Healthpeak Properties (DOC) 10-Q 3 Nov 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 30, 2015
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765,880
Document Type	10-Q
Document Period End Date	Sep. 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		465,042,243
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Real estate:
Buildings and improvements		$ 12,384,413	$ 10,972,973
Development costs and construction in progress		355,174	275,233
Land		2,016,606	1,889,438
Accumulated depreciation and amortization		(2,506,844)	(2,250,757)
Net real estate		12,249,349	10,886,887
Net investment in direct financing leases		6,891,030	7,280,334
Loans receivable, net		765,593	906,961
Investments in and advances to unconsolidated joint ventures		607,790	605,448
Accounts receivable, net of allowance of $3,683 and $3,785, respectively		49,994	36,339
Cash and cash equivalents		120,498	183,810
Restricted cash		65,709	48,976
Intangible assets, net		559,677	481,013
Other assets, net		883,333	940,172
Total assets	[1]	22,192,973	21,369,940
LIABILITIES AND EQUITY
Bank line of credit		1,000,824	838,516
Term loan		540,784	213,610
Senior unsecured notes		8,568,729	7,626,194
Mortgage debt		939,982	984,431
Other debt		94,561	97,022
Intangible liabilities, net		73,233	84,723
Accounts payable and accrued liabilities		401,838	432,934
Deferred revenue		112,565	95,411
Total liabilities	[2]	$ 11,732,516	$ 10,372,841
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 464,441,628 and 459,746,267 shares issued and outstanding, respectively		$ 464,442	$ 459,746
Additional paid-in capital		11,612,246	11,431,987
Cumulative dividends in excess of earnings		(1,876,486)	(1,132,541)
Accumulated other comprehensive loss		(32,450)	(23,895)
Total stockholders' equity		10,167,752	10,735,297
Joint venture partners		106,572	73,214
Non-managing member unitholders		186,133	188,588
Total noncontrolling interests		292,705	261,802
Total equity		10,460,457	10,997,099
Total liabilities and equity		$ 22,192,973	$ 21,369,940
[1]	HCP, Inc.’s consolidated total assets at September 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 September 30, 2015 include VIE assets as follows: buildings and improvements $770 million; land $125 million; accumulated depreciation and amortization $128 million; accounts receivable $15 million; cash $61 million; intangible assets, net $31 million; and other assets, net $13 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 $23 million. See Note 18 to the Consolidated Financial Statements for additional information.
[2]	HCP, Inc.’s consolidated total liabilities at September 30, 2015 and December 31, 2014 include certain liabilities of VIEs for which the VIE creditors do not have recourse to the Company. Total liabilities at September 30, 2015 include accounts payable and accrued liabilities $62 million and deferred revenue $16 million from VIEs. Total liabilities at December 31, 2014 include accounts payable and accrued liabilities $34 million and deferred revenue $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	Sep. 30, 2015	Dec. 31, 2014
Company's involvement with VIEs:
Land	$ 2,016,606	$ 1,889,438
Accumulated depreciation and amortization	2,506,844	2,250,757
Accounts Receivable	49,994	36,339
Cash and cash equivalents	120,498	183,810
Intangible Assets, Net (Excluding Goodwill)	559,677	481,013
Intangible assets, net	559,677	481,013
Other assets, net	883,333	940,172
Accounts payable and accrued liabilities	401,838	432,934
Deferred Revenue	112,565	95,411
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 3,683	$ 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	464,441,628	459,746,267
Common stock, shares outstanding	464,441,628	459,746,267
VIEs
Company's involvement with VIEs:
Buildings and improvements	$ 770,000	$ 677,000
Land	125,000	113,000
Accumulated depreciation and amortization	128,000	111,000
Accounts Receivable	15,000	5,000
Cash and cash equivalents	61,000	42,000
Intangible Assets, Net (Excluding Goodwill)	31,000
Intangible assets, net	31,000
Other assets, net	13,000	23,000
Accounts payable and accrued liabilities	62,000	34,000
Deferred Revenue	$ 16,000	$ 12,000

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues:
Rental and related revenues	$ 293,566	$ 321,451	$ 845,382	$ 894,465
Tenant recoveries	33,084	29,323	94,356	81,867
Resident fees and services	155,290	62,213	367,141	138,205
Income from direct financing leases	155,717	165,687	478,976	495,724
Interest income	19,842	17,517	89,049	51,150
Investment management fee income	454	447	1,372	1,340
Total revenues	657,953	596,638	1,876,276	1,662,751
Costs and expenses:
Interest expense	122,157	111,275	357,569	324,755
Depreciation and amortization	134,704	122,975	369,629	343,496
Operating	173,515	99,599	441,888	254,173
General and administrative	20,534	19,479	74,152	62,034
Acquisition and pursuit costs	1,553	5,475	23,350	13,376
Impairments	69,622		592,921
Total costs and expenses	522,085	358,803	1,859,509	997,834
Other (expense) income:
Gain on sales of real estate, net of income taxes	52		6,377
Other (expense) income, net	(1,026)	3,111	11,753	5,750
Total other (expense) income, net	(974)	3,111	18,130	5,750
Income before income taxes and equity income from and impairment of unconsolidated joint ventures	134,894	240,946	34,897	670,667
Income tax benefit (expense)	1,980	(55)	6,620	(2,840)
Equity income from unconsolidated joint ventures	8,314	10,168	33,916	39,388
Impairments of investments in unconsolidated joint ventures	(27,234)		(27,234)
Income (loss) from continuing operations	117,954	251,059	48,199	707,215
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	117,954	251,059	48,199	736,961
Noncontrolling interests' share in earnings	(2,592)	(3,405)	(8,566)	(11,311)
Net income attributable to HCP, Inc.	115,362	247,654	39,633	725,650
Participating securities' share in earnings	(316)	(446)	(1,020)	(1,999)
Net income applicable to common shares	$ 115,046	$ 247,208	$ 38,613	$ 723,651
Basic earnings per common share:
Continuing operations (in dollars per share)	$ 0.25	$ 0.54	$ 0.08	$ 1.52
Discontinued operations (in dollars per share)				0.06
Net income applicable to common shares (in dollars per share)	0.25	0.54	0.08	1.58
Diluted earnings per common share:
Continuing operations (in dollars per share)	0.25	0.54	0.08	1.52
Discontinued operations (in dollars per share)				0.06
Net income applicable to common shares (in dollars per share)	$ 0.25	$ 0.54	$ 0.08	$ 1.58
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	463,337	458,799	462,039	458,119
Diluted (in shares)	463,586	459,141	462,302	458,473

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
Net income	$ 117,954	$ 251,059	$ 48,199	$ 736,961
Change in net unrealized losses on securities
Change in net unrealized gains (losses) on securities	(361)	(1)	(358)	(5)
Change in net unrealized (losses) gains on cash flow hedges:
Unrealized (losses) gains	(87)	2,521	(289)	1,829
Reclassification adjustment realized in net income	(367)	(1,409)	(19)	(766)
Change in Supplemental Executive Retirement Plan obligation	70	55	208	163
Foreign currency translation adjustment	410	(6,961)	(8,097)	(4,198)
Total other comprehensive loss	(335)	(5,795)	(8,555)	(2,977)
Total comprehensive income	117,619	245,264	39,644	733,984
Total comprehensive income attributable to noncontrolling interests	(2,592)	(3,405)	(8,566)	(11,311)
Total comprehensive income attributable to HCP, Inc.	$ 115,027	$ 241,859	$ 31,078	$ 722,673

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	725,650			725,650		11,311	736,961
Other comprehensive income (losses)	(2,977)				(2,977)		(2,977)
Issuance of common stock, net	69,825	$ 2,351	67,474			(73)	69,752
Issuance of common stock, net (in shares)		2,351
Repurchase of common stock	(11,599)	$ (297)	(11,302)				(11,599)
Repurchase of common stock (in shares)		(297)
Exercise of stock options	3,307	$ 131	3,176				3,307
Exercise of stock options (in shares)		131
Amortization of deferred compensation	16,467		16,467				16,467
Common dividends ($1.695 and $1.635 per share for the nine months ended September 30, 2015 and 2014, respectively)	(750,835)			(750,835)			(750,835)
Distributions to noncontrolling interests						(11,706)	(11,706)
Issuance of noncontrolling interests						57,354	57,354
Purchase of noncontrolling interests	(13)		(13)			(1,671)	(1,684)
Balance at Sep. 30, 2014	10,773,125	$ 459,146	11,409,843	(1,078,400)	(17,464)	263,049	11,036,174
Balance (in shares) at Sep. 30, 2014		459,146
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	39,633			39,633		8,566	48,199
Other comprehensive income (losses)	(8,555)				(8,555)		(8,555)
Issuance of common stock, net	144,645	$ 4,054	140,591			(2,659)	$ 141,986
Issuance of common stock, net (in shares)		4,054					1,250
Repurchase of common stock	(8,006)	$ (178)	(7,828)				$ (8,006)
Repurchase of common stock (in shares)		(178)
Exercise of stock options	27,511	$ 820	26,691				27,511
Exercise of stock options (in shares)		820
Amortization of deferred compensation	21,068		21,068				21,068
Common dividends ($1.695 and $1.635 per share for the nine months ended September 30, 2015 and 2014, respectively)	(783,578)			(783,578)			(783,578)
Distributions to noncontrolling interests	(263)		(263)			(13,444)	(13,707)
Issuance of noncontrolling interests						38,440	38,440
Balance at Sep. 30, 2015	$ 10,167,752	$ 464,442	$ 11,612,246	$ (1,876,486)	$ (32,450)	$ 292,705	$ 10,460,457
Balance (in shares) at Sep. 30, 2015		464,442

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	Jul. 30, 2015	Apr. 30, 2015	Jan. 29, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
CONSOLIDATED STATEMENTS OF EQUITY
Common dividends, per share (in dollars per share)	$ 0.565	$ 0.565	$ 0.565	$ 0.565	$ 0.545	$ 1.695	$ 1.635

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net income	$ 48,199	$ 736,961
Depreciation and amortization of real estate, in-place lease and other intangibles	369,629	343,496
Amortization of market lease intangibles, net	(980)	(619)
Amortization of deferred compensation	21,068	16,467
Amortization of deferred financing costs, net	14,950	14,122
Straight-line rents	(24,817)	(35,082)
Loan and direct financing lease interest accretion	(71,243)	(58,271)
Deferred rental revenues	(1,496)	(420)
Equity income from unconsolidated joint ventures	(33,916)	(39,388)
Distributions of earnings from unconsolidated joint ventures	4,587	3,895
Lease termination income, net	(1,103)	(38,001)
Gain on sales of real estate	(6,377)	(28,010)
Foreign exchange and other (gains) losses, net	(7,103)	(2,143)
Impairments	620,155
Changes in:
Accounts receivable, net	(10,634)	(7,193)
Other assets	(1,186)	(14,345)
Accounts payable and other accrued liabilities	(52,073)	(8,447)
Net cash provided by operating activities	867,660	883,022
Cash flows from investing activities:
Acquisition of RIDEA III, net	(770,325)
Cash used to acquire the CCRC unconsolidated joint venture interest, net		(370,186)
Acquisitions of other real estate	(430,336)	(467,147)
Development of real estate	(190,082)	(118,732)
Leasing costs and tenant and capital improvements	(52,371)	(44,953)
Proceeds from sales of real estate, net	19,555	36,938
Contributions to unconsolidated joint ventures	(43,242)	(2,935)
Distributions in excess of earnings from unconsolidated joint ventures	16,086	1,986
Proceeds from sales of marketable securities	782
Principal repayments on loans receivable	51,491	49,503
Investments in loans receivable and other	(283,252)	(24,480)
(Increase) decrease in restricted cash	(3,891)	(17,219)
Net cash used in investing activities	(1,685,585)	(957,225)
Cash flows from financing activities:
Net borrowings under bank line of credit	282,099	70,000
Repayments under bank line of credit	(102,063)
Borrowings under term loan	333,014
Issuance of senior unsecured notes	1,338,555	1,150,000
Repayments of senior unsecured notes	(400,000)	(487,000)
Issuance of mortgage and other debt		39,671
Repayments of mortgage and other debt	(50,187)	(202,134)
Deferred financing costs	(14,556)	(16,550)
Issuance of common stock and exercise of options	169,497	73,059
Repurchase of common stock	(8,006)	(11,599)
Dividends paid on common and preferred stock	(783,578)	(750,835)
Issuance of noncontrolling interests	4,812	4,282
Distributions to noncontrolling interests	(13,707)	(11,719)
Net cash provided by (used in) financing activities	755,880	(142,825)
Effect of foreign exchange on cash and cash equivalents	(1,267)	3
Net increase (decrease) in cash and cash equivalents	(63,312)	(217,025)
Cash and cash equivalents, beginning of year	183,810	300,556
Cash and cash equivalents, end of year	$ 120,498	$ 83,531

