Healthpeak Properties (DOC) 10-Q 1 Aug 17 2017 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2017	Jul. 28, 2017
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765,880
Document Type	10-Q
Document Period End Date	Jun. 30, 2017
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		468,963,146
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Jun. 30, 2017	Dec. 31, 2016
Real Estate:
Buildings and improvements	$ 11,114,139,000	$ 11,692,654,000
Development costs and construction in progress	444,528,000	400,619,000
Land	1,765,305,000	1,881,487,000
Accumulated depreciation and amortization	(2,672,489,000)	(2,648,930,000)
Net real estate	10,651,483,000	11,325,830,000
Net investment in direct financing leases	711,777,000	752,589,000
Loans receivable, net	393,575,000	807,954,000
Investments in and advances to unconsolidated joint ventures	829,231,000	571,491,000
Accounts receivable, net of allowance of $4,104 and $4,459, respectively	36,969,000	45,116,000
Cash and cash equivalents	391,965,000	94,730,000
Restricted cash	61,481,000	42,260,000
Intangible assets, net	414,404,000	479,805,000
Assets held for sale, net	0	927,866,000
Other assets, net	611,690,000	711,624,000
Total assets	14,102,575,000	15,759,265,000
LIABILITIES AND EQUITY
Bank line of credit	136,311,000	899,718,000
Term loans	218,832,000	440,062,000
Senior unsecured notes	6,889,045,000	7,133,538,000
Mortgage debt	146,337,000	623,792,000
Other debt	94,801,000	92,385,000
Intangible liabilities, net	51,463,000	58,145,000
Liabilities of assets held for sale, net	0	3,776,000
Accounts payable and accrued liabilities	389,690,000	417,360,000
Deferred revenue	147,155,000	149,181,000
Total liabilities	8,073,634,000	9,817,957,000
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 468,879,344 and 468,081,489 shares issued and outstanding, respectively	468,879,000	468,081,000
Additional paid-in capital	8,216,781,000	8,198,890,000
Cumulative dividends in excess of earnings	(2,956,324,000)	(3,089,734,000)
Accumulated other comprehensive loss	(27,289,000)	(29,642,000)
Total stockholders' equity	5,702,047,000	5,547,595,000
Joint venture partners	149,456,000	214,377,000
Non-managing member unitholders	177,438,000	179,336,000
Total noncontrolling interests	326,894,000	393,713,000
Total equity	6,028,941,000	5,941,308,000
Total liabilities and equity	$ 14,102,575,000	$ 15,759,265,000

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 4,104	$ 4,459
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	468,879,344	468,081,489
Common stock, shares outstanding	468,879,344	468,081,489

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental and related revenues	$ 263,820	$ 292,168	$ 550,038	$ 582,548
Tenant recoveries	35,259	33,531	68,934	64,906
Resident fees and services	125,416	164,202	265,648	329,965
Income from direct financing leases	13,564	15,647	27,276	30,557
Interest income	20,869	32,787	39,200	50,816
Total revenues	458,928	538,335	951,096	1,058,792
Costs and expenses:
Interest expense	77,788	121,333	164,506	243,395
Depreciation and amortization	130,751	139,919	267,305	279,774
Operating	153,163	179,080	312,244	355,037
General and administrative	21,286	22,779	43,764	48,230
Acquisition and pursuit costs	867	823	1,924	3,298
Impairment	56,682	0	56,682	0
Total costs and expenses	440,537	463,934	846,425	929,734
Other income:
Gain on sales of real estate, net	412	119,614	317,670	119,614
Other income, net	71	2,340	51,279	3,632
Total other income, net	483	121,954	368,949	123,246
Income before income taxes and equity income (loss) from unconsolidated joint ventures	18,874	196,355	473,620	252,304
Income tax benefit (expense)	2,987	2,179	9,149	(1,525)
Equity income (loss) from unconsolidated joint ventures	240	(1,067)	3,509	(1,975)
Income from continuing operations	22,101	197,467	486,278	248,804
Discontinued operations:
Income before income taxes	0	107,551	0	225,293
Income taxes	0	(176)	0	(49,510)
Total discontinued operations	0	107,375	0	175,783
Net income	22,101	304,842	486,278	424,587
Noncontrolling interests' share in earnings	(2,718)	(3,125)	(5,750)	(6,751)
Net income attributable to HCP, Inc.	19,383	301,717	480,528	417,836
Participating securities' share in earnings	(100)	(342)	(674)	(651)
Net income applicable to common shares	$ 19,283	$ 301,375	$ 479,854	$ 417,185
Basic earnings per common share:
Continuing operations (in dollars per share)	$ 0.04	$ 0.42	$ 1.02	$ 0.52
Discontinued operations (in dollars per share)	0	0.23	0	0.37
Net income applicable to common shares (in dollars per share)	0.04	0.65	1.02	0.89
Diluted earnings per common share:
Continuing operations (in dollars per share)	0.04	0.42	1.02	0.52
Discontinued operations (in dollars per share)	0	0.22	0	0.37
Net income applicable to common shares (in dollars per share)	$ 0.04	$ 0.64	$ 1.02	$ 0.89
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	468,646	467,084	468,474	466,579
Diluted (in shares)	468,839	471,425	473,366	466,777
Dividends declared per common share (in dollars per share)	$ 0.37	$ 0.575	$ 0.74	$ 1.15

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 22,101	$ 304,842	$ 486,278	$ 424,587
Other comprehensive income (loss):
Change in net unrealized (losses) gains on securities	(3)	10	6	(5)
Change in net unrealized gains (losses) on cash flow hedges:
Unrealized (losses) gains	(6,131)	1,038	(6,433)	348
Reclassification adjustment realized in net income	(193)	171	20	340
Change in Supplemental Executive Retirement Plan obligation	74	71	148	141
Foreign currency translation adjustment	7,622	(355)	8,612	(1,092)
Total other comprehensive income (loss)	1,369	935	2,353	(268)
Total comprehensive income	23,470	305,777	488,631	424,319
Total comprehensive income attributable to noncontrolling interests	(2,718)	(3,125)	(5,750)	(6,751)
Total comprehensive income attributable to HCP, Inc.	$ 20,752	$ 302,652	$ 482,881	$ 417,568

CONSOLIDATED STATEMENTS OF EQUI

CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Cumulative Dividends In Excess Of Earnings	Accumulated Other Comprehensive Loss	Total Stockholders’ Equity	Total Noncontrolling Interests
Balance at Dec. 31, 2015	$ 9,746,317	$ 465,488	$ 11,647,039	$ (2,738,414)	$ (30,470)	$ 9,343,643	$ 402,674
Balance (in shares) at Dec. 31, 2015		465,488
Increase (Decrease) in Stockholders' Equity
Net income	424,587			417,836		417,836	6,751
Other comprehensive income	(268)				(268)	(268)
Issuance of common stock, net	43,072	$ 1,715	41,357			43,072
Issuance of common stock, net (in shares)		1,715
Conversion of DownREIT units to common stock		$ 120	4,902			5,022	(5,022)
Conversion of DownREIT units (in shares)		120
Repurchase of common stock	(3,874)	$ (109)	(3,765)			(3,874)
Repurchase of common stock (in shares)		(109)
Exercise of stock options	2,852	$ 111	2,741			2,852
Exercise of stock options (in shares)		111
Amortization of deferred compensation	9,505		9,505			9,505
Common dividends	(537,061)			(537,061)		(537,061)
Distributions to noncontrolling interests	(12,473)		(36)			(36)	(12,437)
Issuance of noncontrolling interests	3,225						3,225
Deconsolidation of noncontrolling interests	506		(36)	475		439	67
Balance at Jun. 30, 2016	9,676,388	$ 467,325	11,701,707	(2,857,164)	(30,738)	9,281,130	395,258
Balance (in shares) at Jun. 30, 2016		467,325
Balance at Dec. 31, 2016	5,941,308	$ 468,081	8,198,890	(3,089,734)	(29,642)	5,547,595	393,713
Balance (in shares) at Dec. 31, 2016		468,081
Increase (Decrease) in Stockholders' Equity
Net income	486,278			480,528		480,528	5,750
Other comprehensive income	2,353				2,353	2,353
Issuance of common stock, net	13,293	$ 850	12,443			13,293
Issuance of common stock, net (in shares)		850
Conversion of DownREIT units to common stock		$ 68	2,003			2,071	(2,071)
Conversion of DownREIT units (in shares)		68
Repurchase of common stock	(4,361)	$ (141)	(4,220)			(4,361)
Repurchase of common stock (in shares)		(141)
Exercise of stock options	594	$ 21	573			594
Exercise of stock options (in shares)		21
Amortization of deferred compensation	7,092		7,092			7,092
Common dividends	(347,118)			(347,118)		(347,118)
Distributions to noncontrolling interests	(13,087)						(13,087)
Issuance of noncontrolling interests	650						650
Deconsolidation of noncontrolling interests	(58,061)						(58,061)
Balance at Jun. 30, 2017	$ 6,028,941	$ 468,879	$ 8,216,781	$ (2,956,324)	$ (27,289)	$ 5,702,047	$ 326,894
Balance (in shares) at Jun. 30, 2017		468,879

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.37	$ 0.575	$ 0.74	$ 1.15

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Cash flows from operating activities:
Net income	$ 486,278	$ 424,587
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization of real estate, in-place lease and other intangibles: Continuing operations	267,305	279,774
Depreciation and amortization of real estate, in-place lease and other intangibles: Discontinued operations	0	2,934
Amortization of deferred compensation	7,092	9,505
Amortization of deferred financing costs	7,702	10,561
Straight-line rents	(8,176)	(11,117)
Equity (income) loss from unconsolidated joint ventures	(3,509)	1,975
Distributions of earnings from unconsolidated joint ventures	18,528	3,202
Gain on sales of real estate, net	(317,670)	(119,614)
Allowance for loan losses	56,682	0
Deferred income tax (benefit) expense	(12,472)	49,156
Foreign exchange and other gains, net	(845)	(91)
Gain on sale of marketable securities	(50,895)	0
Other non-cash items	(1,478)	(1,502)
Changes in:
Accounts receivable, net	(2,002)	(2,871)
Other assets, net	(6,775)	(2,892)
Accounts payable and accrued liabilities	(8,176)	23,305
Net cash provided by operating activities	431,589	666,912
Cash flows from investing activities:
Acquisitions of real estate	(26,446)	(94,271)
Development of real estate	(157,898)	(204,624)
Leasing costs and tenant and capital improvements	(48,575)	(41,161)
Proceeds from sales of real estate, net	1,195,860	96,652
Contributions to unconsolidated joint ventures	(21,302)	(10,156)
Distributions in excess of earnings from unconsolidated joint ventures	1,609	6,421
Net proceeds from the RIDEA II transaction (Note 4)	480,614	0
Proceeds from the sales of Four Seasons investments	135,538	0
Principal repayments on direct financing leases, loans receivable and other	414,221	205,576
Investments in loans receivable and other	(18,433)	(122,113)
Decrease in restricted cash	2,398	10,058
Net cash provided by (used in) investing activities	1,957,586	(153,618)
Cash flows from financing activities:
Net (repayments) borrowings under bank line of credit	(441,581)	642,898
Repayments under bank line of credit	(339,826)	(135,000)
Repayment of term loans	(234,459)	0
Repayments of senior unsecured notes	(250,000)	(500,000)
Issuance of mortgage and other debt	5,395	0
Repayments of mortgage and other debt	(481,667)	(246,387)
Issuance of common stock and exercise of options	13,887	45,924
Repurchase of common stock	(4,361)	(3,874)
Dividends paid on common stock	(347,118)	(537,061)
Issuance of noncontrolling interests	650	3,225
Distributions to noncontrolling interests	(13,087)	(12,473)
Net cash used in financing activities	(2,092,167)	(742,748)
Effect of foreign exchange on cash and cash equivalents	227	(596)
Net increase (decrease) in cash and cash equivalents	297,235	(230,050)
Cash and cash equivalents, beginning of period	94,730	346,500
Cash and cash equivalents, end of period	$ 391,965	$ 116,450

Business

Business	6 Months Ended
	Jun. 30, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business HCP, Inc., a Standard & Poor’s (“S&P”) 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) which, 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 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 reportable healthcare segments: (i) senior housing triple-net; (ii) senior housing operating portfolio (“SHOP”); (iii) life science and (iv) medical office.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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 consolidated financial statements and the reported amounts of revenue 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 (“JVs”) and variable interest entities ("VIEs") that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . 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, 2016 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”). Real Estate On January 1, 2017 the Company adopted Accounting Standards Update (“ASU”) No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the Financial Accounting Standards Board’s (“FASB”) definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset, or a group of assets, or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If this initial test is not met, a set cannot be considered a business unless it includes an acquired input and a substantive process that together significantly contribute to the ability to create outputs. In addition, ASU 2017-01 clarifies the requirements for a set of activities to be considered a business and narrows the definition of an output. This ASU is to be applied prospectively and the Company expects that a majority of its future real estate acquisitions and dispositions will be deemed asset transactions rather than business combinations. As a result, for asset acquisitions the Company will record identifiable assets acquired, liabilities assumed and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill will be recognized, third party transaction costs will be capitalized and any associated contingent consideration will be recorded when the contingency is resolved. Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) life science and (iv) medical office. Prior to the third quarter of 2016, the Company had five reportable segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. During the third quarter of 2016, primarily as a result of the planned spin-off of Quality Care Properties, Inc. (“QCP”) (NYSE:QCP), the Company revised its operating analysis structure and changed its reportable segments. The Company believes the change to its reportable segments is appropriate and consistent with how its chief operating decision makers review the Company’s operating results and determine resource allocations. Accordingly, all prior period segment information has been reclassified to conform to the current period presentation. Reclassifications Certain amounts in the Company’s consolidated financial statements have been reclassified for prior periods to conform to the current period presentation. Certain prior period amounts have been reclassified on consolidated statements of operations for discontinued operations (see Note 4). See Segment Reporting above for additional reclassifications. Recent Accounting Pronouncements In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). The amendments in ASU 2017-05 clarify the scope of the FASB’s recently established guidance on nonfinancial asset derecognition which applies to the derecognition of all nonfinancial assets and in-substance nonfinancial assets. In addition, ASU 2017-05 clarifies the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets to align with the new revenue recognition standard (see below). ASU 2017-05 is effective for annual periods beginning after December 15, 2017, including interim periods within, and must be adopted in conjunction with the Revenue ASUs (as defined below). ASU 2017-05 can be adopted using a full retrospective approach or a modified retrospective approach, resulting in a cumulative-effect adjustment to equity as of the beginning of the fiscal year in which the guidance is effective. The Company has not yet elected a transition method and is evaluating the complete impact of the adoption of the Revenue ASUs (see below) on January 1, 2018 to its consolidated financial position, results of operations and disclosures. The Company expects to complete its evaluation of the impacts of the Revenue ASUs during the second half of 2017. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amendments in ASU 2016-13 eliminate the “probable” initial threshold for recognition of credit losses in current accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Previously, when credit losses were measured under current accounting guidance, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. A reporting entity is required to apply the amendments in ASU 2016-13 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. Upon adoption of ASU 2016-13, the Company is required to reassess its financing receivables, including direct finance leases and loans receivable, and expects that application of ASU 2016-13 may result in the Company recognizing credit losses at an earlier date than would otherwise be recognized under current accounting guidance. The Company is evaluating the impact of the adoption of ASU 2016-13 on January 1, 2020 to its consolidated financial position and results of operations. Between May 2014 and May 2016, the FASB issued three ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”) and (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. In August 2015, the FASB issued ASU 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 within, beginning after December 15, 2017. All subsequent ASUs related to ASU 2014-09, including ASU 2016-08 and ASU 2016-12, assumed the deferred effective date enforced by ASU 2015-14. Early adoption of the Revenue ASUs is permitted for annual periods, and interim periods within, beginning after December 15, 2016. A reporting entity may apply the amendments in the Revenue ASUs using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or full retrospective approach. As the primary source of revenue for the Company is generated through leasing arrangements, which are excluded from the Revenue ASUs (as it relates to the timing and recognition of revenue), the Company expects that it may be impacted in its recognition of non-lease revenue, such as certain resident fees in its RIDEA structures (a portion of which are not generated through leasing arrangements), non-lease components of revenue from lease agreements and its recognition of real estate sale transactions. Under ASU 2014-09, revenue recognition for real estate sales is largely based on the transfer of control versus continuing involvement under current guidance. As a result, the Company generally expects that the new guidance will result in more transactions qualifying as sales of real estate and revenue being recognized at an earlier date than under current accounting guidance. Additionally, upon adoption of the Revenue ASUs in 2018, the Company anticipates that it will be required to separately disclose the components of its total revenue between lease revenue accounted for under existing lease guidance and service revenue accounted for under the new Revenue ASUs, including non-lease components such as certain services embedded in base leasing fees. The Company has not yet elected a transition method and is evaluating the complete impact of the adoption of the Revenue ASUs on January 1, 2018 to its consolidated financial position, results of operations and disclosures. The Company expects to complete its evaluation of the impacts of the Revenue ASUs during the second half of 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the current accounting for leases to: (i) require lessees to put most leases on their balance sheets, but continue recognizing expenses on their income statements in a manner similar to requirements under current accounting guidance, (ii) eliminate current real estate specific lease provisions and (iii) modify the classification criteria and accounting for sales-type leases for lessors. ASU 2016-02 is effective for fiscal years, and interim periods within, beginning after December 15, 2018. Early adoption is permitted. The transition method required by ASU 2016-02 varies based on the specific amendment being adopted. As a result of adopting ASU 2016-02, the Company will recognize all of its significant operating leases for which it is the lessee, including corporate office leases and ground leases, on its consolidated balance sheets and will capitalize fewer legal costs related to the drafting and execution of its lease agreements. From a lessor perspective, the Company expects that it will be required to further bifurcate lease agreements to separately recognize and disclose non-lease components that are executory in nature. Lease components will continue to be recognized on a straight-line basis over the lease term and certain non-lease components will be accounted for under the new revenue recognition guidance in ASU 2014-09. The disaggregated disclosure of lease and executory non-lease components (e.g., maintenance) will be required upon the adoption of ASU 2016-02 . The Company anticipates that it will elect a practical expedient offered in ASU 2016-02 that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement, (ii) lease classification related to expired or existing lease arrangements, or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. The Company does not expect the bifurcation of non-lease components from a lease agreement to significantly impact the existing revenue recognition pattern. The Company is still evaluating the complete impact of the adoption of ASU 2016-02 on January 1, 2019 to its consolidated financial position, results of operations and disclosures. The following ASUs have been issued, but not yet adopted, and the Company does not expect a material impact to its consolidated financial position, results of operations, cash flows, or disclosures upon adoption: • ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 is effective for fiscal years, including interim periods within, beginning after December 15, 2019 (upon the first goodwill impairment test performed during that fiscal year). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. A reporting entity must apply the amendments in ASU 2017-04 using a prospective approach. • ASU No. 2016-18, Restricted Cash (“ASU 2016-18”). ASU 2016-18 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-18 using a full retrospective approach. • ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted as of the first interim period presented in any year following issuance. A reporting entity must apply the amendments in ASU 2016-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. • ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-15 using a full retrospective approach. • ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted only for updates to certain disclosure requirements. A reporting entity is required to apply the amendments in ASU 2016-01 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption.

