Healthpeak Properties (DOC) 10-Q 5 May 15 2015 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765880
Document Type	10-Q
Document Period End Date	31-Mar-15
Amendment Flag	FALSE
Current Fiscal Year End Date	-19
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		461,676,261
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Real estate:
Buildings and improvements	$10,980,848		$10,972,973
Development costs and construction in progress	293,492		275,233
Land	1,882,476		1,889,438
Accumulated depreciation and amortization	-2,319,791		-2,250,757
Net real estate	10,837,025		10,886,887
Net investment in direct financing leases	6,827,596		7,280,334
Loans receivable, net	1,025,278		906,961
Investments in and advances to unconsolidated joint ventures	642,795		605,448
Accounts receivable, net of allowance of $3,629 and $3,785, respectively	40,153		36,339
Cash and cash equivalents	137,170		183,810
Restricted cash	47,279		48,976
Intangible assets, net	458,249		481,013
Other assets, net	1,008,897		940,172
Total assets	21,024,442	[1]	21,369,940	[1]
LIABILITIES AND EQUITY
Bank line of credit	358,555		838,516
Term loan	530,038		213,610
Senior unsecured notes	8,022,533		7,626,194
Mortgage debt	979,890		984,431
Other debt	95,747		97,022
Intangible liabilities, net	80,387		84,723
Accounts payable and accrued liabilities	314,226		432,934
Deferred revenue	87,420		95,411
Total liabilities	10,468,796	[2]	10,372,841	[2]
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 461,583,731 and 459,746,267 shares issued and outstanding, respectively	461,584		459,746
Additional paid-in capital	11,493,988		11,431,987
Cumulative dividends in excess of earnings	-1,633,841		-1,132,541
Accumulated other comprehensive loss	-28,461		-23,895
Total stockholders' equity	10,293,270		10,735,297
Joint venture partners	75,397		73,214
Non-managing member unitholders	186,979		188,588
Total noncontrolling interests	262,376		261,802
Total equity	10,555,646		10,997,099
Total liabilities and equity	$21,024,442		$21,369,940
[1]	The Company’s consolidated total assets at March 31, 2015 and December 31, 2014 include assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs. Total assets at March 31, 2015 include VIE assets as follows: buildings and improvements $699 million; land $114 million; accumulated depreciation and amortization $120 million; accounts receivable $15 million; cash $36 million; and other assets, net $14 million. Total assets at December 31, 2014 include VIE assets as follows: buildings and improvements $677 million; land $113 million; accumulated depreciation and amortization $111 million; accounts receivable $5 million; cash $42 million; and other assets, net of $23 million from VIEs. See Note 17 to the Consolidated Financial Statements for additional information.
[2]	The Company’s consolidated total liabilities at March 31, 2015 and December 31, 2014 include certain liabilities of VIEs for which the VIE creditors do not have recourse to HCP, Inc. Total liabilities at March 31, 2015 include accounts payable and accrued liabilities of $33 million and deferred revenue of $9 million from VIEs. Total liabilities at December 31, 2014 include accounts payable and accrued liabilities of $34 million and deferred revenue of $12 million from VIEs. See Note 17 to the Consolidated Financial Statements for additional information.

CONSOLIDATED_BALANCE_SHEETS_Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2015	Dec. 31, 2014
Company's involvement with VIEs:
Land	$1,882,476,000	$1,889,438,000
Accumulated depreciation and amortization	2,319,791,000	2,250,757,000
Accounts Receivable	40,153,000	36,339,000
Cash and cash equivalents	137,170,000	183,810,000
Other assets, net	1,008,897,000	940,172,000
Accounts payable and accrued liabilities	314,226,000	432,934,000
Deferred Revenue	87,420,000	95,411,000
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	3,629,000	3,785,000
Common stock, par value (in dollars per share)	$1	$1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	461,583,731	459,746,267
Common stock, shares outstanding	461,583,731	459,746,267
VIEs
Company's involvement with VIEs:
Buildings and improvements	699,000,000	677,000,000
Land	114,000,000	113,000,000
Accumulated depreciation and amortization	120,000,000	111,000,000
Accounts Receivable	15,000,000	5,000,000
Cash and cash equivalents	36,000,000	42,000,000
Other assets, net	14,000,000	23,000,000
Accounts payable and accrued liabilities	33,000,000	34,000,000
Deferred Revenue	$9,000,000	$12,000,000

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenues:
Rental and related revenues	$275,082	$284,823
Tenant recoveries	29,896	25,434
Resident fees and services	105,013	38,053
Income from direct financing leases	167,078	164,537
Interest income	33,262	16,696
Fees earned by HCP	460	449
Total revenues	610,791	529,992
Costs and expenses:
Interest expense	116,780	106,638
Depreciation and amortization	114,522	107,388
Operating	132,031	75,707
General and administrative	24,773	20,899
Acquisition and pursuit costs	3,390	495
Impairments	478,464
Total costs and expenses	869,960	311,127
Gain on sales of real estate, net of income taxes	6,264
Other income, net	1,724	1,930
(Loss) income before income taxes and equity income from unconsolidated joint ventures	-251,181	220,795
Income taxes benefit (provision)	77	-1,446
Equity income from unconsolidated joint ventures	13,601	14,528
(Loss) income from continuing operations	-237,503	233,877
Discontinued operations:
Income before impairment losses and gain on sales of real estate, net of income taxes		1,736
Gain on sales of real estate, net of income taxes		28,010
Total discontinued operations		29,746
Net (loss) income	-237,503	263,623
Noncontrolling interests' share in earnings	-3,111	-4,512
Net (loss) income applicable to HCP, Inc.	-240,614	259,111
Participating securities' share in earnings	-335	-1,064
Net (loss) income applicable to common shares	($240,949)	$258,047
Basic earnings per common share:
Continuing operations (in dollars per share)	($0.52)	$0.50
Discontinued operations (in dollars per share)		$0.06
Net (loss) income applicable to common shares (in dollars per share)	($0.52)	$0.56
Diluted earnings per common share:
Continuing operations (in dollars per share)	($0.52)	$0.50
Discontinued operations (in dollars per share)		$0.06
Net (loss) income applicable to common shares (in dollars per share)	($0.52)	$0.56
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	460,880	457,294
Diluted (in shares)	460,880	457,674

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME
Net (loss) income	($237,503)	$263,623
Change in net unrealized gains (losses) on securities:
Unrealized gains (losses)	-5	3
Change in net unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses)	2,339	-695
Reclassification adjustment realized in net (loss) income	-6	605
Change in Supplemental Executive Retirement Plan obligation	69	54
Foreign currency translation adjustment	-6,963	-50
Total other comprehensive loss	-4,566	-83
Total comprehensive (loss) income	-242,069	263,540
Total comprehensive income attributable to noncontrolling interests	-3,111	-4,512
Total comprehensive (loss) income attributable to HCP, Inc.	($245,180)	$259,028

CONSOLIDATED_STATEMENTS_OF_EQU

CONSOLIDATED STATEMENTS OF EQUITY (USD $)	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
In Thousands, unless otherwise specified
Balance at Dec. 31, 2013	$10,723,300	$456,961	$11,334,041	($1,053,215)	($14,487)	$207,834	$10,931,134
Balance (in shares) at Dec. 31, 2013		456,961
Increase (Decrease) in Stockholders' Equity
Net (loss) income	259,111			259,111		4,512	263,623
Other comprehensive income (losses)	-83				-83		-83
Issuance of common stock, net	32,706	1,287	31,419			-73	32,633
Issuance of common stock, net (in shares)		1,287
Repurchase of common stock	-8,068	-208	-7,860				-8,068
Repurchase of common stock (in shares)		-208
Exercise of stock options	95	4	91				95
Exercise of stock options (in shares)		4
Amortization of deferred compensation	4,890		4,890				4,890
Common dividends ($0.565 and $0.545 per share for the three months ended March 31, 2015 and 2014, 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	10,761,753	458,044	11,362,581	-1,044,302	-14,570	207,820	10,969,573
Balance (in shares) at Mar. 31, 2014		458,044
Balance at Dec. 31, 2014	10,735,297	459,746	11,431,987	-1,132,541	-23,895	261,802	10,997,099
Balance (in shares) at Dec. 31, 2014		459,746
Increase (Decrease) in Stockholders' Equity
Net (loss) income	-240,614			-240,614		3,111	-237,503
Other comprehensive income (losses)	-4,566				-4,566		-4,566
Issuance of common stock, net	36,812	1,155	35,657			-1,608	35,204
Issuance of common stock, net (in shares)		1,155
Repurchase of common stock	-6,096	-128	-5,968				-6,096
Repurchase of common stock (in shares)		-128
Exercise of stock options	27,221	811	26,410				27,221
Exercise of stock options (in shares)		811
Amortization of deferred compensation	6,165		6,165				6,165
Common dividends ($0.565 and $0.545 per share for the three months ended March 31, 2015 and 2014, respectively)	-260,686			-260,686			-260,686
Distributions to noncontrolling interests	-263		-263			-3,861	-4,124
Issuance of noncontrolling interests						2,932	2,932
Balance at Mar. 31, 2015	$10,293,270	$461,584	$11,493,988	($1,633,841)	($28,461)	$262,376	$10,555,646
Balance (in shares) at Mar. 31, 2015		461,584

CONSOLIDATED_STATEMENTS_OF_EQU1

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $)	0 Months Ended		3 Months Ended
	Apr. 30, 2015	Jan. 29, 2015	Mar. 31, 2015	Mar. 31, 2014
CONSOLIDATED STATEMENTS OF EQUITY
Common dividends, per share (in dollars per share)	$0.56	$0.56	$0.56	$0.55

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities:
Net (loss) income	($237,503)	$263,623
Depreciation and amortization of real estate, in-place lease and other intangibles:
Depreciation and amortization of real estate, in-place lease and other intangibles	114,522	107,388
Amortization of market lease intangibles, net	-378	-168
Amortization of deferred compensation	6,165	4,890
Amortization of deferred financing costs, net	4,752	4,965
Straight-line rents	-9,546	-13,968
Loan and direct financing lease interest accretion	21,032	21,503
Deferred rental revenues	-902	-145
Equity income from unconsolidated joint ventures	-13,601	-14,528
Distributions of earnings from unconsolidated joint ventures	1,159	2,430
Lease termination income, net	-1,103
Gain on sales of real estate	-6,264	-28,010
Marketable securities and other losses, net	134	63
Impairments	478,464
Changes in:
Accounts receivable, net	-3,814	-1,045
Other assets	-5,839	-8,942
Accounts payable and other accrued liabilities	-75,146	-47,869
Net cash provided by operating activities	230,068	247,181
Cash flows from investing activities:
Acquisitions and pending acquisitions of real estate	-71,373	-5,473
Development of real estate	-61,805	-33,983
Leasing costs and tenant and capital improvements	-11,540	-12,405
Proceeds from sales of real estate, net		36,753
Contributions to unconsolidated joint ventures	-27,279
Distributions in excess of earnings from unconsolidated joint ventures	1,022	772
Principal repayments on loans receivable	17,496	3,133
Investments in loans receivable and other	-176,504	-42,281
Decrease in restricted cash	1,697	6,933
Net cash used in investing activities	-328,286	-46,551
Cash flows from financing activities:
Net repayments under bank line of credit	-455,506
Borrowings under term loan	333,014
Issuance of senior unsecured notes	595,110	350,000
Repayments of senior unsecured notes	-200,000	-400,000
Repayments of mortgage and other secured debt	-6,354	-162,739
Deferred financing costs	-7,687	-9,239
Issuance of common stock and exercise of options	62,425	32,728
Repurchase of common stock	-6,096	-8,068
Dividends paid on common and preferred stock	-260,686	-250,198
Issuance of noncontrolling interests	1,626	41
Distributions to noncontrolling interests	-4,124	-3,975
Net cash provided by (used in) financing activities	51,722	-451,450
Effect of foreign exchange on cash and cash equivalents	-144	2
Net increase (decrease) in cash and cash equivalents	-46,640	-250,818
Cash and cash equivalents, beginning of year	183,810	300,556
Cash and cash equivalents, end of year	$137,170	$49,738

Business

Business	3 Months Ended
	Mar. 31, 2015
Business
Business	NOTE 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 organized in 1985 and qualifies as a self-administered real estate investment trust (“REIT”). The Company is headquartered in Irvine, California, with offices in Nashville, Los Angeles, San Francisco and London. The Company acquires, develops, leases, manages and disposes of healthcare real estate, and provides financing to healthcare providers. The Company’s diverse portfolio is comprised of investments in the following healthcare segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital.

Summary_of_Significant_Account

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	NOTE 2.  Summary of Significant Accounting Policies
	Basis of Presentation
	The accompanying unaudited 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 consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures and 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 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, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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, 2014 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”).
	Recent Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts). ASU 2015-03 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-03 on January 1, 2016 to the Company’s consolidated financial position or results of operations.
	In February 2015, the FASB issued Accounting Standards Update No. 2015-2, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify (a) the identification of variable interests (fees paid to a decision maker or service provider), (b) the VIE characteristics for a limited partnership or similar entity and (c) the primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. ASU 2015-02 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-02 on January 1, 2016 to the Company’s consolidated financial position or results of operations.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This update changes the guidance for recognizing revenue. ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2016, although on April 29, 2015, the FASB issued a proposal for public comment to defer the effective date by one year. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2014-09 on its current adoption date of January 1, 2017 to the Company’s consolidated financial position or results of operations.
	Reclassification
	Certain amounts in the Company’s consolidated financial statements have been reclassified for prior periods to conform to the current period presentation. As a result of the Company’s increasing transaction volume, “acquisition and pursuit costs” are separately presented on the consolidated statements of operations from “general and administrative expenses.”

Brookdale_Lease_Amendments_and

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”)	3 Months Ended
	Mar. 31, 2015
Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures ("Brookdale Transaction")
Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures ("Brookdale Transaction")	NOTE 3.  Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”)
	On July 31, 2014, Brookdale Senior Living (“Brookdale”) completed its acquisition of Emeritus Corporation (“Emeritus”). On August 29, 2014, the Company and Brookdale completed a multiple-element transaction with three major components:
		·	amended existing lease agreements on 153 HCP-owned senior housing communities previously leased and operated by Emeritus, that included the termination of embedded purchase options in these leases relating to 30 properties and future rent reductions;
		·	terminated existing lease agreements on 49 HCP-owned senior housing properties previously leased and operated by Emeritus, that included the termination of embedded purchase options in these leases relating to 19 properties. At closing, the Company contributed 48 of these properties to a newly formed consolidated partnership that is operated under a structure permitted by the Housing and Economic Recovery Act of 2008 (commonly referred to as “RIDEA”) (“RIDEA Subsidiaries”); the 49th property was contributed on January 1, 2015. Brookdale owns a 20% noncontrolling equity interest in the RIDEA Subsidiaries and manages the facilities on behalf of the partnership; and
		·	entered into new unconsolidated joint ventures that own 14 campuses of continuing care retirement communities (“CCRC”) in a RIDEA structure (collectively, the “CCRC JV”) with the Company owning a 49% equity interest and Brookdale owning a 51% equity interest. Brookdale manages these communities on behalf of this partnership.

