Healthpeak Properties (DOC) 10-K 13 Feb 18 2017 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2018	Jun. 30, 2017
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765,880
Document Type	10-K
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Public Float			$ 12.8
Entity Common Stock, Shares Outstanding		469,443,487
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	FY

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Real estate:
Buildings and improvements	$ 11,239,732	$ 11,692,654
Development costs and construction in progress	447,976	400,619
Land	1,785,865	1,881,487
Accumulated depreciation and amortization	(2,741,695)	(2,648,930)
Net real estate	10,731,878	11,325,830
Net investment in direct financing leases	714,352	752,589
Loans receivable, net	313,326	807,954
Investments in and advances to unconsolidated joint ventures	800,840	571,491
Accounts receivable, net of allowance of $4,425 and $4,459, respectively	40,733	45,116
Cash and cash equivalents	55,306	94,730
Restricted cash	26,897	42,260
Intangible assets, net	410,082	479,805
Assets held for sale, net	417,014	927,866
Other assets, net	578,033	711,624
Total assets	14,088,461	15,759,265
LIABILITIES AND EQUITY
Bank line of credit	1,017,076	899,718
Term loans	228,288	440,062
Senior unsecured notes	6,396,451	7,133,538
Mortgage debt	144,486	623,792
Other debt	94,165	92,385
Intangible liabilities, net	52,579	58,145
Liabilities of assets held for sale, net	14,031	3,776
Accounts payable and accrued liabilities	401,738	417,360
Deferred revenue	144,709	149,181
Total liabilities	8,493,523	9,817,957
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 469,435,678 and 468,081,489 shares issued and outstanding, respectively	469,436	468,081
Additional paid-in capital	8,226,113	8,198,890
Cumulative dividends in excess of earnings	(3,370,520)	(3,089,734)
Accumulated other comprehensive income (loss)	(24,024)	(29,642)
Total stockholders' equity	5,301,005	5,547,595
Joint venture partners	117,045	214,377
Non-managing member unitholders	176,888	179,336
Total noncontrolling interests	293,933	393,713
Total equity	5,594,938	5,941,308
Total liabilities and equity	$ 14,088,461	$ 15,759,265

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Accounts receivable, allowance, in dollars	$ 4,425	$ 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	469,435,678	468,081,489
Common stock, shares outstanding	469,435,678	468,081,489

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Revenues:
Rental and related revenues	$ 1,071,153,000	$ 1,159,791,000	$ 1,116,830,000
Tenant recoveries	142,496,000	134,280,000	125,022,000
Resident fees and services	524,275,000	686,835,000	525,453,000
Income from direct financing leases	54,217,000	59,580,000	61,000,000
Interest income	56,237,000	88,808,000	112,184,000
Total revenues	1,848,378,000	2,129,294,000	1,940,489,000
Costs and expenses:
Interest expense	307,716,000	464,403,000	479,596,000
Depreciation and amortization	534,726,000	568,108,000	504,905,000
Operating	666,251,000	738,399,000	610,679,000
General and administrative	88,772,000	103,611,000	95,965,000
Transaction costs	7,963,000	9,821,000	27,309,000
Impairments (recoveries), net	166,384,000	0	108,349,000
Total costs and expenses	1,771,812,000	1,884,342,000	1,826,803,000
Other income (expense):
Gain (loss) on sales of real estate, net	356,641,000	164,698,000	6,377,000
Loss on debt extinguishments	(54,227,000)	(46,020,000)	0
Other income (expense), net	31,420,000	3,654,000	16,208,000
Total other income (expense), net	333,834,000	122,332,000	22,585,000
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	410,400,000	367,284,000	136,271,000
Income tax benefit (expense)	1,333,000	(4,473,000)	9,807,000
Equity income (loss) from unconsolidated joint ventures	10,901,000	11,360,000	6,590,000
Income (loss) from continuing operations	422,634,000	374,171,000	152,668,000
Discontinued operations:
Income before impairments, transaction costs and income taxes	0	400,701,000	643,109,000
Impairments, net	0	0	(1,341,399,000)
Transaction costs	0	(86,765,000)	0
Income tax benefit (expense)	0	(48,181,000)	(796,000)
Total discontinued operations	0	265,755,000	(699,086,000)
Net income (loss)	422,634,000	639,926,000	(546,418,000)
Noncontrolling interests' share in earnings	(8,465,000)	(12,179,000)	(12,817,000)
Net income (loss) attributable to HCP, Inc.	414,169,000	627,747,000	(559,235,000)
Participating securities' share in earnings	(1,156,000)	(1,198,000)	(1,317,000)
Net income (loss) applicable to common shares	$ 413,013,000	$ 626,549,000	$ (560,552,000)
Basic earnings per common share:
Continuing operations (in dollars per share)	$ 0.88	$ 0.77	$ 0.30
Discontinued operations (in dollars per share)	0	0.57	(1.51)
Net income (loss) applicable to common shares (in dollars per share)	0.88	1.34	(1.21)
Diluted earnings per common share:
Continuing operations (in dollars per share)	0.88	0.77	0.30
Discontinued operations (in dollars per share)	0	0.57	(1.51)
Net income (loss) applicable to common shares (in dollars per share)	$ 0.88	$ 1.34	$ (1.21)
Weighted average shares used to calculate earnings per common share:
Basic (in shares)	468,759,000	467,195,000	462,795,000
Diluted (in shares)	468,935,000	467,403,000	462,795,000

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 422,634	$ 639,926	$ (546,418)
Change in net unrealized gains (losses) on cash flow hedges:
Unrealized gains (losses)	(11,107)	3,233	1,894
Reclassification adjustment realized in net income (loss)	799	707	148
Change in Supplemental Executive Retirement Plan obligation and other	64	220	121
Foreign currency translation adjustment	15,862	(3,332)	(8,738)
Total other comprehensive income (loss)	5,618	828	(6,575)
Total comprehensive income (loss)	428,252	640,754	(552,993)
Total comprehensive income (loss) attributable to noncontrolling interests	(8,465)	(12,179)	(12,817)
Total comprehensive income (loss) attributable to HCP, Inc.	$ 419,787	$ 628,575	$ (565,810)

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 Income (Loss)	Total Stockholders’ Equity	Noncontrolling Interests
Balance at Dec. 31, 2014	$ 10,997,099	$ 459,746	$ 11,431,987	$ (1,132,541)	$ (23,895)	$ 10,735,297	$ 261,802
Balance (in shares) at Dec. 31, 2014		459,746
Increase (Decrease) in Stockholders' Equity
Net income (loss)	(546,418)			(559,235)		(559,235)	12,817
Other comprehensive income (loss)	(6,575)				(6,575)	(6,575)
Issuance of common stock, net	178,884	$ 5,117	176,950			182,067	(3,183)
Issuance of common stock, net (in shares)		5,117
Conversion of DownREIT units to common stock (in shares)		104
Repurchase of common stock	(8,738)	$ (198)	(8,540)			(8,738)
Repurchase of common stock (in shares)		(198)
Exercise of stock options	27,587	$ 823	26,764			27,587
Exercise of stock options (in shares)		823
Amortization of deferred compensation	26,127		26,127			26,127
Common dividends	(1,046,638)			(1,046,638)		(1,046,638)
Distributions to noncontrolling interests	(19,147)		(263)			(263)	(18,884)
Issuances of noncontrolling interests	151,185						151,185
Purchase of noncontrolling interests	(7,049)		(5,986)			(5,986)	(1,063)
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 (loss)	639,926			627,747		627,747	12,179
Other comprehensive income (loss)	828				828	828
Issuance of common stock, net	64,177	$ 2,552	61,625			64,177
Issuance of common stock, net (in shares)		2,552
Conversion of DownREIT units to common stock	0	$ 145	5,948			6,093	(6,093)
Conversion of DownREIT units to common stock (in shares)		145
Repurchase of common stock	(8,685)	$ (237)	(8,448)			(8,685)
Repurchase of common stock (in shares)		(237)
Exercise of stock options	3,473	$ 133	3,340			3,473
Exercise of stock options (in shares)		133
Amortization of deferred compensation	22,884		22,884			22,884
Common dividends	(979,542)			(979,542)		(979,542)
Distribution of QCP, Inc.	(3,532,763)		(3,532,763)			(3,532,763)
Distributions to noncontrolling interests	(26,347)		(36)			(36)	(26,311)
Issuances of noncontrolling interests	11,834						11,834
Deconsolidation of noncontrolling interests	506		(36)	475		439	67
Purchase of noncontrolling interests	(1,300)		(663)			(663)	(637)
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 (loss)	422,634			414,169		414,169	8,465
Other comprehensive income (loss)	5,618				5,618	5,618
Issuance of common stock, net	27,353	$ 1,402	25,951			27,353
Issuance of common stock, net (in shares)		1,402
Conversion of DownREIT units to common stock	0	$ 78	2,411			2,489	$ (2,489)
Conversion of DownREIT units to common stock (in shares)		78					7,000
Repurchase of common stock	(4,785)	$ (157)	(4,628)			(4,785)
Repurchase of common stock (in shares)		(157)
Exercise of stock options	768	$ 32	736			768
Exercise of stock options (in shares)		32
Amortization of deferred compensation	14,258		14,258			14,258
Common dividends	(694,955)			(694,955)		(694,955)
Distributions to noncontrolling interests	(26,129)						$ (26,129)
Issuances of noncontrolling interests	1,615						1,615
Deconsolidation of noncontrolling interests	(58,062)					0	(58,062)
Purchase of noncontrolling interests	(34,685)		(11,505)			(11,505)	(23,180)
Balance at Dec. 31, 2017	$ 5,594,938	$ 469,436	$ 8,226,113	$ (3,370,520)	$ (24,024)	$ 5,301,005	$ 293,933
Balance (in shares) at Dec. 31, 2017		469,436

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 1.48	$ 2.095	$ 2.260

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Cash flows from operating activities:
Net income (loss)	$ 422,634	$ 639,926	$ (546,418)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization of real estate, in-place lease and other intangibles: Continuing operations	534,726	568,108	504,905
Depreciation and amortization of real estate, in-place lease and other intangibles: Discontinued operations	0	4,890	5,880
Amortization of deferred compensation	14,258	22,884	26,127
Amortization of deferred financing costs	14,569	20,014	20,222
Straight-line rents	(23,933)	(18,003)	(28,859)
Loan and direct financing lease non-cash interest, net: continuing operations	(613)	599	(5,648)
Loan and direct financing lease non-cash interest, net: discontinued operations	0	0	(90,065)
Equity loss (income) from unconsolidated joint ventures	(10,901)	(11,360)	(57,313)
Distributions of earnings from unconsolidated joint ventures	44,142	26,492	15,111
Loss (gain) on sales of real estate, net	(356,641)	(164,698)	(6,377)
Lease and management fee termination loss (income), net	54,641	0	(1,103)
Deferred income tax expense (benefit)	(5,523)	47,195	0
Impairments (recoveries), net	166,384	0	1,449,748
Loss on extinguishment of debt	54,227	46,020	0
Casualty-related loss (recoveries), net	12,053	0	0
Loss (gain) on sale of marketable securities	(50,895)	0	0
Other non-cash items	(2,122)	(2,968)	(11,286)
Decrease (increase) in accounts receivable and other assets, net	(24,782)	(6,992)	(29,022)
Increase (decrease) accounts payable and accrued liabilities	4,817	42,024	(23,757)
Net cash provided by (used in) operating activities	847,041	1,214,131	1,222,145
Cash flows from investing activities:
Acquisition of RIDEA III, net	0	0	(768,413)
Acquisitions of other real estate	(560,753)	(467,162)	(613,252)
Development and redevelopment of real estate	(373,479)	(421,322)	(281,017)
Leasing costs, tenant improvements, and recurring capital expenditures	(115,260)	(91,442)	(84,282)
Proceeds from sales of real estate, net	1,314,325	647,754	73,149
Contributions to unconsolidated joint ventures	(46,334)	(10,186)	(69,936)
Distributions in excess of earnings from unconsolidated joint ventures	37,023	28,366	30,989
Proceeds from the RIDEA II transaction, net	462,242	0	0
Proceeds from sales/principal repayments on debt investments and direct financing leases	558,769	231,990	628,049
Investments in loans receivable, direct financing leases and other	(30,276)	(273,693)	(575,652)
Purchase of securities for debt defeasance	0	(73,278)	0
Net cash provided by (used in) investing activities	1,246,257	(428,973)	(1,660,365)
Cash flows from financing activities:
Borrowings under bank line of credit, net	1,244,189	1,108,417	98,743
Repayments under bank line of credit	(1,150,596)	(540,000)	(511,521)
Proceeds related to QCP Spin-Off, net	0	1,685,172	0
Issuance and borrowings of debt, excluding bank line of credit	5,395	0	2,269,031
Repayments and repurchase of debt, excluding bank line of credit	(1,468,446)	(2,316,774)	(457,845)
Payments for debt extinguishment and deferred financing costs	(51,415)	(54,856)	(19,995)
Issuance of common stock and exercise of options	28,121	67,650	206,471
Repurchase of common stock	(4,785)	(8,685)	(8,738)
Dividends paid on common stock	(694,955)	(979,542)	(1,046,638)
Issuance of noncontrolling interests	1,615	11,834	110,775
Distributions to and purchase of noncontrolling interests	(57,584)	(27,481)	(26,196)
Net cash provided by (used in) financing activities	(2,148,461)	(1,054,265)	614,087
Effect of foreign exchanges on cash, cash equivalents and restricted cash	376	(1,019)	(1,537)
Net increase (decrease) in cash, cash equivalents and restricted cash	(54,787)	(270,126)	174,330
Cash, cash equivalents and restricted cash, beginning of year	136,990	407,116	232,786
Cash, cash equivalents and restricted cash, end of year	82,203	136,990	407,116
Less: cash, cash equivalents and restricted cash of discontinued operations	0	0	(6,058)
Cash, cash equivalents and restricted cash of continuing operations, end of year	$ 82,203	$ 136,990	$ 401,058

Business

Business	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Overview HCP, Inc., an 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, and manages and disposes of healthcare real estate. 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	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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 revenues and expenses during the reporting period. Actual results could differ from management’s estimates. Principles of Consolidation The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the sole general partner or majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and should be reassessed if: (i) there is a change to the terms or in the ability to exercise the limited partner rights, (ii) the sole general partner increases or decreases its ownership interest in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. The Company similarly evaluates the rights of managing members of limited liability companies. Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses its terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) is equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria is met and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease (“DFL”). The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset; the tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially completed. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period they are incurred. The reimbursements of these expenses are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility is reasonably assured. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of straight line rents is not reasonably assured, future revenue recognition is limited to amounts contractually owed and paid, and, when appropriate, an allowance for estimated losses is established. Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements are generally for a term of 30 days to one year , with resident fees billed monthly. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. The Company recognizes a gain on sales of real estate upon the closing of a transaction with the purchaser. Gains on real estate sold are recognized using the full accrual method when collectibility of the sales price is reasonably assured, the Company is not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gain on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “Finance Receivables”), are reviewed and assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List Finance Receivables are defined as Finance Receivables that do not meet the definition of Performing or Workout. Workout Finance Receivables are defined as Finance Receivables in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for Finance Receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting: (i) if the Company determines that it is probable that it will only recover the recorded investment in the Finance Receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired Finance Receivable. For cash basis method of accounting the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting any payment received is applied to reduce the recorded investment. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Allowances are established for Finance Receivables on an individual basis utilizing an estimate of probable losses, if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the lessee’s or borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. Should a Finance Receivable be deemed partially or wholly uncollectible, the uncollectible balance is charged off against the allowance in the period in which the uncollectible determination has been made. 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 (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-01). As a result of adopting ASU 2017-01, the majority of the Company’s real estate acquisitions subsequent to January 1, 2017 are classified as asset acquisitions for which the Company records 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 is recognized, third party transaction costs are capitalized and any associated contingent consideration is recorded when the contingency is resolved. Prior to the adoption of ASU 2017-01, the majority of the Company’s real estate acquisitions were classified as business combinations and identifiable assets acquired, liabilities assumed and any associated noncontrolling interests were recorded at fair value, with any excess consideration recorded as goodwill. Transaction costs related to business combinations were expensed as incurred. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate appropriate discount and/or capitalization rates or other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company records acquired “above and below market” leases at fair value using discount rates which reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with bargain renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related costs. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years . Market lease intangibles are amortized primarily to revenue over the remaining noncancellable lease terms and bargain renewal periods, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and bargain renewal periods, if any. Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. If an asset is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. During the fourth quarter of 2017, the Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) which eliminates step two from the goodwill impairment test, as described below (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-04). Effective October 1, 2017, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Prior to its adoption of ASU 2017-04, if the Company determined that it was more likely than not that the fair value of a reporting unit was less than its carrying value, the Company applied the required two-step quantitative approach. The quantitative procedures of the two-step approach: (i) compared the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary, (ii) compared the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and was used to determine the impairment loss amount, if any. Assets Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company. Investments in Unconsolidated Joint Ventures Investments in entities which the Company does not consolidate, but has the ability to exercise significant influence over the operating and financial policies of, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated results of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in the fair value of an investment in an unconsolidated joint venture below its carrying value is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are determined based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates and credit spreads utilized in these valuation models are based upon assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments. Share-Based Compensation Compensation expense for share-based awards granted to employees, including grants of employee stock options, are recognized in the consolidated statements of operations based on their grant date fair market value. Compensation expense for awards with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur. Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits, and (iii) net proceeds from property sales that were executed as tax-deferred dispositions. Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities in the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. Using certain of its British pound sterling (“GBP”) denominated debt, the Company applies net investment hedge accounting to hedge the foreign currency exposure from its net investment in GBP-functional subsidiaries. The variability of the GBP-denominated debt due to changes in the GBP to U.S. dollar (“USD”) exchange rate (“remeasurement value”) is recognized as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings. Income Taxes HCP, Inc. elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, HCP, Inc. will not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries, which have elected REIT status. HCP, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. HCP, Inc. and its consolidated REIT subsidiaries are subject to state, local and foreign income taxes in some jurisdictions, and in certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities which have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to both federal and state income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense. Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments excluding line of credit arrangements are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Debt issuance costs related to line of credit arrangements are deferred, included in other assets, and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment. 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. During the fourth quarter of 2017, as a result of a change in how operating results are reported to the Company's chief operating decision makers, for the purpose of evaluating performance and allocating resources, unconsolidated joint ventures are now included in other non-reportable segments. Accordingly, all prior period segment information has been recast to conform to the current period presentation. Noncontrolling Interests Arrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. Net income attributable to a noncontrolling interest is included in net income on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject

Master Transactions and Coopera

Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction")	12 Months Ended
	Dec. 31, 2017
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Master Transaction and Cooperation Agreement with Brookdale (Brookdale Transactions)	Master Transactions and Cooperation Agreement with Brookdale (“Brookdale Transactions”) Master Transactions and Cooperation Agreement with Brookdale On November 1, 2017, the Company and Brookdale Senior Living Inc. (“Brookdale”) entered into a Master Transactions and Cooperation Agreement (the “MTCA”) to provide the Company with the ability to significantly reduce its concentration of assets leased to and/or managed by Brookdale (the "Brookdale Transaction"). Through a series of dispositions and transitions of assets currently leased to and/or managed by Brookdale, as contemplated by the MTCA and further described below, the Company’s exposure to Brookdale is expected to be significantly reduced. In connection with the overall transaction pursuant to the MTCA, the Company (through certain of its subsidiaries), and Brookdale (through certain of its subsidiaries) (the “Lessee”) entered into an Amended and Restated Master Lease and Security Agreement (the “Amended Master Lease”), which amended and restated the then-existing triple-net leases between the parties for 78 assets (before giving effect to the contemplated sale or transition of 34 assets discussed below), which account for primarily all of the assets subject to triple-net leases between the Company and the Lessee. Under the Amended Master Lease, the Company has the benefit of a guaranty from Brookdale of the Lessee’s obligations and, upon a change in control, will have various additional protections under the MTCA and the Amended Master Lease including: • A security deposit (which increases if specified leverage thresholds are exceeded); • A termination right if certain financial covenants and net worth test are not satisfied; • Enhanced reporting requirements and related remedies; and • The right to market for sale the CCRC portfolio. Future changes in control of Brookdale are permitted pursuant to the Amended Master Lease, subject to certain conditions, including the purchaser either meeting experience requirements or retaining a majority of Brookdale’s principal officers. The Amended Master Lease preserves the renewal terms and, with certain exceptions, the rents under the previously existing triple-net leases. In addition, the Company and Brookdale agreed to the following: • The Company has the right to sell, or transition to other operators, 32 triple-net assets. If such sale or transition does not occur within one year, the triple-net lease with respect to such assets will convert to a cash flow lease (under which the Company will bear the risks and rewards of operating the assets) with a term of two years, provided that the Company has the right to terminate the cash flow lease at any time during the term without penalty; • The Company has provided an aggregate $5 million annual reduction in rent on three assets, effective January 1, 2018; and • The Company will sell two triple-net assets to Brookdale or its affiliates for $35 million , which it anticipates completing during the first half of 2018. Also pursuant to the MTCA, the Company and Brookdale agreed to the following: • The Company, which owned 90% of the interests in its RIDEA I and RIDEA III joint ventures with Brookdale at the time the MTCA was executed, agreed to purchase Brookdale’s 10% noncontrolling interest in each joint venture for an aggregate purchase price of $95 million . These joint ventures collectively own and operate 58 independent living, assisted living, memory care and/or skilled nursing facilities (the “RIDEA Facilities”). The Company completed its acquisition of the RIDEA III noncontrolling interest in December 2017 and anticipates completing its acquisition of the RIDEA I noncontrolling interest during the first half of 2018; • The Company has the right to sell, or transition to other managers, 36 of the RIDEA Facilities and terminate related management agreements with an affiliate of Brookdale without penalty. If the related management agreements are not terminated within one year, the base management fee ( 5% of gross revenues) increases by 1% of gross revenues per year over the following two years to a maximum of 7% of gross revenues; • The Company will sell four of the RIDEA Facilities to Brookdale or its affiliates for $239 million , one of which was sold in January 2018 for $27 million . The Company anticipates completing the sale of the remaining three RIDEA Facilities during the first half of 2018; • A Brookdale affiliate continues to manage the remaining 18 RIDEA Facilities pursuant to amended and restated management agreements, which provide for extended terms on select assets, modified performance hurdles for extensions and incentive fees, and modified termination rights (including stricter performance-based termination rights, a staggered right to terminate seven agreements over a 10 year period beginning in 2021, and a right to terminate at will upon payment of a termination fee, in lieu of sale-related termination rights), and two other existing facilities managed in separate RIDEA structures; and • The Company has the right to sell, to certain permitted transferees, its 49% ownership interest in joint ventures that own and operate a portfolio of continuing care retirement communities and in which Brookdale owns the other 51% interest (the “CCRC JV”), subject to certain conditions and a right of first offer in favor of Brookdale. Brookdale will have a corresponding right to sell its 51% interest in the CCRC JV to certain permitted transferees, subject to certain conditions, a right of first offer and a right to terminate management agreements following such sale of Brookdale’s interest, each in favor of HCP. Following a change in control of Brookdale, the Company will have the right to initiate a sale of the CCRC portfolio, subject to certain rights of first offer and first refusal in favor of Brookdale. Fair Value Measurement Techniques and Quantitative Information The Company performed a fair value assessment of each of the MTCA components that provided measurable economic benefit or detriment to the Company. Each fair value calculation is based on an income or market approach and relies on historical and forecasted EBITDAR (defined as earnings before interest, taxes, depreciation, amortization and rent) and revenue, as well as market data, including, but not limited to, a discount rate of 12% , a management fee rate of 5% of revenue, EBITDAR growth rates ranging from zero to 3% , and real estate capitalization rates ranging from 6% to 7% . All assumptions are supported by independent market data and considered to be Level 2 measurements within the fair value hierarchy. As a result of the assessment, the Company recognized a $20 million net reduction of rental and related revenues related to the right to terminate leases for 32 triple-net assets and the write-off of unamortized lease intangible assets related to those same 32 triple-net assets. Additionally, the Company recognized $35 million of operating expense related to the right to terminate management agreements for 36 SHOP assets.

Other Real Estate Property Inve

Other Real Estate Property Investments	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Other Real Estate Property Investments	Other Real Estate Property Investments 2017 Real Estate Acquisitions The following table summarizes real estate acquisitions for the year ended December 31, 2017 (in thousands): Consideration Assets Acquired Segment Cash Paid Net Liabilities Assumed Real Estate Net Intangibles SHOP $ 44,258 $ 797 $ 37,940 $ 7,115 Life science 315,255 3,524 305,760 13,019 Medical office 201,240 1,104 184,115 18,229 $ 560,753 $ 5,425 $ 527,815 $ 38,363 2016 Real Estate Acquisitions The following table summarizes real estate acquisitions for the year ended December 31, 2016 (in thousands): Consideration Assets Acquired (1) Segment Cash Paid/ Debt Settled Net Liabilities Assumed Real Estate Net Intangibles Senior housing triple-net $ 76,362 $ 1,200 $ 71,875 $ 5,687 SHOP 113,971 76,931 177,551 13,351 Life science 49,000 — 47,400 1,600 Medical office 209,920 4,854 209,178 5,596 Other non-reportable segments 17,909 — 16,596 1,313 $ 467,162 $ 82,985 $ 522,600 $ 27,547 _______________________________________ (1) Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material. Construction, Tenant and Other Capital Improvements The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements (in thousands): Year Ended December 31, Segment 2017 2016 2015 Senior housing triple-net $ 32,343 $ 49,109 $ 53,980 SHOP 49,473 74,158 77,425 Life science 240,901 200,122 122,319 Medical office 148,926 128,308 131,021 Other 135 7,203 37 $ 471,778 $ 458,900 $ 384,782