Real Estate Property Investment

Real Estate Property Investments	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Real Estate Property Investments	Real Estate Property Investments The following table summarizes the Company’s real estate acquisitions for the six months ended June 30, 2017 (in thousands): Consideration Assets Acquired Segment Cash Paid/ Debt Settled Liabilities Assumed Real Estate Net Intangibles Life science $ 26,019 $ 155 $ 24,398 $ 1,776 Medical office 427 5 432 — $ 26,446 $ 160 $ 24,830 $ 1,776 The following table summarizes the Company’s real estate acquisitions for the six months ended June 30, 2016 (in thousands): Consideration Assets Acquired Segment Cash Paid/ Debt Settled Liabilities Assumed Real Estate Net Intangibles Senior housing triple-net $ 76,362 $ 1,200 $ 71,875 $ 5,687 Other non-reportable segments 17,909 — 16,596 1,313 $ 94,271 $ 1,200 $ 88,471 $ 7,000

Discontinued Operations and Dis

Discontinued Operations and Dispositions of Real Estate	6 Months Ended
	Jun. 30, 2017
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations and Dispositions of Real Estate	Discontinued Operations and Dispositions of Real Estate Discontinued Operations - Quality Care Properties, Inc. On October 31, 2016, the Company completed the spin-off (the “Spin-Off”) of its subsidiary, QCP. The Spin-Off included 338 properties, primarily comprised of the HCR ManorCare, Inc. (“HCRMC”) direct financing lease (“DFL”) investments and an equity investment in HCRMC. QCP is an independent, publicly-traded, self-managed and self-administrated REIT. In connection with the Spin-Off, the Company entered into a Transition Services Agreement (“TSA”) with QCP. Per the terms of the TSA, the Company has agreed to provide certain administrative and support services to QCP on a transitional basis for established fees. The TSA will terminate on the expiration of the term of the last service provided under the agreement, which will be on or prior to October 30, 2017. The TSA provides that QCP generally has the right to terminate a transition service upon thirty days notice to the Company. The TSA contains provisions under which the Company will, subject to certain limitations, be obligated to indemnify QCP for losses incurred by QCP resulting from the Company’s breach of the TSA. Summarized financial information for discontinued operations for the three and six months ended June 30, 2016 is as follows (in thousands): Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Revenues: Rental and related revenues $ 6,908 $ 13,722 Tenant recoveries 399 761 Income from direct financing leases 116,453 229,511 Total revenues 123,760 243,994 Costs and expenses: Depreciation and amortization (1,467 ) (2,934 ) Operating (1,045 ) (2,043 ) General and administrative (14 ) (62 ) Acquisition and pursuit costs (13,704 ) (13,704 ) Other income, net 21 42 Income before income taxes 107,551 225,293 Income tax expense (176 ) (49,510 ) Total discontinued operations $ 107,375 $ 175,783 HCR ManorCare, Inc. Discontinued operations is primarily comprised of QCP’s HCRMC DFL investments. During the six months ended June 30, 2016 , the Company received cash payments of $116 million from the HCRMC DFL investments. No accretion related to its HCRMC DFL investments was recognized in 2016 due to the Company utilizing a cash basis method of accounting beginning January 1, 2016. The Company’s acquisition of the HCRMC DFL investments in 2011 was subject to federal and state built-in gain tax of up to $2 billion if all the assets were sold within 10 years of the acquisition date. At the time of acquisition, the Company intended to hold the assets for at least 10 years , at which time the assets would no longer be subject to the built-in gain tax. In December 2015, the U.S. Federal Government passed legislation which permanently reduced the holding period, for federal tax purposes, to 5 years , which the Company satisfied in April 2016. This legislation was not extended to certain states, which maintain a 10 year requirement. During the three months ended March 31, 2016, the Company determined that it may sell assets during the next five years and, therefore, recorded a deferred tax liability of $49 million representing its estimated exposure to state built-in gain tax. Dispositions of Real Estate Held for Sale At June 30, 2017 , there were no assets classified as held for sale. At December 31, 2016 , 64 senior housing triple-net facilities, four life science facilities and a SHOP facility were classified as held for sale, with an aggregate carrying value of $928 million , primarily comprised of real estate assets of $809 million . All facilities held for sale at December 31, 2016 were sold during the first quarter of 2017. 2017 Dispositions In January 2017, the Company sold four life science facilities in Salt Lake City, Utah for $76 million , resulting in a net gain on sale of $45 million . Also in January 2017, the Company completed the contribution of its ownership interest in RIDEA II to an unconsolidated JV owned by HCP and an investor group led by Columbia Pacific Advisors, LLC (“HCP/CPA PropCo” and “HCP/CPA OpCo,” together, the “HCP/CPA JV”). In addition, RIDEA II was recapitalized with $602 million of debt, of which $360 million was provided by a third-party and $242 million was provided by HCP. In return for both transaction elements, the Company received combined proceeds of $480 million from the HCP/CPA JV and $242 million in note receivables and retained an approximately 40% beneficial interest in RIDEA II (the note receivable and 40% beneficial interest are herein referred to as the “RIDEA II Investments”). This transaction resulted in the Company deconsolidating the net assets of RIDEA II and recognizing a net gain on sale of $99 million . The RIDEA II Investments are now recognized and accounted for as equity method investments. In March 2017, the Company sold 64 senior housing triple-net assets, previously under triple-net leases with Brookdale Senior Living Inc. (“Brookdale”), for $1.125 billion to affiliates of Blackstone Real Estate Partners VIII, L.P., resulting in a net gain on sale of $170 million . In April 2017, the Company sold a land parcel in San Diego, California for $27 million and one life science building in San Diego, California for $5 million . 2016 Dispositions During the six months ended June 30, 2016, the Company sold five post-acute/skilled nursing facilities and two senior housing triple-net facilities for $130 million , a life science facility for $74 million , two medical office buildings for $19 million and a SHOP facility for $6 million and recognized total gain on sales of $120 million .

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	6 Months Ended
	Jun. 30, 2017
Leases, Capital [Abstract]
Net Investment in Direct Financing Leases	Net Investment in Direct Financing Leases Net investment in DFLs consisted of the following (dollars in thousands): June 30, December 31, Minimum lease payments receivable $ 1,081,187 $ 1,108,237 Estimated residual value 500,368 539,656 Less unearned income (869,778 ) (895,304 ) Net investment in direct financing leases $ 711,777 $ 752,589 Properties subject to direct financing leases 29 30 Certain DFLs contain provisions that allow the tenants to elect to purchase the properties during or at the end of the lease terms for the aggregate initial investment amount plus adjustments, if any, as defined in the lease agreements. Certain leases also permit the Company to require the tenants to purchase the properties at the end of the lease terms. In February 2017, the Company sold a hospital within a DFL in Palm Beach Gardens, Florida for $43 million to the current tenant. Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at June 30, 2017 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 627,173 88% $ 268,815 359,586,000 $ 358,358 $ — Other non-reportable segments 84,604 12 84,604 — — — $ 711,777 100% $ 353,419 $ 358,358 $ — Beginning September 30, 2013, the Company placed a 14 property senior housing triple-net DFL (the “DFL Watchlist Portfolio”) on nonaccrual status and “Watch List” status. The Company determined that the collection of all rental payments was and continues to be no longer reasonably assured; therefore, rental revenue for the DFL Watchlist Portfolio has been recognized on a cash basis. During both the three months ended June 30, 2017 and 2016 , the Company recognized DFL income of $4 million and received cash payments of $5 million from the DFL Watchlist Portfolio. During the six months ended June 30, 2017 and 2016, the Company recognized DFL income of $7 million and $8 million , respectively, and received cash payments of $9 million and $10 million , respectively, from the DFL Watchlist Portfolio. The carrying value of the DFL Watchlist Portfolio was $358 million and $361 million at June 30, 2017 and December 31, 2016 , respectively.

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2017
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): June 30, 2017 December 31, 2016 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1) $ — $ 274,799 $ 274,799 $ — $ 615,188 $ 615,188 Other (2) 176,186 — 176,186 195,946 — 195,946 Unamortized discounts, fees and costs (1) — (728 ) (728 ) 413 (3,593 ) (3,180 ) Allowance for loan losses — (56,682 ) (56,682 ) — — — $ 176,186 $ 217,389 $ 393,575 $ 196,359 $ 611,595 $ 807,954 _______________________________________ (1) At December 31, 2016, included £282 million ( $348 million ) outstanding and £2 million ( $3 million ) of associated unamortized discounts, fees and costs, both related to the HC-One Facility. (2) At June 30, 2017 , included £119 million ( $154 million ) outstanding primarily related to Maria Mallaband loans. Loans Receivable Internal Ratings The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 176,186 45% $ 176,186 $ — $ — Other secured 217,389 55 17,389 200,000 — $ 393,575 100% $ 193,575 $ 200,000 $ — Real Estate Secured Loans Four Seasons Health Care. In March 2017, the Company sold its investment in Four Seasons Health Care’s (“Four Seasons”) senior secured term loan at par plus accrued interest for £29 million ( $35 million ). Other Secured Loans HC-One Facility. On June 30, 2017, the Company received £283 million ( $367 million ) from the repayment of its HC-One mezzanine loan. 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 “Tandem 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 through January 2017. The tranches (collectively, the “Tandem Mezzanine Loan”) bear interest at fixed annual rates of 12% , 14% , 6% and 6% per annum for the First, Second, Third and Fourth Tranches, respectively. The blended rate for the Tandem Mezzanine Loan is 11.5% per year. Tandem leases the entire Tandem Portfolio to Consulate Health Care (“Consulate”) under a master lease (the “Tandem and Consulate Lease”). At June 30, 2017 , as a result of the Tandem Portfolio’s operating performance, there are outstanding events of default under the Tandem and Consulate Lease (“Events of Default”) due to: (i) Consulate’s failure to meet certain financial covenants under the Tandem and Consulate Lease and (ii) events of default under Consulate’s working capital facility, which, through a cross-default provision, are Events of Default. Starting in April 2017, Consulate failed to pay the full amount of its rent under the Tandem and Consulate Lease which triggered another Event of Default. Through cross-default provisions, these Events of Default are also events of default under the Tandem Mezzanine Loan and Tandem’s senior mortgage debt (each, a “Loan Event of Default”). The Tandem Mezzanine Loan requires Tandem to pay default interest at a rate of 16.5% per year, during periods in which there is an outstanding Loan Event of Default. Tandem did not pay the additional 5% default interest rate spread above the 11.5% and, therefore created a monetary event of default under the Tandem Mezzanine Loan. Although Tandem continues to remain current on its non-default interest payment obligations under the Tandem Mezzanine Loan, the Company believes that it is probable it will be unable to collect all interest and principal payments, including default interest payments, according to the contractual terms of the Tandem Mezzanine Loan. As the Tandem Mezzanine Loan is deemed collateral-dependent and the carrying amount of the Tandem Mezzanine Loan exceeded the fair value of the underlying collateral at June 30, 2017 , as part of its quarterly review process, the Company recorded an impairment charge and related allowance of $57 million during the three months ended June 30, 2017 , reducing the carrying value to $200 million , which approximates the fair value of the collateral as of June 30, 2017 . The decline in fair value of the collateral was driven by a variety of factors, including recent operating results of the underlying real estate assets, as well as market and industry data, that reflect a declining trend in admissions and a continuing shift away from higher-rate Medicare plans in the post-acute/skilled nursing sector. The calculation of the fair value of the collateral was primarily based on an income approach technique and relies on forecasted EBITDAR (defined as earnings before interest, taxes, depreciation and amortization, and rent) and market data, including, but not limited to, sales price per unit/bed, rent coverage ratios, and real estate capitalization rates. All valuation inputs are considered to be Level 2 measurements within the fair value hierarchy. Beginning in the first quarter of 2017, the Company elected to recognize interest income on a cash basis. During both the three months ended June 30, 2017 and 2016 , the Company recognized interest income and received cash payments of $7 million from Tandem. During both the six months ended June 30, 2017 and 2016 , the Company recognized interest income and received cash payments of $14 million from Tandem. The Company entered into a forbearance agreement with Tandem on May 1, 2017, pursuant to which it agreed to forbear from exercising remedies, including waiving default interest, with respect to the above-described Loan Events of Default under the Tandem Mezzanine Loan until June 30, 2017, which was subsequently extended to July 31, 2017 with certain modifications. On July 31, 2017, subsequent to its quarterly review process and the aforementioned impairment, the Company entered into a binding agreement (“Agreement”) with the borrowers to repay the Tandem Mezzanine Loan at a discounted value of $197 million (the “Repayment Value”). Upon execution of the Agreement, the borrowers posted a $2 million non-refundable deposit and secured the right to repay the Tandem Mezzanine Loan by October 25, 2017 (at the Repayment Value). A second non-refundable deposit of $2 million is required to be posted by August 31, 2017. The borrowers also retain the option to extend the term of the Agreement to December 31, 2017 upon satisfaction of one of the following requirements: (i) posting of an additional $4 million non-refundable deposit, (ii) providing evidence of a commitment letter(s) for financing to satisfy the full Repayment Value, which is subject to the Company’s approval and may be granted or withheld in the Company’s sole discretion, or (iii) paying down the principal balance of the Tandem Mezzanine Loan by at least $50 million . The borrowers are obligated to continue making interest payments based on the $257 million par value of the Tandem Mezzanine Loan through the repayment date, adjusted for any principal payments received from Tandem. As part of the Agreement, the Company agreed to forbear from exercising remedies, including waiving default interest, with respect to the above-described Loan Events of Default under the Tandem Mezzanine Loan, through December 31, 2017. During the third quarter of 2017, the Company expects to record an additional $3 million impairment charge to write down the carrying value of the Tandem Mezzanine Loan to the Repayment Value and assign the Tandem Mezzanine Loan an internal rating of Workout. The repayment of the Tandem Mezzanine Loan is subject to customary closing conditions and may not occur within the anticipated timeframe or at all.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method at June 30, 2017 (dollars in thousands): Carrying Amount June 30, December 31, Entity (1) Segment Ownership% 2017 2016 CCRC JV (2) SHOP 49 $ 433,507 $ 439,449 RIDEA II SHOP 40 258,505 — HCP Life Science (3) Life science 50 - 63 64,795 67,879 MBK JV SHOP 50 38,806 38,909 Medical Office JVs (4) Medical office 20 - 67 13,569 13,438 Development JVs (5) SHOP 50 - 90 18,616 10,459 K&Y JVs Other non-reportable segments 80 1,420 1,342 Advances to unconsolidated joint ventures, net 13 15 $ 829,231 $ 571,491 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JV. (2) Includes two unconsolidated JVs in a RIDEA structure (CCRC PropCo and CCRC OpCo). (3) Includes the following unconsolidated 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% ). (4) Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures VI, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (5) Includes four unconsolidated SHOP development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV ( 85% ); (ii) Waldwick JV ( 85% ); (iii) Otay Ranch JV ( 90% ); and (iv) MBK Development JV ( 50% ). See Note 4 for further information on the deconsolidation of RIDEA II.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2017
Intangibles
Intangibles	Intangibles The following tables summarize the Company’s intangible lease assets and liabilities (in thousands): Intangible lease assets June 30, December 31, Gross intangible lease assets $ 818,577 $ 911,697 Accumulated depreciation and amortization (404,173 ) (431,892 ) Net intangible lease assets $ 414,404 $ 479,805 Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 143,209 $ 163,924 Accumulated depreciation and amortization (91,746 ) (105,779 ) Net intangible lease liabilities $ 51,463 $ 58,145

Other Assets

Other Assets	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Other Assets	Other Assets The following table summarizes the Company’s other assets (in thousands): June 30, December 31, Straight-line rent receivables, net of allowance of $24,737 and $25,059, respectively $ 320,485 $ 311,776 Marketable debt securities, net 18,448 68,630 Leasing costs and inducements, net 91,818 156,820 Goodwill 47,019 42,386 Other 133,920 132,012 Total other assets, net $ 611,690 $ 711,624 Four Seasons Health Care Senior Notes In March 2017, pursuant to a shift in the Company’s investment strategy, the Company sold its £138.5 million par value Four Seasons senior notes (the “Four Seasons Notes”) for £83 million ( $101 million ). The disposition of the Four Seasons Notes generated a £42 million ( $51 million ) gain on sale, recognized in other income, net, as the sales price was above the previously-impaired carrying value of £41 million ( $50 million ).