Real_Estate_Property_Investmen

Real Estate Property Investments	3 Months Ended
	Mar. 31, 2015
Real Estate Property Investments
Real Estate Property Investments	NOTE 4.  Real Estate Property Investments
	2015 Acquisitions
	A summary of real estate acquisitions for the three months ended March 31, 2015 follows (in thousands):
		Consideration						Assets Acquired
				Liabilities		Noncontrolling				Net
	Segment	Cash Paid		Assumed		Interest		Real Estate		Intangibles
	Senior housing	$	34,068	$	626	$	1,306	$	34,350	$	1,650
	Medical office		180		—		—		180		—
		$	34,248	$	626	$	1,306	$	34,530	$	1,650
	Subsequent Acquisitions.  In April 2015, the Company converted £174 million of its HC-One Facility (see Note 7) to fee ownership in a portfolio of 36 care homes located throughout the United Kingdom (“U.K.”).
	Pending Acquisitions.  In March 2015, HCP and Brookdale entered into a definitive agreement to acquire from Chartwell Retirement Residences a portfolio of 35 private pay senior housing communities, including two leasehold interests,  representing 5,025 units (the “Chartwell Portfolio”) for $849 million. The Chartwell Portfolio will be acquired in a RIDEA structure and Brookdale will acquire a 10% noncontrolling interest. Brookdale has operated these communities since 2011 after its acquisition of Horizon Bay, and will continue to manage the communities post-closing under a long-term management agreement, which is cancellable under certain conditions subject to a fee if terminated within the next seven years. The Company made a deposit of $37 million related to this pending acquisition, which is included in other assets, net. The closing of this acquisition is expected in the third quarter of 2015 and remains subject to regulatory approvals and other customary closing conditions.
	In April 2015, the Company acquired a medical office building (“MOB”) for $161 million. The MOB is located in Philadelphia, Pennsylvania.
	In April 2015, the Company exercised its purchase option right from a $41 million development loan to acquire a newly developed assisted living and memory care facility in Germantown, Tennessee for $72 million. The facility will be managed by Brookdale and placed in a RIDEA structure with Brookdale acquiring a 10% noncontrolling interest. The Company expects to close this acquisition in the second quarter of 2015, subject to customary closing conditions.
	2014 Acquisitions
	A summary of real estate acquisitions for the three months ended March 31, 2014 follows (in thousands):
		Consideration						Assets Acquired
				Liabilities		Noncontrolling
	Segment	Cash Paid		Assumed		Interest		Real Estate
	Senior housing	$	5,473	$	1	$	1,152	$			6,626
	Completed Developments
	During the three months ended March 31, 2014, the Company placed in service the following: (i) two life science facilities, (ii) a medical office building and (iii) a post-acute/skilled nursing facility. These completed developments represent $25 million of gross real estate on the Company’s consolidated balance sheets as of December 31, 2014. There were no completed developments during the three months ended March 31, 2015.
	Construction, Tenant and Other Capital Improvements
	A summary of the Company’s funding for construction, tenant and other capital improvements follows (in thousands):
		Three Months Ended March 31,
	Segment	2015		2014
	Senior housing	$	16,172	$	6,950
	Post-acute/skilled nursing		1,960		2,381
	Life science		27,391		26,762
	Medical office		19,233		12,975
	Hospital		37		—
		$	64,793	$	49,068

Dispositions_of_Real_Estate_an

Dispositions of Real Estate and Discontinued Operations	3 Months Ended
	Mar. 31, 2015
Dispositions of Real Estate and Discontinued Operations
Dispositions of Real Estate and Discontinued Operations	NOTE 5.  Dispositions of Real Estate and Discontinued Operations
	During the three months ended March 31, 2015, the Company sold eight senior housing facilities for $51 million resulting from Brookdale’s purchase option exercise it received as part of the Brookdale Transaction.
	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.
	The Company separately presented as discontinued operations the results of operations for all consolidated assets disposed of and all properties held for sale, if any, prior to the adoption of ASU 2014-08,  Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity, on April 1, 2014 (the “adoption date”). The amounts included in discontinued operations, for the three months March 31, 2014, represent the activity for properties sold prior to the adoption date. No properties sold subsequent to the adoption date met the new criteria for reporting 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
	Rental and related revenues	$	1,810
	Operating expenses		54
	Other expenses, net		20
	Income before gain on sales of real estate, net of income taxes	$	1,736
	Gain on sales of real estate, net of income taxes	$	28,010
	Number of properties included in discontinued operations		3

Net_Investment_in_Direct_Finan

Net Investment in Direct Financing Leases	3 Months Ended
	Mar. 31, 2015
Net Investment in Direct Financing Leases
Net Investment in Direct Financing Leases	NOTE 6.  Net Investment in Direct Financing Leases
	The components of net investment in direct financing leases (“DFLs”) consisted of the following (dollars in thousands):
		March 31,		December 31,
		2015		2014
	Minimum lease payments receivable	$	26,825,121	$	24,182,525
	Estimated residual values		3,910,830		4,126,426
	Less unearned income		-23,908,355		-21,028,617
	Net investment in direct financing leases	$	6,827,596	$	7,280,334
	Properties subject to direct financing leases		363		363
	HCR ManorCare, Inc.
	The Company acquired 334 post-acute, skilled nursing and assisted living facilities in its 2011 transaction with HCR ManorCare Inc. (“HCRMC”) and entered into a triple-net lease agreement (the “Master Lease”) with a subsidiary (“Lessee”) of HCRMC.
	During the first quarter of 2015, the Company and HCRMC agreed to market for sale the real estate and operations associated with 50 non-strategic assets that are under the Master Lease. HCRMC will receive an annual rent reduction under the Master Lease based on 7.75% of the net sales proceeds received by HCP. The asset sales are expected to occur during the second half of 2015 and the first quarter of 2016.
	On March 29, 2015, certain subsidiaries of the Company entered into an amendment to the Master Lease (the “HCRMC Lease Amendment”) effective April 1, 2015. The HCRMC Lease Amendment reduced initial annual rent by a net $68 million from $541 million to $473 million. Commencing on April 1, 2016, the minimum rent escalation shall be reset to 3.0% for each lease year through the expiration of the initial term of each applicable pool of facilities. Prior to the HCRMC Lease Amendment, rent payments would have increased 3.5% on April 1, 2015 and 2016 and 3.0% thereafter. The initial term was extended five years to an average of 16 years and the extension options’ aggregate terms remained the same.
	As consideration for the rent reduction, the Company received a Deferred Rent Obligation from Lessee equal to an aggregate amount of $525 million, which was allocated into two tranches (i) a Tranche A Deferred Rent Obligation of $275 million and (ii) a Tranche B Deferred Rent Obligation of $250 million. Until the entire Tranche A Deferred Rent Obligation is paid in full, Lessee will make rental payments equal to 6.9% of its outstanding amount (representing $19 million) for the initial lease year (the “Tranche A Current Payment”) increased each year thereafter by 3.0%. Commencing on April 1, 2016, until the Tranche B Deferred Rent Obligation is paid in full, the outstanding principal balance of Tranche B Deferred Rent Obligation will be increased annually by (i) 3.0% initially, (ii) 4.0% commencing on April 1, 2019, (iii) 5.0% commencing on April 1, 2020, and (iv) 6.0% commencing on April 1, 2021 and for the remainder of its term. The Deferred Rent Obligation is due and payable on the earlier of (i) certain capital or liquidity events of HCRMC, including an IPO or sale, or (ii) March 31, 2029, which is not subject to any extensions. The HCRMC Lease Amendment also imposes certain restrictions on Lessee and HCRMC until the Deferred Rent Obligation is paid in full, including with respect to the payment of dividends and the transfer of interest in HCRMC.
	Additionally, HCRMC agreed to sell, and HCP agreed to purchase, nine post-acute facilities for an aggregate purchase price of $275 million. The proceeds from the nine facilities will be used to reduce the Tranche A Deferred Rent Obligation as the sales are consummated. The closing of the sales of these facilities will be subject to certain customary conditions and approvals. If the closing with respect to any of these facilities has not occurred by April 1, 2016, the obligation to purchase any unsold facilities will terminate. Following the sale of a facility, Lessee will lease such facility from the Company pursuant to the Master Lease. The nine facilities will contribute an aggregate of $19 million of annual rent (subject to escalation) under the Master Lease.
	During the three months ended March 31, 2015, the Company recorded a net impairment charge of $478 million related to its DFL investments with HCRMC. The impairment charge reduced the carrying value of the HCRMC DFL investments from $6.6 billion to $6.1 billion, based on the present value of the future lease payments effective April 1, 2015 under the HCRMC Lease Amendment discounted at the original DFL investments’ effective lease rate. There is no related allowance for credit losses recorded within the carrying value of the HCRMC DFL investments.
	See Note 8 for additional discussion on the Company’s 9.4% equity interest in HCRMC and the U.S. Department of Justice action related to HCRMC.
	Direct Financing Lease Internal Ratings
	The following table summarizes the Company’s internal ratings for net investment in DFLs at March 31, 2015 (dollars in thousands):
		Carrying		Percentage of DFL		Internal Ratings
	Investment Type	Amount		Portfolio		Performing DFLs		Watch List DFLs		Workout DFLs
	Senior housing	$	1,562,875	23		$	1,193,903	$	368,972	$	—
	Post-acute/skilled nursing		5,140,830	75			5,140,830		—		—
	Hospital		123,891	2			123,891		—		—
		$	6,827,596	100		$	6,458,624	$	368,972	$	—
	Beginning September 30, 2013, the Company placed a 14-property senior housing DFL (the “DFL Portfolio”) on non-accrual status. The Company determined that the collection of all rental payments was and continues to be no longer reasonably assured; therefore, rental revenue for the DFL Portfolio is recognized on a cash basis. The Company re-assessed the DFL Portfolio for impairment on March 31, 2015 and determined that the DFL Portfolio was not impaired 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 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, 2015 and 2014, the Company recognized DFL income of $4 million and $5 million, respectively, and received cash payments of $5 million and $6 million, respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $369 million and $370 million at March 31, 2015 and December 31, 2014, respectively. At March 31, 2015, the Company continues to believe that the fair value of the underlying collateral is in excess of the carrying value of this DFL.
	As a result of HCRMC related events, the Company reassessed the collectability of all contractual rent payments under the amended Master Lease. The Company has concluded that the collection of the amended rent payments is reasonably assured and has assigned an internal rating of “Performing” to its HCRMC DFL investments.

Loans_Receivable

Loans Receivable	3 Months Ended
	Mar. 31, 2015
Loans Receivable.
Loans Receivable	NOTE 7.  Loans Receivable
	The following table summarizes the Company’s loans receivable (in thousands):
		March 31, 2015								December 31, 2014
		Real Estate		Other						Real Estate			Other
		Secured		Secured			Total			Secured			Secured		Total
	Mezzanine	$	—	$	930,587		$	930,587		$	—		$	799,064	$	799,064
	Other(1)		122,514		—			122,514			135,363			—		135,363
	Unamortized discounts, fees and costs		—		-14,413			-14,413			—			-14,056		-14,056
	Allowance for loan losses		—		-13,410			-13,410			—			-13,410		-13,410
		$	122,514	$	902,764		$	1,025,278		$	135,363		$	771,598	$	906,961
	(1)Represents construction loans outstanding related to senior housing development projects. At March 31, 2015, the Company had $8 million remaining under its commitments to fund development projects.
	Loans Receivable Internal Ratings
	The following table summarizes the Company’s internal ratings for loans receivable at March 31, 2015 (dollars in thousands):
		Carrying		Percentage of Loan		Internal Ratings
	Investment Type	Amount		Portfolio		Performing Loans			Watch List Loans			Workout Loans
	Real estate secured	$	122,514	12		$	122,514		$	—		$	—
	Other secured		902,764	88			885,777			—			16,987
		$	1,025,278	100		$	1,008,291		$	—		$	16,987
	Other Secured Loans
	HC-One Facility.  In November 2014, the Company was the lead investor in the financing for Formation Capital and Safanad’s acquisition of NHP, a company that, at closing, owned 273 nursing and residential care homes representing over 12,500 beds in the U.K. principally operated by HC-One. The Company provided a loan facility (the “HC-One Facility”), secured by substantially all of NHP’s assets, totaling £395 million, with £363 million ($574 million) drawn at closing. The HC-One Facility has a five-year term and was initially funded by a £355 million draw on the Company’s revolving line of credit facility that is discussed in Note 11. In February 2015, the Company increased the HC-One Facility by £108 million ($164 million) to £502 million ($795 million), in conjunction with HC-One’s acquisition of Meridian Healthcare.
	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, 2015, the loans were subordinate to $435 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 matures in October 2017, 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 of July 31, 2012.
	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 and has an internal rating of “workout”. The carrying value of the loan, net of an allowance for loan losses, was $17 million at both March 31, 2015 and December 31, 2014. During the three months ended March 31, 2015, the Company received cash payments of $0.5 million from the Borrower. At both March 31, 2015 and December 31, 2014, the allowance related to the Company’s senior secured loan to Delphis was $13 million with no additional allowances recognized during the three months ended March 31, 2015 or the year ended December 31, 2014. At March 31, 2015, the Company believes the fair value of the collateral supporting this loan is in excess of its carrying value.
	Subsequent Event.  In April 2015, the Company converted £174 million of the HC-One Facility into a sale-leaseback transaction for 36 nursing and residential care homes located throughout the U.K. (see Note 4).

Investments_in_and_Advances_to

Investments in and Advances to Unconsolidated Joint Ventures	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Unconsolidated Joint Ventures
Investments in and Advances to Unconsolidated Joint Ventures	NOTE 8.  Investments in and Advances to Unconsolidated Joint Ventures
	On March 30, 2015, the Company and MBK Senior Living (“MBK”), a subsidiary of Mitsui & Co. Ltd, formed a new RIDEA joint venture (“MBK JV”) that owns three senior housing facilities with the Company and MBK each owning a 50% equity interest. MBK manages these communities on behalf of the joint venture. The Company contributed $27 million of cash and MBK contributed the three senior housing facilities with a fair value of $126 million, which were encumbered by $78 million of mortgage debt at closing. The Company accounts for this joint venture as an equity method investment.
	The Company owns interests in the following entities that are accounted for under the equity method at March 31, 2015 (dollars in thousands):
	Entity(1)		Segment		Investment(2)			Ownership%
	CCRC JV(3) (4)		senior housing		$	455,750			49
	HCRMC		post-acute/skilled nursing			51,649			9.4
	MBK JV		senior housing			27,279			50
	HCP Ventures III, LLC		medical office			6,658			30
	HCP Ventures IV, LLC(4)		medical office and hospital			26,206			20
	HCP Life Science(5)		life science			69,758		50	–	63
	Suburban Properties, LLC		medical office			5,312			67
	Advances to unconsolidated joint ventures, net					183
					$	642,795
	Edgewood Assisted Living Center, LLC		senior housing		$	-448			45
	Seminole Shores Living Center, LLC		senior housing			-635			50
					$	-1,083
		-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 ventures. Negative balances are recorded in accounts payable and accrued liabilities on the Company’s consolidated balance sheets.
		-3		Includes two unconsolidated joint ventures in a RIDEA structure: (i) “CCRC PropCo” and (ii) “CCRC OpCo”.
		-4		Represents VIEs, see Note 17.
		-5		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,
			2015			2014
	Real estate, net		$	5,230,958		$	5,134,587
	Goodwill and other assets, net			5,048,919			4,986,310
	Total assets		$	10,279,877		$	10,120,897
	Capital lease obligations and debt		$	7,218,361		$	7,197,940
	Accounts payable			1,093,859			1,015,912
	Other partners’ capital			1,316,030			1,281,413
	HCP’s capital(1)			651,627			625,632
	Total liabilities and partners’ capital		$	10,279,877		$	10,120,897
		-1		The combined basis difference of the Company’s investments in these joint ventures of $10 million, as of March 31, 2015, is primarily attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles.
			Three Months Ended March 31,
			2015			2014
	Total revenues		$	1,166,454		$	1,067,491
	Income (loss) from discontinued operations			1,100			-2,600
	Net income			9,783			7,996
	HCP’s share of earnings(1)			13,601			14,528
	Fees earned by HCP			460			449
	Distributions received by HCP			2,181			3,202
		-1		The Company’s joint venture interest in HCRMC is accounted for using the equity method and results in an ongoing elimination of DFL income proportional to HCP’s ownership in HCRMC. The elimination of the respective proportional lease expense at the HCRMC level in substance results in $16 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for both the three months ended March 31, 2015 and 2014.
	Subsequent Event.  On April 20, 2015, the U.S. Department of Justice (“DOJ”) unsealed a previously filed complaint in the United States District Court for the Eastern District of Virginia against HCRMC and certain of its affiliates in three consolidated cases following a civil investigation arising out of three lawsuits filed by former employees of HCRMC under the qui tam provisions of the federal False Claims Act. The DOJ’s complaint in intervention is captioned United States of America, ex rel. Ribik, Carson, and Slough v. HCR ManorCare, Inc., ManorCare Inc., HCR ManorCare Services, LLC and Heartland Employment Services, LLC (Civil Action Numbers: 1:09cv13; 1:11cv1054; 1:14cv1228 (CMH/TCB)). The complaint alleges that HCRMC submitted claims to Medicare for therapy services that were not covered by the skilled nursing facility benefit, were not medically reasonable and necessary, and were not skilled in nature, and therefore not entitled to Medicare reimbursement. While this litigation is at an early stage and HCRMC has indicated that it believes the claims are unjust and it will vigorously defend against them, a significant adverse judgment against HCRMC or significant settlement obligation could impact the carrying value of the Company’s investments in HCRMC’s operations and/or DFLs investment further (see Note 6).