Business

Business	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2016 to its consolidated financial position or results of operations. In April 2015, the FASB issued ASU 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). In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company plans to early adopt ASU 2015-03 and ASU 2015-15 as of December 31, 2015; the adoption is not expected to have a material impact on its consolidated financial position or results of operations. In February 2015, the FASB issued ASU No. 2015-2, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 requires amendments to both the VIE and voting consolidation accounting 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 its consolidated financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This update changes the requirements 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. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 defers the effective date of ASU 2014-09 by one year to 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 its 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”)	9 Months Ended
	Sep. 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. As a result of terminating the leases discussed above , the Company recognized a net gain of $38 million in August 2014 consisting of: (i) $108 million gain based on the fair value of the net consideration received; less (ii) $70 million to write-off the direct leasing costs and straight-line rent receivables related to the in-place leases.

Real Estate Property Investment

Real Estate Property Investments	9 Months Ended
	Sep. 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 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 seven years from the acquisition date ). 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) lease-up 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 st abilized or nearly stabilized (i . e ., resident occupancy above 80% ). From the acquisition date to September 30, 2015, the Company recognized revenues and earnings of $47 million and $1 million, respectively, from RIDEA III. As of September 30, 2015, the purchase price allocation is preliminary and may be subject to change . 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 Nine Months Ended September 30, September 30, 2014 2015 2014 Revenues $ $ $ Net income Net income 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 nine months ended September 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 (3) — $ $ $ $ $ (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.”) and includes £27 million ( $42 million) of a loan originated in May 2015 converted to fee ownership in two U.K . care homes . (3) Includes $225 million for a medical office building (“MOB”) portfolio acquisition completed in June 2015 and placed in HCP Ventures V, of which in October 2015 the Company issued a 49% noncontrolling interest in HCP Ventures V for $110 million (see Note 13). 2014 Acquisitions A summary of real estate acquisitions for the nine months ended September 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 ( $129 million) translated into U.S. dollars. (2) Includes $5 million of non-managing member limited liability company units. Completed Developments During the nine months ended September 30, 2014 , the Company placed in service the following: (i) two life science facilities, (ii) a MOB and (iii) a post-acute/skilled nursing facility . These completed developments represent ed $41 million of gross real estate on the Company’s consolidated balance sheets as of the date they were placed in service . There were no completed developments placed in service during the nine months ended September 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): Nine Months Ended September 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	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 , the Company sold the following: (i) nine senior housing facilities for $60 million resulting from Brookdale’s exercise of its purchase option received as part of the Brookdale Transaction, (ii) a parcel of land in its life science segment for $11 million and (iii) a MOB for $400,000 . During the nine months ended September 30, 2014 , the Company sold the following: (i) two post-acute/skilled nursing facilities for $22 million, (ii) a hospital for $17 million and (iii) a MOB for $145,000 . On August 29, 2014, in conjunction with the Brookdale Transaction, the Company contributed three senior housing facilities with a carrying value of $92 million into the CCRC JV (an unconsolidated joint venture with Brookdale discussed in Note s 3 and 8 ). The Company recorded its investment in the CCRC JV for the contribution of these properties at their carrying value (carryover basis) and therefore did not recognize either a gain or loss upon the contribution. 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 nine months ended September 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 and gain on sales of real estate included in discontinued operations (dollars in thousands): Nine Months Ended September 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 October 6, 2015, the Company sold a parcel of land in its life science segment for $40 million.

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	9 Months Ended
	Sep. 30, 2015
Net Investment in Direct Financing Leases
Net Investment in Direct Financing Leases	NOTE 6. Net Investment in Direct Financing Leases Net investment in direct financing leases (“DFLs”) consisted of the following (dollars in thousands): September 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 facilities 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 facility sale closed on July 31, 2015. The remaining facility sales are expected to occur during the fourth quarter 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 the 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 purchases are consummated. The closing of the purchases of these facilities will be subject to certain customary conditions and approvals. Subsequent to September 30, 2015, HCRMC and HCP completed three of the nine facility purchases for $87 million in October 2015. The purchases of the remaining six facilities are expected to occur by the end of 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 purchase 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 Notes 8 and 15 for additional discussion of the Company’s equity interest in HCRMC and related September 2015 impairment charge. See Note 8 for additional discussion of 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 September 30, 2015 (dollars in thousands): Carrying Percentage of Internal Ratings Segment Amount DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing $ 23 $ $ $ — Post-acute/skilled nursing 75 — — Hospital 2 — — $ 100 $ $ $ — 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. 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 September 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 the three months ended September 30, 2015 and 2014 , the Company recognized DFL income of $3 million and $5 million, respectively, and received cash payments of $5 million and $6 million, respectively, from the DFL Portfolio. During the nine months ended September 30, 2015 and 2014 , the Company recognized DFL income of $12 million and $15 million, respectively, and received cash payments of $16 million and $18 million, respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $367 million and $370 million at September 30, 2015 and December 31, 2014 , respectively.

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2015
Loans Receivable.
Loans Receivable	NOTE 7. Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): September 30, 2015 December 31, 2014 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine (1) (2) $ — $ $ $ — $ $ Other (2) (3) — — Unamortized discounts, fees and costs (1) — — Allowance for loan losses — — $ $ $ $ $ $ (1) At September 30, 2015, included £269 million ( $408 million ) outstanding and £4 million ( $6 million) of associated unamortized discounts, fees and costs both related to the HC-One Facility . (2) At September 30, 2015 , the Company had £40 million ( $60 million ) remaining under its commitments to fund development projects and capital expenditures under the HC-One Facility . (3) At September 30, 2015, the Company had $2 million remaining of commitments to fund development projects and capital expenditures under the senior housing development loan program. Loans Receivable Internal Ratings The following table summarizes the Company’s internal ratings for loans receivable at September 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 $ 12 $ $ — $ — Other secured 88 — $ 100 $ $ — $ Other Secured Loans HC-One Facility. In November 2014, the Company was the lead investor in the financing of 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). During the three and nine months ended September 30, 2015, the Company received paydow ns of £29 million ( $45 million). In S eptember 2015, the Company amended and increased its commitment under the HC-One Facility by £11 million primarily for the funding of capital expenditures and a development project . As part of the amendments, the Company shortened the non-call period by 17 months and provided consent for (i) the pay down of £34 million from disposition proceeds without a prepayment premium and (ii) the spinoff of 36 properties into a separate joint venture. In return, the Company retained security over the spinoff properties for a period of two years . Brookdale Receivable. In conjunction with the Brookdale Transaction, on August 29, 2014, the Company provided $68 million in financing to Brookdale in the form of a 7% interest-only loan secured by Brookdale’s 20% equity interest in RIDEA II . On November 3, 2014, the Company received $68 million from the early repayment of this loan. See additional information regarding the Brookdale Transaction in Note 3. 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 September 30, 2015 , the facility had an outstanding balance of $256 million at an 11.5% blended interest rate and was subordinate to $ 382 million of senior mortgage debt. Delphis Operations, L.P. Loan. The Company holds a senior 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 partnership interest s 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 September 30, 2015 and December 31, 2014 . During the three and nine months ended September 30, 2014 , the Company received cash payments from the Borrower of $0.6 million . At both September 30, 2015 and December 31, 2014 , the allowance related to the Company’s senior secured term loan to Delphis was $13 million with no additional allowances recognized during the nine months ended September 30, 2015 or the year ended December 31, 2014 . Subsequent Event . In October 2015, the Company received $23 million in proceeds from the sale of Delphis’ collateral and recognized an impairment recovery of $6 million for the amount received in excess of the loan’s carrying value.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	9 Months Ended
	Sep. 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 September 30, 2015 (dollars in thousands): Entity (1) Segment Carrying Amount Ownership% CCRC JV (2) senior housing $ 49 HCRMC senior housing and post-acute/skilled nursing 9 MBK JV (3) senior housing 50 HCP Ventures III, LLC medical office 30 HCP Ventures IV, LLC medical office and hospital 20 HCP Life Science (4) life science – 63 Vintage Park senior housing 85 MBK Development JV (3) senior housing 50 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 ( CCRC PropCo CCRC OpCo ) . (3) Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo) . (4) 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): September 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 $31 million, as of September 30, 2015 , is attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ $ $ $ Income (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 $14 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 September 30, 2015 and 2014 , respectively. For the nine months ended September 30, 2015 and 2014 , $44 million and $47 million, respectively, of DFL income was recharacterized to the Company’s share of earnings from HCR MC . CCRC JV . On August 29, 2014, as part of the Brookdale Transaction discussed in Note 3, HCP and Brookdale forme d unconsolidated joint ventures that own 14 CCRC campuses in a RIDEA structure. At closing, Brookdale contributed eight of its owned campuses; the Company contributed two campuses previously leased to Brookdale valued at $162 million (carrying value of $92 million) and $370 million of cash. At closing, the CCRC JV campuses were encumbered by $569 million of mortgage debt and entrance fee obligations. 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). On October 28 , 2015, the Company concluded that its 9% equity investment in HCRMC was other-than-temporarily impaired as of September 30, 2015 and recorded an impairment charge of $27 million during the three months ended September 30, 2015 (see Note 15) . MBK JV s . 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. On September 25, 2015, the Company and MBK formed a new RIDEA joint venture (“MBK Development JV”) which acquired a $3 million parcel of land for the purpose of developing a 74 -unit class A senior housing facility in Santa Rosa, California. The parcel of land is located adjacent to the Oakmont Gardens independent living facility currently owned and operated by the MBK JV .

Intangibles

Intangibles	9 Months Ended
	Sep. 30, 2015
Intangibles
Intangibles	NOTE 9. Intangibles At September 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 $948 million and $830 million, respectively. At September 30, 2015 and December 31, 2014 , the accumulated amortization of intangible assets was $388 million and $349 million, respectively. At September 30, 2015 and December 31, 2014 , gross intangible lease liabilities, comprised of below market tenant lease intangibles and above market ground lease intangibles were $204 million and $209 million, respectively. At September 30, 2015 and December 31, 2014 , the accumulated amortization of intangible liabilities was $131 million and $124 million, respectively.

Other Assets

Other Assets	9 Months Ended
	Sep. 30, 2015
Other Assets.
Other Assets	NOTE 10. Other Assets A summary of the Company’s other assets follows (in thousands): September 30, December 31, 2015 2014 Straight-line rent receivables, net of allowance of $33,527 and $34,182 , respectively $ $ Marketable debt securities, net Leasing costs and inducements, net Deferred financing costs, net Goodwill Other Total other assets $ $ At September 30, 2015 and December 31, 2014 , within other assets is a non-interest bearing receivable of $14 million and $26 million, respectively, from Brookdale payable in eight quarterly installments. At September 30, 2015 and December 31, 2014 , other assets also includes loan receivables of $21 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% per annu m which mature through September 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 notes issued by Elli Investments Limited (“Elli”), a company beneficially owned by funds or limited partnerships managed by 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 ( $215 million) in June 2012, representing 79% of the total £175 million issued and outstanding Four Seasons Notes. In June 2015 and September 2015, the Company determined that the Four Seasons Notes were other-than-temporarily impaired (see Note 15).