Debt

Debt	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Debt	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 committed one -year extension option, at a cost of 30 basis points. Borrowings under the Facility accrue interest at LIBOR plus a margin that depends on the Company’s credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at June 30, 2017 , the margin on the Facility was 1.05% and the facility fee was 0.20% . The Facility also includes a feature that allows 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. During the six months ended June 30, 2017 , the Company had net repayments of $781 million primarily using proceeds from the RIDEA II joint venture disposition, the sale of its Four Seasons Notes and the repayment of its HC-One Facility. At June 30, 2017 , the Company had £105 million ( $136 million ) outstanding under the Facility with a weighted average effective interest rate of 1.63% . On July 30, 2012, the Company entered into a credit agreement with a syndicate of banks for a £137 million unsecured term loan (the “2012 Term Loan”). In March 2017, the Company repaid the 2012 Term Loan. On June 30, 2017, the Company repaid £51 million of its four -year unsecured term loan entered into in January 2015 (the "2015 Term Loan"). Concurrently, the Company terminated its three -year interest rate swap which fixed the interest of the 2015 Term Loan. Effective June 30, 2017, the 2015 Term Loan accrues interest at a rate of GBP LIBOR plus 1.15% , subject to adjustments based on the Company's credit ratings. At June 30, 2017 the Company had £169 million ( $219 million ) outstanding on the 2015 Term Loan. The Facility and 2015 Term Loan contain certain financial restrictions and other customary requirements, including cross-default provisions to other indebtedness. Among other things, these covenants, using terms defined in the agreements: (i) limit the ratio of Consolidated Total Indebtedness to Consolidated Total Asset Value to 60% ; (ii) limit the ratio of Secured Debt to Consolidated Total Asset Value to 30% ; (iii) limit the ratio of Unsecured Debt to Consolidated Unencumbered Asset Value to 60% ; and (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times. The Facility and Term Loan also require a Minimum Consolidated Tangible Net Worth of $6.5 billion at June 30, 2017 . At June 30, 2017 , the Company was in compliance with each of these restrictions and requirements of the Facility and Term Loan. Senior Unsecured Notes At June 30, 2017 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $7.0 billion . The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at June 30, 2017 . The following table summarizes the Company’s senior unsecured notes payoffs for the year ended December 31, 2016 (dollars in thousands): Date Amount Coupon Rate February 1, 2016 $ 500,000 3.750 % September 15, 2016 $ 400,000 6.300 % November 30, 2016 $ 500,000 6.000 % November 30, 2016 $ 600,000 6.700 % The following table summarizes the Company's senior unsecured note payoffs for the six months ended June 30, 2017 (dollars in thousands): Date Amount Coupon Rate May 1, 2017 $ 250,000 5.625 % There were no senior unsecured notes issuances for the six months ended June 30, 2017 and the year ended December 31, 2016 . Mortgage Debt At June 30, 2017 , the Company had $140 million in aggregate principal of mortgage debt outstanding, which is secured by 16 healthcare facilities (including redevelopment properties) with a carrying value of $306 million . In March 2017, the Company paid off $472 million of mortgage debt. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2017 (in thousands): Year Bank Line of Credit (1) 2015 Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) 2017 (six months) $ — $ — $ — $ 1,685 $ 1,685 2018 136,311 — — 3,512 139,823 2019 — 219,396 450,000 3,700 673,096 2020 — — 800,000 3,758 803,758 2021 — — 1,200,000 11,117 1,211,117 Thereafter — — 4,500,000 116,481 4,616,481 136,311 219,396 6,950,000 140,253 7,445,960 (Discounts), premium and debt costs, net — (564 ) (60,955 ) 6,084 (55,435 ) $ 136,311 $ 218,832 $ 6,889,045 $ 146,337 $ 7,390,525 _______________________________________ (1) Represents £105 million translated into U.S. dollars (“USD”). (2) Represents £169 million translated into USD. (3) Effective interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective interest rate of 4.29% and a weighted average maturity of six years . (4) Interest rates on the mortgage debt ranged from 2.99% to 5.91% with a weighted average effective interest rate of 4.23% and a weighted average maturity of twenty years . (5) Excludes $95 million of other debt that have no scheduled maturities. Subsequent Event In July 2017, the Company repurchased $500 million of its 5.375% senior notes due 2021 and expects to record approximately $54 million of loss on debt extinguishment in the third quarter of 2017.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Commitments From October 31, 2016 through June 2017, HCP was the sole lender to QCP of an unsecured revolving credit facility (the “Unsecured Revolving Credit Facility”) which had a total commitment of $100 million at inception. The Unsecured Revolving Credit Facility was available to be drawn upon by QCP through October 31, 2017 with any drawn amounts due on October 31, 2018. Commitments under the Unsecured Revolving Credit Facility automatically and permanently decreased each calendar month by an amount equal to 50% of QCP's and its restricted subsidiaries’ retained cash flow for the prior calendar month. All borrowings under the Unsecured Revolving Credit Facility were subject to the satisfaction of certain conditions, including (i) QCP’s senior secured revolving credit facility being unavailable, (ii) the failure of HCRMC to pay rent and (iii) other customary conditions, including the absence of a default and the accuracy of representations and warranties. QCP could only draw on the Unsecured Revolving Credit Facility prior to the one -year anniversary of the completion of the Spin-Off. Borrowings under the Unsecured Revolving Credit Facility would have born interest at a rate equal to LIBOR, subject to a 1.00% floor, plus an applicable margin of 6.25% . In addition to paying interest on outstanding principal under the Unsecured Revolving Credit Facility, QCP was required to pay a facility fee equal to 0.50% per annum of the unused capacity under the Unsecured Revolving Credit Facility to HCP, payable quarterly. Through June 30, 2017 , no amounts were drawn on the Unsecured Revolving Credit Facility and the total commitment has been reduced to zero at June 30, 2017 . Legal Proceedings From time to time, the Company is a party to legal proceedings, lawsuits and other claims. Except as described below, 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 financial condition, results of operations or cash flows. The Company’s policy is to expense legal costs as they are incurred. Class Action On May 9, 2016, a purported stockholder of the Company filed a putative class action complaint, Boynton Beach Firefighters’ Pension Fund v. HCP, Inc., et al ., Case No. 3:16-cv-01106-JJH, in the U.S. District Court for the Northern District of Ohio against the Company, certain of its officers, HCRMC, and certain of its officers, asserting violations of the federal securities laws. The suit asserts claims under sections 10(b) and 20(a) of the Securities Exchange Act of 1934 and alleges that the Company made certain false or misleading statements relating to the value of and risks concerning its investment in HCRMC by allegedly failing to disclose that HCRMC had engaged in billing fraud, as alleged by the U.S. Department of Justice in a pending suit against HCRMC arising from the False Claims Act. The plaintiff in the suit demands compensatory damages (in an unspecified amount), costs and expenses (including attorneys’ fees and expert fees), and equitable, injunctive, or other relief as the Court deems just and proper. As the Boynton Beach action is in its early stages and a lead plaintiff has not yet been named, the defendants have not yet responded to the complaint. The Company believes the suit to be without merit and intends to vigorously defend against it. Derivative Actions On June 16, 2016 and July 5, 2016, purported stockholders of the Company filed two derivative actions, respectively Subodh v. HCR ManorCare Inc., et al. , Case No. 30-2016-00858497-CU-PT-CXC and Stearns v. HCR ManorCare, Inc., et al. , Case No. 30-2016-00861646-CU-MC-CJC, in the Superior Court of California, County of Orange, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. As both derivative actions contained substantially the same allegations, they have been consolidated into a single action. The consolidated action alleges that the defendants engaged in various acts of wrongdoing, including, among other things, breaching fiduciary duties by publicly making false or misleading statements of fact regarding HCRMC’s finances and prospects, and failing to maintain adequate internal controls. As the Subodh/Stearns action is in the early stages, defendants have not yet responded to the complaint. On April 18, 2017, the Court approved the parties’ stipulation staying the action pending further developments, including in the related securities class action litigation. The Court also adjourned the status conference scheduled for April 27, 2017 to January 10, 2018. On April 10, 2017, a purported stockholder of the Company filed a derivative action, Weldon v. Martin et al. , Case No. 3:17-cv-755, in federal court in the Northern District of Ohio, Western Division, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. The Weldon complaint asserts similar claims to those asserted in the California derivative actions. In addition, the complaint asserts a claim under Section 14(a) of the Securities Exchange Act of 1934, alleging that the Company made false statements in its 2016 proxy statement by not disclosing that the Company’s performance issues in 2015 were the direct result of billing fraud at HCRMC. On April 18, 2017, the Court re-assigned and transferred this action to the judge presiding over the related federal securities class action. Defendants have not yet been served or responded to the complaint. On July 11, 2017, the court approved a stipulation by the parties to stay the case pending disposition of the motion to dismiss the class action. On July 21, 2017, a purported stockholder of the Company filed a derivative action, Kelley v. HCR Manorcare, Inc., et al., Case No. 8:17-cv-01259, in federal court in the Central District of California, against certain of the Company’s current and former directors and officers and HCRMC. The Company is named as a nominal defendant. The Kelley complaint asserts similar claims to those asserted in the California and Ohio derivative actions and, like the Ohio action, asserts a claim under Section 14(a) of the Securities Exchange Act of 1934, alleging that the Company made false statements in its 2016 proxy statement by not disclosing that the Company’s performance issues in 2015 were the direct result of billing fraud at HCRMC. Defendants have not yet been served or responded to the complaint. The Company is unable to estimate amount of loss or range of reasonable possible losses with respect to matters discussed above at June 30, 2017 .

Equity

Equity	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Equity	Equity Accumulated Other Comprehensive Loss The following table summarizes the Company’s accumulated other comprehensive loss (in thousands): June 30, December 31, Cumulative foreign currency translation adjustment $ (14,205 ) $ (22,817 ) Unrealized losses on cash flow hedges, net (10,055 ) (3,642 ) Supplemental Executive Retirement plan minimum liability (2,981 ) (3,129 ) Unrealized losses on available for sale securities (48 ) (54 ) Total other comprehensive loss $ (27,289 ) $ (29,642 )

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i) Senior housing triple-net, (ii) SHOP, (iii) life science and (iv) medical office. Under the medical office segment, the Company invests through the acquisition and development of medical office buildings (“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. The Company has non-reportable segments that are comprised primarily of the Company’s debt investments, hospital properties and U.K. care homes. The accounting policies of the segments are the same as those in Note 2 to the Consolidated Financial Statements in the Company’s 2016 Annual Report on Form 10-K filed with the SEC, as updated by Note 2 herein. During the year ended December 31, 2016 , 17 senior housing triple-net facilities were transitioned to a RIDEA structure (reported in the Company’s SHOP segment). During the six months ended June 30, 2017 , one senior housing triple-net facility was transitioned to a RIDEA structure. The Company evaluates performance based upon: (i) property net operating income from continuing operations (“NOI”) and (ii) adjusted NOI of the combined consolidated and unconsolidated investments in each segment. NOI is defined as rental and related revenues, including tenant recoveries, resident fees and services, and income from DFLs, less property level operating expenses. Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, non-refundable entrance fees, net of entrance fee amortization and lease termination fees and the impact of deferred community fee income and expense (“Adjustments to NOI”). The Adjustments to NOI and resulting Adjusted NOI for SHOP have been restated for prior periods presented to conform to the current period presentation for the adjustment to exclude the impact of deferred community fee income and expense, resulting in recognition as cash is received and expenses are paid. Non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, marketable equity securities 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 17 for other information regarding concentrations of credit risk. The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 78,079 $ 125,416 $ 86,730 $ 119,164 $ 28,670 $ — $ 438,059 HCP share of unconsolidated JV revenues — 81,368 2,004 496 417 — 84,285 Operating expenses (882 ) (85,866 ) (18,744 ) (46,581 ) (1,090 ) — (153,163 ) HCP share of unconsolidated JV operating expenses — (65,487 ) (429 ) (146 ) (19 ) — (66,081 ) NOI 77,197 55,431 69,561 72,933 27,978 — 303,100 Adjustments to NOI (2) (406 ) 4,523 (91 ) (769 ) (864 ) — 2,393 Adjusted NOI 76,791 59,954 69,470 72,164 27,114 — 305,493 Addback adjustments 406 (4,523 ) 91 769 864 — (2,393 ) Interest income — — — — 20,869 — 20,869 Interest expense (631 ) (1,166 ) (96 ) (127 ) (1,181 ) (74,587 ) (77,788 ) Depreciation and amortization (25,519 ) (24,415 ) (31,004 ) (42,488 ) (7,325 ) — (130,751 ) General and administrative — — — — — (21,286 ) (21,286 ) Acquisition and pursuit costs — — — — — (867 ) (867 ) Impairment — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net (230 ) (232 ) 1,280 (406 ) — — 412 Other income, net — — — — — 71 71 Income tax benefit — — — — — 2,987 2,987 Less: HCP share of unconsolidated JV NOI — (15,881 ) (1,575 ) (350 ) (398 ) — (18,204 ) Equity income (loss) from unconsolidated JVs — (1,065 ) 763 303 239 — 240 Net income (loss) $ 50,817 $ 12,672 $ 38,929 $ 29,865 $ (16,500 ) $ (93,682 ) $ 22,101 For the three months ended June 30, 2016 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 108,841 $ 164,202 $ 90,201 $ 110,205 $ 32,099 $ — $ 505,548 HCP share of unconsolidated JV revenues — 52,855 1,898 524 407 — 55,684 Operating expenses (1,642 ) (115,443 ) (17,961 ) (43,028 ) (1,006 ) — (179,080 ) HCP share of unconsolidated JV operating expenses — (42,473 ) (400 ) (155 ) (7 ) — (43,035 ) NOI 107,199 59,141 73,738 67,546 31,493 — 339,117 Adjustments to NOI (2) (2,022 ) 4,248 (544 ) (753 ) (214 ) — 715 Adjusted NOI 105,177 63,389 73,194 66,793 31,279 — 339,832 Addback adjustments 2,022 (4,248 ) 544 753 214 — (715 ) Interest income — — — — 32,787 — 32,787 Interest expense (4,049 ) (7,837 ) (632 ) (1,625 ) (2,476 ) (104,714 ) (121,333 ) Depreciation and amortization (34,202 ) (24,988 ) (32,077 ) (40,604 ) (8,048 ) — (139,919 ) General and administrative — — — — — (22,779 ) (22,779 ) Acquisition and pursuit costs — — — — — (823 ) (823 ) Gain on sales of real estate, net — — 29,455 8,311 81,848 — 119,614 Other income, net — — — — — 2,340 2,340 Income tax benefit — — — — — 2,179 2,179 Less: HCP share of unconsolidated JV NOI — (10,382 ) (1,498 ) (369 ) (400 ) — (12,649 ) Equity income (loss) from unconsolidated JVs — (2,482 ) 776 421 218 — (1,067 ) Discontinued operations — — — — — 107,375 107,375 Net income (loss) $ 68,948 $ 13,452 $ 69,762 $ 33,680 $ 135,422 $ (16,422 ) $ 304,842 For the six months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 178,112 $ 265,644 $ 172,050 $ 237,535 $ 58,555 $ — $ 911,896 HCP share of unconsolidated JV revenues — 157,731 3,944 985 835 — 163,495 Operating expenses (1,993 ) (180,405 ) (36,064 ) (91,444 ) (2,338 ) — (312,244 ) HCP share of unconsolidated JV operating expenses — (125,014 ) (800 ) (288 ) (38 ) — (126,140 ) NOI 176,119 117,956 139,130 146,788 57,014 — 637,007 Adjustments to NOI (2) (2,245 ) 7,679 (345 ) (1,739 ) (1,879 ) — 1,471 Adjusted NOI 173,874 125,635 138,785 145,049 55,135 — 638,478 Addback adjustments 2,245 (7,679 ) 345 1,739 1,879 — (1,471 ) Interest income — — — — 39,200 — 39,200 Interest expense (1,258 ) (6,017 ) (200 ) (256 ) (2,923 ) (153,852 ) (164,506 ) Depreciation and amortization (51,930 ) (50,773 ) (64,795 ) (85,217 ) (14,590 ) — (267,305 ) General and administrative — — — — — (43,764 ) (43,764 ) Acquisition and pursuit costs — — — — — (1,924 ) (1,924 ) Impairment — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net 268,234 134 45,913 (406 ) 3,795 — 317,670 Other income, net — — — — — 51,279 51,279 Income tax benefit — — — — — 9,149 9,149 Less: HCP share of unconsolidated JV NOI — (32,717 ) (3,144 ) (697 ) (797 ) — (37,355 ) Equity income from unconsolidated JVs — 927 1,533 572 477 — 3,509 Net income (loss) $ 391,165 $ 29,510 $ 118,437 $ 60,784 $ 25,494 $ (139,112 ) $ 486,278 For the six months ended June 30, 2016 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 215,731 $ 329,964 $ 179,149 $ 218,228 $ 64,904 $ — $ 1,007,976 HCP share of unconsolidated JV revenues — 103,284 3,708 1,003 814 — 108,809 Operating expenses (3,716 ) (229,446 ) (34,704 ) (84,977 ) (2,194 ) — (355,037 ) HCP share of unconsolidated JV operating expenses — (83,668 ) (774 ) (304 ) (10 ) — (84,756 ) NOI 212,015 120,134 147,379 133,950 63,514 — 676,992 Adjustments to NOI (2) (7,466 ) 8,642 (1,217 ) (1,548 ) (785 ) — (2,374 ) Adjusted NOI 204,549 128,776 146,162 132,402 62,729 — 674,618 Addback adjustments 7,466 (8,642 ) 1,217 1,548 785 — 2,374 Interest income — — — — 50,816 — 50,816 Interest expense (8,215 ) (15,690 ) (1,270 ) (3,291 ) (4,805 ) (210,124 ) (243,395 ) Depreciation and amortization (67,707 ) (51,286 ) (65,674 ) (79,322 ) (15,785 ) — (279,774 ) General and administrative — — — — — (48,230 ) (48,230 ) Acquisition and pursuit costs — — — — — (3,298 ) (3,298 ) Gain on sales of real estate, net — — 29,455 8,311 81,848 — 119,614 Other income, net — — — — — 3,632 3,632 Income tax expense — — — — — (1,525 ) (1,525 ) Less: HCP share of unconsolidated JV NOI — (19,616 ) (2,934 ) (699 ) (804 ) — (24,053 ) Equity income (loss) from unconsolidated JVs — (4,960 ) 1,485 1,079 421 — (1,975 ) Discontinued operations — — — — — 175,783 175,783 Net income (loss) $ 136,093 $ 28,582 $ 108,441 $ 60,028 $ 175,205 $ (83,762 ) $ 424,587 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, the deferral of community fees, net of amortization, lease termination fees and non-refundable entrance fees as the fees are collected by the Company’s CCRC JV, net of CCRC JV entrance fee amortization. The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, Segment 2017 2016 2017 2016 Senior housing triple-net $ 78,079 $ 108,841 $ 178,112 $ 215,731 SHOP 125,416 164,202 265,644 329,964 Life science 86,730 90,201 172,050 179,149 Medical office 119,164 110,205 237,535 218,228 Other non-reportable segments 49,539 64,886 97,755 115,720 Total revenues $ 458,928 $ 538,335 $ 951,096 $ 1,058,792 See Notes 3 and 4 for significant transactions impacting the Company’s segment assets during the periods presented.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Restricted stock and certain performance restricted stock units are considered participating securities, because dividend payments are not forfeited even if the underlying award does not vest, and require use of the two-class method when computing basic and diluted earnings per share. Options to purchase 1 million shares of common stock were excluded from the computation of diluted earnings per share for both the three and six months ended June 30, 2017 and 2016 because they are anti-dilutive. Additionally, 7 million and 2 million shares, issuable upon conversion of 4 million and 2 million DownREIT units during the three months ended June 30, 2017 and June 30, 2016 , were not included because they are anti-dilutive. For the six months ended June 30, 2017 and June 30, 2016, 2 million and 6 million shares, issuable upon conversion of 1 million and 4 million DownREIT units, were not included because they are anti-dilutive. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income from continuing operations $ 22,101 $ 197,467 $ 486,278 $ 248,804 Noncontrolling interests' share in earnings (2,718 ) (3,125 ) (5,750 ) (6,751 ) Net income attributable to HCP, Inc. 19,383 194,342 480,528 242,053 Less: Participating securities' share in earnings (100 ) (342 ) (674 ) (651 ) Income from continuing operations applicable to common shares 19,283 194,000 479,854 241,402 Discontinued operations — 107,375 — 175,783 Net income applicable to common shares $ 19,283 $ 301,375 $ 479,854 $ 417,185 Numerator - Dilutive Net income applicable to common shares $ 19,283 $ 301,375 $ 479,854 $ 417,185 Add: distributions on dilutive convertible units and other — 2,388 3,655 — Dilutive net income available to common shares $ 19,283 $ 303,763 $ 483,509 $ 417,185 Denominator Basic weighted average shares outstanding 468,646 467,084 468,474 466,579 Dilutive potential common shares - equity awards 193 208 195 198 Dilutive potential common shares - DownREIT conversions — 4,133 4,697 — Diluted weighted average common shares 468,839 471,425 473,366 466,777 Basic earnings per common share Continuing operations $ 0.04 $ 0.42 $ 1.02 $ 0.52 Discontinued operations — 0.23 — 0.37 Net income applicable to common shares $ 0.04 $ 0.65 $ 1.02 $ 0.89 Diluted earnings per common share Continuing operations $ 0.04 $ 0.42 $ 1.02 $ 0.52 Discontinued operations — 0.22 — 0.37 Net income applicable to common shares $ 0.04 $ 0.64 $ 1.02 $ 0.89