Intangibles

Intangibles	3 Months Ended
	Mar. 31, 2015
Intangibles
Intangibles	NOTE 9.  Intangibles
	At March 31, 2015 and December 31, 2014, gross intangible lease assets, comprised of lease-up intangibles, above market tenant lease intangibles and below market ground lease intangibles, were $819 million and $830 million, respectively. At March 31, 2015 and December 31, 2014, the accumulated amortization of intangible assets was $361 million and $349 million, respectively.
	At March 31, 2015 and December 31, 2014, gross intangible lease liabilities, comprised of below market lease intangibles and above market ground lease intangibles were $207 million and $209 million, respectively. At March 31, 2015 and December 31, 2014, the accumulated amortization of intangible liabilities was $127 million and $124 million, respectively.

Other_Assets

Other Assets	3 Months Ended
	Mar. 31, 2015
Other Assets.
Other Assets	NOTE 10.  Other Assets
	The Company’s other assets consisted of the following (in thousands):
		March 31,		December 31,
		2015		2014
	Straight-line rent assets, net of allowance of $34,231 and $34,182, respectively	$	359,311	$	355,864
	Marketable debt securities, net		221,379		231,442
	Leasing costs and inducements, net		158,347		146,500
	Deferred financing costs, net		52,597		47,592
	Goodwill		50,346		50,346
	Other		166,917		108,428
	Total other assets	$	1,008,897	$	940,172
	At March 31, 2015, other assets include a $37 million deposit related to the pending Portfolio acquisition from Chartwell Retirement Residences (see Note 4). At March 31, 2015 and December 31, 2014, other assets include a non-interest bearing short-term receivable of $22 million and $26 million, respectively, from Brookdale payable in eight quarterly installments. At March 31, 2015 and December 31, 2014, other assets include a loan receivable of $17 million and $15 million, respectively, from HCP Ventures IV, LLC, an unconsolidated joint venture (see Note 8) with an interest rate of 12% which matures in May 2016. The loan is senior to equity distributions to the Company’s joint venture partner.
	Marketable debt securities, net primarily represent senior unsecured notes that mature in June 2020 and are non-callable through June 2016. These senior unsecured notes are accounted for as marketable debt securities and classified as held-to-maturity.

Debt

Debt	3 Months Ended
	Mar. 31, 2015
Debt
Debt	NOTE 11.  Debt
	Bank Line of Credit and Term Loans
	The Company’s $2.0 billion unsecured revolving line of credit facility (the “Facility”) matures on March 31, 2018 and contains a one-year 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, 2015, 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, 2015, the Company had £242 million ($359 million) outstanding under the Facility with a weighted average effective interest rate of 1.72%.
	On January 12, 2015, the Company entered into a credit agreement with a syndicate of banks for a £220 million  ($327 million at March 31, 2015) four-year unsecured term loan (the “2015 Term Loan”) that accrues interest at a rate of GBP LIBOR plus 0.975%, subject to adjustments based on the Company’s credit ratings. Proceeds from this term loan were used to repay a £220 million draw on the Facility to fund the November 2014 HC-One debt investment (see Note 7). Concurrently, the Company entered into a three-year interest rate swap agreement that effectively fixes the interest rate of the 2015 Term Loan at 1.79% (see Note 20). The 2015 Term Loan contains a one-year committed extension option.
	The Facility and term loans 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 and Term Loans also require a Minimum Consolidated Tangible Net Worth of $9.5 billion at March 31, 2015. At March 31, 2015, the Company was in compliance with each of these restrictions and requirements of the Facility and Term Loans.
	Senior Unsecured Notes
	At March 31, 2015, the Company had senior unsecured notes outstanding with an aggregate principal balance of $8.1 billion. 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, 2015.
	The following table summarizes the Company’s senior unsecured note issuances for the periods presented (dollars in thousands):
	Period	Amount		Coupon Rate			Maturity Date		Net Proceeds
	Three months ending March 31, 2015:
	21-Jan-15	$	600,000		3.400	%		2025	$	591,000
	Year ending December 31, 2014:
	14-Aug-14	$	800,000		3.875	%		2024	$	792,000
	21-Feb-14	$	350,000		4.200	%		2024	$	346,000
	The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands):
	Period	Amount		Coupon Rate
	Three months ending March 31, 2015:
	1-Mar-15	$	200,000		6.00	%
	Year ending December 31, 2014:
	February 1, 2014	$	400,000		2.70	%
	14-Jun-14	$	62,000		6.00	%
	14-Jun-14	$	25,000		3 Month LIBOR+0.9	%
	Mortgage Debt
	At March 31, 2015, the Company had $981 million in aggregate principal amount of mortgage debt outstanding secured by 70 healthcare facilities (including redevelopment properties), which have a carrying value of $1.3 billion. At March 31, 2015, interest rates on the mortgage debt ranged from 0.42% to 8.38% with a weighted average effective interest rate of 6.15% 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, 2015 (in thousands):
							Senior
		Bank Line of					Unsecured		Mortgage
	Year	Credit(1)		Term Loans(2)			Notes(3)		Debt		Total(4)
	2015 (Nine months)	$	—	$	—		$	200,000	$	35,549	$	235,549
	2016		—		203,404			900,000		292,222		1,395,626
	2017		—		—			750,000		581,891		1,331,891
	2018		358,555		—			600,000		6,583		965,138
	2019		—		326,634			450,000		2,072		778,706
	Thereafter		—		—			5,150,000		63,170		5,213,170
			358,555		530,038			8,050,000		981,487		9,920,080
	Discounts, net		—		—			-27,467		-1,597		-29,064
		$	358,555	$	530,038		$	8,022,533	$	979,890	$	9,891,016
	(1)  Represents £242 million translated into U.S. dollars.
	(2)  Represents £357 million translated into U.S. dollars.
	(3)  Interest rates on the notes ranged from 2.79% to 6.99% with a weighted average effective interest rate of 4.82% and a weighted average maturity of six years.
	(4)  Excludes $96 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities.
	Other Debt
	At March 31, 2015, the Company had $70 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.
	In conjunction with the Brookdale Transaction, on August 29, 2014, the Company borrowed $26 million from the CCRC JV in the form of on-demand notes (“Demand Notes”). The Demand Notes bear interest at a rate of 4.5%.

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2015
Commitments and Contingencies.
Commitments and Contingencies	NOTE 12.  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.
	Liquidity Support Arrangement
	The Company has a 20% equity investment in an unconsolidated joint venture, HCP Ventures IV, LLC (“HCP Ventures IV”), which has $107 million of contractual secured debt obligations (“Contractual Obligations”) coming due through February 2016. In the event HCP Ventures IV is (i) unable to refinance these Contractual Obligations with third party lenders or (ii) the equity members do not jointly agree to make additional capital contributions to repay such Contractual Obligations, the Company has committed to provide the necessary level of financial support in the form of a shortfall loan to enable HCP Ventures IV to repay such Contractual Obligations. Additionally, the Company has committed to fund, in the form of a shortfall loan, up to $24.5 million for prior and future capital expenditures of which $17 million has been funded as of March 31, 2015 and included in other assets, net. This liquidity support arrangement is permitted under the joint venture agreement between members, and any such funding will earn an interest rate equal to 12% per annum from the date actually advanced until the date it is repaid in full (see Notes 8, 10 and 17).

Equity

Equity	3 Months Ended
	Mar. 31, 2015
Equity
Equity	NOTE 13.  Equity
	Common Stock
	The following table lists the common stock cash dividends declared by the Company in 2015:
				Amount			Dividend
	Declaration Date	Record Date		Per Share			Payable Date
	January 29	February 9		$	0.565		February 24
	April 30	11-May			0.565		26-May
	The following is a summary of the Company’s common stock issuances (shares in thousands):
		Three Months Ended March 31,
		2015		2014
	Dividend Reinvestment and Stock Purchase Plan	829		875
	Conversion of DownREIT units(1)	38		2
	Exercise of stock options	811		4
	Vesting of restricted stock units	288		411
	Repurchase of common stock	128		208
	(1)  Non-managing member LLC units.
	Accumulated Other Comprehensive Loss
	The following is a summary of the Company’s accumulated other comprehensive loss (in thousands):
		March 31,			December 31,
		2015			2014
	Cumulative foreign currency translation adjustment	$	-17,710		$	-10,747
	Unrealized losses on cash flow hedges, net		-7,291			-9,624
	Supplemental Executive Retirement Plan minimum liability		-3,468			-3,537
	Unrealized gains on available for sale securities		8			13
	Total accumulated other comprehensive loss	$	-28,461		$	-23,895
	Noncontrolling Interests
	At March 31, 2015, non-managing members held an aggregate of 4 million units in five limited liability companies (“DownREITs”), for which the Company is the managing member. At March 31, 2015, the carrying and fair values of these DownREIT units were $187 million and $261 million, respectively.

Segment_Disclosures

Segment Disclosures	3 Months Ended
	Mar. 31, 2015
Segment Disclosures
Segment Disclosures	NOTE 14.  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 medical office segment, the Company invests through the acquisition and development of MOBs, which generally require a greater level of property management. Otherwise, the Company primarily invests, through the acquisition and development of real estate, in single tenant and operator properties and debt issued by tenants and operators in these sectors. 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 2014 Annual Report on Form 10-K filed with the SEC. There were no intersegment sales or transfers during the three months ended March 31, 2015 and 2014. The Company evaluates performance based upon property net operating income from continuing operations (“NOI”), adjusted NOI (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 segment-level performance. See Note 18 for other information regarding concentrations of credit risk.
	Summary information for the reportable segments follows (in thousands):
	For the three months ended March 31, 2015:
									Investment
			Rental		Resident Fees		Interest		Management		Total				Adjusted
	Segments		Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
	Senior housing		$	127,382	$	105,013	$	7,394	$	—	$	239,789	$	156,885	$	150,472
	Post-acute/skilled			140,576		—		25,868		—		166,444		140,043		121,960
	Life science			83,551		—		—		1		83,552		66,852		63,777
	Medical office			98,305		—		—		459		98,764		60,053		58,187
	Hospital			22,242		—		—		—		22,242		21,205		21,457
	Total		$	472,056	$	105,013	$	33,262	$	460	$	610,791	$	445,038	$	415,853
	For the three months ended March 31, 2014:
									Investment
			Rental		Resident Fees		Interest		Management		Total				Adjusted
	Segments		Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
	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
		-1		Represents rental and related revenues, tenant recoveries and income from DFLs.
		-2		NOI and Adjusted NOI are non-GAAP supplemental financial measures 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 expense; NOI excludes all other financial statement amounts included in net (loss) income as presented below. 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 market lease intangibles and lease termination fees. Adjusted NOI is oftentimes 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 (loss) income is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net (loss) income as defined by GAAP because it does not reflect various 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 (loss) income to NOI and adjusted NOI (in thousands):
			Three Months Ended March 31,
			2015		2014
	Net (loss) income		$	-237,503	$	263,623
	Interest income			-33,262		-16,696
	Investment management fee income			-460		-449
	Interest expense			116,780		106,638
	Depreciation and amortization			114,522		107,388
	General and administrative			24,773		20,899
	Acquisition and pursuit costs			3,390		495
	Impairments			478,464		—
	Gains on sales of real estate, net of income taxes			-6,264		—
	Other income, net			-1,724		-1,930
	Income taxes (benefit) provision			-77		1,446
	Equity income from unconsolidated joint ventures			-13,601		-14,528
	Total discontinued operations			—		-29,746
	NOI			445,038		437,140
	Straight-line rents			-9,546		-13,968
	DFL accretion			-20,304		-21,422
	Amortization of above and below market lease intangibles, net			-378		-168
	Lease termination fees			1,043		-578
	NOI adjustments related to discontinued operations			—		-11
	Adjusted (Cash) NOI		$	415,853	$	400,993
	The Company’s total assets by segment were (in thousands):
			March 31,		December 31,
	Segments		2015		2014
	Senior housing		$	8,445,616	$	8,383,345
	Post-acute/skilled nursing			6,488,822		6,875,122
	Life science			4,171,320		4,154,789
	Medical office			2,997,583		2,988,888
	Hospital			639,807		640,253
	Gross segment assets			22,743,148		23,042,397
	Accumulated depreciation and amortization			-2,680,584		-2,600,072
	Net segment assets			20,062,564		20,442,325
	Other non-segment assets			961,878		927,615
	Total assets		$	21,024,442	$	21,369,940
	At both March 31, 2015 and December 31, 2014, 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, 2015
Earnings Per Common Share
Earnings Per Common Share	NOTE 15.  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,
		2015		2014
	Numerator
	(Loss) income from continuing operations	$	-237,503	$	233,877
	Noncontrolling interests’ share in continuing operations		-3,111		-3,335
	(Loss) income from continuing operations applicable to HCP, Inc.		-240,614		230,542
	Participating securities’ share in continuing operations		-335		-1,064
	(Loss) income from continuing operations applicable to common shares		-240,949		229,478
	Discontinued operations		—		29,746
	Noncontrolling interests’ share in discontinued operations		—		-1,177
	Net (loss) income applicable to common shares	$	-240,949	$	258,047
	Denominator
	Basic weighted average common shares		460,880		457,294
	Dilutive potential common shares		—		380
	Diluted weighted average common shares		460,880		457,674
	Basic earnings per common share
	(Loss) income from continuing operations	$	-0.52	$	0.50
	Discontinued operations		—		0.06
	Net (loss) income applicable to common shares	$	-0.52	$	0.56
	Diluted earnings per common share
	(Loss) income from continuing operations	$	-0.52	$	0.50
	Discontinued operations		—		0.06
	Net (loss) income applicable to common shares	$	-0.52	$	0.56
	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 requires the use of the two-class method when computing basic and diluted earnings per share. Options to purchase approximately 0.5 million and 1.6 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, 2015 and 2014, 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 0.4 million and 0.9 million shares of common stock during the three months ended March 31, 2015 and 2014, 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, 2015 and 2014 were not included because they are anti-dilutive.