Discontinued Operations and Dis

Discontinued Operations and Dispositions of Real Estate	12 Months Ended
	Dec. 31, 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. Quality Care Properties, Inc. On October 31, 2016, the Company completed the spin-off (the “Spin-Off”) of its subsidiary, Quality Care Properties, Inc. (“QCP”) (NYSE: QCP). The Spin-Off assets included 338 properties, primarily comprised of the HCR ManorCare, Inc. (“HCRMC”) DFL investments and an equity investment in HCRMC. QCP is an independent, publicly-traded, self-managed and self-administrated REIT. As a result of the Spin-Off, the operations of QCP are now classified as discontinued operations for the years ended December 31, 2016 and 2015. On October 17, 2016, subsidiaries of QCP issued $750 million in aggregate principal amount of senior secured notes due 2023 (the “QCP Notes”), the gross proceeds of which were deposited in escrow until they were released in connection with the consummation of the Spin-Off on October 31, 2016. The QCP Notes bear interest at a rate of 8.125% per annum, payable semiannually. From October 17, 2016 until the completion of the Spin-Off, QCP (a then wholly-owned subsidiary of HCP) incurred $2 million in interest expense. In addition, immediately prior to the effectiveness of the Spin-Off, subsidiaries of QCP received $1.0 billion of proceeds from their borrowings under a senior secured term loan, bearing interest at a rate at QCP’s option of either: (i) LIBOR plus 5.25% , subject to a 1% floor or (ii) a base rate specified in the first lien credit and guaranty agreement plus 4.25% , bringing the total gross proceeds raised by QCP and its subsidiaries under those financings to $1.75 billion . In connection with the consummation of the Spin-Off, QCP and its subsidiaries transferred $1.69 billion in cash and 94 million shares of QCP common stock to HCP and certain of its other subsidiaries, and HCP and its applicable subsidiaries transferred the assets comprising the QCP portfolio to QCP and its subsidiaries. HCP then distributed substantially all of the outstanding shares of QCP common stock to its stockholders, based on the distribution ratio of one share of QCP common stock for every five shares of HCP common stock held by HCP stockholders as of the October 24, 2016 record date for the distribution. The Company recorded the distribution of the assets and liabilities of QCP from its consolidated balance sheet on a historical cost basis as a dividend from stockholders’ equity of $3.5 billion , and zero gain or loss was recognized. The Company primarily used the $1.69 billion proceeds of the cash distribution it received from QCP upon consummation of the Spin-Off to pay down certain of the Company’s existing debt obligations. The Company entered into a Separation and Distribution Agreement (the “Separation and Distribution Agreement”) with QCP in connection with the Spin-Off. The Separation and Distribution Agreement divides and allocates the assets and liabilities of the Company prior to the Spin-Off between QCP and HCP, governs the rights and obligations of the parties regarding the Spin-Off, and contains other key provisions relating to the separation of QCP’s business from HCP. 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 agreed to provide certain administrative and support services to QCP on a transitional basis for established fees. The TSA terminated on October 31, 2017. 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. No amounts were drawn on the Unsecured Revolving Credit Facility and the total commitment was reduced to zero at June 30, 2017. The results of discontinued operations through October 31, 2016, the Spin-Off date, are included in the consolidated results for the years ended December 31, 2016 and 2015. Summarized financial information for discontinued operations for the years ended December 31, 2016 and 2015 is as follows (in thousands): Year Ended December 31, 2016 2015 Revenues: Rental and related revenues $ 22,971 $ 27,651 Tenant recoveries 1,233 1,464 Income from direct financing leases 384,752 572,835 Total revenues 408,956 601,950 Costs and expenses: Depreciation and amortization (4,892 ) (5,880 ) Operating (3,367 ) (3,697 ) General and administrative (67 ) (57 ) Transaction costs (86,765 ) — Impairments — (1,295,504 ) Other income (expense), net 71 70 Income (loss) before income taxes and income from impairments of equity method investments 313,936 (703,118 ) Income tax benefit (expense) (48,181 ) (796 ) Income from equity method investment — 50,723 Impairments of equity method investment — (45,895 ) Total discontinued operations $ 265,755 $ (699,086 ) During the fourth quarter of 2016, using proceeds from the Spin-Off, the Company repaid $500 million of 6.0% senior unsecured notes that were due to mature in January 2017, $600 million of 6.7% senior unsecured notes that were due to mature in January 2018 and $108 million of mortgage debt; incurring aggregate loss on debt extinguishments of $46 million . HCR ManorCare, Inc. Discontinued operations is primarily comprised of QCP’s HCRMC DFL investments and equity investment in HCRMC. During the years ended December 31, 2016 and 2015, the Company recognized DFL income of $385 million and $573 million , respectively, and received cash payments of $385 million and $483 million , respectively, from the HCRMC DFL investments. The carrying value of the HCRMC DFL investments was $5.2 billion at December 31, 2015. The following summarizes the significant transactions and impairments related to HCRMC: 2015 During the three months ended March 31, 2015, the Company and HCRMC agreed to market for sale the real estate and operations associated with 50 non-strategic facilities that were under a master lease. During the year ended December 31, 2015, the Company completed sales of 22 non-strategic HCRMC facilities for $219 million . During the year ended December 31, 2016, the Company sold an additional 11 facilities for $62 million , bringing the total facilities sold to 33 at the time of the Spin-Off. On March 29, 2015, certain subsidiaries of the Company entered into an amendment to the master lease (the “HCRMC Lease Amendment”) effective April 1, 2015 (the "HCRMC Amended Master Lease"). The HCRMC Lease Amendment reduced initial annual rent by a net $68 million and reset the minimum rent escalation to 3.0% for each lease year through the expiration of the initial term. The initial term was extended five years to an average of 16 years. As consideration for the rent reduction, the Company received a Deferred Rent Obligation (“DRO”) from the Lessee equal to an aggregate amount of $525 million . As a result of the HCRMC Lease Amendment, the Company recorded an impairment charge of $478 million related to its HCRMC DFL investments. The impairment charge reduced the carrying value of the HCRMC DFL investments from $6.6 billion to $6.1 billion , based on the present value of the future lease payments effective April 1, 2015 under the HCRMC Amended Master Lease discounted at the original DFL investments’ effective lease rate. Additionally, HCRMC agreed to sell, and HCP agreed to purchase, nine post-acute facilities for an aggregate purchase price of $275 million . Through December 31, 2015, HCRMC and HCP completed seven of the nine facility purchases for $184 million . Through Spin-Off, HCRMC and HCP completed the remaining two facility purchases for $91 million , bringing the nine facility purchases to an aggregate $275 million , the proceeds of which were used to settle a portion of the DRO discussed above. As of September 30, 2015, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $27 million . The impairment charge reduced the carrying amount of the Company’s equity investment in HCRMC from $48 million to its fair value of $21 million . The fair value of the Company’s equity investment in HCRMC was based on a discounted cash flow valuation model and inputs were considered to be Level 3 measurements within the fair value hierarchy. The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model: Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (1.8%)-3.0% Range of occupancy growth rates (1) (0.8%)-0.2% Range of operating expense growth rates (1) (1.1%)-3.1% Discount rate 15.20% Range of earnings multiples 6.0x-7.0x _______________________________________ (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. As part of the Company’s fourth quarter 2015 review process, including its internal rating evaluation, it assessed the collectibility of all contractual rent payments under the HCRMC Amended Master Lease, as discussed below and assigned an internal rating of “Watch List” as of December 31, 2015. Further, the Company placed the HCRMC DFL investments on nonaccrual status and began utilizing a cash basis method of accounting in accordance with its policies (see Note 2). As a result of assigning an internal rating of “Watch List” to its HCRMC DFL investments during the quarterly review process, the Company further evaluated the carrying amount of its HCRMC DFL investments and determined that it was probable that its HCRMC DFL investments were impaired. As a result of the significant decline in HCRMC’s fixed charge coverage ratio in the fourth quarter of 2015, combined with a lower growth outlook for the post-acute/skilled nursing business, the Company determined that it was probable that its HCRMC DFL investments were impaired. In the fourth quarter of 2015, the Company recorded an allowance for DFL losses (impairment charge) of $817 million , reducing the carrying amount of its HCRMC DFL investments from $6.0 billion to $5.2 billion . The allowance for credit losses was determined as the present value of expected future (i) in-place lease payments under the HCRMC Amended Master Lease and (ii) estimated market rate lease payments, each discounted at the original HCRMC DFL investments’ effective lease rate. Impairments related to an allowance for credit losses are included in impairments, net. The market rate lease payments were based on an income approach utilizing a discounted cash flow valuation model. The significant inputs to this valuation model included forecasted EBITDAR, rent coverage ratios and real estate capitalization rates and are summarized as follows (dollars in thousands): Description of Input(s) to the Valuation Senior Housing DFL Valuation Inputs Post-acute/ Skilled nursing DFL Valuation Inputs Range of EBITDAR $75,000-$85,000 $385,000-$435,000 Range of rent coverage ratio 1.05x-1.15x 1.25x-1.35x Range of real estate capitalization rate 6.25%-7.25% 7.50%-8.50% In December 2015, the Company concluded that its equity investment in HCRMC was other-than-temporarily impaired and recorded an impairment charge of $19 million , reducing its carrying value to zero . Beginning in January 2016, income was recognized only if cash distributions were received from HCRMC. 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. 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 five years. The Company satisfied the five year holding period requirement in April 2016. This legislation was not extended to certain states, which maintain a 10 year requirement. During the year ended December 31, 2016, the Company determined that it may sell assets during the next five years and, therefore, recorded a deferred tax liability of $47 million , representing its estimated exposure to state built-in gain tax. Dispositions of Real Estate Held for Sale At December 31, 2017 , four life science facilities, two senior housing triple-net facilities and six SHOP facilities were classified as held for sale, with an aggregate carrying value of $417 million , primarily comprised of real estate assets of $393 million , net of accumulated depreciation of $93 million . 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 , net of accumulated depreciation of $193 million . Liabilities of assets held for sale is primarily comprised of intangible and other liabilities at both December 31, 2017 and 2016 . RIDEA II Sale Transaction 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 (“CPA”) (“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 loan receivables and retained an approximately 40% ownership interest in RIDEA II (the note receivable and 40% ownership 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 currently recognized and accounted for as equity method investments. On November 1, 2017, the Company entered into a definitive agreement with an investor group led by CPA to sell its remaining 40% ownership interest in RIDEA II for $91 million . The Company expects the transaction to close in the first half of 2018. CPA has also agreed to cause refinancing of the Company’s $242 million loan receivables from RIDEA II within one year following the close of the transaction. 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 . In March 2017, the Company sold 64 senior housing triple-net assets, previously under triple-net leases with 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 . Additionally, during the year ended December 31, 2017, the Company sold the following: (i) a life science land parcel in San Diego, California for $27 million , (ii) a life science building in San Diego, California for $5 million , (iii) four senior housing triple-net facilities for $27 million , (iv) five SHOP facilities for $43 million and (v) four medical office buildings (“MOBs”) for $15 million , and recorded a net gain on sale of $41 million . 2016 Dispositions During the year ended December 31, 2016, the Company sold the following: (i) a portfolio of five post-acute/skilled nursing facilities and two senior housing triple-net facilities for $130 million , (ii) five life science facilities for $386 million , (iii) seven senior housing triple-net facilities for $88 million , (iv) three MOBs for $20 million and (v) three SHOP facilities for $41 million . 2015 Dispositions During the year ended December 31, 2015, the Company sold the following: (i) nine senior housing triple-net facilities for $60 million resulting from Brookdale’s exercise of its purchase option received as part of a transaction with Brookdale in 2014, (ii) two parcels of land in its life science segment for $51 million and (iii) a MOB for $400,000 .

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	12 Months Ended
	Dec. 31, 2017
Leases, Capital [Abstract]
Net Investment in Direct Financing Leases	Net Investment in Direct Financing Leases The components of net investment in DFLs consisted of the following (dollars in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 1,062,452 $ 1,108,237 Estimated residual value 504,457 539,656 Less unearned income (852,557 ) (895,304 ) Net investment in direct financing leases $ 714,352 $ 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. The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2017 (in thousands): Year Amount 2018 $ 102,983 2019 68,204 2020 62,781 2021 63,175 2022 57,762 Thereafter 707,547 $ 1,062,452 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2017 (dollars in thousands): Internal Ratings Segment Carrying Amount Percentage of DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 629,748 88 $ 273,886 $ 355,862 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,352 100 $ 358,490 $ 355,862 $ — Beginning September 30, 2013, the Company placed a 14 property senior housing DFL (the “DFL Portfolio”) on nonaccrual status and classified the DFL Portfolio on “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 Portfolio has been recognized on a cash basis. The Company re-assessed the DFL Portfolio for impairment on December 31, 2017 and determined that the DFL Portfolio was not impaired based on its belief that: (i) it was not probable that it will not collect all of the rental payments under the terms of the lease; and (ii) the fair value of the underlying collateral exceeded the DFL Portfolio’s carrying amount. The fair value of the DFL Portfolio was estimated based on an income approach and utilizes inputs which are considered to be a Level 3 measurement within the fair value hierarchy. Inputs to this valuation model include real estate capitalization rates, industry growth rates, and operating margins, some of which influence the Company’s expectation of future cash flows from the DFL Portfolio and, accordingly, the fair value of its investment. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized DFL income of $13 million , $13 million and $15 million , respectively, and received cash payments of $18 million , $18 million and $20 million , respectively, from the DFL Portfolio. The carrying value of the DFL Portfolio was $356 million and $361 million at December 31, 2017 and 2016 , respectively.

Loans Receivable

Loans Receivable	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): December 31, 2017 2016 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1)(2) $ — $ 269,299 $ 269,299 $ — $ 615,188 $ 615,188 Other (3) 188,418 — 188,418 195,946 — 195,946 Unamortized discounts, fees and costs (1) — (596 ) (596 ) 413 (3,593 ) (3,180 ) Allowance for loan losses — (143,795 ) (143,795 ) — — — $ 188,418 $ 124,908 $ 313,326 $ 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, which paid off in June 2017. (2) At December 31, 2017 , the Company had £2 million ( $3 million ) remaining under its commitments to fund development projects and capital expenditures under its development projects in the United Kingdom ("U.K."). In December 2017, the Company entered into a participating debt financing arrangement to fund a $115 million senior living development project, which remained unfunded at December 31, 2017. (3) At December 31, 2017 and 2016 , included £123 million ( $167 million ) and £113 million ( $140 million ), respectively, outstanding primarily related to Maria Mallaband loans. The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans (1) Real estate secured $ 188,418 60 $ 188,418 $ — $ — Other secured 124,908 40 19,908 — 105,000 $ 313,326 100 $ 208,326 $ — $ 105,000 _______________________________________ (1) See Tandem Health Care Loan discussion below for additional information. Real Estate Secured Loans The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2017 (dollars in thousands): Final Maturity Date Number of Loans Payment Terms Principal Amount (1) Carrying Amount 2018 1 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania $ 21,458 $ 21,597 2021 2 aggregate monthly interest-only payments, accrues interest at 8.0% and 9.75% and secured by two senior housing facility in the U.K. 22,706 24,001 2023 1 monthly interest-only payments, accrues interest at 7.22% and secured by seven senior housing facilities in the U.K. 142,820 142,820 4 $ 186,984 $ 188,418 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate. During the year ended December 31, 2017 , the Company recognized $13 million in interest income related to loans secured by real estate. 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 In November 2014, the Company was the lead investor in the financing for Formation Capital and Safanad’s acquisition of NHP, a company that owned nursing and residential care homes in the U.K. principally operated by HC-One and provided a loan facility (the “HC-One Facility”). In April 2015, the Company converted £174 million of the HC-One Facility into a sale-leaseback transaction for 36 nursing and residential care homes located throughout the U.K. Through the year ended December 31, 2015, the Company received paydowns of £34 million ( $52 million ). On June 30, 2017, the Company received £283 million ( $367 million ) from the repayment of its HC-One mezzanine loan. Tandem Health Care Loan From July 2012 through May 2015, the Company funded, in aggregate, $257 million under a collateralized mezzanine loan facility (the “Mezzanine Loan”) to certain affiliates of Tandem Health Care (together with its affiliates, “Tandem”). The Mezzanine Loan matures in October 2018 and carries a weighted average interest rate of 11.5% . The fair value of the collateral supporting the Mezzanine Loan had included the value of an in-the-money purchase option (the “Purchase Option”) that is a term of a lease between Tandem and a lessor, which provided Tandem the right to buy the nine Leasehold Properties (as defined below) for a total of $82 million by January 4, 2018 (the “Purchase Option Expiration Date”). In addition to the Mezzanine Loan outstanding to the Company, Tandem has outstanding to other lenders a $257 million syndicated senior loan (the “Senior Loan”) that matures in July 2018. Tandem owns and operates 32 post-acute/skilled nursing facilities, in addition to operating nine leasehold interests (the “Leasehold Properties”), which, in total, represents 4,766 beds (collectively, the “Tandem Portfolio”) located primarily throughout Florida, Pennsylvania and Virginia. Tandem leases the entire Tandem Portfolio to certain affiliates of Consulate Health Care (together with its affiliates, “Consulate”) under a master lease. During the quarter ended June 30, 2017, as a result of multiple events of default under Tandem’s master lease with Consulate and operational struggles of Consulate, the Company concluded that it was probable that it would be unable to collect all interest and principal payments, including default interest payments, according to the contractual terms of the Mezzanine Loan. As such, 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 . The decline in fair value 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 was primarily based on an income approach and relies on forecasted EBITDAR 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. Additionally, on July 31, 2017, subsequent to its second quarter 2017 quarterly review process and the aforementioned impairment, the Company entered into a binding agreement (the “Repurchase Agreement”) with the borrowers to provide an option to repay the Mezzanine Loan at a discounted value of $197 million (the “Repayment Value”) by October 25, 2017, which date was subsequently extended to December 31, 2017 (the “Agreement Maturity Date”). As a result of entering into the Repurchase Agreement, the Company recorded an additional impairment charge and related allowance of $3 million during the quarter ended September 30, 2017 to write down the carrying value of the Mezzanine Loan to the Repayment Value and assigned the loan an internal rating of Workout. As part of the Repurchase Agreement, Tandem posted, in aggregate, $8 million of non-refundable deposits (the “Deposits”), which the Company would be entitled to retain (without any credit against the Mezzanine Loan) if Tandem failed to make interest payments on the $257 million par value of the Mezzanine Loan through the repayment date or the Agreement Maturity Date, as applicable, adjusted for any principal payments received. Consulate is facing operational and financial challenges and has failed to fully pay its contractual rent to Tandem since April 1, 2017. Tandem, which relies on contractual rent payments in order to service its interest payments to the Company under the Mezzanine Loan, failed to make its monthly interest payment thereunder on November 10, 2017. On November 17, 2017, the Company declared an event of default under the Mezzanine Loan and, as a result, the Repurchase Agreement became null and void and the Deposits were forfeited to the Company. Tandem also failed to make its December 2017, January 2018 and February 2018 interest payments to the Company. Tandem remains current on its interest payments under the Senior Loan. Despite the Repurchase Agreement having terminated as a result of the event of default, Tandem nonetheless informed the Company that it was continuing to attempt to recapitalize so that it would be in a position to repay the Repayment Value (less the forfeited Deposits) on or prior to the Agreement Maturity Date, should the Company be willing to do so at that time. For example, during the second half of 2017, Tandem sold assets and used proceeds to pay down the Senior Loan. Despite ongoing efforts to recapitalize, Tandem was unable to: (i) repay the Mezzanine Loan at the Repayment Value prior to the Agreement Maturity Date and (ii) close on the Purchase Option by the Purchase Option Expiration Date. The Deposits were applied to reduce the Company’s recorded carrying value of the Mezzanine Loan to $189 million . As a result of the aforementioned events that occurred during the fourth quarter of 2017 and first quarter of 2018 (during the Company's fourth quarter 2017 financial statement close process), the Company concluded that the Mezzanine Loan was impaired and recorded an impairment charge and related allowance of $84 million , reducing the carrying value of the loan to $105 million as of December 31, 2017. Aggregate impairments on the Mezzanine Loan for the year ended December 31, 2017 were $144 million . The decline in expected recoverable value of the Mezzanine Loan was primarily driven by the Company’s conclusion that the collateral supporting the Mezzanine Loan may no longer be the sole source in recovering the Company’s investment. The Company is actively evaluating and pursuing multiple alternatives, including, but not limited to: (i) selling all or a portion of the Mezzanine Loan to a third party or (ii) foreclosing on the underlying collateral. As a result, the Company utilized a discounted cash flow model to determine expected recoverability of the Mezzanine Loan. Additionally, a variety of factors further impacted the impairment analysis completed during the Company’s fourth quarter 2017 financial statement close process 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 relies on: (i) forecasted EBITDAR and market data, including, but not limited to, sales price per unit/bed, rent coverage ratios, and real estate capitalization rates and (ii) recent bids for a sale of the Mezzanine Loan received on February 8, 2018, which incorporate market participant required rates of return and expected hold periods. Beginning in the first quarter of 2017, the Company elected to recognize interest income on a cash basis. During the years ended December 31, 2017 , 2016 and 2015 , the Company recognized interest income of $23 million , $31 million and $29 million , respectively, and received cash payments of $25 million , $30 million and $29 million , respectively, from Tandem. The carrying value of the Mezzanine Loan was $105 million and $256 million at December 31, 2017 and 2016 , respectively.

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	12 Months Ended
	Dec. 31, 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 (dollars in thousands): Carrying Amount December 31, Entity (1) Ownership % 2017 2016 CCRC JV 49 $ 400,241 $ 439,449 RIDEA II 40 259,651 — Life Science JVs (2) 50 - 63 65,581 67,879 MBK JV 50 38,005 38,909 Development JVs (3) 50 - 90 23,365 10,459 Medical Office JVs (4) 20 - 67 12,488 13,438 K&Y JVs (5) 80 1,283 1,342 Advances to unconsolidated joint ventures, net 226 15 $ 800,840 $ 571,491 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JV. (2) 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% ). (3) Includes four unconsolidated 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% ). (4) Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures IV, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (5) Includes three unconsolidated joint ventures. HCP Ventures III, LLC and HCP Ventures IV, LLC On December 30, 2015, HCP Ventures III, LLC (“HCP Ventures III”) and HCP Ventures IV, LLC sold 61 MOBs, three hospitals and a redevelopment property for total proceeds of $634 million , recognizing gain on sales of real estate of $59 million , of which the Company’s share was $15 million . As part of these sales, the Company received aggregate distributions of $45 million , including repayment of its loan receivable. During the quarter ended December 31, 2016, HCP Ventures III sold the remaining three assets in its portfolio for $31 million , recognizing gain on sales of real estate of $5 million , of which the Company’s share was $1 million . As part of this sale, the Company received aggregate distributions of $8 million . See Note 5 for further information on the deconsolidation and pending sale of RIDEA II.

Intangibles

Intangibles	12 Months Ended
	Dec. 31, 2017
Intangibles
Intangibles	Intangibles The following table summarizes the Company’s intangible lease assets (in thousands): December 31, Intangible lease assets 2017 2016 Lease-up intangibles $ 645,143 $ 719,788 Above market tenant lease intangibles 105,663 147,409 Below market ground lease intangibles 44,499 44,500 Gross intangible lease assets 795,305 911,697 Accumulated depreciation and amortization (385,223 ) (431,892 ) Net intangible lease assets $ 410,082 $ 479,805 The following table summarizes the Company’s intangible lease liabilities (in thousands): December 31, Intangible lease liabilities 2017 2016 Below market lease intangibles $ 123,883 $ 161,595 Above market ground lease intangibles 2,329 2,329 Gross intangible lease liabilities 126,212 163,924 Accumulated depreciation and amortization (73,633 ) (105,779 ) Net intangible lease liabilities $ 52,579 $ 58,145 The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 Depreciation and amortization expense related to amortization of lease-up intangibles $ 76,732 $ 84,487 $ 74,978 Rental and related revenues related to amortization of net below market lease liabilities 2,030 3,877 3,781 Operating expense related to amortization of net below market ground lease intangibles 740 664 664 The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands): Rental and Related Revenues (1) Operating Expense (2) Depreciation and Amortization (3) 2018 $ 4,099 $ 763 $ 66,651 2019 4,102 763 49,868 2020 3,418 759 40,151 2021 3,401 756 35,963 2022 4,199 756 30,490 Thereafter 17,133 31,782 135,153 $ 36,352 $ 35,579 $ 358,276 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related income. (2) The amortization of net below market ground lease intangibles is recorded as an increase to operating expense. (3) The amortization of lease-up intangibles is recorded to depreciation and amortization expense.

Debt

Debt	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Debt	Debt Bank Line of Credit and Term Loans On October 19, 2017, the Company executed a $2.0 billion unsecured revolving line of credit facility (the “Facility”), which matures on October 19, 2021 and contains two , six -month extension options. Borrowings under the Facility accrue interest at LIBOR plus a margin that depends upon the Company’s credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at December 31, 2017 , the margin on the Facility was 1.00% , 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 $750 million , subject to securing additional commitments. At December 31, 2017 , the Company had $1.0 billion , including £105 million ( $142 million ), outstanding under the Facility with a weighted average effective interest rate of 2.74% . In March 2017, the Company repaid a £137 million unsecured 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 and therefore, beginning June 30, 2017, the 2015 Term Loan accrued interest at a rate of GBP LIBOR plus 1.15% , subject to adjustments based on the Company's credit ratings. At December 31, 2017 the Company had £169 million ( $229 million ) outstanding on the 2015 Term Loan. The 2015 Term Loan contains a one -year committed extension option. The Company has a one–time right to repay the outstanding GBP balance and re-borrow in USD with all other key terms unchanged. 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% ; (iv) require a minimum Fixed Charge Coverage ratio of 1.5 times; and (v) require a Minimum Consolidated Tangible Net Worth of $6.5 billion at December 31, 2017 . At December 31, 2017 , the Company was in compliance with each of these restrictions and requirements of the Facility and 2015 Term Loan. Senior Unsecured Notes At December 31, 2017 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $ 6.45 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 December 31, 2017 . The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate Year ended December 31, 2017 May 1, 2017 $ 250,000 5.625 % July 27, 2017 $ 500,000 5.375 % Year ended December 31, 2016: 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 % During the years ended December 31, 2017 and 2016, the Company recorded losses on debt extinguishment related to the repurchase of senior notes of $54 million and $46 million , respectively. There were no senior unsecured notes issuances for either of the years ended December 31, 2017 and 2016. Mortgage Debt At December 31, 2017 , the Company had $139 million in aggregate principal of mortgage debt outstanding, which is secured by 16 healthcare facilities (including redevelopment properties) with a carrying value of $299 million . In March 2017, the Company paid off $472 million of mortgage debt. Mortgage debt generally requires monthly principal and interest payments, is collateralized by real estate assets and is generally non-recourse. Mortgage debt typically restricts transfer of the encumbered assets, prohibits additional liens, restricts prepayment, requires payment of real estate taxes, requires maintenance of the assets in good condition, requires maintenance of insurance on the assets and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt is also cross-collateralized by multiple assets and may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. Debt Ma t urities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2017 (dollars in thousands): Bank Line of Credit (1) Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) Year Amount Interest Rate Amount Interest Rate 2018 $ — $ — $ — — % $ 3,512 — % $ 3,512 2019 — 228,674 450,000 3.95 % 3,700 — % 682,374 2020 — — 800,000 2.79 % 3,758 5.08 % 803,758 2021 1,017,076 — 700,000 5.49 % 11,117 5.26 % 1,728,193 2022 — — 900,000 3.93 % 2,861 — % 902,861 Thereafter — — 3,600,000 4.36 % 113,619 4.09 % 3,713,619 1,017,076 228,674 6,450,000 138,567 7,834,317 Discounts, premium and debt costs, net — (386 ) (53,549 ) 5,919 (48,016 ) $ 1,017,076 $ 228,288 $ 6,396,451 $ 144,486 $ 7,786,301 _______________________________________ (1) Includes £105 million translated into USD. (2) Represents £169 million translated into USD. (3) Interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective rate of 4.19% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 2.08% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 20 years. (5) Excludes $94 million of other debt that have no scheduled maturities. Other debt represents (i) $61 million of non-interest bearing life care bonds and occupancy fee deposits at certain of the Company's senior housing facilities and (ii) $33 million of on-demand notes from the CCRC JV which bear interest at a rate of 3.6% .

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Legal Proceedings From time to time, the Company is a party to, or has a significant relationship 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, as amended (the “Exchange Act”) 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. On November 28, 2017, the Court appointed Societe Generale Securities GmbH (SGSS Germany) and the City of Birmingham Retirement and Relief Systems (Birmingham) as Co-Lead Plaintiffs in the class action. Co-Lead Plaintiffs must file a consolidated Amended Complaint by February 28, 2018. Defendants will then have until March 30, 2018 to respond to the Amended Complaint and file a motion to dismiss. 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 recently adjourned the status conference scheduled for January 10, 2018 to June 11, 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 Exchange Act, 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 another 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 Weldon and in the California derivative actions. Like Weldon , the Kelley complaint also additionally alleges that the Company made false statements in its 2016 proxy statement, and asserts a claim for a violation of Section 14(a) of the Exchange Act. On September 25, 2017, Defendants moved to transfer the action to the Northern District of Ohio ( i.e. , the court where the class action and other federal derivative action are pending) or, in the alternative, to stay the action. The Court granted Defendants’ motion to transfer on November 28, 2017, and Kelley is now before Judge Helmick in the Northern District of Ohio. In a status conference on January 19, 2018 in the Kelley action, Judge Helmick requested briefing by the parties in both Weldon and Kelley concerning the potential consolidation of the two actions, the appointment of lead plaintiffs and counsel, and whether the stay should continue. Plaintiffs’ briefs will be due on February 23, 2018, defendants’ opposition will be due on March 9, 2018, and plaintiffs’ reply will be due on March 23, 2018. Judge Helmick indicated that he would issue an order explaining and memorializing these deadlines. The Company’s Board of Directors received letters dated August 17, 2016, April 19, 2017, and April 20, 2017 from private law firms acting on behalf of clients who are purported stockholders of the Company, each asserting allegations similar to those made in the Subodh and Stearns matters discussed above. Each letter demands that the Board of Directors take action to assert the Company’s rights. The Board of Directors completed its evaluation and determined to reject the demand letters. Rejection notices were sent in December of 2017. The Company believes that the lawsuits and demands are without merit and is unable to estimate the amount of loss or range of reasonably possible losses with respect to the matters discussed above as of December 31, 2017 . Welltower v. Scott M. Brinker. On May 15, 2017, Welltower, Inc. filed a complaint in the Court of Common Pleas in Lucas County, Ohio, against Scott M. Brinker, alleging that he violated his non-competition obligations to Welltower prior to and upon acceptance of an offer of employment with the Company. Mr. Brinker counterclaimed that the non-competition restrictions were unenforceable, and also asserted breach of contract and defamation counterclaims against Welltower, among others. In connection with Mr. Brinker’s hiring, the Company agreed to indemnify him for legal fees and any losses that result from the action. On November 5, 2017, Welltower, Mr. Brinker and the Company agreed to settle the lawsuit for an amount, recognized during the fourth quarter of 2017, that is not material to the Company's financial condition, results of operations or cash flows and file a joint dismissal of all claims and counterclaims. DownREIT LLCs In connection with the formation of certain DownREIT LLCs, members may contribute appreciated real estate to a DownREIT LLC in exchange for DownREIT units. These contributions are generally tax-deferred, so that the pre-contribution gain related to the property is not taxed to the member. However, if a contributed property is later sold by the DownREIT LLC, the unamortized pre-contribution gain that exists at the date of sale is specifically allocated and taxed to the contributing members. In many of the DownREITs, the Company has entered into indemnification agreements with those members who contributed appreciated property into the DownREIT LLC. Under these indemnification agreements, if any of the appreciated real estate contributed by the members is sold by the DownREIT LLC in a taxable transaction within a specified number of years, the Company will reimburse the affected members for the federal and state income taxes associated with the pre-contribution gain that is specially allocated to the affected member under the Code (“make-whole payments”). These make-whole payments include a tax gross-up provision. These indemnification agreements have expiration terms that range through 2033 on a total of 35 properties. Commitments The following table summarizes the Company’s material commitments, excluding debt servicing obligations (see Note 10) and operating leases (see disclosure below), at December 31, 2017 (in thousands): Total 2018 2019-2020 2021-2022 More than Five Years U.K. loan commitments (1) $ 3,236 $ 3,236 $ — $ — $ — Construction loan commitments (2) 114,691 45,863 68,828 — — Development commitments (3) 133,371 128,101 2,228 3,042 — Total $ 251,298 $ 177,200 $ 71,056 $ 3,042 $ — _______________________________________ (1) Represents £2 million translated into USD for commitments to fund the Company’s U.K. loan facilities. (2) Represents commitments to finance development projects. (3) Represents construction and other commitments for developments in progress. Credit Enhancement Guarantee At December 31, 2017, certain of the Company’s senior housing facilities serve as collateral for $83 million of debt (maturing May 1, 2025) that is owed by a previous owner of the facilities. This indebtedness is guaranteed by the previous owner who has an investment grade credit rating. These senior housing facilities, which are classified as DFLs, had a carrying value of $356 million as of December 31, 2017 . Environmental Costs The Company monitors its properties for the presence of hazardous or toxic substances. The Company is not aware of any environmental liability with respect to the properties that would have a material adverse effect on the Company’s business, financial condition or results of operations. The Company carries environmental insurance and believes that the policy terms, conditions, limitations and deductibles are adequate and appropriate under the circumstances, given the relative risk of loss, the cost of such coverage and current industry practice. General Uninsured Losses The Company obtains various types of insurance to mitigate the impact of property, business interruption, liability, flood, windstorm, earthquake, environmental, cyber and terrorism related losses. The Company attempts to obtain appropriate policy terms, conditions, limits and deductibles considering the relative risk of loss, the cost of such coverage and current industry practice. There are, however, certain types of extraordinary losses, such as those due to acts of war or other events that may be either uninsurable or not economically insurable. In addition, the Company has a large number of properties that are exposed to earthquake, flood and windstorm occurrences for which the related insurances carry high deductibles. Tenant Purchase Options Certain leases, including DFLs contain purchase options whereby the tenant may elect to acquire the underlying real estate. Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of Properties 2018 $ 8,534 8 2019 14,702 2 2020 14,201 4 2021 12,402 6 2022 10,459 3 Thereafter 33,964 22 $ 94,262 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months . Base rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight- line rents, amortization of market lease intangibles, DFL non-cash and deferred revenues). Rental Expense The Company’s rental expense attributable to continuing operations was $10 million for each of the years ended December 31, 2017 , 2016 and 2015 . These rental expense amounts include ground rent and other leases. Ground leases generally require fixed annual rent payments and may also include escalation clauses and renewal options. These leases have terms that are up to 99 years , excluding extension options. Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2017 were as follows (in thousands): Year Amount 2018 $ 6,619 2019 6,766 2020 6,668 2021 6,704 2022 6,820 Thereafter 362,219 $ 395,796

Equity

Equity	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Equity	Equity Common Stock On February 1, 2018 , the Company announced that its Board of Directors declared a quarterly cash dividend of $0.37 per share. The common stock cash dividend will be paid on March 2, 2018 to stockholders of record as of the close of business on February 15, 2018 . During the years ended December 31, 2017 , 2016 and 2015 , the Company declared and paid common stock cash dividends of $1.480 , $2.095 and $2.260 per share, respectively. In June 2015, the Company established an at-the-market equity offering program (“ATM Program”). Under this program, the Company may sell shares of its common stock from time to time having an aggregate gross sales price of up to $750 million through a consortium of banks acting as sales agents or directly to the banks acting as principals. During the year ended December 31, 2015, the Company issued 1.8 million shares of common stock at a weighted average price of $40.14 for proceeds of $73 million , net of fees and commissions of $1 million . There was no activity during the years ended December 31, 2017 and 2016. The following table summarizes the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2017 2016 2015 Dividend Reinvestment and Stock Purchase Plan 983 2,021 2,762 Conversion of DownREIT units 78 145 104 Exercise of stock options 32 133 823 Vesting of restricted stock units 419 529 409 Repurchase of common stock 157 237 198 Accumulated Other Comprehensive Loss The following table summarizes the Company’s accumulated other comprehensive loss (in thousands): December 31, 2017 2016 Cumulative foreign currency translation adjustment $ (6,955 ) $ (22,817 ) Unrealized gains (losses) on cash flow hedges, net (13,950 ) (3,642 ) Supplemental Executive Retirement plan minimum liability and other (3,119 ) (3,183 ) Total accumulated other comprehensive loss $ (24,024 ) $ (29,642 ) Noncontrolling Interests On October 7, 2015, the Company issued a 49% noncontrolling interest in HCP Ventures V to an institutional capital investor for $110 million . HCP Ventures V owns a portfolio of 11 on-campus MOBs located in Texas and acquired through a sale-leaseback transaction with Memorial Hermann in June 2015. At December 31, 2017 , there were four million DownREIT units ( seven million shares of HCP common stock are issuable upon conversion) outstanding in five DownREIT LLCs, all of which the Company is the managing member. At December 31, 2017 , the carrying and market values of the four million DownREIT units were $177 million and $173 million , respectively. See Note 5 for the deconsolidation of RIDEA II and Note 19 for the supplemental schedule of non-cash financing activities.