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2017 2016 Supplemental cash flow information: Interest paid, net of capitalized interest $ 163,455 $ 241,585 Income taxes paid 10,335 4,433 Capitalized interest 7,628 5,734 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 68,618 57,143 Non-cash acquisitions and dispositions settled with receivables and restricted cash held in connection with Section 1031 transactions 39,991 129,846 Vesting of restricted stock units and conversion of non-managing member units into common stock 2,451 5,310 Other liabilities assumed with real estate acquisitions 160 1,200 Unrealized losses on available-for-sale securities and derivatives designated as cash flow hedges, net (48 ) 343

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At June 30, 2017 , the Company had investments in: (i) five unconsolidated VIE JVs, (ii) 48 properties leased to VIE tenants, (iii) marketable debt securities of one VIE and (iv) two loans to VIE borrowers. The Company has determined that it is not the primary beneficiary of and therefore 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 JVs (CCRC OpCo, RIDEA II PropCo, Vintage Park Development JV, Waldwick JV and the LLC investment discussed below), it 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 and has been identified as a VIE (see Note 7). 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, debt service payments and capital expenditures for the properties, 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 from debt service payments, capital expenditures, and rental costs and operating expenses incurred to manage such facilities). In January 2017, as a result of the partial sale of its interest in RIDEA II, the Company concluded that it should deconsolidate RIDEA II as it is no longer the primary beneficiary of the joint venture. The HCP/CPA JV is the primary beneficiary of both RIDEA II PropCo and RIDEA II OpCo as it controls the significant activities of RIDEA II PropCo and, of the group that controls the significant activities of RIDEA II OpCo, is most closely associated to the entity. Furthermore, control over the HCP/CPA JV is shared between HCP and CPA, and as such, the Company does not consolidate the HCP/CPA JV. Subsequent to the partial sale of its interest in RIDEA II, the Company continues to hold a direct investment in RIDEA II PropCo, which has been identified as a VIE as Brookdale, the non-managing member, does not have any substantive participating rights or kick-out rights over the managing member, HCP/CPA PropCo (see Notes 4 and 7). The assets of RIDEA II PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of a combination of third-party and HCP debt (see Note 4). Assets generated by RIDEA II PropCo (primarily from RIDEA II OpCo lease payments) may only be used to settle its contractual obligations (primarily debt service payments on the third-party and HCP debt). The Company holds an 85% ownership interest in two development joint ventures (Vintage Park Development JV and Waldwick JV) (see Note 7), which have been identified as VIEs as power is shared with a member that does not have a substantive equity investment at risk. The assets of each joint venture primarily consist of an in-progress senior housing 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 its development obligations. Any assets generated by each joint venture may only be used to settle its respective contractual obligations (primarily development expenses and debt service payments). The Company holds a limited partner ownership interest in an unconsolidated LLC that has been identified as a VIE. The Company’s involvement in the entity is limited to its equity investment as a limited partner, and it does not have any substantive participating rights or kick-out rights over the general partner. The assets and liabilities of the entity primarily consist of those associated with its senior housing real estate and development activities. Any assets generated by the entity 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 also been identified as VIEs (“VIE tenants”). 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 commercial mortgage-backed securities (“CMBS”) issued by Federal Home Loan Mortgage Corporation (commonly referred to as 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 Company provided a £105 million ( $131 million at closing) bridge loan to Maria Mallaband Care Group Ltd. (“MMCG”) to fund the acquisition of a portfolio of care homes in the U.K. MMCG created a special purpose entity to acquire the portfolio and funded it entirely using the Company’s bridge loan. As such, the special purpose entity has been identified as a VIE because it is “thinly capitalized.” The Company retains a three -year call option to acquire all the shares of the special purpose entity, which it can only exercise upon the occurrence of certain events. The Company provided seller financing of $10 million related to its sale of seven senior housing triple-net facilities. The financing was provided in the form of a secured five -year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2017 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 599,561 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 5,952 CCRC OpCo Investments in unconsolidated joint ventures 218,832 RIDEA II PropCo Investments in unconsolidated joint ventures 254,137 Development JVs Investments in unconsolidated joint ventures 11,653 Loan- Senior Secured Loans Receivable, net 137,025 Loan- Seller Financing Loans Receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 33,511 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. At June 30, 2017 , the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 4, 6, and 7 for additional descriptions of the nature, purpose and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities HCP, Inc.’s consolidated total assets and total liabilities at June 30, 2017 and December 31, 2016 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to HCP, Inc. Total assets at June 30, 2017 and December 31, 2016 include VIE assets as follows (in thousands): June 30, 2017 December 31, 2016 Assets Building and Improvements $ 2,796,279 $ 3,522,310 Developments in Process 17,702 31,953 Land 222,893 327,241 Accumulated Depreciation (559,789 ) (676,276 ) Net Real Estate 2,477,085 3,205,228 Investments in and advances to unconsolidated joint ventures 2,573 3,641 Accounts Receivable, Net 12,062 19,996 Cash and Cash Equivalents 45,034 35,844 Restricted Cash 41,843 22,624 Intangible Assets, Net 133,210 169,027 Other Assets, Net 53,400 69,562 Total Assets $ 2,765,207 $ 3,525,922 Liabilities Mortgage Debt 45,156 520,870 Intangible Liabilities, Net 8,475 8,994 Accounts Payable and Accrued Expenses 100,648 120,719 Deferred Revenue 18,453 23,456 Total Liabilities $ 172,732 $ 674,039 RIDEA I. The Company holds a 90% ownership interest in JV entities formed in September 2011 that own and operate senior housing properties in a RIDEA structure (“RIDEA I”). The Company has historically classified RIDEA I OpCo as a VIE and, as a result of the adoption of ASU No. 2015-02, Amendments to the Consolidation Analysis (“ASU 2015-02”), also classifies RIDEA I PropCo as a VIE due to the non-managing member lacking substantive participation rights in the management of RIDEA I PropCo or kick-out rights over the managing member. The Company consolidates RIDEA I PropCo and RIDEA I 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 RIDEA I PropCo primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of notes payable to a non-VIE consolidated subsidiary of the Company. 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 RIDEA I 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 I structure may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). RIDEA III. The Company holds a 90% ownership interest in JV entities formed in June 2015 that own and operate senior housing properties in a RIDEA structure. The Company has historically classified RIDEA III OpCo as a VIE and, as a result of the adoption of ASU 2015-02, also classifies RIDEA III PropCo as a VIE due to the non-managing member lacking substantive participation rights in the management of RIDEA III PropCo or kick-out rights over the managing member. The Company consolidates RIDEA III PropCo and RIDEA III 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 RIDEA III 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 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 RIDEA III 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 III structure may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). HCP Ventures V, LLC . The Company holds a 51% ownership interest in and is the managing member of a JV entity formed in October 2015 that owns and leases MOBs (“HCP Ventures V”). Upon adoption of ASU 2015-02, the Company classified HCP Ventures V as a VIE due to the non-managing member lacking substantive participation rights in the management of HCP Ventures V or kick-out rights over the managing member. The Company consolidates HCP Ventures V 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 HCP Ventures V primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by HCP Ventures V may only be used to settle its contractual obligations (primarily from capital expenditures). Vintage Park JV. The Company holds a 90% ownership interest in a JV entity formed in January 2015 that owns an 85% interest in an unconsolidated development VIE (“Vintage Park JV”). Upon adoption of ASU 2015-02, the Company classified Vintage Park JV as a VIE due to the non-managing member lacking substantive participation rights in the management of the Vintage Park JV or kick-out rights over the managing member. The Company consolidates Vintage Park JV 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 Vintage Park JV primarily consist of an investment in the Vintage Park Development JV and cash and cash equivalents; its obligations primarily consist of funding the ongoing development of the Vintage Park Development JV. Assets generated by the Vintage Park JV may only be used to settle its contractual obligations (primarily from the funding of the Vintage Park Development JV). DownREITs . The Company holds a controlling ownership interest in and is the managing member of five DownREITs. Upon adoption of ASU 2015-02, the Company classified the DownREITs as VIEs due to the non-managing members lacking substantive participation rights in the management of the DownREITs or kick-out rights over the managing member. The Company consolidates the DownREITs as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the DownREITs primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the DownREITs (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). Other Consolidated Real Estate Partnerships. The Company holds a controlling ownership interest in and is the general partner (or managing member) of multiple partnerships that own and lease real estate assets (the “Partnerships”). Upon adoption of ASU 2015-02, the Company classified the Partnerships as VIEs due to the limited partners (non-managing members) lacking substantive participation rights in the management of the Partnerships or kick-out rights over the general partner (managing member). The Company consolidates the Partnerships as the primary beneficiary because it has the ability to control the activities that most significantly impact these VIEs’ economic performance. The assets of the Partnerships primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; their obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by the Partnerships (primarily from resident rents) may only be used to settle their contractual obligations (primarily from debt service and capital expenditures). 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 JV (“Development JV”) both of which are considered VIEs. The Company consolidates the Tax Credit Subsidiary and Development JV as the primary beneficiary because 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 a development in progress, notes receivable, prepaid expenses, notes payable, and accounts payable and accrued liabilities generated from their operating activities. Any assets generated by the operating activities of the Tax Credit Subsidiary and Development JV may only be used to settle their contractual obligations.