Debt

Debt	9 Months Ended
	Sep. 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 September 30, 2015 , the margin on the Facility was 0.925% , and the facility fee was 0.15% . The Facility also includes a feature that allow s 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 September 30, 2015 , the Company had $1.0 billion, including £242 million ( $366 million), outstanding under the Facility with a weighted average effective interest rate of 1.52% . On January 12, 2015, the Company entered into a credit agreement with a syndicate of banks for a £220 million ( $333 million at September 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 September 30, 2015 . At September 30, 2015 , the Company was in compliance with each of these restrictions and requirements. Senior Unsecured Notes At September 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 September 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 Nine months ended September 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 Nine months ended September 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 September 30, 2015 , the Company had $9 40 million in aggregate principal amount of mortgage debt outstanding, which is secured by 63 healthcare facilities (including redevelopment properties) with a carrying value of $1.2 billion. 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 September 30, 2015 , (in thousands): Senior Bank Line of Unsecured Mortgage Year Credit (1) Term Loans (2) Notes (3) Debt(4) Total (5) 2015 (three months) $ — $ — $ — $ $ 2016 — 2017 — — 2018 — 2019 — Thereafter — — Discounts, net — — $ $ $ $ $ (1) Includes £242 million ($366 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) Interest rates on the mortgage debt ranged from 3.16% to 8.35% with a weighted average effective interest rate of 6.21% and a weighted average maturity of three years. (5) Excludes $ 95 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities. Other Debt At September 30, 2015 , the Company had $67 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 are 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. At September 30, 2015, t he Company had $28 million of on-demand notes (“Demand Notes”) from the CCRC JV. The Demand Notes bear interest at a rate of 4.5% .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 $21 million has been funded as of September 30, 2015 and included in other assets, net. This liquidity support arrangement is permitted under the joint venture agreement between the members, and any such funding earn s 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	9 Months Ended
	Sep. 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 October 29 November 9 November 24 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. During the three and nine months ended September 30, 2015, the Company issued 1.25 million shares of common stock at a weighted average price of $40.58 for proceeds of $50 million, net of fees and commissions of $1 million. The following is a summary of the Company’s other common stock activities (shares in thousands): Nine Months Ended September 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. Subsequent Event . During October 2015, the Company issued 589,000 shares of common stock under its ATM Program at a weighted average price of $39.20 for proceeds of $23 million, net of fees and commissions of $350,000 . Accumulated Other Comprehensive Loss The following is a summary of the Company’s accumulated other comprehensive loss (in thousands): September 30, December 31, 2015 2014 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized (losses) gains on available for sale securities Total accumulated other comprehensive loss $ $ Noncontrolling Interests At September 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 September 30, 2015 , the carrying and fair values of these DownREIT units were $186 million and $224 million, respectively. See Note 17 for the supplemental schedule of non-cash financing activities. Subsequent Event . On October 7, 2015, the Company issued a 49% noncontrolling interest in HCP Ventures V to a n institutional capital investor for $110 million. HCP Ventures V owns a portfolio of 11 on-campus MOBs located in Texas acquired through a sale-leaseback transaction with Memorial Hermann in June 2015 (see Note 4).

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 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 nine months ended September 30, 2015 and 2014 . The Company evaluates performance based upon (i) property net operating income from continuing operations (“NOI”), (ii) adjusted NOI (cash NOI), and (iii) adjusted NOI plus interest income (“Portfolio 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 evaluating 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 September 30, 2015 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Impairments Gains on sales of real estate, net of income taxes Other expense, net Income tax benefit Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Net income $ For the three months ended September 30, 2014 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Other expense, net Income tax benefit Equity income in unconsolidated joint ventures Net income $ For the nine months ended September 30, 2015 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Impairments Gains on sales of real estate, net of income taxes Other income, net Income tax benefit Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Net income $ For the nine months ended September 30, 2014 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Other income, net Income tax expense Equity income in unconsolidated joint ventures Total discontinued operations Net income $ (1) Represents rental and related revenues, tenant recoveries and income from DFLs. (2) Represents straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees . A summary of the Company’s total assets by segment follows (in thousands): September 30, December 31, Segment 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 September 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	9 Months Ended
	Sep. 30, 2015
Impairments
Impairments	NOTE 15. Impairments On October 28 , 2015, the Company concluded that its 9% equity investment in HCRMC (see Note 8) was other-than-temporarily impaired as of September 30, 2015 and recorded an impairment charge of $27 million during the three months ended September 30, 2015. The impairment charge reduced the carrying amount of the Company’s investment in HCRMC from $48 million to its fair value of $21 million. The impairment determination primarily resulted from the Company’s review of recent HCRMC operating results and market and industry data which, among other factors, show a declin ing trend in admissions from hospitals and continu ing trends in mix and length of stay driven by Medicare Advantage and other managed care plans . The fair value of the Company’s equity investment in HCRMC was based on a discounted cash flow valuation model and inputs were considered to be Level 3 measurements within the fair value hierarchy. Inputs to this valuation model include earnings multiples, discount rate, industry growth rates of revenue, operating expenses and facility occupancy, some of which influence the Company’s expectation of future cash flows from its investment in HCRMC and, accordingly, the fair value of its investment . In June 2015 and September 2015, the Company determined that its Four Seasons Notes (see Note 10) were other-than-temporarily impaired resulting from a continued decrease in the fair value of its investment . 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 several factors including : (i) deterioration in Four Seasons’ operating performance since the fourth quarter of 2014 and (ii) credit downgrades received during the first half of 2015 . Accordingly, the Company recorded impairment charges during the three months ended June 30, 2015 and September 30, 2015 of $42 million and $70 million, respectively , reducing the carrying value of the Four Seasons Notes at September 30, 2015 to $100 million ( £66 million). Elli remains obligated to repay the aggregate par value at maturity and interest payments due June 15 and December 15 each year. When the remaining semi-annual interest payments are received, the Company expects to reduce the carrying value of the Four Seasons Notes during the related fiscal period . The fair value of the Four Seasons Notes used to calculate the impairment charge was based on quoted market prices. However, because the Four Seasons Notes are not actively traded, these prices are considered to be Level 2 measurements within the fair value hierarchy. When calculating the fair value and determining whether a credit loss existed , 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 . The estimated future cash flow 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 real estate portfolio. This information was consistent with the results of the valuation technique used by the Company to determin e if a credit loss existed and to calculate the fair value of the Four Seasons Notes during its impairment review . 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 July 2015, the Company sold the MOB for $400,000 (see Note 5). 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	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator Income from continuing operations $ $ $ $ Noncontrolling interests’ share in continuing operations Income from continuing operations applicable to HCP Participating securities’ share in continuing operations Income from continuing operations applicable to common shares Discontinued operations — — — Noncontrolling interests’ share in discontinued operations — — — Net income 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 from continuing operations $ $ $ $ Discontinued operations — — — Net income applicable to common shares $ $ $ $ Diluted earnings per common share Income from continuing operations $ $ $ $ Discontinued operations — — — Net income 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 1.2 million and 1.1 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 September 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 0.3 million and 0.1 million shares of common stock during the three months ended September 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 September 30, 2015 and 2014 were not included because they are anti-dilutive.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 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): Nine Months Ended September 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 Loan originated in connection with Brookdale Transaction — Real estate contributed to CCRC JV — Settlement of loans receivable as consideration for real estate acquisition Tenant funded tenant improvements owned by HCP — 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 issued in connection with Brookdale Transaction — 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) gains on available-for-sale securities and derivatives designated as cash flow hedges, net

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2015
Variable Interest Entities
Variable Interest Entities	NOTE 18. Variable Interest Entities Unconsolidated Variable Interest Entities At September 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 their 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 to CCRC PropCo 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 ability to control the activities that most significantly impact HCP Ventures IV’s economic performance are shared among equity members. 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 and debt service payments ). 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 in-progress independent living facility development project 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. Any a ssets 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 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 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 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 because it is “thinly capitalized” . The CMBS issued by the VIE are backed by mortgage debt obligations on real estate assets . 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 September 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 VIE tenants, CCRC OpCo, Vintage Park, 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 s 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 September 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 September 30, 2015 , the Company has a loan of $21 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. Any a ssets 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	9 Months Ended
	Sep. 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 s provide 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 Gross Assets Revenues Revenues September 30, December 31, Three Months Ended September 30, Nine Months Ended September 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 Percentage of Percentage of Gross Assets Revenues Revenues September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, Operators 2015 2014 2015 2014 2015 2014 HCRMC % % % % % % The following table lists the total Company concentrations: Percentage of Percentage of Percentage of Gross Assets Revenues Revenues September 30, December 31, Three Months Ended September 30, Nine Months Ended September 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 nine months ended September 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): September 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ $ $ $ Operating, general and administrative expense Depreciation and amortization expense Interest expense Other income, net Loss on disposal of assets (Loss) income from continuing operations before income tax expense Income taxes (Loss) income from continuing operations Income (loss) from discontinued operations, net of taxes Net (loss) income $ $ $ $ As of September 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	9 Months Ended
	Sep. 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 September 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 liabilities — — Currency swap assets — — 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. In September 2015, the Company exercised $2 million of warrants classified as Level 3 within the fair value hierarchy in exchange for marketable equity securities classified as Level 1 . During the nine months ended September 30, 2015 , there were no other 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): September 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) (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	9 Months Ended
	Sep. 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 September 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 (4) June 2016 Cash Flow % 1 Month GBP LIBOR+ 1.20% £ $ January 2015 (4) October 2017 Cash Flow % 1 Month GBP LIBOR+ 0.975% £ $ Foreign currency: July 2012 (5) June 2016 N/A $ Buy USD/Sell GBP £ $ July 2014 (6) December 2015 Cash Flow $ Buy USD/Sell GBP £ $ January 2015 (7) 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) Represents an interest-rate swap contract, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. (4) Hedges fluctuations in int erest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate. (5) 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 notes. Represents a currency swap to sell £7.2 million at a rate of 1.5695 on various dates through June 2016. (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 intercompany loans. Represents a currency swap to sell £0.4 million at a rate of 1.7060 on various dates through December 2015. (7) 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 September 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 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 a portion of the forecasted GBP interest receipts from its HC-One Facility (see 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. O n July 27, 2012, the Company entered into a foreign currency swap contract to hedge the foreign currency exchange risk related to a portion of the forecasted GBP interest receipts from a debt investment denominated in GBP . The cash flow hedge has a fixed GBP/USD exchange rate of 1.5695 (buy $11 million and sell £7 million semi-annually) and matures in June 2016. In September 2015, t he Company ceased hedge accounting on this foreign currency swap contract and reclassified $0.4 million from Accumulated Other Comprehensive Loss to Other Income, net , and all future changes in fair value of the foreign currency swap contract will be recognized in earnings. On September 29, 2015, the Company designated £260 million of its GBP-denominated borrowings under the Facility and 2012 term l oan as a hedge of a portion of the Company’s net investments in its GBP-functional subsidiaries to limit exposure to fluctuations in the GBP to U.S. Dollars (“USD”) exchange rate. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to USD of the instrument is recorded as a cumulative translation adjustment component of Accumulated Other Comprehensive Income (Loss). Accordingly, changes in value of the designated £260 million GBP-denominated borrowings due to fluctuations in the GBP to USD exchange rate are reported in Accumulated Other Comprehensive Income (Loss) as the hedging relationship is considered to be effective. The balance of the cumulative translation adjustment will be reclassified to earnings when the hedged investment is sold or substantially liquidated . During the nine months ended September 30, 2015 , the Company determined a portion of a cash flow hedge was ineffective and reclassified $0.4 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 at September 30, 2015 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 derivative financial 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)	9 Months Ended
	Sep. 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 nine months ended September 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 September 2015, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2015-16, Simplifying the Accounting for Measurement-Period Adjustments (“ASU 2015-16”). ASU 2015-16 simplifies the accounting for adjustments made to provisional amounts recognized in a business combination by requiring the acquirer to (i) recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amount is determined, (ii) record, in the same period, the effect on earnings of changes in depreciation, amortization, or other income effects, if any, as a result of the change to the provisional amounts, calculated as if the accounting had been completed at the acquisition date, and (iii) present separately or disclose the portion of the amount recorded in current-period earnings by line item that would have been recorded in previous reporting periods if the adjustment to the provisional amounts had been recognized as of the acquisition date. ASU 2015-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company is evaluating the impact of the adoption of ASU 2015-16 on January 1, 2016 to its consolidated financial position or results of operations. In April 2015, the FASB issued ASU 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). In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (“ASU 2015-15”). ASU 2015-15 allows debt issuance costs related to line-of-credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years, and interim periods within, beginning after December 15, 2015. Early adoption is permitted. The Company plans to early adopt ASU 2015-03 and ASU 2015-15 as of December 31, 2015; the adoption is not expected to have a material impact on its consolidated financial position or results of operations. In February 2015, the FASB issued ASU No. 2015-2, Amendments to the Consolidation Analysis (“ASU 2015-02”). ASU 2015-02 requires amendments to both the VIE and voting consolidation accounting 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 its consolidated financial position or results of operations. In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”). This update changes the requirements 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. In August 2015, the FASB issued Accounting Standards Update No. 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date (“ASU 2015-14”). ASU 2015-14 defers the effective date of ASU 2014-09 by one year to 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 its 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)	9 Months Ended
	Sep. 30, 2015
Real Estate Property Investments
Schedule of unaudited pro forma consolidated results of operations (in thousands, except per share amounts)	Three Months Ended Nine Months Ended September 30, September 30, 2014 2015 2014 Revenues $ $ $ Net income Net income 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 nine months ended September 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 (3) — $ $ $ $ $ (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.”). (3) Includes $110 million issued on October 7, 2015 as a 49% noncontrolling interest in HCP Ventures V (see Note 13). A summary of real estate acquisitions for the nine months ended September 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)	Nine Months Ended September 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)	9 Months Ended
	Sep. 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)	Nine Months Ended September 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)	9 Months Ended
	Sep. 30, 2015
Loans Receivable:
Schedule of components of net investment in DFLs (dollars in thousands)	September 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)	The following table summarizes the Company’s internal ratings for DFLs at September 30, 2015 (dollars in thousands): Carrying Percentage of Internal Ratings Segment 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	9 Months Ended
	Sep. 30, 2015
Loans Receivable:
Schedule of loans receivable (in thousands)	September 30, 2015 December 31, 2014 Real Estate Other Real Estate Other Secured Secured Total Secured Secured Total Mezzanine (1) (2) $ — $ $ $ — $ $ Other (2) (3) — — Unamortized discounts, fees and costs (1) — — Allowance for loan losses — — $ $ $ $ $ $ (1) At September 30, 2015, included £269 million ( $408 million ) outstanding and £4 million ( $6 million) of associated unamortized discounts, fees and costs both related to the HC-One Facility . (2) At September 30, 2015 , the Company had £40 million ( $60 million ) remaining under its commitments to fund development projects and capital expenditures under the HC-One Facility . (3) At September 30, 2015, the Company had $2 million remaining of commitments to fund development projects and capital expenditures under the senior housing development loan program.
Summary of the Company's internal ratings for loans receivable (dollars in thousands)	The following table summarizes the Company’s internal ratings for loans receivable at September 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 $ 12 $ $ — $ — Other secured 88 — $ 100 $ $ — $