Segment Disclosures

Segment Disclosures	12 Months Ended
	Dec. 31, 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. The Company has non-reportable segments that are comprised primarily of the Company’s debt investments, hospital properties, unconsolidated joint ventures (see below), and care homes in the U.K. The accounting policies of the segments are the same as those described under Summary of Significant Accounting Policies (see Note 2). During the fourth quarter of 2017, as a result of a change in how operating results are reported to the chief operating decision makers, for the purpose of evaluating performance and allocating resources, the Company began excluding unconsolidated joint ventures from its evaluation of its segments' operating results. Unconsolidated joint ventures are now reflected in other non-reportable segments, and as a result, excluded from NOI and Adjusted NOI. Prior period NOI and Adjusted NOI have also been recast to conform to current period presentation, which excludes unconsolidated joint ventures. During the year ended December 31, 2017, 42 senior housing triple-net facilities were transferred to the Company’s SHOP segment. 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). There were no intersegment sales or transfers during the year ended December 31, 2015. The Company evaluates performance based upon: (i) property net operating income from continuing operations (“NOI”) and (ii) Adjusted NOI. 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, lease termination fees and the impact of deferred community fee income and expense. The adjustments to NOI and resulting Adjusted NOI for SHOP have been recast for prior periods presented to conform to the current period presentation which excludes (i) the impact of deferred community fee income and expense, resulting in recognition as cash is received and expenses are paid and (ii) adjustments related to unconsolidated joint ventures (see above). Non-segment assets consist of assets in the Company's other non-reportable segments (see above) and corporate non-segment assets. Corporate 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. See Note 22 for other information regarding concentrations of credit risk. The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2017 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 313,547 $ 525,473 $ 358,816 $ 477,459 $ 116,846 $ — $ 1,792,141 Operating expenses (3,819 ) (396,491 ) (78,001 ) (183,197 ) (4,743 ) — (666,251 ) NOI 309,728 128,982 280,815 294,262 112,103 — 1,125,890 Adjustments to NOI (2) 17,098 33,227 (4,517 ) (2,952 ) (4,446 ) — 38,410 Adjusted NOI 326,826 162,209 276,298 291,310 107,657 — 1,164,300 Addback adjustments (17,098 ) (33,227 ) 4,517 2,952 4,446 — (38,410 ) Interest income — — — — 56,237 — 56,237 Interest expense (2,518 ) (7,920 ) (373 ) (506 ) (4,230 ) (292,169 ) (307,716 ) Depreciation and amortization (103,820 ) (103,162 ) (128,864 ) (169,795 ) (29,085 ) — (534,726 ) General and administrative — — — — — (88,772 ) (88,772 ) Transaction costs — — — — — (7,963 ) (7,963 ) Recoveries (impairments), net (22,590 ) — — — (143,794 ) — (166,384 ) Gain (loss) on sales of real estate, net 280,349 17,485 45,916 9,095 3,796 — 356,641 Loss on debt extinguishment — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — 50,895 (19,475 ) 31,420 Income tax benefit (expense) — — — — — 1,333 1,333 Equity income (loss) from unconsolidated JVs — — — — 10,901 — 10,901 Net income (loss) $ 461,149 $ 35,385 $ 197,494 $ 133,056 $ 56,823 $ (461,273 ) $ 422,634 _______________________________________ (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, deferral of community fees, net and termination fees. For the year ended December 31, 2016 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 423,118 $ 686,822 $ 358,537 $ 446,280 $ 125,729 $ — $ 2,040,486 Operating expenses (6,710 ) (480,870 ) (72,478 ) (173,687 ) (4,654 ) — (738,399 ) NOI 416,408 205,952 286,059 272,593 121,075 — 1,302,087 Adjustments to NOI (2) (7,566 ) (2,686 ) (2,954 ) (3,536 ) (3,022 ) — (19,764 ) Adjusted NOI 408,842 203,266 283,105 269,057 118,053 — 1,282,323 Addback adjustments 7,566 2,686 2,954 3,536 3,022 — 19,764 Interest income — — — — 88,808 — 88,808 Interest expense (9,499 ) (29,745 ) (2,357 ) (5,895 ) (9,153 ) (407,754 ) (464,403 ) Depreciation and amortization (136,146 ) (108,806 ) (130,829 ) (161,790 ) (30,537 ) — (568,108 ) General and administrative — — — — — (103,611 ) (103,611 ) Transaction costs — — — — — (9,821 ) (9,821 ) Gain (loss) on sales of real estate, net 48,744 675 49,042 8,333 57,904 — 164,698 Loss on debt extinguishment (46,020 ) (46,020 ) Other income (expense), net — — — — — 3,654 3,654 Income tax benefit (expense) — — — — — (4,473 ) (4,473 ) Equity income (loss) from unconsolidated JVs — — — — 11,360 — 11,360 Discontinued operations — — — — — 265,755 265,755 Net income (loss) $ 319,507 $ 68,076 $ 201,915 $ 113,241 $ 239,457 $ (302,270 ) $ 639,926 _______________________________________ (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, deferral of community fees, net and termination fees. For the year ended December 31, 2015 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 428,269 $ 518,264 $ 342,984 $ 415,351 $ 123,437 $ — $ 1,828,305 Operating expenses (3,427 ) (371,016 ) (70,217 ) (162,054 ) (3,965 ) — (610,679 ) NOI 424,842 147,248 272,767 253,297 119,472 — 1,217,626 Adjustments to NOI (2) (9,716 ) 8,145 (10,128 ) (4,933 ) (2,356 ) — (18,988 ) Adjusted NOI 415,126 155,393 262,639 248,364 117,116 — 1,198,638 Addback adjustments 9,716 (8,145 ) 10,128 4,933 2,356 — 18,988 Interest income — — — — 112,184 — 112,184 Interest expense (16,899 ) (31,869 ) (2,878 ) (9,603 ) (9,745 ) (408,602 ) (479,596 ) Depreciation and amortization (125,538 ) (80,981 ) (126,241 ) (143,682 ) (28,463 ) — (504,905 ) General and administrative — — — — — (95,965 ) (95,965 ) Transaction costs — — — — — (27,309 ) (27,309 ) Recoveries (impairments), net — — — — (108,349 ) — (108,349 ) Gain (loss) on sales of real estate, net 6,325 — — 52 — — 6,377 Other income (expense), net — — — — — 16,208 16,208 Income tax benefit (expense) — — — — — 9,807 9,807 Equity income (loss) from unconsolidated JVs — — — — 6,590 — 6,590 Discontinued operations — — — — — (699,086 ) (699,086 ) Net income (loss) $ 288,730 $ 34,398 $ 143,648 $ 100,064 $ 91,689 $ (1,204,947 ) $ (546,418 ) _______________________________________ (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, deferral of community fees, net and termination fees. The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2017 2016 2015 Senior housing triple-net $ 313,547 $ 423,118 $ 428,269 SHOP 525,473 686,822 518,264 Life science 358,816 358,537 342,984 Medical office 477,459 446,280 415,351 Other non-reportable segments 173,083 214,537 235,621 Total revenues $ 1,848,378 $ 2,129,294 $ 1,940,489 The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segments 2017 2016 2015 Senior housing triple-net $ 3,515,400 $ 3,871,720 $ 5,092,443 SHOP 2,392,130 3,135,115 2,684,675 Life science 4,154,372 3,961,623 3,613,726 Medical office 3,989,168 3,724,483 3,410,931 Gross reportable segment assets 14,051,070 14,692,941 14,801,775 Accumulated depreciation and amortization (2,919,278 ) (2,900,060 ) (2,704,425 ) Net reportable segment assets 11,131,792 11,792,881 12,097,350 Other non-reportable segment assets 1,904,433 2,255,712 2,392,823 Assets held for sale and discontinued operations, net 417,014 927,866 5,654,326 Other non-segment assets 635,222 782,806 1,305,350 Total assets $ 14,088,461 $ 15,759,265 $ 21,449,849 As a result of the change in the composition of reportable segments during the fourth quarter of 2017, as further described above, the Company allocated goodwill to its revised reporting units using a relative fair value approach. The Company completed a goodwill impairment assessment for all reporting units immediately prior to the reallocation and determined that no impairment existed at September 30, 2017. Additionally, the Company completed the required annual goodwill impairment test during the fourth quarter of 2017 and no impairment was recognized. At December 31, 2017 , goodwill of $47 million was allocated to segment assets as follows: (i) senior housing triple-net— $21 million , (ii) SHOP— $9 million , (iii) medical office— $11 million and (iv) other— $6 million . At December 31, 2016 , goodwill of $42 million was allocated to segment assets as follows: (i) senior housing triple-net— $16 million , (ii) SHOP— $9 million , (iii) medical office— $11 million and (iv) other— $6 million .

Future Minimum Rents

Future Minimum Rents	12 Months Ended
	Dec. 31, 2017
Leases, Operating [Abstract]
Future Minimum Rents	Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2017 (in thousands): Year Amount 2018 $ 1,021,212 2019 956,092 2020 874,617 2021 793,058 2022 691,352 Thereafter 2,807,315 $ 7,143,646

Compensation Plans

Compensation Plans	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Compensation Plans	Compensation Plans Stock Based Compensation On May 11, 2006, the Company’s stockholders approved the 2006 Performance Incentive Plan, which was amended and restated in 2009 (“the 2006 Plan”). On May 1, 2014, the Company’s stockholders approved the 2014 Performance Incentive Plan (“the 2014 Plan”) (collectively, “the Plans”). Following the adoption of the 2014 Plan, no new awards will be issued under the 2006 Plan. The Plans provide for the granting of stock-based compensation, including stock options, restricted stock and restricted stock units to officers, employees and directors in connection with their employment with or services provided to the Company. The maximum number of shares reserved for awards under the 2014 Plan is 33 million shares, and as of December 31, 2017 , 30 million of the reserved shares under the 2014 Plan are available for future awards of which 20 million shares may be issued as restricted stock and restricted stock units. Total share-based compensation expense recognized during the years ended December 31, 2017 , 2016 and 2015 was $14 million , $23 million and $26 million , respectively. The year ended December 31, 2016 includes a $7 million charge recognized in general and administrative expenses primarily resulting from the termination of the Company’s former chief executive officer (“CEO”) that was comprised of the accelerated vesting of restricted stock units in accordance with the terms of the former CEO’s employment agreement. As of December 31, 2017 and 2016 , there was $20 million and $14 million , respectively, related to unvested share-based compensation arrangements granted under the Company’s incentive plans, which is expected to be recognized over a weighted average period of three years associated with future employee service. Conversion of Equity Awards at the Spin-Off Date The Plans were established with anti-dilution provisions, such that in the event of an equity restructuring of the Company (including spin-off transactions), equity awards would preserve their value post-transaction. In order to achieve an equitable modification of the existing awards following the Spin-Off, the Company converted pre-spin awards to their post-spin value, resulting in grants to remaining employees denominated solely in the Company’s common stock. The modification assumed a conversion ratio on all awards calculated as the final pre-spin closing price of the Company’s common stock divided by the five trading day average post-spin closing price (“Five Day Average Price”) of the Company’s common stock. The conversion impacted 133 participants, resulted in additional awards being granted and incremental fair value of unvested awards due to the difference between the Five Day Average Price and the pre-spin closing price on the Spin-Off date. The vesting periods were unchanged for unvested grants at the Spin-Off date. The incremental fair value of unvested awards was immaterial. Stock Options Stock options are granted with an exercise price per share equal to the closing market price of the Company’s common stock on the grant date. Stock options generally vest ratably over a three - to five -year period and have a 10 -year contractual term. Vesting of certain stock options may accelerate, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. There have been no grants of stock options since 2014. Stock options outstanding and exercisable were 1.1 million at December 31, 2017 , and 1.3 million and 1.2 million at December 31, 2016 , respectively. Proceeds received from stock options exercised under the Plans for the years ended December 31, 2017 , 2016 and 2015 were $1 million , $4 million and $28 million , respectively. Compensation expense related to stock options was immaterial for all periods presented. Restricted Stock Awards Under the Plans, restricted stock awards, including restricted stock units and performance stock units are granted subject to certain restrictions. Conditions of vesting are determined at the time of grant. Restrictions on certain awards generally lapse, as provided in the Plans or in the applicable award agreement, upon retirement, a change in control or other specified events. The fair market value of restricted stock awards, both time vesting and those subject to specific performance criteria, are expensed over the period of vesting. Restricted stock units, which vest based solely upon passage of time generally vest over a period of three to six years . The fair value of restricted stock units is determined based on the closing market price of the Company's shares on the grant date. Performance stock units, which are restricted stock awards that vest dependent upon attainment of various levels of performance that equal or exceed targeted levels, generally vest in their entirety at the end of a three year performance period. The number of shares that ultimately vest can vary from 0% to 200% of target depending on the level of achievement of the performance criteria. The fair value of performance stock units is determined based on the Monte Carlo valuation model. The compensation expense recognized for all restricted stock awards is net of actual forfeitures. Upon vesting of restricted stock awards, the participant is required to pay the related tax withholding obligation. Participants can generally elect to have the Company reduce the number of common stock shares delivered to pay the employee tax withholding obligation. The value of the shares withheld is dependent on the closing market price of the Company’s common stock on the trading date prior to the relevant transaction occurring. During the years ended December 31, 2017 , 2016 and 2015 , the Company withheld 157,000 , 237,000 and 200,000 shares, respectively, to offset tax withholding obligations with respect to the vesting of the restricted stock and performance restricted stock unit awards. Holders of restricted stock awards, including restricted stock units and performance stock units, are generally entitled to receive dividends equal to the amount that would be paid on an equivalent number of shares of common stock. The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2017 (units and shares in thousands): Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at January 1, 2017 962 $ 37.39 Granted 844 33.57 Vested (419 ) 35.10 Forfeited (248 ) 35.04 Unvested at December 31, 2017 1,139 33.41 At December 31, 2017 , the weighted average remaining vesting period of restricted stock and performance based units was two years. The total fair value (at vesting) of restricted stock and performance based units which vested for the years ended December 31, 2017 , 2016 and 2015 was $15 million , $24 million and $21 million , respectively. Subsequent events . The Company expects to record severance and related charges of approximately $9 million in the first quarter of 2018 related to the departure of our Executive Chairman, effective March 1, 2018.

Impairments

Impairments	12 Months Ended
	Dec. 31, 2017
Asset Impairment Charges [Abstract]
Impairments	Impairments Casualty-Related As a result of Hurricane Harvey and Hurricane Irma during the year ended December 31, 2017, the Company recorded an estimated $13 million of casualty-related losses, net of a small insurance recovery. The losses are comprised of $8 million of property damage and $5 million of other associated costs, including storm preparation, clean up, relocation and other costs. Of the total $13 million casualty losses incurred, $12 million was recorded in Other income (expense), net, and $1 million was recorded in equity income (loss) from unconsolidated joint ventures as it relates to casualty losses for properties owned by certain of our unconsolidated joint ventures. In addition, the Company recorded a $1 million deferred tax benefit associated with the casualty-related losses. Real Estate During the third quarter 2017, the Company determined that 11 underperforming senior housing triple-net assets that are candidates for potential future sale were impaired. Accordingly, the Company wrote-down the carrying amount of these 11 assets to their fair value, which resulted in an aggregate impairment charge of $23 million . The fair value of the assets was based on forecasted sales prices which are considered to be Level 2 measurements within the fair value hierarchy. Other See Note 7 for further information on the impairment charges related to the mezzanine loan facility to Tandem (the "Tandem Mezzanine Loan"). In June 2015 and September 2015, the Company determined that its Four Seasons senior notes (the “Four Seasons Notes”) were other-than-temporarily impaired resulting from a continued decrease in the fair value of its investment. Although the Company did not intend to sell and did not believe it would be required to sell the Four Seasons Notes before their maturity, the Company determined that a credit loss existed resulting from several factors including: (i) deterioration in Four Seasons’ operating performance since the fourth quarter of 2014 and (ii) credit downgrades to Four Seasons received during the first half of 2015. Accordingly, the Company recorded impairment charges during the three months ended June 30, 2015 and September 30, 2015 of $42 million and $70 million , respectively, reducing the carrying value of the Four Seasons Notes at September 30, 2015 to $100 million ( £66 million ). The fair value of the Four Seasons Notes used to calculate the impairment charge was based on quoted market prices. However, because the Four Seasons Notes were not actively traded, these prices were considered to be Level 2 measurements within the fair value hierarchy. When calculating the fair value and determining whether a credit loss existed, the Company also evaluated Four Season’s ability to repay the Four Seasons Notes according to their contractual terms based on its estimate of future cash flows. The estimated future cash flow inputs included forecasted revenues, capital expenditures, operating expenses, care home occupancy and continued implementation of Four Seasons’ business plan which included executing on its business line segmentation and continuing to invest in its core real estate portfolio. This information was consistent with the results of the valuation technique used by the Company to determine if a credit loss existed and to calculate the fair value of the Four Seasons Notes during its impairment review. In March 2017, pursuant to a shift in the Company’s investment strategy, the Company sold its £138.5 million par value 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 ). Through October 2015, the Company held a secured term loan made to Delphis Operations, L.P. (“Delphis”). In October 2015, the Company received $23 million in cash proceeds from the sale of Delphis’ collateral and recognized an impairment recovery of $6 million for the amount received in excess of the loan’s carrying value.

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company has elected to be taxed as a REIT under the applicable provisions of the Code for every year beginning with the year ended December 31, 1985. The Company has also elected for certain of its subsidiaries to be treated as taxable REIT subsidiaries (“TRS” or “TRS entities”) which are subject to federal and state income taxes. All entities other than the TRS entities are collectively referred to as the “REIT” within this Note 17. Certain REIT entities are also subject to state, local and foreign income taxes. Distributions with respect to our common stock can be characterized for federal income tax purposes as taxable ordinary dividends, capital gain dividends, nondividend distributions or a combination thereof. Following is the characterization of our annual common stock distributions per share: Year Ended December 31, 2017 2016 2015 Ordinary dividends $ 1.4800 $ 1.5561 $ 2.1184 Capital gain dividends — — 0.0316 Nondividend distributions — 6.7089 0.1100 $ 1.4800 $ 8.2650 (1) $ 2.2600 _______________________________________ (1) Consists of $2.095 per common share of quarterly cash dividends and $6.17 per common share of stock dividends related to the Spin-Off (see Note 5). HCP common stockholders on October 24, 2016, the record date for the Spin-Off (the “Record Date”), received upon the Spin-Off on October 31, 2016 one share of QCP common stock for every five shares of HCP common stock they held (the “Distributed Shares”) and cash in lieu of fractional shares of QCP. For U.S. federal income tax purposes, HCP reported the fair market value of the QCP common stock distributed per each share of HCP common stock outstanding on the Record Date was $6.17 , or $30.85 for each share of QCP common stock. The TRS entities subject to tax reported losses before income taxes from continuing operations of $58 million , $9 million and $22 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The REIT’s losses from continuing operations before income taxes from the U.K. were $4 million , $4 million and $15 million for the years ended December 31, 2017 , 2016 and 2015 , respectively. The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2017 2016 2015 Current Federal $ 949 $ 8,525 $ 4,948 State 1,504 8,307 1,988 Foreign 1,737 1,332 828 Total current $ 4,190 $ 18,164 $ 7,764 Deferred Federal $ 2,730 $ (10,241 ) $ (11,317 ) State (5,889 ) (1,401 ) (1,382 ) Foreign (2,364 ) (2,049 ) (4,872 ) Total deferred $ (5,523 ) $ (13,691 ) $ (17,571 ) Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 ) On December 22, 2017, the Tax Cuts and Jobs Act was signed into law. As a result of the reduced U.S. federal corporate tax rate, the Company recorded a tax expense of $17 million , due to a remeasurement of deferred tax assets and liabilities, which is included in total deferred tax expense in the table above. The Company’s income tax expense from discontinued operations was $0 , $48 million and $1 million for the years ended December 31, 2017 , 2016 and 2015 , respectively (see Note 5). The following table reconciles the income tax expense (benefit) from continuing operations at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. federal statutory income tax rate on income or loss subject to tax $ (21,085 ) $ (4,581 ) $ (12,630 ) State income tax expense, net of federal tax (1,222 ) 6,081 (606 ) Gross receipts and margin taxes 1,716 1,847 1,383 Foreign rate differential 632 647 2,269 Effect of permanent differences 6 (280 ) (298 ) Return to provision adjustments 1,597 287 (368 ) Re-measurement of deferred tax assets and liabilities 17,080 — — Increase (decrease) in valuation allowance (57 ) 472 443 Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 ) Deferred income taxes reflect the net effects of temporary differences between the carrying amounts of the assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2017 2016 2015 Property, primarily differences in depreciation and amortization, the basis of land, and the treatment of interest and certain costs $ 31,691 $ 28,940 $ 19,862 Net operating loss carryforward 10,720 8,784 3,703 Expense accruals and other 229 (847 ) (753 ) Valuation allowance (548 ) (606 ) (531 ) Net deferred tax assets $ 42,092 $ 36,271 $ 22,281 Deferred tax assets and liabilities are included in other assets, net and accounts payable and accrued liabilities. At December 31, 2017 the Company had a net operating loss (“NOL”) carryforward of $42 million related to the TRS entities. These amounts can be used to offset future taxable income, if any. The NOL carryforwards begin to expire in 2033 with respect to the TRS entities. The Company records a valuation allowance against deferred tax assets in certain jurisdictions when it cannot sustain a conclusion that it is more likely than not that it can realize the deferred tax assets during the periods in which these temporary differences become deductible. The deferred tax asset valuation allowance is adequate to reduce the total deferred tax assets to an amount that the Company estimates will “more-likely-than-not” be realized. The Company files numerous U.S. federal, state and local income and franchise tax returns. With a few exceptions, the Company is no longer subject to U.S. federal, state or local tax examinations by taxing authorities for years prior to 2014. For the years ended December 31, 2017 and 2016 , the tax basis of the Company’s net assets was less than the reported amounts by $1.7 billion and $2.0 billion , respectively. The difference between the reported amounts and the tax basis was primarily related to the Slough Estates USA, Inc. (“SEUSA”) acquisition, which occurred in 2007. For the year ended December 31, 2015 , the tax basis of the Company’s net assets was less than the reported amounts by $6.5 billion . The difference between the reported amounts and the tax basis was primarily related to the SEUSA and HCRMC acquisitions which occurred in 2007 and 2011, respectively. Both SEUSA and HCRMC were corporations subject to federal and state income taxes. As a result of these acquisitions, the Company succeeded to the tax attributes of SEUSA and HCRMC, including the tax basis in the acquired company’s assets and liabilities. The Company is no longer subject to federal corporate-level tax on the taxable disposition of SEUSA pre-acquisition assets.

Earnings Per Common Share

Earnings Per Common Share	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Numerator Net income (loss) from continuing operations $ 422,634 $ 374,171 $ 152,668 Noncontrolling interests' share in earnings (8,465 ) (12,179 ) (12,817 ) Net income (loss) attributable to HCP, Inc. 414,169 361,992 139,851 Less: Participating securities' share in earnings (1,156 ) (1,198 ) (1,317 ) Income (loss) from continuing operations applicable to common shares 413,013 360,794 138,534 Discontinued operations — 265,755 (699,086 ) Net income (loss) applicable to common shares $ 413,013 $ 626,549 $ (560,552 ) Denominator Basic weighted average shares outstanding 468,759 467,195 462,795 Dilutive potential common shares - equity awards 176 208 — Diluted weighted average common shares 468,935 467,403 462,795 Basic earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 ) Diluted earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 ) 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. For the year ended December 31, 2015, diluted loss per share from continuing operations is calculated using the weighted-average common shares outstanding during the period, as the effect of shares issuable under employee compensation plans and upon DownREIT unit conversions would have been anti-dilutive. All DownREIT units and approximately 1 million stock options were anti-dilutive for all periods presented.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table summarizes supplemental cash flow information (in thousands): Year Ended December 31, 2017 2016 2015 Supplemental cash flow information: Interest paid, net of capitalized interest $ 309,111 $ 489,453 $ 451,615 Income taxes paid 10,045 13,727 6,959 Capitalized interest 16,937 11,108 8,798 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 67,425 49,999 52,511 Non-cash impact of QCP Spin-Off, net — 3,539,584 — Securities transferred for debt defeasance — 73,278 — Settlement of loans receivable as consideration for real estate acquisition — — 299,297 Vesting of restricted stock units and conversion of non-managing member units into common stock 2,908 6,622 3,388 Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — — 61,219 Deconsolidation of noncontrolling interest in connection with RIDEA II transaction 58,061 — — Noncontrolling interest issued in connection with real estate and other acquisitions — — 10,971 Mortgages and other liabilities assumed with real estate acquisitions 5,425 82,985 23,218 Foreign currency translation adjustment 15,862 (3,332 ) (8,738 ) Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net (10,315 ) 3,171 1,889 See discussions related to the Brookdale Transaction in Note 3 and the Spin-Off in Note 5. The following table summarizes cash, cash equivalents and restricted cash (in thousands): December 31, 2017 2016 Cash and cash equivalents $ 55,306 $ 94,730 Restricted cash 26,897 42,260 Cash, cash equivalents and restricted cash $ 82,203 $ 136,990

Variable Interest Entities

Variable Interest Entities	12 Months Ended
	Dec. 31, 2017
Variable Interest Entities
Variable Interest Entities	Variable Interest Entities On January 1, 2016, the Company adopted ASU 2015-2 using the modified retrospective method as permitted by the ASU. As a result of the adoption, the Company identified additional assets and liabilities of certain VIEs in its consolidated total assets and total liabilities at December 31, 2015 of $543 million and $651 million , respectively. Refer to the specific VIE descriptions below for detail on which entities were classified as consolidated VIEs subsequent to the adoption of ASU 2015-2. Additionally, the Company deconsolidated three JVs and recognized $0.5 million as a cumulative-effect adjustment to cumulative dividends in excess of earnings. Unconsolidated Variable Interest Entities At December 31, 2017 , the Company had investments in: (i) five unconsolidated VIE joint ventures; (ii) 48 properties leased to VIE tenants; (iii) marketable debt securities of one VIE and (iv) three 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. 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. 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 5). 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 8), 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 ) 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. Between 2012 and 2015, the Company funded a $257 million mezzanine loan facility to Tandem as part of a recapitalization of the Tandem Portfolio (see Note 7). Due to a decline in the fair value of the Tandem Portfolio over time, there is no longer sufficient equity at risk in Tandem and it has become a “thinly capitalized” borrower. The classification of the related assets and liabilities and their maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2017 are presented below (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 601,723 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 5,519 CCRC OpCo Investments in unconsolidated joint ventures 190,454 RIDEA II PropCo Investments in unconsolidated joint ventures 252,743 Development JVs Investments in unconsolidated joint ventures 12,563 Tandem Health Care Loans Receivable, net 105,000 MMCG Loan Loans Receivable, net 142,820 Loan - Seller Financing Loans Receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 33,750 _______________________________________ (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. As of December 31, 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 3, 6, 7 and 8 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 December 31, 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 December 31, 2017 and December 31, 2016 include VIE assets as follows (in thousands): December 31, 2017 2016 Assets Building and Improvements $ 2,436,414 $ 3,522,310 Developments in Process 32,285 31,953 Land 227,162 327,241 Accumulated Depreciation (542,091 ) (676,276 ) Net Real Estate 2,153,770 3,205,228 Investments in and advances to unconsolidated joint ventures 2,231 3,641 Accounts Receivable, Net 10,242 19,996 Cash and Cash Equivalents 15,861 35,844 Restricted Cash 2,619 22,624 Intangible Assets, Net 125,475 169,027 Other Assets, Net 33,749 69,562 Total Assets $ 2,343,947 $ 3,525,922 Liabilities Mortgage Debt 45,016 520,870 Intangible Liabilities, Net 10,672 8,994 Accounts Payable and Accrued Expenses 87,759 120,719 Other Liabilities 29,034 — Intercompany Accounts 331 — Fixed Asset Push Down 152,156 — Deferred Revenue 14,432 23,456 Total Liabilities $ 339,400 $ 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). 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 (“Vintage Park JV”) that owns an 85% interest in an unconsolidated development VIE. 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). Watertown JV . The Company holds a 95% ownership interest in JV entities formed in November 2017 that own and operate a senior housing property in a RIDEA structure (“Watertown JV”). Watertown PropCo is a VIE as the Company and the non-managing member share in control of the entity, but substantially all of the entity's activities are performed on behalf of the Company. Watertown OpCo is a VIE as the non-managing member, through its equity interest, lacks substantive participation rights in the management of Watertown OpCo or kick-out rights over the managing member. The Company consolidates Watertown PropCo and Watertown 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 Watertown 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 Watertown 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 Watertown 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 Watertown 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). Hayden JV . The Company holds a 99% ownership interest in a JV entity formed in December 2017 that owns and leases a life science complex (“Hayden JV”). The Hayden JV is a VIE as the members share in control of the entity, but substantially all of the entity's activities are performed on behalf of the Company. The Company consolidates the Hayden JV 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 Hayden JV primarily consist of leased properties (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of debt service payments and capital expenditures for the properties. Assets generated by Hayden JV may only be used to settle its contractual obligations (primarily from capital expenditures). Consolidated Lessees. The Company leases 21 senior housing properties to lessee entities under cash flow leases through which the Company receives monthly rent equal to the residual cash flows of the properties. The lessee entities are classified as VIEs as they are "thinly capitalized" entities. The Company consolidates the lessee entities as it has the ability to control the activities that most significantly impact the economic performance of the lessee entities. The lessee entities' assets 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 the Company and operating expenses of the senior housing facilities (accounts payable and accrued expenses). Assets generated by the senior housing operations (primarily from senior housing resident rents) of the may only be used to settle its contractual obligations (primarily from the rental costs, operating expenses incurred to manage such facilities and debt costs). 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. Exchange Accommodation Titleholder . During the year ended December 31, 2017, the Company acquired a portfolio of 11 MOBs (the "acquired properties") using a reverse like-kind exchange structure pursuant to Section 1031 of the Internal Revenue Code (a "reverse 1031 exchange"). As of December 31, 2017, the Company had not completed the reverse 1031 exchange and as such, the acquired properties remained in the possession of an Exchange Accommodation Titleholder ("EAT"). The EAT is classified as a VIE as it is a “thinly capitalized” entity. The Company consolidates the EAT because it is the primary beneficiary as it has the ability to control the activities that most significantly impact the EAT's economic performance. The properties held by the EAT are reflected as real estate with an aggregate carrying value of $ 153 million as of December 31, 2017. The assets of the EAT primarily consist of a leased property (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of capital expenditures for the properties. Assets generated by the EAT may only be used to settle its contractual obligations (primarily from capital expenditures).