Concentration of Credit Risk

Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2017
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	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 credit risks. The Company does not have significant foreign operations. The following tables provide information regarding the Company’s concentrations with respect to certain tenants: Percentage of Gross Assets Percentage of Revenues Total Company Senior Housing Triple-Net Total Company Revenues Senior Housing Triple-Net Revenues June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Tenant 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Brookdale (1) 11% 17% 42% 69% 8% 12% 10% 12% 47% 58% 55% 58% _______________________________________ (1) Includes revenues from 64 senior housing triple-net facilities that were classified as held for sale at December 31, 2016 and sold in March 2017. At June 30, 2017 and December 31, 2016 , Brookdale managed or operated, in the Company’s SHOP segment, approximately 13% and 18% , respectively, of the Company’s real estate investments based on gross assets. Because an operator manages the Company’s facilities in exchange for the receipt of a management fee, the Company is not directly exposed to the credit risk of its operators in the same manner or to the same extent as its triple-net tenants. At June 30, 2017 , Brookdale provided comprehensive facility management and accounting services with respect to 59 of the Company’s SHOP facilities and 65 SHOP facilities owned by its unconsolidated joint ventures, for which the Company or joint venture pay annual management fees pursuant to long-term management agreements. Most of the management agreements have terms ranging from 10 to 15 years , with three to four 5 -year renewal periods. The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA facilities. In addition, there are incentive management fees payable to Brookdale if operating results of the RIDEA properties exceed pre-established EBITDAR (as defined) thresholds. Brookdale is subject to the registration and reporting requirements of the SEC and is required to file with the SEC annual reports containing audited financial information and quarterly reports containing unaudited financial information. The information related to Brookdale contained or referred to in this report has been derived from SEC filings made by Brookdale or other publicly available information, or was provided to the Company by Brookdale, and the Company has not verified this information through an independent investigation or otherwise. The Company has no reason to believe that this information is inaccurate in any material respect, but the Company cannot assure the reader of its accuracy. The Company is providing this data for informational purposes only, and encourages the reader to obtain Brookdale’s publicly available filings, which can be found on the SEC’s website at www.sec.gov. To mitigate the credit risk of leasing properties to certain senior housing and post-acute/skilled nursing operators, leases with operators are often combined into portfolios that contain cross-default terms, so that if a tenant of any of the properties in a portfolio defaults on its obligations under its lease, the Company may pursue its remedies under the lease with respect to any of the properties in the portfolio. Certain portfolios also contain terms whereby the net operating profits of the properties are combined for the purpose of securing the funding of rental payments due under each lease.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2017
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis at June 30, 2017 in the consolidated balance sheets are immaterial. The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): June 30, 2017 (4) December 31, 2016 (4) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 393,575 $ 394,438 $ 807,954 $ 807,505 Marketable debt securities (2) 18,448 18,448 68,630 68,630 Marketable equity securities (1) 82 82 76 76 Warrants (3) 61 61 19 19 Bank line of credit (2) 136,311 136,311 899,718 899,718 Term loans (2) 218,832 218,832 440,062 440,062 Senior unsecured notes (1) 6,889,045 7,267,553 7,133,538 7,386,149 Mortgage debt (2) 146,337 133,494 623,792 609,374 Other debt (2) 94,801 94,801 92,385 92,385 Interest-rate swap liabilities (2) 3,272 3,272 4,857 4,857 Currency swap asset (2) — — 2,920 2,920 Cross currency swap liability (2) 5,504 5,504 — — _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For 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 credit rating. (3) Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models. (4) During the six months ended June 30, 2017 and year ended December 31, 2016 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the Company’s outstanding interest-rate and cross currency swap contracts at June 30, 2017 (dollars and GBP in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow $ 44,100 3.82% BMA Swap Index $ (3,272 ) Cross currency swap: April 2017 (3) February 2019 Net Investment £105,000 / $131,400 2.584% 3.75 % $ (5,504 ) (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 a cross currency swap to pay 2.584% on £105 million and receive 3.75% on $131 million through February 1, 2019, with an initial and final exchange of principals at origination and maturity at a rate of 1.251 USD/GBP. Hedges the risk of changes in the USD equivalent value of a portion of the Company's net investment in its consolidated GBP subsidiaries' attributable to changes in the USD/GBP exchange rate. 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. Assuming a one percentage point shift in the underlying interest rate curve, the estimated change in fair value of each of the underlying derivative instruments would not exceed $3 million . Assuming a one percentage point shift in the underlying foreign currency exchange rates, the estimated change in fair value of each of the underlying derivative instruments would not exceed $2 million . At June 30, 2017 , £150 million of the Company’s GBP-denominated borrowings under the 2015 Term Loan and a £105 million cross currency swap are designated as a hedge of a portion of the Company’s net investments in GBP-functional subsidiaries to mitigate its exposure to fluctuations in the GBP to USD exchange rate. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to USD exchange rate of the instrument is recorded as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). Accordingly, the remeasurement value of the designated £150 million GBP-denominated borrowings and £105 million cross currency swap 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 cumulative balance of the remeasurement value will be reclassified to earnings when the hedged investment is sold or substantially liquidated.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2017
Accounting Policies [Abstract]
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 consolidated financial statements and the reported amounts of revenue 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 (“JVs”) and variable interest entities ("VIEs") that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and six months ended June 30, 2017 are not necessarily indicative of the results that may be expected for the year ending December 31, 2017 . 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, 2016 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”).
Real Estate	Real Estate On January 1, 2017 the Company adopted Accounting Standards Update (“ASU”) No. 2017-01, Clarifying the Definition of a Business (“ASU 2017-01”) which narrows the Financial Accounting Standards Board’s (“FASB”) definition of a business and provides a framework that gives entities a basis for making reasonable judgments about whether a transaction involves an asset, or a group of assets, or a business. ASU 2017-01 states that when substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single identifiable asset or group of similar identifiable assets, the set is not a business. If this initial test is not met, a set cannot be considered a business unless it includes an acquired input and a substantive process that together significantly contribute to the ability to create outputs. In addition, ASU 2017-01 clarifies the requirements for a set of activities to be considered a business and narrows the definition of an output. This ASU is to be applied prospectively and the Company expects that a majority of its future real estate acquisitions and dispositions will be deemed asset transactions rather than business combinations. As a result, for asset acquisitions the Company will record identifiable assets acquired, liabilities assumed and any associated noncontrolling interests at cost on a relative fair value basis. In addition, for such asset acquisitions, no goodwill will be recognized, third party transaction costs will be capitalized and any associated contingent consideration will be recorded when the contingency is resolved.
Segment Reporting	Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) life science and (iv) medical office. Prior to the third quarter of 2016, the Company had five reportable segments: (i) senior housing, (ii) post-acute/skilled nursing, (iii) life science, (iv) medical office and (v) hospital. During the third quarter of 2016, primarily as a result of the planned spin-off of Quality Care Properties, Inc. (“QCP”) (NYSE:QCP), the Company revised its operating analysis structure and changed its reportable segments. The Company believes the change to its reportable segments is appropriate and consistent with how its chief operating decision makers review the Company’s operating results and determine resource allocations. Accordingly, all prior period segment information has been reclassified to conform to the current period presentation.
Reclassifications	Reclassifications Certain amounts in the Company’s consolidated financial statements have been reclassified for prior periods to conform to the current period presentation. Certain prior period amounts have been reclassified on consolidated statements of operations for discontinued operations (see Note 4). See Segment Reporting above for additional reclassifications.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In February 2017, the FASB issued ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). The amendments in ASU 2017-05 clarify the scope of the FASB’s recently established guidance on nonfinancial asset derecognition which applies to the derecognition of all nonfinancial assets and in-substance nonfinancial assets. In addition, ASU 2017-05 clarifies the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets to align with the new revenue recognition standard (see below). ASU 2017-05 is effective for annual periods beginning after December 15, 2017, including interim periods within, and must be adopted in conjunction with the Revenue ASUs (as defined below). ASU 2017-05 can be adopted using a full retrospective approach or a modified retrospective approach, resulting in a cumulative-effect adjustment to equity as of the beginning of the fiscal year in which the guidance is effective. The Company has not yet elected a transition method and is evaluating the complete impact of the adoption of the Revenue ASUs (see below) on January 1, 2018 to its consolidated financial position, results of operations and disclosures. The Company expects to complete its evaluation of the impacts of the Revenue ASUs during the second half of 2017. In June 2016, the FASB issued ASU No. 2016-13, Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). ASU 2016-13 is intended to improve financial reporting by requiring timelier recognition of credit losses on loans and other financial instruments held by financial institutions and other organizations. The amendments in ASU 2016-13 eliminate the “probable” initial threshold for recognition of credit losses in current accounting guidance and, instead, reflect an entity’s current estimate of all expected credit losses over the life of the financial instrument. Previously, when credit losses were measured under current accounting guidance, an entity generally only considered past events and current conditions in measuring the incurred loss. The amendments in ASU 2016-13 broaden the information that an entity must consider in developing its expected credit loss estimate for assets measured either collectively or individually. The use of forecasted information incorporates more timely information in the estimate of expected credit loss. ASU 2016-13 is effective for fiscal years, and interim periods within, beginning after December 15, 2019. Early adoption is permitted for fiscal years, and interim periods within, beginning after December 15, 2018. A reporting entity is required to apply the amendments in ASU 2016-13 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. A prospective transition approach is required for debt securities for which an other-than-temporary impairment had been recognized before the effective date. Upon adoption of ASU 2016-13, the Company is required to reassess its financing receivables, including direct finance leases and loans receivable, and expects that application of ASU 2016-13 may result in the Company recognizing credit losses at an earlier date than would otherwise be recognized under current accounting guidance. The Company is evaluating the impact of the adoption of ASU 2016-13 on January 1, 2020 to its consolidated financial position and results of operations. Between May 2014 and May 2016, the FASB issued three ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”) and (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. In August 2015, the FASB issued ASU 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 within, beginning after December 15, 2017. All subsequent ASUs related to ASU 2014-09, including ASU 2016-08 and ASU 2016-12, assumed the deferred effective date enforced by ASU 2015-14. Early adoption of the Revenue ASUs is permitted for annual periods, and interim periods within, beginning after December 15, 2016. A reporting entity may apply the amendments in the Revenue ASUs using either a modified retrospective approach, by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or full retrospective approach. As the primary source of revenue for the Company is generated through leasing arrangements, which are excluded from the Revenue ASUs (as it relates to the timing and recognition of revenue), the Company expects that it may be impacted in its recognition of non-lease revenue, such as certain resident fees in its RIDEA structures (a portion of which are not generated through leasing arrangements), non-lease components of revenue from lease agreements and its recognition of real estate sale transactions. Under ASU 2014-09, revenue recognition for real estate sales is largely based on the transfer of control versus continuing involvement under current guidance. As a result, the Company generally expects that the new guidance will result in more transactions qualifying as sales of real estate and revenue being recognized at an earlier date than under current accounting guidance. Additionally, upon adoption of the Revenue ASUs in 2018, the Company anticipates that it will be required to separately disclose the components of its total revenue between lease revenue accounted for under existing lease guidance and service revenue accounted for under the new Revenue ASUs, including non-lease components such as certain services embedded in base leasing fees. The Company has not yet elected a transition method and is evaluating the complete impact of the adoption of the Revenue ASUs on January 1, 2018 to its consolidated financial position, results of operations and disclosures. The Company expects to complete its evaluation of the impacts of the Revenue ASUs during the second half of 2017. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 amends the current accounting for leases to: (i) require lessees to put most leases on their balance sheets, but continue recognizing expenses on their income statements in a manner similar to requirements under current accounting guidance, (ii) eliminate current real estate specific lease provisions and (iii) modify the classification criteria and accounting for sales-type leases for lessors. ASU 2016-02 is effective for fiscal years, and interim periods within, beginning after December 15, 2018. Early adoption is permitted. The transition method required by ASU 2016-02 varies based on the specific amendment being adopted. As a result of adopting ASU 2016-02, the Company will recognize all of its significant operating leases for which it is the lessee, including corporate office leases and ground leases, on its consolidated balance sheets and will capitalize fewer legal costs related to the drafting and execution of its lease agreements. From a lessor perspective, the Company expects that it will be required to further bifurcate lease agreements to separately recognize and disclose non-lease components that are executory in nature. Lease components will continue to be recognized on a straight-line basis over the lease term and certain non-lease components will be accounted for under the new revenue recognition guidance in ASU 2014-09. The disaggregated disclosure of lease and executory non-lease components (e.g., maintenance) will be required upon the adoption of ASU 2016-02 . The Company anticipates that it will elect a practical expedient offered in ASU 2016-02 that allows an entity to not reassess the following upon adoption (must be elected as a group): (i) whether an expired or existing contract contains a lease arrangement, (ii) lease classification related to expired or existing lease arrangements, or (iii) whether costs incurred on expired or existing leases qualify as initial direct costs. The Company does not expect the bifurcation of non-lease components from a lease agreement to significantly impact the existing revenue recognition pattern. The Company is still evaluating the complete impact of the adoption of ASU 2016-02 on January 1, 2019 to its consolidated financial position, results of operations and disclosures. The following ASUs have been issued, but not yet adopted, and the Company does not expect a material impact to its consolidated financial position, results of operations, cash flows, or disclosures upon adoption: • ASU No. 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”). ASU 2017-04 is effective for fiscal years, including interim periods within, beginning after December 15, 2019 (upon the first goodwill impairment test performed during that fiscal year). Early adoption is permitted for interim or annual goodwill impairment tests performed on testing dates after January 1, 2017. A reporting entity must apply the amendments in ASU 2017-04 using a prospective approach. • ASU No. 2016-18, Restricted Cash (“ASU 2016-18”). ASU 2016-18 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-18 using a full retrospective approach. • ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). ASU 2016-16 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted as of the first interim period presented in any year following issuance. A reporting entity must apply the amendments in ASU 2016-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. • ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). ASU 2016-15 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted. A reporting entity must apply the amendments in ASU 2016-15 using a full retrospective approach. • ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”). ASU 2016-01 is effective for fiscal years, and interim periods within, beginning after December 15, 2017. Early adoption is permitted only for updates to certain disclosure requirements. A reporting entity is required to apply the amendments in ASU 2016-01 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption.

Real Estate Property Investme29

Real Estate Property Investments (Tables)	6 Months Ended
	Jun. 30, 2017
Real Estate [Abstract]
Schedule of Real Estate Acquisitions	The following table summarizes the Company’s real estate acquisitions for the six months ended June 30, 2017 (in thousands): Consideration Assets Acquired Segment Cash Paid/ Debt Settled Liabilities Assumed Real Estate Net Intangibles Life science $ 26,019 $ 155 $ 24,398 $ 1,776 Medical office 427 5 432 — $ 26,446 $ 160 $ 24,830 $ 1,776 The following table summarizes the Company’s real estate acquisitions for the six months ended June 30, 2016 (in thousands): Consideration Assets Acquired Segment Cash Paid/ Debt Settled Liabilities Assumed Real Estate Net Intangibles Senior housing triple-net $ 76,362 $ 1,200 $ 71,875 $ 5,687 Other non-reportable segments 17,909 — 16,596 1,313 $ 94,271 $ 1,200 $ 88,471 $ 7,000

Discontinued Operations and D30

Discontinued Operations and Dispositions of Real Estate (Tables)	6 Months Ended
	Jun. 30, 2017
Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Summary of Financial Information for Discontinued Operations	Summarized financial information for discontinued operations for the three and six months ended June 30, 2016 is as follows (in thousands): Three Months Ended June 30, 2016 Six Months Ended June 30, 2016 Revenues: Rental and related revenues $ 6,908 $ 13,722 Tenant recoveries 399 761 Income from direct financing leases 116,453 229,511 Total revenues 123,760 243,994 Costs and expenses: Depreciation and amortization (1,467 ) (2,934 ) Operating (1,045 ) (2,043 ) General and administrative (14 ) (62 ) Acquisition and pursuit costs (13,704 ) (13,704 ) Other income, net 21 42 Income before income taxes 107,551 225,293 Income tax expense (176 ) (49,510 ) Total discontinued operations $ 107,375 $ 175,783

Net Investment in Direct Fina31

Net Investment in Direct Financing Leases (Tables)	6 Months Ended
	Jun. 30, 2017
Loans Receivable:
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consisted of the following (dollars in thousands): June 30, December 31, Minimum lease payments receivable $ 1,081,187 $ 1,108,237 Estimated residual value 500,368 539,656 Less unearned income (869,778 ) (895,304 ) Net investment in direct financing leases $ 711,777 $ 752,589 Properties subject to direct financing leases 29 30
DFL Watchlist Portfolio
Loans Receivable:
Summary of the Company's Internal Ratings for DFLs	The following table summarizes the Company’s internal ratings for DFLs at June 30, 2017 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 627,173 88% $ 268,815 359,586,000 $ 358,358 $ — Other non-reportable segments 84,604 12 84,604 — — — $ 711,777 100% $ 353,419 $ 358,358 $ —

Loans Receivable (Tables)

Loans Receivable (Tables) - Loans receivable	6 Months Ended
	Jun. 30, 2017
Loans Receivable:
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): June 30, 2017 December 31, 2016 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1) $ — $ 274,799 $ 274,799 $ — $ 615,188 $ 615,188 Other (2) 176,186 — 176,186 195,946 — 195,946 Unamortized discounts, fees and costs (1) — (728 ) (728 ) 413 (3,593 ) (3,180 ) Allowance for loan losses — (56,682 ) (56,682 ) — — — $ 176,186 $ 217,389 $ 393,575 $ 196,359 $ 611,595 $ 807,954 _______________________________________ (1) At December 31, 2016, included £282 million ( $348 million ) outstanding and £2 million ( $3 million ) of associated unamortized discounts, fees and costs, both related to the HC-One Facility. (2) At June 30, 2017 , included £119 million ( $154 million ) outstanding primarily related to Maria Mallaband loans.
Summary of the Company's Internal Ratings for Loans Receivable	The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 176,186 45% $ 176,186 $ — $ — Other secured 217,389 55 17,389 200,000 — $ 393,575 100% $ 193,575 $ 200,000 $ —

Investments in and Advances t33

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2017
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company owns interests in the following entities that are accounted for under the equity method at June 30, 2017 (dollars in thousands): Carrying Amount June 30, December 31, Entity (1) Segment Ownership% 2017 2016 CCRC JV (2) SHOP 49 $ 433,507 $ 439,449 RIDEA II SHOP 40 258,505 — HCP Life Science (3) Life science 50 - 63 64,795 67,879 MBK JV SHOP 50 38,806 38,909 Medical Office JVs (4) Medical office 20 - 67 13,569 13,438 Development JVs (5) SHOP 50 - 90 18,616 10,459 K&Y JVs Other non-reportable segments 80 1,420 1,342 Advances to unconsolidated joint ventures, net 13 15 $ 829,231 $ 571,491 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JV. (2) Includes two unconsolidated JVs in a RIDEA structure (CCRC PropCo and CCRC OpCo). (3) Includes the following unconsolidated 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% ). (4) Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures VI, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (5) Includes four unconsolidated SHOP development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV ( 85% ); (ii) Waldwick JV ( 85% ); (iii) Otay Ranch JV ( 90% ); and (iv) MBK Development JV ( 50% )

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2017
Intangibles
Schedule of Intangible Lease Assets	The following tables summarize the Company’s intangible lease assets and liabilities (in thousands): Intangible lease assets June 30, December 31, Gross intangible lease assets $ 818,577 $ 911,697 Accumulated depreciation and amortization (404,173 ) (431,892 ) Net intangible lease assets $ 414,404 $ 479,805
Schedule of Intangible Lease Liabilities	Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 143,209 $ 163,924 Accumulated depreciation and amortization (91,746 ) (105,779 ) Net intangible lease liabilities $ 51,463 $ 58,145

Other Assets (Tables)

Other Assets (Tables)	6 Months Ended
	Jun. 30, 2017
Other Assets [Abstract]
Schedule of Other Assets	The following table summarizes the Company’s other assets (in thousands): June 30, December 31, Straight-line rent receivables, net of allowance of $24,737 and $25,059, respectively $ 320,485 $ 311,776 Marketable debt securities, net 18,448 68,630 Leasing costs and inducements, net 91,818 156,820 Goodwill 47,019 42,386 Other 133,920 132,012 Total other assets, net $ 611,690 $ 711,624

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2017
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes payoffs for the year ended December 31, 2016 (dollars in thousands): Date Amount Coupon Rate February 1, 2016 $ 500,000 3.750 % September 15, 2016 $ 400,000 6.300 % November 30, 2016 $ 500,000 6.000 % November 30, 2016 $ 600,000 6.700 % The following table summarizes the Company's senior unsecured note payoffs for the six months ended June 30, 2017 (dollars in thousands): Date Amount Coupon Rate May 1, 2017 $ 250,000 5.625 %
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2017 (in thousands): Year Bank Line of Credit (1) 2015 Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) 2017 (six months) $ — $ — $ — $ 1,685 $ 1,685 2018 136,311 — — 3,512 139,823 2019 — 219,396 450,000 3,700 673,096 2020 — — 800,000 3,758 803,758 2021 — — 1,200,000 11,117 1,211,117 Thereafter — — 4,500,000 116,481 4,616,481 136,311 219,396 6,950,000 140,253 7,445,960 (Discounts), premium and debt costs, net — (564 ) (60,955 ) 6,084 (55,435 ) $ 136,311 $ 218,832 $ 6,889,045 $ 146,337 $ 7,390,525 _______________________________________ (1) Represents £105 million translated into U.S. dollars (“USD”). (2) Represents £169 million translated into USD. (3) Effective interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective interest rate of 4.29% and a weighted average maturity of six years . (4) Interest rates on the mortgage debt ranged from 2.99% to 5.91% with a weighted average effective interest rate of 4.23% and a weighted average maturity of twenty years . (5) Excludes $95 million of other debt that have no scheduled maturities.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2017
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive loss (in thousands): June 30, December 31, Cumulative foreign currency translation adjustment $ (14,205 ) $ (22,817 ) Unrealized losses on cash flow hedges, net (10,055 ) (3,642 ) Supplemental Executive Retirement plan minimum liability (2,981 ) (3,129 ) Unrealized losses on available for sale securities (48 ) (54 ) Total other comprehensive loss $ (27,289 ) $ (29,642 )

