013, includes a loan receivable of $12 million and $10 million, respectively, from HCP Ventures IV, LLC, an unconsolidated joint venture (see Note 7 for additional information) with an interest rate of 12% which matures in May 2015. The loan is secured by the joint venture partner’s 80% partnership interest in the joint venture.
	During the three months ended March 31, 2013, the Company realized gains from the sale of marketable equity securities of $11 million, which were included in other income, net.
	Four Seasons Health Care Senior Unsecured Notes
	On June 28, 2012, the Company purchased senior unsecured notes with an aggregate par value of £138.5 million at a discount for £136.8 million ($214.9 million). The notes were issued by Elli Investments Limited, a subsidiary of Terra Firma, a European private equity firm, as part of its financing for the acquisition of Four Seasons Health Care (“Four Seasons”), an elderly and specialist care provider in the United Kingdom. The notes mature in June 2020 and are non-callable through June 2016. The notes bear interest on their par value at a fixed rate of 12.25% per annum, with an original issue discount resulting in a yield to maturity of 12.5%. This investment was financed by a GBP denominated unsecured term loan that is discussed in Note 10. These senior unsecured notes are accounted for as marketable debt securities and classified as held-to-maturity.

Debt

Debt	3 Months Ended
	Mar. 31, 2014
Debt	'
Debt	'
	(10) Debt
	Bank Line of Credit and Term Loan
	On March 31, 2014, the Company amended its unsecured revolving line of credit facility (the “Facility”) with a syndicate of banks, which was scheduled to mature in March 2016, increasing the borrowing capacity by $500 million to $2.0 billion. The amended Facility matures on March 31, 2018, with a one-year committed extension option. Borrowings under the Facility accrue interest at LIBOR plus a margin that depends upon the Company’s debt ratings. The Company pays a facility fee on the entire revolving commitment that depends on its debt ratings. Based on the Company’s debt ratings at March 31, 2014, the margin on the Facility was 0.925%, and the facility fee was 0.15%. The Facility also includes a feature that will allow the Company to increase the borrowing capacity by an aggregate amount of up to $500 million, subject to securing additional commitments from existing lenders or new lending institutions. At March 31, 2014, the Company had no amounts drawn under the Facility.
	On July 30, 2012, the Company entered into a credit agreement with a syndicate of banks for a £137 million ($228 million at March 31, 2014) four-year unsecured term loan (the “Term Loan”) that accrues interest at a rate of GBP LIBOR plus 1.20%, based on the Company’s current debt ratings. Concurrent with the closing of the Term Loan, the Company entered into a four-year interest rate swap contract that fixes the interest rate of the Term Loan at 1.81%, subject to adjustments based on the Company’s debt ratings. The Term Loan contains a one-year committed extension option.
	The Facility and Term Loan contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements, (i) limit the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value to 60%, (ii) limit the ratio of Secured Debt to Consolidated Total Asset Value to 30%, (iii) limit the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value to 60% and (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times. The Facility also requires a Minimum Consolidated Tangible Net Worth of $9.5 billion at March 31, 2014. The Term Loan also requires a formula-determined Minimum Consolidated Tangible Net Worth of $9.2 billion at March 31, 2014. At March 31, 2014, the Company was in compliance with each of these restrictions and requirements of the Facility and Term Loan.
	Senior Unsecured Notes
	At March 31, 2014, the Company had senior unsecured notes outstanding with an aggregate principal balance of $6.9 billion. At March 31, 2014, interest rates on the notes ranged from 1.20% to 6.99% with a weighted average effective interest rate of 5.06% and a weighted average maturity of six years. Discounts and premiums are amortized to interest expense over the term of the related senior unsecured notes. The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at March 31, 2014.
	On February 12, 2014, the Company issued $350 million of 4.20% senior unsecured notes due 2024. The notes were priced at 99.537% of the principal amount with an effective yield-to-maturity of 4.257%; net proceeds from this offering were $346 million.
	On February 1, 2014, the Company repaid $400 million of maturing senior unsecured notes, which accrued interest at a rate of 2.7%. The senior unsecured notes were repaid with a portion of the proceeds from the Company’s November 2013 bond offering.
	On December 16, 2013, the Company repaid $400 million of maturing senior unsecured notes, which accrued interest at a rate of 5.65%. The senior unsecured notes were repaid with a portion of the proceeds from the Company’s November 2013 bond offering.
	On November 12, 2013, the Company issued $800 million of 4.25% senior unsecured notes due 2023. The notes were priced at 99.540% of the principal amount with an effective yield to maturity of 4.307%; net proceeds from this offering were $789 million.
	On February 28, 2013, the Company repaid $150 million of maturing senior unsecured notes, which accrued interest at a rate of 5.625%.
	Mortgage Debt
	At March 31, 2014, the Company had $1.2 billion in aggregate principal amount of mortgage debt outstanding secured by 95 healthcare facilities (including redevelopment properties) with a carrying value of $1.5 billion. At March 31, 2014, interest rates on the mortgage debt ranged from 0.69% to 8.69% with a weighted average effective interest rate of 6.19% and a weighted average maturity of three years.
	Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets and is generally non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires maintenance of insurance on the assets and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt is also cross-collateralized by multiple assets and may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets.
	Debt Maturities
	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2014 (in thousands):
	Year	Term Loan(1)		Senior			Mortgage			Total(2)
				Unsecured			Debt
				Notes
	2014 (Nine months)	$	—	$	87,000		$	17,597		$	104,597
	2015	—		400,000			308,421			708,421
	2016	228,269		900,000			291,738			1,420,007
	2017	—		750,000			550,477			1,300,477
	2018	—		600,000			6,583			606,583
	Thereafter	—		4,200,000			65,242			4,265,242
	(Discounts) and premiums, net	—		(24,188		)	(4,889		)	(29,077		)
		$	228,269	$	6,912,812		$	1,235,169		$	8,376,250
	(1)          Represents £137 million translated into U.S. dollars.
	(2)          Excludes $74 million of other debt that represents Life Care Bonds that have no scheduled maturities that are discussed below.
	Other Debt
	At March 31, 2014, the Company had $74 million of non-interest bearing life care bonds at two of its continuing care retirement communities and non-interest bearing occupancy fee deposits at two of its senior housing facilities, all of which were payable to certain residents of the facilities (collectively, “Life Care Bonds”). The Life Care Bonds are generally refundable to the residents upon the termination of the contract or upon the successful resale of the unit.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies.	'
Commitments and Contingencies	'
	(11) Commitments and Contingencies
	Legal Proceedings
	From time to time, the Company is a party to legal proceedings, lawsuits and other claims that arise in the ordinary course of the Company’s business. The Company is not aware of any legal proceedings or claims that it believes may have, individually or taken together, a material adverse effect on the Company’s business, prospects, financial condition, results of operations or cash flows. The Company’s policy is to expense legal costs as they are incurred.
	Concentration of Credit Risk
	Concentrations of credit risks arise when one or more operators, tenants or obligors related to the Company’s investments are engaged in similar business activities, or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of risks. The Company does not have significant foreign operations.
	The following table provides information regarding the Company’s concentrations with respect to certain operators and tenants; the information provided is presented for the gross assets and revenues that are associated with certain operators and tenants as percentages of the respective segment’s and total Company’s assets and revenues:
	The following table lists the Company’s senior housing concentrations:
		Percentage of				Percentage of
		Senior Housing Gross Assets				Senior Housing Revenues
		March 31,		December 31,		Three Months Ended March 31,
	Operators	2014		2013		2014		2013
	HCR ManorCare	11	%	11	%	10	%	10	%
	Emeritus (1)	37		37		34		35
	Sunrise Senior Living (“Sunrise”)(2)	17		17		11		13
	Brookdale Senior Living (“Brookdale”)(1) (3)	11		11		12		12
	The following table lists the Company’s post-acute/skilled nursing concentrations:
		Percentage of Post-Acute/				Percentage of Post-Acute/
		Skilled Nursing Gross Assets				Skilled Nursing Revenues
		March 31,		December 31,		Three Months Ended March 31,
	Operators	2014		2013		2014		2013
	HCR ManorCare	89	%	88	%	86	%	88	%
	The following table lists the total Company concentrations:
		Percentage of				Percentage of
		Total Company Assets				Total Company Revenues
		March 31,		December 31,		Three Months Ended March 31,
	Operators	2014		2013		2014		2013
	HCR ManorCare	32	%	32	%	28	%	28	%
	Emeritus(1)	15		14		12		13
	Sunrise(2)	7		7		4		5
	Brookdale(1) (3)	4		4		4		4
	(1)          On February 20, 2014, Brookdale and Emeritus signed definitive agreements to merge; the merger is anticipated to close in the third quarter of 2014.   Contingent on the closing of this merger, on April 23, 2014, the Company agreed to amend all of its leases with Emeritus and enter into two RIDEA joint ventures with Brookdale (see Note 20 for additional information regarding these potential transactions).
	(2)          Certain of the Company’s properties are leased to tenants who have entered into management contracts with Sunrise to operate the respective property on their behalf. The Company’s concentration of gross assets includes properties directly leased to Sunrise and properties that are managed by Sunrise on behalf of third party tenants.
	(3)         Percentages do not include senior housing facilities that Brookdale operates on the Company’s behalf under a RIDEA structure.
	HCR ManorCare’s summarized condensed consolidated financial information follows (in millions):
		March 31,			December 31,
		2014			2013
	Real estate and other property, net	$	2,984.10		$	2,996.80
	Cash and cash equivalents	169.7			141.8
	Goodwill, intangible and other assets, net	5,170.00			5,171.30
	Total assets	$	8,323.80		$	8,309.90
	Debt and financing obligations	$	6,227.60		$	6,258.50
	Accounts payable, accrued liabilities and other	1,049.70			1,013.40
	Total equity	1,046.50			1,038.00
	Total liabilities and equity	$	8,323.80		$	8,309.90
		Three Months Ended March 31,
		2014			2013
	Revenues	$	1,054.30		$	1,066.30
	Operating, general and administrative expense	(904.6		)	(907.7		)
	Depreciation and amortization expense	(35.6		)	(36.8		)
	Interest expense	(102.7		)	(104.4		)
	Other income, net	2.9			2.3
	Income from continuing operations before income taxes	14.3			19.7
	Income taxes	(5.9		)	(6.3		)
	Income from continuing operations	8.4			13.4
	Loss from discontinued operations, net of taxes	—			(1.7		)
	Net income	$	8.4		$	11.7
	To mitigate the credit risk of leasing properties to certain senior housing and post-acute/skilled nursing operators, leases with operators are often combined into portfolios that contain cross-default terms, so that if a tenant of any of the properties in a portfolio defaults on its obligations under its lease, the Company may pursue its remedies under the lease with respect to any of the properties in the portfolio. Certain portfolios also contain terms whereby the net operating profits of the properties are combined for the purpose of securing the funding of rental payments due under each lease.
	Credit Enhancement Guarantee
	Certain of the Company’s senior housing facilities serve as collateral for $110 million of debt (maturing May 1, 2025) that is owed by a previous owner of the facilities. This indebtedness is guaranteed by the previous owner who has an investment grade credit rating. These senior housing facilities, which are classified as DFLs, had a carrying value of $373 million as of March 31, 2014.

Equity

Equity	3 Months Ended
	Mar. 31, 2014
Equity	'
Equity	'
	(12) Equity
	Common Stock
	The following table lists the common stock cash dividends declared by the Company in 2014:
	Declaration Date	Record Date		Amount			Dividend
				Per Share			Payable Date
	January 30	February 10		$	0.545		February 25
	May 1	May 12		0.545			May 27
	The following is a summary of the Company’s common stock issuances (shares in thousands):
		Three Months Ended March 31,
		2014		2013
	Dividend Reinvestment and Stock Purchase Plan	875		382
	Conversion of DownREIT units(1)	2		51
	Exercise of stock options	4		796
	Vesting of restricted stock units(2)	411		17
	(1)          Non-managing member LLC units.
	(2)          Issued under the Company’s 2006 Performance Incentive Plan, as amended and restated.
	Accumulated Other Comprehensive Loss
	The following is a summary of the Company’s accumulated other comprehensive loss (in thousands):
		March 31,			December 31,
		2014			2013
	Unrealized gains on available for sale securities	$	3		$	—
	Unrealized losses on cash flow hedges, net	(10,887		)	(10,797		)
	Supplemental Executive Retirement Plan minimum liability	(2,856		)	(2,910		)
	Cumulative foreign currency translation adjustment	(830		)	(780		)
	Total accumulated other comprehensive loss	$	(14,570	)	$	(14,487	)
	Noncontrolling Interests
	At March 31, 2014, non-managing members held an aggregate of 4 million units in four limited liability companies (“DownREITs”), for which the Company is the managing member. At March 31, 2014, the carrying and fair values of these DownREIT units were $184 million and $232 million, respectively.