Supplemental_Cash_Flow_Informa

Supplemental Cash Flow Information	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Information
Supplemental Cash Flow Information	NOTE 16.  Supplemental Cash Flow Information
	The following table provides supplemental cash flow information (in thousands):
		Three Months Ended March 31,
		2015		2014
	Supplemental cash flow information:
	Interest paid, net of capitalized interest	$	168,165	$	152,423
	Income taxes paid		383		629
	Capitalized interest		1,698		3,125
	Supplemental schedule of non-cash investing activities:
	Accrued construction costs		32,236		21,715
	Supplemental schedule of non-cash financing activities:
	Vesting of restricted stock units		288		411
	Cancellation of restricted stock		—		-1
	Conversion of non-managing member units into common stock		1,608		73
	Noncontrolling interest issued in connection with real estate acquisition		1,306		1,152
	Noncontrolling interest assumed in connection with real estate disposition		—		1,671
	Mortgages and other liabilities assumed with real estate acquisitions		626		1
	Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net		2,334		-692

Variable_Interest_Entities

Variable Interest Entities	3 Months Ended
	Mar. 31, 2015
Variable Interest Entities
Variable Interest Entities	NOTE 17.  Variable Interest Entities
	Unconsolidated Variable Interest Entities
	At March 31, 2015, the Company had investments in: (i) two unconsolidated VIE joint ventures; (ii) 48 properties leased to VIE tenants; (iii) a loan to a VIE borrower; and (iv) marketable debt securities of a VIE borrower. The Company has determined that it is not the primary beneficiary of these VIEs. The Company does not consolidate these VIEs because it does not have the ability to control the activities that most significantly impact these VIEs’ economic performance. Except for the Company’s equity interest in the unconsolidated joint ventures (CCRC OpCo and HCP Ventures IV discussed  below), the Company has no formal involvement in these VIEs beyond its investments.
	The Company holds an equity interest in CCRC OpCo that has been identified as a VIE (see Notes 3 and 8). The equity members of CCRC OpCo “lack power” because they share certain operating rights with Brookdale as manager of the CCRCs. The assets of CCRC OpCo primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable, and cash and cash equivalents; its obligations primarily consist of operating lease obligations and accounts payable and expense accruals associated with the cost of its CCRCs’ operations. Assets generated by the CCRC operations (primarily rents from CCRC residents) of CCRC OpCo may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to manage such facilities).
	In the first quarter of 2015, upon the occurrence of a reconsideration event, it was determined that HCP Ventures IV is a VIE because this entity is “thinly capitalized.” The assets of HCP Ventures IV primarily consist of MOBs and hospitals that it owns and leases, intangible assets, straight-line rents receivable, and cash and cash equivalents; its obligations primarily consist of mortgage debt, member loans, intangible liabilities, deferred revenue, and accounts payable and accrued liabilities associated with the cost of its rental properties. Assets generated by the operations (primarily rental revenues) of HCP Ventures IV may only be used to settle its contractual obligations (primarily operating expenses).
	The Company leases 48 properties to a total of seven tenants that have been identified as VIEs (“VIE tenants”) because these VIE tenants are “thinly capitalized” entities that rely on the operating cash flows generated from the senior housing facilities to pay operating expenses, including the rent obligations under their leases.
	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 because it is a “thinly capitalized” entity (see Note 7). 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 CMBS issued by the VIE are backed by mortgage obligations on senior housing facilities.
	The classification of the related assets and liabilities and their maximum loss exposure as a result of the Company’s involvement with these VIEs at March 31, 2015 are presented below (in thousands):
			Maximum Loss			Carrying
	VIE Type		Exposure(1)		Asset/Liability Type	Amount
	CCRC OpCo		$	245,321	Investments in unconsolidated joint ventures	$	245,321
	HCP Ventures IV			157,706	Investments in unconsolidated joint ventures		26,206
	VIE tenants—operating leases			12,341	Lease intangibles, net and straight-line rent receivables		12,341
	VIE tenants—DFLs			599,414	Net investment in DFLs		599,414
	Loan—senior secured			16,987	Loans receivable, net		16,987
	CMBS			17,546	Marketable debt securities		17,546
		-1		The Company’s maximum loss exposure related to CCRC OpCo, VIE tenants, and loans and marketable debt securities to VIE borrowers represents the aggregate carrying amount of such investments. The Company’s maximum loss exposure related to HCP Ventures IV represents the aggregate carrying amount of its investment plus $107 million in committed support, which may be mitigated by the refinancing of HCP Ventures IV’s Contractual Obligations which it expects to occur as such debt becomes due in late 2015 and early 2016 (see Note 12).
	With the exception of HCP Ventures IV, as of March 31, 2015, 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). At March 31, 2015, the Company has funded a loan of $17 million to HCP Ventures IV. HCP Ventures IV has $107 million of Contractual Obligations coming due through February 2016. The Company has committed to provide the necessary level of financial support, in the form of a shortfall loan, to HCP Ventures IV in the event the joint venture is (i) unable to refinance its Contractual Obligations with third party lenders or (ii) the equity members do not jointly agree to make additional capital contributions to repay its Contractual Obligations. See Notes 3, 6, 7, 8, 10 and 12 for additional descriptions of the nature, purpose and operating activities of the Company’s unconsolidated VIEs and interests therein.
	Consolidated Variable Interest Entities
	RIDEA 1.    The Company holds a 90% ownership interest in a joint venture entity formed in September 2011 that operates senior housing properties in a RIDEA structure (“RIDEA OpCo”). The Company consolidates RIDEA OpCo as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIE’s economic performance. The assets of RIDEA OpCo primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to a non-VIE consolidated subsidiary of the Company and operating expenses of its senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily senior housing resident rents) of RIDEA OpCo may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to manage such facilities).
	RIDEA 2.  The Company holds an 80% equity interest in joint venture entities that own and operate senior housing properties in the RIDEA Subsidiaries. The Company consolidates the RIDEA Subsidiaries (SH PropCo and SH OpCo) as the primary beneficiary because it has the ability to control the activities that most significantly impact the VIEs’ economic performance. The assets of SH PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of a note payable to a non-VIE consolidated subsidiary of the Company. The assets of SH OpCo primarily consist of leasehold interests in senior housing facilities (operating leases), resident fees receivable, and cash and cash equivalents; its obligations primarily consist of lease payments to SH PropCo and operating expenses of its senior housing facilities (accounts payable and accrued expenses).  Assets generated by the senior housing operations (primarily senior housing resident rents) of the RIDEA Subsidiaries may only be used to settle its contractual obligations (primarily the rental costs and operating expenses incurred to manage such facilities).
	Other consolidated VIEs.  The Company made a loan to an entity that entered into a tax credit structure (“Tax Credit Subsidiary”) and a loan to an entity that made an investment in a development joint venture (“Development JV”) both of which are considered VIEs. The Company consolidates the Tax Credit Subsidiary and Development JV because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the VIEs’ economic performance. The assets and liabilities of the Tax Credit Subsidiary and Development JV substantially consist of development in progress, 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 Subsidiary and Development JV may only be used to settle their contractual obligations.

Concentration_of_Credit_Risk

Concentration of Credit Risk	3 Months Ended
	Mar. 31, 2015
Concentration of Credit Risk
Concentration of Credit Risk	NOTE 18.  Concentration of Credit Risk
	Concentrations of credit risk arise when one or more tenants, operators 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 tenants and operators; the information provided is presented for the gross assets and revenues that are associated with certain tenants and operators as percentages of their respective segment’s and total Company’s gross 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		2015		2014		2015		2014
	Brookdale(1)		32	%	36	%	25	%	46	%
	HCRMC		11	%	11	%	8	%	10	%
	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		2015		2014		2015		2014
	HCRMC		79	%	82	%	80	%	86	%
	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		2015		2014		2015		2014
	HCRMC		29	%	31	%	25	%	28	%
	Brookdale(1)		13	%	13	%	10	%	17	%
		-1		On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three months ended March 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the period presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure.
	HCRMC’s summarized consolidated financial information follows (in millions):
			March 31,			December 31,
			2015			2014
	Real estate and other property, net		$	2,915.4		$	2,934.4
	Cash and cash equivalents			141.6			127.9
	Goodwill, intangible and other assets, net			4,646.1			4,621.7
	Total assets		$	7,703.1		$	7,684.0
	Debt and financing obligations		$	6,071.0		$	6,108.3
	Accounts payable, accrued liabilities and other			975.6			932.7
	Total equity			656.5			643.0
	Total liabilities and equity		$	7,703.1		$	7,684.0
			Three Months Ended March 31,
			2015			2014
	Revenues		$	1,054.0		$	1,041.9
	Operating, general and administrative expense			-897.9			-888.8
	Depreciation and amortization expense			-35.9			-35.2
	Interest expense			-100.3			-102.3
	Other income, net			2.8			2.9
	Income from continuing operations before income tax expense			22.7			18.5
	Income tax expense			-10.1			-7.5
	Income from continuing operations			12.6			11.0
	Income (loss) from discontinued operations, net of taxes			1.1			-2.6
	Net income		$	13.7		$	8.4
	As of March 31, 2015, Brookdale provided comprehensive property management and accounting services with respect to 70 of the Company’s senior housing facilities and 14 CCRCs owned by the CCRC JV, for which the Company or joint venture pays annual management fees pursuant to long-term management agreements. Most of the management agreements have terms ranging from 10 to 15 years, with 5-year renewals. The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA facilities. In addition, there are incentive management fees payable to Brookdale if operating results of the RIDEA properties exceed pre-established EBITDAR (as defined) thresholds.
	Brookdale is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. The information related to Brookdale contained or referred to in this report has been derived from SEC filings made by Brookdale or other publicly available information, or was provided to the Company by Brookdale, and the Company has not verified this information through an independent investigation or otherwise. The Company has no reason to believe that this information is inaccurate in any material respect, but the Company cannot assure the reader of its accuracy. The Company is providing this data for informational purposes only and encourages the reader to obtain Brookdale’s publicly available filings, which can be found on the SEC’s website at www.sec.gov.
	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.
	Subsequent Event.  The DOJ filed a complaint against HCRMC that was released from seal on April 20, 2015 (see Note 8).

Fair_Value_Measurements

Fair Value Measurements	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Fair Value Measurements	NOTE 19.  Fair Value Measurements
	Items Measured at Fair Value on a Recurring Basis
	The following table illustrates the Company’s financial assets and liabilities measured at fair value on a recurring basis at March 31, 2015 in the consolidated balance sheets (in thousands):
	Financial Instrument(1)		Fair Value		Level 1		Level 2		Level 3
	Marketable equity securities		$	38	$	38	$	—	$	—
	Interest-rate swap liabilities			-7,820		—		-7,820		—
	Currency swap assets			3,603		—		3,603		—
	Warrants			3,004		—		—		3,004
			$	-1,175	$	38	$	-4,217	$	3,004
		-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.
	Recognized gains and losses are recorded in other income, net on the Company’s consolidated statements of operations. During the three months ended March 31, 2015, there were no transfers of financial assets or liabilities within the fair value hierarchy.
	Disclosures About Fair Value of Financial Instruments
	Cash and cash equivalents, restricted cash, accounts receivable net, and accounts payable and accrued liabilities – The carrying values are reasonable estimates of fair value because of the short-term maturities of these instruments.
	Loans receivable, net and mortgage debt – The fair values are based on discounting future cash flows utilizing current market rates for loans and debt of the same type and remaining maturity.
	Marketable debt securities – The fair value is based on quoted prices from inactive markets.
	Marketable equity securities and senior unsecured notes – The fair values are based on quoted prices in active markets.
	Warrants – The fair value is based on significant unobservable market inputs utilizing standardized derivative pricing models.
	Bank line of credit, term loans and other debt – The carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s current credit ratings.
	Interest-rate swaps – The fair value is based on observable inputs utilizing standardized pricing models that consider forward yield curves and discount rates which are observable in active and inactive markets.
	Currency swaps – The fair value is based on observable inputs utilizing standardized pricing models that consider the future value of the currency exchange rates, comprised of current spot and traded forward points, and calculating a present value of the net amount using discount rates based on observable traded interest rates.
	The table below summarizes the carrying values and fair values of the Company’s financial instruments (in thousands):
			March 31, 2015				December 31, 2014
			Carrying				Carrying
			Value		Fair Value		Value		Fair Value
	Loans receivable, net(2)		$	1,025,278	$	1,040,540	$	906,961	$	898,522
	Marketable debt securities(2)			221,379		229,881		231,442		252,125
	Marketable equity securities(1)			38		38		43		43
	Warrants(3)			3,004		3,004		2,220		2,220
	Bank line of credit(2)			358,555		358,555		838,516		838,516
	Term loans(2)			530,038		530,038		213,610		213,610
	Senior unsecured notes(1)			8,022,533		8,579,285		7,626,194		8,187,458
	Mortgage debt(2)			979,890		1,039,562		984,431		1,025,091
	Other debt(2)			95,747		95,747		97,022		97,022
	Interest-rate swap assets(2)			—		—		178		178
	Interest-rate swap liabilities(2)			7,820		7,820		7,663		7,663
	Currency swap assets(2)			3,603		3,603		929		929
		-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, 2015
Derivative Financial Instruments
Derivative Financial Instruments	NOTE 20.  Derivative Financial Instruments
	The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of March 31, 2015 (dollars and GBP in thousands):
							Fixed
					Hedge		Rate/Buy			Floating/Exchange		Notional/
	Date Entered		Maturity Date		Designation		Amount			Rate Index		Sell Amount			Fair Value(1)
	Interest rate:
	July 2005(2)		July 2020		Cash Flow			3.82	%	BMA Swap Index		$	45,600		$	-6,129
	November 2008(3)		Oct-16		Cash Flow			5.95	%	1 Month LIBOR+1.50%		$	25,600		$	-1,540
	July 2012(3)		June 2016		Cash Flow			1.81	%	1 Month GBP LIBOR+1.20%		£	137,000		$	-84
	January 2015(3)		Oct-17		Cash Flow			1.79	%	1 Month GBP LIBOR+0.975%		£	220,000		$	-67
	Foreign currency:
	July 2012(4)		June 2016		Cash Flow		$	34,100		Buy USD/Sell GBP		£	21,700		$	1,887
	July 2014(5)		December 2015		Cash Flow		$	5,600		Buy USD/Sell GBP		£	3,300		$	732
	January 2015(6)		Oct-17		Cash Flow		$	49,300		Buy USD/Sell GBP		£	32,500		$	983
		-1		Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the 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.
		-5		Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on intercompany loans. Represents a currency swap to sell £0.4 million at a rate of 1.7060 on various dates through December 2015.
		-6		Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on its HC-One Facility. Represents a currency swap to sell approximately £1.0 million monthly at a rate of 1.5149 through October 2017.
	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, 2015, the Company does not anticipate non-performance by the counterparties to its outstanding derivative contracts.
	On January 12, 2015, the Company entered into an interest-rate swap contract that is designated as hedging the interest payments on its GBP denominated 2015 Term Loan due to fluctuations in the underlying benchmark interest rate (see additional discussion of the Term Loan in Note 11). The cash flow hedge has a notional amount of £220 million and expires in October 2017.
	On January 12, 2015, the Company entered into a foreign currency swap contract to hedge the foreign currency exchange risk related to GBP interest receipts on the Company’s HC-One Facility (see additional discussion of the HC-One Facility in Note 7). The cash flow hedge has a fixed GBP/USD exchange rate of 1.5149 (buy approximately $1.5 million and sell £1.0 million monthly) and matures in October 2017.
	During the three months ended March 31, 2015, the Company determined a portion of a cash flow hedge was ineffective and reclassified $0.1 million of unrealized gains related to this interest-rate swap contract into other income, net. 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 additional gains or losses recorded to accumulated other comprehensive loss are expected to be reclassified to earnings for any other outstanding hedges, other than discussed above.
	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
					+50 Basis			-50 Basis			+100 Basis			-100 Basis
	Date Entered		Maturity Date		Points			Points			Points			Points
	Interest rate:
	July 2005		July 2020		$	1,082		$	-1,184		$	2,215		$	-2,317
	November 2008		October 2016			200			-190			396			-386
	July 2012		June 2016			1,242			-1,205			2,466			-2,429
	January 2015		Oct-17			4,165			-4,180			8,338			-8,353
	Foreign currency:
	July 2012		June 2016			1,745			2,067			1,584			2,228
	July 2014		December 2015			711			760			687			784
	January 2015		Oct-17			831			1,313			590			1,554

Summary_of_Significant_Account1

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation
	The accompanying unaudited 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 consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures and 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 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, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015. 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, 2014 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (the “SEC”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements
	In April 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (“ASU 2015-03”). ASU 2015-03 simplifies the presentation of debt issuance costs and requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability (consistent with debt discounts). ASU 2015-03 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-03 on January 1, 2016 to the Company’s consolidated financial position or results of operations.
	In February 2015, the FASB issued Accounting Standards Update No. 2015-2, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 requires amendments to both the variable interest entity and voting models. The amendments (i) rescind the indefinite deferral of certain aspects of accounting standards relating to consolidations and provide a permanent scope exception for registered money market funds and similar unregistered money market funds, (ii) modify (a) the identification of variable interests (fees paid to a decision maker or service provider), (b) the VIE characteristics for a limited partnership or similar entity and (c) the primary beneficiary determination under the VIE model, and (iii) eliminate the presumption within the current voting model that a general partner controls a limited partnership or similar entity. ASU 2015-02 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-02 on January 1, 2016 to the Company’s consolidated financial position or results of operations.
	In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This update changes the guidance for recognizing revenue. ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014-09 is effective for fiscal years and interim periods beginning after December 15, 2016, although on April 29, 2015, the FASB issued a proposal for public comment to defer the effective date by one year. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2014-09 on its current adoption date of January 1, 2017 to the Company’s consolidated financial position or results of operations.
Reclassifications	Reclassification
	Certain amounts in the Company’s consolidated financial statements have been reclassified for prior periods to conform to the current period presentation. As a result of the Company’s increasing transaction volume, “acquisition and pursuit costs” are separately presented on the consolidated statements of operations from “general and administrative expenses.”