Investments in and Advances t35

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 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 senior housing and post-acute/skilled nursing 9 MBK JV (3) senior housing 50 HCP Ventures III, LLC medical office 30 HCP Ventures IV, LLC medical office and hospital 20 HCP Life Science (4) life science – 63 Vintage Park senior housing 85 MBK Development JV (3) senior housing 50 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 ( CCRC PropCo CCRC OpCo ) . (3) Includes two unconsolidated joint ventures in a RIDEA structure (PropCo and OpCo) . (4) 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)	September 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 $31 million, as of September 30, 2015 , is attributable to goodwill, real estate, capital lease obligations, deferred tax assets and lease-related net intangibles. Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Total revenues $ $ $ $ Income (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 $14 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 September 30, 2015 and 2014 , respectively. For the nine months ended September 30, 2015 and 2014 , $44 million and $47 million, respectively, of DFL income was recharacterized to the Company’s share of earnings from HCR MC .

Other Assets (Tables)

Other Assets (Tables)	9 Months Ended
	Sep. 30, 2015
Other Assets.
Schedule of other assets (in thousands)	September 30, December 31, 2015 2014 Straight-line rent receivables, net of allowance of $33,527 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)	9 Months Ended
	Sep. 30, 2015
Debt
Summary of senior notes issuances (dollars in thousands)	Period Amount Coupon Rate Maturity Date Net Proceeds Nine months ended September 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 Nine months ended September 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(4) Total (5) 2015 (three months) $ — $ — $ — $ $ 2016 — 2017 — — 2018 — 2019 — Thereafter — — Discounts, net — — $ $ $ $ $ (1) Includes £242 million ($366 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) Interest rates on the mortgage debt ranged from 3.16% to 8.35% with a weighted average effective interest rate of 6.21% and a weighted average maturity of three years. Excludes $ 95 million of other debt that represents Life Care Bonds and Demand Notes that have no scheduled maturities.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 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 October 29 November 9 November 24
Schedule of company's issuances of common stock (shares in thousands)	Nine Months Ended September 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)	September 30, December 31, 2015 2014 Cumulative foreign currency translation adjustment $ $ Unrealized losses on cash flow hedges, net Supplemental Executive Retirement Plan minimum liability Unrealized (losses) gains on available for sale securities Total accumulated other comprehensive loss $ $

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 30, 2015
Segment Disclosures
Summary financial information of reportable segment (in thousands)	For the three months ended September 30, 2015 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Impairments Gains on sales of real estate, net of income taxes Other expense, net Income tax benefit Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Net income $ For the three months ended September 30, 2014 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Other expense, net Income tax benefit Equity income in unconsolidated joint ventures Net income $ For the nine months ended September 30, 2015 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Impairments Gains on sales of real estate, net of income taxes Other income, net Income tax benefit Equity income in unconsolidated joint ventures Impairment of investments in unconsolidated joint ventures Net income $ For the nine months ended September 30, 2014 : Senior Post-acute/ Life Medical Housing Skilled nursing Science Office Hospital Total Rental revenues (1) $ $ $ $ $ $ Resident fees and services — — — — Operating expenses NOI Non-cash adjustments to NOI (2) Adjusted (cash) NOI Interest income — — — Portfolio Income $ $ $ $ $ Addback non-cash adjustments Investment management fee income Interest expense Depreciation and amortization General and administrative expenses Acquisition and pursuit costs Other income, net Income tax expense Equity income in unconsolidated joint ventures Total discontinued operations Net income $ (1) Represents rental and related revenues, tenant recoveries and income from DFLs. (2) Represents straight-line rents, DFL accretion, amortization of market lease intangibles and lease termination fees .
Reconciliation of company's assets to total assets (in thousands)	September 30, December 31, Segment 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)	9 Months Ended
	Sep. 30, 2015
Earnings Per Common Share
Computation of basic and diluted earnings per share (in thousands, except per share amounts)	Three Months Ended September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Numerator Income from continuing operations $ $ $ $ Noncontrolling interests’ share in continuing operations Income from continuing operations applicable to HCP Participating securities’ share in continuing operations Income from continuing operations applicable to common shares Discontinued operations — — — Noncontrolling interests’ share in discontinued operations — — — Net income 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 from continuing operations $ $ $ $ Discontinued operations — — — Net income applicable to common shares $ $ $ $ Diluted earnings per common share Income from continuing operations $ $ $ $ Discontinued operations — — — Net income applicable to common shares $ $ $ $

Supplemental Cash Flow Inform41

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2015
Supplemental Cash Flow Information
Supplemental cash flow information (in thousands)	Nine Months Ended September 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 Loan originated in connection with Brookdale Transaction — Real estate contributed to CCRC JV — Settlement of loans receivable as consideration for real estate acquisition Tenant funded tenant improvements owned by HCP — 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 issued in connection with Brookdale Transaction — 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) gains on available-for-sale securities and derivatives designated as cash flow hedges, net