Segment_Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2014
Segment Disclosures	'
Segment Disclosures	'
	(13) Segment Disclosures
	The Company evaluates its business and makes resource allocations based on its five business segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. Under the senior housing, post-acute/skilled nursing, life science and hospital segments, the Company primarily invests in single operator or tenant properties, through the acquisition and development of triple-net leased real estate, management of operations (RIDEA) and by debt issued by operators in these sectors. Under the medical office segment, the Company invests through the acquisition and development of medical office buildings (“MOBs”) that are leased under gross, modified gross or triple-net leases, generally to multiple tenants, and which generally require a greater level of property management. The accounting policies of the segments are the same as those described in Note 2 to the Consolidated Financial Statements herein and in the Company’s 2013 Annual Report on Form 10-K filed with the SEC. There were no intersegment sales or transfers during the three months ended March 31, 2014 and 2013. The Company evaluates performance based upon property net operating income from continuing operations (“NOI”), adjusted (cash) NOI and interest income of the combined investments in each segment.
	Non-segment assets consist primarily of corporate assets including cash and cash equivalents, restricted cash, accounts receivable, net, marketable equity securities, deferred financing costs and, if any, real estate held-for-sale. Interest expense, depreciation and amortization and non-property specific revenues and expenses are not allocated to individual segments in determining the Company’s performance measure. See Note 11 for other information regarding concentrations of credit risk.
	Summary information for the reportable segments follows (in thousands):
	For the three months ended March 31, 2014:
	Segments	Rental			Resident Fees			Interest		Investment		Total		NOI(2)		Adjusted
		Revenues(1)			and Services			Income		Management		Revenues				NOI(2)
										Fee Income						(Cash NOI)
	Senior housing	$	150,085		$	38,053		$	3,284	$	—	$	191,422	$	163,590	$	150,375
	Post-acute/skilled	137,780			—			13,412		—		151,192		137,248		118,099
	Life science	76,122			—			—		1		76,123		61,961		58,829
	Medical office	89,262			—			—		448		89,710		53,746		53,029
	Hospital	21,545			—			—		—		21,545		20,595		20,661
	Total	$	474,794		$	38,053		$	16,696	$	449	$	529,992	$	437,140	$	400,993
	For the three months ended March 31, 2013:
	Segments	Rental			Resident Fees			Interest		Investment		Total		NOI(2)		Adjusted
		Revenues(1)			and Services			Income		Management		Revenues				NOI(2)
										Fee Income						(Cash NOI)
	Senior housing	$	148,896		$	35,746		$	2,401	$	—	$	187,043	$	161,120	$	142,722
	Post-acute/skilled	133,836			—			9,985		—		143,821		133,207		113,847
	Life science	73,330			—			—		1		73,331		59,947		56,340
	Medical office	86,831			—			—		442		87,273		52,567		51,240
	Hospital	19,718			—			—		—		19,718		18,830		18,476
	Total	$	462,611		$	35,746		$	12,386	$	443	$	511,186	$	425,671	$	382,625
	(1)          Represents rental and related revenues, tenant recoveries and income from DFLs.
	(2)          NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate. The Company defines NOI as rental and related revenues, including tenant recoveries, resident fees and services, and income from DFLs, less property level operating expenses. NOI excludes interest income, investment management fee income, interest expense, depreciation and amortization, general and administrative expenses, litigation settlement, impairments, impairment recoveries, other income, net, income taxes, equity income from and impairments of investments in unconsolidated joint ventures, and discontinued operations. The Company believes NOI provides relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL accretion, amortization of above and below market lease intangibles, and lease termination fees. Adjusted NOI is sometimes referred to as “cash NOI.” The Company uses NOI and adjusted NOI to make decisions about resource allocations and to assess and compare property level performance. The Company believes that net income is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income as defined by GAAP because it does not reflect the aforementioned excluded items. Further, the Company’s definition of NOI may not be comparable to the definition used by other REITs or real estate companies, as those companies may use different methodologies for calculating NOI.
	The following is a reconciliation of reported net income to NOI and adjusted NOI (in thousands):
		Three Months Ended March 31,
		2014			2013
	Net income	$	263,623		$	233,784
	Interest income	(16,696		)	(12,386		)
	Investment management fee income	(449		)	(443		)
	Interest expense	106,638			109,110
	Depreciation and amortization	107,388			103,179
	General and administrative	21,394			20,656
	Other income, net	(1,930		)	(12,112		)
	Income taxes	1,446			916
	Equity income from unconsolidated joint ventures	(14,528		)	(14,801		)
	Total discontinued operations	(29,746		)	(2,232		)
	NOI	437,140			425,671
	Straight-line rents	(13,968		)	(18,793		)
	DFL accretion	(21,422		)	(24,170		)
	Amortization of above and below market lease intangibles, net	(168		)	(78		)
	Lease termination fees	(578		)	—
	NOI adjustments related to discontinued operations	(11		)	(5		)
	Adjusted (Cash) NOI	$	400,993		$	382,625
	The Company’s total assets by segment were (in thousands):
		March 31,			December 31,
	Segments	2014			2013
	Senior housing	$	7,812,723		$	7,803,085
	Post-acute/skilled nursing	6,301,607			6,266,938
	Life science	4,003,001			3,986,187
	Medical office	2,674,280			2,686,069
	Hospital	639,357			639,357
	Gross segment assets	21,430,968			21,381,636
	Accumulated depreciation and amortization	(2,318,562		)	(2,254,591		)
	Net segment assets	19,112,406			19,127,045
	Assets held-for-sale, net	—			9,819
	Other non-segment assets	746,272			939,006
	Total assets	$	19,858,678		$	20,075,870
	At both March 31, 2014 and December 31, 2013, goodwill of $50 million was allocated to segment assets as follows: (i) senior housing—$31 million, (ii) post-acute/skilled nursing—$3 million, (iii) medical office—$11 million, and (iv) hospital—$5 million.

Earnings_Per_Common_Share

Earnings Per Common Share	3 Months Ended
	Mar. 31, 2014
Earnings Per Common Share	'
Earnings Per Common Share	'
	(14) Earnings Per Common Share
	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):
		Three Months Ended March 31,
		2014			2013
	Numerator
	Income from continuing operations	$	233,877		$	231,552
	Noncontrolling interests’ share in continuing operations	(3,335		)	(3,199		)
	Income from continuing operations applicable to HCP, Inc.	230,542			228,353
	Participating securities’ share in continuing operations	(1,064		)	(478		)
	Income from continuing operations applicable to common shares	229,478			227,875
	Discontinued operations	29,746			2,232
	Noncontrolling interests’ share in discontinued operations	(1,177		)	—
	Net income applicable to common shares	$	258,047		$	230,107
	Denominator
	Basic weighted average common shares	457,294			453,651
	Dilutive potential common shares	380			962
	Diluted weighted average common shares	457,674			454,613
	Basic earnings per common share
	Income from continuing operations	$	0.5		$	0.5
	Discontinued operations	0.06			0.01
	Net income applicable to common shares	$	0.56		$	0.51
	Diluted earnings per common share
	Income from continuing operations	$	0.5		$	0.5
	Discontinued operations	0.06			0.01
	Net income applicable to common shares	$	0.56		$	0.51
	Restricted stock and certain of the Company’s performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, which require the use of the two-class method when computing basic and diluted earnings per share.
	Options to purchase approximately 1.6 million and 0.5 million shares of common stock that had an exercise price (including deferred compensation expense) in excess of the average closing market price of the Company’s common stock during the three months ended March 31, 2014 and 2013, respectively, were not included in the Company’s earnings per share calculations because they are anti-dilutive. Restricted stock and performance restricted stock units representing 0.9 million and 0.4 million shares of common stock during the three months ended March 31, 2014 and 2013, respectively, were not included because they are anti-dilutive. Additionally, 6 million shares issuable upon conversion of 4 million DownREIT units during the three months ended March 31, 2014 were not included because they are anti-dilutive. During the three months ended March 31, 2013, 6 million shares issuable upon conversion of 4 million DownREIT units were not included because they are anti-dilutive.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Information	'
Supplemental Cash Flow Information	'
	(15) Supplemental Cash Flow Information
	The following table provides supplemental cash flow information (in thousands):
		Three Months Ended March 31,
		2014			2013
	Supplemental cash flow information:
	Interest paid, net of capitalized interest	$	152,423		$	154,127
	Income taxes paid	629			75
	Capitalized interest	3,125			4,111
	Supplemental schedule of non-cash investing activities:
	Accrued construction costs	21,715			15,029
		Three Months Ended March 31,
		2014		2013
	Supplemental schedule of non-cash financing activities:
	Vesting of restricted stock units	411		17
	Cancellation of restricted stock	(1	)	(6	)
	Conversion of non-managing member units into common stock	73		2,179
	Noncontrolling interest issued in connection with real estate acquisition	1,152		—
	Noncontrolling interest issued in connection with real estate disposition	1,671		—
	Mortgages and other liabilities assumed with real estate acquisitions	1		12,728
	Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	(692	)	6,675

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	(16) Variable Interest Entities
	Unconsolidated Variable Interest Entities
	At March 31, 2014, the Company leased 48 properties to a total of seven VIE tenants and has additional investments in a loan and marketable debt securities to VIE borrowers. The Company has determined that it is not the primary beneficiary of these VIEs.
	The Company holds an interest-only, senior secured term loan made to a borrower (Delphis Operations, L.P.) that has been identified as a VIE (see Note 6 for additional information on the Delphis loan). The Company does not consolidate the VIE because it does not have the ability to control the activities that most significantly impact the VIE’s economic performance. The loan is collateralized by all of the assets of the borrower (comprised primarily of interests in partnerships that operate surgical facilities, of which one partnership is a tenant of the Company).
	The Company holds commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (“Freddie MAC”) through a special purpose entity that has been identified as a VIE. The Company does not consolidate the VIE because it does not have the ability to control the activities that most significantly impact the VIE’s economic performance. The CMBS issued by the VIE are backed by mortgages on senior housing facilities.
	The carrying value and classification of the related assets, liabilities and maximum exposure to loss as a result of the Company’s involvement with these VIEs are presented below at March 31, 2014 (in thousands):
	VIE Type	Maximum Loss		Asset/Liability Type	Carrying
		Exposure(1)			Amount
	VIE tenants—operating leases	$	239,495	Lease intangibles, net and straight-line rent receivables	$	13,953
	VIE tenants—DFLs	1,071,372		Net investment in DFLs	601,476
	Loan—senior secured	18,071		Loans receivable, net	18,071
	CMBS	17,163		Marketable debt securities	17,163
	(1)         The Company’s maximum loss exposure related to the VIE tenants represents the future minimum lease payments over the remaining term of the respective leases, which may be mitigated by re-leasing the properties to new tenants. The Company’s maximum loss exposure related to its loans and marketable debt securities to the VIE borrowers represents its current aggregate carrying amount.
	As of March 31, 2014, the Company has not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 5 and 6 for additional descriptions of the nature, purpose and activities of the Company’s unconsolidated VIEs and interests therein.
	Consolidated Variable Interest Entities
	In September 2013, the Company made loans to two entities that entered into a tax credit structure (“Tax Credit Subsidiaries”). The Company consolidates the Tax Credit Subsidiaries because they are VIEs and the Company is the primary beneficiary of these VIEs. The assets and liabilities of the Tax Credit Subsidiaries substantially consist of notes receivable, prepaid expenses, notes payable and accounts payable and accrued liabilities generated from their operating activities. Assets generated by the operating activities of the Tax Credit Subsidiaries may only be used to settle their contractual obligations.