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 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 December 31, 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): December 31, 2017 (3) 2016 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 313,326 $ 313,242 $ 807,954 $ 807,505 Marketable debt securities (2) 18,690 18,690 68,630 68,630 Bank line of credit (2) 1,017,076 1,017,076 899,718 899,718 Term loans (2) 228,288 228,288 440,062 440,062 Senior unsecured notes (1) 6,396,451 6,737,825 7,133,538 7,386,149 Mortgage debt (2) 144,486 125,984 623,792 609,374 Other debt (2) 94,165 94,165 92,385 92,385 Interest-rate swap liabilities (2) 2,483 2,483 4,857 4,857 Currency swap asset (2) — — 2,920 2,920 Cross currency swap liability (2) 10,968 10,968 — — _______________________________________ (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) During the years ended December 31, 2017 and 2016 , there were no transfers of financial assets or liabilities within the fair value hierarchy.

Concentration of Credit Risk

Concentration of Credit Risk	12 Months Ended
	Dec. 31, 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 following tables provide information regarding the Company’s concentrations with respect to Brookdale as a tenant as of and for the periods presented: Percentage of Gross Assets Total Company Senior Housing Triple-Net December 31, December 31, Tenant 2017 2016 2017 2016 Brookdale (1) 10 17 39 69 Percentage of Revenues Total Company Revenues Senior Housing Triple-Net Revenues Year Ended December 31, Year Ended December 31, Tenant 2017 2016 2015 2017 2016 2015 Brookdale (1) 8 12 13 47 59 58 _______________________________________ (1) The Company's concentration with respect to Brookdale as a tenant is expected to decrease with the completion of the Brookdale Transaction (see Note 3). Includes revenues from 64 senior housing triple-net facilities that were classified as held for sale at December 31, 2016. Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment, as discussed below. As of December 31, 2017 and 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 total 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. As of December 31, 2017 , Brookdale provided comprehensive facility management and accounting services with respect to 78 of the Company’s senior housing facilities and 62 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. The Company's concentration with respect to Brookdale as an operator in its SHOP segment is expected to decrease with the completion of the Brookdale Transaction (see Note 3) and the sale of its remaining 40% ownership interest in RIDEA II (see Note 5). Most of the management agreements have terms ranging from 10 to 15 years, with three to four 5-year renewals. The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA facilities. In addition, there are incentive management fees payable to Brookdale if operating results of the RIDEA properties exceed pre-established EBITDAR (as defined) thresholds. Brookdale is subject to the registration and reporting requirements of the U.S. Securities and Exchange Commission (“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. See Note 3 for further information on the reduction of concentration related to Brookdale. 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. The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2017 2016 2017 2016 2015 California 31 29 26 26 27 Texas 14 14 17 17 16

Derivative Financial Instrument

Derivative Financial Instruments	12 Months Ended
	Dec. 31, 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 foreign currency swap contracts as of December 31, 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 44,000 3.820% BMA Swap Index (2,483 ) Cross currency swap: April 2017 (3) February 2019 Net Investment £105,000 / $131,000 2.584% 3.750 % (10,968 ) _____________________________ (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 $2 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 . As of December 31, 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, (i) the remeasurement value of the designated £150 million GBP-denominated borrowings and (ii) the change in fair value of the £105 million cross currency swap due primarily to fluctuations in the GBP to USD exchange rate are reported in accumulated other comprehensive income (loss) as the hedging relationship is considered to be effective. The balance in accumulated other comprehensive income (loss) will be reclassified to earnings when the hedged investment is sold or substantially liquidated .

Selected Quarterly Financial Da

Selected Quarterly Financial Data (Unaudited)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected Quarterly Financial Data (Unaudited)	Selected Quarterly Financial Data (Unaudited) The following table summarizes selected quarterly information for the years ended December 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 492,168 $ 458,928 $ 454,023 $ 443,259 Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 454,746 18,874 (12,263 ) (50,957 ) Net income (loss) 464,177 22,101 (5,720 ) (57,924 ) Net income (loss) applicable to HCP, Inc. 461,145 19,383 (7,657 ) (58,702 ) Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings per common share 0.98 0.04 (0.02 ) (0.13 ) Diluted earnings per common share 0.97 0.04 (0.02 ) (0.13 ) Three Months Ended 2016 March 31 June 30 September 30 December 31 Total revenues $ 520,457 $ 538,332 $ 530,555 $ 539,950 Total discontinued operations 68,408 107,378 108,215 (18,246 ) Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 55,949 196,352 47,453 67,530 Net (loss) income 119,745 304,842 154,039 61,300 Net (loss) income applicable to HCP, Inc. 116,119 301,717 151,250 58,661 Dividends paid per common share 0.58 0.58 0.58 0.37 Basic earnings per common share 0.25 0.65 0.32 0.12 Diluted earnings per common share 0.25 0.64 0.32 0.12 The above selected quarterly financial data includes the following significant transactions: 2017 • During the quarter ended December 31, 2017, the Company recognized $20 million net reduction of rental and related revenues and $35 million of operating expense related to the Brookdale Transaction. • During the quarter ended December 31, 2017, the Company recorded an impairment charge of $84 million related to the Tandem Mezzanine Loan. • During the quarter ended December 31, 2017, the Company recognized a tax expense of $17 million due to a re-measurement of deferred tax assets and liabilities. • During the quarter ended September 30, 2017, the Company repurchased $500 million of our 5.375% senior notes due 2021 and recorded a $54 million loss on debt extinguishment. • During the quarter ended June 30, 2017, the Company recorded an impairment charge of $57 million related to the Tandem Mezzanine Loan. • The quarter ended March 31, 2017, the Company deconsolidated the net assets of RIDEA II and recognized a net gain on sale of $99 million . • The quarter ended March 31, 2017, the Company sold 64 senior housing triple-net assets, resulting in a net gain on sale of $170 million . • The quarter ended March 31, 2017, the Company sold its Four Seasons Notes, which generated a £42 million ( $51 million ) gain on sale. 2016 • The quarter ended December 31, 2016 includes the following related to the Spin-Off: (i) $46 million of loss on debt extinguishment and (ii) $58 million of transaction costs. • The quarter ended June 30, 2016 includes $120 million of gain on sales from real estate dispositions. • The quarter ended March 31, 2016 includes $53 million of income tax expense associated with state built-in gain tax payable upon the disposition of specific real estate assets, of which $49 million relates to the HCRMC real estate portfolio.

Schedule II_ Valuation and Qual

Schedule II: Valuation and Qualifying Accounts	12 Months Ended
	Dec. 31, 2017
Valuation and Qualifying Accounts [Abstract]
Schedule II: Valuation and Qualifying Accounts	Valuation and Qualifying Accounts Allowance Accounts (1) Additions Deductions Year Ended December 31, Balance at Beginning of Year Amounts Charged Against Operations, net Acquired Properties Uncollectible Accounts Written-off Disposed Properties Balance at End of Year 2017 $ 29,518 $ 144,135 $ — $ (2,732 ) $ (1,547 ) $ 169,374 2016 36,180 1,177 — (2,843 ) (4,996 ) 29,518 2015 50,531 3,174 — (17,209 ) (316 ) 36,180 _______________________________________ (1) Includes allowance for doubtful accounts, straight-line rent reserves, and allowances for loan and direct financing lease losses and excludes discontinued operations of $818 million for the year ended December 31, 2015.

Schedule III_ Real Estate and A

Schedule III: Real Estate and Accumulated Depreciation	12 Months Ended
	Dec. 31, 2017
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Schedule III: Real Estate and Accumulated Depreciation	Real Estate and Accumulated Depreciation Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Senior housing triple-net 1107 Huntsville AL $ — $ 307 $ 5,813 $ — $ 307 $ 5,453 $ 5,760 $ (1,534 ) 2006 0786 Douglas AZ — 110 703 — 110 703 813 (365 ) 2005 0518 Tucson AZ — 2,350 24,037 — 2,350 24,037 26,387 (11,418 ) 2002 1238 Beverly Hills CA — 9,872 32,590 9,188 9,872 41,030 50,902 (12,043 ) 2006 0883 Carmichael CA — 4,270 13,846 — 4,270 13,236 17,506 (3,668 ) 2006 2204 Chino Hills CA — 3,720 41,183 24 3,720 41,205 44,925 (4,931 ) 2014 0851 Citrus Heights CA — 1,180 8,367 — 1,180 8,037 9,217 (3,102 ) 2006 0790 Concord CA 25,000 6,010 39,601 — 6,010 38,301 44,311 (11,877 ) 2005 0787 Dana Point CA — 1,960 15,946 — 1,960 15,466 17,426 (4,801 ) 2005 0798 Escondido CA 14,340 5,090 24,253 — 5,090 23,353 28,443 (7,250 ) 2005 0791 Fremont CA — 2,360 11,672 — 2,360 11,192 13,552 (3,475 ) 2005 0788 Granada Hills CA — 2,200 18,257 — 2,200 17,637 19,837 (5,475 ) 2005 0227 Lodi CA — 732 5,453 — 732 5,453 6,185 (3,008 ) 1997 0226 Murietta CA — 435 5,729 — 435 5,729 6,164 (3,093 ) 1997 1165 Northridge CA — 6,718 26,309 2,710 6,752 27,780 34,532 (7,981 ) 2006 0789 Pleasant Hill CA 6,270 2,480 21,333 — 2,480 20,633 23,113 (6,405 ) 2005 2205 Roseville CA — 3,844 33,527 — 3,844 33,527 37,371 (3,938 ) 2014 1167 Santa Rosa CA — 3,582 21,113 2,230 3,627 22,003 25,630 (6,189 ) 2006 0793 South San Francisco CA — 3,000 16,586 — 3,000 16,056 19,056 (4,978 ) 2005 0792 Ventura CA — 2,030 17,379 — 2,030 16,749 18,779 (5,200 ) 2005 0512 Denver CO — 2,810 36,021 1,885 2,810 37,686 40,496 (17,547 ) 2002 1000 Greenwood Village CO — 3,367 43,610 2,894 3,367 45,708 49,075 (12,039 ) 2006 2144 Glastonbury CT — 1,658 16,046 378 1,658 16,423 18,081 (2,600 ) 2012 0730 Torrington CT — 166 11,001 3,686 166 14,277 14,443 (3,947 ) 2005 0861 Apopka FL — 920 4,816 854 920 5,570 6,490 (1,770 ) 2006 0852 Boca Raton FL 4,730 17,532 5,471 4,730 22,390 27,120 (7,570 ) 2006 2467 Ft Myers FL — 2,782 21,827 — 2,782 21,827 24,609 (1,577 ) 2016 1095 Gainesville FL — 1,221 12,226 — 1,221 12,001 13,222 (3,375 ) 2006 0490 Jacksonville FL — 3,250 25,936 6,170 3,250 32,106 35,356 (12,779 ) 2002 1096 Jacksonville FL — 1,587 15,616 — 1,587 15,298 16,885 (4,303 ) 2006 1017 Palm Harbor FL — 1,462 16,774 500 1,462 16,888 18,350 (4,842 ) 2006 0732 Port Orange FL — 2,340 9,898 1,177 2,340 10,555 12,895 (3,299 ) 2005 2194 Springtree FL — 1,066 15,874 1,447 1,066 17,321 18,387 (3,186 ) 2013 0802 St. Augustine FL — 830 11,627 1,288 830 12,515 13,345 (4,322 ) 2005 1097 Tallahassee FL — 1,331 19,039 — 1,331 18,695 20,026 (5,258 ) 2006 1605 Vero Beach FL — 700 16,234 — 700 15,484 16,184 (3,097 ) 2010 1257 Vero Beach FL — 2,035 34,993 201 2,035 33,634 35,669 (9,457 ) 2006 2108 Buford GA — 562 3,604 499 562 4,103 4,665 (788 ) 2012 2109 Buford GA — 536 3,142 343 536 3,486 4,022 (638 ) 2012 2053 Canton GA — 401 17,888 473 401 18,361 18,762 (2,366 ) 2012 2165 Hartwell GA — 368 6,337 300 368 6,637 7,005 (1,009 ) 2012 2066 Lawrenceville GA — 581 2,669 417 581 3,085 3,666 (654 ) 2012 1241 Lilburn GA — 907 17,340 325 907 17,102 18,009 (4,841 ) 2006 2086 Newnan GA — 1,227 4,202 503 1,227 4,705 5,932 (933 ) 2012 1005 Oak Park IL — 3,476 35,259 1,862 3,476 36,575 40,051 (9,556 ) 2006 1162 Orland Park IL — 2,623 23,154 1,614 2,623 23,992 26,615 (6,697 ) 2006 1237 Wilmette IL — 1,100 9,373 774 1,100 9,922 11,022 (2,711 ) 2006 1105 Louisville KY — 1,499 26,252 240 1,513 25,813 27,326 (7,379 ) 2006 2115 Murray KY — 288 7,400 299 288 7,698 7,986 (1,286 ) 2012 1158 Plymouth MA — 2,434 9,027 879 2,438 9,105 11,543 (2,554 ) 2006 1249 Frederick MD — 609 9,158 840 609 9,665 10,274 (2,830 ) 2006 0281 Westminster MD — 768 5,251 1,451 768 6,758 7,526 (2,544 ) 1998 0546 Cape Elizabeth ME — 630 3,524 93 630 3,617 4,247 (1,337 ) 2003 0545 Saco ME — 80 2,363 155 80 2,518 2,598 (928 ) 2003 1258 Auburn Hills MI — 2,281 10,692 — 2,281 10,692 12,973 (3,007 ) 2006 1248 Farmington Hills MI — 1,013 12,119 939 1,013 12,418 13,431 (3,530 ) 2006 1259 Sterling Heights MI — 1,593 11,500 — 1,593 11,181 12,774 (3,145 ) 2006 1235 Des Peres MO — 4,361 20,664 1,225 4,361 21,271 25,632 (5,760 ) 2006 1236 Richmond Heights MO — 1,744 24,232 368 1,744 23,915 25,659 (6,701 ) 2006 0853 St. Louis MO — 2,500 20,343 — 2,500 19,853 22,353 (7,665 ) 2006 2074 Oxford MS — 2,003 14,140 231 2,003 14,371 16,374 (2,089 ) 2012 0878 Charlotte NC — 710 9,559 — 710 9,159 9,869 (2,538 ) 2006 2465 Charlotte NC — 1,373 10,774 — 1,373 10,774 12,147 (778 ) 2016 2468 Franklin NC — 1,082 8,489 — 1,082 8,489 9,571 (613 ) 2016 2126 Mooresville NC — 2,538 37,617 1,684 2,538 39,302 41,840 (5,390 ) 2012 2466 Raeford NC — 1,304 10,230 — 1,304 10,230 11,534 (739 ) 2016 1254 Raleigh NC — 1,191 11,532 489 1,191 11,681 12,872 (3,429 ) 2006 2127 Minot ND — 685 16,047 676 685 16,723 17,408 (2,486 ) 2012 1599 Cherry Hill NJ — 2,420 11,042 2,294 2,420 12,785 15,205 (3,685 ) 2010 1239 Cresskill NJ — 4,684 53,927 501 4,684 53,406 58,090 (15,063 ) 2006 0734 Hillsborough NJ — 1,042 10,042 491 1,042 10,066 11,108 (3,125 ) 2005 1242 Madison NJ — 3,157 19,909 179 3,157 19,468 22,625 (5,475 ) 2006 0733 Manahawkin NJ — 921 9,927 691 921 10,152 11,073 (3,191 ) 2005 1231 Saddle River NJ — 1,784 15,625 612 1,784 15,640 17,424 (4,452 ) 2006 0245 Voorhees Township NJ — 900 7,629 520 900 8,149 9,049 (3,287 ) 1998 0796 Las Vegas NV — 1,960 5,816 — 1,960 5,426 7,386 (1,685 ) 2005 1252 Brooklyn NY — 8,117 23,627 1,057 8,117 23,577 31,694 (6,701 ) 2006 1256 Brooklyn NY — 5,215 39,052 1,079 5,215 39,197 44,412 (11,181 ) 2006 2174 Orchard Park NY — 726 17,735 — 726 17,735 18,461 (2,957 ) 2012 1386 Marietta OH — 1,069 11,435 668 1,069 11,898 12,967 (4,322 ) 2007 Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1253 Youngstown OH — 695 10,444 744 695 10,842 11,537 (3,113 ) 2006 2083 Oklahoma City OK — 2,116 28,007 1,939 2,116 29,946 32,062 (4,569 ) 2012 2131 Keizer OR 2,431 551 6,454 — 551 6,454 7,005 (938 ) 2013 2152 McMinnville OR — 3,203 24,909 5,381 3,203 28,796 31,999 (5,040 ) 2012 2089 Newberg OR — 1,889 16,855 837 1,889 17,692 19,581 (2,428 ) 2012 2133 Portland OR — 1,615 12,030 169 1,615 12,199 13,814 (1,592 ) 2012 2171 Portland OR — — 16,087 311 — 16,398 16,398 (2,069 ) 2012 2050 Redmond OR — 1,229 21,921 809 1,229 22,731 23,960 (2,932 ) 2012 2084 Roseburg OR — 1,042 12,090 134 1,042 12,223 13,265 (1,918 ) 2012 2134 Scappoose OR — 353 1,258 17 353 1,275 1,628 (264 ) 2012 2153 Scappoose OR — 971 7,116 142 971 7,258 8,229 (1,311 ) 2012 2056 Stayton OR — 48 569 19 48 588 636 (160 ) 2012 2058 Stayton OR — 253 8,621 140 253 8,762 9,015 (1,370 ) 2012 2088 Tualatin OR — — 6,326 375 — 6,701 6,701 (1,376 ) 2012 2180 Windfield Village OR 2,722 580 9,817 — 580 9,817 10,397 (1,424 ) 2013 1163 Haverford PA — 16,461 108,816 12,128 16,461 116,731 133,192 (33,431 ) 2006 2063 Selinsgrove PA — 529 9,111 237 529 9,349 9,878 (1,625 ) 2012 1973 South Kingstown RI — 1,390 12,551 630 1,390 12,918 14,308 (3,187 ) 2011 1975 Tiverton RI — 3,240 25,735 651 3,240 25,938 29,178 (6,242 ) 2011 1104 Aiken SC — 357 14,832 151 363 14,395 14,758 (4,081 ) 2006 1109 Columbia SC — 408 7,527 131 412 7,414 7,826 (2,123 ) 2006 0306 Georgetown SC — 239 3,008 — 239 3,008 3,247 (1,236 ) 1998 0879 Greenville SC — 1,090 12,558 — 1,090 12,058 13,148 (3,341 ) 2006 0305 Lancaster SC — 84 2,982 — 84 2,982 3,066 (1,142 ) 1998 0880 Myrtle Beach SC — 900 10,913 — 900 10,513 11,413 (2,913 ) 2006 0312 Rock Hill SC — 203 2,671 — 203 2,671 2,874 (1,077 ) 1998 1113 Rock Hill SC — 695 4,119 322 795 4,074 4,869 (1,313 ) 2006 0313 Sumter SC — 196 2,623 — 196 2,623 2,819 (1,078 ) 1998 2073 Kingsport TN — 1,113 8,625 322 1,113 8,947 10,060 (1,418 ) 2012 1003 Nashville TN — 812 16,983 2,524 812 18,759 19,571 (4,691 ) 2006 0843 Abilene TX — 300 2,830 — 300 2,710 3,010 (785 ) 2006 2107 Amarillo TX — 1,315 26,838 582 1,315 27,417 28,732 (3,790 ) 2012 1116 Arlington TX — 2,494 12,192 249 2,540 11,847 14,387 (3,472 ) 2006 0511 Austin TX — 2,960 41,645 — 2,960 41,645 44,605 (19,781 ) 2002 2075 Bedford TX — 1,204 26,845 1,599 1,204 28,444 29,648 (4,134 ) 2012 0844 Burleson TX — 1,050 5,242 — 1,050 4,902 5,952 (1,420 ) 2006 0848 Cedar Hill TX — 1,070 11,554 — 1,070 11,104 12,174 (3,215 ) 2006 1325 Cedar Hill TX — 440 7,494 — 440 6,974 7,414 (1,874 ) 2007 0506 Friendswood TX — 400 7,354 174 400 7,528 7,928 (2,582 ) 2002 0217 Houston TX — 835 7,195 454 835 7,649 8,484 (3,306 ) 1997 1106 Houston TX — 1,008 15,333 183 1,020 15,052 16,072 (4,314 ) 2006 0845 North Richland Hills TX — 520 5,117 — 520 4,807 5,327 (1,392 ) 2006 0846 North Richland Hills TX — 870 9,259 — 870 8,819 9,689 (2,919 ) 2006 2162 Portland TX — 1,233 14,001 1,353 1,233 15,354 16,587 (2,520 ) 2012 2116 Sherman TX — 209 3,492 377 209 3,870 4,079 (647 ) 2012 0847 Waxahachie TX — 390 3,879 — 390 3,659 4,049 (1,059 ) 2006 2470 Abingdon VA — 1,584 12,431 — 1,584 12,431 14,015 (898 ) 2016 1244 Arlington VA — 3,833 7,076 882 3,833 7,630 11,463 (2,248 ) 2006 1245 Arlington VA — 7,278 37,407 3,185 7,278 39,481 46,759 (10,900 ) 2006 0881 Chesapeake VA — 1,090 12,444 — 1,090 11,944 13,034 (3,310 ) 2006 1247 Falls Church VA — 2,228 8,887 677 2,228 9,240 11,468 (2,734 ) 2006 1164 Fort Belvoir VA — 11,594 99,528 11,862 11,594 108,676 120,270 (31,972 ) 2006 1250 Leesburg VA — 607 3,236 206 607 3,230 3,837 (3,196 ) 2006 1246 Sterling VA — 2,360 22,932 1,059 2,360 23,228 25,588 (6,672 ) 2006 2077 Sterling VA — 1,046 15,788 385 1,046 16,173 17,219 (2,214 ) 2012 0225 Woodbridge VA — 950 6,983 1,459 950 8,442 9,392 (3,516 ) 1997 1173 Bellevue WA — 3,734 16,171 645 3,737 16,094 19,831 (4,541 ) 2006 2095 College Place WA — 758 8,051 701 758 8,752 9,510 (1,437 ) 2012 1240 Edmonds WA — 1,418 16,502 105 1,418 16,102 17,520 (4,552 ) 2006 2160 Kenmore WA — 3,284 16,641 638 3,284 17,278 20,562 (2,406 ) 2012 0797 Kirkland WA — 1,000 13,403 — 1,000 13,043 14,043 (4,049 ) 2005 1251 Mercer Island WA — 4,209 8,123 581 4,209 8,202 12,411 (2,334 ) 2006 2096 Poulsbo WA — 1,801 18,068 224 1,801 18,292 20,093 (2,734 ) 2012 2102 Richland WA — 249 5,067 135 249 5,202 5,451 (764 ) 2012 0794 Shoreline WA — 1,590 10,671 — 1,590 10,261 11,851 (3,185 ) 2005 0795 Shoreline WA — 4,030 26,421 42 4,030 25,691 29,721 (7,898 ) 2005 2061 Vancouver WA — 513 4,556 246 513 4,802 5,315 (888 ) 2012 2062 Vancouver WA — 1,498 9,997 192 1,498 10,189 11,687 (1,477 ) 2012 2052 Yakima WA — 557 5,897 176 557 6,074 6,631 (931 ) 2012 2078 Yakima WA — 353 5,668 27 353 5,695 6,048 (781 ) 2012 2117 Bridgeport WV — 3,174 15,437 493 3,174 15,930 19,104 (3,028 ) 2012 2148 Sheridan WY — 915 12,047 1,242 915 13,289 14,204 (2,149 ) 2012 $ 50,763 $ 289,180 $ 2,387,674 $ 123,120 $ 289,448 $ 2,457,872 $ 2,747,320 $ (641,170 ) Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Senior housing operating portfolio 1974 Sun City AZ — 2,640 33,223 2,685 2,640 35,378 38,018 (9,041 ) 2011 2729 Clearlake CA — 354 4,799 306 354 4,635 4,989 (898 ) 2012 1965 Fresno CA — 1,730 31,918 2,117 1,730 33,605 35,335 (8,408 ) 2011 2726 Fortuna CA — 818 3,295 63 818 3,358 4,176 (1,582 ) 2012 2728 Fortuna CA — 1,346 11,856 176 1,346 10,618 11,964 (3,568 ) 2012 2593 Irvine CA — 8,220 14,104 539 8,220 14,103 22,323 (3,465 ) 2006 2725 Palm Springs CA — 1,005 5,183 619 1,005 5,263 6,268 (2,097 ) 2006 1966 Sun City CA — 2,650 22,709 3,863 2,650 26,118 28,768 (7,323 ) 2011 2727 Yreka CA — 565 9,184 419 565 6,633 7,198 (1,675 ) 2012 2505 Arvada CO — 1,788 29,896 1,016 1,788 30,912 32,700 (2,694 ) 2015 2506 Boulder CO — 2,424 36,746 674 2,424 37,421 39,845 (2,492 ) 2015 2515 Denver CO — 2,311 18,645 1,995 2,311 20,639 22,950 (2,519 ) 2015 2508 Lakewood CO — 4,384 60,795 1,988 4,384 62,782 67,166 (4,928 ) 2015 2509 Lakewood CO — 2,296 37,236 1,523 2,296 38,760 41,056 (2,538 ) 2015 2603 Boca Raton FL — 2,415 17,923 858 2,415 17,726 20,141 (4,534 ) 2006 1963 Boynton Beach FL — 2,550 31,521 3,665 2,550 34,521 37,071 (9,003 ) 2011 1964 Boynton Beach FL — 570 5,649 2,826 570 8,282 8,852 (2,799 ) 2011 2602 Boynton Beach FL — 1,270 4,773 1,918 1,270 4,775 6,045 (1,278 ) 2003 2520 Clearwater FL — 2,250 2,627 1,588 2,250 3,635 5,885 (1,095 ) 2015 2604 Coconut Creek FL — 2,461 16,006 2,461 2,461 15,712 18,173 (3,933 ) 2006 2601 Delray Beach FL — 850 6,637 1,598 850 6,907 7,757 (1,891 ) 2002 2517 Ft Lauderdale FL — 2,867 43,126 2,927 2,867 45,896 48,763 (4,652 ) 2015 2518 Lake Worth FL — 1,669 13,267 1,180 1,669 14,447 16,116 (1,916 ) 2015 2592 Lantana FL — 3,520 26,452 377 3,520 26,029 29,549 (9,790 ) 2006 1968 Largo FL — 2,920 64,988 12,399 2,920 76,167 79,087 (20,269 ) 2011 2522 Lutz FL — 902 15,169 55 902 16,152 17,054 (1,213 ) 2015 2523 Orange City FL — 912 9,724 894 912 10,618 11,530 (1,092 ) 2015 2524 Port St Lucie FL — 893 10,333 827 893 11,161 12,054 (1,252 ) 2015 1971 Sarasota FL — 3,050 29,516 6,239 3,050 35,325 38,375 (9,497 ) 2011 2525 Sarasota FL — 1,426 16,079 1,304 1,426 17,383 18,809 (1,854 ) 2015 2526 Tamarac FL — 970 16,037 924 970 16,968 17,938 (1,324 ) 2015 2513 Venice FL — 1,140 20,662 1,647 1,140 22,309 23,449 (1,838 ) 2015 2527 Vero Beach FL — 1,048 17,392 1,342 1,048 18,733 19,781 (1,440 ) 2015 2200 Deer Park IL — 4,172 2,417 44,534 4,229 44,478 48,707 (2,244 ) 2014 2594 Mount Vernon IL — 296 15,935 4,340 512 19,728 20,240 (5,122 ) 2006 1969 Niles IL — 3,790 32,912 5,884 3,790 38,024 41,814 (10,772 ) 2011 1961 Olympia Fields IL — 4,120 29,400 3,832 4,120 32,706 36,826 (8,523 ) 2011 1952 Vernon Hills IL — 4,900 45,854 5,999 4,900 51,157 56,057 (13,321 ) 2011 2595 Indianapolis IN — 1,197 7,718 1,084 1,197 8,570 9,767 (2,137 ) 2006 2596 W Lafayette IN — 813 10,876 1,324 813 11,949 12,762 (3,023 ) 2006 2746 Watertown MA — 8,828 29,112 53 8,828 29,165 37,993 (129 ) 2017 2583 Ellicott City MD 19,469 3,607 31,720 1,239 3,607 32,959 36,566 (1,280 ) 2016 2584 Hanover MD 9,065 4,513 25,625 867 4,513 26,492 31,005 (1,009 ) 2016 2585 Laurel MD 5,879 3,895 13,331 993 3,895 14,323 18,218 (709 ) 2016 2541 Olney MD — 1,580 33,802 158 1,580 33,960 35,540 (2,247 ) 2015 2586 Parkville MD 21,008 3,854 29,061 902 3,854 29,963 33,817 (1,356 ) 2016 2587 Waldorf MD 8,501 392 20,514 650 392 21,164 21,556 (799 ) 2016 2741 Lexington NE — 474 8,405 474 474 6,362 6,836 (1,657 ) 2012 2589 Albuquerque NM — 767 9,324 253 767 9,079 9,846 (4,059 ) 1996 2740 Rio Rancho NM — 1,154 13,726 495 1,154 14,221 15,375 (2,259 ) 2012 2735 Roswell NM — 618 7,038 1,010 618 7,741 8,359 (1,578 ) 2012 2738 Roswell NM — 837 8,614 997 837 9,288 10,125 (1,979 ) 2012 2733 Las Vegas NV — 667 14,469 509 667 10,347 11,014 (2,592 ) 2012 2743 Clifton Park NY — 2,257 11,470 4 2,257 11,484 13,741 (1,926 ) 2012 2742 Orchard Park NY — 478 11,961 — 478 11,961 12,439 (1,984 ) 2012 2516 Centerville OH — 1,065 10,901 1,520 1,065 12,421 13,486 (1,643 ) 2015 2512 Cincinnati OH — 1,180 6,157 1,393 1,180 7,549 8,729 (1,442 ) 2015 2597 Fairborn OH — 298 10,704 3,895 298 14,368 14,666 (3,732 ) 2006 2736 Gresham OR — 465 6,403 265 465 6,668 7,133 (1,563 ) 2012 2744 Hermiston OR 2,327 582 8,087 — 582 8,087 8,669 (1,400 ) 2013 2739 Portland OR — 1,677 9,469 374 1,677 6,940 8,617 (2,306 ) 2012 2730 Cumberland RI — 2,630 19,050 803 2,630 13,145 15,775 (4,644 ) 2011 1959 East Providence RI — 1,890 13,989 1,447 1,890 15,183 17,073 (4,117 ) 2011 1960 Greenwich RI — 450 11,845 1,846 450 13,414 13,864 (3,796 ) 2011 2511 Johnston RI — 2,037 12,724 3,724 2,037 16,448 18,485 (2,468 ) 2015 2731 Smithfield RI — 1,250 17,816 656 1,250 17,192 18,442 (4,724 ) 2011 1962 Warwick RI — 1,050 17,389 6,772 1,050 23,804 24,854 (5,580 ) 2011 2401 Germantown TN — 3,640 64,588 264 3,640 64,852 68,492 (5,393 ) 2015 2608 Arlington TX — 2,002 19,110 128 2,002 18,857 20,859 (5,035 ) 2006 2531 Austin TX — 607 15,972 424 607 16,396 17,003 (1,126 ) 2015 2588 Beaumont TX — 145 10,404 324 145 10,282 10,427 (4,679 ) 1995 2438 Dallas TX — 2,091 11,698 2,091 2,091 12,307 14,398 (2,074 ) 2015 2528 Graham TX — 754 8,803 782 754 9,586 10,340 (1,088 ) 2015 2529 Grand Prairie TX — 865 10,650 1,118 865 11,768 12,633 (1,196 ) 2015 1955 Houston TX — 9,820 50,079 10,526 9,820 59,293 69,113 (16,391 ) 2011 1957 Houston TX — 8,170 37,285 5,658 8,170 42,112 50,282 (11,285 ) 2011 1958 Houston TX — 2,910 37,443 7,685 2,910 44,233 47,143 (11,666 ) 2011 2402 Houston TX — 1,740 32,057 95 1,740 32,153 33,893 (2,801 ) 2015 2606 Houston TX — 2,470 21,710 2,176 2,470 23,036 25,506 (10,451 ) 2002 2530 N Richland Hills TX — 1,190 17,756 1,104 1,190 18,859 20,049 (1,659 ) 2015 2532 San Antonio TX — 613 5,874 990 613 6,863 7,476 (931 ) 2015 2607 San Antonio TX — 730 3,961 375 730 4,022 4,752 (1,391 ) 2002 2533 San Marcos TX — 765 18,175 898 765 19,073 19,838 (1,380 ) 2015 Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1954 Sugar Land TX — 3,420 36,846 5,097 3,420 41,242 44,662 (11,131 ) 2011 2510 Temple TX — 2,354 52,859 1,144 2,354 54,004 56,358 (3,819 ) 2015 2400 Victoria TX — 1,032 7,743 339 1,032 7,186 8,218 (906 ) 2015 2605 Victoria TX — 175 4,290 3,642 175 6,477 6,652 (2,661 ) 1995 1953 Webster TX — 4,780 30,854 4,628 4,780 29,464 34,244 (8,264 ) 2011 2534 Wichita Falls TX — 430 2,856 804 430 3,745 4,175 (642 ) 2015 2582 Fredericksburg VA — 2,370 19,725 87 2,370 19,811 22,181 (689 ) 2016 2581 Leesburg VA 12,345 1,340 17,605 907 1,340 18,512 19,852 (664 ) 2016 2514 Richmond VA — 2,981 54,203 1,894 2,981 56,097 59,078 (3,675 ) 2015 2737 Moses Lake WA — 429 4,417 189 429 4,606 5,035 (1,328 ) 2012 2732 Spokane WA — 903 5,363 171 903 5,228 6,131 (1,073 ) 2012 2734 Yakima WA — 721 8,872 1,518 721 10,390 11,111 (2,168 ) 2012 2745 Madison WI — 834 10,050 445 834 10,495 11,329 (1,732 ) 2012 $ 78,594 $ 194,278 $ 1,866,536 $ 216,811 $ 194,551 $ 2,024,260 $ 2,218,811 $ (359,316 ) Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Life science 1482 Brisbane CA — 31,160 1,789 20,319 31,160 22,103 53,263 — 2007 1486 Brisbane CA — 11,331 — 20,529 11,331 20,529 31,860 — 2007 1487 Brisbane CA — 8,498 — 6,812 8,498 6,812 15,310 — 2007 1401 Hayward CA — 900 7,100 1,045 900 8,145 9,045 (2,705 ) 2007 1402 Hayward CA — 1,500 6,400 3,682 1,719 9,863 11,582 (4,280 ) 2007 1403 Hayward CA — 1,900 7,100 4,666 1,900 11,512 13,412 (2,709 ) 2007 1404 Hayward CA — 2,200 17,200 1,434 2,200 18,634 20,834 (4,485 ) 2007 1405 Hayward CA — 1,000 3,200 7,478 1,000 10,678 11,678 (6,391 ) 2007 1549 Hayward CA — 1,006 4,259 3,463 1,055 6,409 7,464 (2,493 ) 2007 1550 Hayward CA — 677 2,761 5,583 710 4,954 5,664 (3,401 ) 2007 1551 Hayward CA — 661 1,995 4,264 693 6,227 6,920 (4,220 ) 2007 1552 Hayward CA — 1,187 7,139 1,346 1,222 8,094 9,316 (3,385 ) 2007 1553 Hayward CA — 1,189 9,465 7,361 1,225 16,791 18,016 (5,675 ) 2007 1554 Hayward CA — 1,246 5,179 1,867 1,283 6,133 7,416 (2,739 ) 2007 1555 Hayward CA — 1,521 13,546 6,401 1,566 19,889 21,455 (7,177 ) 2007 1556 Hayward CA — 1,212 5,120 3,049 1,249 5,216 6,465 (2,098 ) 2007 1424 La Jolla CA — 9,600 25,283 8,220 9,719 31,414 41,133 (9,072 ) 2007 1425 La Jolla CA — 6,200 19,883 152 6,276 19,958 26,234 (5,264 ) 2007 1426 La Jolla CA — 7,200 12,412 5,493 7,291 15,961 23,252 (6,509 ) 2007 1427 La Jolla CA — 8,700 16,983 6,177 8,767 21,859 30,626 (7,302 ) 2007 1949 La Jolla CA — 2,686 11,045 743 2,686 11,458 14,144 (2,690 ) 2011 2229 La Jolla CA — 8,753 32,528 6,228 8,777 38,732 47,509 (3,923 ) 2014 1488 Mountain View CA — 7,300 25,410 1,901 7,567 27,044 34,611 (7,597 ) 2007 1489 Mountain View CA — 6,500 22,800 1,866 6,500 24,666 31,166 (7,030 ) 2007 1490 Mountain View CA — 4,800 9,500 442 4,800 9,942 14,742 (2,746 ) 2007 1491 Mountain View CA — 4,200 8,400 1,249 4,209 8,998 13,207 (2,458 ) 2007 1492 Mountain View CA — 3,600 9,700 862 3,600 9,835 13,435 (2,527 ) 2007 1493 Mountain View CA — 7,500 16,300 2,142 7,500 17,842 25,342 (4,942 ) 2007 1494 Mountain View CA — 9,800 24,000 203 9,800 24,203 34,003 (6,362 ) 2007 1495 Mountain View CA — 6,900 17,800 3,245 6,900 21,045 27,945 (6,313 ) 2007 1496 Mountain View CA — 7,000 17,000 6,364 7,000 17,332 24,332 (4,595 ) 2007 1497 Mountain View CA — 14,100 31,002 10,111 14,100 31,487 45,587 (8,280 ) 2007 1498 Mountain View CA — 7,100 25,800 8,101 7,100 33,901 41,001 (14,611 ) 2007 2017 Mountain View CA — — 20,240 1,117 — 21,255 21,255 (4,000 ) 2013 1470 Poway CA — 5,826 12,200 6,048 5,826 12,542 18,368 (3,199 ) 2007 1471 Poway CA — 5,978 14,200 4,253 5,978 18,453 24,431 (7,951 ) 2007 1472 Poway CA — 8,654 — 11,906 8,654 11,906 20,560 (1,286 ) 2007 1473 Poway CA — 11,024 2,405 9,148 11,024 11,553 22,577 — 2007 1474 Poway CA — 5,051 — 5,522 5,051 5,522 10,573 — 2007 1475 Poway CA — 5,655 — 5,697 5,655 5,697 11,352 — 2007 1477 Poway CA — 25,359 2,475 14,835 25,359 17,310 42,669 — 2007 1478 Poway CA — 6,700 14,400 6,145 6,700 14,400 21,100 (3,750 ) 2007 1499 Redwood City CA — 3,400 5,500 2,564 3,407 7,177 10,584 (2,476 ) 2007 1500 Redwood City CA — 2,500 4,100 1,220 2,506 4,563 7,069 (1,508 ) 2007 1501 Redwood City CA — 3,600 4,600 860 3,607 5,024 8,631 (1,722 ) 2007 1502 Redwood City CA — 3,100 5,100 954 3,107 5,801 8,908 (1,937 ) 2007 1503 Redwood City CA — 4,800 17,300 3,300 4,818 20,582 25,400 (6,253 ) 2007 1504 Redwood City CA — 5,400 15,500 949 5,418 16,431 21,849 (4,246 ) 2007 1505 Redwood City CA — 3,000 3,500 826 3,006 4,115 7,121 (1,646 ) 2007 1506 Redwood City CA — 6,000 14,300 7,503 6,018 21,178 27,196 (4,637 ) 2007 1507 Redwood City CA — 1,900 12,800 13,559 1,912 26,347 28,259 (7,202 ) 2007 1508 Redwood City CA — 2,700 11,300 12,120 2,712 23,409 26,121 (5,871 ) 2007 1509 Redwood City CA — 2,700 10,900 10,476 2,712 20,840 23,552 (7,349 ) 2007 1510 Redwood City CA — 2,200 12,000 5,395 2,212 13,501 15,713 (3,543 ) 2007 1511 Redwood City CA — 2,600 9,300 1,828 2,612 10,561 13,173 (2,708 ) 2007 1512 Redwood City CA — 3,300 18,000 12,361 3,300 30,361 33,661 (8,155 ) 2007 1513 Redwood City CA — 3,300 17,900 14,839 3,326 32,713 36,039 (9,544 ) 2007 0678 San Diego CA — 2,603 11,051 3,143 2,603 14,194 16,797 (4,623 ) 2002 0679 San Diego CA — 5,269 23,566 16,072 5,669 35,937 41,606 (12,274 ) 2002 0837 San Diego CA — 4,630 2,028 8,982 4,630 11,010 15,640 (6,567 ) 2006 0838 San Diego CA — 2,040 903 5,111 2,040 6,014 8,054 (2,208 ) 2006 0839 San Diego CA — 3,940 3,184 5,733 4,047 5,591 9,638 (1,769 ) 2006 0840 San Diego CA — 5,690 4,579 720 5,830 4,734 10,564 (1,566 ) 2006 1418 San Diego CA — 11,700 31,243 6,403 11,700 37,646 49,346 (12,927 ) 2007 1420 San Diego CA — 6,524 — 4,986 6,524 4,986 11,510 — 2007 1421 San Diego CA — 7,000 33,779 1,209 7,000 34,988 41,988 (9,021 ) 2007 1422 San Diego CA — 7,179 3,687 4,521 7,184 8,202 15,386 (2,287 ) 2007 1423 San Diego CA — 8,400 33,144 18 8,400 33,162 41,562 (8,637 ) 2007 1514 San Diego CA — 5,200 — — 5,200 — 5,200 — 2007 1558 San Diego CA — 7,740 22,654 2,371 7,888 23,645 31,533 (6,279 ) 2007 1947 San Diego CA — 2,581 10,534 3,952 2,581 14,486 17,067 (3,154 ) 2011 1948 San Diego CA — 5,879 25,305 2,559 5,879 27,861 33,740 (7,790 ) 2011 2197 San Diego CA — 7,621 3,913 6,549 7,626 9,167 16,793 (2,459 ) 2007 2476 San Diego CA — 7,661 9,918 3,359 7,661 13,277 20,938 (189 ) 2016 2477 San Diego CA — 9,207 14,613 6,484 9,207 21,097 30,304 (649 ) 2016 2478 San Diego CA — 6,000 — — 6,000 — 6,000 — 2016 2617 San Diego CA — 2,734 5,195 777 2,734 5,971 8,705 — 2017 2618 San Diego CA — 4,100 12,395 — 4,100 12,395 16,495 (317 ) 2017 2622 San Diego CA — — — 1,070 — 1,070 1,070 — 2004 1407 South San Francisco CA — 7,182 12,140 9,612 7,182 17,860 25,042 (8,032 ) 2007 1408 South San Francisco CA — 9,000 17,800 1,260 9,000 19,060 28,060 (5,588 ) 2007 1409 South San Francisco CA — 18,000 38,043 4,692 18,000 42,735 60,735 (10,828 ) 2007 1410 South San Francisco CA — 4,900 18,100 157 4,900 18,257 23,157 (4,793 ) 2007 Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) 1411 South San Francisco CA — 8,000 27,700 313 8,000 28,013 36,013 (7,288 ) 2007 1412 South San Francisco CA — 10,100 22,521 2,156 10,100 24,437 34,537 (6,066 ) 2007 1413 South San Francisco CA — 8,000 28,299 3,743 8,000 32,042 40,042 (7,468 ) 2007 1414 South San Francisco CA — 3,700 20,800 2,248 3,700 22,845 26,545 (5,965 ) 2007 1430 South San Francisco CA — 10,700 23,621 3,519 10,700 27,140 37,840 (7,606 ) 2007 1431 South San Francisco CA — 7,000 15,500 876 7,000 16,375 23,375 (4,109 ) 2007 1435 South San Francisco CA — 13,800 42,500 37,029 13,800 79,529 93,329 (19,435 ) 2008 1436 South San Francisco CA — 14,500 45,300 36,865 14,500 82,165 96,665 (19,964 ) 2008 1437 South San Francisco CA — 9,400 24,800 46,308 9,400 69,539 78,939 (14,428 ) 2008 1439 South San Francisco CA — 11,900 68,848 48 11,900 68,896 80,796 (17,948 ) 2007 1440 South San Francisco CA — 10,000 57,954 10 10,000 57,964 67,964 (15,094 ) 2007 1441 South San Francisco CA — 9,300 43,549 8 9,300 43,557 52,857 (11,342 ) 2007 1442 South San Francisco CA — 11,000 47,289 91 11,000 47,380 58,380 (12,371 ) 2007 1443 South San Francisco CA — 13,200 60,932 2,645 13,200 63,576 76,776 (15,600 ) 2007 1444 South San Francisco CA — 10,500 33,776 360 10,500 34,135 44,635 (8,995 ) 2007 1445 South San Francisco CA — 10,600 34,083 9 10,600 34,092 44,692 (8,877 ) 2007 1458 South San Francisco CA — 10,900 20,900 8,294 10,909 23,962 34,871 (7,082 ) 2007 1459 South San Francisco CA — 3,600 100 223 3,600 323 3,923 (94 ) 2007 1460 South San Francisco CA — 2,300 100 118 2,300 218 2,518 (100 ) 2007 1461 South San Francisco CA — 3,900 200 221 3,900 421 4,321 (200 ) 2007 1462 South San Francisco CA — 7,117 600 4,927 7,117 5,179 12,296 (2,140 ) 2007 1463 South San Francisco CA — 10,381 2,300 20,527 10,381 22,827 33,208 (5,749 ) 2007 1464 South San Francisco CA — 7,403 700 11,638 7,403 7,987 15,390 (1,479 ) 2007 1468 South San Francisco CA — 10,100 24,013 4,774 10,100 26,642 36,742 (7,801 ) 2007 1480 South San Francisco CA — 32,210 3,110 11,217 32,210 14,327 46,537 — 2007 1559 South San Francisco CA — 5,666 5,773 12,966 5,695 18,641 24,336 (10,250 ) 2007 1560 South San Francisco CA — 1,204 1,293 517 1,210 1,789 2,999 (1,456 ) 2007 1983 South San Francisco CA — 8,648 — 95,860 8,648 95,860 104,508 (6,072 ) 2016 1984 South San Francisco CA — 7,845 — 84,569 7,844 84,569 92,413 (1,692 ) 2017 1985 South San Francisco CA — 6,708 — 98,300 6,708 98,301 105,009 (1,212 ) 2017 1986 South San Francisco CA — 6,708 — 107,084 6,708 107,084 113,792 — 2011 1987 South San Francisco CA — 8,544 — 47,227 8,544 47,228 55,772 — 2011 1988 South San Francisco CA — 10,120 — 414 10,120 414 10,534 — 2011 1989 South San Francisco CA — 9,169 — 3,649 9,169 3,649 12,818 — 2011 2553 South San Francisco CA — 2,897 8,691 1,160 2,897 9,852 12,749 (735 ) 2015 2554 South San Francisco CA — 995 2,754 50 995 2,804 3,799 (166 ) 2015 2555 South San Francisco CA — 2,202 10,776 589 2,202 11,365 13,567 (675 ) 2015 2556 South San Francisco CA — 2,962 15,108 168 2,962 15,276 18,238 (908 ) 2015 2557 South San Francisco CA — 2,453 13,063 128 2,453 13,191 15,644 (783 ) 2015 2558 South San Francisco CA — 1,163 5,925 58 1,163 5,983 7,146 (356 ) 2015 2614 South San Francisco CA — 5,079 8,584 1,330 5,079 9,914 14,993 (3,383 ) 2007 2615 South San Francisco CA — 7,984 13,495 3,243 7,984 16,739 24,723 (5,481 ) 2007 2616 South San Francisco CA — 8,355 14,121 1,876 8,355 15,998 24,353 (5,598 ) 2007 2624 South San Francisco CA — 25,502 41,293 181 25,502 41,474 66,976 (382 ) 2017 9999 Denton TX — 100 — — 100 — 100 — 2016 2630 Lexington MA — 15,966 48,444 — 15,966 48,444 64,410 (187 ) 2017 2631 Lexington MA — 10,940 139,201 28 10,940 139,229 150,169 (367 ) 2017 2011 Durham NC 6,118 448 6,152 21,379 448 27,494 27,942 (5,000 ) 2011 2030 Durham NC — 1,920 5,661 34,120 1,920 39,781 41,701 (7,054 ) 2012 0464 Salt Lake City UT — 630 6,921 2,562 630 9,483 10,113 (3,123 ) 2001 0465 Salt Lake City UT — 125 6,368 68 125 6,436 6,561 (2,379 ) 2001 0466 Salt Lake City UT — — 14,614 7 — 14,621 14,621 (4,872 ) 2001 0507 Salt Lake City UT — 280 4,345 226 280 4,572 4,852 (1,694 ) 2002 0799 Salt Lake City UT — — 14,600 90 — 14,690 14,690 (3,976 ) 2005 1593 Salt Lake City UT — — 23,998 — — 23,998 23,998 (5,393 ) 2010 $ 6,118 $ 880,878 $ 2,044,568 $ 1,131,979 $ 883,075 $ 3,094,702 $ 3,977,777 $ (635,314 ) Encumbrances at December 31, 2017 Initial Cost to Company Costs Capitalized Subsequent to Acquisition Gross Amount at Which Carried Accumulated Depreciation Year Acquired/ Constructed City State Land Buildings and Improvements Land Buildings and Improvements Total (1) Medical office 0638 Anchorage AK — 1,456 10,650 12,309 1,456 22,907 24,363 (6,114 ) 2006 2572 Springdale AR — — 27,714 — — 27,714 27,714 (916 ) 2016 0520 Chandler AZ — 3,669 13,503 2,538 3,669 15,751 19,420 (5,883 ) 2002 2040 Mesa AZ — — 17,314 896 — 18,181 18,181 (2,567 ) 2012 0468 Oro Valley AZ — 1,050 6,774 925 1,050 7,124 8,174 (2,857 ) 2001 0356 Phoenix AZ — 780 3,199 2,271 780 4,550 5,330 (1,884 ) 1999 0470 Phoenix AZ — 280 877 120 280 961 1,241 (351 ) 2001 1066 Scottsdale AZ — 5,115 14,064 3,553 4,839 17,035 21,874 (5,539 ) 2006 2021 Scottsdale AZ — — 12,312 1,818 — 14,046 14,046 (3,839 ) 2012 2022 Scottsdale AZ — — 9,179 1,222 — 10,270 10,270 (2,942 ) 2012 2023 Scottsdale AZ — — 6,398 1,570 — 7,848 7,848 (1,871 ) 2012 2024 Scottsdale AZ — — 9,522 663 — 10,184 10,184 (2,438 ) 2012 2025 Scottsdale AZ — — 4,102 1,482 — 5,492 5,492 (1,650 ) 2012 2026 Scottsdale AZ — — 3,655 1,211 — 4,826 4,826 (1,118 ) 2012 2027 Scottsdale AZ — — 7,168 1,455 — 8,605 8,605 (2,140 ) 2012 2028 Scottsdale AZ — — 6,659 1,285 — 7,944 7,944 (1,937 ) 2012 0453 Tucson AZ — 215 6,318 1,390 326 7,073 7,399 (3,414 ) 2000 0556 Tucson AZ — 215 3,940 1,285 267 4,745 5,012 (1,541 ) 2003 1041 Brentwood CA — — 30,864 3,002 187 33,138 33,325 (9,716 ) 2006 1200 Encino CA — 6,151 10,438 4,583 6,646 13,736 20,382 (5,095 ) 2006 0436 Murietta CA — 400 9,266 4,140 638 11,876 12,514 (5,682 ) 1999 0239 Poway CA — 2,700 10,839 3,710 2,887 12,438 15,325 (6,698 ) 1997 2654 Riverside CA — 2,758 9,908 — 2,758 9,908 12,666 — 2017 0318 Sacramento CA — 2,860 37,566 27,137 2,911 63,801 66,712 (10,335 ) 1998 2404 Sacramento CA — 1,268 5,109 374 1,299 5,453 6,752 (649 ) 2015 0234 San Diego CA — 2,848 5,879 1,450 3,009 5,053 8,062 (3,231 ) 1997 0235 San Diego CA — 2,863 8,913 2,913 3,068 8,297 11,365 (5,276 ) 1997 0236 San Diego CA — 4,619 19,370 4,023 4,711 16,760 21,471 (10,173 ) 1997 0421 San Diego CA — 2,910 19,984 16,343 2,964 34,954 37,918 (8,524 ) 1999 0564 San Jose CA — 1,935 1,728 2,616 1,935 3,302 5,237 (1,348 ) 2003 0565 San Jose CA — 1,460 7,672 527 1,460 7,721 9,181 (3,004 ) 2003 0659 Los Gatos CA — 1,718 3,124 622 1,758 3,592 5,350 (1,336 ) 2000 1209 Sherman Oaks CA — 7,472 10,075 5,915 7,943 14,851 22,794 (7,274 ) 2006 0439 Valencia CA — 2,300 6,967 3,761 2,404 8,727 11,131 (3,716 ) 1999 1211 Valencia CA — 1,344 7,507 733 1,383 7,969 9,352 (2,377 ) 2006 0440 West Hills CA — 2,100 11,595 4,182 2,259 12,225 14,484 (5,826 ) 1999 0728 Aurora CO — — 8,764 2,807 — 8,997 8,997 (3,157 ) 2005 1196 Aurora CO — 210 12,362 6,074 210 17,720 17,930 (4,037 ) 2006 1197 Aurora CO — 200 8,414 5,398 200 13,482 13,682 (3,541 ) 2006 0882 Colorado Springs CO — — 12,933 10,716 — 22,506 22,506 (7,988 ) 2006 1199 Denver CO — 493 7,897 1,865 622 9,401 10,023 (3,494 ) 2006 0808 Englewood CO — — 8,616 9,322 11 16,830 16,841 (6,146 ) 2005 0809 Englewood CO — — 8,449 3,767 — 10,997 10,997 (4,304 ) 2005 0810 Englewood CO — — 8,040 7,711 — 14,746 14,746 (5,510 ) 2005 0811 Englewood CO — — 8,472 4,743 — 11,614 11,614 (3,760 ) 2005 2658 Highlands Ranch CO — 1,637 10,063 — 1,637 10,063 11,700 — 2017 0812 Littleton CO — — 4,562 2,405 257 5,803 6,060 (2,317 ) 2005 0813 Littleton CO — — 4,926 1,910 106 6,089 6,195 (2,126 ) 2005 0570 Lone Tree CO — — — 20,096 — 19,400 19,400 (6,61