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 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 VIE tenants, CCRC OpCo, Vintage Park, 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 s 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)	9 Months Ended
	Sep. 30, 2015
Summary of consolidated financial information (in millions)	September 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 September 30, Nine Months Ended September 30, 2015 2014 2015 2014 Revenues $ $ $ $ Operating, general and administrative expense Depreciation and amortization expense Interest expense Other income, net Loss on disposal of assets (Loss) income from continuing operations before income tax expense Income taxes (Loss) income from continuing operations Income (loss) from discontinued operations, net of taxes Net (loss) income $ $ $ $
Senior housing
Schedule of concentration of credit risk	Percentage of Percentage of Percentage of Gross Assets Revenues Revenues September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, Operators 2015 2014 2015 2014 2015 2014 Brookdale (1) % % % % % % HCRMC % % % % % % (1) On July 31, 2014, Brookdale completed its acquisition of Emeritus. These percentages of segment revenues and total revenues for the three and nine months ended September 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
Schedule of concentration of credit risk	Percentage of Percentage of Percentage of Gross Assets Revenues Revenues September 30, December 31, Three Months Ended September 30, Nine Months Ended September 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 nine months ended September 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 Percentage of Percentage of Gross Assets Revenues Revenues September 30, December 31, Three Months Ended September 30, Nine Months Ended September 30, Operators 2015 2014 2015 2014 2015 2014 HCRMC % % % % % %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	9 Months Ended
	Sep. 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 liabilities — — Currency swap assets — — 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)	September 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) (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)	9 Months Ended
	Sep. 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 September 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 (4) June 2016 Cash Flow % 1 Month GBP LIBOR+ 1.20% £ $ January 2015 (4) October 2017 Cash Flow % 1 Month GBP LIBOR+ 0.975% £ $ Foreign currency: July 2012 (5) June 2016 N/A $ Buy USD/Sell GBP £ $ July 2014 (6) December 2015 Cash Flow $ Buy USD/Sell GBP £ $ January 2015 (7) 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) Represents an interest-rate swap contract, which hedge fluctuations in interest payments on variable-rate secured debt due to overall changes in hedged cash flows. (4) Hedges fluctuations in int erest payments on variable-rate unsecured debt due to fluctuations in the underlying benchmark interest rate. (5) 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 notes. Represents a currency swap to sell £7.2 million at a rate of 1.5695 on various dates through June 2016. (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 intercompany loans. Represents a currency swap to sell £0.4 million at a rate of 1.7060 on various dates through December 2015. (7) 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) $ in Thousands	Aug. 29, 2014propertyitem	Aug. 31, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)
Net Gain Recognized on Lease Terminations
Net gain on contract termination | $		$ 38,000	$ 1,103	$ 38,001
Gain based on fair value of net consideration received for lease terminations | $		108,000
Charges related to lease termination write-offs | $		$ 70,000
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 Millions	Oct. 07, 2015property	Oct. 06, 2015USD ($)	Sep. 30, 2015USD ($)propertyitem	Oct. 31, 2015USD ($)	Jun. 30, 2015USD ($)	Aug. 31, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)$ / shares	Sep. 30, 2015GBP (£)	Sep. 30, 2015USD ($)property$ / shares	Sep. 30, 2014GBP (£)property	Sep. 30, 2014USD ($)property$ / shares	May. 31, 2015GBP (£)property	May. 31, 2015USD ($)property	Dec. 31, 2014USD ($)
Acquisition
Consideration, Cash Paid										$ 777,081,000		$ 467,147,000
Consideration, Debt and Other Liabilities Assumed			$ 21,076,000				$ 21,076,000	$ 1,734,000		21,076,000		1,734,000
Consideration, Noncontrolling Interest			3,885,000				3,885,000	6,321,000		3,885,000		6,321,000
Assets Acquired, Real Estate			710,396,000				710,396,000	433,858,000		710,396,000		433,858,000
Assets Acquired, Net Intangibles			91,646,000				91,646,000	41,344,000		91,646,000		41,344,000
Net termination fee revenue						$ 38,000,000				1,103,000		38,001,000
Other real estate acquisitions
Loans and Leases Receivable, Gross													£ 27	$ 42,000,000
Consideration to non-managing member limited liability company units								5,000,000				5,000,000
Investment Building and Building Improvements			$ 12,384,413,000				$ 12,384,413,000			12,384,413,000					$ 10,972,973,000
Payments to acquire productive assets										253,929,000		162,717,000
HC-One Facility
Other real estate acquisitions
Consideration, Fair Value of Real Estate Exchanged									£ 174	$ 254,000,000
Number of properties | property			36				36			36
Senior housing
Acquisition
Consideration, Cash Paid												215,381,000
Cash Paid/Debt Settled										$ 221,023,000
Consideration, Debt and Other Liabilities Assumed			$ 8,227,000				$ 8,227,000	1,021,000		8,227,000		1,021,000
Consideration, Noncontrolling Interest			3,885,000				3,885,000	6,321,000		3,885,000		6,321,000
Assets Acquired, Real Estate			209,084,000				209,084,000	205,778,000		209,084,000		205,778,000
Consideration, Amount translated										129,000,000	£ 76
Assets Acquired, Net Intangibles			24,051,000				24,051,000	16,945,000		24,051,000		16,945,000
Total Consideration for Disposition of Real Estate										60,000,000
Other real estate acquisitions
Number of properties | property													2	2
Payments to acquire productive assets										76,640,000		23,876,000
Life science
Acquisition
Consideration, Cash Paid												43,500,000
Consideration, Debt and Other Liabilities Assumed								250,000				250,000
Assets Acquired, Real Estate								41,281,000				41,281,000
Assets Acquired, Net Intangibles								2,469,000				$ 2,469,000
Total Consideration for Disposition of Real Estate										11,000,000
Other real estate acquisitions
Number of Facilities Placed into Service | property											2	2
Payments to acquire productive assets										80,871,000		$ 91,178,000
Life science | Subsequent event
Acquisition
Total Consideration for Disposition of Real Estate		$ 40,000,000
Medical office
Acquisition
Consideration, Cash Paid												208,266,000
Cash Paid/Debt Settled										377,351,000
Consideration, Debt and Other Liabilities Assumed			12,849,000				12,849,000	463,000		12,849,000		463,000
Assets Acquired, Real Estate			349,649,000				349,649,000	186,799,000		349,649,000		186,799,000
Assets Acquired, Net Intangibles			40,551,000				40,551,000	21,930,000		40,551,000		21,930,000
Total Consideration for Disposition of Real Estate										400,000		145,000
Other real estate acquisitions
Payments to acquire productive assets										93,012,000		43,773,000
Hospital
Acquisition
Total Consideration for Disposition of Real Estate												17,000,000
Other real estate acquisitions
Payments to acquire productive assets										37,000		1,357,000
Post-acute/skilled
Acquisition
Cash Paid/Debt Settled										178,707,000
Assets Acquired, Real Estate			151,663,000				151,663,000			151,663,000
Assets Acquired, Net Intangibles			27,044,000				27,044,000			27,044,000
Total Consideration for Disposition of Real Estate												22,000,000
Other real estate acquisitions
Payments to acquire productive assets										3,369,000		2,533,000
Life Science, Medical Office and Post-acute/skilled [Member]
Other real estate acquisitions
Investment Building and Building Improvements															$ 41,000,000
RIDEA III
Acquisition
Cash consideration, net of cash assumed			770,000,000
Consideration, Debt and Other Liabilities Assumed			32,000,000				32,000,000			32,000,000
Consideration, Noncontrolling Interest			29,000,000				29,000,000			29,000,000
Assets Acquired, Real Estate			771,000,000				771,000,000			771,000,000
Assets Acquired, Net Intangibles			53,000,000				53,000,000			53,000,000
Assets Acquired, Working Capital			7,000,000				$ 7,000,000			$ 7,000,000
Net termination fee revenue			$ 8,000,000
Stabilized occupancy rate (as a percent)			80.00%				80.00%			80.00%
Revenue from acquiree since the acquisition date							$ 47,000,000
Income from acquiree since the acquisition date							$ 1,000,000
Business Acquisition, Pro Forma Information [Abstract]
Revenues								644,856,000		$ 1,963,402,000		1,807,405,000
Net income								255,107,000		56,009,000		749,106,000
Net income applicable to HCP, Inc.								$ 251,297,000		$ 46,662,000		$ 736,580,000
Basic earnings per common share (in dollars per share) | $ / shares								$ 0.55		$ 0.10		$ 1.60
Diluted earnings per common share (in dollars per share) | $ / shares								$ 0.55		$ 0.10		$ 1.60
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
HCP Ventures V | Subsequent event
Acquisition
Minority Interest Percentage Of Ownership Sold	49			49
Total Consideration for Disposition of Real Estate				$ 110,000,000
Other real estate acquisitions
Number of properties | property	11
Noncontrolling interest issued (as a percentage)	49			49
HCP Ventures V | Medical office
Acquisition
Cash Paid/Debt Settled					$ 225,000,000

Dispositions of Real Estate a48

Dispositions of Real Estate and Discontinued Operations (Details)	Oct. 06, 2015USD ($)	Sep. 30, 2015USD ($)property	Sep. 30, 2014USD ($)item	Aug. 29, 2014USD ($)property
Operating income from discontinued operations
Rental and related revenues			$ 1,810,000
Operating expenses			54,000
Other expenses, net			20,000
Income before gain on sales of real estate, net of income taxes			1,736,000
Gain on sales of real estate, net of income taxes			$ 28,010,000
Number of properties included in discontinued operations | item			3
Brookdale Senior Living
Dispositions of Real Estate and Land
Carrying value of properties contributed				$ 92,000,000
Senior housing
Dispositions of Real Estate and Land
Number of properties disposed | property		9
Total consideration for disposition of real estate		$ 60,000,000
Post-acute/skilled
Dispositions of Real Estate and Land
Number of properties disposed | item			2
Total consideration for disposition of real estate			$ 22,000,000
Life science
Dispositions of Real Estate and Land
Total consideration for disposition of real estate		11,000,000
Life science | Subsequent event
Dispositions of Real Estate and Land
Total consideration for disposition of real estate	$ 40,000,000
Hospital
Dispositions of Real Estate and Land
Total consideration for disposition of real estate			17,000,000
Medical office
Dispositions of Real Estate and Land
Total consideration for disposition of real estate		$ 400,000	$ 145,000
CCRC JV | Senior housing
Dispositions of Real Estate and Land
Number of properties contributed to joint venture | property				3
Carrying value of properties contributed				$ 92,000,000

Net Investment in Direct Fina49

Net Investment in Direct Financing Leases (Details) $ in Thousands	Apr. 01, 2015USD ($)	Mar. 29, 2015USD ($)property	Oct. 31, 2015USD ($)property	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)property	Mar. 31, 2015USD ($)property	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)property	Sep. 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					$ 26,517,705			$ 26,517,705			$ 24,182,525
Estimated residual values					3,905,685			3,905,685			4,126,426
Less unearned income					(23,532,360)			(23,532,360)			(21,028,617)
Net investment in direct financing leases					$ 6,891,030			$ 6,891,030			$ 7,280,334
Properties subject to direct financing leases | property					362			362			363
Percentage of DFL Portfolio					100.00%			100.00%
DFL income					$ 155,717		$ 165,687	$ 478,976	$ 495,724
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					5,000		6,000	$ 16,000	18,000
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases					6,524,334			6,524,334
Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases					366,696			366,696
Senior housing
Net Investment in Direct Financing Leases
Net investment in direct financing leases					$ 1,574,246			$ 1,574,246
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					$ 367,000			$ 367,000			$ 370,000
Properties subject to direct financing leases | item												14
DFL income					3,000		$ 5,000	12,000	$ 15,000
Senior housing | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases					1,207,550			1,207,550
Senior housing | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases					366,696			366,696
Post-acute/skilled
Net Investment in Direct Financing Leases
Net investment in direct financing leases					$ 5,192,893			$ 5,192,893
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					$ 5,192,893			$ 5,192,893
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
Specified Properties Acquired [Member] | Post-acute/skilled | Subsequent event
Net Investment in Direct Financing Leases
Number of Facilities | property			3
Aggregate purchase price for facilities			$ 87,000

Loans Receivable (Details)

Loans Receivable (Details) $ in Thousands, £ in Millions	Nov. 03, 2014USD ($)	Aug. 29, 2014USD ($)	Oct. 31, 2015USD ($)	Sep. 30, 2015GBP (£)property	Apr. 30, 2015GBP (£)property	Feb. 28, 2015GBP (£)	Feb. 28, 2015USD ($)	Nov. 30, 2014GBP (£)propertyitem	Sep. 30, 2014USD ($)	Sep. 30, 2015GBP (£)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	May. 31, 2015GBP (£)	May. 31, 2015USD ($)	Feb. 28, 2015USD ($)	Dec. 31, 2014USD ($)	Nov. 30, 2014USD ($)	Jun. 30, 2013USD ($)	Jul. 31, 2012USD ($)
Loans Receivable:
Mezzanine													$ 696,877				$ 799,064
Loan receivable, other													90,650				135,363
Unamortized discounts, fees and costs													(8,524)				(14,056)
Allowance for loan losses													(13,410)				(13,410)
Loans receivable, net													$ 765,593				906,961
Percentage of Loan Portfolio				100.00%						100.00%			100.00%
Loans and Leases Receivable, Gross														£ 27	$ 42,000
Performing Loans
Loans Receivable:
Loans receivable, net													$ 748,606
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													90,650				135,363
Loans receivable, net													$ 90,650				135,363
Percentage of Loan Portfolio				12.00%						12.00%			12.00%
Real Estate Secured | Performing Loans
Loans Receivable:
Loans receivable, net													$ 90,650
Other Secured
Loans Receivable:
Mezzanine													696,877				799,064
Unamortized discounts, fees and costs													(8,524)				(14,056)
Allowance for loan losses													(13,410)				(13,410)
Loans receivable, net													$ 674,943				771,598
Remaining commitments to fund development projects											$ 2,000
Percentage of Loan Portfolio				88.00%						88.00%			88.00%
Other Secured | Performing Loans
Loans Receivable:
Loans receivable, net													$ 657,956
Other Secured | Workout Loans
Loans Receivable:
Loans receivable, net													16,987
HC-One Facility
Loans Receivable:
Mezzanine				£ 269						£ 269			408,000
Loan receivable, other								£ 363										$ 574,000
Unamortized discounts, fees and costs				4						4			6,000
Remaining commitments to fund development projects										40	60,000
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				£ 11		£ 108	$ 164,000
Amount of facility converted into sale/leaseback | £					£ 174
Non-call period shortened				17 months
Paydown from disposition proceeds without a prepayment premium | £				£ 34
Number of properties spinoff into a separate joint venture | property				36
Term to retain security over the spinoff properties				2 years
Cash payments received from borrower										£ 29	$ 45,000
Brookdale receivable
Loans Receivable:
Loan receivable, face amount		$ 68,000
Cash payments received from borrower	$ 68,000
Percentage of equity interest as collteral for secured borrowings		20.00%
Initial interest rate (as a percentage)		7.00%
Tandem Health Care Loan
Loans Receivable:
Loan receivable, other													256,000
Loan facility maximum																				$ 205,000
Loan receivable subordinated to senior mortgage debt													$ 382,000
Loan receivable, interest rate payable (as a percent)				11.50%						11.50%			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%						12.00%			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%						14.00%			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%						6.00%			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%						6.00%			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
Delphis | Subsequent event
Loans Receivable:
Cash payments received from borrower			$ 23,000
Loan receivable impairment recovery recognized			$ 6,000

