Healthpeak Properties (DOC) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765,880
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		462,586,622
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Real estate:
Buildings and improvements		$ 12,280,851	$ 10,972,973
Development costs and construction in progress		307,622	275,233
Land		2,042,016	1,889,438
Accumulated depreciation and amortization		(2,403,205)	(2,250,757)
Net real estate		12,227,284	10,886,887
Net investment in direct financing leases		6,863,327	7,280,334
Loans receivable, net		862,621	906,961
Investments in and advances to unconsolidated joint ventures		641,487	605,448
Accounts receivable, net of allowance of $3,607 and $3,785, respectively		45,824	36,339
Cash and cash equivalents		115,770	183,810
Restricted cash		54,369	48,976
Intangible assets, net		577,238	481,013
Other assets, net		960,207	940,172
Total assets	[1]	22,348,127	21,369,940
LIABILITIES AND EQUITY
Bank line of credit		1,022,324	838,516
Term loan		561,525	213,610
Senior unsecured notes		8,567,293	7,626,194
Mortgage debt		967,072	984,431
Other debt		95,144	97,022
Intangible liabilities, net		77,550	84,723
Accounts payable and accrued liabilities		433,636	432,934
Deferred revenue		96,586	95,411
Total liabilities	[2]	$ 11,821,130	$ 10,372,841
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 462,486,416 and 459,746,267 shares issued and outstanding, respectively		$ 462,486	$ 459,746
Additional paid-in capital		11,532,584	11,431,987
Cumulative dividends in excess of earnings		(1,730,168)	(1,132,541)
Accumulated other comprehensive loss		(32,115)	(23,895)
Total stockholders' equity		10,232,787	10,735,297
Joint venture partners		107,867	73,214
Non-managing member unitholders		186,343	188,588
Total noncontrolling interests		294,210	261,802
Total equity		10,526,997	10,997,099
Total liabilities and equity		$ 22,348,127	$ 21,369,940
[1]	The Company’s consolidated total assets at June 30, 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 June 30, 2015 include VIE assets as follows: buildings and improvements $751 million; land $125 million; accumulated depreciation and amortization $121 million; accounts receivable $16 million; cash $57 million; and other assets, net $24 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 18 to the Consolidated Financial Statements for additional information.
[2]	The Company’s consolidated total liabilities at June 30, 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 June 30, 2015 include accounts payable and accrued liabilities of $52 million and deferred revenue of $12 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 18 to the Consolidated Financial Statements for additional information.

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Company's involvement with VIEs:
Land	$ 2,042,016	$ 1,889,438
Accumulated depreciation and amortization	2,403,205	2,250,757
Accounts Receivable	45,824	36,339
Cash and cash equivalents	115,770	183,810
Other assets, net	960,207	940,172
Accounts payable and accrued liabilities	433,636	432,934
Deferred Revenue	96,586	95,411
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 3,607	$ 3,785
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	462,486,416	459,746,267
Common stock, shares outstanding	462,486,416	459,746,267
VIEs
Company's involvement with VIEs:
Buildings and improvements	$ 751,000	$ 677,000
Land	125,000	113,000
Accumulated depreciation and amortization	121,000	111,000
Accounts Receivable	16,000	5,000
Cash and cash equivalents	57,000	42,000
Other assets, net	24,000	23,000
Accounts payable and accrued liabilities	52,000	34,000
Deferred Revenue	$ 12,000	$ 12,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental and related revenues	$ 276,734	$ 288,191	$ 551,816	$ 573,014
Tenant recoveries	31,376	27,110	61,272	52,544
Resident fees and services	106,838	37,939	211,851	75,992
Income from direct financing leases	156,181	165,500	323,259	330,037
Interest income	35,945	16,937	69,207	33,633
Investment management fee income	458	444	918	893
Total revenues	607,532	536,121	1,218,323	1,066,113
Costs and expenses:
Interest expense	118,632	106,842	235,412	213,480
Depreciation and amortization	120,403	113,133	234,925	220,521
Operating	136,342	78,867	268,373	154,574
General and administrative	28,845	21,656	53,618	42,555
Acquisition and pursuit costs	18,407	7,406	21,797	7,901
Impairments	44,835		523,299
Total costs and expenses	467,464	327,904	1,337,424	639,031
Other income:
Gain on sales of real estate, net of income taxes	61		6,325
Other income, net	11,055	709	12,779	2,639
Total other income, net	11,116	709	19,104	2,639
Income (loss) before income taxes and equity income from unconsolidated joint ventures	151,184	208,926	(99,997)	429,721
Income tax benefit (expense)	4,563	(1,339)	4,640	(2,785)
Equity income from unconsolidated joint ventures	12,001	14,692	25,602	29,220
Income (loss) from continuing operations	167,748	222,279	(69,755)	456,156
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 income (loss)	167,748	222,279	(69,755)	485,902
Noncontrolling interests' share in earnings	(2,863)	(3,394)	(5,974)	(7,906)
Net income (loss) attributable to HCP, Inc.	164,885	218,885	(75,729)	477,996
Participating securities' share in earnings	(370)	(489)	(704)	(1,552)
Net income (loss) applicable to common shares	$ 164,515	$ 218,396	$ (76,433)	$ 476,444
Basic earnings per common share:
Continuing operations (in dollars per share)	$ 0.36	$ 0.48	$ (0.17)	$ 0.98
Discontinued operations (in dollars per share)				0.06
Net income (loss) applicable to common shares (in dollars per share)	0.36	0.48	(0.17)	1.04
Diluted earnings per common share:
Continuing operations (in dollars per share)	0.36	0.48	(0.17)	0.98
Discontinued operations (in dollars per share)				0.06
Net income (loss) applicable to common shares (in dollars per share)	$ 0.36	$ 0.48	$ (0.17)	$ 1.04
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	461,874	458,247	461,380	457,773
Diluted (in shares)	462,106	458,588	461,380	458,134

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
Net income (loss)	$ 167,748	$ 222,279	$ (69,755)	$ 485,902
Change in net unrealized gains (losses) on securities:
Change in net unrealized gains (losses) on securities	8	(7)	3	(4)
Change in net unrealized (losses) gains on cash flow hedges:
Unrealized (losses) gains	(2,541)	3	(202)	(692)
Reclassification adjustment realized in net income (loss)	354	38	348	643
Change in Supplemental Executive Retirement Plan obligation	69	54	138	108
Foreign currency translation adjustment	(1,544)	2,813	(8,507)	2,763
Total other comprehensive (loss) gain	(3,654)	2,901	(8,220)	2,818
Total comprehensive income (loss)	164,094	225,180	(77,975)	488,720
Total comprehensive income attributable to noncontrolling interests	(2,863)	(3,394)	(5,974)	(7,906)
Total comprehensive income (loss) attributable to HCP, Inc.	$ 161,231	$ 221,786	$ (83,949)	$ 480,814

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total Stockholders' Equity	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Loss	Noncontrolling Interests	Total
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 income (loss)	477,996			477,996		7,906	485,902
Other comprehensive income (losses)	2,818				2,818		2,818
Issuance of common stock, net	53,682	$ 1,954	51,728			(73)	53,609
Issuance of common stock, net (in shares)		1,954
Repurchase of common stock	(11,086)	$ (284)	(10,802)				(11,086)
Repurchase of common stock (in shares)		(284)
Exercise of stock options	2,792	$ 111	2,681				2,792
Exercise of stock options (in shares)		111
Amortization of deferred compensation	11,006		11,006				11,006
Common dividends ($1.13 and $1.09 per share for the six months ended June 30, 2015 and 2014, respectively)	(500,364)			(500,364)			(500,364)
Distributions to noncontrolling interests						(7,967)	(7,967)
Issuance of noncontrolling interests						6,434	6,434
Purchase of noncontrolling interests	(13)		(13)			(1,671)	(1,684)
Balance at Jun. 30, 2014	10,760,131	$ 458,742	11,388,641	(1,075,583)	(11,669)	212,463	10,972,594
Balance (in shares) at Jun. 30, 2014		458,742
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 income (loss)	(75,729)			(75,729)		5,974	(69,755)
Other comprehensive income (losses)	(8,220)				(8,220)		(8,220)
Issuance of common stock, net	68,141	$ 2,094	66,047			(2,448)	65,693
Issuance of common stock, net (in shares)		2,094
Repurchase of common stock	(7,690)	$ (171)	(7,519)				(7,690)
Repurchase of common stock (in shares)		(171)
Exercise of stock options	27,425	$ 817	26,608				27,425
Exercise of stock options (in shares)		817
Amortization of deferred compensation	15,724		15,724				15,724
Common dividends ($1.13 and $1.09 per share for the six months ended June 30, 2015 and 2014, respectively)	(521,898)			(521,898)			(521,898)
Distributions to noncontrolling interests	(263)		(263)			(8,143)	(8,406)
Issuance of noncontrolling interests						37,025	37,025
Balance at Jun. 30, 2015	$ 10,232,787	$ 462,486	$ 11,532,584	$ (1,730,168)	$ (32,115)	$ 294,210	$ 10,526,997
Balance (in shares) at Jun. 30, 2015		462,486

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Jul. 30, 2015	Apr. 30, 2015	Jan. 29, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
CONSOLIDATED STATEMENTS OF EQUITY
Common dividends, per share (in dollars per share)	$ 0.565	$ 0.565	$ 0.565	$ 0.565	$ 0.545	$ 1.13	$ 1.09

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income (loss)	$ (69,755)	$ 485,902
Depreciation and amortization of real estate, in-place lease and other intangibles	234,925	220,521
Amortization of market lease intangibles, net	(636)	(343)
Amortization of deferred compensation	15,724	11,006
Amortization of deferred financing costs, net	9,726	9,474
Straight-line rents	(17,748)	(26,455)
Loan and direct financing lease interest accretion	(46,997)	(39,401)
Deferred rental revenues	(1,004)	(515)
Equity income from unconsolidated joint ventures	(25,602)	(29,220)
Distributions of earnings from unconsolidated joint ventures	2,493	2,655
Lease termination income, net	(1,103)
Gain on sales of real estate	(6,325)	(28,010)
Foreign exchange and other (gains) losses, net	(9,866)	58
Impairments	523,299
Changes in:
Accounts receivable, net	(6,464)	(5,225)
Other assets	(8,473)	(6,136)
Accounts payable and other accrued liabilities	1,792	13,394
Net cash provided by operating activities	593,986	607,705
Cash flows from investing activities:
Acquisition of RIDEA III, net	(770,325)
Acquisitions of other real estate	(477,575)	(285,429)
Development of real estate	(121,510)	(72,334)
Leasing costs and tenant and capital improvements	(28,302)	(27,458)
Proceeds from sales of real estate, net	8,600	36,897
Contributions to unconsolidated joint ventures	(31,512)
Distributions in excess of earnings from unconsolidated joint ventures	1,994	1,113
Principal repayments on loans receivable	53,081	5,547
Investments in loans receivable and other	(276,038)	(46,434)
(Increase) decrease in restricted cash	(3,481)	2,900
Net cash used in investing activities	(1,645,068)	(385,198)
Cash flows from financing activities:
Net borrowings under bank line of credit	186,557	310,000
Borrowings under term loan	333,014
Issuance of senior unsecured notes	1,338,555	350,000
Repayments of senior unsecured notes	(400,000)	(487,000)
Repayments of mortgage and other secured debt	(20,333)	(169,843)
Deferred financing costs	(13,272)	(9,239)
Issuance of common stock and exercise of options	93,118	56,401
Repurchase of common stock	(7,690)	(11,086)
Dividends paid on common and preferred stock	(521,898)	(500,364)
Issuance of noncontrolling interests	3,397	113
Distributions to noncontrolling interests	(8,406)	(7,980)
Net cash provided by (used in) financing activities	983,042	(468,998)
Effect of foreign exchange on cash and cash equivalents		5
Net increase (decrease) in cash and cash equivalents	(68,040)	(246,486)
Cash and cash equivalents, beginning of year	183,810	300,556
Cash and cash equivalents, end of year	$ 115,770	$ 54,070

Business

Business	6 Months Ended
	Jun. 30, 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 Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 does not expect the adoption of ASU 2015-03 on January 1, 2016 to have a material impact on its 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. A reporting entity may apply the amendments in ASU 2015-02 using either a modified retrospective or retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. 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, 2017. Early adoption is permitted for annual periods, and interim periods within, beginning after December 15, 2016 . The Company is evaluating the impact of the adoption of ASU 2014-09 on January 1, 2018 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”)	6 Months Ended
	Jun. 30, 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 II”); the 49th property was contributed on January 1, 2015. Brookdale owns a 20% noncontrolling equity interest in RIDEA II 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 Investment