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
Fair Value Measurements	'
	(17) Fair Value Measurements
	The following table illustrates the Company’s financial assets and liabilities measured at fair value on a recurring basis in the condensed consolidated balance sheets. Recognized gains and losses are recorded in other income, net on the Company’s condensed consolidated statements of income. During the three months ended March 31, 2014, there were no transfers of financial assets or liabilities within the fair value hierarchy.
	The financial assets and liabilities carried at fair value on a recurring basis at March 31, 2014 follow (in thousands):
	Financial Instrument	Fair Value			Level 1		Level 2			Level 3
	Marketable equity securities	$	35		$	35	$	—		$	—
	Interest-rate swap assets(1)	2,035			—		2,035			—
	Interest-rate swap liabilities(1)	(8,292		)	—		(8,292		)	—
	Currency swap liabilities(1)	(3,254		)	—		(3,254		)	—
	Warrants(1)	167			—		—			167
		$	(9,309	)	$	35	$	(9,511	)	$	167
	(1)          Interest rate and currency swaps as well as common stock warrant fair values are determined based on observable and unobservable market assumptions utilizing standardized derivative pricing models.

Disclosures_About_Fair_Value_o

Disclosures About Fair Value of Financial Instruments	3 Months Ended
	Mar. 31, 2014
Disclosures About Fair Value of Financial Instruments	'
Disclosures About Fair Value of Financial Instruments	'
	(18) Disclosures About Fair Value of Financial Instruments
	The carrying values of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued liabilities are reasonable estimates of fair value because of the short-term maturities of these instruments. The fair values of loans receivable, CMBS, bank line of credit, term loan, mortgage debt and other debt are based on rates currently prevailing for similar instruments with similar maturities. The fair values of interest-rate and currency swap contracts as well as common stock warrants are determined based on observable and unobservable market assumptions using standardized pricing models. The fair values of senior unsecured notes and marketable equity and debt securities, excluding CMBS, are determined utilizing market quotes.
	The table below summarizes the carrying values and fair values of the Company’s financial instruments (in thousands):
		March 31, 2014						December 31, 2013
		Carrying			Fair Value			Carrying		Fair Value
		Value						Value
	Loans receivable, net(2)	$	371,172		$	378,380		$	366,001	$	373,441
	Marketable debt securities(1)	245,649			283,335			244,089		280,850
	Marketable equity securities(1)	35			35			—		—
	Warrants(3)	167			167			114		114
	Term loan(2)	228,269			228,269			226,858		226,858
	Senior unsecured notes(1)	6,912,812			7,475,065			6,963,375		7,405,817
	Mortgage debt(2)	1,235,169			1,259,067			1,396,485		1,421,214
	Other debt(2)	74,097			74,097			74,909		74,909
	Interest-rate swap assets(2)	2,035			2,035			2,325		2,325
	Interest-rate swap liabilities(2)	(8,292		)	(8,292		)	8,384		8,384
	Currency swap liabilities(2)	(3,254		)	(3,254		)	2,756		2,756
	(1)          Level 1: Fair value calculated based on quoted prices in active markets.
	(2)          Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets.
	(3)          Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.

Derivative_Financial_Instrumen

Derivative Financial Instruments	3 Months Ended
	Mar. 31, 2014
Derivative Financial Instruments	'
Derivative Financial Instruments	'
	(19) Derivative Financial Instruments
	The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of March 31, 2014 (dollars and GBP in thousands):
	Date Entered	Maturity Date	Hedge		Fixed			Floating/Exchange		Notional/			Fair Value(1)
			Designation		Rate/Buy			Rate Index		Sell Amount
					Amount
	July 2005(2)	July 2020	Cash Flow		3.82		%	BMA Swap Index		$	45,600		$	(5,837	)
	November 2008(3)	October 2016	Cash Flow		5.95		%	1 Month LIBOR+1.50%		$	26,300		$	(2,455	)
	July 2012(3)	June 2016	Cash Flow		1.81		%	1 Month GBP LIBOR+1.20%		£	137,000		$	2,035
	July 2012(4)	June 2016	Cash Flow		$	56,800		Buy USD/Sell GBP		£	36,200		$	(3,254	)
	(1)          Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the condensed consolidated balance sheets.
	(2)          Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows.
	(3)          Hedges fluctuations in interest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate.
	(4)          Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to a portion of the Company’s forecasted interest receipts on GBP denominated senior unsecured notes. Represents a currency swap to sell £7.2 million at a rate of 1.5695 on various dates through June 2016.
	The Company uses derivative instruments to mitigate the effects of interest rate and foreign currency fluctuations on specific forecasted transactions as well as recognized financial obligations or assets. Utilizing derivative instruments allows the Company to manage the risk of fluctuations in interest and foreign currency rates related to the potential impact these changes could have on future earnings and forecasted cash flows. The Company does not use derivative instruments for speculative or trading purposes.
	The primary risks associated with derivative instruments are market and credit risk. Market risk is defined as the potential for loss in value of a derivative instrument due to adverse changes in market prices. Credit risk is the risk that one of the parties to a derivative contract fails to perform or meet their financial obligation. The Company does not obtain collateral associated with its derivative contracts, but monitors the credit standing of its counterparties on a regular basis. Should a counterparty fail to perform, the Company would incur a financial loss to the extent that the associated derivative contract was in an asset position. At March 31, 2014, the Company does not anticipate non-performance by the counterparties to its outstanding derivative contracts.
	At March 31, 2014, the Company expects that the hedged forecasted transactions for each of the outstanding qualifying cash flow hedging relationships remain probable of occurring, and as a result, no gains or losses recorded to accumulated other comprehensive loss are expected to be reclassified to earnings. During the three months ended March 31, 2014, there was no ineffective portion related to outstanding hedges.
	To illustrate the effect of movements in the interest rate and foreign currency markets, the Company performed a market sensitivity analysis on its outstanding hedging instruments. The Company applied various basis point spreads to the underlying interest rate curves and foreign currency exchange rates of the derivative portfolio in order to determine the instruments’ change in fair value. The following table summarizes the results of the analysis performed (dollars in thousands):
			Effects of Change in Interest and Foreign Currency Rates
	Date Entered	Maturity Date	+50 Basis			-50 Basis			+100 Basis			-100 Basis
			Points			Points			Points			Points
	July 2005	July 2020	$	1,248		$	(1,434	)	$	2,589		$	(2,775	)
	November 2008	October 2016	333			(318		)	658			(644		)
	July 2012 (interest-rate swap)	June 2016	2,495			(2,501		)	4,993			(4,999		)
	July 2012 (foreign currency swap)	June 2016	(546		)	58			(848		)	359

Subsequent_Events

Subsequent Events	3 Months Ended
	Mar. 31, 2014
Subsequent Events	'
Subsequent Events	'
	(20) Subsequent Events
	Contingent upon the closing of the announced Brookdale and Emeritus merger, on April 23, 2014, HCP and Brookdale agreed to create a new $1.2 billion (before in-place refundable entry fee obligations) strategic joint venture to own and operate entry fee continuing care retirement communities (“CCRC JV”), representing 14 CCRC campuses, at closing. HCP and Brookdale will own 49% and 51%, respectively, of the CCRC JV based on each company’s respective contributions at closing. Brookdale will continue to manage all properties post-closing under a long-term management agreement.
	Further, all existing Emeritus purchase options encompassing 49 HCP properties will be cancelled at closing; in exchange, all triple-net leases between HCP and Emeritus covering 202 senior housing properties will be amended contemporaneously, resulting in two portfolios: (i) RIDEA Portfolio:  49 non-stabilized properties will be contributed into to a RIDEA joint venture, with Brookdale managing the communities and acquiring a 20% ownership in the venture; and (ii)  NNN—leased Portfolio:  Brookdale and HCP will amend the triple-net master leases for the remaining 153 properties all guaranteed by Brookdale.

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2014
Summary of Significant Accounting Policies	'
Basis of Presentation	'
	Basis of Presentation
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
	The condensed consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries and joint ventures or variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2013 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”).
	Certain amounts in the Company’s condensed consolidated financial statements have been reclassified for prior periods to conform to the current period presentation. Assets sold or held for sale and associated liabilities have been reclassified on the condensed consolidated balance sheets and the related operating results reclassified from continuing to discontinued operations on the condensed consolidated statements of income (see Note 4).
Allowance for Doubtful Accounts	'
	Allowance for Doubtful Accounts
	The Company maintains an allowance for doubtful accounts, including an allowance for operating lease straight line rent receivables, for estimated losses resulting from tenant defaults or the inability of tenants to make contractual rent and tenant recovery payments. For operating lease straight line rent amounts, the Company’s assessment is based on amounts estimated to be recoverable over the term of the lease.
	The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA, along with liquidity. The Company evaluates, on a monthly basis or immediately upon a change in circumstances, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company.
	In connection with the Company’s quarterly loans receivable and direct financing leases (“DFLs”) (collectively “Finance Receivables”) review process, Finance Receivables are assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection of all amounts owed is reasonably assured. Watch List Finance Receivables meet all present contractual obligations; however, the timing and/or collection of all amounts owed may not be reasonably assured. Workout Finance Receivables are defined as Finance Receivables where the Company has determined, based on current information and events, it is probable that the Company will be unable to collect all amounts due according to the contractual terms of the agreement.
	Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured. If the ultimate collectibility of the recorded nonaccrual Finance Receivable balance is in doubt, the cost recovery method is used, and cash collected is applied to first reduce the carrying value of the Finance Receivable. Otherwise, the cash basis method is used, whereby income may be recognized to the extent cash is received. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of remaining loan or lease payments is no longer in doubt.
	Allowances are established for Finance Receivables based upon an estimate of probable losses on an individual basis if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the borrower’s or lessee’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate.
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements
	In April 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity (“ASU 2014-08”). This update changes the requirements for reporting and the definition of discontinued operations. Based on the current revisions, the disposal of a component of an entity, or a group of components of an entity, is required to be reported in discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on an entity’s operations and financial results when certain defined criteria are met. ASU 2014-08 is effective for fiscal years and interim periods ending after December 15, 2014 and shall be applied prospectively. Early adoption is permitted, but only for disposals (or classifications as held for sale) that have not been reported in financial statements previously issued or available for issuance. Upon the Company’s early adoption of ASU 2014-08, on June 30, 2014, it does not expect that future sales of real estate assets will represent strategic shifts or have a major effect on the Company’s operations or financial results; therefore, such dispositions would not be considered discontinued operations.

Dispositions_of_Real_Estate_an1

Dispositions of Real Estate and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2014
Dispositions of Real Estate and Discontinued Operations	'
Summary of operating income from discontinued operations and gain on sales of real estate included in discontinued operations	'
	The following table summarizes operating income from discontinued operations and gain on sales of real estate included in discontinued operations (dollars in thousands):
		Three Months Ended March 31,
		2014		2013
	Rental and related revenues	$	1,810	$	5,083
	Depreciation and amortization expenses	—		1,538
	Operating expenses	54		919
	Other expenses, net	20		394
	Income before gain on sales of real estate, net of income taxes	$	1,736	$	2,232
	Gain on sales of real estate, net of income taxes	$	28,010	$	—
	Number of properties included in discontinued operations	3		13

Net_Investment_in_Direct_Finan1

Net Investment in Direct Financing Leases (Tables) (Direct Financing Leases)	3 Months Ended
	Mar. 31, 2014
Direct Financing Leases	'
Net Investment in Direct Financing Leases	'
Schedule of components of net investment in DFLs	'
	The components of net investment in DFLs consisted of the following (dollars in thousands):
		March 31,			December 31,
		2014			2013
	Minimum lease payments receivable(1)	$	24,666,528		$	24,808,386
	Estimated residual values	4,134,405			4,134,405
	Less unearned income	(21,610,533		)	(21,789,392		)
	Net investment in direct financing leases	$	7,190,400		$	7,153,399
	Properties subject to direct financing leases	364			364
Summary of the Company's internal ratings for net investment in DFLs	'
	The following table summarizes the Company’s internal ratings for net investment in DFLs at March 31, 2014 (in thousands):
		Carrying			Percentage of		Internal Ratings
					DFL
	Investment Type	Amount			Portfolio		Performing DFLs		Watch List DFLs		Workout DFLs
	Senior housing	$	1,484,656		21		$	1,111,264	$	373,392	$	—
	Post-acute/skilled nursing	5,581,853			77		5,581,853		—		—
	Hospital	123,891			2		123,891		—		—
		$	7,190,400		100		$	6,817,008	$	373,392	$	—