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2017
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 78,079 $ 125,416 $ 86,730 $ 119,164 $ 28,670 $ — $ 438,059 HCP share of unconsolidated JV revenues — 81,368 2,004 496 417 — 84,285 Operating expenses (882 ) (85,866 ) (18,744 ) (46,581 ) (1,090 ) — (153,163 ) HCP share of unconsolidated JV operating expenses — (65,487 ) (429 ) (146 ) (19 ) — (66,081 ) NOI 77,197 55,431 69,561 72,933 27,978 — 303,100 Adjustments to NOI (2) (406 ) 4,523 (91 ) (769 ) (864 ) — 2,393 Adjusted NOI 76,791 59,954 69,470 72,164 27,114 — 305,493 Addback adjustments 406 (4,523 ) 91 769 864 — (2,393 ) Interest income — — — — 20,869 — 20,869 Interest expense (631 ) (1,166 ) (96 ) (127 ) (1,181 ) (74,587 ) (77,788 ) Depreciation and amortization (25,519 ) (24,415 ) (31,004 ) (42,488 ) (7,325 ) — (130,751 ) General and administrative — — — — — (21,286 ) (21,286 ) Acquisition and pursuit costs — — — — — (867 ) (867 ) Impairment — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net (230 ) (232 ) 1,280 (406 ) — — 412 Other income, net — — — — — 71 71 Income tax benefit — — — — — 2,987 2,987 Less: HCP share of unconsolidated JV NOI — (15,881 ) (1,575 ) (350 ) (398 ) — (18,204 ) Equity income (loss) from unconsolidated JVs — (1,065 ) 763 303 239 — 240 Net income (loss) $ 50,817 $ 12,672 $ 38,929 $ 29,865 $ (16,500 ) $ (93,682 ) $ 22,101 For the three months ended June 30, 2016 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 108,841 $ 164,202 $ 90,201 $ 110,205 $ 32,099 $ — $ 505,548 HCP share of unconsolidated JV revenues — 52,855 1,898 524 407 — 55,684 Operating expenses (1,642 ) (115,443 ) (17,961 ) (43,028 ) (1,006 ) — (179,080 ) HCP share of unconsolidated JV operating expenses — (42,473 ) (400 ) (155 ) (7 ) — (43,035 ) NOI 107,199 59,141 73,738 67,546 31,493 — 339,117 Adjustments to NOI (2) (2,022 ) 4,248 (544 ) (753 ) (214 ) — 715 Adjusted NOI 105,177 63,389 73,194 66,793 31,279 — 339,832 Addback adjustments 2,022 (4,248 ) 544 753 214 — (715 ) Interest income — — — — 32,787 — 32,787 Interest expense (4,049 ) (7,837 ) (632 ) (1,625 ) (2,476 ) (104,714 ) (121,333 ) Depreciation and amortization (34,202 ) (24,988 ) (32,077 ) (40,604 ) (8,048 ) — (139,919 ) General and administrative — — — — — (22,779 ) (22,779 ) Acquisition and pursuit costs — — — — — (823 ) (823 ) Gain on sales of real estate, net — — 29,455 8,311 81,848 — 119,614 Other income, net — — — — — 2,340 2,340 Income tax benefit — — — — — 2,179 2,179 Less: HCP share of unconsolidated JV NOI — (10,382 ) (1,498 ) (369 ) (400 ) — (12,649 ) Equity income (loss) from unconsolidated JVs — (2,482 ) 776 421 218 — (1,067 ) Discontinued operations — — — — — 107,375 107,375 Net income (loss) $ 68,948 $ 13,452 $ 69,762 $ 33,680 $ 135,422 $ (16,422 ) $ 304,842 For the six months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 178,112 $ 265,644 $ 172,050 $ 237,535 $ 58,555 $ — $ 911,896 HCP share of unconsolidated JV revenues — 157,731 3,944 985 835 — 163,495 Operating expenses (1,993 ) (180,405 ) (36,064 ) (91,444 ) (2,338 ) — (312,244 ) HCP share of unconsolidated JV operating expenses — (125,014 ) (800 ) (288 ) (38 ) — (126,140 ) NOI 176,119 117,956 139,130 146,788 57,014 — 637,007 Adjustments to NOI (2) (2,245 ) 7,679 (345 ) (1,739 ) (1,879 ) — 1,471 Adjusted NOI 173,874 125,635 138,785 145,049 55,135 — 638,478 Addback adjustments 2,245 (7,679 ) 345 1,739 1,879 — (1,471 ) Interest income — — — — 39,200 — 39,200 Interest expense (1,258 ) (6,017 ) (200 ) (256 ) (2,923 ) (153,852 ) (164,506 ) Depreciation and amortization (51,930 ) (50,773 ) (64,795 ) (85,217 ) (14,590 ) — (267,305 ) General and administrative — — — — — (43,764 ) (43,764 ) Acquisition and pursuit costs — — — — — (1,924 ) (1,924 ) Impairment — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net 268,234 134 45,913 (406 ) 3,795 — 317,670 Other income, net — — — — — 51,279 51,279 Income tax benefit — — — — — 9,149 9,149 Less: HCP share of unconsolidated JV NOI — (32,717 ) (3,144 ) (697 ) (797 ) — (37,355 ) Equity income from unconsolidated JVs — 927 1,533 572 477 — 3,509 Net income (loss) $ 391,165 $ 29,510 $ 118,437 $ 60,784 $ 25,494 $ (139,112 ) $ 486,278 For the six months ended June 30, 2016 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 215,731 $ 329,964 $ 179,149 $ 218,228 $ 64,904 $ — $ 1,007,976 HCP share of unconsolidated JV revenues — 103,284 3,708 1,003 814 — 108,809 Operating expenses (3,716 ) (229,446 ) (34,704 ) (84,977 ) (2,194 ) — (355,037 ) HCP share of unconsolidated JV operating expenses — (83,668 ) (774 ) (304 ) (10 ) — (84,756 ) NOI 212,015 120,134 147,379 133,950 63,514 — 676,992 Adjustments to NOI (2) (7,466 ) 8,642 (1,217 ) (1,548 ) (785 ) — (2,374 ) Adjusted NOI 204,549 128,776 146,162 132,402 62,729 — 674,618 Addback adjustments 7,466 (8,642 ) 1,217 1,548 785 — 2,374 Interest income — — — — 50,816 — 50,816 Interest expense (8,215 ) (15,690 ) (1,270 ) (3,291 ) (4,805 ) (210,124 ) (243,395 ) Depreciation and amortization (67,707 ) (51,286 ) (65,674 ) (79,322 ) (15,785 ) — (279,774 ) General and administrative — — — — — (48,230 ) (48,230 ) Acquisition and pursuit costs — — — — — (3,298 ) (3,298 ) Gain on sales of real estate, net — — 29,455 8,311 81,848 — 119,614 Other income, net — — — — — 3,632 3,632 Income tax expense — — — — — (1,525 ) (1,525 ) Less: HCP share of unconsolidated JV NOI — (19,616 ) (2,934 ) (699 ) (804 ) — (24,053 ) Equity income (loss) from unconsolidated JVs — (4,960 ) 1,485 1,079 421 — (1,975 ) Discontinued operations — — — — — 175,783 175,783 Net income (loss) $ 136,093 $ 28,582 $ 108,441 $ 60,028 $ 175,205 $ (83,762 ) $ 424,587 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, the deferral of community fees, net of amortization, lease termination fees and non-refundable entrance fees as the fees are collected by the Company’s CCRC JV, net of CCRC JV entrance fee amortization.
Reconciliation of Company's Revenues by Segment	The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, Segment 2017 2016 2017 2016 Senior housing triple-net $ 78,079 $ 108,841 $ 178,112 $ 215,731 SHOP 125,416 164,202 265,644 329,964 Life science 86,730 90,201 172,050 179,149 Medical office 119,164 110,205 237,535 218,228 Other non-reportable segments 49,539 64,886 97,755 115,720 Total revenues $ 458,928 $ 538,335 $ 951,096 $ 1,058,792

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2017
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Numerator Net income from continuing operations $ 22,101 $ 197,467 $ 486,278 $ 248,804 Noncontrolling interests' share in earnings (2,718 ) (3,125 ) (5,750 ) (6,751 ) Net income attributable to HCP, Inc. 19,383 194,342 480,528 242,053 Less: Participating securities' share in earnings (100 ) (342 ) (674 ) (651 ) Income from continuing operations applicable to common shares 19,283 194,000 479,854 241,402 Discontinued operations — 107,375 — 175,783 Net income applicable to common shares $ 19,283 $ 301,375 $ 479,854 $ 417,185 Numerator - Dilutive Net income applicable to common shares $ 19,283 $ 301,375 $ 479,854 $ 417,185 Add: distributions on dilutive convertible units and other — 2,388 3,655 — Dilutive net income available to common shares $ 19,283 $ 303,763 $ 483,509 $ 417,185 Denominator Basic weighted average shares outstanding 468,646 467,084 468,474 466,579 Dilutive potential common shares - equity awards 193 208 195 198 Dilutive potential common shares - DownREIT conversions — 4,133 4,697 — Diluted weighted average common shares 468,839 471,425 473,366 466,777 Basic earnings per common share Continuing operations $ 0.04 $ 0.42 $ 1.02 $ 0.52 Discontinued operations — 0.23 — 0.37 Net income applicable to common shares $ 0.04 $ 0.65 $ 1.02 $ 0.89 Diluted earnings per common share Continuing operations $ 0.04 $ 0.42 $ 1.02 $ 0.52 Discontinued operations — 0.22 — 0.37 Net income applicable to common shares $ 0.04 $ 0.64 $ 1.02 $ 0.89

Supplemental Cash Flow Inform40

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2017 2016 Supplemental cash flow information: Interest paid, net of capitalized interest $ 163,455 $ 241,585 Income taxes paid 10,335 4,433 Capitalized interest 7,628 5,734 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 68,618 57,143 Non-cash acquisitions and dispositions settled with receivables and restricted cash held in connection with Section 1031 transactions 39,991 129,846 Vesting of restricted stock units and conversion of non-managing member units into common stock 2,451 5,310 Other liabilities assumed with real estate acquisitions 160 1,200 Unrealized losses on available-for-sale securities and derivatives designated as cash flow hedges, net (48 ) 343

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2017
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2017 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 599,561 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 5,952 CCRC OpCo Investments in unconsolidated joint ventures 218,832 RIDEA II PropCo Investments in unconsolidated joint ventures 254,137 Development JVs Investments in unconsolidated joint ventures 11,653 Loan- Senior Secured Loans Receivable, net 137,025 Loan- Seller Financing Loans Receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 33,511 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets at June 30, 2017 and December 31, 2016 include VIE assets as follows (in thousands): June 30, 2017 December 31, 2016 Assets Building and Improvements $ 2,796,279 $ 3,522,310 Developments in Process 17,702 31,953 Land 222,893 327,241 Accumulated Depreciation (559,789 ) (676,276 ) Net Real Estate 2,477,085 3,205,228 Investments in and advances to unconsolidated joint ventures 2,573 3,641 Accounts Receivable, Net 12,062 19,996 Cash and Cash Equivalents 45,034 35,844 Restricted Cash 41,843 22,624 Intangible Assets, Net 133,210 169,027 Other Assets, Net 53,400 69,562 Total Assets $ 2,765,207 $ 3,525,922 Liabilities Mortgage Debt 45,156 520,870 Intangible Liabilities, Net 8,475 8,994 Accounts Payable and Accrued Expenses 100,648 120,719 Deferred Revenue 18,453 23,456 Total Liabilities $ 172,732 $ 674,039

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2017
Risks and Uncertainties [Abstract]
Schedule of Concentration of Credit Risk	The following tables provide information regarding the Company’s concentrations with respect to certain tenants: Percentage of Gross Assets Percentage of Revenues Total Company Senior Housing Triple-Net Total Company Revenues Senior Housing Triple-Net Revenues June 30, December 31, June 30, December 31, Three Months Ended June 30, Six Months Ended June 30, Three Months Ended June 30, Six Months Ended June 30, Tenant 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 2017 2016 Brookdale (1) 11% 17% 42% 69% 8% 12% 10% 12% 47% 58% 55% 58% _______________________________________ (1) Includes revenues from 64 senior housing triple-net facilities that were classified as held for sale at December 31, 2016 and sold in March 2017.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2017
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of Carry Amounts and Fair Value of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): June 30, 2017 (4) December 31, 2016 (4) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 393,575 $ 394,438 $ 807,954 $ 807,505 Marketable debt securities (2) 18,448 18,448 68,630 68,630 Marketable equity securities (1) 82 82 76 76 Warrants (3) 61 61 19 19 Bank line of credit (2) 136,311 136,311 899,718 899,718 Term loans (2) 218,832 218,832 440,062 440,062 Senior unsecured notes (1) 6,889,045 7,267,553 7,133,538 7,386,149 Mortgage debt (2) 146,337 133,494 623,792 609,374 Other debt (2) 94,801 94,801 92,385 92,385 Interest-rate swap liabilities (2) 3,272 3,272 4,857 4,857 Currency swap asset (2) — — 2,920 2,920 Cross currency swap liability (2) 5,504 5,504 — — _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) or for loans receivable, net, mortgage debt, and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For 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 credit rating. (3) Level 3: Fair value determined based on significant unobservable market inputs using standardized derivative pricing models. (4) During the six months ended June 30, 2017 and year ended December 31, 2016 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume44

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s outstanding interest-rate and cross currency swap contracts at June 30, 2017 (dollars and GBP in thousands): Date Entered Maturity Date Hedge Designation Notional Pay Rate Receive Rate Fair Value (1) Interest rate: July 2005 (2) July 2020 Cash Flow $ 44,100 3.82% BMA Swap Index $ (3,272 ) Cross currency swap: April 2017 (3) February 2019 Net Investment £105,000 / $131,400 2.584% 3.75 % $ (5,504 ) (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 a cross currency swap to pay 2.584% on £105 million and receive 3.75% on $131 million through February 1, 2019, with an initial and final exchange of principals at origination and maturity at a rate of 1.251 USD/GBP. Hedges the risk of changes in the USD equivalent value of a portion of the Company's net investment in its consolidated GBP subsidiaries' attributable to changes in the USD/GBP exchange rate.

Summary of Significant Accoun45

Summary of Significant Accounting Policies (Details) $ in Millions	6 Months Ended
	Jun. 30, 2017reportable_segment	Jun. 30, 2016reportable_segment	Mar. 31, 2017USD ($)
Accounting Policies [Abstract]
Number of reportable segments | reportable_segment	4	5
Accounting Standards Update 2017-05
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Investment ownership percentage			40.00%
Retained equity investment at estimated fair value | $			$ 107

Real Estate Property Investme46

Real Estate Property Investments (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Real estate acquisitions
Consideration, Cash Paid/Debt Settled	$ 26,446	$ 94,271
Consideration, Liabilities assumed	160	1,200
Assets Acquired, Real Estate	24,830	88,471
Assets Acquired, Net Intangibles	1,776	7,000
Life science
Real estate acquisitions
Consideration, Cash Paid/Debt Settled	26,019
Consideration, Liabilities assumed	155
Assets Acquired, Real Estate	24,398
Assets Acquired, Net Intangibles	1,776
Medical office
Real estate acquisitions
Consideration, Cash Paid/Debt Settled	427
Consideration, Liabilities assumed	5
Assets Acquired, Real Estate	432
Assets Acquired, Net Intangibles	$ 0
Senior housing triple-net
Real estate acquisitions
Consideration, Cash Paid/Debt Settled		76,362
Consideration, Liabilities assumed		1,200
Assets Acquired, Real Estate		71,875
Assets Acquired, Net Intangibles		5,687
Other non-reportable segments
Real estate acquisitions
Consideration, Cash Paid/Debt Settled		17,909
Consideration, Liabilities assumed		0
Assets Acquired, Real Estate		16,596
Assets Acquired, Net Intangibles		$ 1,313

Discontinued Operations and D47

Discontinued Operations and Dispositions of Real Estate - QCP (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Oct. 31, 2016property
Costs and expenses:
Depreciation and amortization			$ 0	$ (2,934)
Income tax expense	$ 0	$ (176)	$ 0	(49,510)
QCP | Discontinued Operations, Held-for-sale
Revenues:
Rental and related revenues		6,908		13,722
Tenant recoveries		399		761
Income from direct financing leases		116,453		229,511
Total revenues		123,760		243,994
Costs and expenses:
Depreciation and amortization		(1,467)		(2,934)
Operating		(1,045)		(2,043)
General and administrative		(14)		(62)
Acquisition and pursuit costs		(13,704)		(13,704)
Other income, net		21		42
Income before income taxes		107,551		225,293
Income tax expense		(176)		(49,510)
Total discontinued operations		$ 107,375		$ 175,783
QCP | Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | property					338

Discontinued Operations and D48

Discontinued Operations and Dispositions of Real Estate - HCR ManorCare, Inc. (Details) - USD ($)	1 Months Ended	3 Months Ended			6 Months Ended		12 Months Ended
	Dec. 31, 2015	Jun. 30, 2017	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2011
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
DFL income		$ 13,564,000	$ 15,647,000		$ 27,276,000	$ 30,557,000
Maximum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Federal and state built-in gain tax from assets sold								$ 2,000,000,000
HCRMC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
DFL income						$ 116,000,000
DFL accretion							$ 0
Federal and state built-in gain tax from assets sold, term								10 years
Federal built-in gain tax from assets sold, federal term	5 years
State built-in gain from assets sold				$ 49,000,000

Discontinued Operations and D49

Discontinued Operations and Dispositions of Real Estate - Disposition of Real Estate (Details)	1 Months Ended		3 Months Ended			6 Months Ended
	Apr. 30, 2017USD ($)property	Jan. 31, 2017USD ($)facility	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)property	Dec. 31, 2016USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net			$ 0			$ 0		$ 927,866,000
Real estate and other related assets, net								$ 809,000,000
Gain on sales of real estate, net			$ 412,000		$ 119,614,000	317,670,000	$ 119,614,000
Proceeds from sales of real estate, net						$ 1,195,860,000	$ 96,652,000
California
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration for disposition of real estate	$ 27,000,000
Post-acute/skilled nursing | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property							5
Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property								4
Number of properties disposed | facility		4
Total consideration for disposition of real estate		$ 76,000,000
Gain on sales of real estate, net		45,000,000
Life science | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property							1
Proceeds from sales of real estate, net							$ 74,000,000
Life science | California | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property	1
Proceeds from sales of real estate, net	$ 5,000,000
Post-acute/skill nursing and senior housing triplet-net | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of real estate, net							$ 130,000,000
Medical office | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property							2
Proceeds from sales of real estate, net							$ 19,000,000
Senior housing triple-net
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property								64
Senior housing triple-net | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property							2
Senior housing triple-net | Brookdale Senior Living
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property				64
Total consideration for disposition of real estate				$ 1,125,000,000
Gain on sales of real estate, net				$ 170,000,000
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property								1
SHOP | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property							1
Proceeds from sales of real estate, net							$ 6,000,000
HCP/CPA/Brookdale JV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt provided		602,000,000
Debt provided by third-party		360,000,000
Debt provided by entity		242,000,000
Proceeds from issuance of debt, net		480,000,000
Proceeds from note receivable		242,000,000
HCP/CPA/Brookdale JV | RIDEA II
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sales of real estate, net		$ 99,000,000
Investment ownership percentage		40.00%

Net Investment in Direct Fina50

Net Investment in Direct Financing Leases - Direct Financing Leases (Details) $ in Thousands	1 Months Ended
	Feb. 28, 2017USD ($)	Jun. 30, 2017USD ($)property	Dec. 31, 2016USD ($)property
Capital Leased Assets [Line Items]
Minimum lease payments receivable		$ 1,081,187	$ 1,108,237
Estimated residual value		500,368	539,656
Less unearned income		(869,778)	(895,304)
Net investment in direct financing leases		$ 711,777	$ 752,589
Properties subject to direct financing leases | property		29	30
Florida
Capital Leased Assets [Line Items]
Proceeds from sale of leased assets	$ 43,000

Net Investment in Direct Fina51

Net Investment in Direct Financing Leases - Direct Financing Lease Internal Ratings (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)property	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)property
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 711,777		$ 711,777		$ 752,589
Percentage of DFL Portfolio	100.00%		100.00%
Properties subject to direct financing leases | property	29		29		30
DFL income	$ 13,564	$ 15,647	$ 27,276	$ 30,557
DFL Watchlist Portfolio
Net Investment in Direct Financing Leases
DFL income	4,000	4,000	7,000	8,000
Cash payments received	5,000	$ 5,000	9,000	$ 10,000
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	353,419		353,419
Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	358,358		358,358
Workout DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	0		0
Senior housing triple-net
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 627,173		$ 627,173
Percentage of DFL Portfolio	88.00%		88.00%
Senior housing triple-net | DFL Watchlist Portfolio
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 358,000		$ 358,000		$ 361,000
Properties subject to direct financing leases | property	14		14
Senior housing triple-net | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 268,815		$ 268,815
Senior housing triple-net | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	358,358		358,358
Senior housing triple-net | Workout DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	0		0
Other non-reportable segments
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 84,604		$ 84,604
Percentage of DFL Portfolio	12.00%		12.00%
Other non-reportable segments | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 84,604		$ 84,604
Other non-reportable segments | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	0		0
Other non-reportable segments | Workout DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 0		$ 0