Investments in and Advances t51

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	Sep. 25, 2015USD ($)item	Apr. 20, 2015claim	Mar. 30, 2015USD ($)property	Aug. 29, 2014USD ($)property	Sep. 30, 2015USD ($)	Sep. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures					$ 607,790	$ 607,790	$ 605,448
Number of unconsolidated joint ventures | item						3
Cash paid						$ 770,325
Impairments of investments in unconsolidated joint ventures					(27,234)	$ (27,234)
Brookdale Senior Living
Company owned interests in entities, accounted under equity method:
Number of retirement communities contributed to joint venture | property				8
CCRC JV
Company owned interests in entities, accounted under equity method:
Debt related to retirement communities or properties contributed				$ 569,000
CCRC JV | Senior housing
Company owned interests in entities, accounted under equity method:
Carrying value of properties contributed				92,000
MBK Development JV
Company owned interests in entities, accounted under equity method:
Payment to acquire land	$ 3,000
Number of units to be built | item	74
Brookdale Senior Living
Company owned interests in entities, accounted under equity method:
Cash paid				$ 370,000
Number of retirement communities contributed to joint venture | property				2
Fair value of retirement communities or properties contributed				$ 162,000
Carrying value of properties contributed				$ 92,000
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					$ 447,658	$ 447,658
Investment ownership percentage					49.00%	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					$ 21,238	$ 21,238
Investment ownership percentage					9.00%	9.00%
MBK JV and MBK Development JV
Company owned interests in entities, accounted under equity method:
Number of unconsolidated joint ventures | item						2
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					$ 26,400	$ 26,400
Investment ownership percentage			50.00%		50.00%	50.00%
Number of campuses | property			3
Cash paid			$ 27,000
MBK JV | MBK Senior Living [Member] | Senior housing
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
MBK Development JV
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures					$ 1,824	$ 1,824
Investment ownership percentage					50.00%	50.00%
HCP Ventures III, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures					$ 6,329	$ 6,329
Investment ownership percentage					30.00%	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					$ 24,705	$ 24,705
Investment ownership percentage					20.00%	20.00%
HCP Life Science | Life science
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures					$ 68,834	$ 68,834
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%	50.00%
HCP Life Science | Life science | Maximum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					63.00%	63.00%
Torrey Pines Science Center, LP
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					50.00%	50.00%
Torrey Pines Science Center, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					50.00%	50.00%
Britannia Biotech Gateway, LP
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					55.00%	55.00%
Britannia Biotech Gateway, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					55.00%	55.00%
LASDK, LP
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					63.00%	63.00%
LASDK, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage					63.00%	63.00%
Vintage Park | Senior housing
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures					$ 5,745	$ 5,745
Investment ownership percentage					85.00%	85.00%
Suburban Properties, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures					$ 4,861	$ 4,861
Investment ownership percentage					67.00%	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					$ 196	$ 196
RIDEA I OpCo | CCRC JV
Company owned interests in entities, accounted under equity method:
Number of campuses | property				14

Investments in and Advances t52

Investments in and Advances to Unconsolidated Joint Ventures - Combined Financial Information (Details) - USD ($) $ in Thousands	Oct. 28, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Summarized combined financial information for equity method investments:
Real estate, net		$ 4,987,309		$ 4,987,309		$ 5,134,587
Goodwill and other assets, net		5,238,342		5,238,342		4,986,310
Total assets		10,225,651		10,225,651		10,120,897
Capital lease obligations and mortgage debt		7,205,096		7,205,096		7,197,940
Accounts payable		1,139,955		1,139,955		1,015,912
Other partners' capital		1,241,809		1,241,809		1,281,413
HCP's capital		638,791		638,791		625,632
Total liabilities and partners' capital		10,225,651		10,225,651		$ 10,120,897
Combined basis difference		31,000		31,000
Total revenues		1,126,797	$ 1,082,110	3,435,943	$ 3,209,039
Income (loss) from discontinued operations		2,100	2,000	(3,900)	(6,800)
Net loss		(65,819)	(702)	(77,529)	(4,826)
HCP's share of earnings		8,314	10,168	33,916	39,388
Fees earned by HCP		454	447	1,372	1,340
Distributions received by HCP		16,186	2,113	20,673	5,881
Subsequent Events
Other than temporary impairment charge		27,234		27,234
HCRMC | Subsequent event
Subsequent Events
Investment ownership percentage	9.00%
Other than temporary impairment charge	$ 27,000
HCRMC | Post-acute/skilled
Summarized combined financial information for equity method investments:
Recharacterized DFL income to equity income		$ 14,000	$ 16,000	$ 44,000	$ 47,000
Subsequent Events
Investment ownership percentage		9.00%		9.00%

Intangibles (Details)

Intangibles (Details) - USD ($) $ in Millions	Sep. 30, 2015	Dec. 31, 2014
Intangibles
Intangible assets, gross	$ 948	$ 830
Intangible assets, accumulated amortization	388	349
Intangible liabilities, gross	204	209
Intangible liabilities, accumulated amortization	$ 131	$ 124

Other Assets (Details)

Other Assets (Details) $ in Thousands	1 Months Ended
	Sep. 30, 2015USD ($)item	Jun. 30, 2012GBP (£)	Jun. 30, 2012USD ($)	Dec. 31, 2014USD ($)
Other assets
Straight-line rent receivables, net of allowance of $33,527 and $34,182, respectively	$ 378,295			$ 355,864
Allowance on straight-line rent assets	33,527			34,182
Marketable debt securities	118,019			231,442
Leasing costs, net	158,297			146,500
Deferred financing costs, net	53,750			47,592
Goodwill	50,346			50,346
Other	124,626			108,428
Total other assets	883,333			940,172
Loans receivables	765,593			906,961
Four Seasons Health Care Ltd [Member]
Other assets
Total amount outstanding | £		£ 175,000,000
Brookdale Senior Living
Other assets
Loans receivables	$ 14,000			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	$ 215,000
Portion of debt held, as a percent.		79.00%	79.00%
HCP Ventures IV
Other assets
Loans receivables	$ 21,000			$ 15,000
Loan receivable, interest rate payable (as a percent)	12.00%

Debt (Details)

Debt (Details) £ in Millions	May. 20, 2015USD ($)	Mar. 01, 2015USD ($)	Jan. 21, 2015USD ($)	Jan. 12, 2015GBP (£)	Aug. 14, 2014USD ($)	Jun. 14, 2014USD ($)	Feb. 21, 2014USD ($)	Feb. 01, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)item	Sep. 30, 2015USD ($)item	Dec. 31, 2014USD ($)
Debt Instrument
Bank line of credit											$ 1,000,824,000	$ 838,516,000
Debt instruments, carrying amount											11,050,319,000
Repayments of Lines of Credit									$ 102,063,000
Senior unsecured notes											8,568,729,000	7,626,194,000
2015 (Nine months)											7,542,000
2,016											1,386,722,000
2,017											1,331,891,000
2,018											1,607,407,000
2,019											785,328,000
Thereafter											5,963,170,000
Total debt before discount, net											11,082,060,000
Discounts, net											(31,741,000)
Other debt											$ 94,561,000	$ 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										£ 1,000	1,000,000,000
Line of credit, portion denominated in GBP										£ 242	$ 366,000,000
Weighted-average interest rate (as a percent)										1.52%	1.52%
Debt instruments, carrying amount											$ 1,000,824,000
Repayments of Lines of Credit | £				£ 220
Debt instrument, covenant net worth											9,500,000,000
2,018											1,000,824,000
Total debt before discount, net											1,000,824,000
Term loans
Debt Instrument
Debt instruments, carrying amount										£ 357	540,784,000
2,016											207,528,000
2,019											333,256,000
Total debt before discount, net											540,784,000
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							$ 333,000,000
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											$ 8,568,729,000
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											$ (31,271,000)
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%
Proceeds from Issuance of Long-term Debt	$ 739,000,000
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)										6.21%	6.21%
Debt instruments, carrying amount											$ 939,982,000
Number of healthcare facilities used to secure debt | item										63	63
Debt instrument, collateral, healthcare facilities carrying value											$ 1,200,000,000
Weighted-average maturity									3 years
2015 (Nine months)											7,542,000
2,016											279,194,000
2,017											581,891,000
2,018											6,583,000
2,019											2,072,000
Thereafter											63,170,000
Total debt before discount, net											940,452,000
Discounts, net											$ (470,000)
Mortgage Debt | Minimum
Debt Instrument
Debt Instrument, Interest Rate, Stated Percentage										3.16%	3.16%
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											$ 28,000,000
Non-interest Bearing Life Care Bonds
Debt Instrument
Other debt											$ 67,000,000

Commitment and Contingencies (D

Commitment and Contingencies (Details) - HCP Ventures IV $ in Millions	9 Months Ended
	Sep. 30, 2015USD ($)
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	$ 21
Annual interest rate (as a percent)	12.00%

Equity (Details)

Equity (Details)	Oct. 29, 2015$ / shares	Oct. 07, 2015USD ($)property	Jul. 30, 2015$ / shares	Apr. 30, 2015$ / shares	Jan. 29, 2015$ / shares	Oct. 31, 2015USD ($)$ / sharesshares	Sep. 30, 2015USD ($)item$ / shares	Sep. 30, 2015USD ($)item$ / shares	Sep. 30, 2014$ / shares	Sep. 30, 2015USD ($)item$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Dec. 31, 2014USD ($)
Equity
Common Stock, Dividends, Per Share, Declared | $ / shares			$ 0.565	$ 0.565	$ 0.565			$ 0.565	$ 0.545	$ 1.695	$ 1.635
Company's common stock issuances
Repurchase of common stock										$ 8,006,000	$ 11,599,000
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment							$ (18,844,000)	$ (18,844,000)		(18,844,000)		$ (10,747,000)
Unrealized losses on cash flow hedges, net							(9,932,000)	(9,932,000)		(9,932,000)		(9,624,000)
Supplemental Executive Retirement Plan minimum liability							(3,329,000)	(3,329,000)		(3,329,000)		(3,537,000)
Unrealized gains on available for sale securities							(345,000)	(345,000)		(345,000)		13,000
Total accumulated other comprehensive loss							(32,450,000)	(32,450,000)		(32,450,000)		(23,895,000)
Noncontrolling interests
DownREIT unit, carrying value							186,133,000	$ 186,133,000		$ 186,133,000		$ 188,588,000
Maximum sales under equity offering program							$ 750,000,000
Common stock issued (in shares) | shares										1,250,000
Weighted average price (in dollars per share) | $ / shares							$ 40.58	$ 40.58		$ 40.58
Proceeds from issuance of common stock										$ 50,000,000
Stock issuance fees and commissions										1,000,000
Payments of Stock Issuance Costs										$ 1,000,000
Subsequent event
Equity
Common Stock, Dividends, Per Share, Declared | $ / shares	$ 0.565
Noncontrolling interests
Common stock issued (in shares) | shares						589,000
Weighted average price (in dollars per share) | $ / shares						$ 39.20
Proceeds from issuance of common stock						$ 23,000,000
Stock issuance fees and commissions						350,000
Payments of Stock Issuance Costs						$ 350,000
HCP Ventures V | Subsequent event
Noncontrolling interests
Noncontrolling interest issued (as a percentage)		49				49
Number of Real Estate Properties | property		11
Consideration received from sale of noncontrolling interest in HCP Ventures V		$ 110,000,000
Common Stock
Company's common stock issuances
Dividend Reinvestment and Stock Purchase Plan (in shares) | shares										2,345,000	1,775,000
Conversion of DownREIT units (in shares) | shares										75,000	2,000
Exercise of stock options (in shares) | shares										820,000	131,000
Vesting of restricted stock units (in shares) | shares										382,000	575,000
Repurchase of common stock										$ 178,000	$ 297,000
Noncontrolling interests
Common stock issued (in shares) | shares										4,054,000	2,351,000
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							$ 186,000,000	$ 186,000,000		$ 186,000,000
DownREIT unit, fair value							$ 224,000,000	$ 224,000,000		$ 224,000,000