Real Estate Property Investments	6 Months Ended
	Jun. 30, 2015
Real Estate Property Investments
Real Estate Property Investments	NOTE 4. Real Estate Property Investments Acquisition of Private Pay Senior Housing Portfolio (“RIDEA III”) On June 30, 2015, the Company and Brookdale acquired a portfolio of 35 private pay senior housing communities from Chartwell Retirement Residences, including two leasehold interests, representing 5,025 units. The portfolio was acquired in a RIDEA structure (“RIDEA III”), with Brookdale owning a 10% noncontrolling interest. Brookdale has operated these communities since 2011 after its acquisition of Horizon Bay and continues to manage the communities 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 paid $770 million in cash consideration, net of cash assumed, and assumed $32 million of net liabilities and $29 million of noncontrolling interests to acquire: (i) real estate with a fair value of $771 million, (ii) intangible assets with a fair value of $53 million and (iii) working capital of $7 million. As a result of the acquisition, the Company recognized a net termination fee of $8 million in rental and related revenues, which represents the termination value of the two leasehold interests . The lease-up intangible assets recognized were attributable to the value of the acquired underlying operating resident leases of the senior housing communities that were stabilized or nearly stabilized (e.g., resident occupancy above 80%) . As of June 30, 2015, the purchase price allocation is preliminary, and the final purchase price allocation will be determined pending the receipt of information necessary to complete the valuation of certain assets and liabilities, which may result in a change from the initial estimate. Pro Forma Results of Operations The following unaudited pro forma consolidated results of operations assume that the RIDEA III acquisition was completed as of January 1, 2014 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ $ $ $ Net income (loss) Net income (loss) applicable to HCP, Inc. Basic earnings per common share Diluted earnings per common share 2015 Other Acquisitions In addition to the RIDEA III acquisition discussed above , a summary of other real estate acquisitions for the six months ended June 30, 2015 follows (in thousands): Consideration Assets Acquired (1) Cash Paid/ Liabilities Noncontrolling Net Segment Debt Settled Assumed Interest Real Estate Intangibles Senior housing $ (2) $ $ $ $ Post-acute/skilled nursing (2) — — Medical office — $ $ $ $ $ (1) Amounts include preliminary purchase price allocations which may be subject to change. (2) Includes £174 million ($254 million) of the Company’s HC-One Facility (see Note 7) converted to fee ownership in a portfolio of 36 care homes located throughout the United Kingdom (“U.K.”). Subsequent Acquisitions . In July 2015, the Company exercised the purchase option right under its £27 million ($42 million) loan with Maria Mallaband Care Group (“MMCG”) (see Note 7) and acquired two care homes in the U.K. 2014 Acquisitions A summary of real estate acquisitions for the six months ended June 30, 2014 follows (in thousands): Consideration Assets Acquired Liabilities Noncontrolling Net Segment Cash Paid Assumed Interest Real Estate Intangibles Senior housing $ (1) $ $ (2) $ $ Life science — Medical office — $ $ $ $ $ (1) Includes £76 million translated into U.S. dollars. (2) Includes $5 million of non-managing member limited liability company units. Completed Developments During the six months ended June 30, 2014, the Company placed in service the following: (i) two life science facilities, (ii) a medical office building (“MOB”) 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 six months ended June 30, 2015. Construction, Tenant and Other Capital Improvements A summary of the Company’s funding for construction, tenant and other capital improvements follows (in thousands): Six Months Ended June 30, Segment 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital $ $

Dispositions of Real Estate and

Dispositions of Real Estate and Discontinued Operations	6 Months Ended
	Jun. 30, 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 six months ended June 30, 2015, the Company sold nine senior housing facilities for $60 million resulting from Brookdale’s exercise of its purchase option received as part of the Brookdale Transaction. During the six months ended June 30, 2014, the Company sold two post-acute/skilled nursing facilities for $22 million, a hospital for $17 million and a MOB for $145,000 . 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 six months June 30, 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): Six Months Ended June 30, 2014 Rental and related revenues $ Operating expenses Other expenses, net Income before gain on sales of real estate, net of income taxes $ Gain on sales of real estate, net of income taxes $ Number of properties included in discontinued operations Subsequent Disposition . On July 1 6 , 2015, the Company sold a parcel of land in its life science segment for $11 million.

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	6 Months Ended
	Jun. 30, 2015
Net Investment in Direct Financing Leases
Net Investment in Direct Financing Leases	NOTE 6. Net Investment in Direct Financing Leases N et investment in direct financing leases (“DFLs”) consisted of the following (dollars in thousands): June 30, December 31, 2015 2014 Minimum lease payments receivable $ $ Estimated residual values Less unearned income Net investment in direct financing leases $ $ Properties subject to direct financing leases 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 first asset sale closed on July 31, 2015 and the remaining 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 the 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, the 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 the 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 the 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. The sales of these facilities are expected to occur during the second half of 2015 and the first quarter of 2016. 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, the 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. In March 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 o f the Company’s 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 DFLs at June 30, 2015 (dollars in thousands): Carrying Percentage of Internal Ratings Investment Type Amount DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing $ 23 $ $ $ — Post-acute/skilled nursing 75 — — Hospital 2 — — $ 100 $ $ $ — 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 from the DFL Portfolio is recognized on a cash basis. The Company re-assessed the DFL Portfolio for impairment on June 30, 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 both the three months ended June 30, 2015 and 2014, the Company recognized DFL income of $5 million and received cash payments of $6 million from the DFL Portfolio. During the six months ended June 30, 2015 and 2014, the Company recognized DFL income of $9 million and $10 million, respectively, and received cash payments of $11 million and $12 million, respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $368 million and $370 million at June 30, 2015 and December 31, 2014, respectively. At June 30, 2015, the Company continues to believe that the fair value of the underlying collateral is in excess of the carrying value of this DFL Portfolio . 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	6 Months Ended
	Jun. 30, 2015
Loans Receivable.
Loans Receivable	NOTE 7. Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): June 30, 2015 December 31, 2014 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine $ — $ $ $ — $ $ Other (1) — — Unamortized discounts, fees and costs — — Allowance for loan losses — — $ $ $ $ $ $ (1) Represents construction loans outstanding related to senior housing development projects. At June 30, 2015, the Company had $3 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 June 30, 2015 (dollars in thousands): Carrying Percentage of Internal Ratings Investment Type Amount Loan Portfolio Performing Loans Watch List Loans Workout Loans Real estate secured $ 10 $ $ — $ — Other secured 90 — $ 100 $ $ — $ 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. 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). 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. In May 2015, the Company increased and extended the mezzanine loan facility with Tandem to (i) fund $50 million (the “Third Tranche”) and $5 million (the “Fourth Tranche”), which proceeds were used to repay a portion of Tandem’s existing senior and mortgage debt, respectively; (ii) extend its maturity to October 2018; and (iii) extend the prepayment penalty period to January 2017. The loans bear interest at fixed rates of 12% , 14% , 6% and 6% per annum for the First, Second, Third and Fourth Tranches, respectively. At June 30, 2015, the facility had an outstanding balance of $256 million at an 11.5% blended interest rate and was subordinate to $ 383 million of senior mortgage debt. 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 June 30, 2015 and December 31, 2014. During the three and six months ended June 30, 2014, the Company received cash payments from the Borrower of $0.6 million. At both June 30, 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 six months ended June 30, 2015 or the year ended December 31, 2014. At June 30, 2015 , the Company continues to believe that the fair value of the collateral supporting this loan is in excess of the loan’s carrying value. Subsequent Event . In July 2015, the Company exercised the purchase option right under its £ 27 million ($4 2 million) loan with MMCG, which was originated in May 2015, and acquired two care homes located in the U.K . (see Note 4) .

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 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 The Company owns interests in the following entities that are accounted for under the equity method at June 30, 2015 (dollars in thousands): Entity (1) Segment Carrying Amount Ownership% CCRC JV (2) senior housing $ 49 HCRMC post-acute/skilled nursing 9 MBK JV senior housing 50 HCP Ventures III, LLC medical office 30 HCP Ventures IV, LLC medical office and hospital 20 HCP Life Science (3) life science – 63 Vintage Park senior housing 85 Suburban Properties, LLC medical office 67 Advances to unconsolidated joint ventures, net $ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Includes two unconsolidated joint ventures in a RIDEA structure: (i) “CCRC PropCo” and (ii) “CCRC OpCo”. (3) Includes three unconsolidated joint ventures between the Company and an institutional capital partner. 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 equity method investments follows (in thousands): June 30, December 31, 2015 2014 Real estate, net $ $ Goodwill and other assets, net Total assets $ $ Capital lease obligations and debt $ $ Accounts payable Other partners’ capital HCP’s capital (1) Total liabilities and partners’ capital $ $ (1) The combined basis difference of the Company’s investments in these joint ventures of $5 million, as of June 30, 2015, is attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenues $ $ $ $ Loss from discontinued operations Net loss HCP’s share of earnings (1) Fees earned by HCP Distributions received by HCP (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 $15 million and $16 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, $30 million and $31 million, respectively, of DFL income was recharacterized to the Company’s share of earnings from HCR ManorCare. HCRMC . 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). MBK JV . 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.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2015
Intangibles
Intangibles	NOTE 9. Intangibles At June 30, 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 $953 million and $830 million, respectively. At June 30, 2015 and December 31, 2014, the accumulated amortization of intangible assets was $376 million and $349 million, respectively. At June 30, 2015 and December 31, 2014, gross intangible lease liabilities, comprised of below market lease intangibles and above market ground lease intangibles were $208 million and $209 million, respectively. At June 30, 2015 and December 31, 2014, the accumulated amortization of intangible liabilities was $130 million and $124 million, respectively.

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2015
Other Assets.
Other Assets	NOTE 10. Other Assets The Company’s other assets consisted of the following (in thousands): June 30, December 31, 2015 2014 Straight-line rent receivables, net of allowance of $34,168 and $34,182 , respectively $ $ Marketable debt securities, net Leasing costs and inducements, net Deferred financing costs, net Goodwill Other Total other assets $ $ At June 30, 2015 and December 31, 2014, within other assets is a non-interest bearing short-term receivable of $19 million and $26 million, respectively, from Brookdale payable in eight quarterly installments. At June 30, 2015 and December 31, 2014, other assets also included a loan receivable of $19 million and $15 million, respectively, from HCP Ventures IV, LLC (“HCP Ventures IV”) , 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 are classified as held-to-maturity debt securities and primarily represent senior unsecured notes issued by Elli Investments Limited (“Elli”), a subsidiary of Terra Firma, as part of the financing for Elli’s acquisition of Four Seasons Health Care (the “Four Seasons Notes”). The Four Seasons Notes mature in June 2020, are non-callable through June 2016 and bear interest on their par value at a fixed rate of 12.25% per annum. The Company purchased an aggregate par value of £138.5 million of the Four Seasons Notes at a discount for £136.8 million in June 2012, representing 79% of the total £175 million issued and outstanding Four Seasons Notes. In June 2015, the Company determined that the Four Seasons Notes were other-than-temporarily impaired (see Note 15 for additional information).

Debt

Debt	6 Months Ended
	Jun. 30, 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 credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at June 30, 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 June 30, 2015, the Company had $1.0 billion, including £269 million ($422 million), outstanding under the Facility with a weighted average effective interest rate of 1.53% . On January 12, 2015, the Company entered into a credit agreement with a syndicate of banks for a £220 million ( $346 million at June 30, 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 that partially fund ed the November 2014 HC-One Facility (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 21). 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 June 30, 2015. At June 30, 2015, the Company was in compliance with each of these restrictions and requirements. Senior Unsecured Notes At June 30, 2015, the Company had senior unsecured notes outstanding with an aggregate principal balance of $8.6 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 June 30, 2015. The following table summarizes the Company’s senior unsecured notes issuances for the periods presented (dollars in thousands): Period Amount Coupon Rate Maturity Date Net Proceeds Six months ended June 30, 2015: January 21, 2015 $ % $ May 20, 2015 $ % $ Year ended December 31, 2014: February 21, 2014 $ % $ August 14, 2014 $ % $ The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate Six months ended June 30, 2015: March 1, 2015 $ % June 8, 2015 $ % Year ended December 31, 2014: February 1, 2014 $ % June 14, 2014 $ % June 14, 2014 $ 3 Month LIBOR+0.9 % Mortgage Debt At June 30, 2015, the Company had $967 million in aggregate principal amount of mortgage debt outstanding, which is secured by 68 healthcare facilities (including redevelopment properties) with a carrying value of $1.3 billion. At June 30, 2015, interest rates on the mortgage debt ranged from 3.19% to 8.35% with a weighted average effective interest rate of 6.22% 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 June 30, 2015 (in thousands): Senior Bank Line of Unsecured Mortgage Year Credit (1) Term Loans (2) Notes (3) Debt Total (4) 2015 (Six months) $ — $ — $ — $ $ 2016 — 2017 — — 2018 — 2019 — Thereafter — — Discounts, net — — $ $ $ $ $ (1) Includes £269 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 6.88% with a weighted average effective interest rate of 4.71% and a weighted average maturity of six years. (4) Excludes $ 95 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities. Other Debt At June 30, 2015, the Company had $69 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	6 Months Ended
	Jun. 30, 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% ownership interest in an unconsolidated joint venture, HCP Ventures IV, which has $107 million of contractual secured debt obligations (“Contractual Obligations”) coming due through February 2016. In the event: (i) HCP Ventures IV is 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 $19 million has been funded as of June 30, 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 interest at a rate equal to 12% per annum from the date actually advanced until the date it is repaid in full (see Notes 8, 10 and 18).