Real_Estate_Property_Investmen1

Real Estate Property Investments (Tables)	3 Months Ended
	Mar. 31, 2015
Real Estate Property Investments
Schedule of other real estate acquisitions (in thousands)
		Consideration						Assets Acquired
				Liabilities		Noncontrolling				Net
	Segment	Cash Paid		Assumed		Interest		Real Estate		Intangibles
	Senior housing	$	34,068	$	626	$	1,306	$	34,350	$	1,650
	Medical office		180		—		—		180		—
		$	34,248	$	626	$	1,306	$	34,530	$	1,650
		Consideration						Assets Acquired
				Liabilities		Noncontrolling
	Segment	Cash Paid		Assumed		Interest		Real Estate
	Senior housing	$	5,473	$	1	$	1,152	$			6,626
Schedule of capital improvements (in thousands)
		Three Months Ended March 31,
	Segment	2015		2014
	Senior housing	$	16,172	$	6,950
	Post-acute/skilled nursing		1,960		2,381
	Life science		27,391		26,762
	Medical office		19,233		12,975
	Hospital		37		—
		$	64,793	$	49,068

Dispositions_of_Real_Estate_an1

Dispositions of Real Estate and Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2015
Dispositions of Real Estate and Discontinued Operations
Summary of income from discontinued operations, impairments and gain on sales of real estate included in discontinued operations (dollars in thousands)
		Three Months Ended March 31, 2014
	Rental and related revenues	$	1,810
	Operating expenses		54
	Other expenses, net		20
	Income before gain on sales of real estate, net of income taxes	$	1,736
	Gain on sales of real estate, net of income taxes	$	28,010
	Number of properties included in discontinued operations		3

Net_Investment_in_Direct_Finan1

Net Investment in Direct Financing Leases (Tables)	3 Months Ended
	Mar. 31, 2015
Loans Receivable:
Schedule of components of net investment in DFLs (dollars in thousands)
		March 31,		December 31,
		2015		2014
	Minimum lease payments receivable	$	26,825,121	$	24,182,525
	Estimated residual values		3,910,830		4,126,426
	Less unearned income		-23,908,355		-21,028,617
	Net investment in direct financing leases	$	6,827,596	$	7,280,334
	Properties subject to direct financing leases		363		363
Direct Financing Leases
Loans Receivable:
Summary of the Company's internal ratings for net investment in DFLs (dollars in thousands)
		Carrying		Percentage of DFL		Internal Ratings
	Investment Type	Amount		Portfolio		Performing DFLs		Watch List DFLs		Workout DFLs
	Senior housing	$	1,562,875	23		$	1,193,903	$	368,972	$	—
	Post-acute/skilled nursing		5,140,830	75			5,140,830		—		—
	Hospital		123,891	2			123,891		—		—
		$	6,827,596	100		$	6,458,624	$	368,972	$	—

Loans_Receivable_Tables

Loans Receivable (Tables) (Loans receivable)	3 Months Ended
	Mar. 31, 2015
Loans receivable
Loans Receivable:
Schedule of loans receivable (in thousands)
		March 31, 2015								December 31, 2014
		Real Estate		Other						Real Estate			Other
		Secured		Secured			Total			Secured			Secured		Total
	Mezzanine	$	—	$	930,587		$	930,587		$	—		$	799,064	$	799,064
	Other(1)		122,514		—			122,514			135,363			—		135,363
	Unamortized discounts, fees and costs		—		-14,413			-14,413			—			-14,056		-14,056
	Allowance for loan losses		—		-13,410			-13,410			—			-13,410		-13,410
		$	122,514	$	902,764		$	1,025,278		$	135,363		$	771,598	$	906,961
	(1)Represents construction loans outstanding related to senior housing development projects. At March 31, 2015, the Company had $8 million remaining under its commitments to fund development projects.
Summary of the Company's internal ratings for loans receivable (dollars in thousands)
		Carrying		Percentage of Loan		Internal Ratings
	Investment Type	Amount		Portfolio		Performing Loans			Watch List Loans			Workout Loans
	Real estate secured	$	122,514	12		$	122,514		$	—		$	—
	Other secured		902,764	88			885,777			—			16,987
		$	1,025,278	100		$	1,008,291		$	—		$	16,987

Investments_in_and_Advances_to1

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	3 Months Ended
	Mar. 31, 2015
Investments in and Advances to Unconsolidated Joint Ventures
Company owned interests in entities, accounted under equity method (dollars in thousands)
	Entity(1)		Segment		Investment(2)			Ownership%
	CCRC JV(3) (4)		senior housing		$	455,750			49
	HCRMC		post-acute/skilled nursing			51,649			9.4
	MBK JV		senior housing			27,279			50
	HCP Ventures III, LLC		medical office			6,658			30
	HCP Ventures IV, LLC(4)		medical office and hospital			26,206			20
	HCP Life Science(5)		life science			69,758		50	–	63
	Suburban Properties, LLC		medical office			5,312			67
	Advances to unconsolidated joint ventures, net					183
					$	642,795
	Edgewood Assisted Living Center, LLC		senior housing		$	-448			45
	Seminole Shores Living Center, LLC		senior housing			-635			50
					$	-1,083
		-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 ventures. Negative balances are recorded in accounts payable and accrued liabilities on the Company’s consolidated balance sheets.
		-3		Includes two unconsolidated joint ventures in a RIDEA structure: (i) “CCRC PropCo” and (ii) “CCRC OpCo”.
		-4		Represents VIEs, see Note 17.
		-5		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 (in thousands)
			March 31,			December 31,
			2015			2014
	Real estate, net		$	5,230,958		$	5,134,587
	Goodwill and other assets, net			5,048,919			4,986,310
	Total assets		$	10,279,877		$	10,120,897
	Capital lease obligations and debt		$	7,218,361		$	7,197,940
	Accounts payable			1,093,859			1,015,912
	Other partners’ capital			1,316,030			1,281,413
	HCP’s capital(1)			651,627			625,632
	Total liabilities and partners’ capital		$	10,279,877		$	10,120,897
		-1		The combined basis difference of the Company’s investments in these joint ventures of $10 million, as of March 31, 2015, is primarily attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles.
			Three Months Ended March 31,
			2015			2014
	Total revenues		$	1,166,454		$	1,067,491
	Income (loss) from discontinued operations			1,100			-2,600
	Net income			9,783			7,996
	HCP’s share of earnings(1)			13,601			14,528
	Fees earned by HCP			460			449
	Distributions received by HCP			2,181			3,202
		-1		The Company’s joint venture interest in HCRMC is accounted for using the equity method and results in an ongoing elimination of DFL income proportional to HCP’s ownership in HCRMC. The elimination of the respective proportional lease expense at the HCRMC level in substance results in $16 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for both the three months ended March 31, 2015 and 2014.

Other_Assets_Tables

Other Assets (Tables)	3 Months Ended
	Mar. 31, 2015
Other Assets.
Schedule of other assets (in thousands)
		March 31,		December 31,
		2015		2014
	Straight-line rent assets, net of allowance of $34,231 and $34,182, respectively	$	359,311	$	355,864
	Marketable debt securities, net		221,379		231,442
	Leasing costs and inducements, net		158,347		146,500
	Deferred financing costs, net		52,597		47,592
	Goodwill		50,346		50,346
	Other		166,917		108,428
	Total other assets	$	1,008,897	$	940,172

Debt_Tables

Debt (Tables)	3 Months Ended
	Mar. 31, 2015
Debt
Summary of senior notes issuances (dollars in thousands)
	Period	Amount		Coupon Rate			Maturity Date		Net Proceeds
	Three months ending March 31, 2015:
	21-Jan-15	$	600,000		3.400	%		2025	$	591,000
	Year ending December 31, 2014:
	14-Aug-14	$	800,000		3.875	%		2024	$	792,000
	21-Feb-14	$	350,000		4.200	%		2024	$	346,000
Summary of senior notes payoffs (dollars in thousands)
	Period	Amount		Coupon Rate
	Three months ending March 31, 2015:
	1-Mar-15	$	200,000		6.00	%
	Year ending December 31, 2014:
	February 1, 2014	$	400,000		2.70	%
	14-Jun-14	$	62,000		6.00	%
	14-Jun-14	$	25,000		3 Month LIBOR+0.9	%
Summary of stated debt maturities and scheduled principal repayments (in thousands)
							Senior
		Bank Line of					Unsecured		Mortgage
	Year	Credit(1)		Term Loans(2)			Notes(3)		Debt		Total(4)
	2015 (Nine months)	$	—	$	—		$	200,000	$	35,549	$	235,549
	2016		—		203,404			900,000		292,222		1,395,626
	2017		—		—			750,000		581,891		1,331,891
	2018		358,555		—			600,000		6,583		965,138
	2019		—		326,634			450,000		2,072		778,706
	Thereafter		—		—			5,150,000		63,170		5,213,170
			358,555		530,038			8,050,000		981,487		9,920,080
	Discounts, net		—		—			-27,467		-1,597		-29,064
		$	358,555	$	530,038		$	8,022,533	$	979,890	$	9,891,016
	(1)  Represents £242 million translated into U.S. dollars.
	(2)  Represents £357 million translated into U.S. dollars.
	(3)  Interest rates on the notes ranged from 2.79% to 6.99% with a weighted average effective interest rate of 4.82% and a weighted average maturity of six years.
	(4)  Excludes $96 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities.

Equity_Tables

Equity (Tables)	3 Months Ended
	Mar. 31, 2015
Equity
Schedule of common stock, cash dividends
				Amount			Dividend
	Declaration Date	Record Date		Per Share			Payable Date
	January 29	February 9		$	0.565		February 24
	April 30	11-May			0.565		26-May
Schedule of company's issuances of common stock (shares in thousands)
		Three Months Ended March 31,
		2015		2014
	Dividend Reinvestment and Stock Purchase Plan	829		875
	Conversion of DownREIT units(1)	38		2
	Exercise of stock options	811		4
	Vesting of restricted stock units	288		411
	Repurchase of common stock	128		208
	(1)  Non-managing member LLC units.
Schedule of accumulated other comprehensive loss (in thousands)
		March 31,			December 31,
		2015			2014
	Cumulative foreign currency translation adjustment	$	-17,710		$	-10,747
	Unrealized losses on cash flow hedges, net		-7,291			-9,624
	Supplemental Executive Retirement Plan minimum liability		-3,468			-3,537
	Unrealized gains on available for sale securities		8			13
	Total accumulated other comprehensive loss	$	-28,461		$	-23,895

Segment_Disclosures_Tables

Segment Disclosures (Tables)	3 Months Ended
	Mar. 31, 2015
Segment Disclosures
Information of revenue of reportable segment (in thousands)	For the three months ended March 31, 2015:
									Investment
			Rental		Resident Fees		Interest		Management		Total				Adjusted
	Segments		Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
	Senior housing		$	127,382	$	105,013	$	7,394	$	—	$	239,789	$	156,885	$	150,472
	Post-acute/skilled			140,576		—		25,868		—		166,444		140,043		121,960
	Life science			83,551		—		—		1		83,552		66,852		63,777
	Medical office			98,305		—		—		459		98,764		60,053		58,187
	Hospital			22,242		—		—		—		22,242		21,205		21,457
	Total		$	472,056	$	105,013	$	33,262	$	460	$	610,791	$	445,038	$	415,853
	For the three months ended March 31, 2014:
									Investment
			Rental		Resident Fees		Interest		Management		Total				Adjusted
	Segments		Revenues(1)		and Services		Income		Fee Income		Revenues		NOI(2)		(Cash) NOI(2)
	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
		-1		Represents rental and related revenues, tenant recoveries and income from DFLs.
		-2		NOI and Adjusted NOI are non-GAAP supplemental financial measures 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 expense; NOI excludes all other financial statement amounts included in net (loss) income as presented below. 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 market lease intangibles and lease termination fees. Adjusted NOI is oftentimes 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 (loss) income is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net (loss) income as defined by GAAP because it does not reflect various 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 (loss) income to NOI and adjusted NOI (in thousands)
			Three Months Ended March 31,
			2015		2014
	Net (loss) income		$	-237,503	$	263,623
	Interest income			-33,262		-16,696
	Investment management fee income			-460		-449
	Interest expense			116,780		106,638
	Depreciation and amortization			114,522		107,388
	General and administrative			24,773		20,899
	Acquisition and pursuit costs			3,390		495
	Impairments			478,464		—
	Gains on sales of real estate, net of income taxes			-6,264		—
	Other income, net			-1,724		-1,930
	Income taxes (benefit) provision			-77		1,446
	Equity income from unconsolidated joint ventures			-13,601		-14,528
	Total discontinued operations			—		-29,746
	NOI			445,038		437,140
	Straight-line rents			-9,546		-13,968
	DFL accretion			-20,304		-21,422
	Amortization of above and below market lease intangibles, net			-378		-168
	Lease termination fees			1,043		-578
	NOI adjustments related to discontinued operations			—		-11
	Adjusted (Cash) NOI		$	415,853	$	400,993
Reconciliation of company's assets to total assets (in thousands)
			March 31,		December 31,
	Segments		2015		2014
	Senior housing		$	8,445,616	$	8,383,345
	Post-acute/skilled nursing			6,488,822		6,875,122
	Life science			4,171,320		4,154,789
	Medical office			2,997,583		2,988,888
	Hospital			639,807		640,253
	Gross segment assets			22,743,148		23,042,397
	Accumulated depreciation and amortization			-2,680,584		-2,600,072
	Net segment assets			20,062,564		20,442,325
	Other non-segment assets			961,878		927,615
	Total assets		$	21,024,442	$	21,369,940

Earnings_Per_Common_Share_Tabl

Earnings Per Common Share (Tables)	3 Months Ended
	Mar. 31, 2015
Earnings Per Common Share
Computation of basic and diluted earnings per share (in thousands, except per share amounts)
		Three Months Ended March 31,
		2015		2014
	Numerator
	(Loss) income from continuing operations	$	-237,503	$	233,877
	Noncontrolling interests’ share in continuing operations		-3,111		-3,335
	(Loss) income from continuing operations applicable to HCP, Inc.		-240,614		230,542
	Participating securities’ share in continuing operations		-335		-1,064
	(Loss) income from continuing operations applicable to common shares		-240,949		229,478
	Discontinued operations		—		29,746
	Noncontrolling interests’ share in discontinued operations		—		-1,177
	Net (loss) income applicable to common shares	$	-240,949	$	258,047
	Denominator
	Basic weighted average common shares		460,880		457,294
	Dilutive potential common shares		—		380
	Diluted weighted average common shares		460,880		457,674
	Basic earnings per common share
	(Loss) income from continuing operations	$	-0.52	$	0.50
	Discontinued operations		—		0.06
	Net (loss) income applicable to common shares	$	-0.52	$	0.56
	Diluted earnings per common share
	(Loss) income from continuing operations	$	-0.52	$	0.50
	Discontinued operations		—		0.06
	Net (loss) income applicable to common shares	$	-0.52	$	0.56

Supplemental_Cash_Flow_Informa1

Supplemental Cash Flow Information (Tables)	3 Months Ended
	Mar. 31, 2015
Supplemental Cash Flow Information
Supplemental cash flow information (in thousands)
		Three Months Ended March 31,
		2015		2014
	Supplemental cash flow information:
	Interest paid, net of capitalized interest	$	168,165	$	152,423
	Income taxes paid		383		629
	Capitalized interest		1,698		3,125
	Supplemental schedule of non-cash investing activities:
	Accrued construction costs		32,236		21,715
	Supplemental schedule of non-cash financing activities:
	Vesting of restricted stock units		288		411
	Cancellation of restricted stock		—		-1
	Conversion of non-managing member units into common stock		1,608		73
	Noncontrolling interest issued in connection with real estate acquisition		1,306		1,152
	Noncontrolling interest assumed in connection with real estate disposition		—		1,671
	Mortgages and other liabilities assumed with real estate acquisitions		626		1
	Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net		2,334		-692

Variable_Interest_Entities_Tab

Variable Interest Entities (Tables)	3 Months Ended
	Mar. 31, 2015
Variable Interest Entities
Schedule of Variable Interest Entities (in thousands)
			Maximum Loss			Carrying
	VIE Type		Exposure(1)		Asset/Liability Type	Amount
	CCRC OpCo		$	245,321	Investments in unconsolidated joint ventures	$	245,321
	HCP Ventures IV			157,706	Investments in unconsolidated joint ventures		26,206
	VIE tenants—operating leases			12,341	Lease intangibles, net and straight-line rent receivables		12,341
	VIE tenants—DFLs			599,414	Net investment in DFLs		599,414
	Loan—senior secured			16,987	Loans receivable, net		16,987
	CMBS			17,546	Marketable debt securities		17,546
		-1		The Company’s maximum loss exposure related to CCRC OpCo, VIE tenants, and loans and marketable debt securities to VIE borrowers represents the aggregate carrying amount of such investments. The Company’s maximum loss exposure related to HCP Ventures IV represents the aggregate carrying amount of its investment plus $107 million in committed support, which may be mitigated by the refinancing of HCP Ventures IV’s Contractual Obligations which it expects to occur as such debt becomes due in late 2015 and early 2016 (see Note 12).