Segment Disclosures (Details)

Segment Disclosures (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)
Segment reporting information, revenues
Number of reportable segments | item			5
Rental Revenues	$ 482,367	$ 516,461	$ 1,418,714	$ 1,472,056
Resident Fees and Services	155,290	62,213	367,141	138,205
Operating expenses	(173,515)	(99,599)	(441,888)	(254,173)
NOI	464,142	479,075	1,343,967	1,356,088
Non-cash adjustments to NOI	(30,193)	(65,644)	(80,906)	(132,499)
Adjusted (Cash) NOI	433,949	413,431	1,263,061	1,223,589
Interest Income	19,842	17,517	89,049	51,150
Portfolio Income	453,791	430,948	1,352,110	1,274,739
Addback non-cash adjustments	30,193	65,644	80,906	132,499
Investment management fee income	454	447	1,372	1,340
Interest expense	(122,157)	(111,275)	(357,569)	(324,755)
Depreciation and amortization expense	(134,704)	(122,975)	(369,629)	(343,496)
General and administrative expenses	(20,534)	(19,479)	(74,152)	(62,034)
Acquisition and pursuit costs	(1,553)	(5,475)	(23,350)	(13,376)
Impairments	(69,622)		(592,921)
Gain on sales of real estate, net of income taxes	52		6,377
Other (expense) income, net	(1,026)	3,111	11,753	5,750
Income tax benefit (expense)	1,980	(55)	6,620	(2,840)
Equity income from unconsolidated joint ventures	8,314	10,168	33,916	39,388
Impairments of investments in unconsolidated joint ventures	(27,234)		(27,234)
Discontinued operations				29,746
Net income	117,954	251,059	48,199	736,961
Senior housing
Segment reporting information, revenues
Rental Revenues	131,267	183,834	382,559	485,823
Resident Fees and Services	155,290	62,213	367,141	138,205
Operating expenses	(111,167)	(43,017)	(263,191)	(92,388)
NOI	175,390	203,030	486,509	531,640
Non-cash adjustments to NOI	(6,141)	(47,518)	(11,316)	(72,277)
Adjusted (Cash) NOI	169,249	155,512	475,193	459,363
Interest Income	2,411	3,919	22,042	10,633
Portfolio Income	171,660	159,431	497,235	469,996
Post-acute/skilled
Segment reporting information, revenues
Rental Revenues	132,650	139,205	404,121	415,533
Operating expenses	(531)	(534)	(1,602)	(1,599)
NOI	132,119	138,671	402,519	413,934
Non-cash adjustments to NOI	(20,362)	(16,693)	(57,522)	(51,752)
Adjusted (Cash) NOI	111,757	121,978	344,997	362,182
Interest Income	17,431	13,598	67,007	40,517
Portfolio Income	129,188	135,576	412,004	402,699
Life science
Segment reporting information, revenues
Rental Revenues	86,140	79,450	255,100	233,113
Operating expenses	(17,785)	(16,637)	(51,718)	(46,247)
NOI	68,355	62,813	203,382	186,866
Non-cash adjustments to NOI	(2,613)	(2,091)	(8,433)	(7,976)
Adjusted (Cash) NOI	65,742	60,722	194,949	178,890
Portfolio Income	65,742	60,722	194,949	178,890
Medical office
Segment reporting information, revenues
Rental Revenues	109,915	92,412	310,805	273,215
Operating expenses	(43,432)	(38,459)	(122,469)	(111,140)
NOI	66,483	53,953	188,336	162,075
Non-cash adjustments to NOI	(1,363)	528	(4,399)	(795)
Adjusted (Cash) NOI	65,120	54,481	183,937	161,280
Portfolio Income	65,120	54,481	183,937	161,280
Hospital
Segment reporting information, revenues
Rental Revenues	22,395	21,560	66,129	64,372
Operating expenses	(600)	(952)	(2,908)	(2,799)
NOI	21,795	20,608	63,221	61,573
Non-cash adjustments to NOI	286	130	764	301
Adjusted (Cash) NOI	22,081	20,738	63,985	61,874
Portfolio Income	$ 22,081	$ 20,738	$ 63,985	$ 61,874

Segment Disclosures - Assets (D

Segment Disclosures - Assets (Details) - USD ($) $ in Thousands		Sep. 30, 2015	Dec. 31, 2014
Segment Disclosure
Total assets	[1]	$ 22,192,973	$ 21,369,940
Goodwill		50,346	50,346
Operating segment
Segment Disclosure
Gross assets		24,136,888	23,042,397
Accumulated depreciation and amortization		(2,895,184)	(2,600,072)
Total assets		21,241,704	20,442,325
Operating segment | Senior housing
Segment Disclosure
Gross assets		9,490,110	8,383,345
Goodwill		31,000	31,000
Operating segment | Post-acute/skilled
Segment Disclosure
Gross assets		6,368,064	6,875,122
Goodwill		3,000	3,000
Operating segment | Life science
Segment Disclosure
Gross assets		4,198,937	4,154,789
Operating segment | Medical office
Segment Disclosure
Gross assets		3,439,970	2,988,888
Goodwill		11,000	11,000
Operating segment | Hospital
Segment Disclosure
Gross assets		639,807	640,253
Goodwill		5,000	5,000
Other non-segment
Segment Disclosure
Total assets		$ 951,269	$ 927,615
[1]	HCP, Inc.’s consolidated total assets at September 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 September 30, 2015 include VIE assets as follows: buildings and improvements $770 million; land $125 million; accumulated depreciation and amortization $128 million; accounts receivable $15 million; cash $61 million; intangible assets, net $31 million; and other assets, net $13 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 $23 million. See Note 18 to the Consolidated Financial Statements for additional information.

Impairments - Equity Method Inv

Impairments - Equity Method Investments (Details) $ in Thousands, £ in Millions	Oct. 28, 2015USD ($)	Mar. 31, 2015USD ($)	Sep. 30, 2015USD ($)	Jun. 30, 2015USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)	Sep. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Investment Impairments
Other than temporary impairment charge			$ 27,234		$ 27,234
Held-to-maturity Securities							$ 118,019	$ 231,442
Four Seasons | Discounted cash flow valuation technique | Level 2
Investment Impairments
Other than temporary impairment charge			$ 70,000	$ 42,000
Held-to-maturity Securities						£ 66	$ 100,000
HCRMC | Subsequent event
Investment Impairments
Investment ownership percentage	9.00%
Other than temporary impairment charge	$ 27,000
Carrying value, equity method investments before impairment	48,000
HCRMC | Discounted cash flow valuation technique | Subsequent event
Investment Impairments
Fair value of investment	$ 21,000
HCRMC | Discounted cash flow valuation technique | Level 3
Investment Impairments
Impairment of Leasehold		$ 478,000

Impairments - Real Estate (Deta

Impairments - Real Estate (Details) - USD ($)	1 Months Ended
	Sep. 30, 2015	Jul. 31, 2015	Dec. 31, 2014
Property impairments
Carrying value of aggregate investments	$ 12,384,413,000		$ 10,972,973,000
Medical office | Level 2
Property impairments
Real estate impairment charges	3,000,000
Carrying value of aggregate investments	$ 400,000
Real estate sold		$ 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		9 Months Ended
	Sep. 30, 2015USD ($)item$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares	Sep. 30, 2015USD ($)$ / sharesshares	Sep. 30, 2014USD ($)$ / sharesshares
Numerator
Income (loss) from continuing operations	$ 117,954	$ 251,059	$ 48,199	$ 707,215
Noncontrolling interests' share in continuing operations	(2,592)	(3,405)	(8,566)	(10,134)
Income (loss) from continuing operations applicable to HCP	115,362	247,654	39,633	697,081
Participating securities' share in earnings	(316)	(446)	(1,020)	(1,999)
Income (loss) from continuing operations applicable to common shares	115,046	247,208	38,613	695,082
Discontinued operations				29,746
Noncontrolling interests' share in discontinued operations				(1,177)
Net income applicable to common shares	$ 115,046	$ 247,208	$ 38,613	$ 723,651
Denominator
Basic weighted average common shares | shares	463,337	458,799	462,039	458,119
Dilutive potential common shares | shares	249	342	263	354
Diluted weighted average common shares | shares	463,586	459,141	462,302	458,473
Basic earnings per common share
Income (loss) from continuing operations (in dollars per share) | $ / shares	$ 0.25	$ 0.54	$ 0.08	$ 1.52
Discontinued operations (in dollars per share) | $ / shares				0.06
Net income applicable to common shares (in dollars per share) | $ / shares	0.25	0.54	0.08	1.58
Diluted earnings per common share
Income (loss) from continuing operations (in dollars per share) | $ / shares	0.25	0.54	0.08	1.52
Discontinued operations (in dollars per share) | $ / shares				0.06
Net income applicable to common shares (in dollars per share) | $ / shares	$ 0.25	$ 0.54	$ 0.08	$ 1.58
Common Stock Options
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation | shares	1,200	1,100
Down REIT
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation | shares	6,000
DownREIT LLCs, non-managing member units outstanding | item	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	300	100

Supplemental Cash Flow Inform63

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 393,095	$ 359,483
Income taxes paid	4,808	4,282
Capitalized interest	5,995	8,185
Supplemental schedule of non-cash investing activities:
Accrued construction costs	46,104	28,933
Loan originated in connection with Brookdale Transaction		67,640
Real estate contributed to CCRC-JV		91,603
Settlement of loans receivable as consideration for real estate acquisition	346,745	32,000
Tenant funded tenant improvements owned by HCP	17,552
Supplemental schedule of non-cash financing activities:
Vesting of restricted stock units	382	575
Cancellation of restricted stock		(1)
Conversion of non-managing member units into common stock	2,454	73
Noncontrolling interest issued in connection with Brookdale Transaction		46,751
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		1,671
Other liabilities assumed with real estate acquisitions	21,076	1,734
Unrealized (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	$ (647)	$ 1,824