Equity

Equity	6 Months Ended
	Jun. 30, 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 $ February 24 April 30 May 11 May 26 July 30 August 10 August 25 The following is a summary of the Company’s common stock activities (shares in thousands): Six Months Ended June 30, 2015 2014 Dividend Reinvestment and Stock Purchase Plan Conversion of DownREIT units (1) Exercise of stock options Vesting of restricted stock units Repurchase of common stock (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): June 30, December 31, 2015 2014 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized gains on available for sale securities Total accumulated other comprehensive loss $ $ Noncontrolling Interests At June 30, 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 June 30, 2015, the carrying and fair values of these DownREIT units were $186 million and $219 million, respectively. See Note 17 for the supplemental schedule of non-cash financing activities. At-The-Market Program In June 2015, the Company established an at-the-market equity o ffering program (“ATM Program”). Under this program, t he Company may sell shares of its common stock from time to time having an aggregate gross sales price of up to $750 million through a consortium of banks acting as sales agents or directly to the banks acting as principals. As of June 30, 2015, no shares of common stock have been issued under this ATM Program.

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 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 six months ended June 30, 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 19 for other information regarding concentrations of credit risk. Summary information for the reportable segments follows (in thousands): For the three months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ For the three months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ For the six months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ For the six months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ (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 income (loss) 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, and evaluate its same property portfolio. The Company believes that net income (loss) is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income (loss) 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 income (loss) to NOI and adjusted NOI (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss) $ $ $ $ Interest income Investment management fee income Interest expense Depreciation and amortization General and administrative Acquisition and pursuit costs Impairments — — Gains on sales of real estate, net of income taxes — — Other income, net Income tax (benefit) expense Equity income from unconsolidated joint ventures Total discontinued operations — — — NOI Straight-line rents DFL accretion Amortization of above and below market lease intangibles, net Lease termination fees NOI adjustments related to discontinued operations — — — Adjusted (Cash) NOI $ $ $ $ The Company’s total assets by segment were (in thousands): June 30, December 31, Segments 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital Gross segment assets Accumulated depreciation and amortization Net segment assets Other non-segment assets Total assets $ $ At both June 30, 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.

Impairments

Impairments	6 Months Ended
	Jun. 30, 2015
Impairments
Impairments	NOTE 15. Impairments In June 2015, the Company determined that the Four Seasons Notes (see Note 10) were other-than-temporarily impaired. Although the Company does not intend to sell and does not believe it will be required to sell the Four Seasons Notes before their maturity, the Company determined that a credit loss existed resulting from significant deterioration in Four Seasons’ operating performance since the fourth quarter of 2014. Accordingly, the Company recorded an impairment charge in the three months ended June 30, 2015 of $42 million, reducing the carrying value of the Four Seasons Notes to $174 million (£111 million). The fair value was based on quoted prices ; however as the Four Seasons Notes are not actively traded, these prices were considered to be Level 2 measurements within the fair value hierarchy. In determining whether a credit loss existed and calculating the fair value, the Company also evaluated Four Season’s ability to repay the Four Seasons Notes according to their contractual terms based on its estimate of future cash flows which inputs included forecasted revenues, capital expenditures, operating expenses, care home occupancy and continued implementation of Four Seasons’ business plan which includes executing on its business line segmentation and continuing to invest in its core portfolio, which information was consistent with the results of the valuation technique used by the Company in determining whether a credit loss existed and calculating the fair value of the Four Seasons Notes. In June 2015, the Company determined a MOB was impaired and recognized an impairment charge of $3 million, which reduced the carrying value of the Company’s investment to $400,000 . The fair value of the MOB was based on its projected sales prices, which was considered to be a Level 2 measurement within the fair value hierarchy. In March 2015, the Company recorded a net impairment charge of $478 million related to its DFL investments with HCRMC (see Note 6).

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Common Share
Earnings Per Common Share	NOTE 16. 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator Income (loss) from continuing operations $ $ $ $ Noncontrolling interests’ share in continuing operations Income (loss) from continuing operations applicable to HCP Participating securities’ share in continuing operations Income (loss) from continuing operations applicable to common shares Discontinued operations — — — Noncontrolling interests’ share in discontinued operations — — — Net income (loss) applicable to common shares $ $ $ $ Denominator Basic weighted average common shares Dilutive potential common shares — Diluted weighted average common shares Basic earnings per common share Income (loss) from continuing operations $ $ $ $ Discontinued operations — — — Net income (loss) applicable to common shares $ $ $ $ Diluted earnings per common share Income (loss) income from continuing operations $ $ $ $ Discontinued operations — — — Net income (loss) applicable to common shares $ $ $ $ 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 0.9 million and 1.4 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 June 30, 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 0.2 million shares of common stock during the three months ended June 30, 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 June 30, 2015 and 2014 were not included because they are anti-dilutive.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information
Supplemental Cash Flow Information	NOTE 17. Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2015 2014 Supplemental cash flow information: Interest paid, net of capitalized interest $ $ Income taxes paid Capitalized interest Supplemental schedule of non-cash investing activities: Accrued construction costs Settlement of loans receivable as consideration for real estate acquisition — Supplemental schedule of non-cash financing activities: Vesting of restricted stock units Cancellation of restricted stock — Conversion of non-managing member units into common stock Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — Noncontrolling interest issued in connection with real estate acquisitions Noncontrolling interest disposed in connection with real estate sales Other liabilities assumed with real estate acquisitions Unrealized losses on available-for-sale securities and derivatives designated as cash flow hedges, net

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2015
Variable Interest Entities
Variable Interest Entities	NOTE 18. Variable Interest Entities Unconsolidated Variable Interest Entities At June 30, 2015, the Company had investments in: (i) three unconsolidated VIE joint ventures; (ii) 48 properties leased to VIE tenants; (iii) a loan to a VIE borrower; and (iv) marketable debt securities of two VIE borrowers. 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, HCP Ventures IV and Vintage Park discussed below), the Company has no formal involvement in these VIEs beyond its investments. The Company holds a 49% ownership interest in CCRC OpCo, a joint venture entity formed in August 2014 that operates senior housing properties in a RIDEA structure, 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 holds an 85% ownership interest in Vintage Park (see Note 8) that has been identified as a VIE. Although power is shared among equity members, one equity member does not have a substantive investment in the entity. The assets of Vintage Park primarily consist of an independent living facility development in progress that it owns and cash and cash equivalents; its obligations primarily consist of accounts payable and expense accruals associated with the cost of the development obligations. Assets generated by Vintage Park may only be used to settle its contractual obligations (primarily development expenses and debt service payments). 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 a partnership interest in an operating surgical facility that leases a property owned by the Company). The Company holds Four Seasons Notes (see Note 10). In the second quarter of 2015, upon the occurrence of a reconsideration event, it was determined that the issuer of the Four Seasons Notes is a VIE because this entity is “thinly capitalized” (see Note 15). 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 June 30, 2015 are presented below (in thousands): Maximum Loss Carrying VIE Type Exposure (1) Asset/Liability Type Amount VIE tenants—DFLs $ Net investment in DFLs $ VIE tenants—operating leases Lease intangibles, net and straight-line rent receivables Four Seasons Notes Marketable debt securities CCRC OpCo Investments in unconsolidated joint ventures HCP Ventures IV Investments in unconsolidated joint ventures Vintage Park Investments in unconsolidated joint ventures Loan—senior secured Loans receivable, net CMBS Marketable debt securities (1) The Company’s maximum loss exposure related to CCRC OpCo, Vintage Park, VIE tenants, and loans and marketable debt securities to VIE borrowers represents the aggregate carrying amount of such investments (including accrued interest). The Company’s maximum loss exposure related to HCP Ventures IV represents the aggregate carrying amount of its investment plus commitments under its support arrangement, 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 June 30, 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 June 30, 2015, the Company has funded a loan of $19 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 I. 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 I OpCo”). The Company consolidates RIDEA I 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 I 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 from senior housing resident rents) of RIDEA I OpCo may only be used to settle its contractual obligations (primarily from the rental costs and operating expenses incurred to manage such facilities). RIDEA II . The Company holds an 80% ownership interest in joint venture entities formed in August 2014 that own and operate senior housing properties in a RIDEA structure (“RIDEA II”). The Company consolidates RIDEA II (“SH PropCo” and “SH OpCo”) as the primary beneficiary because it has the ability to control the activities that most significantly impact these 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 from senior housing resident rents) of the RIDEA II structure may only be used to settle its contractual obligations (primarily from the rental costs and operating expenses incurred to manage such facilities). RIDEA III . The Company holds a 90% ownership interest in a joint venture entity formed in June 2015 that operates senior housing properties in a RIDEA structure (“RIDEA III OpCo”). The Company consolidates RIDEA III 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 III 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 from senior housing resident rents) of RIDEA III OpCo may only be used to settle its contractual obligations (primarily from 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	6 Months Ended
	Jun. 30, 2015
Concentration of Credit Risk
Concentration of Credit Risk	NOTE 19. 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 Percentage of Senior Housing Gross Assets Senior Housing Revenues Senior Housing Revenues June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Operators 2015 2014 2015 2014 2015 2014 Brookdale (1) % % % % % % HCRMC % % % % % % The following table lists the Company’s post-acute/skilled nursing concentrations: Percentage of Post-Acute/ Percentage of Post-Acute/ Percentage of Post-Acute/ Skilled Nursing Gross Assets Skilled Nursing Revenues Skilled Nursing Revenues June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Operators 2015 2014 2015 2014 2015 2014 HCRMC % % % % % % The following table lists the total Company concentrations: Percentage of Percentage of Percentage of Total Company Assets Total Company Revenues Total Company Revenues June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Operators 2015 2014 2015 2014 2015 2014 HCRMC % % % % % % Brookdale (1) % % % % % % (1) On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three and six months ended June 30, 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 Notes 3 and 18). 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): June 30, December 31, 2015 2014 Real estate and other property, net $ $ Cash and cash equivalents Goodwill, intangible and other assets, net Total assets $ $ Debt and financing obligations $ $ Accounts payable, accrued liabilities and other Total equity Total liabilities and equity $ $ Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ $ $ $ Operating, general and administrative expense Depreciation and amortization expense Interest expense Other income, net (Loss) income from continuing operations before income tax expense Income taxes (Loss) income from continuing operations Loss from discontinued operations, net of taxes Net (loss) income $ $ $ $ As of June 30, 2015, Brookdale provided comprehensive property management and accounting services with respect to 106 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 initial terms ranging from 10 to 15 years, with three to four 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2015
Fair Value Measurements
Fair Value Measurements	NOTE 20. 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 June 30, 2015 in the consolidated balance sheets (in thousands): Financial Instrument (1) Fair Value Level 1 Level 2 Level 3 Marketable equity securities $ $ $ — $ — Interest-rate swap assets — — Interest-rate swap liabilities — — Currency swap assets — — Currency swap liabilities — — Warrants — — (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 June 30, 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): June 30, 2015 December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value Loans receivable, net (2) $ $ $ $ Marketable debt securities (2) Marketable equity securities (1) Warrants (3) Bank line of credit (2) Term loans (2) Senior unsecured notes (1) Mortgage debt (2) Other debt (2) Interest-rate swap assets (2) Interest-rate swap liabilities (2) Currency swap assets (2) Currency swap liabilities (2) — — (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 Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2015
Derivative Financial Instruments
Derivative Financial Instruments	NOTE 21. Derivative Financial Instruments The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of June 30, 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 % BMA Swap Index $ $ November 2008 (3) October 2016 Cash Flow % 1 Month LIBOR+1.50% $ $ July 2012 (3) June 2016 Cash Flow % 1 Month GBP LIBOR+1.20% £ $ January 2015 (3) October 2017 Cash Flow % 1 Month GBP LIBOR+0.975% £ $ Foreign currency: July 2012 (4) June 2016 Cash Flow $ Buy USD/Sell GBP £ $ July 2014 (5) December 2015 Cash Flow $ Buy USD/Sell GBP £ $ January 2015 (6) October 2017 Cash Flow $ Buy USD/Sell GBP £ $ (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 June 30, 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 matures 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 six months ended June 30, 2015, the Company determined a portion of a cash flow hedge was ineffective and reclassified $0.3 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 those 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 $ $ $ $ November 2008 October 2016 July 2012 June 2016 January 2015 October 2017 Foreign currency: July 2012 June 2016 July 2014 December 2015 January 2015 October 2017