Loans_Receivable_Tables

Loans Receivable (Tables) (Loans receivable)	3 Months Ended
	Mar. 31, 2014
Loans receivable	'
Loans Receivable	'
Schedule of loans receivable	'
	The following table summarizes the Company’s loans receivable (in thousands):
		March 31, 2014								December 31, 2013
		Real Estate		Other			Total			Real Estate			Other			Total
		Secured		Secured						Secured			Secured
	Mezzanine	$	—	$	234,455		$	234,455		$	—		$	234,455		$	234,455
	Other(1)	152,759		—			152,759			147,669			—			147,669
	Unamortized discounts, fees and costs	—		(2,632		)	(2,632		)	—			(2,713		)	(2,713		)
	Allowance for loan losses	—		(13,410		)	(13,410		)	—			(13,410		)	(13,410		)
		$	152,759	$	218,413		$	371,172		$	147,669		$	218,332		$	366,001
	(1)          Includes $123 million and $117 million at March 31, 2014 and December 31, 2013, respectively, of construction loans outstanding related to senior housing development projects.  At March 31, 2014, the Company had $25 million remaining in its commitments to fund development projects.
Summary of the Company's internal ratings for loans receivable	'
	The following table summarizes the Company’s internal ratings for loans receivable at March 31, 2014 (in thousands):
		Carrying		Percentage of		Internal Ratings
				Loan
	Investment Type	Amount		Portfolio		Performing Loans			Watch List Loans			Workout Loans
	Real estate secured	$	152,759	41		$	152,759		$	—		$	—
	Other secured	218,413		59		200,342			—			18,071
		$	371,172	100		$	353,101		$	—		$	18,071
Schedule of reconciliation of the allowance	'
	A reconciliation of the Company’s allowance related to the Company’s senior secured loan to Delphis follows (in thousands):
		Amount
	Balance at January 1, 2014	$	13,410
	Additions	—
	Balance at March 31, 2014	$	13,410

Investments_in_and_Advances_to1

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2014
Investments in and Advances to Unconsolidated Joint Ventures	'
Company owned interests in entities, accounted under equity method	'
	The Company owns interests in the following entities that are accounted for under the equity method at March 31, 2014 (dollars in thousands):
	Entity(1)	Segment		Investment(2)			Ownership%
	HCR ManorCare	post-acute/skilled nursing		$	82,311		9.5
	HCP Ventures III, LLC	medical office		7,065			30
	HCP Ventures IV, LLC	medical office and hospital		29,074			20
	HCP Life Science(3)	life science		68,798			50-63
	Suburban Properties, LLC	medical office		6,180			67
	Advances to unconsolidated joint ventures, net			502
				$	193,930
	Edgewood Assisted Living Center, LLC	senior housing		$	(431	)
	Seminole Shores Living Center, LLC	senior housing		(656		)
				$	(1,087	)
	(1)          These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures.
	(2)          Represents the carrying value of the Company’s investment in the unconsolidated joint venture. Negative balances are recorded in accounts payable and accrued liabilities on the Company’s Condensed Consolidated Balance Sheets. Includes a 72% interest in a senior housing partnership which has an investment balance of zero.
	(3)          Includes three unconsolidated joint ventures between the Company and an institutional capital partner for which the Company is the managing member. HCP Life Science includes the following partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP (50%); (ii) Britannia Biotech Gateway, LP (55%); and (iii) LASDK, LP (63%).
Summarized combined financial information for unconsolidated joint ventures	'
	Summarized combined financial information for the Company’s unconsolidated joint ventures follows (in thousands):
		March 31,			December 31,
		2014			2013
	Real estate, net	$	3,644,045		$	3,662,450
	Goodwill and other assets, net	5,414,544			5,384,553
	Total assets	$	9,058,589		$	9,047,003
	Capital lease obligations and mortgage debt	$	6,736,980		$	6,768,815
	Accounts payable	1,083,690			1,045,260
	Other partners’ capital	1,102,974			1,098,228
	HCP’s capital(1)	134,945			134,700
	Total liabilities and partners’ capital	$	9,058,589		$	9,047,003
	(1)          The combined basis difference of the Company’s investments in these joint ventures of $57 million, as of March 31, 2014, is primarily attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles.
		Three Months Ended March 31,
		2014			2013
	Total revenues	$	1,079,891		$	1,093,374
	Net income	7,996			10,584
	HCP’s share of earnings(1)	14,528			14,801
	Fees earned by HCP	449			443
	Distributions received by HCP	3,202			1,371
	(1)          The Company’s joint venture interest in HCR ManorCare is accounted for using the equity method and results in an ongoing elimination of DFL income proportional to HCP’s ownership in HCR ManorCare. The elimination of the respective proportional lease expense at the HCR ManorCare level in substance results in $15.6 million and $15.9 million of DFL income that is recharacterized to the Company’s share of earnings from HCR ManorCare (equity income from unconsolidated joint ventures) for the three months ended March 31, 2014 and 2013, respectively.

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Other Assets.	'
Schedule of other assets	'
	The Company’s other assets consisted of the following (in thousands):
		March 31,		December 31,
		2014		2013
	Straight-line rent assets, net of allowance of $34,214 and $34,230 respectively	$	380,820	$	368,919
	Marketable debt securities, net	245,649		244,089
	Leasing costs, net	104,386		104,601
	Deferred financing costs, net	48,230		42,106
	Goodwill	50,346		50,346
	Other(1)	99,759		57,644
	Total other assets	$	929,190	$	867,705
	(1)          Includes a $5.4 million allowance for losses related to accrued interest receivable on the Delphis loan, which accrued interest is included in other assets. At both March 31, 2014 and December 31, 2013, the carrying value of interest accrued related to the Delphis loan was zero. See Note 6 for additional information about the Delphis loan and the related impairment. At March 31, 2014 and December 31, 2013, includes a loan receivable of $12 million and $10 million, respectively, from HCP Ventures IV, LLC, an unconsolidated joint venture (see Note 7 for additional information) with an interest rate of 12% which matures in May 2015. The loan is secured by the joint venture partner’s 80% partnership interest in the joint venture.

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt	'
Summary of stated debt maturities and scheduled principal repayments	'
	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at March 31, 2014 (in thousands):
	Year	Term Loan(1)		Senior			Mortgage			Total(2)
				Unsecured			Debt
				Notes
	2014 (Nine months)	$	—	$	87,000		$	17,597		$	104,597
	2015	—		400,000			308,421			708,421
	2016	228,269		900,000			291,738			1,420,007
	2017	—		750,000			550,477			1,300,477
	2018	—		600,000			6,583			606,583
	Thereafter	—		4,200,000			65,242			4,265,242
	(Discounts) and premiums, net	—		(24,188		)	(4,889		)	(29,077		)
		$	228,269	$	6,912,812		$	1,235,169		$	8,376,250
	(1)          Represents £137 million translated into U.S. dollars.
	(2)          Excludes $74 million of other debt that represents Life Care Bonds that have no scheduled maturities that are discussed below.

Commitments_and_Contingencies_

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2014
Concentration of Credit Risk	'
Summary of HCR ManorCare's condensed consolidated financial information	'
	HCR ManorCare’s summarized condensed consolidated financial information follows (in millions):
		March 31,			December 31,
		2014			2013
	Real estate and other property, net	$	2,984.10		$	2,996.80
	Cash and cash equivalents	169.7			141.8
	Goodwill, intangible and other assets, net	5,170.00			5,171.30
	Total assets	$	8,323.80		$	8,309.90
	Debt and financing obligations	$	6,227.60		$	6,258.50
	Accounts payable, accrued liabilities and other	1,049.70			1,013.40
	Total equity	1,046.50			1,038.00
	Total liabilities and equity	$	8,323.80		$	8,309.90
		Three Months Ended March 31,
		2014			2013
	Revenues	$	1,054.30		$	1,066.30
	Operating, general and administrative expense	(904.6		)	(907.7		)
	Depreciation and amortization expense	(35.6		)	(36.8		)
	Interest expense	(102.7		)	(104.4		)
	Other income, net	2.9			2.3
	Income from continuing operations before income taxes	14.3			19.7
	Income taxes	(5.9		)	(6.3		)
	Income from continuing operations	8.4			13.4
	Loss from discontinued operations, net of taxes	—			(1.7		)
	Net income	$	8.4		$	11.7
Operators	'
Concentration of Credit Risk	'
Schedule of concentration of credit risk by segments	'
		Percentage of				Percentage of
		Total Company Assets				Total Company Revenues
		March 31,		December 31,		Three Months Ended March 31,
	Operators	2014		2013		2014		2013
	HCR ManorCare	32	%	32	%	28	%	28	%
	Emeritus(1)	15		14		12		13
	Sunrise(2)	7		7		4		5
	Brookdale(1) (3)	4		4		4		4
	(1)          On February 20, 2014, Brookdale and Emeritus signed definitive agreements to merge; the merger is anticipated to close in the third quarter of 2014.   Contingent on the closing of this merger, on April 23, 2014, the Company agreed to amend all of its leases with Emeritus and enter into two RIDEA joint ventures with Brookdale (see Note 20 for additional information regarding these potential transactions).
	(2)          Certain of the Company’s properties are leased to tenants who have entered into management contracts with Sunrise to operate the respective property on their behalf. The Company’s concentration of gross assets includes properties directly leased to Sunrise and properties that are managed by Sunrise on behalf of third party tenants.
	(3)         Percentages do not include senior housing facilities that Brookdale operates on the Company’s behalf under a RIDEA structure.
Senior housing | Operators	'
Concentration of Credit Risk	'
Schedule of concentration of credit risk by segments	'
		Percentage of				Percentage of
		Senior Housing Gross Assets				Senior Housing Revenues
		March 31,		December 31,		Three Months Ended March 31,
	Operators	2014		2013		2014		2013
	HCR ManorCare	11	%	11	%	10	%	10	%
	Emeritus (1)	37		37		34		35
	Sunrise Senior Living (“Sunrise”)(2)	17		17		11		13
	Brookdale Senior Living (“Brookdale”)(1) (3)	11		11		12		12
Post-acute/skilled | Operators	'
Concentration of Credit Risk	'
Schedule of concentration of credit risk by segments	'
		Percentage of Post-Acute/				Percentage of Post-Acute/
		Skilled Nursing Gross Assets				Skilled Nursing Revenues
		March 31,		December 31,		Three Months Ended March 31,
	Operators	2014		2013		2014		2013
	HCR ManorCare	89	%	88	%	86	%	88	%

Equity_Tables

Equity (Tables)	3 Months Ended
	Mar. 31, 2014
Equity	'
Schedule of common stock, cash dividends	'
	Declaration Date	Record Date		Amount			Dividend
				Per Share			Payable Date
	January 30	February 10		$	0.545		February 25
	May 1	May 12		0.545			May 27
Schedule of company's issuances of common stock	'
	The following is a summary of the Company’s common stock issuances (shares in thousands):
		Three Months Ended March 31,
		2014		2013
	Dividend Reinvestment and Stock Purchase Plan	875		382
	Conversion of DownREIT units(1)	2		51
	Exercise of stock options	4		796
	Vesting of restricted stock units(2)	411		17
	(1)          Non-managing member LLC units.
	(2)          Issued under the Company’s 2006 Performance Incentive Plan, as amended and restated.
Schedule of accumulated other comprehensive loss	'
	The following is a summary of the Company’s accumulated other comprehensive loss (in thousands):
		March 31,			December 31,
		2014			2013
	Unrealized gains on available for sale securities	$	3		$	—
	Unrealized losses on cash flow hedges, net	(10,887		)	(10,797		)
	Supplemental Executive Retirement Plan minimum liability	(2,856		)	(2,910		)
	Cumulative foreign currency translation adjustment	(830		)	(780		)
	Total accumulated other comprehensive loss	$	(14,570	)	$	(14,487	)