Variable Interest Entities (Det

Variable Interest Entities (Details) $ in Thousands	1 Months Ended	9 Months Ended
	Sep. 30, 2015USD ($)item	Sep. 30, 2015USD ($)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	$ 765,593	$ 765,593	$ 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	$ 234,246	$ 234,246
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount	234,246	$ 234,246
Ownership percentage (as a percent)		49.00%
HCP Ventures IV
Company's involvement with VIEs:
Maximum Loss Exposure	152,415	$ 152,415
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount	45,416	$ 45,416
Loans receivables	21,000	21,000
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	5,745	$ 5,745
Assets/liability type		Investments in unconsolidated joint ventures
Carrying amount	5,745	$ 5,745
Ownership percentage (as a percent)		85.00%
VIE tenants-operating leases
Company's involvement with VIEs:
Maximum Loss Exposure	11,299	$ 11,299
Assets/liability type		Lease intangibles, net and straight-line rent receivables
Carrying amount	11,299	$ 11,299
VIE tenants-DFLs
Company's involvement with VIEs:
Maximum Loss Exposure	600,235	$ 600,235
Assets/liability type		Net investment in DFLs
Carrying amount	600,235	$ 600,235
Four Seasons
Company's involvement with VIEs:
Maximum Loss Exposure	100,348	$ 100,348
Assets/liability type		Marketable debt securities
Carrying amount	100,348	$ 100,348
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	17,751	$ 17,751
Assets/liability type		Marketable debt securities
Carrying amount	$ 17,751	$ 17,751
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		9 Months Ended		12 Months Ended
		Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)item	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Concentration of risk
Number of RIDEA joint ventures | item				3
Balance Sheets:
Real estate and other property, net		$ 12,249,349		$ 12,249,349		$ 10,886,887
Cash and cash equivalents		120,498	$ 83,531	120,498	$ 83,531	183,810	$ 300,556
Goodwill, intangible and other assets, net		883,333		883,333		940,172
Total assets	[1]	22,192,973		22,192,973		21,369,940
Accounts payable, accrued liabilities and other		401,838		401,838		432,934
Total equity		10,460,457	11,036,174	10,460,457	11,036,174	10,997,099	$ 10,931,134
Total liabilities and equity		22,192,973		22,192,973		21,369,940
Income Statements:
Revenues		657,953	596,638	1,876,276	1,662,751
Operating, general and administrative expense		(173,515)	(99,599)	(441,888)	(254,173)
Depreciation and amortization expense		(134,704)	(122,975)	(369,629)	(343,496)
Interest expense		(122,157)	(111,275)	(357,569)	(324,755)
Other income, net		(974)	3,111	18,130	5,750
Loss on disposal of assets		52		6,377
Income tax (benefit) expense		(1,980)	55	(6,620)	2,840
Income (loss) from continuing operations		117,954	251,059	48,199	707,215
Income (loss) from discontinued operations, net of taxes					29,746
Net income		117,954	251,059	$ 48,199	736,961
Brookdale Senior Living | Maximum
Income Statements:
Management fees as percentage of gross revenues				5.00%
Brookdale Senior Living | Minimum
Income Statements:
Management fees as percentage of gross revenues				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		2,641,100		$ 2,641,100		2,934,400
Cash and cash equivalents		150,500		150,500		127,900
Goodwill, intangible and other assets, net		4,820,600		4,820,600		4,621,700
Total assets		7,612,200		7,612,200		7,684,000
Debt and financing obligations		6,049,300		6,049,300		6,108,300
Accounts payable, accrued liabilities and other		975,300		975,300		932,700
Total equity		587,600		587,600		643,000
Total liabilities and equity		7,612,200		7,612,200		$ 7,684,000
Income Statements:
Revenues		1,009,600	1,026,000	3,091,100	3,101,800
Operating, general and administrative expense		(885,700)	(881,300)	(2,667,800)	(2,676,500)
Depreciation and amortization expense		(33,300)	(35,700)	(104,600)	(106,000)
Interest expense		(119,700)	(101,600)	(339,900)	(305,900)
Other income, net		2,600	800	7,500	5,400
Loss on disposal of assets		(76,000)	(1,400)	(76,000)	(1,400)
(Loss) income from continuing operations before income tax expense		(102,500)	6,800	(89,700)	17,400
Income tax (benefit) expense		(44,400)	3,100	(38,800)	7,400
Income (loss) from continuing operations		(58,100)	3,700	(50,900)	10,000
Income (loss) from discontinued operations, net of taxes		2,100	2,000	(3,900)	(6,800)
Net income		(56,000)	5,700	(54,800)	3,200
Senior housing
Income Statements:
Operating, general and administrative expense		(111,167)	(43,017)	(263,191)	(92,388)
Post-acute/skilled
Income Statements:
Operating, general and administrative expense		$ (531)	$ (534)	$ (1,602)	$ (1,599)
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)				82.00%		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)				28.00%		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)		9.00%	13.00%	10.00%	15.00%
Revenue | Tenants and Operators | HCRMC
Concentration of risk
Concentration risk (as a percent)		21.00%	25.00%	23.00%	27.00%
Revenue | Tenants and Operators | Senior housing | Brookdale Senior Living
Concentration of risk
Concentration risk (as a percent)		21.00%	32.00%	24.00%	40.00%
Revenue | Tenants and Operators | Senior housing | HCRMC
Concentration of risk
Concentration risk (as a percent)		7.00%	7.00%	8.00%	9.00%
Revenue | Tenants and Operators | Post-acute/skilled | HCRMC
Concentration of risk
Concentration risk (as a percent)		81.00%	86.00%
[1]	HCP, Inc.’s consolidated total assets at September 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 September 30, 2015 include VIE assets as follows: buildings and improvements $770 million; land $125 million; accumulated depreciation and amortization $128 million; accounts receivable $15 million; cash $61 million; intangible assets, net $31 million; and other assets, net $13 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 $23 million. See Note 18 to the Consolidated Financial Statements for additional information.

Fair Value Measurements - recur

Fair Value Measurements - recurring basis (Details) - USD ($) $ in Thousands	1 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Fair value assets and liabilities measured on recurring basis:
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Asset Transfers Into Level 3	$ 2,000
Exercise of warrants classified as Level 3 within the fair value hierarchy in exchange for marketable equity securities classified as Level 1	2,000
Fair value on a recurring basis | Level 1
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	1,254
Fair value on a recurring basis | Level 2 | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative liabilities	7,655
Fair value on a recurring basis | Level 2 | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,118
Fair value on a recurring basis | Level 3 | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	43
Fair Value
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities		$ 43
Fair Value | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,118	929
Fair Value | Level 1
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	1,254
Fair Value | Level 2 | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative assets		178
Derivative liabilities	7,655	7,663
Fair Value | Level 3 | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	43	$ 2,220
Fair Value | Fair value on a recurring basis
Fair value assets and liabilities measured on recurring basis:
Marketable equity securities	1,254
Fair Value | Fair value on a recurring basis | Interest-rate swap contracts
Fair value assets and liabilities measured on recurring basis:
Derivative liabilities	7,655
Fair Value | Fair value on a recurring basis | Currency Swap
Fair value assets and liabilities measured on recurring basis:
Derivative assets	1,118
Fair Value | Fair value on a recurring basis | Warrants
Fair value assets and liabilities measured on recurring basis:
Derivative assets	$ 43

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Summary of financial instruments
Bank line of credit	$ 1,000,824	$ 838,516
Senior unsecured notes	8,568,729	7,626,194
Mortgage debt	939,982	984,431
Other debt	94,561	97,022
Carrying Value
Summary of financial instruments
Loans receivable, net	765,593	906,961
Marketable debt securities	118,019	231,442
Marketable equity securities	1,254	43
Bank line of credit	1,000,824	838,516
Term loan	540,784	213,610
Senior unsecured notes	8,568,729	7,626,194
Mortgage debt	939,982	984,431
Other debt	94,561	97,022
Carrying Value | Warrants
Summary of financial instruments
Derivative assets	43	2,220
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative assets		178
Derivative liabilities	7,655	7,663
Carrying Value | Currency Swap
Summary of financial instruments
Derivative assets	1,118	929
Fair Value
Summary of financial instruments
Marketable equity securities		43
Bank line of credit	1,000,824	838,516
Fair Value | Level 1
Summary of financial instruments
Marketable debt securities	118,019	252,125
Marketable equity securities	1,254
Senior unsecured notes	8,865,860	8,187,458
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	779,525	898,522
Term loan	540,784	213,610
Mortgage debt	984,286	1,025,091
Other debt	94,561	97,022
Fair Value | Warrants | Level 3
Summary of financial instruments
Derivative assets	43	2,220
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative assets		178
Derivative liabilities	7,655	7,663
Fair Value | Currency Swap
Summary of financial instruments
Derivative assets	$ 1,118	$ 929

Derivative Financial Instrume68

Derivative Financial Instruments (Details) £ in Thousands, $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)	Sep. 30, 2015GBP (£)item	Sep. 30, 2015USD ($)item	Jan. 12, 2015GBP (£)	Jan. 12, 2015USD ($)	Jul. 27, 2012GBP (£)	Jul. 27, 2012USD ($)
Derivative
Semi-annual buy (sell) amount				£ 1,000	$ 1,500
Exchange rate GBP/USD				1.5149	1.5149
Gains or losses recorded to accumulated other comprehensive loss reclassified to earnings	$ 0
Reclassification out of Accumulated Other Comprehensive Income
Effects of Change in Interest Rates
Reclassification of unrealized gains into other income (expense), discontinuation	400
Cash flow hedge
Effects of Change in Interest Rates
Reclassification of unrealized gains into other income (expense), ineffectiveness	400
Net Investment Hedging
Derivative
Notional amount | £		£ 260,000
Interest rate swap, entered in July 2005, maturity in July 2020
Effects of Change in Interest Rates
+50 Basis Points	1,108
-50 Basis Points	(958)
+100 Basis Points	2,142
-100 Basis Points	(1,992)
Interest rate swap, entered in July 2005, maturity in July 2020 | BMA Swap Index
Derivative
Notional amount			$ 45,600
Fair value of hedge, liabilities			$ (6,087)
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	132
-50 Basis Points	(131)
+100 Basis Points	263
-100 Basis Points	(262)
Interest rate swap, entered in November 2008, maturity in October 2016 | LIBOR
Derivative
Notional amount			$ 25,200
Fair value of hedge, liabilities			$ (1,063)
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	802
-50 Basis Points	(664)
+100 Basis Points	1,546
-100 Basis Points	(1,386)
Interest rate swap, entered in July 2012, maturity in June 2016 | GBP LIBOR
Derivative
Notional amount | £		£ 137,000
Fair value of interest rate hedge, assets			$ (77)
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
Effects of Change in Interest Rates
+50 Basis Points	3,234
-50 Basis Points	(3,650)
+100 Basis Points	6,676
-100 Basis Points	(7,092)
Interest rate swap, entered in January 2015, maturity in October 2017 | GBP LIBOR
Derivative
Notional amount | £		£ 220,000
Fair value of interest rate hedge, assets			$ (428)
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%
Floating/Exchange Rate Index, percentage		0.975%	0.975%
Currency swap, entered in July 2012, maturity in June 2016
Derivative
Notional amount | £		£ 14,500
Fair value of foreign currency derivative instruments not designated as hedging instruments, assets			$ 835
Effects of Change in Interest Rates
+50 Basis Points	(123)
-50 Basis Points	96
+100 Basis Points	(233)
-100 Basis Points	205
Currency swap, entered in July 2012, maturity in June 2016 | Cash flow hedge
Derivative
Buy (sell) amount | £		£ 7,200
Semi-annual buy (sell) amount			$ 22,700			£ 7,000	$ 11,000
Exchange rate GBP/USD		1.5695	1.5695			1.5695	1.5695
Currency swap, entered July 2014, maturity in December 2015
Derivative
Notional amount | £		£ 1,100
Fair value of foreign currency hedge, assets			$ 212
Effects of Change in Interest Rates
+50 Basis Points	(9)
-50 Basis Points	8
+100 Basis Points	(17)
-100 Basis Points	16
Currency swap, entered July 2014, maturity in December 2015 | Cash flow hedge
Derivative
Buy (sell) amount | £		£ 400
Semi-annual buy (sell) amount			$ 1,900
Exchange rate GBP/USD		1.7060	1.7060
Currency swap, entered in January 2015, maturity in October 2017
Derivative
Notional amount | £		£ 26,300
Fair value of hedge, liabilities			$ (72)
Effects of Change in Interest Rates
+50 Basis Points	(226)
-50 Basis Points	172
+100 Basis Points	(424)
-100 Basis Points	$ 371
Currency swap, entered in January 2015, maturity in October 2017 | Cash flow hedge
Derivative
Buy (sell) amount | £		£ 1,000
Semi-annual buy (sell) amount			$ 39,800
Exchange rate GBP/USD		1.5149	1.5149