Summary of Significant Accoun30

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 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 and six months ended June 30, 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 does not expect the adoption of ASU 2015-03 on January 1, 2016 to have a material impact on its 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. A reporting entity may apply the amendments in ASU 2015-02 using either a modified retrospective or retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. 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, 2017. Early adoption is permitted for annual periods, and interim periods within, beginning after December 15, 2016 . The Company is evaluating the impact of the adoption of ASU 2014-09 on January 1, 2018 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 Investme31

Real Estate Property Investments (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Property Investments
Schedule of unaudited pro forma consolidated results of operations (in thousands, except per share amounts)	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ $ $ $ Net income (loss) Net income (loss) applicable to HCP, Inc. Basic earnings per common share Diluted earnings per common share
Schedule of other real estate acquisitions (in thousands)	In addition to the RIDEA III acquisition discussed above, a summary of other real estate acquisitions for the six months ended June 30, 2015 follows (in thousands): Consideration Assets Acquired (1) Cash Paid/ Liabilities Noncontrolling Net Segment Debt Settled Assumed Interest Real Estate Intangibles Senior housing $ (2) $ $ $ $ Post-acute/skilled nursing (2) — — Medical office — $ $ $ $ $ (1) Amounts include preliminary purchase price allocations which may be subject to change. (2) Includes £174 million ($254 million) of the Company’s HC-One Facility (see Note 7) converted to fee ownership in a portfolio of 36 care homes located throughout the United Kingdom (“U.K.”). A summary of real estate acquisitions for the six months ended June 30, 2014 follows (in thousands): Consideration Assets Acquired Liabilities Noncontrolling Net Segment Cash Paid Assumed Interest Real Estate Intangibles Senior housing $ (1) $ $ (2) $ $ Life science — Medical office — $ $ $ $ $ (1) Includes £76 million translated into U.S. dollars. (2) Includes $5 million of non-managing member limited liability company units.
Schedule of capital improvements (in thousands)	Six Months Ended June 30, Segment 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital $ $

Dispositions of Real Estate a32

Dispositions of Real Estate and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 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)	Six Months Ended June 30, 2014 Rental and related revenues $ Operating expenses Other expenses, net Income before gain on sales of real estate, net of income taxes $ Gain on sales of real estate, net of income taxes $ Number of properties included in discontinued operations

Net Investment in Direct Fina33

Net Investment in Direct Financing Leases (Tables)	6 Months Ended
	Jun. 30, 2015
Loans Receivable:
Schedule of components of net investment in DFLs (dollars in thousands)	June 30, December 31, 2015 2014 Minimum lease payments receivable $ $ Estimated residual values Less unearned income Net investment in direct financing leases $ $ Properties subject to direct financing leases
Direct Financing Leases
Loans Receivable:
Summary of the Company's internal ratings for DFLs (dollars in thousands)	Carrying Percentage of Internal Ratings Investment Type Amount DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing $ 23 $ $ $ — Post-acute/skilled nursing 75 — — Hospital 2 — — $ 100 $ $ $ —

Loans Receivable (Tables)

Loans Receivable (Tables) - Loans receivable	6 Months Ended
	Jun. 30, 2015
Loans Receivable:
Schedule of loans receivable (in thousands)	June 30, 2015 December 31, 2014 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine $ — $ $ $ — $ $ Other (1) — — Unamortized discounts, fees and costs — — Allowance for loan losses — — $ $ $ $ $ $ (1) Represents construction loans outstanding related to senior housing development projects. At June 30, 2015, the Company had $3 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 Internal Ratings Investment Type Amount Loan Portfolio Performing Loans Watch List Loans Workout Loans Real estate secured $ 10 $ $ — $ — Other secured 90 — $ 100 $ $ — $

Investments in and Advances t35

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2015
Investments in and Advances to Unconsolidated Joint Ventures
Company owned interests in entities, accounted under equity method (dollars in thousands)	Entity (1) Segment Carrying Amount Ownership% CCRC JV (2) senior housing $ 49 HCRMC post-acute/skilled nursing 9 MBK JV senior housing 50 HCP Ventures III, LLC medical office 30 HCP Ventures IV, LLC medical office and hospital 20 HCP Life Science (3) life science – 63 Vintage Park senior housing 85 Suburban Properties, LLC medical office 67 Advances to unconsolidated joint ventures, net $ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) Includes two unconsolidated joint ventures in a RIDEA structure: (i) “CCRC PropCo” and (ii) “CCRC OpCo”. (3) Includes three unconsolidated joint ventures between the Company and an institutional capital partner. 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 equity method investments (in thousands)	June 30, December 31, 2015 2014 Real estate, net $ $ Goodwill and other assets, net Total assets $ $ Capital lease obligations and debt $ $ Accounts payable Other partners’ capital HCP’s capital (1) Total liabilities and partners’ capital $ $ (1) The combined basis difference of the Company’s investments in these joint ventures of $5 million, as of June 30, 2015, is attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles. Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Total revenues $ $ $ $ Loss from discontinued operations Net loss HCP’s share of earnings (1) Fees earned by HCP Distributions received by HCP (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 $15 million and $16 million of DFL income that is recharacterized to the Company’s share of earnings from HCRMC (equity income from unconsolidated joint ventures) for the three months ended June 30, 2015 and 2014, respectively. For the six months ended June 30, 2015 and 2014, $30 million and $31 million, respectively, of DFL income was recharacterized to the Company’s share of earnings from HCR ManorCare.

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Other Assets.
Schedule of other assets (in thousands)	June 30, December 31, 2015 2014 Straight-line rent receivables, net of allowance of $34,168 and $34,182 , respectively $ $ Marketable debt securities, net Leasing costs and inducements, net Deferred financing costs, net Goodwill Other Total other assets $ $

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Debt
Summary of senior notes issuances (dollars in thousands)	Period Amount Coupon Rate Maturity Date Net Proceeds Six months ended June 30, 2015: January 21, 2015 $ % $ May 20, 2015 $ % $ Year ended December 31, 2014: February 21, 2014 $ % $ August 14, 2014 $ % $
Summary of senior notes payoffs (dollars in thousands)	Period Amount Coupon Rate Six months ended June 30, 2015: March 1, 2015 $ % June 8, 2015 $ % Year ended December 31, 2014: February 1, 2014 $ % June 14, 2014 $ % June 14, 2014 $ 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 (Six months) $ — $ — $ — $ $ 2016 — 2017 — — 2018 — 2019 — Thereafter — — Discounts, net — — $ $ $ $ $ (1) Includes £269 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 6.88% with a weighted average effective interest rate of 4.71% and a weighted average maturity of six years. (4) Excludes $ 95 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Equity
Schedule of common stock, cash dividends	Amount Dividend Declaration Date Record Date Per Share Payable Date January 29 February 9 $ February 24 April 30 May 11 May 26 July 30 August 10 August 25
Schedule of company's issuances of common stock (shares in thousands)	Six Months Ended June 30, 2015 2014 Dividend Reinvestment and Stock Purchase Plan Conversion of DownREIT units (1) Exercise of stock options Vesting of restricted stock units Repurchase of common stock (1) Non-managing member LLC units.
Schedule of accumulated other comprehensive loss (in thousands)	June 30, December 31, 2015 2014 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized gains on available for sale securities Total accumulated other comprehensive loss $ $

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Disclosures
Information of revenue of reportable segment (in thousands)	For the three months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ For the three months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ For the six months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ For the six months ended June 30, 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 $ $ $ $ — $ $ $ Post-acute/skilled — — Life science — — Medical office — — Hospital — — — Total $ $ $ $ $ $ $ (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 income (loss) 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, and evaluate its same property portfolio. The Company believes that net income (loss) is the most directly comparable GAAP measure to NOI. NOI should not be viewed as an alternative measure of operating performance to net income (loss) 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 June 30, Six Months Ended June 30, 2015 2014 2015 2014 Net income (loss) $ $ $ $ Interest income Investment management fee income Interest expense Depreciation and amortization General and administrative Acquisition and pursuit costs Impairments — — Gains on sales of real estate, net of income taxes — — Other income, net Income tax (benefit) expense Equity income from unconsolidated joint ventures Total discontinued operations — — — NOI Straight-line rents DFL accretion Amortization of above and below market lease intangibles, net Lease termination fees NOI adjustments related to discontinued operations — — — Adjusted (Cash) NOI $ $ $ $
Reconciliation of company's assets to total assets (in thousands)	June 30, December 31, Segments 2015 2014 Senior housing $ $ Post-acute/skilled nursing Life science Medical office Hospital Gross segment assets Accumulated depreciation and amortization Net segment assets Other non-segment assets Total assets $ $

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Common Share
Computation of basic and diluted earnings per share (in thousands, except per share amounts)	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Numerator Income (loss) from continuing operations $ $ $ $ Noncontrolling interests’ share in continuing operations Income (loss) from continuing operations applicable to HCP Participating securities’ share in continuing operations Income (loss) from continuing operations applicable to common shares Discontinued operations — — — Noncontrolling interests’ share in discontinued operations — — — Net income (loss) applicable to common shares $ $ $ $ Denominator Basic weighted average common shares Dilutive potential common shares — Diluted weighted average common shares Basic earnings per common share Income (loss) from continuing operations $ $ $ $ Discontinued operations — — — Net income (loss) applicable to common shares $ $ $ $ Diluted earnings per common share Income (loss) income from continuing operations $ $ $ $ Discontinued operations — — — Net income (loss) applicable to common shares $ $ $ $

Supplemental Cash Flow Inform41

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2015
Supplemental Cash Flow Information
Supplemental cash flow information (in thousands)	Six Months Ended June 30, 2015 2014 Supplemental cash flow information: Interest paid, net of capitalized interest $ $ Income taxes paid Capitalized interest Supplemental schedule of non-cash investing activities: Accrued construction costs Settlement of loans receivable as consideration for real estate acquisition — Supplemental schedule of non-cash financing activities: Vesting of restricted stock units Cancellation of restricted stock — Conversion of non-managing member units into common stock Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — Noncontrolling interest issued in connection with real estate acquisitions Noncontrolling interest disposed in connection with real estate sales Other liabilities assumed with real estate acquisitions Unrealized losses on available-for-sale securities and derivatives designated as cash flow hedges, net

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Variable Interest Entities
Schedule of Variable Interest Entities (in thousands)	Maximum Loss Carrying VIE Type Exposure (1) Asset/Liability Type Amount VIE tenants—DFLs $ Net investment in DFLs $ VIE tenants—operating leases Lease intangibles, net and straight-line rent receivables Four Seasons Notes Marketable debt securities CCRC OpCo Investments in unconsolidated joint ventures HCP Ventures IV Investments in unconsolidated joint ventures Vintage Park Investments in unconsolidated joint ventures Loan—senior secured Loans receivable, net CMBS Marketable debt securities (1) The Company’s maximum loss exposure related to CCRC OpCo, Vintage Park, VIE tenants, and loans and marketable debt securities to VIE borrowers represents the aggregate carrying amount of such investments (including accrued interest). The Company’s maximum loss exposure related to HCP Ventures IV represents the aggregate carrying amount of its investment plus commitments under its support arrangement, 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)	6 Months Ended
	Jun. 30, 2015
Summary of consolidated financial information (in millions)	June 30, December 31, 2015 2014 Real estate and other property, net $ $ Cash and cash equivalents Goodwill, intangible and other assets, net Total assets $ $ Debt and financing obligations $ $ Accounts payable, accrued liabilities and other Total equity Total liabilities and equity $ $ Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Revenues $ $ $ $ Operating, general and administrative expense Depreciation and amortization expense Interest expense Other income, net (Loss) income from continuing operations before income tax expense Income taxes (Loss) income from continuing operations Loss from discontinued operations, net of taxes Net (loss) income $ $ $ $
Senior housing
Schedule of concentration of credit risk	Percentage of Percentage of Percentage of Senior Housing Gross Assets Senior Housing Revenues Senior Housing Revenues June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Operators 2015 2014 2015 2014 2015 2014 Brookdale (1) % % % % % % HCRMC % % % % % %
Tenants and Operators
Schedule of concentration of credit risk	Percentage of Percentage of Percentage of Total Company Assets Total Company Revenues Total Company Revenues June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Operators 2015 2014 2015 2014 2015 2014 HCRMC % % % % % % Brookdale (1) % % % % % % (1) On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three and six months ended June 30, 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 Notes 3 and 18). 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/ Percentage of Post-Acute/ Skilled Nursing Gross Assets Skilled Nursing Revenues Skilled Nursing Revenues June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Operators 2015 2014 2015 2014 2015 2014 HCRMC % % % % % %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 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 $ $ $ — $ — Interest-rate swap assets — — Interest-rate swap liabilities — — Currency swap assets — — Currency swap liabilities — — Warrants — — (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)	June 30, 2015 December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value Loans receivable, net (2) $ $ $ $ Marketable debt securities (2) Marketable equity securities (1) Warrants (3) Bank line of credit (2) Term loans (2) Senior unsecured notes (1) Mortgage debt (2) Other debt (2) Interest-rate swap assets (2) Interest-rate swap liabilities (2) Currency swap assets (2) Currency swap liabilities (2) — — (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 Instrume45