Summary of Significant Accoun35

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates Management is required to make estimates and assumptions in the preparation of financial statements in conformity with U.S. generally accepted accounting principles (“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 revenues and expenses during the reporting period. Actual results could differ from management’s estimates.
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures and variable interest entities that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. The Company is required to continually evaluate its variable interest entity (“VIE”) relationships and consolidate these entities when it is determined to be the primary beneficiary of their operations. A VIE is broadly defined as an entity where either: (i) the equity investment at risk is insufficient to finance that entity’s activities without additional subordinated financial support, (ii) substantially all of an entity’s activities either involve or are conducted on behalf of an investor that has disproportionately few voting rights, or (iii) the equity investors as a group lack any of the following: (a) the power through voting or similar rights to direct the activities of an entity that most significantly impact the entity’s economic performance, (b) the obligation to absorb the expected losses of an entity, or (c) the right to receive the expected residual returns of an entity. A variable interest holder is considered to be the primary beneficiary of a VIE if it has the power to direct the activities of a VIE that most significantly impact the entity’s economic performance and has the obligation to absorb losses of, or the right to receive benefits from, the entity that could potentially be significant to the VIE. The Company qualitatively assesses whether it is (or is not) the primary beneficiary of a VIE. Consideration of various factors include, but is not limited to, its form of ownership interest, its representation on the VIE’s governing body, the size and seniority of its investment, its ability and the rights of other investors to participate in policy making decisions and its ability to replace the VIE manager and/or liquidate the entity. For its investments in joint ventures that are not considered to be VIEs, the Company evaluates the type of ownership rights held by the limited partner(s) that may preclude consolidation by the sole general partner or majority interest holder. The assessment of limited partners’ rights and their impact on the control of a joint venture should be made at inception of the joint venture and should be reassessed if: (i) there is a change to the terms or in the ability to exercise the limited partner rights, (ii) the sole general partner increases or decreases its ownership interest in the limited partnership, or (iii) there is an increase or decrease in the number of outstanding limited partnership interests. The Company similarly evaluates the rights of managing members of limited liability companies.
Revenue Recognition	Revenue Recognition At the inception of a new lease arrangement, including new leases that arise from amendments, the Company assesses its terms and conditions to determine the proper lease classification. A lease arrangement is classified as an operating lease if none of the following criteria are met: (i) transfer of ownership to the lessee prior to or shortly after the end of the lease term, (ii) lessee has a bargain purchase option during or at the end of the lease term, (iii) the lease term is equal to 75% or more of the underlying property’s economic life, or (iv) the present value of future minimum lease payments (excluding executory costs) is equal to 90% or more of the excess fair value (over retained tax credits) of the leased property. If one of the four criteria is met and the minimum lease payments are determined to be reasonably predictable and collectible, the lease arrangement is generally accounted for as a direct financing lease (“DFL”). The Company utilizes the direct finance method of accounting to record DFL income. For a lease accounted for as a DFL, the net investment in the DFL represents receivables for the sum of future minimum lease payments and the estimated residual value of the leased property, less the unamortized unearned income. Unearned income is deferred and amortized to income over the lease term to provide a constant yield when collectibility of the lease payments is reasonably assured. The Company commences recognition of rental revenue for operating lease arrangements when the tenant has taken possession or controls the physical use of a leased asset; the tenant is not considered to have taken physical possession or have control of the leased asset until the Company-owned tenant improvements are substantially completed. If a lease arrangement provides for tenant improvements, the Company determines whether the tenant improvements are owned by the tenant or the Company. When the Company is the owner of the tenant improvements, any tenant improvements funded by the tenant are treated as lease payments which are deferred and amortized into income over the lease term. When the tenant is the owner of the tenant improvements, any tenant improvement allowance that is funded by the Company is treated as a lease incentive and amortized as a reduction of revenue over the lease term. Ownership of tenant improvements is determined based on various factors including, but not limited to, the following criteria: • lease stipulations of how and on what a tenant improvement allowance may be spent; • which party to the arrangement retains legal title to the tenant improvements upon lease expiration; • whether the tenant improvements are unique to the tenant or general purpose in nature; • if the tenant improvements are expected to have significant residual value at the end of the lease term; • the responsible party for construction cost overruns; and • which party constructs or directs the construction of the improvements. Certain leases provide for additional rents that are contingent upon a percentage of the facility’s revenue in excess of specified base amounts or other thresholds. Such revenue is recognized when actual results reported by the tenant, or estimates of tenant results, exceed the base amount or other thresholds, and only after any contingency has been removed (when the related thresholds are achieved). This may result in the recognition of rental revenue in periods subsequent to when such payments are received. Tenant recoveries subject to operating leases generally relate to the reimbursement of real estate taxes, insurance and repairs and maintenance expense. These expenses are recognized as revenue in the period they are incurred. The reimbursements of these expenses are recognized and presented gross, as the Company is generally the primary obligor and, with respect to purchasing goods and services from third party suppliers, has discretion in selecting the supplier and bears the associated credit risk. For operating leases with minimum scheduled rent increases, the Company recognizes income on a straight line basis over the lease term when collectibility is reasonably assured. Recognizing rental income on a straight line basis results in a difference in the timing of revenue amounts from what is contractually due from tenants. If the Company determines that collectibility of straight line rents is not reasonably assured, future revenue recognition is limited to amounts contractually owed and paid, and, when appropriate, an allowance for estimated losses is established. Resident fee revenue is recorded when services are rendered and includes resident room and care charges, community fees and other resident charges. Residency agreements are generally for a term of 30 days to one year , with resident fees billed monthly. Revenue for certain care related services is recognized as services are provided and is billed monthly in arrears. Loans receivable are classified as held-for-investment based on management’s intent and ability to hold the loans for the foreseeable future or to maturity. Loans held-for-investment are carried at amortized cost and reduced by a valuation allowance for estimated credit losses, as necessary. The Company recognizes interest income on loans, including the amortization of discounts and premiums, loan fees paid and received, using the interest method. The interest method is applied on a loan-by-loan basis when collectibility of the future payments is reasonably assured. Premiums and discounts are recognized as yield adjustments over the term of the related loans. The Company recognizes a gain on sales of real estate upon the closing of a transaction with the purchaser. Gains on real estate sold are recognized using the full accrual method when collectibility of the sales price is reasonably assured, the Company is not obligated to perform additional activities that may be considered significant, the initial investment from the buyer is sufficient and other profit recognition criteria have been satisfied. Gain on sales of real estate may be deferred in whole or in part until the requirements for gain recognition have been met. Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and econ
Allowance for Doubtful Accounts	Allowance for Doubtful Accounts The Company evaluates the liquidity and creditworthiness of its tenants, operators and borrowers on a monthly and quarterly basis. The Company’s evaluation considers industry and economic conditions, individual and portfolio property performance, credit enhancements, liquidity and other factors. The Company’s tenants, borrowers and operators furnish property, portfolio and guarantor/operator-level financial statements, among other information, on a monthly or quarterly basis; the Company utilizes this financial information to calculate the lease or debt service coverages that it uses as a primary credit quality indicator. Lease and debt service coverage information is evaluated together with other property, portfolio and operator performance information, including revenue, expense, net operating income, occupancy, rental rate, reimbursement trends, capital expenditures and EBITDA (defined as earnings before interest, tax, and depreciation and amortization), along with other liquidity measures. The Company evaluates, on a monthly basis or immediately upon a significant change in circumstance, its tenants’, operators’ and borrowers’ ability to service their obligations with the Company. The Company maintains an allowance for doubtful accounts for straight-line rent receivables resulting from tenants’ inability to make contractual rent and tenant recovery payments or lease defaults. For straight-line rent receivables, the Company’s assessment is based on amounts estimated to be recoverable over the lease term. In connection with the Company’s quarterly review process or upon the occurrence of a significant event, loans receivable and DFLs (collectively, “Finance Receivables”), are reviewed and assigned an internal rating of Performing, Watch List or Workout. Finance Receivables that are deemed Performing meet all present contractual obligations, and collection and timing, of all amounts owed is reasonably assured. Watch List Finance Receivables are defined as Finance Receivables that do not meet the definition of Performing or Workout. Workout Finance Receivables are defined as Finance Receivables in which the Company has determined, based on current information and events, that: (i) it is probable it will be unable to collect all amounts due according to the contractual terms of the agreement, (ii) the tenant, operator, or borrower is delinquent on making payments under the contractual terms of the agreement and (iii) the Company has commenced action or anticipates pursuing action in the near term to seek recovery of its investment. Finance Receivables are placed on nonaccrual status when management determines that the collectibility of contractual amounts is not reasonably assured (the asset will have an internal rating of either Watch List or Workout). Further, the Company performs a credit analysis to support the tenant’s, operator’s, borrower’s and/or guarantor’s repayment capacity and the underlying collateral values. The Company uses the cash basis method of accounting for Finance Receivables placed on nonaccrual status unless one of the following conditions exist whereby it utilizes the cost recovery method of accounting: (i) if the Company determines that it is probable that it will only recover the recorded investment in the Finance Receivable, net of associated allowances or charge-offs (if any), or (ii) the Company cannot reasonably estimate the amount of an impaired Finance Receivable. For cash basis method of accounting the Company applies payments received, excluding principal paydowns, to interest income so long as that amount does not exceed the amount that would have been earned under the original contractual terms. For cost recovery method of accounting any payment received is applied to reduce the recorded investment. Generally, the Company returns a Finance Receivable to accrual status when all delinquent payments become current under the terms of the loan or lease agreements and collectibility of the remaining contractual loan or lease payments is reasonably assured. Allowances are established for Finance Receivables on an individual basis utilizing an estimate of probable losses, if they are determined to be impaired. Finance Receivables are impaired when it is deemed probable that the Company will be unable to collect all amounts due in accordance with the contractual terms of the loan or lease. An allowance is based upon the Company’s assessment of the lessee’s or borrower’s overall financial condition, economic resources, payment record, the prospects for support from any financially responsible guarantors and, if appropriate, the net realizable value of any collateral. These estimates consider all available evidence, including the expected future cash flows discounted at the Finance Receivable’s effective interest rate, fair value of collateral, general economic conditions and trends, historical and industry loss experience, and other relevant factors, as appropriate. Should a Finance Receivable be deemed partially or wholly uncollectible, the uncollectible balance is charged off against the allowance in the period in which the uncollectible determination has been made.
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 (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-01). As a result of adopting ASU 2017-01, the majority of the Company’s real estate acquisitions subsequent to January 1, 2017 are classified as asset acquisitions for which the Company records 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 is recognized, third party transaction costs are capitalized and any associated contingent consideration is recorded when the contingency is resolved. Prior to the adoption of ASU 2017-01, the majority of the Company’s real estate acquisitions were classified as business combinations and identifiable assets acquired, liabilities assumed and any associated noncontrolling interests were recorded at fair value, with any excess consideration recorded as goodwill. Transaction costs related to business combinations were expensed as incurred. The Company assesses fair value based on available market information, such as capitalization and discount rates, comparable sale transactions and relevant per square foot or unit cost information. A real estate asset’s fair value may be determined utilizing cash flow projections that incorporate appropriate discount and/or capitalization rates or other available market information. Estimates of future cash flows are based on a number of factors including historical operating results, known and anticipated trends, as well as market and economic conditions. The fair value of tangible assets of an acquired property is based on the value of the property as if it is vacant. The Company records acquired “above and below market” leases at fair value using discount rates which reflect the risks associated with the leases acquired. The amount recorded is based on the present value of the difference between (i) the contractual amounts paid pursuant to each in-place lease and (ii) management’s estimate of fair market lease rates for each in-place lease, measured over a period equal to the remaining term of the lease for above market leases and the initial term plus the extended term for any leases with bargain renewal options. Other intangible assets acquired include amounts for in-place lease values that are based on an evaluation of the specific characteristics of each property and the acquired tenant lease(s). Factors considered include estimates of carrying costs during hypothetical expected lease-up periods, market conditions and costs to execute similar leases. In estimating carrying costs, the Company includes estimates of lost rents at market rates during the hypothetical expected lease-up periods, which are dependent on local market conditions and expected trends. In estimating costs to execute similar leases, the Company considers leasing commissions, legal and other related costs. The Company capitalizes direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the development or construction of a real estate asset. The Company capitalizes construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. The Company considers a construction project as substantially complete and held available for occupancy upon the completion of Company-owned tenant improvements, but no later than one year from cessation of significant construction activity. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment of existing operating properties, the Company capitalizes the cost for the construction and improvement incurred in connection with the redevelopment. Costs previously capitalized related to abandoned developments/redevelopments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. The Company considers costs incurred in conjunction with re-leasing properties, including tenant improvements and lease commissions, to represent the acquisition of productive assets and, accordingly, such costs are reflected as investing activities in the Company’s consolidated statement of cash flows. The Company computes depreciation on properties using the straight-line method over the assets’ estimated useful lives. Depreciation is discontinued when a property is identified as held for sale. Buildings and improvements are depreciated over useful lives ranging up to 60 years . Market lease intangibles are amortized primarily to revenue over the remaining noncancellable lease terms and bargain renewal periods, if any. In-place lease intangibles are amortized to expense over the remaining noncancellable lease term and bargain renewal periods, if any.
Impairment of Long-Lived Assets and Goodwill	Impairment of Long-Lived Assets and Goodwill The Company assesses the carrying value of real estate assets and related intangibles (“real estate assets”) when events or changes in circumstances indicate that the carrying value may not be recoverable. The Company tests its real estate assets for impairment by comparing the sum of the expected future undiscounted cash flows to the carrying value of the real estate assets. The expected future undiscounted cash flows are calculated utilizing the lowest level of identifiable cash flows that are largely independent of the cash flows of other assets and liabilities. If the carrying value exceeds the expected future undiscounted cash flows, an impairment loss will be recognized to the extent that the carrying value of the real estate assets is greater than their fair value. If an asset is classified as held for sale, it is reported at the lower of its carrying value or fair value less costs to sell and no longer depreciated. During the fourth quarter of 2017, the Company adopted ASU 2017-04, Simplifying the Test for Goodwill Impairment (“ASU 2017-04”) which eliminates step two from the goodwill impairment test, as described below (see “Accounting Pronouncements” section for complete details of the adoption of ASU 2017-04). Effective October 1, 2017, if the Company concludes that it is more likely than not that the fair value of a reporting unit is less than its carrying value, the Company recognizes an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. Prior to its adoption of ASU 2017-04, if the Company determined that it was more likely than not that the fair value of a reporting unit was less than its carrying value, the Company applied the required two-step quantitative approach. The quantitative procedures of the two-step approach: (i) compared the fair value of a reporting unit with its carrying value, including goodwill, and, if necessary, (ii) compared the implied fair value of reporting unit goodwill with the carrying value as if it had been acquired in a business combination at the date of the impairment test. The excess fair value of the reporting unit over the fair value of assets and liabilities, excluding goodwill, is the implied value of goodwill and was used to determine the impairment loss amount, if any.
Assets Held-for-Sale and Discontinued Operations	Assets Held for Sale and Discontinued Operations The Company classifies a real estate property as held for sale when: (i) management has approved the disposal, (ii) the property is available for sale in its present condition, (iii) an active program to locate a buyer has been initiated, (iv) it is probable that the property will be disposed of within one year, (v) the property is being marketed at a reasonable price relative to its fair value, and (vi) it is unlikely that the disposal plan will significantly change or be withdrawn. A discontinued operation represents: (i) a component of an entity or group of components that has been disposed of or is classified as held for sale in a single transaction and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results or (ii) an acquired business that is classified as held for sale on the date of acquisition. Examples of a strategic shift include disposing of: (i) a separate major line of business, (ii) a separate major geographic area of operations, or (iii) other major parts of the Company.
Investments in Unconsolidated Joint Ventures	Investments in Unconsolidated Joint Ventures Investments in entities which the Company does not consolidate, but has the ability to exercise significant influence over the operating and financial policies of, are reported under the equity method of accounting. Under the equity method of accounting, the Company’s share of the investee’s earnings or losses is included in the Company’s consolidated results of operations. The initial carrying value of investments in unconsolidated joint ventures is based on the amount paid to purchase the joint venture interest or the fair value of the assets prior to the sale of interests in the joint venture. To the extent that the Company’s cost basis is different from the basis reflected at the joint venture level, the basis difference is generally amortized over the lives of the related assets and liabilities, and such amortization is included in the Company’s share of equity in earnings of the joint venture. The Company evaluates its equity method investments for impairment based upon a comparison of the fair value of the equity method investment to its carrying value. When the Company determines a decline in the fair value of an investment in an unconsolidated joint venture below its carrying value is other-than-temporary, an impairment is recorded. The Company recognizes gains on the sale of interests in joint ventures to the extent the economic substance of the transaction is a sale. The Company’s fair values of its equity method investments are determined based on discounted cash flow models that include all estimated cash inflows and outflows over a specified holding period and, where applicable, any estimated debt premiums or discounts. Capitalization rates, discount rates and credit spreads utilized in these valuation models are based upon assumptions that the Company believes to be within a reasonable range of current market rates for the respective investments.
Share-Based Compensation	Share-Based Compensation Compensation expense for share-based awards granted to employees, including grants of employee stock options, are recognized in the consolidated statements of operations based on their grant date fair market value. Compensation expense for awards with graded vesting schedules is generally recognized on a straight-line basis over the vesting period. Forfeitures of share-based awards are recognized as they occur.
Cash and Cash Equivalents	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits, and (iii) net proceeds from property sales that were executed as tax-deferred dispositions.
Restricted Cash	Cash and Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash on hand and short-term investments with original maturities of three months or less when purchased. Restricted cash primarily consists of amounts held by mortgage lenders to provide for (i) real estate tax expenditures, tenant improvements and capital expenditures, (ii) security deposits, and (iii) net proceeds from property sales that were executed as tax-deferred dispositions.
Derivatives and Hedging	Derivatives and Hedging During its normal course of business, the Company uses certain types of derivative instruments for the purpose of managing interest rate and foreign currency risk. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with the Company’s related assertions. The Company recognizes all derivative instruments, including embedded derivatives that are required to be bifurcated, as assets or liabilities in the consolidated balance sheets at fair value. Changes in fair value of derivative instruments that are not designated in hedging relationships or that do not meet the criteria of hedge accounting are recognized in earnings. For derivative instruments designated in qualifying cash flow hedging relationships, changes in fair value related to the effective portion of the derivative instruments are recognized in accumulated other comprehensive income (loss), whereas changes in fair value of the ineffective portion are recognized in earnings. Using certain of its British pound sterling (“GBP”) denominated debt, the Company applies net investment hedge accounting to hedge the foreign currency exposure from its net investment in GBP-functional subsidiaries. The variability of the GBP-denominated debt due to changes in the GBP to U.S. dollar (“USD”) exchange rate (“remeasurement value”) is recognized as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). If it is determined that a derivative instrument ceases to be highly effective as a hedge, or that it is probable the underlying forecasted transaction will not occur, the Company discontinues its cash flow hedge accounting prospectively and records the appropriate adjustment to earnings based on the current fair value of the derivative instrument. For net investment hedge accounting, upon sale or liquidation of the hedged investment, the cumulative balance of the remeasurement value is reclassified to earnings.
Income Taxes	Income Taxes HCP, Inc. elected REIT status and believes it has always operated so as to continue to qualify as a REIT under Sections 856 to 860 of the Internal Revenue Code of 1986, as amended (the “Code”). Accordingly, HCP, Inc. will not be subject to U.S. federal income tax, provided that it continues to qualify as a REIT and makes distributions to stockholders equal to or in excess of its taxable income. In addition, the Company has formed several consolidated subsidiaries, which have elected REIT status. HCP, Inc. and its consolidated REIT subsidiaries are each subject to the REIT qualification requirements under the Code. If any REIT fails to qualify as a REIT in any taxable year, it will be subject to federal income taxes at regular corporate rates and may be ineligible to qualify as a REIT for four subsequent tax years. HCP, Inc. and its consolidated REIT subsidiaries are subject to state, local and foreign income taxes in some jurisdictions, and in certain circumstances each REIT may also be subject to federal excise taxes on undistributed income. In addition, certain activities that the Company undertakes may be conducted by entities which have elected to be treated as taxable REIT subsidiaries (“TRSs”). TRSs are subject to both federal and state income taxes. The Company recognizes tax penalties relating to unrecognized tax benefits as additional income tax expense. Interest relating to unrecognized tax benefits is recognized as interest expense.
Capital Raising Issuance Costs	Capital Raising Issuance Costs Costs incurred in connection with the issuance of common shares are recorded as a reduction of additional paid-in capital. Debt issuance costs related to debt instruments excluding line of credit arrangements are deferred, recorded as a reduction of the related debt liability, and amortized to interest expense over the remaining term of the related debt liability utilizing the interest method. Debt issuance costs related to line of credit arrangements are deferred, included in other assets, and amortized to interest expense over the remaining term of the related line of credit arrangement utilizing the interest method. Penalties incurred to extinguish debt and any remaining unamortized debt issuance costs, discounts and premiums are recognized as income or expense in the consolidated statements of operations at the time of extinguishment.
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. During the fourth quarter of 2017, as a result of a change in how operating results are reported to the Company's chief operating decision makers, for the purpose of evaluating performance and allocating resources, unconsolidated joint ventures are now included in other non-reportable segments. Accordingly, all prior period segment information has been recast to conform to the current period presentation.
Noncontrolling Interests	Noncontrolling Interests Arrangements with noncontrolling interest holders are reported as a component of equity separate from the Company’s equity. Net income attributable to a noncontrolling interest is included in net income on the consolidated statements of operations and, upon a gain or loss of control, the interest purchased or sold, and any interest retained, is recorded at fair value with any gain or loss recognized in earnings. The Company accounts for purchases or sales of equity interests that do not result in a change in control as equity transactions. The Company consolidates non-managing member limited liability companies (“DownREITs”) because it exercises control, and the noncontrolling interests in these entities are carried at cost. The non-managing member limited liability company (“LLC”) units (“DownREIT units”) are exchangeable for an amount of cash approximating the then-current market value of shares of the Company’s common stock or, at the Company’s option, shares of the Company’s common stock (subject to certain adjustments, such as stock splits and reclassifications). Upon exchange of DownREIT units for the Company’s common stock, the carrying amount of the DownREIT units is reclassified to stockholders’ equity.
Foreign Currency Translation and Transactions	Foreign Currency Translation and Transactions Assets and liabilities denominated in foreign currencies that are translated into U.S. dollars use exchange rates in effect at the end of the period, and revenues and expenses denominated in foreign currencies that are translated into U.S. dollars use average rates of exchange in effect during the related period. Gains or losses resulting from translation are included in accumulated other comprehensive income (loss), a component of stockholders’ equity on the consolidated balance sheets. Gains or losses resulting from foreign currency transactions are translated into U.S. dollars at the rates of exchange prevailing at the dates of the transactions. The effects of transaction gains or losses are included in other income, net in the consolidated statements of operations.
Fair Value Measurement	Fair Value Measurement The Company measures and discloses the fair value of nonfinancial and financial assets and liabilities utilizing a hierarchy of valuation techniques based on whether the inputs to a fair value measurement are considered to be observable or unobservable in a marketplace. Observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect the Company’s market assumptions. This hierarchy requires the use of observable market data when available. These inputs have created the following fair value hierarchy: • Level 1—quoted prices for identical instruments in active markets; • Level 2—quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which significant inputs and significant value drivers are observable in active markets; and • Level 3—fair value measurements derived from valuation techniques in which one or more significant inputs or significant value drivers are unobservable. The Company measures fair value using a set of standardized procedures that are outlined herein for all assets and liabilities which are required to be measured at fair value. When available, the Company utilizes quoted market prices from an independent third party source to determine fair value and classifies such items in Level 1. In instances where a market price is available, but the instrument is in an inactive or over-the-counter market, the Company consistently applies the dealer (market maker) pricing estimate and classifies the asset or liability in Level 2. If quoted market prices or inputs are not available, fair value measurements are based upon valuation models that utilize current market or independently sourced market inputs, such as interest rates, option volatilities, credit spreads and/or market capitalization rates. Items valued using such internally-generated valuation techniques are classified according to the lowest level input that is significant to the fair value measurement. As a result, the asset or liability could be classified in either Level 2 or Level 3 even though there may be some significant inputs that are readily observable. Internal fair value models and techniques used by the Company include discounted cash flow models. The Company also considers its counterparty’s and own credit risk for derivative instruments and other liabilities measured at fair value. The Company has elected the mid-market pricing expedient when determining fair value.
Earnings per Share	Earnings per Share Basic earnings per common share is computed by dividing net income applicable to common shares by the weighted average number of shares of common stock outstanding during the period. The Company accounts for unvested share-based payment awards that contain non-forfeitable dividend rights or dividend equivalents (whether paid or unpaid) as participating securities, which are included in the computation of earnings per share pursuant to the two-class method. Diluted earnings per common share is calculated by including the effect of dilutive securities.
Recent Accounting Pronouncements	Recent Accounting Pronouncements During the year ended December 31, 2017, the Company adopted the following ASUs, each of which did not have a material impact to its consolidated financial position, results of operations, cash flows, or disclosures upon adoption: • On January 1, 2017 the Company adopted ASU 2017-01 which narrows the FASB’s 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 real estate acquisitions and dispositions will be deemed asset transactions rather than business combinations. As a result of adopting ASU 2017-01, the majority of the Company’s real estate acquisitions subsequent to January 1, 2017 are classified as asset acquisitions for which the Company records 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 is recognized, third party transaction costs are capitalized and any associated contingent consideration is recorded when the contingency is resolved. • During the fourth quarter of 2017, the Company adopted ASU 2017-04 which eliminates the two-step approach to testing goodwill for impairment by requiring that an entity, upon concluding that it is more likely than not that the fair value of a reporting unit is less than its carrying value, recognize an impairment loss for the amount by which the carrying value, including goodwill, exceeds the reporting unit’s fair value. • During the fourth quarter of 2017, the Company adopted ASU No. 2016-18, Restricted Cash (“ASU 2016-18”) and ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”) (collectively, the “Cash Flow ASUs”). ASU 2016-18 requires an entity to reconcile and explain the period-over-period change in total cash, cash equivalents and restricted cash within its statements of cash flows and ASU 2016-15 provides guidance clarifying how certain cash receipts and cash payments should be classified. The full retrospective approach of adoption is required for the Cash Flow ASUs and, accordingly, certain line items in the Company’s consolidated statements of cash flows have been reclassified to conform to the current period presentation. The following table illustrates changes in the Company’s cash flows as reported and as previously reported prior to the adopted the Cash Flow ASUs during the fourth quarter of 2017 (in thousands): Year Ended December 31, 2016 December 31, 2015 Net cash provided by (used in): As Reported As Previously Reported As Reported As Previously Reported Net cash provided by (used in) investing activities $ (428,973 ) $ (410,617 ) $ (1,660,365 ) $ (1,672,005 ) Net increase (decrease) in balance (1) (270,126 ) (251,770 ) 174,330 162,690 Balance - beginning of year (1) 407,116 346,500 232,786 183,810 Balance - end of year (1) 136,990 94,730 407,116 346,500 Balance - continuing operations, end of year (1) 136,990 94,730 401,058 340,442 _______________________________________ (1) Amounts in the As Reported column include cash and cash equivalents and restricted cash as required upon the adoption of the Cash Flow ASUs. Amounts in the As Previously Reported column reflects only cash and cash equivalents. In addition to the changes in the consolidated statements of cash flows as a result of the adoption the Cash Flow ASUs, certain amounts within the consolidated statements of cash flows have been reclassified for prior periods to conform to the current period presentation. Such reclassifications primarily combined line items of similar classes of transactions and had no impact on the cash flows from operating, investing, and financing activities. Revenue Recognition. Between May 2014 and February 2017, the FASB issued four 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”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). 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. ASU 2017-05 clarifies the scope of the FASB’s recently established guidance on nonfinancial asset derecognition and aligns the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets with the guidance in 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, ASU 2016-12, and ASU 2017-05, assumed the deferred effective date enforced by ASU 2015-14. 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. The Company has elected to use the modified retrospective approach for its adoption of the Revenue ASUs and will adopt with an effective date of January 1, 2018. 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 has narrowed the impacts, upon and subsequent to adoption, that the Revenue ASUs will have on its consolidated financial statements to the following: • A requirement to disclose, on an ongoing basis, ancillary resident fee revenue generated from its RIDEA structures. The Company will disclose that these represent fees received for additional services provided to the resident on an as-needed or desired basis, which are not included in the fees charged pursuant to the resident lease agreement, and that they are billed individually and collected one month in arrears. The Company anticipates its ancillary resident fee revenue to be immaterial. • A requirement, upon adoption, to reassess its partial sale of RIDEA II in the first quarter of 2017 (which was not a completed sale as of the Company's adoption date due to an immaterial obligation related to the interest sold), and record its retained 40% equity investment at fair value as of the sale date. The Company estimates the fair value of its retained equity investment as of the sale date to be $107 million which, upon adoption, will increase the Company’s investment to a carrying value of $121 million . However, such carrying value exceeds fair value at the date of adoption due to an other-than-temporary impairment of $30 million determined using the terms of the agreement to sell the Company’s remaining investment in RIDEA II (see Note 5) which are considered to be Level 2 measurements within the fair value hierarchy. As such, effective January 1, 2018, the Company reduced this carrying value to the agreed upon sales price of $91 million . Both the impact of the increase in value and the related $30 million impairment charge are recorded as a net adjustment to beginning retained earnings as of January 1, 2018 pursuant to the Company’s elected transition approach. • Under ASU 2014-09, revenue recognition for real estate sales is largely based on the transfer of control versus continuing involvement under historic 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 historical accounting guidance. Leases. 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: (i) 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, (ii) will capitalize fewer legal costs related to the drafting and execution of its lease agreements, and (iii) may be required to increase its revenue and expense for the amount of real estate taxes and insurance paid by its tenants under triple-net leases. Although not yet finalized, the FASB has proposed an option for lessors to elect a practical expedient allowing them to not separate lease and nonlease components in a contract for the purpose of revenue recognition and disclosure. This practical expedient is limited to circumstances in which (i) the timing and pattern of revenue recognition are the same for the nonlease component and the related lease component and (ii) the combined single lease component would be classified as an operating lease. If finalized, the Company plans to elect this practical expedient. In addition, ASU 2016-02 provides a practical expedient 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 plans to elect this practical expedient. 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. Credit Losses. 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. 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. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). ASU 2017-12 is effective for fiscal years, including interim periods within, beginning after December 15, 2018 and early adoption is permitted. For cash flow and net investment hedges existing at the date of adoption, a reporting entity must apply the amendments in ASU 2017-12 using the modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption. The presentation and disclosure amendments in ASU 2017-12 must be applied using a prospective 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. 2016-01, 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. The core principle of the amendments in ASU 2016-01 involves the measurement of equity investments (except those accounted for under the equity method of accounting or those that result in consolidation) at fair value and the recognition of changes in fair value of those investments during each reporting period in net income (loss). As a result, ASU 2016-01 eliminates the cost method of accounting for equity securities that do not have readily determinable fair values. Pursuant to the new guidance in ASU 2016-01, an entity may choose to measure equity investments that do not have readily determinable fair values at cost minus impairment, if any, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer.

Summary of Significant Accoun36

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2017
Accounting Policies [Abstract]
Schedule of Changes in Cash Flows Related Accounting Standard Adoption	The following table illustrates changes in the Company’s cash flows as reported and as previously reported prior to the adopted the Cash Flow ASUs during the fourth quarter of 2017 (in thousands): Year Ended December 31, 2016 December 31, 2015 Net cash provided by (used in): As Reported As Previously Reported As Reported As Previously Reported Net cash provided by (used in) investing activities $ (428,973 ) $ (410,617 ) $ (1,660,365 ) $ (1,672,005 ) Net increase (decrease) in balance (1) (270,126 ) (251,770 ) 174,330 162,690 Balance - beginning of year (1) 407,116 346,500 232,786 183,810 Balance - end of year (1) 136,990 94,730 407,116 346,500 Balance - continuing operations, end of year (1) 136,990 94,730 401,058 340,442 _______________________________________ (1) Amounts in the As Reported column include cash and cash equivalents and restricted cash as required upon the adoption of the Cash Flow ASUs. Amounts in the As Previously Reported column reflects only cash and cash equivalents.

Other Real Estate Property In37

Other Real Estate Property Investments (Tables)	12 Months Ended
	Dec. 31, 2017
Real Estate [Abstract]
Schedule of real estate acquisitions (in thousands)	The following table summarizes real estate acquisitions for the year ended December 31, 2017 (in thousands): Consideration Assets Acquired Segment Cash Paid Net Liabilities Assumed Real Estate Net Intangibles SHOP $ 44,258 $ 797 $ 37,940 $ 7,115 Life science 315,255 3,524 305,760 13,019 Medical office 201,240 1,104 184,115 18,229 $ 560,753 $ 5,425 $ 527,815 $ 38,363 2016 Real Estate Acquisitions The following table summarizes real estate acquisitions for the year ended December 31, 2016 (in thousands): Consideration Assets Acquired (1) Segment Cash Paid/ Debt Settled Net Liabilities Assumed Real Estate Net Intangibles Senior housing triple-net $ 76,362 $ 1,200 $ 71,875 $ 5,687 SHOP 113,971 76,931 177,551 13,351 Life science 49,000 — 47,400 1,600 Medical office 209,920 4,854 209,178 5,596 Other non-reportable segments 17,909 — 16,596 1,313 $ 467,162 $ 82,985 $ 522,600 $ 27,547 _______________________________________ (1) Revenues and earnings since the acquisition dates, as well as the supplementary pro forma information, assuming these acquisitions occurred as of the beginning of the prior periods, were not material.
Schedule of capital improvements (in thousands)	The following table summarizes the Company’s expenditures for construction, tenant and other capital improvements (in thousands): Year Ended December 31, Segment 2017 2016 2015 Senior housing triple-net $ 32,343 $ 49,109 $ 53,980 SHOP 49,473 74,158 77,425 Life science 240,901 200,122 122,319 Medical office 148,926 128,308 131,021 Other 135 7,203 37 $ 471,778 $ 458,900 $ 384,782

Discontinued Operations and D38

Discontinued Operations and Dispositions of Real Estate (Tables)	12 Months Ended
	Dec. 31, 2017
Discontinued Operations and Disposal Groups [Abstract]
Summary of assets and liabilities transferred to QCP at the Spin-Off date	Summarized financial information for discontinued operations for the years ended December 31, 2016 and 2015 is as follows (in thousands): Year Ended December 31, 2016 2015 Revenues: Rental and related revenues $ 22,971 $ 27,651 Tenant recoveries 1,233 1,464 Income from direct financing leases 384,752 572,835 Total revenues 408,956 601,950 Costs and expenses: Depreciation and amortization (4,892 ) (5,880 ) Operating (3,367 ) (3,697 ) General and administrative (67 ) (57 ) Transaction costs (86,765 ) — Impairments — (1,295,504 ) Other income (expense), net 71 70 Income (loss) before income taxes and income from impairments of equity method investments 313,936 (703,118 ) Income tax benefit (expense) (48,181 ) (796 ) Income from equity method investment — 50,723 Impairments of equity method investment — (45,895 ) Total discontinued operations $ 265,755 $ (699,086 )
Summary of quantitative information about fair value measurements	The following is a summary of the quantitative information about fair value measurements for the impairment related to the Company’s equity ownership interest in HCRMC using a discounted cash flow valuation model: Description of Input(s) to the Valuation Valuation Inputs Range of revenue growth rates (1) (1.8%)-3.0% Range of occupancy growth rates (1) (0.8%)-0.2% Range of operating expense growth rates (1) (1.1%)-3.1% Discount rate 15.20% Range of earnings multiples 6.0x-7.0x _______________________________________ (1) For growth rates, the value ranges provided represent the highest and lowest input utilized in the valuation model for any forecasted period. The significant inputs to this valuation model included forecasted EBITDAR, rent coverage ratios and real estate capitalization rates and are summarized as follows (dollars in thousands): Description of Input(s) to the Valuation Senior Housing DFL Valuation Inputs Post-acute/ Skilled nursing DFL Valuation Inputs Range of EBITDAR $75,000-$85,000 $385,000-$435,000 Range of rent coverage ratio 1.05x-1.15x 1.25x-1.35x Range of real estate capitalization rate 6.25%-7.25% 7.50%-8.50% In December 2015, the Company concluded that its equity investment in HCRMC was other

Net Investment in Direct Fina39

Net Investment in Direct Financing Leases (Tables)	12 Months Ended
	Dec. 31, 2017
Leases, Capital [Abstract]
Schedule of components of net investment in DFLs (dollars in thousands)	The components of net investment in DFLs consisted of the following (dollars in thousands): December 31, 2017 2016 Minimum lease payments receivable $ 1,062,452 $ 1,108,237 Estimated residual value 504,457 539,656 Less unearned income (852,557 ) (895,304 ) Net investment in direct financing leases $ 714,352 $ 752,589 Properties subject to direct financing leases 29 30
Future minimum lease payments contractually due under DFLs	The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2017 (in thousands): Year Amount 2018 $ 102,983 2019 68,204 2020 62,781 2021 63,175 2022 57,762 Thereafter 707,547 $ 1,062,452
Summary of the Company's internal ratings for DFLs (dollars in thousands)	The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2017 (dollars in thousands): Internal Ratings Segment Carrying Amount Percentage of DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 629,748 88 $ 273,886 $ 355,862 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,352 100 $ 358,490 $ 355,862 $ — The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans (1) Real estate secured $ 188,418 60 $ 188,418 $ — $ — Other secured 124,908 40 19,908 — 105,000 $ 313,326 100 $ 208,326 $ — $ 105,000 _______________________________________ (1) See Tandem Health Care Loan discussion below for additional information.