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) $ in Thousands, £ in Millions	Jun. 30, 2017USD ($)	Jun. 30, 2017GBP (£)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)
Loans Receivable:
Mezzanine	$ 274,799		$ 615,188
Loans receivable, other	176,186		195,946
Unamortized discounts, fees and costs	(728)		(3,180)
Allowance for loan losses	(56,682)		0
Loans receivable, net	393,575		807,954
Real Estate Secured
Loans Receivable:
Mezzanine	0		0
Loans receivable, other	176,186		195,946
Unamortized discounts, fees and costs	0		413
Allowance for loan losses	0		0
Loans receivable, net	176,186		196,359
Other Secured
Loans Receivable:
Mezzanine	274,799		615,188
Loans receivable, other	0		0
Unamortized discounts, fees and costs	(728)		(3,593)
Allowance for loan losses	(56,682)		0
Loans receivable, net	217,389		611,595
HC-One Facility
Loans Receivable:
Mezzanine			348,000	£ 282
Unamortized discounts, fees and costs			$ 3,000	£ 2
Maria Mallaband Loans
Loans Receivable:
Loans receivable, other	$ 154,000	£ 119

Loans Receivable - Schedule o53

Loans Receivable - Schedule of Loans Receivable Internal Ratings (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Percentage of Loan Portfolio	100.00%
Loans receivable, net	$ 393,575	$ 807,954
Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	193,575
Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	200,000
Workout Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 0
Real Estate Secured
Financing Receivable, Recorded Investment [Line Items]
Percentage of Loan Portfolio	45.00%
Loans receivable, net	$ 176,186	196,359
Real Estate Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	176,186
Real Estate Secured | Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Real Estate Secured | Workout Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 0
Other Secured
Financing Receivable, Recorded Investment [Line Items]
Percentage of Loan Portfolio	55.00%
Loans receivable, net	$ 217,389	$ 611,595
Other Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	17,389
Other Secured | Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	200,000
Other Secured | Workout Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 0

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Thousands, £ in Millions	Aug. 31, 2017USD ($)	Jul. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2017GBP (£)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2017GBP (£)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	May 31, 2015USD ($)	Jun. 30, 2013USD ($)	Jul. 31, 2012USD ($)
Loans Receivable:
Loans receivable, other						$ 176,186		$ 176,186			$ 195,946
Loans receivable, net						393,575		393,575			807,954
Allowance for loan losses								56,682		$ 0
HC-One Facility
Loans Receivable:
Cash payments received from borrower								367,000	£ 283
Other Secured
Loans Receivable:
Loans receivable, other						0		0			0
Loans receivable, net						217,389		217,389			$ 611,595
Tandem Mezzanine Loan
Loans Receivable:
Cash payments received from borrower						$ 7,000	$ 7,000	$ 14,000		$ 14,000
Loan receivable, blended annual rate (as a percent)						11.50%		11.50%
Default interest per year (as a percent)						16.50%		16.50%
Loans receivable, additional interest upaid								5.00%	5.00%
Loans receivable, net						$ 200,000		$ 200,000
Allowance for loan losses						$ 57,000
Tandem Mezzanine Loan | Maximum
Loans Receivable:
Loans receivable, other														$ 205,000
Tandem Health Care Loan - First Tranche
Loans Receivable:
Loans receivable, other													$ 100,000
Loan receivable, interest rate payable (as a percent)													12.00%
Tandem Health Care Loan - Second Tranche
Loans Receivable:
Loans receivable, other													$ 102,000
Loan receivable, interest rate payable (as a percent)													14.00%
Tandem Health Care Loan Third Tranche
Loans Receivable:
Loans receivable, other												$ 50,000
Loan receivable, interest rate payable (as a percent)												6.00%
Tandem Health Care Loan Fourth Tranche
Loans Receivable:
Loans receivable, other												$ 5,000
Loan receivable, interest rate payable (as a percent)												6.00%
Four Seasons
Loans Receivable:
Payment to purchase senior secured term loan			$ 35,000	£ 29
Forecast | Tandem Mezzanine Loan
Loans Receivable:
Non-refundable deposit to secure the right to repay by October 25, 2017	$ 2,000
Allowance for loan losses					$ 3,000
Subsequent event | Tandem Mezzanine Loan
Loans Receivable:
Loans receivable, other		$ 257,000
Letter of intend, discounted repayment value		197,000
Non-refundable deposit to secure the right to repay by October 25, 2017		2,000
Non-refundable deposit to extend repayment to December 31, 2017		4,000
Principal payment amount to extend repayment date to December 31, 2017		$ 50,000

Investments in and Advances t55

Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands	Jun. 30, 2017USD ($)joint_venture	Dec. 31, 2016USD ($)
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 829,231	$ 571,491
CCRC JV | SHOP
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	$ 433,507	439,449
Number of unconsolidated joint ventures | joint_venture	2
RIDEA II | SHOP
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	40.00%
Investments in and advances to unconsolidated joint ventures	$ 258,505	0
HCP Life Science | Life science
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 64,795	67,879
HCP Life Science | Life science | Minimum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%
HCP Life Science | Life science | Maximum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	63.00%
Torrey Pines Science Center, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%
Britannia Biotech Gateway, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	55.00%
LASDK, LP | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	63.00%
MBK JV | SHOP
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%
Investments in and advances to unconsolidated joint ventures	$ 38,806	38,909
Medical Office JVs | Medical office
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 13,569	13,438
Number of unconsolidated joint ventures | joint_venture	3
Medical Office JVs | Medical office | Minimum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	20.00%
Medical Office JVs | Medical office | Maximum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	67.00%
HCP Ventures VI, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	20.00%
H C P Ventures III, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	30.00%
Suburban Properties, LLC | Medical office
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	67.00%
Development JVs | SHOP
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 18,616	10,459
Number of unconsolidated joint ventures | joint_venture	4
Development JVs | SHOP | Minimum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%
Development JVs | SHOP | Maximum
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	90.00%
Vintage Park Development JV | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	85.00%
Waldwick | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	85.00%
Otay Ranch | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	90.00%
MBK Development JV | Life science
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	50.00%
K&Y JVs | Other non-reportable segments
Company owned interests in entities, accounted under equity method:
Investment ownership percentage	80.00%
Investments in and advances to unconsolidated joint ventures	$ 1,420	1,342
Advances to unconsolidated joint ventures, net
Company owned interests in entities, accounted under equity method:
Investments in and advances to unconsolidated joint ventures	$ 13	$ 15

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Intangibles
Gross intangible lease assets	$ 818,577	$ 911,697
Accumulated depreciation and amortization	(404,173)	(431,892)
Net intangible lease assets	$ 414,404	$ 479,805

Intangibles - Intangibles Lea57

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Intangibles
Gross intangible lease liabilities	$ 143,209	$ 163,924
Accumulated depreciation and amortization	(91,746)	(105,779)
Net intangible lease liabilities	$ 51,463	$ 58,145

Other Assets - Schedule of Othe

Other Assets - Schedule of Other Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Other Assets [Abstract]
Straight-line rent receivables, net of allowance of $24,737 and $25,059, respectively	$ 320,485	$ 311,776
Marketable debt securities, net	18,448	68,630
Leasing costs and inducements, net	91,818	156,820
Goodwill	47,019	42,386
Other	133,920	132,012
Total other assets, net	611,690	711,624
Allowance on straight-line rent receivables	$ 24,737	$ 25,059

Other Assets - Narrative (Detai

Other Assets - Narrative (Details) - 1 months ended Mar. 31, 2017 - Four Seasons £ in Millions, $ in Millions	USD ($)	GBP (£)	GBP (£)
Other assets
Marketable debt security, par value			£ 138.5
Marketable debt security, par value, discounted	$ 101		83
Market debt security, carrying value	50		£ 41
Other income, net
Other assets
Gain on sale	$ 51	£ 42

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details) £ in Millions	Jun. 30, 2017GBP (£)	Jan. 31, 2015	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017GBP (£)	Dec. 31, 2016USD ($)	Jul. 30, 2012GBP (£)
Debt Instrument
Net repayment under bank line of credit			$ 339,826,000	$ 135,000,000
Bank line of credit			136,311,000			$ 899,718,000
Debt			7,390,525,000
Outstanding balance on term loan			$ 218,832,000			$ 440,062,000
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
Debt instrument, covenant net worth			$ 6,500,000,000
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
Cost of debt extension			0.30%
Debt instrument, facility fee (as a percent)			0.20%
Line of credit facility additional aggregate amount, maximum			$ 500,000,000
Net repayment under bank line of credit			781,000,000
Bank line of credit			$ 136,000,000		£ 105
Weighted-average interest rate (as a percent)			1.63%		1.63%
Debt			$ 136,311,000
2012 Term Loan
Debt Instrument
Debt | £							£ 137
2015 Term Loan
Debt Instrument
Repayments of debt | £	£ 51
Term of facility		4 years
Term of the interest rate swap agreement		3 years
Outstanding balance on term loan			$ 219,000,000		£ 169
LIBOR | Bank Line of Credit
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)			1.05%
GBP LIBOR | 2015 Term Loan
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)	1.15%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	May 01, 2017	Nov. 30, 2016	Sep. 15, 2016	Feb. 01, 2016	Jun. 30, 2017	Dec. 31, 2016
Debt Instrument
Total debt before discount, net					$ 7,445,960,000
Senior unsecured notes					6,889,045,000	$ 7,133,538,000
Unsecured Debt
Debt Instrument
Total debt before discount, net					6,950,000,000
Senior unsecured notes					$ 0	$ 0
Unsecured Note 3.75%
Debt Instrument
Repayment of senior unsecured notes				$ 500,000,000
Percentage of stated interest rate				3.75%
Unsecured Note 6.3%
Debt Instrument
Repayment of senior unsecured notes			$ 400,000,000
Percentage of stated interest rate			6.30%
Unsecured Note 6.0%
Debt Instrument
Repayment of senior unsecured notes		$ 500,000,000
Percentage of stated interest rate		6.00%
Unsecured Note 6.7%
Debt Instrument
Repayment of senior unsecured notes		$ 600,000,000
Percentage of stated interest rate		6.70%
Unsecured Note 5.625%
Debt Instrument
Repayment of senior unsecured notes	$ 250,000,000
Percentage of stated interest rate	5.625%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands, £ in Millions	1 Months Ended		3 Months Ended	6 Months Ended
	Jul. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)facility	Jun. 30, 2017GBP (£)facility	Dec. 31, 2016USD ($)property
Debt Instrument
Total debt before discount, net				$ 7,445,960
(Discounts), premiums and debt costs, net				(55,435)
Debt instruments, carrying amount				7,390,525
Other debt				94,801		$ 92,385
Debt maturing in 2017
Debt Instrument
2,017				1,685
Debt maturing in 2018
Debt Instrument
2,018				139,823
Debt maturing in 2019
Debt Instrument
2,019				673,096
Debt maturing in 2020
Debt Instrument
2,020				803,758
Debt maturing in 2021
Debt Instrument
2,021				1,211,117
Thereafter
Debt Instrument
Thereafter				4,616,481
Bank Line of Credit
Debt Instrument
Total debt before discount, net				136,311
Debt instruments, carrying amount				$ 136,311
Line of credit, portion denominated in GBP | £					£ 105
Weighted-average interest rate (as a percent)				1.63%	1.63%
Bank Line of Credit | Debt maturing in 2018
Debt Instrument
2,018				$ 136,311
Term loans
Debt Instrument
Total debt before discount, net				219,396
(Discounts), premiums and debt costs, net				(564)
Debt instruments, carrying amount				218,832
Term loans, portion denominated in GBP | £					£ 169
Term loans | Debt maturing in 2019
Debt Instrument
2,019				219,396
Unsecured Debt
Debt Instrument
Total debt before discount, net				6,950,000
(Discounts), premiums and debt costs, net				(60,955)
Debt instruments, carrying amount				$ 6,889,045
Weighted-average interest rate (as a percent)				4.29%	4.29%
Weighted-average maturity				6 years
Unsecured Debt | Minimum
Debt Instrument
Percentage of stated interest rate				2.79%	2.79%
Unsecured Debt | Maximum
Debt Instrument
Percentage of stated interest rate				6.88%	6.88%
Unsecured Debt | Debt maturing in 2017
Debt Instrument
2,017				$ 0
Unsecured Debt | Debt maturing in 2019
Debt Instrument
2,019				450,000
Unsecured Debt | Debt maturing in 2020
Debt Instrument
2,020				800,000
Unsecured Debt | Debt maturing in 2021
Debt Instrument
2,021				1,200,000
Unsecured Debt | Thereafter
Debt Instrument
Thereafter				$ 4,500,000
Mortgage Debt
Debt Instrument
Number of healthcare facilities used to secure debt | facility				16	16
Debt instrument, collateral, healthcare facilities carrying value				$ 306,000
Cash distribution		$ 472,000
Total debt before discount, net				140,253
(Discounts), premiums and debt costs, net				6,084
Debt instruments, carrying amount				$ 146,337
Weighted-average interest rate (as a percent)				4.23%	4.23%
Weighted-average maturity				20 years
Mortgage Debt | Minimum
Debt Instrument
Percentage of stated interest rate				2.99%	2.99%
Mortgage Debt | Maximum
Debt Instrument
Percentage of stated interest rate				5.91%	5.91%
Mortgage Debt | Debt maturing in 2017
Debt Instrument
2,017				$ 1,685
Mortgage Debt | Debt maturing in 2018
Debt Instrument
2,018				3,512
Mortgage Debt | Debt maturing in 2019
Debt Instrument
2,019				3,700
Mortgage Debt | Debt maturing in 2020
Debt Instrument
2,020				3,758
Mortgage Debt | Debt maturing in 2021
Debt Instrument
2,021				11,117
Mortgage Debt | Thereafter
Debt Instrument
Thereafter				116,481
Life Care Bonds and Demand Notes
Debt Instrument
Other debt				$ 95,000
Senior housing triple-net
Debt Instrument
Number of properties classified as held for sale | property						64
Senior Notes | Subsequent event | 5.375% Senior Notes due 2021
Debt Instrument
Percentage of stated interest rate	5.375%
Amount of debt repurchased	$ 500,000
Loss on debt extinguishment			$ 54,000

Commitments and Contingencies (

Commitments and Contingencies (Details)	Oct. 31, 2016USD ($)	Jun. 30, 2017USD ($)lawsuit	Dec. 31, 2016USD ($)
Commitments and Contingencies
Loan amount outstanding		$ 136,311,000	$ 899,718,000
QCP | Unsecured Revolving Credit Facility
Commitments and Contingencies
Loan amount outstanding	$ 100,000,000	$ 0
Permanent decrease in commitments for each month equal to retained cash flow (as a percent)	50.00%
Term of facility	1 year
Debt instrument, facility fee (as a percent)	0.50%
QCP | LIBOR | Unsecured Revolving Credit Facility
Commitments and Contingencies
Debt instrument , floor rate (as a percent)	1.00%
Debt instrument, basis spread on variable rate (as a percent)	6.25%
Pending Litigation | Subodh V. HCR ManorCare Inc and Stearns V. HCR ManorCare, Inc
Commitments and Contingencies
Number of pending claims | lawsuit		2

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment	$ (14,205)	$ (22,817)
Unrealized losses on cash flow hedges, net	(10,055)	(3,642)
Supplemental Executive Retirement plan minimum liability	(2,981)	(3,129)
Unrealized losses on available for sale securities	(48)	(54)
Total other comprehensive loss	$ (27,289)	$ (29,642)