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 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 June 30, 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 % BMA Swap Index $ $ November 2008 (3) October 2016 Cash Flow % 1 Month LIBOR+1.50% $ $ July 2012 (3) June 2016 Cash Flow % 1 Month GBP LIBOR+1.20% £ $ January 2015 (3) October 2017 Cash Flow % 1 Month GBP LIBOR+0.975% £ $ Foreign currency: July 2012 (4) June 2016 Cash Flow $ Buy USD/Sell GBP £ $ July 2014 (5) December 2015 Cash Flow $ Buy USD/Sell GBP £ $ January 2015 (6) October 2017 Cash Flow $ Buy USD/Sell GBP £ $ (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 $ $ $ $ November 2008 October 2016 July 2012 June 2016 January 2015 October 2017 Foreign currency: July 2012 June 2016 July 2014 December 2015 January 2015 October 2017

Brookdale Lease Amendments an46

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

Real Estate Property Investme47

Real Estate Property Investments (Details) $ / shares in Units, $ in Thousands, £ in Millions	Jun. 30, 2015USD ($)propertyitem	Jul. 31, 2015GBP (£)property	Jun. 30, 2015USD ($)property$ / shares	Jun. 30, 2014USD ($)$ / shares	Jun. 30, 2015GBP (£)	Jun. 30, 2015USD ($)property$ / shares	Jun. 30, 2014GBP (£)property	Jun. 30, 2014USD ($)property$ / shares	Jul. 31, 2015USD ($)	Dec. 31, 2014USD ($)
Acquisition
Consideration, Cash Paid						$ 734,946		$ 285,429
Consideration, Debt and Other Liabilities Assumed	$ 13,672		$ 13,672	$ 523		13,672		523
Consideration, Noncontrolling Interest	3,885		3,885	6,321		3,885		6,321
Assets Acquired, Real Estate	668,045		668,045	268,859		668,045		268,859
Assets Acquired, Net Intangibles	84,458		84,458	23,414		84,458		23,414
Net termination fee revenue						1,103
Other real estate acquisitions
Consideration to non-managing member limited liability company units				5,000				5,000
Investment Building and Building Improvements	$ 12,280,851		$ 12,280,851			12,280,851				$ 10,972,973
Payments to acquire productive assets						139,437		101,145
HC-One Facility
Other real estate acquisitions
Consideration, Fair Value of Real Estate Exchanged					£ 174	$ 254,000
Number of properties | property	36		36			36
Senior housing
Acquisition
Consideration, Cash Paid							£ 76	215,381
Cash Paid/Debt Settled						$ 178,888
Consideration, Debt and Other Liabilities Assumed	$ 821		$ 821	1		821		1
Consideration, Noncontrolling Interest	3,885		3,885	6,321		3,885		6,321
Assets Acquired, Real Estate	166,732		166,732	204,758		166,732		204,758
Assets Acquired, Net Intangibles	16,862		16,862	16,945		16,862		16,945
Other real estate acquisitions
Payments to acquire productive assets						36,826		13,717
Life science
Acquisition
Consideration, Cash Paid								43,500
Consideration, Debt and Other Liabilities Assumed				250				250
Assets Acquired, Real Estate				41,281				41,281
Assets Acquired, Net Intangibles				2,469				$ 2,469
Other real estate acquisitions
Number of Facilities Placed into Service | property							2	2
Payments to acquire productive assets						50,548		$ 57,476
Medical office
Acquisition
Consideration, Cash Paid								26,548
Cash Paid/Debt Settled						377,351
Consideration, Debt and Other Liabilities Assumed	12,851		12,851	272		12,851		272
Assets Acquired, Real Estate	349,650		349,650	22,820		349,650		22,820
Assets Acquired, Net Intangibles	40,552		40,552	4,000		40,552		4,000
Other real estate acquisitions
Payments to acquire productive assets						49,534		26,231
Hospital
Other real estate acquisitions
Payments to acquire productive assets						37		1,188
Post-acute/skilled
Acquisition
Cash Paid/Debt Settled						178,707
Assets Acquired, Real Estate	151,663		151,663			151,663
Assets Acquired, Net Intangibles	27,044		27,044			27,044
Other real estate acquisitions
Payments to acquire productive assets						2,492		2,533
Life Science, Medical Office and Post-acute/skilled [Member]
Other real estate acquisitions
Investment Building and Building Improvements										$ 25,000
RIDEA III
Acquisition
Cash consideration, net of cash assumed	770,000
Consideration, Debt and Other Liabilities Assumed	32,000		32,000			32,000
Consideration, Noncontrolling Interest	29,000		29,000			29,000
Assets Acquired, Real Estate	771,000		771,000			771,000
Assets Acquired, Net Intangibles	53,000		53,000			53,000
Assets Acquired, Working Capital	7,000		$ 7,000			$ 7,000
Net termination fee revenue	$ 8,000
Stabilized occupancy rate (as a percent)	80.00%		80.00%			80.00%
Business Acquisition, Pro Forma Information [Abstract]
Revenues			$ 651,095	584,339		$ 1,305,449		1,162,549
Net income (loss)			171,653	226,327		(61,945)		493,999
Net income (loss) applicable to HCP, Inc.			$ 168,400	$ 222,528		$ (68,700)		$ 485,283
Basic earnings per common share (in dollars per share) | $ / shares			$ 0.36	$ 0.48		$ (0.15)		$ 1.06
Diluted earnings per common share (in dollars per share) | $ / shares			$ 0.36	$ 0.48		$ (0.15)		$ 1.06
RIDEA III | Brookdale Senior Living
Acquisition
Number of individual leases | property	2
Number of Units Acquired | item	5,025
Noncontrolling interest (as a percent)	10.00%		10.00%			10.00%
Management Agreement Term	7 years
RIDEA III | Senior housing | Brookdale Senior Living
Acquisition
Number of facilities acquired | property	35
MMCG Acquisition | Subsequent event
Other real estate acquisitions
Loans and Leases Receivable, Gross		£ 27							$ 42,000
MMCG Acquisition | Senior housing | Subsequent event
Acquisition
Number of facilities acquired | property		2

Dispositions of Real Estate a48

Dispositions of Real Estate and Discontinued Operations (Details) $ in Thousands	Jul. 16, 2015USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)item
Operating income from discontinued operations
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 | item			2
Senior housing
Dispositions of Real Estate and Land
Number of properties disposed | property		9
Total consideration for disposition of real estate		$ 60,000
Post-acute/skilled
Dispositions of Real Estate and Land
Number of properties disposed | item			2
Total consideration for disposition of real estate			$ 22,000
Life science | Subsequent event
Dispositions of Real Estate and Land
Total consideration for disposition of real estate	$ 11,000
Hospital
Dispositions of Real Estate and Land
Total consideration for disposition of real estate			17,000
Medical office
Dispositions of Real Estate and Land
Total consideration for disposition of real estate			$ 145

Net Investment in Direct Fina49

Net Investment in Direct Financing Leases (Details) $ in Thousands	Apr. 01, 2015USD ($)	Mar. 29, 2015USD ($)property	Mar. 31, 2015USD ($)	Jun. 30, 2015USD ($)property	Mar. 31, 2015USD ($)property	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)property	Jun. 30, 2014USD ($)	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)property	Sep. 30, 2013item	Dec. 31, 2011property
Net Investment in Direct Financing Leases
Minimum lease payments receivable				$ 26,690,425			$ 26,690,425			$ 24,182,525
Estimated residual values				3,910,830			3,910,830			4,126,426
Less unearned income				(23,737,928)			(23,737,928)			(21,028,617)
Net investment in direct financing leases				$ 6,863,327			$ 6,863,327			$ 7,280,334
Properties subject to direct financing leases | property				363			363			363
Percentage of DFL Portfolio				100.00%			100.00%
DFL income				$ 156,181		$ 165,500	$ 323,259	$ 330,037
HCRMC in Master Lease
Net Investment in Direct Financing Leases
Net investment in direct financing leases			$ 6,100,000		$ 6,100,000				$ 6,600,000
Number of non-strategic assets involved in sales transaction | property					50
Annual rent reduction on sold properties, as a percent of the sales proceeds					7.75%
Reduction in initial net annual rent due to lease amendment	$ 68,000
Annual rent under Master Agreement				$ 473,000	$ 541,000
Minimum rent escalation during the initial term (as a percent)	3.00%
Increase in Rent (as a percent)				3.50%
Period of extension of initial term of lease	5 years
Average lease term	16 years
Deferred lease obligation				$ 525,000			525,000
Expected Annual Rent							19,000
Direct Financing Lease Tranche A [Member] | HCRMC in Master Lease
Net Investment in Direct Financing Leases
Deferred lease obligation				275,000			$ 275,000
Direct Financing Lease Rental Factor, first period (as a percent)							6.90%
Expected Annual Rent							$ 19,000
Direct Financing Lease Rental Factor, annual increase (as a percent)							3.00%
Direct Financing Lease Tranche B [Member] | HCRMC in Master Lease
Net Investment in Direct Financing Leases
Deferred lease obligation				250,000			$ 250,000
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				6,000		6,000	$ 11,000	12,000
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases				6,495,487			6,495,487
Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases				367,840			367,840
Senior housing
Net Investment in Direct Financing Leases
Net investment in direct financing leases				$ 1,567,497			$ 1,567,497
Percentage of DFL Portfolio				23.00%			23.00%
Senior housing | Direct Financing Leases
Net Investment in Direct Financing Leases
Net investment in direct financing leases				$ 368,000			$ 368,000			$ 370,000
Properties subject to direct financing leases | item											14
DFL income				5,000		$ 5,000	9,000	$ 10,000
Senior housing | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases				1,199,657			1,199,657
Senior housing | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases				367,840			367,840
Post-acute/skilled
Net Investment in Direct Financing Leases
Net investment in direct financing leases				$ 5,171,939			$ 5,171,939
Percentage of DFL Portfolio				75.00%			75.00%
Post-acute/skilled | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases				$ 5,171,939			$ 5,171,939
Hospital
Net Investment in Direct Financing Leases
Net investment in direct financing leases				$ 123,891			$ 123,891
Percentage of DFL Portfolio				2.00%			2.00%
Hospital | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases				$ 123,891			$ 123,891
HCRMC
Net Investment in Direct Financing Leases
Properties subject to direct financing leases | property												334
HCRMC | HCRMC in Master Lease
Net Investment in Direct Financing Leases
Impairment charges related to investments in DFLs			$ 478,000
Nine Specified Properties to be Acquired [Member] | Post-acute/skilled
Net Investment in Direct Financing Leases
Number of Facilities | property		9
Aggregate purchase price for facilities		$ 275,000

Loans Receivable (Details)

Loans Receivable (Details) $ in Thousands, £ in Millions

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 31, 2015GBP (£)property

Apr. 30, 2015GBP (£)property

Feb. 28, 2015GBP (£)

Feb. 28, 2015USD ($)

Nov. 30, 2014GBP (£)propertyitem

Jun. 30, 2014USD ($)

Jun. 30, 2015USD ($)

Jun. 30, 2014USD ($)

Jul. 31, 2015USD ($)

May. 31, 2015USD ($)

Feb. 28, 2015USD ($)

Dec. 31, 2014USD ($)

Nov. 30, 2014USD ($)

Jun. 30, 2013USD ($)

Jul. 31, 2012USD ($)

Loans Receivable:

Mezzanine

$ 795,794

$ 799,064

Loan receivable, other

90,549

135,363

Unamortized discounts, fees and costs

(10,312)

(14,056)

Allowance for loan losses

(13,410)

(13,410)

Loans receivable, net

$ 862,621

906,961

Percentage of Loan Portfolio

100.00%

MMCG Acquisition | Subsequent event

Loans Receivable:

Loans and Leases Receivable, Gross

£ 27

$ 42,000

MMCG Acquisition | Subsequent event | Senior housing

Loans Receivable:

Number of Facilities Acquired | property

2

Performing Loans

Loans Receivable:

Loans receivable, net

$ 845,634

Workout Loans

Loans Receivable:

Loans receivable, net

16,987

NHP[Member]

Loans Receivable:

Number of facilities | property

273

Number of beds | item

12,500

Real Estate Secured

Loans Receivable:

Loan receivable, other

90,549

135,363

Loans receivable, net

$ 90,549

135,363

Percentage of Loan Portfolio

10.00%

Real Estate Secured | Performing Loans

Loans Receivable:

Loans receivable, net

$ 90,549

Other Secured

Loans Receivable:

Mezzanine

795,794

799,064

Unamortized discounts, fees and costs

(10,312)

(14,056)

Allowance for loan losses

(13,410)

(13,410)

Loans receivable, net

772,072

771,598

Remaining commitments to fund development projects

$ 3,000

Percentage of Loan Portfolio

90.00%

Other Secured | Performing Loans

Loans Receivable:

Loans receivable, net

$ 755,085

Other Secured | Workout Loans

Loans Receivable:

Loans receivable, net

16,987

Tandem Health Care Loan

Loans Receivable:

Loan receivable, other

256,000

Loan facility maximum

$ 205,000

Loan receivable subordinated to senior mortgage debt

$ 383,000

Loan receivable, interest rate payable (as a percent)

11.50%

Tandem Health Care Loan - First Tranche

Loans Receivable:

Loan receivable, other

$ 100,000

Loan receivable, interest rate payable (as a percent)

12.00%

Tandem Health Care Loan - Second Tranche

Loans Receivable:

Loan receivable, other

$ 102,000

Loan receivable, interest rate payable (as a percent)

14.00%

Tandem Health Care Loan Third Tranche [Member]

Loans Receivable:

Loan receivable, other

$ 50,000

Loan receivable, interest rate payable (as a percent)

6.00%

Tandem Health Care Loan Fourth Tranche [Member]

Loans Receivable:

Loan receivable, other

$ 5,000

Loan receivable, interest rate payable (as a percent)

6.00%

Delphis

Loans Receivable:

Allowance for loan losses

$ (13,000)

(13,000)

Loans receivable, net reported amount

$ 17,000

$ 17,000

Cash payments received from borrower

$ 600

$ 600

HC-One Facility

Loans Receivable:

Loan receivable, other

£ 363

$ 574,000

Number of facilities | property

36

Loan facility maximum

£ 502

£ 395

$ 795,000

Loan receivable term

5 years

Proceeds from Lines of Credit | £

£ 355

Increase in loan facility

£ 108

$ 164,000

Amount of facility converted into sale/leaseback | £

£ 174

Investments in and Advances t51

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	Apr. 20, 2015claim	Mar. 30, 2015USD ($)property	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 641,487	$ 605,448
Number of unconsolidated joint ventures | item			3
Cash paid			$ 770,325
Brookdale Senior Living | CCRC JV
Company owned interests in entities, accounted under equity method:
Number of unconsolidated joint ventures | item			2
CCRC JV Investment [Member] | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 452,283
Investment ownership percentage			49.00%
HCRMC
Company owned interests in entities, accounted under equity method:
New cases filed | claim	3
HCRMC | Post-acute/skilled
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 50,958
Investment ownership percentage			9.00%
MBK JV
Company owned interests in entities, accounted under equity method:
Debt related to retirement communities or properties contributed		$ 78,000
MBK JV | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 27,139
Investment ownership percentage		50.00%	50.00%
Number of campuses | property		3
Cash paid		$ 27,000
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 | property		3
Fair value of retirement communities or properties contributed		$ 126,000
HCP Ventures III, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 6,408
Investment ownership percentage			30.00%
HCP Ventures IV | Hospital and medical office segments
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 25,432
Investment ownership percentage			20.00%
HCP Life Science | Life science
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 69,293
Number of unconsolidated joint ventures | item			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
Company owned interests in entities, accounted under equity method:
Investment ownership percentage			50.00%
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
Company owned interests in entities, accounted under equity method:
Investment ownership percentage			55.00%
Britannia Biotech Gateway, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage			55.00%
LASDK, LP
Company owned interests in entities, accounted under equity method:
Investment ownership percentage			63.00%
LASDK, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage			63.00%
Vintage Park | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 4,737
Investment ownership percentage			85.00%
Suburban Properties, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 5,112
Investment ownership percentage			67.00%
Advances to unconsolidated joint ventures, net
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures			$ 125

Investments in and Advances t52

Investments in and Advances to Unconsolidated Joint Ventures - Combined Financial Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Summarized combined financial information for equity method investments:
Real estate, net	$ 5,219,661		$ 5,219,661		$ 5,134,587
Goodwill and other assets, net	5,065,096		5,065,096		4,986,310
Total assets	10,284,757		10,284,757		10,120,897
Capital lease obligations and mortgage debt	7,210,974		7,210,974		7,197,940
Accounts payable	1,127,561		1,127,561		1,015,912
Other partners' capital	1,299,578		1,299,578		1,281,413
HCP's capital	646,644		646,644		625,632
Total liabilities and partners' capital	10,284,757		10,284,757		$ 10,120,897
Combined basis difference	5,000		5,000
Total revenues	1,142,647	$ 1,059,455	2,309,127	$ 2,126,943
Loss from discontinued operations	(7,100)	(6,200)	(6,000)	(8,800)
Net loss	(21,528)	(11,834)	(11,730)	(3,973)
HCP's share of earnings	12,001	14,692	25,602	29,220
Fees earned by HCP	458	444	918	893
Distributions received by HCP	2,306	566	4,487	3,768
HCRMC | Post-acute/skilled
Summarized combined financial information for equity method investments:
Recharacterized DFL income to equity income	$ 15,000	$ 16,000	$ 30,000	$ 31,000

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Millions	Jun. 30, 2015	Dec. 31, 2014
Intangibles
Intangible assets, gross	$ 953	$ 830
Intangible assets, accumulated amortization	376	349
Intangible liabilities, gross	208	209
Intangible liabilities, accumulated amortization	$ 130	$ 124

Other Assets (Details)

Other Assets (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2012GBP (£)	Dec. 31, 2014USD ($)
Other assets
Straight-line rent receivables, net of allowance of $34,168 and $34,182, respectively	$ 368,435		$ 355,864
Allowance on straight-line rent assets	34,168		34,182
Marketable debt securities	191,846		231,442
Leasing costs, net	158,522		146,500
Deferred financing costs, net	56,743		47,592
Goodwill	50,346		50,346
Other	134,315		108,428
Total other assets	960,207		940,172
Loans receivables	862,621		906,961
Four Seasons Health Care Ltd [Member]
Other assets
Total amount outstanding | £		£ 175,000,000
Brookdale Senior Living
Other assets
Loans receivables	$ 19,000		26,000
Number of installments | item	8
Four Seasons
Other assets
Investment Interest Rate	12.25%
Marketable debt security, par value | £		138,500,000
Purchase of debt securities | £		£ 136,800,000
Portion of debt held, as a percent.		79.00%
HCP Ventures IV
Other assets
Loans receivables	$ 19,000		$ 15,000
Loan receivable, interest rate payable (as a percent)	12.00%

Debt (Details)

Debt (Details) £ in Millions	Mar. 01, 2015USD ($)	Jan. 21, 2015USD ($)	Jan. 12, 2015GBP (£)	Aug. 14, 2014USD ($)	Jun. 14, 2014USD ($)	Feb. 21, 2014USD ($)	Feb. 01, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2015GBP (£)item	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Debt Instrument
Bank line of credit										$ 1,022,324,000	$ 838,516,000
Debt instruments, carrying amount										11,118,214,000
Senior unsecured notes										8,567,293,000	7,626,194,000
2015 (Nine months)										22,172,000
2,016										1,407,709,000
2,017										1,331,891,000
2,018										1,628,907,000
2,019										798,110,000
Thereafter										5,963,170,000
Total debt before discount, net										11,151,959,000
Discounts, net										(33,745,000)
Other debt										$ 95,144,000	$ 97,022,000
Number of CCRC issuing non-interest life care bonds | item									2	2
Number of facilities with non-interest bearing occupancy fee deposits | item									2	2
Interest-rate swap contracts
Debt Instrument
Term of the interest rate swap agreement			3 years
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)									60.00%	60.00%
Debt instrument, covenant secured debt to assets (as a percent)									30.00%	30.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)									60.00%	60.00%
Debt instrument, covenant minimum fixed charge coverage ratio									1.5	1.5
Bank Line of Credit
Debt Instrument
Line of credit facility, maximum borrowing capacity										$ 2,000,000,000
Length of debt instrument extension period								1 year
Debt instrument, variable rate basis								LIBOR
Debt instrument, basis spread on variable rate (as a percent)								0.925%
Debt instrument, facility fee (as a percent)								0.15%
Line of credit facility additional aggregate amount, maximum								$ 500,000,000
Bank line of credit									£ 1	1,000,000,000
Line of credit, portion denominated in GBP									£ 269	$ 422,000,000
Weighted-average interest rate (as a percent)									1.53%	1.53%
Debt instruments, carrying amount										$ 1,022,324,000
Repayments of Lines of Credit | £			£ 220
Debt instrument, covenant net worth										9,500,000,000
2,018										1,022,324,000
Total debt before discount, net										1,022,324,000
Term loans
Debt Instrument
Debt instruments, carrying amount									£ 357	561,525,000
2,016										215,487,000
2,019										346,038,000
Total debt before discount, net										561,525,000
2015 Term Loan [Member]
Debt Instrument
Length of debt instrument extension period			1 year
Debt instrument, variable rate basis			GBP LIBOR
Debt instrument, basis spread on variable rate (as a percent)			0.975%
Debt instruments, carrying amount			£ 220							$ 346,000,000
Maturity period of debt instruments			4 years
Derivative, fixed interest rate (as a percent)			1.79%
Senior Unsecured Notes
Debt Instrument
Weighted-average interest rate (as a percent)									4.71%	4.71%
Debt instruments, carrying amount										$ 8,567,293,000
Senior unsecured notes										8,600,000,000
Weighted-average maturity								6 years
2,016										900,000,000
2,017										750,000,000
2,018										600,000,000
2,019										450,000,000
Thereafter										5,900,000,000
Total debt before discount, net										8,600,000,000
Discounts, net										$ (32,707,000)
Senior Unsecured Notes | Minimum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage									2.79%	2.79%
Senior Unsecured Notes | Maximum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage									6.88%	6.88%
Senior Unsecured, 3.40% notes due 2025
Debt Instrument
Debt Instrument, Face Amount		$ 600,000,000
Debt Instrument, Interest Rate, Stated Percentage		3.40%
Proceeds from Issuance of Long-term Debt		$ 591,000,000
Senior Unsecured 4.0% notes due 2025
Debt Instrument
Debt Instrument, Face Amount										$ 750,000,000
Debt Instrument, Interest Rate, Stated Percentage									4.00%	4.00%
Proceeds from Issuance of Long-term Debt								$ 738,570,000
Senior Unsecured, 3.875% notes due 2024
Debt Instrument
Debt Instrument, Face Amount				$ 800,000,000
Debt Instrument, Interest Rate, Stated Percentage				3.875%
Proceeds from Issuance of Long-term Debt				$ 792,000,000
Senior Unsecured, 4.20% notes due 2024
Debt Instrument
Debt Instrument, Face Amount						$ 350,000,000
Debt Instrument, Interest Rate, Stated Percentage						4.20%
Proceeds from Issuance of Long-term Debt						$ 346,000,000
Senior unsecured notes, 2.7%
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage							2.70%
Repayments of Senior Debt							$ 400,000,000
Senior Unsecured Debt 6.0 Percent Incepted March 1, 2015
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage	6.00%
Repayments of Senior Debt	$ 200,000,000
Senior Unsecured Debt 7.07 Percent Incepted June 8, 2015 [Member]
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage									7.07%	7.07%
Repayments of Senior Debt								$ 200,000,000
Senior Unsecured Debt 6.0 Percent Incepted June 14, 2014
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage					6.00%
Repayments of Senior Debt					$ 62,000,000
Senior Unsecured Debt LIBOR [Member]
Debt Instrument
Repayments of Senior Debt					$ 25,000,000
Mortgage Debt
Debt Instrument
Weighted-average interest rate (as a percent)									6.22%	6.22%
Debt instruments, carrying amount										$ 967,072,000
Number of healthcare facilities used to secure debt | item									68	68
Debt instrument, collateral, healthcare facilities carrying value										$ 1,300,000,000
Weighted-average maturity								3 years
2015 (Nine months)										22,172,000
2,016										292,222,000
2,017										581,891,000
2,018										6,583,000
2,019										2,072,000
Thereafter										63,170,000
Total debt before discount, net										968,110,000
Discounts, net										$ (1,038,000)
Mortgage Debt | Minimum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage									3.19%	3.19%
Mortgage Debt | Maximum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage									8.35%	8.35%
Demand Note
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage									4.50%	4.50%
Other debt										$ 26,000,000
Non-interest Bearing Life Care Bonds
Debt Instrument
Other debt										$ 69,000,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) - Jun. 30, 2015 - HCP Ventures IV - USD ($) $ in Millions	Total
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	$ 19
Annual interest rate (as a percent)	12.00%