Concentration_of_Credit_Risk_T

Concentration of Credit Risk (Tables)	3 Months Ended
	Mar. 31, 2015
Summary of consolidated financial information (in millions)
			March 31,			December 31,
			2015			2014
	Real estate and other property, net		$	2,915.4		$	2,934.4
	Cash and cash equivalents			141.6			127.9
	Goodwill, intangible and other assets, net			4,646.1			4,621.7
	Total assets		$	7,703.1		$	7,684.0
	Debt and financing obligations		$	6,071.0		$	6,108.3
	Accounts payable, accrued liabilities and other			975.6			932.7
	Total equity			656.5			643.0
	Total liabilities and equity		$	7,703.1		$	7,684.0
			Three Months Ended March 31,
			2015			2014
	Revenues		$	1,054.0		$	1,041.9
	Operating, general and administrative expense			-897.9			-888.8
	Depreciation and amortization expense			-35.9			-35.2
	Interest expense			-100.3			-102.3
	Other income, net			2.8			2.9
	Income from continuing operations before income tax expense			22.7			18.5
	Income tax expense			-10.1			-7.5
	Income from continuing operations			12.6			11.0
	Income (loss) from discontinued operations, net of taxes			1.1			-2.6
	Net income		$	13.7		$	8.4
Tenants and Operators
Schedule of concentration of credit risk
			Percentage of				Percentage of
			Total Company Assets				Total Company Revenues
			March 31,		December 31,		Three Months Ended March 31,
	Operators		2015		2014		2015		2014
	HCRMC		29	%	31	%	25	%	28	%
	Brookdale(1)		13	%	13	%	10	%	17	%
		-1		On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three months ended March 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the period presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure.
Tenants and Operators | Post-acute/skilled
Schedule of concentration of credit risk
			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		2015		2014		2015		2014
	HCRMC		79	%	82	%	80	%	86	%
Tenants and Operators | Senior housing
Schedule of concentration of credit risk
			Percentage of				Percentage of
			Senior Housing Gross Assets				Senior Housing Revenues
			March 31,		December 31,		Three Months Ended March 31,
	Operators		2015		2014		2015		2014
	Brookdale(1)		32	%	36	%	25	%	46	%
	HCRMC		11	%	11	%	8	%	10	%
	(1)  On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three months ended March 31, 2014 are prepared on a pro forma basis to reflect the combined concentration for Brookdale and Emeritus, as if the merger had occurred as of the beginning of the period presented. On August 29, 2014, the Company and Brookdale amended or terminated all former leases with Emeritus and entered into two RIDEA joint ventures (see Note 3). Percentages do not include senior housing facilities that Brookdale manages (is not a tenant) under a RIDEA structure.

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2015
Fair Value Measurements
Fair value measurements of financial assets and liabilities (in thousands)
	Financial Instrument(1)		Fair Value		Level 1		Level 2		Level 3
	Marketable equity securities		$	38	$	38	$	—	$	—
	Interest-rate swap liabilities			-7,820		—		-7,820		—
	Currency swap assets			3,603		—		3,603		—
	Warrants			3,004		—		—		3,004
			$	-1,175	$	38	$	-4,217	$	3,004
		-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.
Summary of the carrying values and fair values of financial instruments (in thousands)
			March 31, 2015				December 31, 2014
			Carrying				Carrying
			Value		Fair Value		Value		Fair Value
	Loans receivable, net(2)		$	1,025,278	$	1,040,540	$	906,961	$	898,522
	Marketable debt securities(2)			221,379		229,881		231,442		252,125
	Marketable equity securities(1)			38		38		43		43
	Warrants(3)			3,004		3,004		2,220		2,220
	Bank line of credit(2)			358,555		358,555		838,516		838,516
	Term loans(2)			530,038		530,038		213,610		213,610
	Senior unsecured notes(1)			8,022,533		8,579,285		7,626,194		8,187,458
	Mortgage debt(2)			979,890		1,039,562		984,431		1,025,091
	Other debt(2)			95,747		95,747		97,022		97,022
	Interest-rate swap assets(2)			—		—		178		178
	Interest-rate swap liabilities(2)			7,820		7,820		7,663		7,663
	Currency swap assets(2)			3,603		3,603		929		929
		-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, 2015
Derivative Financial Instruments
Schedule of derivative instruments (dollars and GBP in thousands)	The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of March 31, 2015 (dollars and GBP in thousands):
							Fixed
					Hedge		Rate/Buy			Floating/Exchange		Notional/
	Date Entered		Maturity Date		Designation		Amount			Rate Index		Sell Amount			Fair Value(1)
	Interest rate:
	July 2005(2)		July 2020		Cash Flow			3.82	%	BMA Swap Index		$	45,600		$	-6,129
	November 2008(3)		Oct-16		Cash Flow			5.95	%	1 Month LIBOR+1.50%		$	25,600		$	-1,540
	July 2012(3)		June 2016		Cash Flow			1.81	%	1 Month GBP LIBOR+1.20%		£	137,000		$	-84
	January 2015(3)		Oct-17		Cash Flow			1.79	%	1 Month GBP LIBOR+0.975%		£	220,000		$	-67
	Foreign currency:
	July 2012(4)		June 2016		Cash Flow		$	34,100		Buy USD/Sell GBP		£	21,700		$	1,887
	July 2014(5)		December 2015		Cash Flow		$	5,600		Buy USD/Sell GBP		£	3,300		$	732
	January 2015(6)		Oct-17		Cash Flow		$	49,300		Buy USD/Sell GBP		£	32,500		$	983
		-1		Derivative assets are recorded in other assets, net and derivative liabilities are recorded in accounts payable and accrued liabilities on the 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.
		-5		Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on intercompany loans. Represents a currency swap to sell £0.4 million at a rate of 1.7060 on various dates through December 2015.
		-6		Currency swap contract (buy USD/sell GBP) hedges the foreign currency exchange risk related to the Company’s forecasted GBP denominated interest receipts on its HC-One Facility. Represents a currency swap to sell approximately £1.0 million monthly at a rate of 1.5149 through October 2017.
Schedule of effect of change in interest and foreign currency rate (dollars in thousands)
					Effects of Change in Interest and Foreign Currency Rates
					+50 Basis			-50 Basis			+100 Basis			-100 Basis
	Date Entered		Maturity Date		Points			Points			Points			Points
	Interest rate:
	July 2005		July 2020		$	1,082		$	-1,184		$	2,215		$	-2,317
	November 2008		October 2016			200			-190			396			-386
	July 2012		June 2016			1,242			-1,205			2,466			-2,429
	January 2015		Oct-17			4,165			-4,180			8,338			-8,353
	Foreign currency:
	July 2012		June 2016			1,745			2,067			1,584			2,228
	July 2014		December 2015			711			760			687			784
	January 2015		Oct-17			831			1,313			590			1,554

Brookdale_Lease_Amendments_and1

Brookdale Lease Amendments and Terminations and the Formation of Two RIDEA Joint Ventures (“Brookdale Transaction”) (Details)	0 Months Ended
	Aug. 29, 2014	Mar. 31, 2015
	property
	item
Brookdale Senior Living
Lease Amendments and Terminations and Joint Venture Formations - disclosures
Number of components in agreement	3
Number of facilities for which existing lease agreement is amended	153
Number of properties with purchase options that will be cancelled on amendment	30
Number of facilities for which existing lease agreement is terminated	49
Number of properties with purchase options that will be cancelled on termination	19
RIDEA Subsidiaries | RIDEA JV
Lease Amendments and Terminations and Joint Venture Formations - disclosures
Number of properties contributed to joint venture	48
RIDEA Subsidiaries | Brookdale Senior Living | RIDEA JV
Lease Amendments and Terminations and Joint Venture Formations - disclosures
Ownership percentage (as a percent)		20.00%
CCRC JV | RIDEA JV
Lease Amendments and Terminations and Joint Venture Formations - disclosures
Ownership percentage (as a percent)	49.00%
Number of retirement communities	14
CCRC JV | Brookdale Senior Living | RIDEA JV
Lease Amendments and Terminations and Joint Venture Formations - disclosures
Ownership percentage (as a percent)	51.00%

Real_Estate_Property_Investmen2

Real Estate Property Investments (Details)

3 Months Ended

1 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

1 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Apr. 30, 2015

Apr. 30, 2015

Mar. 31, 2015

Mar. 31, 2014

Mar. 31, 2015

Mar. 31, 2014

Mar. 31, 2015

Mar. 31, 2014

Mar. 31, 2015

Mar. 29, 2015

Mar. 31, 2015

Mar. 31, 2014

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Apr. 30, 2015

Apr. 30, 2015

USD ($)

USD ($)

USD ($)

Subsequent event

Subsequent event

Senior housing

Senior housing

Life science

Life science

Medical office

Medical office

Hospital

Post-acute/skilled

Post-acute/skilled

Post-acute/skilled

Senior housing, life science and medical office

Chartwell Retirement and Residences [Member]

Chartwell Retirement and Residences [Member]

Germantown TN Facility [Member]

Germantown TN Facility [Member]

USD ($)

HC-One Facility

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

property

USD ($)

USD ($)

USD ($)

Brookdale Senior Living

Senior housing

Subsequent event

Brookdale Senior Living

GBP (£)

property

Subsequent event

Brookdale Senior Living

USD ($)

Subsequent event

property

USD ($)

Subsequent event

item

property

property

Acquisition

Number of facilities acquired

35

Acquisition of facility

$72,000,000

Other real estate acquisitions

Consideration, Cash Paid

34,248,000

34,068,000

5,473,000

180,000

Loans and Leases Receivable, Gross

41,000,000

Liabilities assumed

626,000

626,000

1,000

Consideration, Noncontrolling Interest

1,306,000

1,306,000

1,152,000

Assets Acquired, Real Estate

34,530,000

34,350,000

6,626,000

180,000

Assets Acquired, Net Intangibles

1,650,000

1,650,000

Amount of facility converted into sale/leaseback

174,000,000

Number of Facilities

36

9

Deposit related to acquisition

37,000,000

Payments to acquire productive assets

64,793,000

49,068,000

161,000,000

16,172,000

6,950,000

27,391,000

26,762,000

19,233,000

12,975,000

37,000

1,960,000

2,381,000

Number of Facilities Placed into Service

2

Number of Leases

2

Number of Beds Acquired

5,025

Amount agreed to be paid

849,000,000

Noncontrolling interest (as a percent)

10.00%

10.00%

Management Agreement Term

7 years

Investment Building and Building Improvements

$10,980,848,000

$10,972,973,000

$25,000,000

Dispositions_of_Real_Estate_an2

Dispositions of Real Estate and Discontinued Operations (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2015
	item	property
Operating income from discontinued operations
Rental and related revenues	$1,810,000
Operating expenses	54,000
Other expenses, net	20,000
Income before gain on sales of real estate, net of income taxes	1,736,000
Gain on sales of real estate, net of income taxes	28,010,000
Number of properties included in discontinued operations	3
Post-acute/skilled
Dispositions of Real Estate and Land
Number of properties disposed	2
Total consideration for disposition of real estate	22,000,000
Hospital
Dispositions of Real Estate and Land
Total consideration for disposition of real estate	17,000,000
Senior housing
Dispositions of Real Estate and Land
Number of properties disposed		8
Total consideration for disposition of real estate		$51,000,000

Net_Investment_in_Direct_Finan2

Net Investment in Direct Financing Leases (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 29, 2015	Apr. 01, 2015	Dec. 31, 2014	Sep. 30, 2013	Mar. 30, 2015	Dec. 31, 2011
	property		property		property	item		property
Net Investment in Direct Financing Leases
Minimum lease payments receivable	$26,825,121,000				$24,182,525,000
Estimated residual values	3,910,830,000				4,126,426,000
Less unearned income	-23,908,355,000				-21,028,617,000
Net investment in direct financing leases	6,827,596,000				7,280,334,000
Properties subject to direct financing leases	363				363
Percentage of DFL Portfolio	100.00%
DFL income	167,078,000	164,537,000
HCR III Healthcare, LLC [Member]
Net Investment in Direct Financing Leases
Deferred lease obligation	525,000,000
Direct Financing Lease Tranche A [Member] | HCR III Healthcare, LLC [Member]
Net Investment in Direct Financing Leases
Expected Annual Rent	19,000,000
Deferred lease obligation	275,000,000
Direct Financing Lease Rental Factor, first period (as a percent)	6.90%
Direct Financing Lease Rental Factor, annual increase (as a percent)	3.00%
Direct Financing Lease Tranche B [Member] | HCR III Healthcare, LLC [Member]
Net Investment in Direct Financing Leases
Deferred lease obligation	250,000,000
Direct Financing Lease Rental Factor, first period (as a percent)	3.00%
Direct Financing Lease Rental Factor, second period (as a percent)	4.00%
Direct Financing Lease Rental Factor, third period (as a percent)	5.00%
Direct Financing Lease Rental Factor, fourth period (as a percent)	6.00%
Direct Financing Leases
Net Investment in Direct Financing Leases
Cash proceeds from DFL portfolio	5,000,000	6,000,000
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	6,458,624,000
Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	368,972,000
Senior housing
Net Investment in Direct Financing Leases
Net investment in direct financing leases	1,562,875,000
Percentage of DFL Portfolio	23.00%
Senior housing | Direct Financing Leases
Net Investment in Direct Financing Leases
Net investment in direct financing leases					370,000,000
Properties subject to direct financing leases						14
DFL income	4,000,000	5,000,000
Senior housing | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	1,193,903,000
Senior housing | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	368,972,000
Post-acute/skilled
Net Investment in Direct Financing Leases
Net investment in direct financing leases	5,140,830,000
Number of Facilities			9
Aggregate purchase price for facilities			275,000,000
Percentage of DFL Portfolio	75.00%
Post-acute/skilled | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	5,140,830,000
Hospital
Net Investment in Direct Financing Leases
Net investment in direct financing leases	123,891,000
Percentage of DFL Portfolio	2.00%
Hospital | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	123,891,000
HCRMC
Net Investment in Direct Financing Leases
Net investment in direct financing leases	6,100,000						6,600,000
Properties subject to direct financing leases								334
Annual rent under Master Agreement	541,000,000			473,000,000
Number of non-strategic assets involved in sales transaction	50
Annual rent reduction on sold properties, as a percent of the sales proceeds	7.75%
Minimum rent escalation during the initial term (as a percent)				3.00%
Period of extension of initial term of lease				5 years
Average lease term				16 years
Impairment charges related to investments in DFLs	478,000,000
Increase in Rent (as a percent)	3.50%
Reduction in initial net annual rent due to lease amendment				68,000,000
Investment ownership percentage	9.40%
Nine Specified Properties to be Acquired [Member]
Net Investment in Direct Financing Leases
Expected Annual Rent	$19,000,000

Loans_Receivable_Details

Loans Receivable (Details)

3 Months Ended

1 Months Ended

3 Months Ended

3 Months Ended

1 Months Ended

1 Months Ended

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Nov. 30, 2014

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Dec. 31, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Jul. 31, 2012