Segment_Disclosures_Tables

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Disclosures	'
Information of revenue of reportable segment	'
	Summary information for the reportable segments follows (in thousands):
	For the three months ended March 31, 2014:
	Segments	Rental			Resident Fees			Interest		Investment		Total		NOI(2)		Adjusted
		Revenues(1)			and Services			Income		Management		Revenues				NOI(2)
										Fee Income						(Cash NOI)
	Senior housing	$	150,085		$	38,053		$	3,284	$	—	$	191,422	$	163,590	$	150,375
	Post-acute/skilled	137,780			—			13,412		—		151,192		137,248		118,099
	Life science	76,122			—			—		1		76,123		61,961		58,829
	Medical office	89,262			—			—		448		89,710		53,746		53,029
	Hospital	21,545			—			—		—		21,545		20,595		20,661
	Total	$	474,794		$	38,053		$	16,696	$	449	$	529,992	$	437,140	$	400,993
	For the three months ended March 31, 2013:
	Segments	Rental			Resident Fees			Interest		Investment		Total		NOI(2)		Adjusted
		Revenues(1)			and Services			Income		Management		Revenues				NOI(2)
										Fee Income						(Cash NOI)
	Senior housing	$	148,896		$	35,746		$	2,401	$	—	$	187,043	$	161,120	$	142,722
	Post-acute/skilled	133,836			—			9,985		—		143,821		133,207		113,847
	Life science	73,330			—			—		1		73,331		59,947		56,340
	Medical office	86,831			—			—		442		87,273		52,567		51,240
	Hospital	19,718			—			—		—		19,718		18,830		18,476
	Total	$	462,611		$	35,746		$	12,386	$	443	$	511,186	$	425,671	$	382,625
	(1)          Represents rental and related revenues, tenant recoveries and income from DFLs.
	(2)          NOI is a non-GAAP supplemental financial measure used to evaluate the operating performance of real estate. The Company defines NOI as rental and related revenues, including tenant recoveries, resident fees and services, and income from DFLs, less property level operating expenses. NOI excludes interest income, investment management fee income, interest expense, depreciation and amortization, general and administrative expenses, litigation settlement, impairments, impairment recoveries, other income, net, income taxes, equity income from and impairments of investments in unconsolidated joint ventures, and discontinued operations. The Company believes NOI provides relevant and useful information because it reflects only income and operating expense items that are incurred at the property level and presents them on an unleveraged basis. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL accretion, amortization of above and below market lease intangibles, and lease termination fees. Adjusted NOI is sometimes referred to as “cash NOI.” The Company uses NOI and adjusted NOI to make decisions about resource allocations and to assess and compare property level performance. The Company believes that net income is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income as defined by GAAP because it does not reflect the aforementioned excluded items. Further, the Company’s definition of NOI may not be comparable to the definition used by other REITs or real estate companies, as those companies may use different methodologies for calculating NOI.
Reconciliation of reported net income to NOI and adjusted NOI	'
	The following is a reconciliation of reported net income to NOI and adjusted NOI (in thousands):
		Three Months Ended March 31,
		2014			2013
	Net income	$	263,623		$	233,784
	Interest income	(16,696		)	(12,386		)
	Investment management fee income	(449		)	(443		)
	Interest expense	106,638			109,110
	Depreciation and amortization	107,388			103,179
	General and administrative	21,394			20,656
	Other income, net	(1,930		)	(12,112		)
	Income taxes	1,446			916
	Equity income from unconsolidated joint ventures	(14,528		)	(14,801		)
	Total discontinued operations	(29,746		)	(2,232		)
	NOI	437,140			425,671
	Straight-line rents	(13,968		)	(18,793		)
	DFL accretion	(21,422		)	(24,170		)
	Amortization of above and below market lease intangibles, net	(168		)	(78		)
	Lease termination fees	(578		)	—
	NOI adjustments related to discontinued operations	(11		)	(5		)
	Adjusted (Cash) NOI	$	400,993		$	382,625
Reconciliation of company's assets to total assets	'
	The Company’s total assets by segment were (in thousands):
		March 31,			December 31,
	Segments	2014			2013
	Senior housing	$	7,812,723		$	7,803,085
	Post-acute/skilled nursing	6,301,607			6,266,938
	Life science	4,003,001			3,986,187
	Medical office	2,674,280			2,686,069
	Hospital	639,357			639,357
	Gross segment assets	21,430,968			21,381,636
	Accumulated depreciation and amortization	(2,318,562		)	(2,254,591		)
	Net segment assets	19,112,406			19,127,045
	Assets held-for-sale, net	—			9,819
	Other non-segment assets	746,272			939,006
	Total assets	$	19,858,678		$	20,075,870

Earnings_Per_Common_Share_Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2014
Earnings Per Common Share	'
Computation of basic and diluted earnings per share	'
	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts):
		Three Months Ended March 31,
		2014			2013
	Numerator
	Income from continuing operations	$	233,877		$	231,552
	Noncontrolling interests’ share in continuing operations	(3,335		)	(3,199		)
	Income from continuing operations applicable to HCP, Inc.	230,542			228,353
	Participating securities’ share in continuing operations	(1,064		)	(478		)
	Income from continuing operations applicable to common shares	229,478			227,875
	Discontinued operations	29,746			2,232
	Noncontrolling interests’ share in discontinued operations	(1,177		)	—
	Net income applicable to common shares	$	258,047		$	230,107
	Denominator
	Basic weighted average common shares	457,294			453,651
	Dilutive potential common shares	380			962
	Diluted weighted average common shares	457,674			454,613
	Basic earnings per common share
	Income from continuing operations	$	0.5		$	0.5
	Discontinued operations	0.06			0.01
	Net income applicable to common shares	$	0.56		$	0.51
	Diluted earnings per common share
	Income from continuing operations	$	0.5		$	0.5
	Discontinued operations	0.06			0.01
	Net income applicable to common shares	$	0.56		$	0.51

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2014
Supplemental Cash Flow Information	'
Supplemental Cash Flow Information	'
	(15) Supplemental Cash Flow Information
	The following table provides supplemental cash flow information (in thousands):
		Three Months Ended March 31,
		2014			2013
	Supplemental cash flow information:
	Interest paid, net of capitalized interest	$	152,423		$	154,127
	Income taxes paid	629			75
	Capitalized interest	3,125			4,111
	Supplemental schedule of non-cash investing activities:
	Accrued construction costs	21,715			15,029
		Three Months Ended March 31,
		2014		2013
	Supplemental schedule of non-cash financing activities:
	Vesting of restricted stock units	411		17
	Cancellation of restricted stock	(1	)	(6	)
	Conversion of non-managing member units into common stock	73		2,179
	Noncontrolling interest issued in connection with real estate acquisition	1,152		—
	Noncontrolling interest issued in connection with real estate disposition	1,671		—
	Mortgages and other liabilities assumed with real estate acquisitions	1		12,728
	Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	(692	)	6,675

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2014
Variable Interest Entities	'
Variable Interest Entities	'
	The carrying value and classification of the related assets, liabilities and maximum exposure to loss as a result of the Company’s involvement with these VIEs are presented below at March 31, 2014 (in thousands):
	VIE Type	Maximum Loss		Asset/Liability Type	Carrying
		Exposure(1)			Amount
	VIE tenants—operating leases	$	239,495	Lease intangibles, net and straight-line rent receivables	$	13,953
	VIE tenants—DFLs	1,071,372		Net investment in DFLs	601,476
	Loan—senior secured	18,071		Loans receivable, net	18,071
	CMBS	17,163		Marketable debt securities	17,163
	(1)         The Company’s maximum loss exposure related to the VIE tenants represents the future minimum lease payments over the remaining term of the respective leases, which may be mitigated by re-leasing the properties to new tenants. The Company’s maximum loss exposure related to its loans and marketable debt securities to the VIE borrowers represents its current aggregate carrying amount.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2014
Fair Value Measurements	'
Fair value measurements of financial assets and liabilities	'
	The financial assets and liabilities carried at fair value on a recurring basis at March 31, 2014 follow (in thousands):
	Financial Instrument	Fair Value			Level 1		Level 2			Level 3
	Marketable equity securities	$	35		$	35	$	—		$	—
	Interest-rate swap assets(1)	2,035			—		2,035			—
	Interest-rate swap liabilities(1)	(8,292		)	—		(8,292		)	—
	Currency swap liabilities(1)	(3,254		)	—		(3,254		)	—
	Warrants(1)	167			—		—			167
		$	(9,309	)	$	35	$	(9,511	)	$	167
	(1)          Interest rate and currency swaps as well as common stock warrant fair values are determined based on observable and unobservable market assumptions utilizing standardized derivative pricing models.

Disclosures_About_Fair_Value_o1

Disclosures About Fair Value of Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosures About Fair Value of Financial Instruments	'
Summary of the carrying values and fair values of financial instruments	'
	The table below summarizes the carrying values and fair values of the Company’s financial instruments (in thousands):
		March 31, 2014						December 31, 2013
		Carrying			Fair Value			Carrying		Fair Value
		Value						Value
	Loans receivable, net(2)	$	371,172		$	378,380		$	366,001	$	373,441
	Marketable debt securities(1)	245,649			283,335			244,089		280,850
	Marketable equity securities(1)	35			35			—		—
	Warrants(3)	167			167			114		114
	Term loan(2)	228,269			228,269			226,858		226,858
	Senior unsecured notes(1)	6,912,812			7,475,065			6,963,375		7,405,817
	Mortgage debt(2)	1,235,169			1,259,067			1,396,485		1,421,214
	Other debt(2)	74,097			74,097			74,909		74,909
	Interest-rate swap assets(2)	2,035			2,035			2,325		2,325
	Interest-rate swap liabilities(2)	(8,292		)	(8,292		)	8,384		8,384
	Currency swap liabilities(2)	(3,254		)	(3,254		)	2,756		2,756
	(1)          Level 1: Fair value calculated based on quoted prices in active markets.
	(2)          Level 2: Fair value based on quoted prices for similar or identical instruments in active or inactive markets, respectively, or calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets.
	(3)          Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models.

Derivative_Financial_Instrumen1

Derivative Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2014
Derivative Financial Instruments	'
Schedule of derivative instruments	'
	The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of March 31, 2014 (dollars and GBP in thousands):
	Date Entered	Maturity Date	Hedge		Fixed			Floating/Exchange		Notional/			Fair Value(1)
			Designation		Rate/Buy			Rate Index		Sell Amount
					Amount
	July 2005(2)	July 2020	Cash Flow		3.82		%	BMA Swap Index		$	45,600		$	(5,837	)
	November 2008(3)	October 2016	Cash Flow		5.95		%	1 Month LIBOR+1.50%		$	26,300		$	(2,455	)
	July 2012(3)	June 2016	Cash Flow		1.81		%	1 Month GBP LIBOR+1.20%		£	137,000		$	2,035
	July 2012(4)	June 2016	Cash Flow		$	56,800		Buy USD/Sell GBP		£	36,200		$	(3,254	)
	(1)          Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the condensed consolidated balance sheets.
	(2)          Represents three interest-rate swap contracts, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows.
	(3)          Hedges fluctuations in interest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate.
	(4)          Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to a portion of the Company’s forecasted interest receipts on GBP denominated senior unsecured notes. Represents a currency swap to sell £7.2 million at a rate of 1.5695 on various dates through June 2016.
Schedule of effect of change in interest and foreign currency rate	'
	The following table summarizes the results of the analysis performed (dollars in thousands):
			Effects of Change in Interest and Foreign Currency Rates
	Date Entered	Maturity Date	+50 Basis			-50 Basis			+100 Basis			-100 Basis
			Points			Points			Points			Points
	July 2005	July 2020	$	1,248		$	(1,434	)	$	2,589		$	(2,775	)
	November 2008	October 2016	333			(318		)	658			(644		)
	July 2012 (interest-rate swap)	June 2016	2,495			(2,501		)	4,993			(4,999		)
	July 2012 (foreign currency swap)	June 2016	(546		)	58			(848		)	359

Business_Details

Business (Details)	3 Months Ended
	Mar. 31, 2014
	item
Business	'
Number of reportable segments	5
Number of products in reportable segment	5

Real_Estate_Property_Investmen1

Real Estate Property Investments (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Senior housing	'	'
Acquisition	'	'
Percentage of noncontrolling interests acquired	15.00%	'
Acquisition of facility	$7	'
Post-acute/skilled	'	'
Acquisition	'	'
Land acquired (in acres)	'	38
Acquisition of facility	'	0.4
Senior housing, life science and medical office	'	'
Acquisition	'	'
Payments to acquire productive assets	49	42
Blackstone JV | Senior housing	'	'
Acquisition	'	'
Acquisition of facility	'	$38
Number of remaining senior housing communities acquired	'	4