Equity (Details)

Equity (Details) $ / shares in Units, shares in Thousands, $ in Thousands	Jul. 30, 2015$ / shares	Apr. 30, 2015$ / shares	Jan. 29, 2015$ / shares	Jun. 30, 2015USD ($)item	Jun. 30, 2015USD ($)item$ / shares	Jun. 30, 2014$ / shares	Jun. 30, 2015USD ($)item$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2014USD ($)
Equity
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.565	$ 0.565	$ 0.565		$ 0.565	$ 0.545	$ 1.13	$ 1.09
Company's common stock issuances
Repurchase of common stock							$ 7,690	$ 11,086
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment				$ (19,254)	$ (19,254)		(19,254)		$ (10,747)
Unrealized losses on cash flow hedges, net				(9,478)	(9,478)		(9,478)		(9,624)
Supplemental Executive Retirement Plan minimum liability				(3,399)	(3,399)		(3,399)		(3,537)
Unrealized gains on available for sale securities				16	16		16		13
Total accumulated other comprehensive loss				(32,115)	(32,115)		(32,115)		(23,895)
Noncontrolling interests
DownREIT unit, carrying value				186,343	$ 186,343		$ 186,343		$ 188,588
Maximum sales under equity offering program				$ 750,000
Common Stock
Company's common stock issuances
Dividend Reinvestment and Stock Purchase Plan (in shares) | shares							1,645	1,386
Conversion of DownREIT units (in shares) | shares							70	2
Exercise of stock options (in shares) | shares							817	111
Vesting of restricted stock units (in shares) | shares							379	567
Repurchase of common stock							$ 171	$ 284
Noncontrolling Interests
Noncontrolling interests
Non-managing members DownREIT units outstanding | item				4,000,000	4,000,000		4,000,000
Number of DownREIT LLCs | item				5	5		5
DownREIT unit, carrying value				$ 186,000	$ 186,000		$ 186,000
DownREIT unit, fair value				$ 219,000	$ 219,000		$ 219,000

Segment Disclosures (Details)

Segment Disclosures (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)
Segment reporting information, revenues
Number of reportable segments | item			5
Rental Revenues	$ 464,291	$ 480,801	$ 936,347	$ 955,595
Resident Fees and Services	106,838	37,939	211,851	75,992
Interest Income	35,945	16,937	69,207	33,633
Investment management fee income	458	444	918	893
Total revenues	607,532	536,121	1,218,323	1,066,113
NOI	434,787	439,873	879,825	877,013
Adjusted (Cash) NOI	413,259	409,165	829,112	810,158
Senior housing
Segment reporting information, revenues
Rental Revenues	123,910	151,904	251,292	301,989
Resident Fees and Services	106,838	37,939	211,851	75,992
Interest Income	12,237	3,430	19,631	6,714
Total revenues	242,985	193,273	482,774	384,695
NOI	154,234	165,020	311,119	328,610
Adjusted (Cash) NOI	155,472	153,476	305,944	303,851
Post-acute/skilled
Segment reporting information, revenues
Rental Revenues	130,895	138,548	271,471	276,328
Interest Income	23,708	13,507	49,576	26,919
Total revenues	154,603	152,055	321,047	303,247
NOI	130,357	138,015	270,400	275,263
Adjusted (Cash) NOI	111,280	122,105	233,240	240,204
Life science
Segment reporting information, revenues
Rental Revenues	85,409	77,541	168,960	153,663
Investment management fee income	1	1	2	2
Total revenues	85,410	77,542	168,962	153,665
NOI	68,175	62,092	135,027	124,053
Adjusted (Cash) NOI	65,430	59,339	129,207	118,168
Medical office
Segment reporting information, revenues
Rental Revenues	102,585	91,541	200,890	180,803
Investment management fee income	457	443	916	891
Total revenues	103,042	91,984	201,806	181,694
NOI	61,800	54,376	121,853	108,122
Adjusted (Cash) NOI	60,630	53,770	118,817	106,799
Hospital
Segment reporting information, revenues
Rental Revenues	21,492	21,267	43,734	42,812
Total revenues	21,492	21,267	43,734	42,812
NOI	20,221	20,370	41,426	40,965
Adjusted (Cash) NOI	$ 20,447	$ 20,475	$ 41,904	$ 41,136

Segment Disclosures - NOI (Deta

Segment Disclosures - NOI (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Reconciliation of reported net (loss) income to NOI and adjusted NOI
Net income (loss)	$ 167,748	$ 222,279	$ (69,755)	$ 485,902
Interest income	(35,945)	(16,937)	(69,207)	(33,633)
Investment management fee income	(458)	(444)	(918)	(893)
Interest expense	118,632	106,842	235,412	213,480
Depreciation and amortization	120,403	113,133	234,925	220,521
General and administrative	28,845	21,656	53,618	42,555
Acquisition and pursuit costs	18,407	7,406	21,797	7,901
Impairments	44,835		523,299
Gain on sales of real estate, net of income taxes	(61)		(6,325)
Other non-operating income, net	(11,055)	(709)	(12,779)	(2,639)
Income tax (benefit) expense	(4,563)	1,339	(4,640)	2,785
Equity income from unconsolidated joint ventures	(12,001)	(14,692)	(25,602)	(29,220)
Total discontinued operations				(29,746)
NOI	434,787	439,873	879,825	877,013
Straight-line rents	(8,202)	(12,487)	(17,748)	(26,455)
DFL accretion	(21,210)	(17,813)	(41,514)	(39,235)
Amortization of above and below market lease intangibles, net	(258)	(175)	(636)	(343)
Lease termination fees	8,142	(233)	9,185	(811)
NOI adjustments related to discontinued operations				(11)
Adjusted (Cash) NOI	$ 413,259	$ 409,165	$ 829,112	$ 810,158

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Details) - USD ($) $ in Thousands		Jun. 30, 2015	Dec. 31, 2014
Segment Disclosure
Total assets	[1]	$ 22,348,127	$ 21,369,940
Goodwill		50,346	50,346
Operating segment
Segment Disclosure
Gross assets		24,192,970	23,042,397
Accumulated depreciation and amortization		(2,778,924)	(2,600,072)
Total assets		21,414,046	20,442,325
Operating segment | Senior housing
Segment Disclosure
Gross assets		9,449,641	8,383,345
Goodwill		31,000
Operating segment | Post-acute/skilled
Segment Disclosure
Gross assets		6,511,511	6,875,122
Goodwill		3,000
Operating segment | Life science
Segment Disclosure
Gross assets		4,187,616	4,154,789
Operating segment | Medical office
Segment Disclosure
Gross assets		3,404,395	2,988,888
Goodwill		11,000
Operating segment | Hospital
Segment Disclosure
Gross assets		639,807	640,253
Goodwill		5,000
Other non-segment
Segment Disclosure
Total assets		$ 934,081	$ 927,615
[1]	The Company’s consolidated total assets at June 30, 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 June 30, 2015 include VIE assets as follows: buildings and improvements $751 million; land $125 million; accumulated depreciation and amortization $121 million; accounts receivable $16 million; cash $57 million; and other assets, net $24 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 18 to the Consolidated Financial Statements for additional information.

Impairments - Equity Method Inv

Impairments - Equity Method Investments (Details) - Jun. 30, 2015 - Four Seasons - Discounted cash flow valuation technique - Level 3 £ in Millions, $ in Millions	USD ($)	GBP (£)	USD ($)
Investment Impairments
Other than temporary impairment charge	$ 42
Carrying value, equity method investments		£ 111	$ 174

Impairments - Real Estate (Deta

Impairments - Real Estate (Details) - USD ($)	1 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Property impairments
Carrying value of aggregate investments	$ 12,280,851,000	$ 10,972,973,000
Medical office | Level 2
Property impairments
Real estate impairment charges	3,000,000
Carrying value of aggregate investments	$ 400,000

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) $ / shares in Units, shares in Thousands, $ in Thousands, item in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)item$ / sharesshares	Jun. 30, 2014USD ($)item$ / sharesshares	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)$ / sharesshares
Numerator
Income (loss) from continuing operations	$ 167,748	$ 222,279	$ (69,755)	$ 456,156
Noncontrolling interests' share in continuing operations	(2,863)	(3,394)	(5,974)	(6,729)
Income (loss) from continuing operations applicable to HCP	164,885	218,885	(75,729)	449,427
Participating securities' share in earnings	(370)	(489)	(704)	(1,552)
Income (loss) from continuing operations applicable to common shares	164,515	218,396	(76,433)	447,875
Discontinued operations				29,746
Noncontrolling interests' share in discontinued operations				(1,177)
Net income (loss) applicable to common shares	$ 164,515	$ 218,396	$ (76,433)	$ 476,444
Denominator
Basic weighted average common shares | shares	461,874	458,247	461,380	457,773
Dilutive potential common shares | shares	232	341		361
Diluted weighted average common shares | shares	462,106	458,588	461,380	458,134
Basic earnings per common share
Income (loss) from continuing operations (in dollars per share) | $ / shares	$ 0.36	$ 0.48	$ (0.17)	$ 0.98
Discontinued operations (in dollars per share) | $ / shares				0.06
Net income (loss) applicable to common shares (in dollars per share) | $ / shares	0.36	0.48	(0.17)	1.04
Diluted earnings per common share
Income (loss) from continuing operations (in dollars per share) | $ / shares	0.36	0.48	(0.17)	0.98
Discontinued operations (in dollars per share) | $ / shares				0.06
Net income (loss) applicable to common shares (in dollars per share) | $ / shares	$ 0.36	$ 0.48	$ (0.17)	$ 1.04
Common Stock Options
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation | shares	900	1,400
Down REIT
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation | shares	6,000	6,000
DownREIT LLCs, non-managing member units outstanding | item	4	4
Restricted Stock and Performance Restricted Stock Units
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation | shares	400	200

Supplemental Cash Flow Inform64

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 217,716	$ 204,590
Income taxes paid	2,920	3,380
Capitalized interest	3,704	5,983
Supplemental schedule of non-cash investing activities:
Accrued construction costs	33,162	25,069
Settlement of loans receivable as consideration for real estate acquisition	254,301
Supplemental schedule of non-cash financing activities:
Vesting of restricted stock units	379	567
Cancellation of restricted stock		(1)
Conversion of non-managing member units into common stock	2,244	73
Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition	61,219
Noncontrolling interest issued in connection with real estate acquisition	3,885	6,321
Noncontrolling interest disposed in connection with real estate sales	204	1,671
Other liabilities assumed with real estate acquisitions	13,672	523
Unrealized (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	$ (198)	$ (696)

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	1 Months Ended	6 Months Ended
	Jun. 30, 2015USD ($)item	Jun. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Company's involvement with VIEs:
Number of unconsolidated joint ventures | item		3
Number of VIE Borrowers With Debt Securities | item	2	2
Loans receivables	$ 862,621	$ 862,621	$ 906,961
Unconsolidated Variable Interest Entities
Company's involvement with VIEs:
Number of senior housing facilities leased | item	48	48
Number of VIE tenants | item	7	7
CCRC OpCo
Company's involvement with VIEs:
Maximum Loss Exposure	$ 241,607	$ 241,607
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount	241,607	$ 241,607
Ownership percentage (as a percent)		49.00%
HCP Ventures IV
Company's involvement with VIEs:
Maximum Loss Exposure	156,932	$ 156,932
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount	43,941	$ 43,941
Loans receivables	19,000	19,000
Committed support	107,000	$ 107,000
Ownership percentage (as a percent)		20.00%
Vintage Park
Company's involvement with VIEs:
Number of equity members without substantive interest | item		1
Maximum Loss Exposure	4,737	$ 4,737
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount	4,737	$ 4,737
Ownership percentage (as a percent)		85.00%
VIE tenants-operating leases
Company's involvement with VIEs:
Maximum Loss Exposure	11,820	$ 11,820
Assets/liability type		Lease intangibles, net and straight-line rent receivables
Carrying amount	11,820	$ 11,820
VIE tenants-DFLs
Company's involvement with VIEs:
Maximum Loss Exposure	598,823	$ 598,823
Assets/liability type		Net investment in DFLs
Carrying amount	598,823	$ 598,823
Four Seasons
Company's involvement with VIEs:
Maximum Loss Exposure	175,391	$ 175,391
Assets/liability type		Marketable debt securities
Carrying amount	175,391	$ 175,391
Loan-senior secured
Company's involvement with VIEs:
Maximum Loss Exposure	16,987	$ 16,987
Assets/liability type		Loans receivable, net
Carrying amount	16,987	$ 16,987
CMBS
Company's involvement with VIEs:
Maximum Loss Exposure	17,649	$ 17,649
Assets/liability type		Marketable debt securities
Carrying amount	$ 17,649	$ 17,649
RIDEA I OpCo
Company's involvement with VIEs:
Ownership percentage (as a percent)		90.00%
RIDEA III OpCo
Company's involvement with VIEs:
Ownership percentage (as a percent)	90.00%
RIDEA II
Company's involvement with VIEs:
Ownership percentage (as a percent)		80.00%