Loans Receivable (Tables)

Loans Receivable (Tables)	12 Months Ended
	Dec. 31, 2017
Receivables [Abstract]
Schedule of loans receivable (in thousands)	The following table summarizes the Company’s loans receivable (in thousands): December 31, 2017 2016 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1)(2) $ — $ 269,299 $ 269,299 $ — $ 615,188 $ 615,188 Other (3) 188,418 — 188,418 195,946 — 195,946 Unamortized discounts, fees and costs (1) — (596 ) (596 ) 413 (3,593 ) (3,180 ) Allowance for loan losses — (143,795 ) (143,795 ) — — — $ 188,418 $ 124,908 $ 313,326 $ 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, which paid off in June 2017. (2) At December 31, 2017 , the Company had £2 million ( $3 million ) remaining under its commitments to fund development projects and capital expenditures under its development projects in the United Kingdom ("U.K."). In December 2017, the Company entered into a participating debt financing arrangement to fund a $115 million senior living development project, which remained unfunded at December 31, 2017. (3) At December 31, 2017 and 2016 , included £123 million ( $167 million ) and £113 million ( $140 million ), respectively, outstanding primarily related to Maria Mallaband loans.
Summary of the Company's internal ratings for loans receivable (dollars in thousands)	The following table summarizes the Company’s internal ratings for net investment in DFLs at December 31, 2017 (dollars in thousands): Internal Ratings Segment Carrying Amount Percentage of DFL Portfolio Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 629,748 88 $ 273,886 $ 355,862 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,352 100 $ 358,490 $ 355,862 $ — The following table summarizes the Company’s internal ratings for loans receivable at December 31, 2017 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans (1) Real estate secured $ 188,418 60 $ 188,418 $ — $ — Other secured 124,908 40 19,908 — 105,000 $ 313,326 100 $ 208,326 $ — $ 105,000 _______________________________________ (1) See Tandem Health Care Loan discussion below for additional information.
Summary of loans receivable secured by real estate	The following table summarizes the Company’s loans receivable secured by real estate at December 31, 2017 (dollars in thousands): Final Maturity Date Number of Loans Payment Terms Principal Amount (1) Carrying Amount 2018 1 monthly interest-only payments, accrues interest at 8.0% and secured by a senior housing facility in Pennsylvania $ 21,458 $ 21,597 2021 2 aggregate monthly interest-only payments, accrues interest at 8.0% and 9.75% and secured by two senior housing facility in the U.K. 22,706 24,001 2023 1 monthly interest-only payments, accrues interest at 7.22% and secured by seven senior housing facilities in the U.K. 142,820 142,820 4 $ 186,984 $ 188,418 _______________________________________ (1) Represents future contractual principal payments to be received on loans receivable secured by real estate.

Investments in and Advances t41

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	12 Months Ended
	Dec. 31, 2017
Equity Method Investments and Joint Ventures [Abstract]
Company owned interests in entities, accounted under equity method (dollars in thousands)	The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount December 31, Entity (1) Ownership % 2017 2016 CCRC JV 49 $ 400,241 $ 439,449 RIDEA II 40 259,651 — Life Science JVs (2) 50 - 63 65,581 67,879 MBK JV 50 38,005 38,909 Development JVs (3) 50 - 90 23,365 10,459 Medical Office JVs (4) 20 - 67 12,488 13,438 K&Y JVs (5) 80 1,283 1,342 Advances to unconsolidated joint ventures, net 226 15 $ 800,840 $ 571,491 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JV. (2) 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% ). (3) Includes four unconsolidated 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% ). (4) Includes three unconsolidated medical office partnerships (and the Company’s ownership percentage): HCP Ventures IV, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (5) Includes three unconsolidated joint ventures.

Intangibles (Tables)

Intangibles (Tables)	12 Months Ended
	Dec. 31, 2017
Intangibles
Schedule of intangible lease assets	The following table summarizes the Company’s intangible lease assets (in thousands): December 31, Intangible lease assets 2017 2016 Lease-up intangibles $ 645,143 $ 719,788 Above market tenant lease intangibles 105,663 147,409 Below market ground lease intangibles 44,499 44,500 Gross intangible lease assets 795,305 911,697 Accumulated depreciation and amortization (385,223 ) (431,892 ) Net intangible lease assets $ 410,082 $ 479,805
Schedule of intangible lease liabilities	The following table summarizes the Company’s intangible lease liabilities (in thousands): December 31, Intangible lease liabilities 2017 2016 Below market lease intangibles $ 123,883 $ 161,595 Above market ground lease intangibles 2,329 2,329 Gross intangible lease liabilities 126,212 163,924 Accumulated depreciation and amortization (73,633 ) (105,779 ) Net intangible lease liabilities $ 52,579 $ 58,145
Schedule of amortization of deferred lease costs and acquisition related intangibles	The following table sets forth amortization related to deferred leasing costs and acquisition-related intangibles for the years ended December 31, 2017, 2016 and 2015 (in thousands): Year Ended December 31, 2017 2016 2015 Depreciation and amortization expense related to amortization of lease-up intangibles $ 76,732 $ 84,487 $ 74,978 Rental and related revenues related to amortization of net below market lease liabilities 2,030 3,877 3,781 Operating expense related to amortization of net below market ground lease intangibles 740 664 664
Estimated aggregate amortization of intangible assets and liabilities for each of the five succeeding fiscal years and thereafter	The following table summarizes the estimated annual amortization for each of the five succeeding fiscal years and thereafter (in thousands): Rental and Related Revenues (1) Operating Expense (2) Depreciation and Amortization (3) 2018 $ 4,099 $ 763 $ 66,651 2019 4,102 763 49,868 2020 3,418 759 40,151 2021 3,401 756 35,963 2022 4,199 756 30,490 Thereafter 17,133 31,782 135,153 $ 36,352 $ 35,579 $ 358,276 _______________________________________ (1) The amortization of net below market lease intangibles is recorded as an increase to rental and related income. (2) The amortization of net below market ground lease intangibles is recorded as an increase to operating expense. (3) The amortization of lease-up intangibles is recorded to depreciation and amortization expense.

Debt (Tables)

Debt (Tables)	12 Months Ended
	Dec. 31, 2017
Debt Disclosure [Abstract]
Summary of senior unsecured notes payoffs (dollars in thousands)	The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate Year ended December 31, 2017 May 1, 2017 $ 250,000 5.625 % July 27, 2017 $ 500,000 5.375 % Year ended December 31, 2016: 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 %
Summary of stated debt maturities and scheduled principal repayments (in thousands)	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at December 31, 2017 (dollars in thousands): Bank Line of Credit (1) Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) Year Amount Interest Rate Amount Interest Rate 2018 $ — $ — $ — — % $ 3,512 — % $ 3,512 2019 — 228,674 450,000 3.95 % 3,700 — % 682,374 2020 — — 800,000 2.79 % 3,758 5.08 % 803,758 2021 1,017,076 — 700,000 5.49 % 11,117 5.26 % 1,728,193 2022 — — 900,000 3.93 % 2,861 — % 902,861 Thereafter — — 3,600,000 4.36 % 113,619 4.09 % 3,713,619 1,017,076 228,674 6,450,000 138,567 7,834,317 Discounts, premium and debt costs, net — (386 ) (53,549 ) 5,919 (48,016 ) $ 1,017,076 $ 228,288 $ 6,396,451 $ 144,486 $ 7,786,301 _______________________________________ (1) Includes £105 million translated into USD. (2) Represents £169 million translated into USD. (3) Interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective rate of 4.19% and a weighted average maturity of six years. (4) Interest rates on the mortgage debt ranged from 2.08% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 20 years. (5) Excludes $94 million of other debt that have no scheduled maturities. Other debt represents (i) $61 million of non-interest bearing life care bonds and occupancy fee deposits at certain of the Company's senior housing facilities and (ii) $33 million of on-demand notes from the CCRC JV which bear interest at a rate of 3.6% .

Commitments and Contingencies (

Commitments and Contingencies (Tables)	12 Months Ended
	Dec. 31, 2017
Commitments and Contingencies Disclosure [Abstract]
Summary of material commitments	The following table summarizes the Company’s material commitments, excluding debt servicing obligations (see Note 10) and operating leases (see disclosure below), at December 31, 2017 (in thousands): Total 2018 2019-2020 2021-2022 More than Five Years U.K. loan commitments (1) $ 3,236 $ 3,236 $ — $ — $ — Construction loan commitments (2) 114,691 45,863 68,828 — — Development commitments (3) 133,371 128,101 2,228 3,042 — Total $ 251,298 $ 177,200 $ 71,056 $ 3,042 $ — _______________________________________ (1) Represents £2 million translated into USD for commitments to fund the Company’s U.K. loan facilities. (2) Represents commitments to finance development projects. (3) Represents construction and other commitments for developments in progress.
Summary of annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable	Annualized base rent from leases subject to purchase options, summarized by the year the purchase options are exercisable, are as follows (dollars in thousands): Year Annualized Base Rent (1) Number of Properties 2018 $ 8,534 8 2019 14,702 2 2020 14,201 4 2021 12,402 6 2022 10,459 3 Thereafter 33,964 22 $ 94,262 45 _______________________________________ (1) Represents the most recent month’s base rent including additional rent floors and cash income from DFLs annualized for 12 months . Base rent does not include tenant recoveries, additional rents in excess of floors and non-cash revenue adjustments (i.e., straight- line rents, amortization of market lease intangibles, DFL non-cash and deferred revenues).
Future minimum lease obligations under non-cancelable ground and other operating leases	Future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2017 were as follows (in thousands): Year Amount 2018 $ 6,619 2019 6,766 2020 6,668 2021 6,704 2022 6,820 Thereafter 362,219 $ 395,796

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2017
Equity [Abstract]
Schedule of company's other common stock activities (shares in thousands)	The following table summarizes the Company’s other common stock activities (shares in thousands): Year Ended December 31, 2017 2016 2015 Dividend Reinvestment and Stock Purchase Plan 983 2,021 2,762 Conversion of DownREIT units 78 145 104 Exercise of stock options 32 133 823 Vesting of restricted stock units 419 529 409 Repurchase of common stock 157 237 198
Schedule of accumulated other comprehensive loss (in thousands)	The following table summarizes the Company’s accumulated other comprehensive loss (in thousands): December 31, 2017 2016 Cumulative foreign currency translation adjustment $ (6,955 ) $ (22,817 ) Unrealized gains (losses) on cash flow hedges, net (13,950 ) (3,642 ) Supplemental Executive Retirement plan minimum liability and other (3,119 ) (3,183 ) Total accumulated other comprehensive loss $ (24,024 ) $ (29,642 )

Segment Disclosures (Tables)

Segment Disclosures (Tables)	12 Months Ended
	Dec. 31, 2017
Segment Reporting [Abstract]
Summary financial information of reportable segment (in thousands)	The following tables summarize information for the reportable segments (in thousands): For the year ended December 31, 2017 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 313,547 $ 525,473 $ 358,816 $ 477,459 $ 116,846 $ — $ 1,792,141 Operating expenses (3,819 ) (396,491 ) (78,001 ) (183,197 ) (4,743 ) — (666,251 ) NOI 309,728 128,982 280,815 294,262 112,103 — 1,125,890 Adjustments to NOI (2) 17,098 33,227 (4,517 ) (2,952 ) (4,446 ) — 38,410 Adjusted NOI 326,826 162,209 276,298 291,310 107,657 — 1,164,300 Addback adjustments (17,098 ) (33,227 ) 4,517 2,952 4,446 — (38,410 ) Interest income — — — — 56,237 — 56,237 Interest expense (2,518 ) (7,920 ) (373 ) (506 ) (4,230 ) (292,169 ) (307,716 ) Depreciation and amortization (103,820 ) (103,162 ) (128,864 ) (169,795 ) (29,085 ) — (534,726 ) General and administrative — — — — — (88,772 ) (88,772 ) Transaction costs — — — — — (7,963 ) (7,963 ) Recoveries (impairments), net (22,590 ) — — — (143,794 ) — (166,384 ) Gain (loss) on sales of real estate, net 280,349 17,485 45,916 9,095 3,796 — 356,641 Loss on debt extinguishment — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — 50,895 (19,475 ) 31,420 Income tax benefit (expense) — — — — — 1,333 1,333 Equity income (loss) from unconsolidated JVs — — — — 10,901 — 10,901 Net income (loss) $ 461,149 $ 35,385 $ 197,494 $ 133,056 $ 56,823 $ (461,273 ) $ 422,634 _______________________________________ (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, deferral of community fees, net and termination fees. For the year ended December 31, 2016 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 423,118 $ 686,822 $ 358,537 $ 446,280 $ 125,729 $ — $ 2,040,486 Operating expenses (6,710 ) (480,870 ) (72,478 ) (173,687 ) (4,654 ) — (738,399 ) NOI 416,408 205,952 286,059 272,593 121,075 — 1,302,087 Adjustments to NOI (2) (7,566 ) (2,686 ) (2,954 ) (3,536 ) (3,022 ) — (19,764 ) Adjusted NOI 408,842 203,266 283,105 269,057 118,053 — 1,282,323 Addback adjustments 7,566 2,686 2,954 3,536 3,022 — 19,764 Interest income — — — — 88,808 — 88,808 Interest expense (9,499 ) (29,745 ) (2,357 ) (5,895 ) (9,153 ) (407,754 ) (464,403 ) Depreciation and amortization (136,146 ) (108,806 ) (130,829 ) (161,790 ) (30,537 ) — (568,108 ) General and administrative — — — — — (103,611 ) (103,611 ) Transaction costs — — — — — (9,821 ) (9,821 ) Gain (loss) on sales of real estate, net 48,744 675 49,042 8,333 57,904 — 164,698 Loss on debt extinguishment (46,020 ) (46,020 ) Other income (expense), net — — — — — 3,654 3,654 Income tax benefit (expense) — — — — — (4,473 ) (4,473 ) Equity income (loss) from unconsolidated JVs — — — — 11,360 — 11,360 Discontinued operations — — — — — 265,755 265,755 Net income (loss) $ 319,507 $ 68,076 $ 201,915 $ 113,241 $ 239,457 $ (302,270 ) $ 639,926 _______________________________________ (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, deferral of community fees, net and termination fees. For the year ended December 31, 2015 : Segments Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 428,269 $ 518,264 $ 342,984 $ 415,351 $ 123,437 $ — $ 1,828,305 Operating expenses (3,427 ) (371,016 ) (70,217 ) (162,054 ) (3,965 ) — (610,679 ) NOI 424,842 147,248 272,767 253,297 119,472 — 1,217,626 Adjustments to NOI (2) (9,716 ) 8,145 (10,128 ) (4,933 ) (2,356 ) — (18,988 ) Adjusted NOI 415,126 155,393 262,639 248,364 117,116 — 1,198,638 Addback adjustments 9,716 (8,145 ) 10,128 4,933 2,356 — 18,988 Interest income — — — — 112,184 — 112,184 Interest expense (16,899 ) (31,869 ) (2,878 ) (9,603 ) (9,745 ) (408,602 ) (479,596 ) Depreciation and amortization (125,538 ) (80,981 ) (126,241 ) (143,682 ) (28,463 ) — (504,905 ) General and administrative — — — — — (95,965 ) (95,965 ) Transaction costs — — — — — (27,309 ) (27,309 ) Recoveries (impairments), net — — — — (108,349 ) — (108,349 ) Gain (loss) on sales of real estate, net 6,325 — — 52 — — 6,377 Other income (expense), net — — — — — 16,208 16,208 Income tax benefit (expense) — — — — — 9,807 9,807 Equity income (loss) from unconsolidated JVs — — — — 6,590 — 6,590 Discontinued operations — — — — — (699,086 ) (699,086 ) Net income (loss) $ 288,730 $ 34,398 $ 143,648 $ 100,064 $ 91,689 $ (1,204,947 ) $ (546,418 ) _______________________________________ (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, deferral of community fees, net and termination fees.
Reconciliation of company's revenues to total revenues (in thousands)	The following table summarizes the Company’s revenues by segment (in thousands): Year Ended December 31, Segments 2017 2016 2015 Senior housing triple-net $ 313,547 $ 423,118 $ 428,269 SHOP 525,473 686,822 518,264 Life science 358,816 358,537 342,984 Medical office 477,459 446,280 415,351 Other non-reportable segments 173,083 214,537 235,621 Total revenues $ 1,848,378 $ 2,129,294 $ 1,940,489
Reconciliation of company's assets to total assets (in thousands)	The following table summarizes the Company’s total assets by segment (in thousands): December 31, Segments 2017 2016 2015 Senior housing triple-net $ 3,515,400 $ 3,871,720 $ 5,092,443 SHOP 2,392,130 3,135,115 2,684,675 Life science 4,154,372 3,961,623 3,613,726 Medical office 3,989,168 3,724,483 3,410,931 Gross reportable segment assets 14,051,070 14,692,941 14,801,775 Accumulated depreciation and amortization (2,919,278 ) (2,900,060 ) (2,704,425 ) Net reportable segment assets 11,131,792 11,792,881 12,097,350 Other non-reportable segment assets 1,904,433 2,255,712 2,392,823 Assets held for sale and discontinued operations, net 417,014 927,866 5,654,326 Other non-segment assets 635,222 782,806 1,305,350 Total assets $ 14,088,461 $ 15,759,265 $ 21,449,849

Future Minimum Rents (Tables)

Future Minimum Rents (Tables)	12 Months Ended
	Dec. 31, 2017
Leases, Operating [Abstract]
Future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases	The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2017 (in thousands): Year Amount 2018 $ 1,021,212 2019 956,092 2020 874,617 2021 793,058 2022 691,352 Thereafter 2,807,315 $ 7,143,646

Compensation Plans (Tables)

Compensation Plans (Tables)	12 Months Ended
	Dec. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of additional information concerning restricted stock and restricted stock units	The following table summarizes restricted stock award activity, including performance stock units, for the year ended December 31, 2017 (units and shares in thousands): Restricted Stock Units Weighted Average Grant Date Fair Value Unvested at January 1, 2017 962 $ 37.39 Granted 844 33.57 Vested (419 ) 35.10 Forfeited (248 ) 35.04 Unvested at December 31, 2017 1,139 33.41

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Common Stock Distribution	Following is the characterization of our annual common stock distributions per share: Year Ended December 31, 2017 2016 2015 Ordinary dividends $ 1.4800 $ 1.5561 $ 2.1184 Capital gain dividends — — 0.0316 Nondividend distributions — 6.7089 0.1100 $ 1.4800 $ 8.2650 (1) $ 2.2600 _______________________________________ (1) Consists of $2.095 per common share of quarterly cash dividends and $6.17 per common share of stock dividends related to the Spin-Off (see Note 5).
Schedule of Income Tax Expense (Benefit) from continuing operations	The total income tax expense (benefit) from continuing operations consists of the following components (in thousands): Year Ended December 31, 2017 2016 2015 Current Federal $ 949 $ 8,525 $ 4,948 State 1,504 8,307 1,988 Foreign 1,737 1,332 828 Total current $ 4,190 $ 18,164 $ 7,764 Deferred Federal $ 2,730 $ (10,241 ) $ (11,317 ) State (5,889 ) (1,401 ) (1,382 ) Foreign (2,364 ) (2,049 ) (4,872 ) Total deferred $ (5,523 ) $ (13,691 ) $ (17,571 ) Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 )
Reconciliation of income tax expense at statutory rates to the actual income tax expense recorded	The following table reconciles the income tax expense (benefit) from continuing operations at statutory rates to the actual income tax expense recorded (in thousands): Year Ended December 31, 2017 2016 2015 Tax benefit at U.S. federal statutory income tax rate on income or loss subject to tax $ (21,085 ) $ (4,581 ) $ (12,630 ) State income tax expense, net of federal tax (1,222 ) 6,081 (606 ) Gross receipts and margin taxes 1,716 1,847 1,383 Foreign rate differential 632 647 2,269 Effect of permanent differences 6 (280 ) (298 ) Return to provision adjustments 1,597 287 (368 ) Re-measurement of deferred tax assets and liabilities 17,080 — — Increase (decrease) in valuation allowance (57 ) 472 443 Total income tax expense (benefit) $ (1,333 ) $ 4,473 $ (9,807 )
Schedule of significant components of the company's deferred tax asset and liabilities	The following table summarizes the significant components of the Company’s deferred tax assets and liabilities from continuing operations (in thousands): December 31, 2017 2016 2015 Property, primarily differences in depreciation and amortization, the basis of land, and the treatment of interest and certain costs $ 31,691 $ 28,940 $ 19,862 Net operating loss carryforward 10,720 8,784 3,703 Expense accruals and other 229 (847 ) (753 ) Valuation allowance (548 ) (606 ) (531 ) Net deferred tax assets $ 42,092 $ 36,271 $ 22,281

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2017
Earnings Per Share [Abstract]
Computation of basic and diluted earnings per share (in thousands, except per share amounts)	The following table illustrates the computation of basic and diluted earnings per share (dollars in thousands, except per share data): Year Ended December 31, 2017 2016 2015 Numerator Net income (loss) from continuing operations $ 422,634 $ 374,171 $ 152,668 Noncontrolling interests' share in earnings (8,465 ) (12,179 ) (12,817 ) Net income (loss) attributable to HCP, Inc. 414,169 361,992 139,851 Less: Participating securities' share in earnings (1,156 ) (1,198 ) (1,317 ) Income (loss) from continuing operations applicable to common shares 413,013 360,794 138,534 Discontinued operations — 265,755 (699,086 ) Net income (loss) applicable to common shares $ 413,013 $ 626,549 $ (560,552 ) Denominator Basic weighted average shares outstanding 468,759 467,195 462,795 Dilutive potential common shares - equity awards 176 208 — Diluted weighted average common shares 468,935 467,403 462,795 Basic earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 ) Diluted earnings per common share Continuing operations $ 0.88 $ 0.77 $ 0.30 Discontinued operations — 0.57 (1.51 ) Net income (loss) applicable to common shares $ 0.88 $ 1.34 $ (1.21 )

Supplemental Cash Flow Inform51

Supplemental Cash Flow Information (Tables)	12 Months Ended
	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Supplemental cash flow information (in thousands)	The following table summarizes supplemental cash flow information (in thousands): Year Ended December 31, 2017 2016 2015 Supplemental cash flow information: Interest paid, net of capitalized interest $ 309,111 $ 489,453 $ 451,615 Income taxes paid 10,045 13,727 6,959 Capitalized interest 16,937 11,108 8,798 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 67,425 49,999 52,511 Non-cash impact of QCP Spin-Off, net — 3,539,584 — Securities transferred for debt defeasance — 73,278 — Settlement of loans receivable as consideration for real estate acquisition — — 299,297 Vesting of restricted stock units and conversion of non-managing member units into common stock 2,908 6,622 3,388 Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition — — 61,219 Deconsolidation of noncontrolling interest in connection with RIDEA II transaction 58,061 — — Noncontrolling interest issued in connection with real estate and other acquisitions — — 10,971 Mortgages and other liabilities assumed with real estate acquisitions 5,425 82,985 23,218 Foreign currency translation adjustment 15,862 (3,332 ) (8,738 ) Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net (10,315 ) 3,171 1,889
Schedule of cash, cash equivalents and restricted cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): December 31, 2017 2016 Cash and cash equivalents $ 55,306 $ 94,730 Restricted cash 26,897 42,260 Cash, cash equivalents and restricted cash $ 82,203 $ 136,990

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	12 Months Ended
	Dec. 31, 2017
Variable Interest Entities
Schedule of variable interest entities	The classification of the related assets and liabilities and their maximum loss exposure as a result of the Company’s involvement with these VIEs at December 31, 2017 are presented below (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 601,723 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 5,519 CCRC OpCo Investments in unconsolidated joint ventures 190,454 RIDEA II PropCo Investments in unconsolidated joint ventures 252,743 Development JVs Investments in unconsolidated joint ventures 12,563 Tandem Health Care Loans Receivable, net 105,000 MMCG Loan Loans Receivable, net 142,820 Loan - Seller Financing Loans Receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 33,750 _______________________________________ (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 December 31, 2017 and December 31, 2016 include VIE assets as follows (in thousands): December 31, 2017 2016 Assets Building and Improvements $ 2,436,414 $ 3,522,310 Developments in Process 32,285 31,953 Land 227,162 327,241 Accumulated Depreciation (542,091 ) (676,276 ) Net Real Estate 2,153,770 3,205,228 Investments in and advances to unconsolidated joint ventures 2,231 3,641 Accounts Receivable, Net 10,242 19,996 Cash and Cash Equivalents 15,861 35,844 Restricted Cash 2,619 22,624 Intangible Assets, Net 125,475 169,027 Other Assets, Net 33,749 69,562 Total Assets $ 2,343,947 $ 3,525,922 Liabilities Mortgage Debt 45,016 520,870 Intangible Liabilities, Net 10,672 8,994 Accounts Payable and Accrued Expenses 87,759 120,719 Other Liabilities 29,034 — Intercompany Accounts 331 — Fixed Asset Push Down 152,156 — Deferred Revenue 14,432 23,456 Total Liabilities $ 339,400 $ 674,039

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2017
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of the carrying values and fair values of financial instruments (in thousands)	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): December 31, 2017 (3) 2016 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 313,326 $ 313,242 $ 807,954 $ 807,505 Marketable debt securities (2) 18,690 18,690 68,630 68,630 Bank line of credit (2) 1,017,076 1,017,076 899,718 899,718 Term loans (2) 228,288 228,288 440,062 440,062 Senior unsecured notes (1) 6,396,451 6,737,825 7,133,538 7,386,149 Mortgage debt (2) 144,486 125,984 623,792 609,374 Other debt (2) 94,165 94,165 92,385 92,385 Interest-rate swap liabilities (2) 2,483 2,483 4,857 4,857 Currency swap asset (2) — — 2,920 2,920 Cross currency swap liability (2) 10,968 10,968 — — _______________________________________ (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) During the years ended December 31, 2017 and 2016 , there were no transfers of financial assets or liabilities within the fair value hierarchy.

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	12 Months Ended
	Dec. 31, 2017
Risks and Uncertainties [Abstract]
Schedule of concentration of credit risk	The following table provides information regarding the Company’s concentrations with respect to certain states; the information provided is presented for the gross assets and revenues that are associated with certain real estate assets as percentages of total Company’s total assets and revenues: Percentage of Total Company Assets Percentage of Total Company Revenues December 31, Year Ended December 31, State 2017 2016 2017 2016 2015 California 31 29 26 26 27 Texas 14 14 17 17 16 The following tables provide information regarding the Company’s concentrations with respect to Brookdale as a tenant as of and for the periods presented: Percentage of Gross Assets Total Company Senior Housing Triple-Net December 31, December 31, Tenant 2017 2016 2017 2016 Brookdale (1) 10 17 39 69 Percentage of Revenues Total Company Revenues Senior Housing Triple-Net Revenues Year Ended December 31, Year Ended December 31, Tenant 2017 2016 2015 2017 2016 2015 Brookdale (1) 8 12 13 47 59 58 _______________________________________ (1) The Company's concentration with respect to Brookdale as a tenant is expected to decrease with the completion of the Brookdale Transaction (see Note 3). Includes revenues from 64 senior housing triple-net facilities that were classified as held for sale at December 31, 2016. Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment, as discussed below.

Derivative Financial Instrume55

Derivative Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2017
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of derivative instruments (dollars and GBP in thousands)	The following table summarizes the Company’s outstanding interest-rate and foreign currency swap contracts as of December 31, 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 44,000 3.820% BMA Swap Index (2,483 ) Cross currency swap: April 2017 (3) February 2019 Net Investment £105,000 / $131,000 2.584% 3.750 % (10,968 ) _____________________________ (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.

Selected Quarterly Financial 56

Selected Quarterly Financial Data (Unaudited) (Tables)	12 Months Ended
	Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract]
Selected quarterly information	The following table summarizes selected quarterly information for the years ended December 31, 2017 and 2016 (in thousands, except per share amounts): Three Months Ended 2017 March 31 June 30 September 30 December 31 Total revenues $ 492,168 $ 458,928 $ 454,023 $ 443,259 Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 454,746 18,874 (12,263 ) (50,957 ) Net income (loss) 464,177 22,101 (5,720 ) (57,924 ) Net income (loss) applicable to HCP, Inc. 461,145 19,383 (7,657 ) (58,702 ) Dividends paid per common share 0.37 0.37 0.37 0.37 Basic earnings per common share 0.98 0.04 (0.02 ) (0.13 ) Diluted earnings per common share 0.97 0.04 (0.02 ) (0.13 ) Three Months Ended 2016 March 31 June 30 September 30 December 31 Total revenues $ 520,457 $ 538,332 $ 530,555 $ 539,950 Total discontinued operations 68,408 107,378 108,215 (18,246 ) Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures 55,949 196,352 47,453 67,530 Net (loss) income 119,745 304,842 154,039 61,300 Net (loss) income applicable to HCP, Inc. 116,119 301,717 151,250 58,661 Dividends paid per common share 0.58 0.58 0.58 0.37 Basic earnings per common share 0.25 0.65 0.32 0.12 Diluted earnings per common share 0.25 0.64 0.32 0.12 The above selected quarterly financial data includes the following significant transactions: 2017 • During the quarter ended December 31, 2017, the Company recognized $20 million net reduction of rental and related revenues and $35 million of operating expense related to the Brookdale Transaction. • During the quarter ended December 31, 2017, the Company recorded an impairment charge of $84 million related to the Tandem Mezzanine Loan. • During the quarter ended December 31, 2017, the Company recognized a tax expense of $17 million due to a re-measurement of deferred tax assets and liabilities. • During the quarter ended September 30, 2017, the Company repurchased $500 million of our 5.375% senior notes due 2021 and recorded a $54 million loss on debt extinguishment. • During the quarter ended June 30, 2017, the Company recorded an impairment charge of $57 million related to the Tandem Mezzanine Loan. • The quarter ended March 31, 2017, the Company deconsolidated the net assets of RIDEA II and recognized a net gain on sale of $99 million . • The quarter ended March 31, 2017, the Company sold 64 senior housing triple-net assets, resulting in a net gain on sale of $170 million . • The quarter ended March 31, 2017, the Company sold its Four Seasons Notes, which generated a £42 million ( $51 million ) gain on sale. 2016 • The quarter ended December 31, 2016 includes the following related to the Spin-Off: (i) $46 million of loss on debt extinguishment and (ii) $58 million of transaction costs. • The quarter ended June 30, 2016 includes $120 million of gain on sales from real estate dispositions. • The quarter ended March 31, 2016 includes $53 million of income tax expense associated with state built-in gain tax payable upon the disposition of specific real estate assets, of which $49 million relates to the HCRMC real estate portfolio.