Dispositions_of_Real_Estate_an2

Dispositions of Real Estate and Discontinued Operations (Details) (USD $)	3 Months Ended			3 Months Ended	12 Months Ended	3 Months Ended	12 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Dec. 31, 2013
	item	item		Post-acute/skilled nursing	Post-acute/skilled nursing	Hospital	Hospital	Post-acute/skilled nursing and senior housing
				item	item		item
Dispositions of Real Estate and Land	'	'	'	'	'	'	'	'
Number of properties disposed	'	0	'	2	'	'	'	'
Total consideration for disposition of real estate	'	'	'	$22,000,000	'	$17,000,000	'	'
Number of properties held for sale	0	'	'	'	2	'	1	'
Carrying value of properties classified as held for sale	'	'	9,819,000	'	'	'	'	10,000,000
Operating income from discontinued operations	'	'	'	'	'	'	'	'
Rental and related revenues	1,810,000	5,083,000	'	'	'	'	'	'
Depreciation and amortization expenses	'	1,538,000	'	'	'	'	'	'
Operating expenses	54,000	919,000	'	'	'	'	'	'
Other expenses, net	20,000	394,000	'	'	'	'	'	'
Income before gain on sales of real estate, net of income taxes	1,736,000	2,232,000	'	'	'	'	'	'
Gain on sales of real estate, net of income taxes	$28,010,000	'	'	'	'	'	'	'
Number of properties included in discontinued operations	3	13	'	'	'	'	'	'

Net_Investment_in_Direct_Finan2

Net Investment in Direct Financing Leases (Details) (USD $)

3 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Sep. 30, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Apr. 02, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

item

item

Performing DFLs

Watch List DFLs

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Post-acute/skilled nursing

Post-acute/skilled nursing

Hospital

Hospital

HCR ManorCare

HCR ManorCare

HCR ManorCare

HCR ManorCare

HCR ManorCare

HCR ManorCare

DFL Portfolio

DFL Portfolio

DFL Portfolio

DFL Portfolio

Performing DFLs

Watch List DFLs

Performing DFLs

Performing DFLs

item

item

Minimum

Maximum

item

Acquisition

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Minimum lease payments receivable

$24,666,528,000

'

$24,808,386,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$23,400,000,000

$23,400,000,000

$23,500,000,000

'

'

Rent receivable from triple-net lease with HCR ManorCare

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

524,000,000

'

506,000,000

'

'

'

Rate of increase in minimum lease revenue per year over each of the next 3 years (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.50%

'

'

'

'

Remaining specified period of the initial lease term during which the minimum lease revenue increases by a specified percentage per year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'2 years

'

'

'

'

Rate of increase in minimum lease revenue per year for remaining years of lease term (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

Number of asset pools

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

4

4

'

'

'

Rate of increase in rent receivable for first year of extension option (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

3.00%

'

'

'

'

Total initial available term of asset pools

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'23 years

'35 years

Estimated residual values

4,134,405,000

'

4,134,405,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Less unearned income

-21,610,533,000

'

-21,789,392,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net investment in direct financing leases

7,190,400,000

'

7,153,399,000

6,817,008,000

373,392,000

1,484,656,000

373,000,000

'

374,000,000

376,000,000

1,111,264,000

373,392,000

5,581,853,000

5,581,853,000

123,891,000

123,891,000

'

'

'

'

'

'

Percentage of DFL Portfolio

100.00%

'

'

'

'

21.00%

'

'

'

'

'

'

77.00%

'

2.00%

'

'

'

'

'

'

'

Properties subject to direct financing leases

364

'

364

'

'

'

'

'

'

14

'

'

'

'

'

'

'

'

'

'

'

'

DFL income

164,537,000

156,870,000

'

'

'

'

4,900,000

7,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash proceeds from DFL portfolio

'

'

'

'

'

'

$5,800,000

$5,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loans_Receivable_Details

Loans Receivable (Details) (USD $)

3 Months Ended

3 Months Ended

0 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Jul. 31, 2012

Jul. 31, 2012

Jul. 31, 2012

Jun. 30, 2013

Mar. 31, 2014

Dec. 31, 2013

Performing Loans

Workout Loans

Real Estate Secured

Real Estate Secured

Real Estate Secured

Other Secured

Other Secured

Other Secured

Other Secured

Tandem Health Care Loan

Tandem Health Care Loan

Tandem Health Care Loan - First Tranche

Tandem Health Care Loan - First Tranche

Tandem Health Care Loan - Second Tranche

Delphis

Delphis

Performing Loans

Performing Loans

Workout Loans

Maximum

Maximum

Loans receivable:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Mezzanine

$234,455,000

'

$234,455,000

'

'

'

'

'

$234,455,000

$234,455,000

'

'

'

'

'

'

'

'

'

Loan receivable, other

152,759,000

'

147,669,000

'

'

152,759,000

147,669,000

'

'

'

'

'

'

205,000,000

100,000,000

'

102,000,000

'

'

Unamortized discounts, fees and costs

-2,632,000

'

-2,713,000

'

'

'

'

'

-2,632,000

-2,713,000

'

'

'

'

'

'

'

'

'

Allowance for loan losses

-13,410,000

'

'

'

'

'

'

'

-13,410,000

'

'

'

'

'

'

'

'

-13,410,000

-13,410,000

Loans receivable, net

371,172,000

'

366,001,000

353,101,000

18,071,000

152,759,000

147,669,000

152,759,000

218,413,000

218,332,000

200,342,000

18,071,000

'

'

'

'

'

'

'

Construction loans outstanding related to senior housing development projects

'

'

'

'

'

'

'

'

123,000,000

117,000,000

'

'

'

'

'

'

'

'

'

Remaining commitments to fund development projects

'

'

'

'

'

'

'

'

25,000,000

'

'

'

'

'

'

'

'

'

'

Percentage of Loan Portfolio

100.00%

'

'

'

'

41.00%

'

'

59.00%

'

'

'

'

'

'

'

'

'

'

Loan receivable subordinated to senior mortgage debt

'

'

'

'

'

'

'

'

'

'

'

'

442,000,000

'

'

'

'

'

'

Loan receivable, interest rate payable (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

'

'

12.00%

'

14.00%

'

'

Loan receivable term

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'63 months

'

'

'

Loans receivable, net reported amount

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

18,100,000

18,100,000

Additional interest income as a result of extinguishment of loans

16,696,000

12,386,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Reconciliation of beginning and ending allowance

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance at the beginning

13,410,000

'

'

'

'

'

'

'

13,410,000

'

'

'

'

'

'

'

'

13,410,000

13,410,000

Balance at the end

$13,410,000

'

'

'

'

'

'

'

$13,410,000

'

'

'

'

'

'

'

'

$13,410,000

$13,410,000

Investments_in_and_Advances_to2

Investments in and Advances to Unconsolidated Joint Ventures (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	$193,930,000	'	$196,576,000
Investment reported in liabilities	-1,087,000	'	'
Summarized combined financial information for unconsolidated joint ventures:	'	'	'
Real estate, net	3,644,045,000	'	3,662,450,000
Goodwill and other assets, net	5,414,544,000	'	5,384,553,000
Total assets	9,058,589,000	'	9,047,003,000
Capital lease obligations and mortgage debt	6,736,980,000	'	6,768,815,000
Accounts payable	1,083,690,000	'	1,045,260,000
Other partners' capital	1,102,974,000	'	1,098,228,000
HCP's capital	134,945,000	'	134,700,000
Total liabilities and partners' capital	9,058,589,000	'	9,047,003,000
Combined basis difference	57,000,000	'	'
Total revenues	1,079,891,000	1,093,374,000	'
Net income	7,996,000	10,584,000	'
HCP's share of earnings	14,528,000	14,801,000	'
Fees earned by HCP	449,000	443,000	'
Distributions received by HCP	3,202,000	1,371,000	'
HCR ManorCare | Post-acute/skilled	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	82,311,000	'	'
Investment ownership percentage	9.50%	'	'
Recharacterized DFL income to equity income	15,600,000	15,900,000	'
HCP Ventures III, LLC | Medical office	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	7,065,000	'	'
Investment ownership percentage	30.00%	'	'
HCP Ventures IV, LLC | Hospital and medical office segments	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	29,074,000	'	'
Investment ownership percentage	20.00%	'	'
HCP Life Science | Life science	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	68,798,000	'	'
Number of unconsolidated joint ventures	3	'	'
HCP Life Science | Life science | Minimum	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investment ownership percentage	50.00%	'	'
HCP Life Science | Life science | Maximum	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investment ownership percentage	63.00%	'	'
Torrey Pines Science Center, LP | Life science	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investment ownership percentage	50.00%	'	'
Britannia Biotech Gateway, LP | Life science	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investment ownership percentage	55.00%	'	'
LASDK, LP | Life science	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investment ownership percentage	63.00%	'	'
Suburban Properties, LLC | Medical office	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	6,180,000	'	'
Investment ownership percentage	67.00%	'	'
Advances to unconsolidated joint ventures, net	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	502,000	'	'
Edgewood Assisted Living Center, LLC | Senior housing	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investment reported in liabilities	-431,000	'	'
Seminole Shores Living Center, LLC | Senior housing	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investment reported in liabilities	-656,000	'	'
Senior housing partnership | Senior housing	'	'	'
Company owned interests in entities, accounted under equity method:	'	'	'
Investments in and advances to unconsolidated joint ventures	$0	'	'
Investment ownership percentage	72.00%	'	'

Intangibles_Details

Intangibles (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Millions, unless otherwise specified
Intangibles	'	'
Intangible assets, gross	$776	$781
Intangible assets, accumulated amortization	304	292
Intangible liabilities, gross	207	207
Intangible liabilities, accumulated amortization	$113	$108

Other_Assets_Details

Other Assets (Details)	3 Months Ended					0 Months Ended
	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Jun. 28, 2012	Jun. 28, 2012	Mar. 31, 2014	Dec. 31, 2013
	USD ($)	USD ($)	USD ($)	Delphis	Delphis	Four Seasons	Four Seasons	HCP Ventures IV, LLC	HCP Ventures IV, LLC
				USD ($)	USD ($)	USD ($)	GBP (£)	USD ($)	USD ($)
Other Assets.	'	'	'	'	'	'	'	'	'
Straight-line rent assets, net of allowance of $34,214 and $34,230 respectively	'	$380,820,000	$368,919,000	'	'	'	'	'	'
Allowance on straight-line rent assets	'	34,214,000	34,230,000	'	'	'	'	'	'
Marketable debt securities, net	'	245,649,000	244,089,000	'	'	'	'	'	'
Leasing costs, net	'	104,386,000	104,601,000	'	'	'	'	'	'
Deferred financing costs, net	'	48,230,000	42,106,000	'	'	'	'	'	'
Goodwill	'	50,346,000	50,346,000	'	'	'	'	'	'
Other	'	99,759,000	57,644,000	'	'	'	'	'	'
Total other assets	'	929,190,000	867,705,000	'	'	'	'	'	'
Other assets	'	'	'	'	'	'	'	'	'
Carrying value of interest accrued related to the Delphis loan	'	'	'	0	0	'	'	'	'
Reserve related to accrued interest receivable	'	'	'	5,400,000	5,400,000	'	'	'	'
Loans receivables	'	371,172,000	366,001,000	'	'	'	'	12,000,000	10,000,000
Loan receivable, interest rate payable (as a percent)	'	'	'	'	'	12.25%	12.25%	12.00%	12.00%
Percentage of counter party's partnership interest in the joint venture, by which loans receivable from unconsolidated joint venture are secured	'	'	'	'	'	'	'	80.00%	'
Realized gains on marketable debt securities sold	11,000,000	'	'	'	'	'	'	'	'
Marketable debt security, par value	'	'	'	'	'	'	138,500,000	'	'
Marketable debt security, par value, discounted	'	'	'	'	'	$214,900,000	£ 136,800,000	'	'
Yield to maturity (as a percent)	'	'	'	'	'	12.50%	12.50%	'	'

Debt_Details

Debt (Details)

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Jul. 30, 2012

Mar. 31, 2014

Mar. 31, 2014

Jul. 30, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Feb. 12, 2014

Nov. 12, 2013

Feb. 01, 2014

Dec. 16, 2013

Feb. 28, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

USD ($)

USD ($)

Line of Credit and Term Loan

Bank Line of Credit

2012 Term Loan

2012 Term Loan

2012 Term Loan

2012 Term Loan

Senior Unsecured Notes

Senior Unsecured Notes

Senior Unsecured Notes

Senior Unsecured, 4.20% notes due 2024

Senior Unsecured, 4.25% notes due 2023

Senior unsecured notes, 2.7%

Senior unsecured notes, 5.65%

Senior Unsecured, 5.625%

Mortgage Debt

Mortgage Debt

Mortgage Debt

Other Debt

USD ($)

GBP (£)

USD ($)

GBP (£)

Interest-rate swap contracts

USD ($)

Minimum

Maximum

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Minimum

Maximum

USD ($)

item

item

Debt Instrument

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Increased maximum borrowing capacity

'

'

'