Concentration of Credit Risk (D

Concentration of Credit Risk (Details) $ in Thousands		3 Months Ended		6 Months Ended		12 Months Ended
		Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)item	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Concentration of risk
Number of RIDEA joint ventures | item				3
Balance Sheets:
Real estate and other property, net		$ 12,227,284		$ 12,227,284		$ 10,886,887
Cash and cash equivalents		115,770	$ 54,070	115,770	$ 54,070	183,810	$ 300,556
Goodwill, intangible and other assets, net		960,207		960,207		940,172
Total assets	[1]	22,348,127		22,348,127		21,369,940
Accounts payable, accrued liabilities and other		433,636		433,636		432,934
Total equity		10,526,997	10,972,594	10,526,997	10,972,594	10,997,099	$ 10,931,134
Total liabilities and equity		22,348,127		22,348,127		21,369,940
Income Statements:
Revenues		607,532	536,121	1,218,323	1,066,113
Depreciation and amortization expense		(120,403)	(113,133)	(234,925)	(220,521)
Interest expense		(118,632)	(106,842)	(235,412)	(213,480)
Other income, net		11,116	709	19,104	2,639
Income tax (benefit) expense		(4,563)	1,339	(4,640)	2,785
Income (loss) from continuing operations		167,748	222,279	(69,755)	456,156
Income (loss) from discontinued operations, net of taxes					29,746
Net income (loss)		167,748	222,279	$ (69,755)	485,902
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 | item				2
HCRMC
Balance Sheets:
Real estate and other property, net		2,900,800		$ 2,900,800		2,934,400
Cash and cash equivalents		165,400		165,400		127,900
Goodwill, intangible and other assets, net		4,628,900		4,628,900		4,621,700
Total assets		7,695,100		7,695,100		7,684,000
Debt and financing obligations		6,065,700		6,065,700		6,108,300
Accounts payable, accrued liabilities and other		985,800		985,800		932,700
Total equity		643,600		643,600		643,000
Total liabilities and equity		7,695,100		7,695,100		$ 7,684,000
Income Statements:
Revenues		1,027,500	1,033,900	2,081,500	2,075,800
Operating, general and administrative expense		(884,200)	(906,400)	(1,782,100)	(1,795,200)
Depreciation and amortization expense		(35,400)	(35,100)	(71,300)	(70,300)
Interest expense		(119,900)	(102,000)	(220,200)	(204,300)
Other income, net		2,100	1,700	4,900	4,600
(Loss) income from continuing operations before income tax expense		(9,900)	(7,900)	12,800	10,600
Income tax (benefit) expense		(4,500)	(3,200)	5,600	4,300
Income (loss) from continuing operations		(5,400)	(4,700)	7,200	6,300
Income (loss) from discontinued operations, net of taxes		(7,100)	(6,200)	(6,000)	(8,800)
Net income (loss)		(12,500)	(10,900)	1,200	(2,500)
Senior housing
Income Statements:
Revenues		242,985	193,273	482,774	384,695
Post-acute/skilled
Income Statements:
Revenues		$ 154,603	$ 152,055	$ 321,047	$ 303,247
Management and Accounting Services | Brookdale Senior Living | Maximum
Income Statements:
Management Agreement Number of Renewals | item				4
Management and Accounting Services | Brookdale Senior Living | Minimum
Income Statements:
Management Agreement Number of Renewals | item				3
Management and Accounting Services | Senior housing | Brookdale Senior Living
Income Statements:
Number of Facilities | item				106
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)				12.00%		13.00%
Assets | Tenants and Operators | HCRMC
Concentration of risk
Concentration risk (as a percent)				27.00%		31.00%
Assets | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)				28.00%		36.00%
Assets | Tenants and Operators | Senior housing | HCRMC
Concentration of risk
Concentration risk (as a percent)				10.00%		11.00%
Revenue | Post-acute/skilled | HCRMC
Concentration of risk
Concentration risk (as a percent)				79.00%	86.00%
Revenue | Tenants and Operators | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		10.00%	17.00%	10.00%	17.00%
Revenue | Tenants and Operators | HCRMC
Concentration of risk
Concentration risk (as a percent)		23.00%	28.00%	24.00%	28.00%
Revenue | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		25.00%	46.00%	25.00%	46.00%
Revenue | Tenants and Operators | Senior housing | HCRMC
Concentration of risk
Concentration risk (as a percent)		8.00%	10.00%	8.00%	10.00%
Revenue | Tenants and Operators | Post-acute/skilled | HCRMC
Concentration of risk
Concentration risk (as a percent)		78.00%	86.00%
[1]	The Company’s consolidated total assets at June 30, 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 June 30, 2015 include VIE assets as follows: buildings and improvements $751 million; land $125 million; accumulated depreciation and amortization $121 million; accounts receivable $16 million; cash $57 million; and other assets, net $24 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 18 to the Consolidated Financial Statements for additional information.

Fair Value Measurements - recur

Fair Value Measurements - recurring basis (Details) - Fair value on a recurring basis $ in Thousands	Jun. 30, 2015USD ($)
Fair Value
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	$ 46
Fair Value | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,524
Derivative liabilities	7,015
Fair Value | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	303
Derivative liabilities	1,570
Fair Value | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	2,190
Level 1
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	46
Level 2 | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,524
Derivative liabilities	7,015
Level 2 | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	303
Derivative liabilities	1,570
Level 3 | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	$ 2,190

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Summary of financial instruments
Bank line of credit	$ 1,022,324	$ 838,516
Senior unsecured notes	8,567,293	7,626,194
Mortgage debt	967,072	984,431
Other debt	95,144	97,022
Carrying Value
Summary of financial instruments
Loans receivable, net	862,621	906,961
Marketable debt securities	191,846	231,442
Marketable equity securities	46	43
Bank line of credit	1,022,324	838,516
Term loan	561,525	213,610
Senior unsecured notes	8,567,293	7,626,194
Mortgage debt	967,072	984,431
Other debt	95,144	97,022
Carrying Value | Warrants
Summary of financial instruments
Derivative assets	2,190	2,220
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative assets	1,524	178
Derivative liabilities	7,015	7,663
Carrying Value | Currency Swap
Summary of financial instruments
Derivative assets	303	929
Derivative liabilities	1,570
Fair Value
Summary of financial instruments
Marketable equity securities		43
Bank line of credit	1,022,324	838,516
Fair Value | Level 1
Summary of financial instruments
Marketable debt securities	191,846	252,125
Marketable equity securities	46
Senior unsecured notes	8,873,387	8,187,458
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	866,528	898,522
Term loan	561,525	213,610
Mortgage debt	1,008,930	1,025,091
Other debt	95,144	97,022
Fair Value | Warrants | Level 3
Summary of financial instruments
Derivative assets	2,190	2,220
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative assets	1,524	178
Derivative liabilities	7,015	7,663
Fair Value | Currency Swap
Summary of financial instruments
Derivative assets	303	$ 929
Derivative liabilities	$ 1,570

Derivative Financial Instrume69

Derivative Financial Instruments (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Jun. 30, 2015GBP (£)item	Jun. 30, 2015USD ($)item	Jan. 12, 2015GBP (£)	Jan. 12, 2015USD ($)
Derivative
Semi-annual buy (sell) amount							£ 1,000,000	$ 1,500
Exchange rate GBP/USD							1.5149	1.5149
Gains or losses recorded to accumulated other comprehensive loss reclassified to earnings	$ 167,748	$ 222,279	$ (69,755)	$ 485,902
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges | Reclassification out of Accumulated Other Comprehensive Income
Derivative
Gains or losses recorded to accumulated other comprehensive loss reclassified to earnings			0
Cash flow hedge
Effects of Change in Interest Rates
Reclassification of unrealized gains into other income (expense), ineffectiveness			300
Interest rate swap, entered in July 2005, maturity in July 2020
Effects of Change in Interest Rates
+50 Basis Points			1,100
-50 Basis Points			(1,055)
+100 Basis Points			2,177
-100 Basis Points			(2,132)
Interest rate swap, entered in July 2005, maturity in July 2020 | BMA Swap Index
Derivative
Notional amount						$ 45,600
Fair value of hedge, liabilities						$ (5,718)
Interest rate swap, entered in July 2005, maturity in July 2020 | Cash flow hedge
Derivative
Number of interest-rate swap contracts | item					3	3
Interest rate swap, entered in July 2005, maturity in July 2020 | Cash flow hedge | BMA Swap Index
Derivative
Fixed Rate/Buy Amount (as a percent)					3.82%	3.82%
Interest rate swap, entered in November 2008, maturity in October 2016
Effects of Change in Interest Rates
+50 Basis Points			165
-50 Basis Points			(161)
+100 Basis Points			329
-100 Basis Points			(325)
Interest rate swap, entered in November 2008, maturity in October 2016 | LIBOR
Derivative
Notional amount						$ 25,500
Fair value of hedge, liabilities						$ (1,297)
Interest rate swap, entered in November 2008, maturity in October 2016 | Cash flow hedge | LIBOR
Derivative
Fixed Rate/Buy Amount (as a percent)					5.95%	5.95%
Floating/Exchange Rate Index, percentage					1.50%	1.50%
Interest rate swap, entered in July 2012, maturity in June 2016
Effects of Change in Interest Rates
+50 Basis Points			1,019
-50 Basis Points			(1,045)
+100 Basis Points			2,051
-100 Basis Points			(2,078)
Interest rate swap, entered in July 2012, maturity in June 2016 | GBP LIBOR
Derivative
Notional amount | £					£ 137,000,000
Fair value of interest rate hedge, assets						$ 43
Interest rate swap, entered in July 2012, maturity in June 2016 | Cash flow hedge | GBP LIBOR
Derivative
Fixed Rate/Buy Amount (as a percent)					1.81%	1.81%
Floating/Exchange Rate Index, percentage					1.20%	1.20%
Interest rate swap, entered in January 2015, maturity in October 2017
Derivative
Notional amount | £							£ 220,000,000
Effects of Change in Interest Rates
+50 Basis Points			3,790
-50 Basis Points			(4,210)
+100 Basis Points			7,790
-100 Basis Points			(8,209)
Interest rate swap, entered in January 2015, maturity in October 2017 | GBP LIBOR
Derivative
Floating/Exchange Rate Index, percentage					0.975%	0.975%
Notional amount | £					£ 220,000,000
Fair value of interest rate hedge, assets						$ 1,481
Interest rate swap, entered in January 2015, maturity in October 2017 | Cash flow hedge | GBP LIBOR
Derivative
Fixed Rate/Buy Amount (as a percent)					1.79%	1.79%
Currency swap, entered in July 2012, maturity in June 2016
Derivative
Notional amount | £					£ 14,500,000
Fair value of foreign currency hedge, assets						$ 7
Effects of Change in Interest Rates
+50 Basis Points			(169)
-50 Basis Points			58
+100 Basis Points			(283)
-100 Basis Points			172
Currency swap, entered in July 2012, maturity in June 2016 | Cash flow hedge
Derivative
Buy (sell) amount | £					£ 7,200,000
Semi-annual buy (sell) amount						$ 22,700
Exchange rate GBP/USD					1.5695	1.5695
Currency swap, entered July 2014, maturity in December 2015
Derivative
Notional amount | £					£ 2,200,000
Fair value of foreign currency hedge, assets						$ 296
Effects of Change in Interest Rates
+50 Basis Points			(23)
-50 Basis Points			12
+100 Basis Points			(40)
-100 Basis Points			29
Currency swap, entered July 2014, maturity in December 2015 | Cash flow hedge
Derivative
Buy (sell) amount | £					£ 400,000
Semi-annual buy (sell) amount						$ 3,700
Exchange rate GBP/USD					1.7060	1.7060
Currency swap, entered in January 2015, maturity in October 2017
Derivative
Notional amount | £					£ 29,400,000
Fair value of hedge, liabilities						$ (1,570)
Effects of Change in Interest Rates
+50 Basis Points			(364)
-50 Basis Points			99
+100 Basis Points			(595)
-100 Basis Points			$ 331
Currency swap, entered in January 2015, maturity in October 2017 | Cash flow hedge
Derivative
Buy (sell) amount | £					£ 1,000,000
Semi-annual buy (sell) amount						$ 44,600
Exchange rate GBP/USD					1.5149	1.5149