Jul. 31, 2012

Jun. 30, 2013

Mar. 31, 2015

Dec. 31, 2014

Feb. 28, 2015

Feb. 28, 2015

Nov. 30, 2014

Nov. 30, 2014

Apr. 30, 2015

USD ($)

USD ($)

Performing Loans

Workout Loans

NHP[Member]

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 - Second Tranche

Delphis

Delphis

HC-One Facility

HC-One Facility

HC-One Facility

HC-One Facility

HC-One Facility

USD ($)

USD ($)

item

USD ($)

USD ($)

Performing Loans

USD ($)

USD ($)

Performing Loans

Workout Loans

USD ($)

Maximum

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

GBP (£)

GBP (£)

USD ($)

Subsequent event

property

USD ($)

USD ($)

USD ($)

USD ($)

GBP (£)

property

Loans Receivable:

Mezzanine

$930,587,000

$799,064,000

$930,587,000

$799,064,000

Loan receivable, other

122,514,000

135,363,000

122,514,000

135,363,000

205,000,000

100,000,000

102,000,000

363,000,000

574,000,000

Unamortized discounts, fees and costs

-14,413,000

-14,056,000

-14,413,000

-14,056,000

Allowance for loan losses

-13,410,000

-13,410,000

-13,410,000

-13,410,000

Loans receivable, net

1,025,278,000

906,961,000

1,008,291,000

16,987,000

122,514,000

135,363,000

122,514,000

902,764,000

771,598,000

885,777,000

16,987,000

Remaining commitments to fund development projects

8,000,000

Percentage of Loan Portfolio

100.00%

12.00%

88.00%

Number of facilities

273

36

Number of beds

12,500

Loan facility maximum

795,000,000

502,000,000

395,000,000

Loan receivable term

5 years

Proceeds from Lines of Credit

355,000,000

Increase in loan facility

164,000,000

108,000,000

Loan receivable subordinated to senior mortgage debt

435,000,000

Loan receivable, interest rate payable (as a percent)

12.00%

14.00%

Loans receivable, net reported amount

17,000,000

17,000,000

Cash payments received from borrower

500,000

Net repayments under bank line of credit

455,506,000

Amount of facility converted into sale/leaseback

£ 174,000,000

Investments_in_and_Advances_to2

Investments in and Advances to Unconsolidated Joint Ventures (Details) (USD $)	3 Months Ended		0 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Mar. 30, 2015	Dec. 31, 2014
	item
Company owned interests in entities, accounted under equity method:
Cash paid	$71,373,000	$5,473,000
Investments in and advances to unconsolidated joint ventures	642,795,000			605,448,000
Investment reported in liabilities	-1,083,000
Number of unconsolidated joint ventures	2
Brookdale Senior Living | CCRC JV
Company owned interests in entities, accounted under equity method:
Number of unconsolidated joint ventures	2
CCRC JV Investment [Member] | Senior housing
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	455,750,000
HCRMC | Post-acute/skilled
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	9.40%
Investments in and advances to unconsolidated joint ventures	51,649,000
MBK JV
Company owned interests in entities, accounted under equity method:
Debt related to retirement communities or properties contributed			78,000,000
MBK JV | Senior housing
Company owned interests in entities, accounted under equity method:
Number of campuses			3
Investment ownership percentage	50.00%		50.00%
Cash paid			27,000,000
Investments in and advances to unconsolidated joint ventures	27,279,000
MBK JV | Senior housing | MBK Senior Living [Member]
Company owned interests in entities, accounted under equity method:
Number of retirement communities contributed to joint venture			3
Fair value of retirement communities or properties contributed			126,000,000
HCP Ventures III, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	30.00%
Investments in and advances to unconsolidated joint ventures	6,658,000
HCP Ventures IV | Hospital and medical office segments
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	20.00%
Investments in and advances to unconsolidated joint ventures	26,206,000
HCP Life Science | Life science
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	69,758,000
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:
Investment ownership percentage	67.00%
Investments in and advances to unconsolidated joint ventures	5,312,000
Advances to unconsolidated joint ventures, net
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	183,000
Edgewood Assisted Living Center, LLC | Senior housing
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	45.00%
Investment reported in liabilities	-448,000
Seminole Shores Living Center, LLC | Senior housing
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%
Investment reported in liabilities	($635,000)

Investments_in_and_Advances_to3

Investments in and Advances to Unconsolidated Joint Ventures - Combined Financial Information (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Summarized combined financial information for unconsolidated joint ventures:
Real estate, net	$5,230,958,000		$5,134,587,000
Goodwill and other assets, net	5,048,919,000		4,986,310,000
Total assets	10,279,877,000		10,120,897,000
Capital lease obligations and mortgage debt	7,218,361,000		7,197,940,000
Accounts payable	1,093,859,000		1,015,912,000
Other partners' capital	1,316,030,000		1,281,413,000
HCP's capital	651,627,000		625,632,000
Total liabilities and partners' capital	10,279,877,000		10,120,897,000
Combined basis difference	10,000,000
Total revenues	1,166,454,000	1,067,491,000
Loss from discontinued operations	1,100,000	-2,600,000
Net income	9,783,000	7,996,000
HCP's share of earnings	13,601,000	14,528,000
Fees earned by HCP	460,000	449,000
Distributions received by HCP	2,181,000	3,202,000
HCRMC | Subsequent event
Subsequent Events
New cases filed	3
HCRMC | Post-acute/skilled
Summarized combined financial information for unconsolidated joint ventures:
Recharacterized DFL income to equity income	$16,000,000	$16,000,000

Intangibles_Details

Intangibles (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Millions, unless otherwise specified
Intangibles
Intangible assets, gross	$819	$830
Intangible assets, accumulated amortization	361	349
Intangible liabilities, gross	207	209
Intangible liabilities, accumulated amortization	$127	$124

Other_Assets_Details

Other Assets (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Other assets
Straight-line rent assets, net of allowance of $34,231 and $34,182, respectively	$359,311,000	$355,864,000
Allowance on straight-line rent assets	34,231,000	34,182,000
Marketable debt securities	221,379,000	231,442,000
Leasing costs, net	158,347,000	146,500,000
Deferred financing costs, net	52,597,000	47,592,000
Goodwill	50,346,000	50,346,000
Other	166,917,000	108,428,000
Total other assets	1,008,897,000	940,172,000
Deposit related to acquisition	37,000,000
Loans receivables	1,025,278,000	906,961,000
Brookdale Senior Living
Other assets
Loans receivables	22,000,000	26,000,000
Number of installments	8
HCP Ventures IV
Other assets
Loans receivables	$17,000,000	$15,000,000
Loan receivable, interest rate payable (as a percent)	12.00%	12.00%

Debt_Details

Debt (Details)

Mar. 31, 2015

Dec. 31, 2014

Jan. 12, 2015

Mar. 31, 2015

Jan. 12, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Jan. 12, 2015

Mar. 31, 2015

Jan. 12, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Jan. 21, 2015

Jan. 21, 2015

Aug. 14, 2014

Aug. 14, 2014

Feb. 21, 2014

Feb. 21, 2014

Feb. 01, 2014

Feb. 01, 2014

Mar. 01, 2015

Mar. 01, 2015

Jun. 14, 2014

Jun. 14, 2014

Jun. 14, 2014

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

USD ($)

USD ($)

Interest-rate swap contracts

Line of Credit and Term Loan

Bank Line of Credit

Bank Line of Credit

Bank Line of Credit

Term loans

Term loans

2015 Term Loan [Member]

2015 Term Loan [Member]

2015 Term Loan [Member]

Senior Unsecured Notes

Senior Unsecured Notes

Senior Unsecured Notes

Senior Unsecured, 3.40% notes due 2025

Senior Unsecured, 3.40% notes due 2025

Senior Unsecured, 3.875% notes due 2024

Senior Unsecured, 3.875% notes due 2024

Senior Unsecured, 4.20% notes due 2024

Senior Unsecured, 4.20% notes due 2024

Senior unsecured notes, 2.7%

Senior unsecured notes, 2.7%

Senior Unsecured Debt 6.0 Percent Incepted March 1, 2015 [Member]

Senior Unsecured Debt 6.0 Percent Incepted March 1, 2015 [Member]

Senior Unsecured Debt 6.0 Percent Incepted June 14, 2014 [Member]

Senior Unsecured Debt 6.0 Percent Incepted June 14, 2014 [Member]

Senior Unsecured Debt LIBOR [Member]

Mortgage Debt

Mortgage Debt

Mortgage Debt

Demand Note

Non-interest Bearing Life Care Bonds

item

GBP (£)

USD ($)

GBP (£)

USD ($)

GBP (£)

USD ($)

GBP (£)

USD ($)

Minimum

Maximum

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

USD ($)

Minimum

Maximum

USD ($)

USD ($)

item

Debt Instrument

Line of credit facility, maximum borrowing capacity

$2,000,000,000

Length of debt instrument extension period

1 year

1 year

Derivative, fixed interest rate (as a percent)

1.79%

Debt instrument, variable rate basis

LIBOR

GBP LIBOR

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

0.93%

0.98%

Debt instrument, facility fee (as a percent)

0.15%

Line of credit facility additional aggregate amount, maximum

500,000,000

Bank line of credit

358,555,000

838,516,000

359,000,000

242,000,000

Weighted-average interest rate (as a percent)

1.72%

4.82%

6.15%

Debt instruments, carrying amount

357,000,000

327,000,000

220,000,000

Maturity period of debt instruments

4 years

Repayments of Lines of Credit

220,000,000

Term of the interest rate swap agreement

3 years

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

Senior unsecured notes

8,022,533,000

7,626,194,000

8,100,000,000

Issuance of senior unsecured notes

600,000,000

800,000,000

350,000,000

Stated interest rate (as a percent)

2.79%

6.99%

3.40%

3.88%

4.20%

2.70%

6.00%

6.00%

0.42%

8.38%

4.50%

Net proceeds from issuance of senior unsecured notes

591,000,000

792,000,000

346,000,000

Repayment of senior unsecured notes

400,000,000

200,000,000

62,000,000

25,000,000

Weighted-average maturity

6 years

3 years

2015 (Nine months)

235,549,000

200,000,000

35,549,000

2016

1,395,626,000

203,404,000

900,000,000

292,222,000

2017

1,331,891,000

750,000,000

581,891,000

2018

965,138,000

358,555,000

600,000,000

6,583,000

2019

778,706,000

326,634,000

450,000,000

2,072,000

Thereafter

5,213,170,000

5,150,000,000

63,170,000

Total debt before discount, net

9,920,080,000

358,555,000

530,038,000

8,050,000,000

981,487,000

Discounts, net

-29,064,000

-27,467,000

-1,597,000

Number of healthcare facilities used to secure debt

70

Debt instrument, collateral, healthcare facilities carrying value

1,300,000,000

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

$95,747,000

$97,022,000

$26,000,000

$70,000,000

Number of CCRC issuing non-interest life care bonds

2

Number of facilities with non-interest bearing occupancy fee deposits

2

Commitment_and_Contingencies_D

Commitment and Contingencies (Details) (HCP Ventures IV, USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2015
Liquidity Support Arrangement
Ownership percentage (as a percent)	20.00%
Third party debt collateralized by facilities, debt amount	$107
Indirect Guarantee of Indebtedness [Member]
Liquidity Support Arrangement
Third party debt collateralized by facilities, debt amount	107
Shortfall Loan for Capital Expenditures [Member]
Liquidity Support Arrangement
Capital expenditures to be funded, maximum	24.5
Loss Contingency, Receivable	$17
Annual interest rate (as a percent)	12.00%

Equity_Details

Equity (Details) (USD $)	0 Months Ended		3 Months Ended
Share data in Thousands, except Per Share data, unless otherwise specified	Apr. 30, 2015	Jan. 29, 2015	Mar. 31, 2015	Mar. 31, 2014	Dec. 31, 2014
Equity
Dividends declared per common share (in dollars per share)	$0.56	$0.56	$0.56	$0.55
Company's common stock issuances
Repurchase of common stock			$6,096,000	$8,068,000
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment			-17,710,000		-10,747,000
Unrealized losses on cash flow hedges, net			-7,291,000		-9,624,000
Supplemental Executive Retirement Plan minimum liability			-3,468,000		-3,537,000
Unrealized gains on available for sale securities			8,000		13,000
Total accumulated other comprehensive loss			-28,461,000		-23,895,000
Noncontrolling interests
DownREIT unit, carrying value			186,979,000		188,588,000
Common Stock
Company's common stock issuances
Dividend Reinvestment and Stock Purchase Plan (in shares)			829	875
Conversion of DownREIT units (in shares)			38	2
Exercise of stock options (in shares)			811	4
Vesting of restricted stock units (in shares)			288	411
Repurchase of common stock			128,000	208,000
Noncontrolling Interests
Noncontrolling interests
Non-managing members DownREIT units outstanding			4,000,000
Number of DownREIT LLCs			5
DownREIT unit, carrying value			187,000,000
DownREIT unit, fair value			$261,000,000

Segment_Disclosures_Details

Segment Disclosures (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
	item
Segment reporting information, revenues
Number of reportable segments	5
Rental Revenues	$472,056	$474,794
Resident Fees and Services	105,013	38,053
Interest Income	33,262	16,696
Investment Management Fee Income	460	449
Total revenues	610,791	529,992
NOI	445,038	437,140
Adjusted (Cash) NOI	415,853	400,993
Senior housing
Segment reporting information, revenues
Rental Revenues	127,382	150,085
Resident Fees and Services	105,013	38,053
Interest Income	7,394	3,284
Total revenues	239,789	191,422
NOI	156,885	163,590
Adjusted (Cash) NOI	150,472	150,375
Post-acute/skilled
Segment reporting information, revenues
Rental Revenues	140,576	137,780
Interest Income	25,868	13,412
Total revenues	166,444	151,192
NOI	140,043	137,248
Adjusted (Cash) NOI	121,960	118,099
Life science
Segment reporting information, revenues
Rental Revenues	83,551	76,122
Investment Management Fee Income	1	1
Total revenues	83,552	76,123
NOI	66,852	61,961
Adjusted (Cash) NOI	63,777	58,829
Medical office
Segment reporting information, revenues
Rental Revenues	98,305	89,262
Investment Management Fee Income	459	448
Total revenues	98,764	89,710
NOI	60,053	53,746
Adjusted (Cash) NOI	58,187	53,029
Hospital
Segment reporting information, revenues
Rental Revenues	22,242	21,545
Total revenues	22,242	21,545
NOI	21,205	20,595
Adjusted (Cash) NOI	$21,457	$20,661

Segment_Disclosures_NOI_Detail

Segment Disclosures - NOI (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Reconciliation of reported net (loss) income to NOI and adjusted NOI
Net (loss) income	($237,503)	$263,623
Interest income	-33,262	-16,696
Investment management fee income	-460	-449
Interest expense	116,780	106,638
Depreciation and amortization	114,522	107,388
General and administrative	24,773	20,899
Acquisition and pursuit costs	3,390	495
Impairments	478,464
Gain on sales of real estate, net of income taxes	-6,264
Other non-operating income, net	-1,724	-1,930
Income taxes (benefit) provision	-77	1,446
Equity income from unconsolidated joint ventures	-13,601	-14,528
Total discontinued operations		-29,746
NOI	445,038	437,140
Straight-line rents	-9,546	-13,968
DFL accretion	-20,304	-21,422
Amortization of above and below market lease intangibles, net	-378	-168
Lease termination fees	1,043	-578
NOI adjustments related to discontinued operations		-11
Adjusted (Cash) NOI	$415,853	$400,993