$500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, maximum borrowing capacity

'

'

'

2,000,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Length of debt instrument extension period

'

'

'

'1 year

'1 year

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, variable rate basis

'

'

'

'LIBOR

'GBP LIBOR

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, basis spread on variable rate (as a percent)

'

'

'

0.93%

1.20%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, facility fee (as a percent)

'

'

'

0.15%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility additional aggregate amount, maximum

'

'

'

500,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Line of credit facility, amount drawn

'

'

'

0

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, covenant debt to assets (as a percent)

'

'

60.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, covenant secured debt to assets (as a percent)

'

'

30.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)

'

'

60.00%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, covenant minimum fixed charge coverage ratio

'

'

1.5

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, covenant net worth

'

'

'

9,500,000,000

'

9,200,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument principal outstanding

'

'

'

'

'

'

'

'

6,900,000,000

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, effective interest rate (as a percent)

'

'

'

'

'

'

'

'

'

'

'

4.26%

4.31%

'

'

'

'

'

'

'

Weighted-average interest rate (as a percent)

'

'

'

'

'

'

'

'

5.06%

'

'

'

'

'

'

'

6.19%

'

'

'

Weighted-average maturity

'

'

'

'

'

'

'

'

'6 years

'

'

'

'

'

'

'

'3 years

'

'

'

Issuance of senior unsecured notes

'

'

'

'

'

'

'

'

'

'

'

350,000,000

800,000,000

'

'

'

'

'

'

'

Debt issuance price as a percentage of principal amount

'

'

'

'

'

'

'

'

'

'

'

99.54%

99.54%

'

'

'

'

'

'

'

Repayment of senior unsecured notes

'

'

'

'

'

'

'

'

'

'

'

'

'

400,000,000

400,000,000

150,000,000

'

'

'

'

Net proceeds from issuance of senior unsecured notes

'

'

'

'

'

'

'

'

'

'

'

346,000,000

789,000,000

'

'

'

'

'

'

'

Stated interest rate (as a percent)

'

'

'

'

'

'

'

'

'

1.20%

6.99%

4.20%

4.25%

2.70%

5.65%

5.63%

'

0.69%

8.69%

'

2014 (Nine months)

104,597,000

'

'

'

'

'

'

'

87,000,000

'

'

'

'

'

'

'

17,597,000

'

'

'

2015

708,421,000

'

'

'

'

'

'

'

400,000,000

'

'

'

'

'

'

'

308,421,000

'

'

'

2016

1,420,007,000

'

'

'

'

228,269,000

'

'

900,000,000

'

'

'

'

'

'

'

291,738,000

'

'

'

2017

1,300,477,000

'

'

'

'

'

'

'

750,000,000

'

'

'

'

'

'

'

550,477,000

'

'

'

2018

606,583,000

'

'

'

'

'

'

'

600,000,000

'

'

'

'

'

'

'

6,583,000

'

'

'

Thereafter

4,265,242,000

'

'

'

'

'

'

'

4,200,000,000

'

'

'

'

'

'

'

65,242,000

'

'

'

(Discounts) and premiums, net

-29,077,000

'

'

'

'

'

'

'

-24,188,000

'

'

'

'

'

'

'

-4,889,000

'

'

'

Debt instruments, carrying amount

8,376,250,000

'

'

'

137,000,000

228,269,000

137,000,000

'

6,912,812,000

'

'

'

'

'

'

'

1,235,169,000

'

'

'

Number of healthcare facilities used to secure debt

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

95

'

'

'

Debt instrument, collateral, healthcare facilities carrying value

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

1,500,000,000

'

'

'

Maturity period of debt instruments

'

'

'

'

'4 years

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Term of the interest rate swap agreement

'

'

'

'

'

'

'

'4 years

'

'

'

'

'

'

'

'

'

'

'

'

Debt instrument, fixed interest rate (as a percent)

'

'

'

'

'

'

'

1.81%

'

'

'

'

'

'

'

'

'

'

'

'

Portion of other debt and occupancy fee deposits excluded from schedule of debt maturities

$74,097,000

$74,909,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

$74,000,000

Number of CCRC issuing non-interest life care bonds

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

Non-interest bearing occupancy fee deposits

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

2

Commitments_and_Contingencies_1

Commitments and Contingencies (Details) (USD $)

3 Months Ended

3 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

12 Months Ended

3 Months Ended

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Dec. 31, 2012

Mar. 31, 2014

Mar. 31, 2013

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

Mar. 31, 2014

Mar. 31, 2013

HCR ManorCare

HCR ManorCare

HCR ManorCare

Brookdale Senior Living

Senior housing

Senior housing

Post-acute/skilled

Post-acute/skilled

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Total Assets

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

Revenue

item

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

Operators

HCR ManorCare

HCR ManorCare

Emeritus

Emeritus

Sunrise Senior Living

Sunrise Senior Living

Brookdale Senior Living

Brookdale Senior Living

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Post-acute/skilled

Post-acute/skilled

HCR ManorCare

HCR ManorCare

Emeritus

Emeritus

Sunrise Senior Living

Sunrise Senior Living

Brookdale Senior Living

Brookdale Senior Living

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Senior housing

Post-acute/skilled

Post-acute/skilled

HCR ManorCare

HCR ManorCare

Emeritus

Emeritus

Sunrise Senior Living

Sunrise Senior Living

Brookdale Senior Living

Brookdale Senior Living

HCR ManorCare

HCR ManorCare

HCR ManorCare

HCR ManorCare

Emeritus

Emeritus

Sunrise Senior Living

Sunrise Senior Living

Brookdale Senior Living

Brookdale Senior Living

HCR ManorCare

HCR ManorCare

Concentration of Credit Risk

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Concentration risk (as a percent)

'

'

'

'

'

'

'

'

'

'

'

'

32.00%

32.00%

15.00%

14.00%

7.00%

7.00%

4.00%

4.00%

11.00%

11.00%

37.00%

37.00%

17.00%

17.00%

11.00%

11.00%

89.00%

88.00%

28.00%

28.00%

12.00%

13.00%

4.00%

5.00%

4.00%

4.00%

10.00%

10.00%

34.00%

35.00%

11.00%

13.00%

12.00%

12.00%

86.00%

88.00%

Number of RIDEA joint ventures

'

'

'

'

'

'

'

2

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Balance Sheets:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Real estate and other property, net

$10,593,355,000

'

$10,627,249,000

'

$2,984,100,000

'

$2,996,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Cash and cash equivalents

49,738,000

47,547,000

300,556,000

247,673,000

169,700,000

'

141,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Goodwill, intangible and other assets, net

929,190,000

'

867,705,000

'

5,170,000,000

'

5,171,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total assets

19,858,678,000

[1]

'

20,075,870,000

[1]

'

8,323,800,000

'

8,309,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Debt and financing obligations

'

'

'

'

6,227,600,000

'

6,258,500,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Accounts payable, accrued liabilities and other

276,342,000

'

318,427,000

'

1,049,700,000

'

1,013,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total equity

10,969,573,000

10,782,059,000

10,931,134,000

10,753,777,000

1,046,500,000

'

1,038,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Total liabilities and equity

19,858,678,000

'

20,075,870,000

'

8,323,800,000

'

8,309,900,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income Statements:

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Revenues

529,992,000

511,186,000

'

'

1,054,300,000

1,066,300,000

'

'

191,422,000

187,043,000

151,192,000

143,821,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Operating, general and administrative expense

'

'

'

'

-904,600,000

-907,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Depreciation and amortization expense

-107,388,000

-103,179,000

'

'

-35,600,000

-36,800,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Interest expense

-106,638,000

-109,110,000

'

'

-102,700,000

-104,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Other income, net

1,930,000

12,112,000

'

'

2,900,000

2,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income from continuing operations before income taxes

'

'

'

'

14,300,000

19,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income taxes

-1,446,000

-916,000

'

'

-5,900,000

-6,300,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Income from continuing operations

233,877,000

231,552,000

'

'

8,400,000

13,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Loss from discontinued operations, net of taxes

29,746,000

2,232,000

'

'

'

-1,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Net income

263,623,000

233,784,000

'

'

8,400,000

11,700,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Credit Enhancement Guarantee

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Third party debt collateralized by facilities, debt amount (maturing in May 1, 2025)

110,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Third party debt collateralized by facilities, asset carrying amount (maturing in May 1, 2025)

$373,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

[1]

The Company's consolidated total assets at March 31, 2014 and December 31, 2013 include assets of certain variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs. At both March 31, 2014 and December 31, 2013: other assets, net, $1 million. See Note 16 to the Condensed Consolidated Financial Statements for additional information.

Equity_Details

Equity (Details) (USD $)	0 Months Ended		3 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	1-May-14	Jan. 30, 2014	Mar. 31, 2014	Mar. 31, 2013	Dec. 31, 2013
Equity	'	'	'	'	'
Dividends declared per common share (in dollars per share)	$0.55	$0.55	$0.55	$0.53	'
Noncontrolling interests	'	'	'	'	'
DownREIT unit, carrying value	'	'	$184,032,000	'	$184,105,000
Accumulated Other Comprehensive Loss	'	'	'	'	'
Unrealized gains on available for sale securities	'	'	3,000	'	'
Unrealized losses on cash flow hedges, net	'	'	-10,887,000	'	-10,797,000
Supplemental Executive Retirement Plan minimum liability	'	'	-2,856,000	'	-2,910,000
Cumulative foreign currency translation adjustment	'	'	-830,000	'	-780,000
Total accumulated other comprehensive loss	'	'	-14,570,000	'	-14,487,000
Common Stock	'	'	'	'	'
Company's common stock issuances	'	'	'	'	'
Dividend Reinvestment and Stock Purchase Plan (in shares)	'	'	875	382	'
Conversion of DownREIT units (in shares)	'	'	2	51	'
Exercise of stock options (in shares)	'	'	4	796	'
Vesting of restricted stock units (in shares)	'	'	411	17	'
Total Noncontrolling Interests	'	'	'	'	'
Noncontrolling interests	'	'	'	'	'
Non-managing members DownREIT units outstanding	'	'	4,000,000	'	'
Number of DownREIT LLCs	'	'	4	'	'
DownREIT unit, carrying value	'	'	184,000,000	'	'
DownREIT unit, fair value	'	'	$232,000,000	'	'

Segment_Disclosures_Details

Segment Disclosures (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
	item
Segment reporting information, revenues	'	'
Number of reportable segments	5	'
Rental Revenues	$474,794	$462,611
Resident Fees and Services	38,053	35,746
Interest Income	16,696	12,386
Investment Management Fee Income	449	443
Total revenues	529,992	511,186
NOI	437,140	425,671
Adjusted NOI (Cash NOI)	400,993	382,625
Senior housing	'	'
Segment reporting information, revenues	'	'
Rental Revenues	150,085	148,896
Resident Fees and Services	38,053	35,746
Interest Income	3,284	2,401
Total revenues	191,422	187,043
NOI	163,590	161,120
Adjusted NOI (Cash NOI)	150,375	142,722
Post-acute/skilled	'	'
Segment reporting information, revenues	'	'
Rental Revenues	137,780	133,836
Interest Income	13,412	9,985
Total revenues	151,192	143,821
NOI	137,248	133,207
Adjusted NOI (Cash NOI)	118,099	113,847
Life science	'	'
Segment reporting information, revenues	'	'
Rental Revenues	76,122	73,330
Investment Management Fee Income	1	1
Total revenues	76,123	73,331
NOI	61,961	59,947
Adjusted NOI (Cash NOI)	58,829	56,340
Medical office	'	'
Segment reporting information, revenues	'	'
Rental Revenues	89,262	86,831
Investment Management Fee Income	448	442
Total revenues	89,710	87,273
NOI	53,746	52,567
Adjusted NOI (Cash NOI)	53,029	51,240
Hospital	'	'
Segment reporting information, revenues	'	'
Rental Revenues	21,545	19,718
Total revenues	21,545	19,718
NOI	20,595	18,830
Adjusted NOI (Cash NOI)	$20,661	$18,476