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Jan. 31, 2017USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)facility	Jun. 30, 2016USD ($)	Dec. 31, 2016facility
Segment reporting information, revenues
Rental revenues		$ 438,059	$ 505,548	$ 911,896	$ 1,007,976
HCP share of unconsolidated JV revenues		84,285	55,684	163,495	108,809
Operating expenses		(153,163)	(179,080)	(312,244)	(355,037)
HCP share of unconsolidated JV operating expenses		(66,081)	(43,035)	(126,140)	(84,756)
Segment NOI		303,100	339,117	637,007	676,992
Adjustments to NOI		2,393	715	1,471	(2,374)
Adjusted NOI		305,493	339,832	638,478	674,618
Addback adjustments		(2,393)	(715)	(1,471)	2,374
Interest income		20,869	32,787	39,200	50,816
Interest expense		(77,788)	(121,333)	(164,506)	(243,395)
Depreciation and amortization		(130,751)	(139,919)	(267,305)	(279,774)
General and administrative		(21,286)	(22,779)	(43,764)	(48,230)
Acquisition and pursuit costs		(867)	(823)	(1,924)	(3,298)
Impairment		(56,682)	0	(56,682)	0
Gain (loss) on sales of real estate, net		412	119,614	317,670	119,614
Other income, net		71	2,340	51,279	3,632
Income tax benefit (expense)		2,987	2,179	9,149	(1,525)
Less: HCP share of unconsolidated JV NOI		(18,204)	(12,649)	(37,355)	(24,053)
Equity income (loss) from unconsolidated JVs		240	(1,067)	3,509	(1,975)
Discontinued operations		0	107,375	0	175,783
Net income		22,101	304,842	486,278	424,587
Corporate and other assets
Segment reporting information, revenues
Rental revenues		0	0	0	0
HCP share of unconsolidated JV revenues		0	0	0	0
Operating expenses		0	0	0	0
HCP share of unconsolidated JV operating expenses		0	0	0	0
Segment NOI		0	0	0	0
Adjustments to NOI		0	0	0	0
Adjusted NOI		0	0	0	0
Addback adjustments		0	0	0	0
Interest income		0	0	0	0
Interest expense		(74,587)	(104,714)	(153,852)	(210,124)
Depreciation and amortization		0	0	0	0
General and administrative		(21,286)	(22,779)	(43,764)	(48,230)
Acquisition and pursuit costs		(867)	(823)	(1,924)	(3,298)
Impairment		0		0
Gain (loss) on sales of real estate, net		0	0	0	0
Other income, net		71	2,340	51,279	3,632
Income tax benefit (expense)		2,987	2,179	9,149	(1,525)
Less: HCP share of unconsolidated JV NOI		0	0	0	0
Equity income (loss) from unconsolidated JVs		0	0	0	0
Discontinued operations			107,375		175,783
Net income		(93,682)	(16,422)	$ (139,112)	(83,762)
Senior housing triple-net
Segment Disclosure
Number of SH NNN facilities transitioned to RIDEA structure | facility				1		17
Senior housing triple-net | Operating segment
Segment reporting information, revenues
Rental revenues		78,079	108,841	$ 178,112	215,731
HCP share of unconsolidated JV revenues		0	0	0	0
Operating expenses		(882)	(1,642)	(1,993)	(3,716)
HCP share of unconsolidated JV operating expenses		0	0	0	0
Segment NOI		77,197	107,199	176,119	212,015
Adjustments to NOI		(406)	(2,022)	(2,245)	(7,466)
Adjusted NOI		76,791	105,177	173,874	204,549
Addback adjustments		406	2,022	2,245	7,466
Interest income		0	0	0	0
Interest expense		(631)	(4,049)	(1,258)	(8,215)
Depreciation and amortization		(25,519)	(34,202)	(51,930)	(67,707)
General and administrative		0	0	0	0
Acquisition and pursuit costs		0	0	0	0
Impairment		0		0
Gain (loss) on sales of real estate, net		(230)	0	268,234	0
Other income, net		0	0	0	0
Income tax benefit (expense)		0	0	0	0
Less: HCP share of unconsolidated JV NOI		0	0	0	0
Equity income (loss) from unconsolidated JVs		0	0	0	0
Discontinued operations			0		0
Net income		50,817	68,948	391,165	136,093
SHOP | Operating segment
Segment reporting information, revenues
Rental revenues		125,416	164,202	265,644	329,964
HCP share of unconsolidated JV revenues		81,368	52,855	157,731	103,284
Operating expenses		(85,866)	(115,443)	(180,405)	(229,446)
HCP share of unconsolidated JV operating expenses		(65,487)	(42,473)	(125,014)	(83,668)
Segment NOI		55,431	59,141	117,956	120,134
Adjustments to NOI		4,523	4,248	7,679	8,642
Adjusted NOI		59,954	63,389	125,635	128,776
Addback adjustments		(4,523)	(4,248)	(7,679)	(8,642)
Interest income		0	0	0	0
Interest expense		(1,166)	(7,837)	(6,017)	(15,690)
Depreciation and amortization		(24,415)	(24,988)	(50,773)	(51,286)
General and administrative		0	0	0	0
Acquisition and pursuit costs		0	0	0	0
Impairment		0		0
Gain (loss) on sales of real estate, net		(232)	0	134	0
Other income, net		0	0	0	0
Income tax benefit (expense)		0	0	0	0
Less: HCP share of unconsolidated JV NOI		(15,881)	(10,382)	(32,717)	(19,616)
Equity income (loss) from unconsolidated JVs		(1,065)	(2,482)	927	(4,960)
Discontinued operations			0		0
Net income		12,672	13,452	29,510	28,582
Life science
Segment reporting information, revenues
Gain (loss) on sales of real estate, net	$ 45,000
Life science | Operating segment
Segment reporting information, revenues
Rental revenues		86,730	90,201	172,050	179,149
HCP share of unconsolidated JV revenues		2,004	1,898	3,944	3,708
Operating expenses		(18,744)	(17,961)	(36,064)	(34,704)
HCP share of unconsolidated JV operating expenses		(429)	(400)	(800)	(774)
Segment NOI		69,561	73,738	139,130	147,379
Adjustments to NOI		(91)	(544)	(345)	(1,217)
Adjusted NOI		69,470	73,194	138,785	146,162
Addback adjustments		91	544	345	1,217
Interest income		0	0	0	0
Interest expense		(96)	(632)	(200)	(1,270)
Depreciation and amortization		(31,004)	(32,077)	(64,795)	(65,674)
General and administrative		0	0	0	0
Acquisition and pursuit costs		0	0	0	0
Impairment		0		0
Gain (loss) on sales of real estate, net		1,280	29,455	45,913	29,455
Other income, net		0	0	0	0
Income tax benefit (expense)		0	0	0	0
Less: HCP share of unconsolidated JV NOI		(1,575)	(1,498)	(3,144)	(2,934)
Equity income (loss) from unconsolidated JVs		763	776	1,533	1,485
Discontinued operations			0		0
Net income		38,929	69,762	118,437	108,441
Medical office | Operating segment
Segment reporting information, revenues
Rental revenues		119,164	110,205	237,535	218,228
HCP share of unconsolidated JV revenues		496	524	985	1,003
Operating expenses		(46,581)	(43,028)	(91,444)	(84,977)
HCP share of unconsolidated JV operating expenses		(146)	(155)	(288)	(304)
Segment NOI		72,933	67,546	146,788	133,950
Adjustments to NOI		(769)	(753)	(1,739)	(1,548)
Adjusted NOI		72,164	66,793	145,049	132,402
Addback adjustments		769	753	1,739	1,548
Interest income		0	0	0	0
Interest expense		(127)	(1,625)	(256)	(3,291)
Depreciation and amortization		(42,488)	(40,604)	(85,217)	(79,322)
General and administrative		0	0	0	0
Acquisition and pursuit costs		0	0	0	0
Impairment		0		0
Gain (loss) on sales of real estate, net		(406)	8,311	(406)	8,311
Other income, net		0	0	0	0
Income tax benefit (expense)		0	0	0	0
Less: HCP share of unconsolidated JV NOI		(350)	(369)	(697)	(699)
Equity income (loss) from unconsolidated JVs		303	421	572	1,079
Discontinued operations			0		0
Net income		29,865	33,680	60,784	60,028
Other non-reportable segments | Operating segment
Segment reporting information, revenues
Rental revenues		28,670	32,099	58,555	64,904
HCP share of unconsolidated JV revenues		417	407	835	814
Operating expenses		(1,090)	(1,006)	(2,338)	(2,194)
HCP share of unconsolidated JV operating expenses		(19)	(7)	(38)	(10)
Segment NOI		27,978	31,493	57,014	63,514
Adjustments to NOI		(864)	(214)	(1,879)	(785)
Adjusted NOI		27,114	31,279	55,135	62,729
Addback adjustments		864	214	1,879	785
Interest income		20,869	32,787	39,200	50,816
Interest expense		(1,181)	(2,476)	(2,923)	(4,805)
Depreciation and amortization		(7,325)	(8,048)	(14,590)	(15,785)
General and administrative		0	0	0	0
Acquisition and pursuit costs		0	0	0	0
Impairment		(56,682)		(56,682)
Gain (loss) on sales of real estate, net		0	81,848	3,795	81,848
Other income, net		0	0	0	0
Income tax benefit (expense)		0	0	0	0
Less: HCP share of unconsolidated JV NOI		(398)	(400)	(797)	(804)
Equity income (loss) from unconsolidated JVs		239	218	477	421
Discontinued operations			0		0
Net income		$ (16,500)	$ 135,422	$ 25,494	$ 175,205

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Segment Disclosure
Total revenues	$ 458,928	$ 538,335	$ 951,096	$ 1,058,792
Operating segment
Segment Disclosure
Total revenues	458,928	538,335	951,096	1,058,792
Operating segment | Senior housing triple-net
Segment Disclosure
Total revenues	78,079	108,841	178,112	215,731
Operating segment | SHOP
Segment Disclosure
Total revenues	125,416	164,202	265,644	329,964
Operating segment | Life science
Segment Disclosure
Total revenues	86,730	90,201	172,050	179,149
Operating segment | Medical office
Segment Disclosure
Total revenues	119,164	110,205	237,535	218,228
Operating segment | Other non-reportable segments
Segment Disclosure
Total revenues	$ 49,539	$ 64,886	$ 97,755	$ 115,720

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Numerator - Basic
Net income from continuing operations	$ 22,101	$ 197,467	$ 486,278	$ 248,804
Noncontrolling interests' share in earnings	(2,718)	(3,125)	(5,750)	(6,751)
Net income attributable to HCP, Inc.	19,383	194,342	480,528	242,053
Participating securities' share in earnings	(100)	(342)	(674)	(651)
Income from continuing operations applicable to common shares	19,283	194,000	479,854	241,402
Discontinued operations	0	107,375	0	175,783
Net income applicable to common shares	19,283	301,375	479,854	417,185
Numerator - Dilutive
Net income applicable to common shares	19,283	301,375	479,854	417,185
Add: distributions on dilutive convertible units	0	2,388	3,655	0
Net Income (Loss) Available to Common Stockholders, Diluted	$ 19,283	$ 303,763	$ 483,509	$ 417,185
Denominator
Basic weighted average common shares	468,646	467,084	468,474	466,579
Diluted weighted average common shares	468,839	471,425	473,366	466,777
Basic earnings per common share:
Continuing operations (in dollars per share)	$ 0.04	$ 0.42	$ 1.02	$ 0.52
Discontinued operations (in dollars per share)	0	0.23	0	0.37
Net income applicable to common shares (in dollars per share)	0.04	0.65	1.02	0.89
Diluted earnings per common share
Continuing operations (in dollars per share)	0.04	0.42	1.02	0.52
Discontinued operations (in dollars per share)	0	0.22	0	0.37
Net income applicable to common shares (in dollars per share)	$ 0.04	$ 0.64	$ 1.02	$ 0.89
Common Stock Options
Earnings per common share:
Shares of anti-dilutive securities excluded from earnings per share calculation	1,000	1,000	1,000	1,000
Equity awards
Denominator
Dilutive potential common shares	193	208	195	198
Down REIT
Earnings per common share:
Shares of anti-dilutive securities excluded from earnings per share calculation	7,000	2,000	2,000	6,000
DownREIT LLCs, non-managing member units outstanding	4,000	2,000	1,000	4,000
Denominator
Dilutive potential common shares	0	4,133	4,697	0

Supplemental Cash Flow Inform68

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 163,455	$ 241,585
Income taxes paid	10,335	4,433
Capitalized interest	7,628	5,734
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	68,618	57,143
Non-cash acquisitions and dispositions settled with receivables and restricted cash held in connection with Section 1031 transactions	39,991	129,846
Vesting of restricted stock units and conversion of non-managing member units into common stock	2,451	5,310
Other liabilities assumed with real estate acquisitions	160	1,200
Unrealized losses on available-for-sale securities and derivatives designated as cash flow hedges, net	$ (48)	$ 343

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands, £ in Millions	6 Months Ended
	Jun. 30, 2017USD ($)propertyjoint_venturefacilityloan	Jun. 30, 2017GBP (£)propertyjoint_ventureloan	Dec. 31, 2016USD ($)
Variable Interest Entity [Line Items]
Mezzanine | $	$ 274,799		$ 615,188
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures	5	5
Number of properties leased | property	48	48
Number of VIE borrowers with marketable debt securities	1	1
Number of loans to VIE borrowers | loan	2	2
CCRC OpCo
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	49.00%
Vintage Park Development JV and Waldwick JV
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures	2	2
Vintage Park Development JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	85.00%
Waldwick
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	85.00%
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Number of properties leased | property	48	48
Number of VIE tenants	7	7
Loan-seller financing | Senior housing triple-net
Variable Interest Entity [Line Items]
Mezzanine | $	$ 10,000
Number of properties sold | facility	7
Term of facility	5 years
RIDEA I
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	90.00%
RIDEA III
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	90.00%
HCP Ventures V
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	51.00%
Vintage Park Development JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)	90.00%
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member	5
Bridge Loan | MMCG
Variable Interest Entity [Line Items]
Loan amount	$ 131,000	£ 105
Period of call-option retained	3 years

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2017USD ($)
VIE tenants-DFLs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 599,561
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	5,952
CCRC OpCo
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	218,832
RIDEA II
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	254,137
Development JVs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	11,653
Loan-senior secured
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	137,025
Loan-seller financing
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	10,000
CMBS and LLC Investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 33,511

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
ASSETS
Buildings and improvements	$ 11,114,139	$ 11,692,654
Development costs and construction in progress	444,528	400,619
Land	1,765,305	1,881,487
Accumulated Depreciation	(2,672,489)	(2,648,930)
Net real estate	10,651,483	11,325,830
Investments in and advances to unconsolidated joint ventures	829,231	571,491
Accounts Receivable, Net	36,969	45,116
Cash and cash equivalents	391,965	94,730
Restricted cash	61,481	42,260
Intangible assets, net	414,404	479,805
Other assets, net	611,690	711,624
Total assets	14,102,575	15,759,265
LIABILITIES AND EQUITY
Mortgage debt	146,337	623,792
Intangible liabilities, net	51,463	58,145
Liabilities of assets held for sale, net	0	3,776
Deferred revenue	147,155	149,181
Total liabilities	8,073,634	9,817,957
VIEs
ASSETS
Buildings and improvements	2,796,279	3,522,310
Development costs and construction in progress	17,702	31,953
Land	222,893	327,241
Accumulated Depreciation	(559,789)	(676,276)
Net real estate	2,477,085	3,205,228
Investments in and advances to unconsolidated joint ventures	2,573	3,641
Accounts Receivable, Net	12,062	19,996
Cash and cash equivalents	45,034	35,844
Restricted cash	41,843	22,624
Intangible assets, net	133,210	169,027
Other assets, net	53,400	69,562
Total assets	2,765,207	3,525,922
LIABILITIES AND EQUITY
Mortgage debt	45,156	520,870
Intangible liabilities, net	8,475	8,994
Liabilities of assets held for sale, net	100,648	120,719
Deferred revenue	18,453	23,456
Total liabilities	$ 172,732	$ 674,039

Concentration of Credit Risk -

Concentration of Credit Risk - Schedule of Concentration Risk (Details) - property	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016
Total Assets | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)			11.00%		17.00%
Revenue | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)	8.00%	12.00%	10.00%	12.00%
Senior housing triple-net
Concentration Risk [Line Items]
Number of properties classified as held for sale					64
Senior housing triple-net | Total Assets | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)			42.00%		69.00%
Senior housing triple-net | Revenue | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)	47.00%	58.00%	55.00%	58.00%

Concentration of Credit Risk 73

Concentration of Credit Risk - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2017facilityrenewal	Dec. 31, 2016
Brookdale | Minimum
Concentration Risk [Line Items]
Percentage of EDITDAR payable as base management fee	4.50%
Brookdale | Maximum
Concentration Risk [Line Items]
Percentage of EDITDAR payable as base management fee	5.00%
SHOP | Management and Accounting Services | Brookdale
Concentration Risk [Line Items]
Number of facilities | facility	59
Number of facilities owned by unconsolidated joint venture | facility	65
Management and Accounting Services | SHOP | Brookdale
Concentration Risk [Line Items]
Management agreement renewal term (in years)	5 years
Management and Accounting Services | SHOP | Brookdale | Minimum
Concentration Risk [Line Items]
Management agreement term (in years)	10 years
Number of renewals on management agreement | renewal	3
Management and Accounting Services | SHOP | Brookdale | Maximum
Concentration Risk [Line Items]
Management agreement term (in years)	15 years
Number of renewals on management agreement | renewal	4
Total Assets | SHOP | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)	13.00%	18.00%
Brookdale | Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)	11.00%	17.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Carrying Amounts and Fair Values of the Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Summary of financial instruments
Bank line of credit	$ 136,311	$ 899,718
Senior unsecured notes	6,889,045	7,133,538
Mortgage debt	146,337	623,792
Other debt	94,801	92,385
Carrying Value
Summary of financial instruments
Loans receivable, net	393,575	807,954
Marketable debt securities	18,448	68,630
Marketable equity securities	82	76
Bank line of credit	136,311	899,718
Term loans	218,832	440,062
Senior unsecured notes	6,889,045	7,133,538
Mortgage debt	146,337	623,792
Other debt	94,801	92,385
Carrying Value | Warrants
Summary of financial instruments
Derivative assets	61	19
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative liabilities	3,272	4,857
Carrying Value | Currency swap
Summary of financial instruments
Derivative assets	0	2,920
Derivative liabilities	5,504	0
Fair Value | Level 1
Summary of financial instruments
Marketable equity securities	82	76
Senior unsecured notes	7,267,553	7,386,149
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	394,438	807,505
Marketable debt securities	18,448	68,630
Bank line of credit	136,311	899,718
Term loans	218,832	440,062
Mortgage debt	133,494	609,374
Other debt	94,801	92,385
Fair Value | Warrants | Level 3
Summary of financial instruments
Derivative assets	61	19
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative liabilities	3,272	4,857
Fair Value | Currency swap | Level 2
Summary of financial instruments
Derivative assets	0	2,920
Derivative liabilities	$ 5,504	$ 0

Derivative Financial Instrume75

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Jun. 30, 2017	USD ($)derivative$ / £	GBP (£)derivative$ / £
Cash Flow | Interest-rate swap contracts
Derivative [Line Items]
Notional	$ 44,100,000
Fixed Rate/Buy Amount (as a percent)	3.82%	3.82%
Fair value of interest rate hedge, liabilities	$ (3,272,000)
Number of interest-rate contracts held | derivative	3	3
Net Investment | Cross currency swap
Derivative [Line Items]
Notional | £		£ 105,000,000
Fair value of interest rate hedge, liabilities	$ (5,504,000)
Foreign currency exchange rate | $ / £	1.251	1.251
Long | Net Investment | Cross currency swap
Derivative [Line Items]
Notional | £		£ 105,000,000
Fixed Rate/Buy Amount (as a percent)	2.584%	2.584%
Short | Net Investment | Cross currency swap
Derivative [Line Items]
Notional	$ 131,400,000
Fixed Rate/Buy Amount (as a percent)	3.75%	3.75%

Derivative Financial Instrume76

Derivative Financial Instruments - Narrative (Details) - 6 months ended Jun. 30, 2017 $ in Millions	USD ($)	GBP (£)
Net Investment | Facility and 2015 Term Loan
Derivative [Line Items]
Borrowings designated as hedge of net investment | £		£ 150,000,000
Interest-rate swap contracts | Maximum
Derivative [Line Items]
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate | $	$ 3
Cross currency swap | Maximum
Derivative [Line Items]
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate | $	$ 2
Cross currency swap | Net Investment
Derivative [Line Items]
Notional | £		£ 105,000,000