Segment_Disclosures_Assets_Det

Segment Disclosures - Assets (Details) (USD $)	Mar. 31, 2015		Dec. 31, 2014
In Thousands, unless otherwise specified
Segment Disclosure
Total assets	$21,024,442	[1]	$21,369,940	[1]
Goodwill	50,346		50,346
Operating segment
Segment Disclosure
Gross assets	22,743,148		23,042,397
Accumulated depreciation and amortization	-2,680,584		-2,600,072
Total assets	20,062,564		20,442,325
Operating segment | Senior housing
Segment Disclosure
Gross assets	8,445,616		8,383,345
Goodwill	31,000		31,000
Operating segment | Post-acute/skilled
Segment Disclosure
Gross assets	6,488,822		6,875,122
Goodwill	3,000		3,000
Operating segment | Life science
Segment Disclosure
Gross assets	4,171,320		4,154,789
Operating segment | Medical office
Segment Disclosure
Gross assets	2,997,583		2,988,888
Goodwill	11,000		11,000
Operating segment | Hospital
Segment Disclosure
Gross assets	639,807		640,253
Goodwill	5,000		5,000
Other non-segment
Segment Disclosure
Total assets	$961,878		$927,615
[1]	The Company’s consolidated total assets at March 31, 2015 and December 31, 2014 include assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs. Total assets at March 31, 2015 include VIE assets as follows: buildings and improvements $699 million; land $114 million; accumulated depreciation and amortization $120 million; accounts receivable $15 million; cash $36 million; and other assets, net $14 million. Total assets at December 31, 2014 include VIE assets as follows: buildings and improvements $677 million; land $113 million; accumulated depreciation and amortization $111 million; accounts receivable $5 million; cash $42 million; and other assets, net of $23 million from VIEs. See Note 17 to the 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, 2015	Mar. 31, 2014
Numerator
(Loss) income from continuing operations	($237,503)	$233,877
Noncontrolling interests' share in continuing operations	-3,111	-3,335
(Loss) income from continuing operations applicable to HCP, Inc.	-240,614	230,542
Participating securities' share in earnings	-335	-1,064
(Loss) income from continuing operations applicable to common shares	-240,949	229,478
Discontinued operations		29,746
Noncontrolling interests' share in discontinued operations		-1,177
Net (loss) income applicable to common shares	($240,949)	$258,047
Denominator
Basic weighted average common shares	460,880,000	457,294,000
Dilutive potential common shares		380,000
Diluted weighted average common shares	460,880,000	457,674,000
Basic earnings per common share
(Loss) income from continuing operations (in dollars per share)	($0.52)	$0.50
Discontinued operations (in dollars per share)		$0.06
Net (loss) income applicable to common shares (in dollars per share)	($0.52)	$0.56
Diluted earnings per common share
(Loss) income from continuing operations (in dollars per share)	($0.52)	$0.50
Discontinued operations (in dollars per share)		$0.06
Net (loss) income applicable to common shares (in dollars per share)	($0.52)	$0.56
Common Stock Options
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation	500,000	1,600,000
Down REIT
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation	6,000,000
DownREIT LLCs, non-managing member units outstanding	4,000,000
Restricted Stock and Performance Restricted Stock Units
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation	400,000	900,000

Supplemental_Cash_Flow_Informa2

Supplemental Cash Flow Information (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Supplemental cash flow information:
Interest paid, net of capitalized interest	$168,165	$152,423
Income taxes paid	383	629
Capitalized interest	1,698	3,125
Supplemental schedule of non-cash investing activities:
Accrued construction costs	32,236	21,715
Supplemental schedule of non-cash financing activities:
Vesting of restricted stock units	288	411
Cancellation of restricted stock		-1
Conversion of non-managing member units into common stock	1,608	73
Noncontrolling interest issued in connection with real estate acquisition	1,306	1,152
Noncontrolling interest assumed in connection with real estate disposition		1,671
Mortgages and other liabilities assumed with real estate acquisitions	626	1
Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	$2,334	($692)

Variable_Interest_Entities_Det

Variable Interest Entities (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
	item
Company's involvement with VIEs:
Number of unconsolidated joint ventures	2
Delphis
Company's involvement with VIEs:
Number of partnerships, which are tenants of the company	1
Unconsolidated Variable Interest Entities
Company's involvement with VIEs:
Number of senior housing facilities leased	48
Number of VIE tenants	7
CCRC OpCo
Company's involvement with VIEs:
Maximum Loss Exposure	245,321,000
Assets/liability type	Investments in unconsolidated joint ventures
Carrying amount	245,321,000
HCP Ventures IV
Company's involvement with VIEs:
Maximum Loss Exposure	157,706,000
Assets/liability type	Investments in unconsolidated joint ventures
Carrying amount	26,206,000
Committed support	107,000,000
Ownership percentage (as a percent)	20.00%
VIE tenants-operating leases
Company's involvement with VIEs:
Maximum Loss Exposure	12,341,000
Assets/liability type	Lease intangibles, net and straight-line rent receivables
Carrying amount	12,341,000
VIE tenants-DFLs
Company's involvement with VIEs:
Maximum Loss Exposure	599,414,000
Assets/liability type	Net investment in DFLs
Carrying amount	599,414,000
Loan-senior secured
Company's involvement with VIEs:
Maximum Loss Exposure	16,987,000
Assets/liability type	Loans receivable, net
Carrying amount	16,987,000
CMBS
Company's involvement with VIEs:
Maximum Loss Exposure	17,546,000
Assets/liability type	Marketable debt securities
Carrying amount	17,546,000
Consolidated Variable Interest Entities
Company's involvement with VIEs:
Ownership percentage (as a percent)	80.00%
RIDEA JV
Company's involvement with VIEs:
Ownership percentage (as a percent)	90.00%

Concentration_of_Credit_Risk_D

Concentration of Credit Risk (Details) (USD $)	3 Months Ended			0 Months Ended	12 Months Ended
	Mar. 31, 2015		Mar. 31, 2014	Mar. 29, 2015	Dec. 31, 2014		Dec. 31, 2013
	item			property
Concentration of risk
Number of RIDEA joint ventures	2
Balance Sheets:
Real estate and other property, net	$10,837,025,000				10,886,887,000
Cash and cash equivalents	137,170,000		49,738,000		183,810,000		300,556,000
Goodwill, intangible and other assets, net	1,008,897,000				940,172,000
Total assets	21,024,442,000	[1]			21,369,940,000	[1]
Accounts payable, accrued liabilities and other	314,226,000				432,934,000
Total equity	10,555,646,000		10,969,573,000		10,997,099,000		10,931,134,000
Total liabilities and equity	21,024,442,000				21,369,940,000
Income Statements:
Revenues	610,791,000		529,992,000
Depreciation and amortization expense	-114,522,000		-107,388,000
Interest expense	-116,780,000		-106,638,000
Income tax expense	77,000		-1,446,000
(Loss) income from continuing operations	-237,503,000		233,877,000
Income (loss) from discontinued operations, net of taxes			29,746,000
Net (loss) income	-237,503,000		263,623,000
Brookdale Senior Living | Maximum
Income Statements:
Percentage of EDITDAR payable as base management fee	5.00%
Brookdale Senior Living | Minimum
Income Statements:
Percentage of EDITDAR payable as base management fee	4.50%
Brookdale Senior Living | CCRC JV
Concentration of risk
Number of RIDEA joint ventures	2
HCRMC
Balance Sheets:
Real estate and other property, net	2,915,400,000				2,934,400,000
Cash and cash equivalents	141,600,000				127,900,000
Goodwill, intangible and other assets, net	4,646,100,000				4,621,700,000
Total assets	7,703,100,000				7,684,000,000
Debt and financing obligations	6,071,000,000				6,108,300,000
Accounts payable, accrued liabilities and other	975,600,000				932,700,000
Total equity	656,500,000				643,000,000
Total liabilities and equity	7,703,100,000				7,684,000,000
Income Statements:
Revenues	1,054,000,000		1,041,900,000
Operating, general and administrative expense	-897,900,000		-888,800,000
Depreciation and amortization expense	-35,900,000		-35,200,000
Interest expense	-100,300,000		-102,300,000
Other income, net	2,800,000		2,900,000
Income from continuing operations before income tax expense	22,700,000		18,500,000
Income tax expense	-10,100,000		-7,500,000
(Loss) income from continuing operations	12,600,000		11,000,000
Income (loss) from discontinued operations, net of taxes	1,100,000		-2,600,000
Net (loss) income	13,700,000		8,400,000
Senior housing
Income Statements:
Revenues	239,789,000		191,422,000
Post-acute/skilled
Income Statements:
Revenues	$166,444,000		$151,192,000
Number of Facilities				9
Management and Accounting Services | Senior housing | Brookdale Senior Living
Income Statements:
Number of Facilities	70
Management agreement renewal term (in years)	5 years
Management and Accounting Services | Senior housing | Brookdale Senior Living | Maximum
Income Statements:
Management agreement term (in years)	15 years
Management and Accounting Services | Senior housing | Brookdale Senior Living | Minimum
Income Statements:
Management agreement term (in years)	10 years
Assets | Post-acute/skilled | HCRMC
Concentration of risk
Concentration risk (as a percent)	79.00%				82.00%
Assets | Tenants and Operators | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)	13.00%				13.00%
Assets | Tenants and Operators | HCRMC
Concentration of risk
Concentration risk (as a percent)	29.00%				31.00%
Assets | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)	32.00%				36.00%
Assets | Tenants and Operators | Senior housing | HCRMC
Concentration of risk
Concentration risk (as a percent)	11.00%				11.00%
Revenue | Post-acute/skilled | HCRMC
Concentration of risk
Concentration risk (as a percent)	80.00%		86.00%
Revenue | Tenants and Operators | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)	10.00%		17.00%
Revenue | Tenants and Operators | HCRMC
Concentration of risk
Concentration risk (as a percent)	25.00%		28.00%
Revenue | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)	25.00%		46.00%
Revenue | Tenants and Operators | Senior housing | HCRMC
Concentration of risk
Concentration risk (as a percent)	8.00%		10.00%
[1]	The Company’s consolidated total assets at March 31, 2015 and December 31, 2014 include assets of certain variable interest entities (“VIEs”) that can only be used to settle the liabilities of those VIEs. Total assets at March 31, 2015 include VIE assets as follows: buildings and improvements $699 million; land $114 million; accumulated depreciation and amortization $120 million; accounts receivable $15 million; cash $36 million; and other assets, net $14 million. Total assets at December 31, 2014 include VIE assets as follows: buildings and improvements $677 million; land $113 million; accumulated depreciation and amortization $111 million; accounts receivable $5 million; cash $42 million; and other assets, net of $23 million from VIEs. See Note 17 to the Consolidated Financial Statements for additional information.

Fair_Value_Measurements_recurr

Fair Value Measurements - recurring basis (Details) (Fair value on a recurring basis, USD $)	Mar. 31, 2015
In Thousands, unless otherwise specified
Fair Value
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	$38
Total fair value, net asset (liability)	-1,175
Fair Value | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative liabilities	-7,820
Fair Value | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	3,603
Fair Value | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	3,004
Level 1
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	38
Total fair value, net asset (liability)	38
Level 2
Fair value assets and liabilities measured on recurring basis:
Total fair value, net asset (liability)	-4,217
Level 2 | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative liabilities	-7,820
Level 2 | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	3,603
Level 3
Fair value assets and liabilities measured on recurring basis:
Total fair value, net asset (liability)	3,004
Level 3 | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	$3,004

Fair_Value_Measurements_Detail

Fair Value Measurements (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Summary of financial instruments
Bank line of credit	$358,555	$838,516
Senior unsecured notes	8,022,533	7,626,194
Mortgage debt	979,890	984,431
Other debt	95,747	97,022
Carrying Value
Summary of financial instruments
Loans receivable, net	1,025,278	906,961
Marketable debt securities	221,379	231,442
Marketable equity securities	38	43
Bank line of credit	358,555	838,516
Term loan	530,038	213,610
Senior unsecured notes	8,022,533	7,626,194
Mortgage debt	979,890	984,431
Other debt	95,747	97,022
Derivative assets		178
Derivative liabilities	7,820	7,663
Carrying Value | Warrants
Summary of financial instruments
Derivative assets	3,004	2,220
Carrying Value | Currency Swap
Summary of financial instruments
Derivative assets	3,603	929
Fair Value
Summary of financial instruments
Marketable equity securities		43
Bank line of credit	358,555	838,516
Fair Value | Level 1
Summary of financial instruments
Marketable debt securities	229,881	252,125
Marketable equity securities	38
Senior unsecured notes	8,579,285	8,187,458
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	1,040,540	898,522
Term loan	530,038	213,610
Mortgage debt	1,039,562	1,025,091
Other debt	95,747	97,022
Derivative assets		178
Derivative liabilities	7,820	7,663
Fair Value | Warrants | Level 3
Summary of financial instruments
Derivative assets	3,004	2,220
Fair Value | Currency Swap
Summary of financial instruments
Derivative assets	$3,603	$929

Derivative_Financial_Instrumen2

Derivative Financial Instruments (Details)

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

3 Months Ended

Mar. 31, 2015

Mar. 31, 2014

Jan. 12, 2015

Jan. 12, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Jan. 12, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

Mar. 31, 2015

USD ($)

USD ($)

USD ($)

GBP (£)

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 July 2005, maturity in July 2020

Interest rate swap, entered in July 2005, maturity in July 2020

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 November 2008, maturity in October 2016

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

Interest rate swap, entered in July 2012, maturity in June 2016

Interest rate swap, entered in July 2012, maturity in June 2016

Interest rate swap, entered in January 2015, maturity in October 2017

Interest rate swap, entered in January 2015, maturity in October 2017

Interest rate swap, entered in January 2015, maturity in October 2017

Interest rate swap, entered in January 2015, maturity in October 2017

Interest rate swap, entered in January 2015, maturity in October 2017

Currency 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

Currency swap, entered in July 2012, maturity in June 2016

Currency swap, entered July 2014, maturity in December 2015

Currency swap, entered July 2014, maturity in December 2015

Currency swap, entered July 2014, maturity in December 2015

Currency swap, entered July 2014, maturity in December 2015

Currency swap, entered in January 2015, maturity in October 2017

Currency swap, entered in January 2015, maturity in October 2017

Currency swap, entered in January 2015, maturity in October 2017

Currency swap, entered in January 2015, maturity in October 2017

Reclassification out of Accumulated Other Comprehensive Income

USD ($)

USD ($)

BMA Swap Index

Cash flow hedge

Cash flow hedge

USD ($)

LIBOR

Cash flow hedge

USD ($)

GBP LIBOR

GBP LIBOR

Cash flow hedge

USD ($)

GBP (£)

GBP LIBOR

GBP LIBOR

Cash flow hedge

USD ($)

GBP (£)

Cash flow hedge

Cash flow hedge

USD ($)

GBP (£)

Cash flow hedge

Cash flow hedge

USD ($)

GBP (£)

Cash flow hedge

Cash flow hedge

USD ($)

USD ($)

item

BMA Swap Index

USD ($)

LIBOR

USD ($)

GBP (£)

GBP LIBOR

USD ($)

GBP (£)

GBP LIBOR

USD ($)

GBP (£)

USD ($)

GBP (£)

USD ($)

GBP (£)

Derivative

Fixed Rate/Buy Amount (as a percent)

3.82%

5.95%

1.81%

1.79%

Floating/Exchange Rate Index, percentage

1.50%

1.20%

0.98%

0.98%

Buy (sell) amount

£ 7,200,000

£ 400,000

£ 1,000,000

Notional amount

45,600,000

25,600,000

137,000,000

220,000,000

220,000,000

21,700,000

3,300,000

32,500,000

Semi-annual buy (sell) amount

1,500,000

1,000,000

34,100,000

5,600,000

49,300,000

Fair value of interest rate hedge, assets

-6,129,000

-1,540,000

-84,000

-67,000

Fair value of foreign currency hedge, assets

1,887,000

732,000

983,000

Number of interest-rate swap contracts

3

Exchange rate USD/GBP

1.5149

1.5149

1.5695

1.5695

1.706

1.706

1.5149

1.5149

Gains or losses recorded to accumulated other comprehensive loss reclassified to earnings

-237,503,000

263,623,000

0

Effects of Change in Interest Rates

+50 Basis Points

1,082,000

200,000

1,242,000

4,165,000

1,745,000

711,000

831,000

-50 Basis Points

(1,184,000)

-190,000

-1,205,000

-4,180,000

2,067,000

760,000

1,313,000

+100 Basis Points

2,215,000

396,000

2,466,000

8,338,000

1,584,000

687,000

590,000

-100 Basis Points

(2,317,000)

-386,000

-2,429,000

-8,353,000

2,228,000

784,000

1,554,000

Reclassification of unrealized gains into other income (expense), ineffectiveness

$100,000