Segment_Disclosures_Details_2

Segment Disclosures (Details 2) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Reconciliation of reported net income to NOI and adjusted NOI	'	'
Net income	$263,623	$233,784
Interest income	-16,696	-12,386
Investment management fee income	-449	-443
Interest expense	106,638	109,110
Depreciation and amortization	107,388	103,179
General and administrative	21,394	20,656
Other income, net	-1,930	-12,112
Income taxes	1,446	916
Equity income from unconsolidated joint ventures	-14,528	-14,801
Total discontinued operations	-29,746	-2,232
NOI	437,140	425,671
Straight-line rents	-13,968	-18,793
DFL accretion	-21,422	-24,170
Amortization of above and below market lease intangibles, net	-168	-78
Lease termination fees	-578	'
NOI adjustments related to discontinued operations	-11	-5
Adjusted (Cash) NOI	$400,993	$382,625

Segment_Disclosures_Details_3

Segment Disclosures (Details 3) (USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Segment Disclosure	'		'
Total assets	$19,858,678	[1]	$20,075,870	[1]
Assets held for sale, net	'		9,819
Goodwill	50,346		50,346
Operating segment	'		'
Segment Disclosure	'		'
Gross assets	21,430,968		21,381,636
Accumulated depreciation and amortization	-2,318,562		-2,254,591
Total assets	19,112,406		19,127,045
Operating segment | Senior housing	'		'
Segment Disclosure	'		'
Gross assets	7,812,723		7,803,085
Goodwill	31,000		31,000
Operating segment | Post-acute/skilled nursing	'		'
Segment Disclosure	'		'
Gross assets	6,301,607		6,266,938
Goodwill	3,000		3,000
Operating segment | Life science	'		'
Segment Disclosure	'		'
Gross assets	4,003,001		3,986,187
Operating segment | Medical office	'		'
Segment Disclosure	'		'
Gross assets	2,674,280		2,686,069
Goodwill	11,000		11,000
Operating segment | Hospital	'		'
Segment Disclosure	'		'
Gross assets	639,357		639,357
Goodwill	5,000		5,000
Other non-segment	'		'
Segment Disclosure	'		'
Total assets	$746,272		$939,006
[1]	The Company's consolidated total assets at March 31, 2014 and December 31, 2013 include assets of certain variable interest entities ("VIEs") that can only be used to settle the liabilities of those VIEs. At both March 31, 2014 and December 31, 2013: other assets, net, $1 million. See Note 16 to the Condensed Consolidated Financial Statements for additional information.

Earnings_Per_Common_Share_Deta

Earnings Per Common Share (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Numerator	'	'
Income from continuing operations	$233,877	$231,552
Noncontrolling interests' share in continuing operations	-3,335	-3,199
Income from continuing operations applicable to HCP, Inc.	230,542	228,353
Participating securities' share in continuing operations	-1,064	-478
Income from continuing operations applicable to common shares	229,478	227,875
Discontinued operations	29,746	2,232
Noncontrolling interests' share in discontinued operations	-1,177	'
Net income applicable to common shares	$258,047	$230,107
Denominator	'	'
Basic weighted average common shares	457,294,000	453,651,000
Dilutive potential common shares	380,000	962,000
Diluted weighted average common shares	457,674,000	454,613,000
Basic earnings per common share	'	'
Income from continuing operations (in dollars per share)	$0.50	$0.50
Discontinued operations (in dollars per share)	$0.06	$0.01
Net income applicable to common shares (in dollars per share)	$0.56	$0.51
Diluted earnings per common share	'	'
Income from continuing operations (in dollars per share)	$0.50	$0.50
Discontinued operations (in dollars per share)	$0.06	$0.01
Net income applicable to common shares (in dollars per share)	$0.56	$0.51
Common stock options	'	'
Diluted earnings per common share	'	'
Shares of anti-dilutive securities excluded from earnings per share calculation	1,600,000	500,000
Restricted Stock and Performance Restricted Stock Units	'	'
Diluted earnings per common share	'	'
Shares of anti-dilutive securities excluded from earnings per share calculation	900,000	400,000
Down REIT	'	'
Diluted earnings per common share	'	'
Shares of anti-dilutive securities excluded from earnings per share calculation	6,000,000	6,000,000
DownREIT LLCs, non-managing member units outstanding	4,000,000	4,000,000

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Supplemental cash flow information:	'	'
Interest paid, net of capitalized interest	$152,423	$154,127
Income taxes paid	629	75
Capitalized interest	3,125	4,111
Supplemental schedule of non-cash investing activities:	'	'
Accrued construction costs	21,715	15,029
Supplemental schedule of non-cash financing activities:	'	'
Vesting of restricted stock units	411	17
Cancellation of restricted stock	-1	-6
Conversion of non-managing member units into common stock	73	2,179
Noncontrolling interest issued in connection with real estate acquisition	1,152	'
Noncontrolling interest issued in connection with real estate disposition	1,671	'
Mortgages and other liabilities assumed with real estate acquisitions	1	12,728
Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	($692)	$6,675

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Sep. 30, 2013
In Thousands, unless otherwise specified	Unconsolidated Variable Interest Entities	VIE tenants-operating leases	VIE tenants-DFLs	Loan-senior secured	Loan-senior secured	CMBS	Consolidated Variable Interest Entities
	item				Delphis		item
					item
Company's involvement with VIEs:	'	'	'	'	'	'	'
Number of senior housing facilities leased	48	'	'	'	'	'	'
Number of partnerships, which are tenants of the company	'	'	'	'	1	'	'
Number of VIE tenants	7	'	'	'	'	'	'
Maximum Loss Exposure	'	$239,495	$1,071,372	$18,071	'	$17,163	'
Assets/liability type	'	'Lease intangibles, net and straight-line rent receivables	'Net investment in DFLs	'Loans receivable, net	'	'Marketable debt securities	'
Carrying amount	'	$13,953	$601,476	$18,071	'	$17,163	'
Number of tax credit subsidiaries	'	'	'	'	'	'	2

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (Fair value on a recurring basis, USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Fair Value	'
Fair value assets and liabilities measured on recurring basis:	'
Marketable equity securities	$35
Total fair value assets and liabilities measured on recurring basis	-9,309
Fair Value | Interest-rate swap contracts	'
Fair value assets and liabilities measured on recurring basis:	'
Derivative assets	2,035
Derivative liabilities	-8,292
Fair Value | Currency swap contracts	'
Fair value assets and liabilities measured on recurring basis:	'
Derivative liabilities	-3,254
Fair Value | Warrants	'
Fair value assets and liabilities measured on recurring basis:	'
Derivative assets	167
Level 1	'
Fair value assets and liabilities measured on recurring basis:	'
Marketable equity securities	35
Total fair value assets and liabilities measured on recurring basis	35
Level 2	'
Fair value assets and liabilities measured on recurring basis:	'
Total fair value assets and liabilities measured on recurring basis	-9,511
Level 2 | Interest-rate swap contracts	'
Fair value assets and liabilities measured on recurring basis:	'
Derivative assets	2,035
Derivative liabilities	-8,292
Level 2 | Currency swap contracts	'
Fair value assets and liabilities measured on recurring basis:	'
Derivative liabilities	-3,254
Level 3	'
Fair value assets and liabilities measured on recurring basis:	'
Total fair value assets and liabilities measured on recurring basis	167
Level 3 | Warrants	'
Fair value assets and liabilities measured on recurring basis:	'
Derivative assets	$167

Disclosures_About_Fair_Value_o2

Disclosures About Fair Value of Financial Instruments (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Summary of financial instruments	'	'
Senior unsecured notes	$6,912,812	$6,963,375
Mortgage debt	1,235,169	1,396,485
Other debt	74,097	74,909
Carrying Value	'	'
Summary of financial instruments	'	'
Loans receivable, net	371,172	366,001
Marketable debt securities	245,649	244,089
Marketable equity securities	35	'
Term loan	228,269	226,858
Senior unsecured notes	6,912,812	6,963,375
Mortgage debt	1,235,169	1,396,485
Other debt	74,097	74,909
Carrying Value | Warrants	'	'
Summary of financial instruments	'	'
Derivative assets	167	114
Carrying Value | Interest-rate swap contracts	'	'
Summary of financial instruments	'	'
Derivative assets	2,035	2,325
Derivative liabilities	-8,292	8,384
Carrying Value | Currency swap contracts	'	'
Summary of financial instruments	'	'
Derivative liabilities	-3,254	2,756
Fair Value | Level 1	'	'
Summary of financial instruments	'	'
Marketable debt securities	283,335	280,850
Marketable equity securities	35	'
Senior unsecured notes	7,475,065	7,405,817
Fair Value | Level 2	'	'
Summary of financial instruments	'	'
Loans receivable, net	378,380	373,441
Term loan	228,269	226,858
Mortgage debt	1,259,067	1,421,214
Other debt	74,097	74,909
Fair Value | Warrants | Level 3	'	'
Summary of financial instruments	'	'
Derivative assets	167	114
Fair Value | Interest-rate swap contracts | Level 2	'	'
Summary of financial instruments	'	'
Derivative assets	2,035	2,325
Derivative liabilities	-8,292	8,384
Fair Value | Currency swap contracts | Level 2	'	'
Summary of financial instruments	'	'
Derivative liabilities	($3,254)	$2,756

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details)	3 Months Ended								3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
	USD ($)	USD ($)	Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges	Cash flow hedge	Interest rate swap, entered in July 2005, maturity in July 2020	Interest rate swap, entered in November 2008, maturity in October 2016	Interest rate swap, entered in July 2012, maturity in June 2016	Interest rate swap, entered in July 2012, maturity in June 2016	Currency swap, entered in July 2012, maturity in June 2016	Currency swap, entered in July 2012, maturity in June 2016
			Reclassification out of Accumulated Other Comprehensive Income	USD ($)	Cash flow hedge	Cash flow hedge	Cash flow hedge	Cash flow hedge	Cash flow hedge	Cash flow hedge
			USD ($)		USD ($)	USD ($)	USD ($)	GBP (£)	USD ($)	GBP (£)
					item
Derivative	'	'	'	'	'	'	'	'	'	'
Fixed Rate/Buy Amount (as a percent)	'	'	'	'	3.82%	5.95%	1.81%	'	'	'
Floating/Exchange Rate Index	'	'	'	'	'BMA Swap Index	'1 Month LIBOR	'1 Month GBP LIBOR	'	'	'
Floating/Exchange Rate Index, percentage	'	'	'	'	'	1.50%	1.20%	'	'	'
Buy (sell) amount	'	'	'	'	'	'	'	'	$56,800,000	£ (7,200,000)
Notional amount	'	'	'	'	45,600,000	26,300,000	'	137,000,000	'	36,200,000
Fair value of hedge, liabilities	'	'	'	'	-5,837,000	-2,455,000	2,035,000	'	'	'
Fair value of hedge, liabilities	'	'	'	'	'	'	'	'	-3,254,000	'
Number of interest-rate swap contracts	'	'	'	'	3	'	'	'	'	'
Exchange rate USD/GBP	'	'	'	'	'	'	'	'	1.5695	'
Gains or losses recorded to accumulated other comprehensive loss reclassified to earnings	263,623,000	233,784,000	0	'	'	'	'	'	'	'
Gain (loss) on cash flow hedge, ineffective portion	'	'	'	0	'	'	'	'	'	'
Effects of Change in Interest Rates	'	'	'	'	'	'	'	'	'	'
+50 Basis Points	'	'	'	'	1,248,000	333,000	2,495,000	'	-546,000	'
-50 Basis Points	'	'	'	'	-1,434,000	-318,000	-2,501,000	'	58,000	'
+100 Basis Points	'	'	'	'	2,589,000	658,000	4,993,000	'	-848,000	'
-100 Basis Points	'	'	'	'	($2,775,000)	($644,000)	($4,999,000)	'	$359,000	'

Subsequent_Events_Details

Subsequent Events (Details) (USD $)	3 Months Ended	0 Months Ended
In Billions, unless otherwise specified	Mar. 31, 2014	Apr. 23, 2014	Apr. 23, 2014	Apr. 23, 2014	Apr. 23, 2014	Apr. 23, 2014
	Brookdale	Subsequent event	Subsequent event	Subsequent event	Subsequent event	Subsequent event
	item	Emeritus	Brookdale	Brookdale	CCRC JV	CCRC JV
		item	RIDEA JV	NNN-leased Portfolio	acre	Brookdale
			item	item
Subsequent Events	'	'	'	'	'	'
Investment in strategic joint venture	'	'	'	'	$1.20	'
Number of retirement communities	'	'	'	'	14	'
Number of properties	'	202	49	153	'	'
Ownership percentage (as a percent)	'	'	20.00%	'	49.00%	51.00%
Number of properties with purchase options that will be cancelled	'	49	'	'	'	'
Number of portfolios	2	2	'	'	'	'