Summary of Significant Accoun57

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2017	Jan. 31, 2017
Accounting Policies [Abstract]
Residency agreement term, minimum	30 days
Residency agreement term, maximum	1 year
Maximum period available for occupancy from cessation of significant construction activity	1 year
Maximum useful life of building and improvements	60 years
RIDEA II
Schedule of Equity Method Investments
Investment ownership percentage	40.00%	40.00%
Fair value of equity investment		$ 107
Equity method investments		$ 121
Pro Forma | Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09
Schedule of Equity Method Investments
Cumulative effect of change on beginning retained earnings	$ 30
Pro Forma | Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | RIDEA II
Schedule of Equity Method Investments
Equity method investments	$ 91

Summary of Significant Accoun58

Summary of Significant Accounting Policies - Schedule of Cash Flows Impact from ASUs Adoption (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities	$ 1,246,257	$ (428,973)	$ (1,660,365)
Net increase (decrease) in balance	(54,787)	(270,126)	174,330
Cash, cash equivalents and restricted cash, beginning of year	136,990	407,116	232,786
Cash, cash equivalents and restricted cash, end of year	82,203	136,990	407,116
Balance - continuing operations, end of year	82,203	136,990	401,058
Accounting Standards Update 2016-18
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities		(428,973)	(1,660,365)
Net increase (decrease) in balance		(270,126)	174,330
Cash, cash equivalents and restricted cash, beginning of year		407,116	232,786
Cash, cash equivalents and restricted cash, end of year			407,116
Balance - continuing operations, end of year		136,990	401,058
Pre Cash Flow ASUs
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities		(410,617)	(1,672,005)
Net increase (decrease) in balance		(251,770)	162,690
Cash, cash equivalents and restricted cash, beginning of year	$ 94,730	346,500	183,810
Cash, cash equivalents and restricted cash, end of year		94,730	346,500
Balance - continuing operations, end of year		$ 94,730	$ 340,442

Master Transactions and Coope59

Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction") - Master Lease Transactions (Details) - Master Lease Transactions - Assets Leased to Others - Affiliated Entity $ in Millions	Nov. 01, 2017USD ($)property	Jan. 01, 2018USD ($)property
Senior housing triple-net
Lease Amendments And Terminations And Joint Venture Formations.
Number of properties	34
Properties with right to sell or transition to other operator	32
right to sell or transfer period for operating leases	1 year
Properties transitioned to cash flow leases expiration period	2 years
Number of assets to be sold	2
Total consideration for disposition of real estate | $	$ 35
Senior housing triple-net | Subsequent Event
Lease Amendments And Terminations And Joint Venture Formations.
Amount of annual rent cut | $		$ 5
Number of assets with annual rent cut		3
Brookdale Senior Living
Lease Amendments And Terminations And Joint Venture Formations.
Number of properties	78

Master Transactions and Coope60

Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction") - Joint Venture Transactions (Details) $ in Millions	Nov. 01, 2017USD ($)propertyagreement	Jan. 31, 2018USD ($)	Dec. 31, 2017
RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity
Variable Interest Entity [Line Items]
Number of properties	58
SHOP | RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity
Variable Interest Entity [Line Items]
Number of properties	36
Base management fee, percentage of gross revenue	5.00%
Percentage of annual increase in management fee	1.00%
Management fee annual rent increase period	2 years
Number of assets to be sold	4
Total consideration for disposition of real estate | $	$ 239
Number of assets under management agreement	18
Number of management agreement with termination rights | agreement	7
Management agreements with termination rights period	10 years
SHOP | RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity | Subsequent Event
Variable Interest Entity [Line Items]
Proceeds from sale of productive assets | $		$ 27
CCRC JV
Variable Interest Entity [Line Items]
Investment ownership percentage			49.00%
CCRC JV | SHOP | Master Lease Transactions | Affiliated Entity
Variable Interest Entity [Line Items]
Investment ownership percentage			49.00%
Ownership interest held by parent			51.00%
Maximum | SHOP | RIDEA Facilities | Assets Leased to Others | Master Lease Transactions | Affiliated Entity
Variable Interest Entity [Line Items]
Base management fee, percentage of gross revenue	7.00%
RIDEA I
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)			90.00%
RIDEA I | Master Lease Transactions | Affiliated Entity
Variable Interest Entity [Line Items]
Percentage of interest acquired	10.00%
Purchase price of acquisition | $	$ 95

Master Transactions and Coope61

Master Transactions and Cooperation Agreement with Brookdale ("Brookdale Transaction") - Fair Value Measurement Techniques and Quantitative Information (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Discount rate		12.00%
Range of revenue growth rate		5.00%
Rental and related revenues		$ 1,071,153	$ 1,159,791	$ 1,116,830
Operating expenses		$ 666,251	$ 738,399	$ 610,679
Minimum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
EBITDAR growth rate		0.00%
Real estate capitalization rates		6.00%
Maximum
Fair Value Inputs, Assets, Quantitative Information [Line Items]
EBITDAR growth rate		3.00%
Real estate capitalization rates		7.00%
Assets Leased to Others | Senior housing triple-net
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Rental and related revenues	$ (20,000)
Number of assets with fair value impacts | property	32
Assets Under Management Agreements | SHOP
Fair Value Inputs, Assets, Quantitative Information [Line Items]
Number of assets with fair value impacts | property	36
Operating expenses	$ 35,000

Other Real Estate Property In62

Other Real Estate Property Investments (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real estate acquisitions
Consideration, Cash Paid/Debt Settled	$ 560,753	$ 467,162
Consideration, Net Liabilities Assumed	5,425	82,985
Assets Acquired, Real Estate	527,815	522,600
Assets Acquired, Net Intangibles	38,363	27,547
Funding for construction, tenant and other capital improvements	471,778	458,900	$ 384,782
Senior housing triple-net
Real estate acquisitions
Consideration, Cash Paid/Debt Settled		76,362
Consideration, Net Liabilities Assumed		1,200
Assets Acquired, Real Estate		71,875
Assets Acquired, Net Intangibles		5,687
Funding for construction, tenant and other capital improvements	32,343	49,109	53,980
SHOP
Real estate acquisitions
Consideration, Cash Paid/Debt Settled	44,258	113,971
Consideration, Net Liabilities Assumed	797	76,931
Assets Acquired, Real Estate	37,940	177,551
Assets Acquired, Net Intangibles	7,115	13,351
Funding for construction, tenant and other capital improvements	49,473	74,158	77,425
Life science
Real estate acquisitions
Consideration, Cash Paid/Debt Settled	315,255	49,000
Consideration, Net Liabilities Assumed	3,524	0
Assets Acquired, Real Estate	305,760	47,400
Assets Acquired, Net Intangibles	13,019	1,600
Funding for construction, tenant and other capital improvements	240,901	200,122	122,319
Medical office
Real estate acquisitions
Consideration, Cash Paid/Debt Settled	201,240	209,920
Consideration, Net Liabilities Assumed	1,104	4,854
Assets Acquired, Real Estate	184,115	209,178
Assets Acquired, Net Intangibles	18,229	5,596
Funding for construction, tenant and other capital improvements	148,926	128,308	131,021
Other non-reportable segments
Real estate acquisitions
Consideration, Cash Paid/Debt Settled		17,909
Consideration, Net Liabilities Assumed		0
Assets Acquired, Real Estate		16,596
Assets Acquired, Net Intangibles		1,313
Funding for construction, tenant and other capital improvements	$ 135	$ 7,203	$ 37

Discontinued Operations and D63

Discontinued Operations and Dispositions of Real Estate - Narrative: Quality Care Properties, Inc (Details) shares in Millions	Oct. 31, 2016USD ($)propertyshares	Dec. 31, 2016USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	Jun. 30, 2017USD ($)	Oct. 17, 2016USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Payments of dividends			$ 694,955,000	$ 979,542,000	$ 1,046,638,000
Stock distribution ratio	5
Distribution of QCP, Inc.				(3,532,763,000)
Gain (loss) on disposition of assets	$ 0
Early repayment of secured debt		$ 108,000,000
Loss on debt extinguishments		(46,000,000)	(54,227,000)	(46,020,000)	$ 0
Bank line of credit		$ 899,718,000	$ 1,017,076,000	$ 899,718,000
Senior Unsecured, 6.00% notes due in 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)		6.00%		6.00%
Early repayment of unsecured debt		$ 500,000,000
Senior Unsecured, 6.70% notes due in 2018
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)		6.70%		6.70%
Early repayment of unsecured debt		$ 600,000,000
QCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Distribution of QCP, Inc.	3,500,000,000
Mortgage Debt | QCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Aggregate principal amount							$ 750,000,000
QCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from issuance of debt	1,750,000,000
Payments of dividends	$ 1,690,000,000
Number of shares issued | shares	94
QCP | Revolving credit facility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Line of credit facility, maximum borrowing capacity	$ 100,000,000					$ 0
Bank line of credit						$ 0
QCP | Mortgage Debt
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)							8.125%
Interest expense	2,000,000
Proceeds from issuance of debt	$ 1,000,000,000
QCP | Mortgage Debt | LIBOR
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loan, basis spread on variable rate	5.25%
QCP | Mortgage Debt | Base rate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Loan, basis spread on variable rate	4.25%
QCP | Mortgage Debt | Minimum
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Interest rate (as a percent)	1.00%
Spinoff | QCP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties | property	338

Discontinued Operations and D64

Discontinued Operations and Dispositions of Real Estate - Schedule of Results of Discontinued Operations (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Depreciation and amortization		$ 0	$ (4,890,000)	$ (5,880,000)
Impairments		0	0	(1,341,399,000)
Income tax benefit (expense)	$ (53,000,000)	$ 0	(48,181,000)	(796,000)
QCP | Spinoff
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Rental and related revenues			22,971,000	27,651,000
Tenant recoveries			1,233,000	1,464,000
Income from direct financing leases			384,752,000	572,835,000
Total revenues			408,956,000	601,950,000
Depreciation and amortization			(4,892,000)	(5,880,000)
Operating			(3,367,000)	(3,697,000)
General and administrative			(67,000)	(57,000)
Transaction costs			(86,765,000)	0
Impairments			0	(1,295,504,000)
Other income (expense), net			71,000	70,000
Income (loss) before income taxes and income from impairments of equity method investments			313,936,000	(703,118,000)
Income tax benefit (expense)			(48,181,000)	(796,000)
Income from equity method investment			0	50,723,000
Impairments of equity method investment			0	(45,895,000)
Total discontinued operations			$ 265,755,000	$ (699,086,000)

Discontinued Operations and D65

Discontinued Operations and Dispositions of Real Estate - Narrative: HCR ManorCare, Inc. (Details)	Sep. 30, 2015USD ($)	Apr. 01, 2015USD ($)facility	Dec. 31, 2015USD ($)	Dec. 31, 2015USD ($)	Mar. 31, 2015facility	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)facility	Dec. 31, 2011USD ($)	Feb. 28, 2015USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from direct financing leases						$ 54,217,000	$ 59,580,000	$ 61,000,000
Net investment in direct financing leases						714,352,000	$ 752,589,000
Number of facility sales closed | facility							11
Estimated Sales price per agreement							$ 62,000,000
Number of properties for which sales contracts entered | facility							33
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]
Impairments of investments in unconsolidated joint ventures								19,000,000
Equity method investments			$ 0	$ 0				0
Post-acute/skilled
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities acquired | facility		9
Acquisition of facility		$ 275,000,000						$ 184,000,000
Post-acute/skilled nursing and senior housing
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facility sales closed | facility								7
DFL Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from direct financing leases						$ 13,000,000	$ 13,000,000	$ 15,000,000
HCRMC
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Income from direct financing leases							385,000,000	573,000,000
Cash payments received							$ 385,000,000	$ 483,000,000
Number of non-strategic assets involved in sales transaction | facility					50
Number of facility sales closed | facility								22
Estimated Sales price per agreement								$ 219,000,000
Reduction in initial net annual rent due to lease amendment		$ 68,000,000
Minimum rent escalation during the initial term (as a percent)		3.00%
Period of extension of initial term of lease		5 years
Average lease term		16 years
Deferred lease obligation		$ 525,000,000
Impairments of investments in unconsolidated joint ventures	$ 27,000,000
Carrying value, equity method investments before impairment	48,000,000
Fair value of equity investment	21,000,000
Federal and state built-in gain tax from assets sold, term									10 years
Period intended to hold the assets									10 years
Federal built-in gain tax from assets sold, federal term			5 years
Federal built-in gain tax from assets sold, state term			10 years
Period intended to sell the assets							5 years
State built-in gain from assets sold							$ 47,000,000
HCRMC | Post-acute/skilled
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of facilities acquired | facility								2
Acquisition of facility								$ 91,000,000
HCRMC | DFL Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net investment in direct financing leases	$ 6,000,000,000	6,100,000,000	$ 5,200,000,000	5,200,000,000				$ 5,200,000,000		$ 6,600,000,000
Impairment charges for direct financing lease		$ 478,000,000		$ 817,000,000

Discontinued Operations and D66

Discontinued Operations and Dispositions of Real Estate - Quantitative Information about Fair Value Measurements in HCRMC (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate	12.00%
HCRMC | Level 3 | Discounted cash flow valuation technique
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Discount rate		15.20%
Minimum | HCRMC | Level 3 | Discounted cash flow valuation technique
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of occupancy growth rates		(0.80%)
Range of earnings multiples		6
Maximum | HCRMC | Level 3 | Discounted cash flow valuation technique
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of earnings multiples		7
HCRMC | Minimum | Level 3 | Discounted cash flow valuation technique
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of revenue growth rate		(1.80%)
Range of operating expense growth rates		(1.10%)
HCRMC | Maximum | Level 3 | Discounted cash flow valuation technique
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of revenue growth rate		3.00%
Range of occupancy growth rates		0.20%
Range of operating expense growth rates		3.10%
DFL Portfolio | Senior housing | HCRMC | Minimum | Income approach
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of EBITDAR		$ 75
Range of rent coverage ratio		1.05
Range of real estate capitalization rate		6.25%
DFL Portfolio | Senior housing | HCRMC | Maximum | Income approach
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of EBITDAR		$ 85
Range of rent coverage ratio		1.15
Range of real estate capitalization rate		7.25%
DFL Portfolio | Post-acute/skilled | HCRMC | Income approach
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of EBITDAR		$ 435,000
DFL Portfolio | Post-acute/skilled | HCRMC | Minimum | Income approach
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of EBITDAR		$ 385
Range of rent coverage ratio		1.25
Range of real estate capitalization rate		7.50%
DFL Portfolio | Post-acute/skilled | HCRMC | Maximum | Income approach
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Range of rent coverage ratio		1.35
Range of real estate capitalization rate		8.50%

Discontinued Operations and D67

Discontinued Operations and Dispositions of Real Estate - Held for Sale (Details) $ in Thousands	Dec. 31, 2017USD ($)propertyfacility	Dec. 31, 2016USD ($)propertyfacility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 417,014	$ 927,866
Accumulated depreciation and amortization	$ 2,741,695	$ 2,648,930
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 | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | facility	2	64
SHOP | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale	6	1
Senior Housing Triple-Net and SHOP | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 417,000
Senior Housing Triple-Net and SHOP | Held-for-sale | Real estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	393,000
Accumulated depreciation and amortization	$ 93,000
Life science | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | facility	4	4
SH NNN, Life Science, SHOP | Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net		$ 928,000
SH NNN, Life Science, SHOP | Held-for-sale | Real estate
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net		809,000
Accumulated depreciation and amortization		$ 193,000

Discontinued Operations and D68

Discontinued Operations and Dispositions of Real Estate - RIDEA II Sale Transaction (Details) - USD ($) $ in Thousands	Nov. 01, 2017	Jan. 31, 2017	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net					$ 356,641	$ 164,698	$ 6,377
HCP/CPA/Brookdale JV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt provided		$ 602,000
Debt provided by third-party		360,000
Debt provided by entity		242,000
Net proceeds from the RIDEA II transaction		480,000
HCP/CPA/Brookdale JV | RIDEA II
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt provided by entity		$ 242,000
Equity method investment ownership interest disposed	40.00%
Note receivable payment period	1 year
RIDEA II
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment ownership percentage		40.00%			40.00%
RIDEA II | HCP/CPA/Brookdale JV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment ownership percentage		40.00%
Disposed of by Sale | RIDEA II
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net				$ 99,000
Forecast | HCP/CPA/Brookdale JV | RIDEA II
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Equity method investment ownership interest disposed			40.00%
Consideration receivable from sale of ownership interest			$ 91,000

Discontinued Operations and D69

Discontinued Operations and Dispositions of Real Estate - 2017 Dispositions (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)property	Jan. 31, 2017USD ($)facility	Dec. 31, 2017USD ($)parcelpropertyfacility	Dec. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)parcelfacility
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sales of real estate			$ 1,314,325	$ 647,754	$ 73,149
Gain (loss) on sales of real estate, net			$ 356,641	$ 164,698	6,377
Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility		4
Total consideration for disposition of real estate		$ 76,000
Gain (loss) on sales of real estate, net		$ 45,000
Life science | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				5
Total consideration for disposition of real estate				$ 386,000	$ 51,000
Life science | Disposed of by Sale | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | parcel			1,000		2
Total consideration for disposition of real estate			$ 27,000
Life science | Disposed of by Sale | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property			1,000
Proceeds from sales of real estate			$ 5,000
Medical office | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility			4	3	1
Total consideration for disposition of real estate				$ 20,000	$ 400
Proceeds from sales of real estate			$ 15,000
Gain (loss) on sales of real estate, net			$ 41,000
SHOP | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility			5	3
Total consideration for disposition of real estate				$ 41,000
Proceeds from sales of real estate			$ 43,000
Senior housing triple-net | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed	64		4	7	9
Total consideration for disposition of real estate	$ 1,125,000			$ 88,000	$ 60,000
Proceeds from sales of real estate			$ 27,000
Gain (loss) on sales of real estate, net	$ 170,000
Senior housing triple-net | Disposed of by Sale | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				2

Discontinued Operations and D70

Discontinued Operations and Dispositions of Real Estate - 2016 Dispositions (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)property	Jan. 31, 2017USD ($)facility	Dec. 31, 2017propertyfacility	Dec. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)facility
Post-acute/skilled | Disposed of by Sale | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				5
Senior housing triple-net | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed	64		4	7	9
Total consideration for disposition of real estate | $	$ 1,125,000			$ 88,000	$ 60,000
Senior housing triple-net | Disposed of by Sale | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				2
Post-acute/skilled and SH NNN | Disposed of by Sale | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration for disposition of real estate | $				$ 130,000
Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility		4
Total consideration for disposition of real estate | $		$ 76,000
Life science | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				5
Total consideration for disposition of real estate | $				$ 386,000	$ 51,000
Life science | Disposed of by Sale | Building
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | property			1,000
Medical office | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility			4	3	1
Total consideration for disposition of real estate | $				$ 20,000	$ 400
SHOP | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility			5	3
Total consideration for disposition of real estate | $				$ 41,000

Discontinued Operations and D71

Discontinued Operations and Dispositions of Real Estate - 2015 Dispositions (Details) $ in Thousands	1 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)property	Jan. 31, 2017USD ($)facility	Dec. 31, 2017USD ($)parcelfacility	Dec. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)parcelfacility
Senior housing triple-net | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed	64		4	7	9
Total consideration for disposition of real estate	$ 1,125,000			$ 88,000	$ 60,000
Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility		4
Total consideration for disposition of real estate		$ 76,000
Life science | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				5
Total consideration for disposition of real estate				$ 386,000	$ 51,000
Life science | Disposed of by Sale | Land
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | parcel			1,000		2
Total consideration for disposition of real estate			$ 27,000
Medical office | Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility			4	3	1
Total consideration for disposition of real estate				$ 20,000	$ 400

Net Investment in Direct Fina72

Net Investment in Direct Financing Leases - Components of Net Investment in DFLs (Details) $ in Thousands	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property
Leases, Capital [Abstract]
Minimum lease payments receivable	$ 1,062,452	$ 1,108,237
Estimated residual value	504,457	539,656
Less unearned income	(852,557)	(895,304)
Net investment in direct financing leases	$ 714,352	$ 752,589
Properties subject to direct financing leases | property	29	30

Net Investment in Direct Fina73

Net Investment in Direct Financing Leases - Future Minimum Lease Payments (Details) $ in Thousands	Dec. 31, 2017USD ($)
Leases, Capital [Abstract]
2,018	$ 102,983
2,019	68,204
2,020	62,781
2,021	63,175
2,022	57,762
Thereafter	707,547
Total	$ 1,062,452

Net Investment in Direct Fina74

Net Investment in Direct Financing Leases - Internal Ratings for Net Investment in DFLs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	$ 714,352	$ 752,589
Percentage of DFL Portfolio	100.00%
Senior housing triple-net
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	$ 629,748
Percentage of DFL Portfolio	88.00%
Other non-reportable segments
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	$ 84,604
Percentage of DFL Portfolio	12.00%
Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	$ 358,490
Performing Loans | Senior housing triple-net
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	273,886
Performing Loans | Other non-reportable segments
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	84,604
Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	355,862
Watch List Loans | Senior housing triple-net
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	355,862
Watch List Loans | Other non-reportable segments
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	0
Workout DFLs
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	0
Workout DFLs | Senior housing triple-net
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	0
Workout DFLs | Other non-reportable segments
Financing Receivable, Recorded Investment [Line Items]
Net investment in direct financing leases	$ 0

Net Investment in Direct Fina75

Net Investment in Direct Financing Leases - Narrative (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2015USD ($)	Sep. 30, 2013property
Capital Leased Assets [Line Items]
Properties subject to direct financing leases | property	29	30
Income from direct financing leases	$ 54,217	$ 59,580	$ 61,000
Net investment in direct financing leases	714,352	752,589
DFL Portfolio
Capital Leased Assets [Line Items]
Income from direct financing leases	13,000	13,000	15,000
Cash income	18,000	18,000	$ 20,000
DFL Portfolio | Senior housing
Capital Leased Assets [Line Items]
Properties subject to direct financing leases | property				14
Net investment in direct financing leases	$ 356,000	$ 361,000

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2017GBP (£)	Dec. 31, 2016USD ($)	Dec. 31, 2016GBP (£)
Loans Receivable:
Mezzanine	$ 269,299			$ 615,188
Loans receivable, other	188,418			195,946
Unamortized premiums (discounts), fees and costs	(596)			(3,180)
Allowance for loan losses	(143,795)			0
Loans receivable, net	313,326			807,954
Remaining commitments to fund development projects	115,000
Real Estate Secured
Loans Receivable:
Mezzanine	0			0
Loans receivable, other	188,418			195,946
Unamortized premiums (discounts), fees and costs	0			413
Allowance for loan losses	0			0
Loans receivable, net	188,418			196,359
Other Secured
Loans Receivable:
Mezzanine	269,299			615,188
Loans receivable, other	0			0
Unamortized premiums (discounts), fees and costs	(596)			(3,593)
Allowance for loan losses	(143,795)			0
Loans receivable, net	124,908			611,595
HC-One Facility
Loans Receivable:
Mezzanine				348,000	£ 282
Unamortized premiums (discounts), fees and costs				3,000	2
Maria Mallaband loans
Loans Receivable:
Loans receivable, other	167,000		£ 123	$ 140,000	£ 113
UK
Loans Receivable:
Remaining commitments to fund development projects	$ 3,000	£ 2

Loans Receivable - Internal Rat

Loans Receivable - Internal Ratings for Loans Receivable (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 313,326	$ 807,954
Percentage of Loan Portfolio	100.00%
Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 208,326
Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Workout Loans(1)
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	105,000
Real Estate Secured
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 188,418	196,359
Percentage of Loan Portfolio	60.00%
Real Estate Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 188,418
Real Estate Secured | Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Real Estate Secured | Workout Loans(1)
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Other Secured
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 124,908	$ 611,595
Percentage of Loan Portfolio	40.00%
Other Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 19,908
Other Secured | Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Other Secured | Workout Loans(1)
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 105,000

Loans Receivable - Loans Receiv

Loans Receivable - Loans Receivable Secured by Real Estate (Details) - 12 months ended Dec. 31, 2017 $ in Thousands, £ in Millions	USD ($)facilityloanproject	GBP (£)facilityloanproject
Loans Receivable
Number of loans receivable | loan	4	4
Principal Amount	$ 186,984
Carrying Amount	188,418
Remaining commitments to fund development projects	$ 115,000
Monthly interest-only payments, Pennsylvania, 2018
Loans Receivable
Number of loans receivable | loan	1	1
Principal Amount	$ 21,458
Carrying Amount	$ 21,597
Fixed interest rate (as a percent)	8.00%	8.00%
Monthly interest-only payments, UK, 2021
Loans Receivable
Number of loans receivable | loan	2	2
Principal Amount	$ 22,706
Carrying Amount	$ 24,001
Number of collateral facilities | facility	2	2
Number of development projects | project	2	2
Monthly interest-only payments, UK, 2021 | Real estate loan one
Loans Receivable
Fixed interest rate (as a percent)	8.00%	8.00%
Monthly interest-only payments, UK, 2021 | Real estate loan two
Loans Receivable
Fixed interest rate (as a percent)	9.75%	9.75%
Monthly interest-only payments, UK, 2023
Loans Receivable
Number of loans receivable | loan	1	1
Principal Amount	$ 142,820
Carrying Amount	$ 142,820
Fixed interest rate (as a percent)	7.22%	7.22%
Number of collateral facilities | facility	7	7
UK
Loans Receivable
Remaining commitments to fund development projects	$ 3,000	£ 2

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Thousands, £ in Millions	1 Months Ended		12 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2017GBP (£)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Loans Receivable
Interest income			$ 56,237	$ 88,808	$ 112,184
Four Seasons
Loans Receivable
Proceeds from sale of loan receivables	$ 35,000	£ 29
Real Estate Secured
Loans Receivable
Interest income			$ 13,000

Loans Receivable - HC-One Facil

Loans Receivable - HC-One Facility (Details) - HC-One Facility £ in Millions, $ in Millions	Jun. 30, 2017USD ($)	Jun. 30, 2017GBP (£)	Apr. 30, 2015GBP (£)	Dec. 31, 2017property	Dec. 31, 2015USD ($)	Dec. 31, 2015GBP (£)
Loans Receivable
Amount of facility converted into sale-leaseback transaction | £			£ 174
Number of properties spinoff into a separate joint venture | property				36
Cash payments received from borrower	$ 367	£ 283			$ 52	£ 34

Loans Receivable - Tandem Healt

Loans Receivable - Tandem Health Care Loan (Details) $ in Thousands	Jul. 31, 2017USD ($)	Dec. 31, 2017USD ($)propertybed	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)propertybed	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	May 31, 2015USD ($)
Loans Receivable
Loans receivable, other		$ 188,418			$ 188,418	$ 195,946
Long-term debt		7,786,301			7,786,301
Loans receivable, net		313,326			313,326	807,954
Tandem Health Care Loan
Loans Receivable
Loans receivable, other		105,000		$ 189,000	105,000	256,000		$ 257,000
Interest rate payable (percent)								11.50%
Write down of loans receivable		$ 84,000	$ 3,000	57,000	144,000
Loans receivable, net				$ 200,000
Repayment on loans and leases receivable	$ 197,000
Proceeds from deposit on loan	$ 8,000
Interest income related to loans					23,000	31,000	$ 29,000
Cash payments received from borrower					$ 25,000	$ 30,000	$ 29,000
Maximum | Tandem Health Care Loan
Loans Receivable
Loans receivable, other								$ 257,000
Tandem Health Care
Loans Receivable
Number of leasehold properties under the right to buy option | property		9			9
Amount of purchase price for option to buy leasehold properties		$ 82,000			$ 82,000
Number of beds | bed		4,766			4,766
Senior Loans | Tandem Health Care
Loans Receivable
Long-term debt		$ 257,000			$ 257,000
Building | Tandem Health Care
Loans Receivable
Number of properties | property		32			32
Leasehold properties | Tandem Health Care
Loans Receivable
Number of properties | property		9			9

Investments in and Advances t82

Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands	Dec. 31, 2017USD ($)joint_venture	Jan. 31, 2017	Dec. 31, 2016USD ($)
Schedule of Equity Method Investments
Investments in and advances to unconsolidated joint ventures	$ 800,840		$ 571,491
CCRC JV
Schedule of Equity Method Investments
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	$ 400,241		439,449
RIDEA II
Schedule of Equity Method Investments
Investment ownership percentage	40.00%	40.00%
Investments in and advances to unconsolidated joint ventures	$ 259,651		0
Life Science JVs
Schedule of Equity Method Investments
Investments in and advances to unconsolidated joint ventures	$ 65,581		67,879
Life Science JVs | Minimum
Schedule of Equity Method Investments
Investment ownership percentage	50.00%
Life Science JVs | Maximum
Schedule of Equity Method Investments
Investment ownership percentage	63.00%
Torrey Pines Science Center
Schedule of Equity Method Investments
Investment ownership percentage	50.00%
Britannia Biotech Gateway, LP
Schedule of Equity Method Investments
Investment ownership percentage	55.00%
LASDK, LP
Schedule of Equity Method Investments
Investment ownership percentage	63.00%
MBK JV
Schedule of Equity Method Investments
Investments in and advances to unconsolidated joint ventures	$ 38,005		38,909
Development JVs
Schedule of Equity Method Investments
Investments in and advances to unconsolidated joint ventures	$ 23,365		10,459
Number of unconsolidated joint ventures | joint_venture	4
Development JVs | Minimum
Schedule of Equity Method Investments
Investment ownership percentage	50.00%
Development JVs | Maximum
Schedule of Equity Method Investments
Investment ownership percentage	90.00%
Vintage Park Development JV
Schedule of Equity Method Investments
Investment ownership percentage	85.00%
Waldwick
Schedule of Equity Method Investments
Investment ownership percentage	85.00%
Otay Ranch
Schedule of Equity Method Investments
Investment ownership percentage	90.00%
MBK Development JV
Schedule of Equity Method Investments
Investment ownership percentage	50.00%
Medical Office JVs
Schedule of Equity Method Investments
Investments in and advances to unconsolidated joint ventures	$ 12,488		13,438
Number of unconsolidated joint ventures | joint_venture	3
Medical Office JVs | Minimum
Schedule of Equity Method Investments
Investment ownership percentage	20.00%
Medical Office JVs | Maximum
Schedule of Equity Method Investments
Investment ownership percentage	67.00%
HCP Ventures IV, LLC
Schedule of Equity Method Investments
Investment ownership percentage	20.00%
HCP Ventures III, LLC
Schedule of Equity Method Investments
Investment ownership percentage	30.00%
Suburban Properties, LLC
Schedule of Equity Method Investments
Investment ownership percentage	67.00%
K&Y JVs
Schedule of Equity Method Investments
Investment ownership percentage	80.00%
Investments in and advances to unconsolidated joint ventures	$ 1,283		1,342
Number of unconsolidated joint ventures | joint_venture	3
Advances to unconsolidated joint ventures, net
Schedule of Equity Method Investments
Investments in and advances to unconsolidated joint ventures	$ 226		$ 15

Investments in and Advances t83

Investments in and Advances to Unconsolidated Joint Ventures - Narrative (Details) $ in Thousands	Dec. 30, 2015USD ($)property	Dec. 31, 2016USD ($)property	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Schedule of Equity Method Investments
Gain (loss) on sales of real estate, net			$ 356,641	$ 164,698	$ 6,377
HCP's share of earnings			$ 10,901	$ 11,360	$ 6,590
HCP Ventures III and IV, LLC | Hospital and medical office segments
Schedule of Equity Method Investments
Total consideration for disposition of real estate	$ 634,000
Gain (loss) on sales of real estate, net	$ 59,000
HCP Ventures III and IV, LLC | Medical office
Schedule of Equity Method Investments
Number of properties disposed | property	61
HCP Ventures III and IV, LLC | Hospital
Schedule of Equity Method Investments
Number of properties disposed | property	3
HCP Ventures III, LLC | Hospital
Schedule of Equity Method Investments
Number of properties disposed | property		3
Total consideration for disposition of real estate		$ 31,000
Gain (loss) on sales of real estate, net		5,000
HCP's share of earnings		1,000
Distributions received by HCP		$ 8,000
HCP Ventures III and IV, LLC | Hospital and medical office segments
Schedule of Equity Method Investments
HCP's share of earnings	$ 15,000
Distributions received by HCP	$ 45,000

Intangibles - Schedule of Intan

Intangibles - Schedule of Intangibles Lease Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangible assets and liabilities
Gross intangible lease assets	$ 795,305	$ 911,697
Accumulated depreciation and amortization	(385,223)	(431,892)
Net intangible lease assets	410,082	479,805
Lease-up intangibles
Intangible assets and liabilities
Gross intangible lease assets	645,143	719,788
Tenant leases | Above market
Intangible assets and liabilities
Gross intangible lease assets	105,663	147,409
Ground leases | Below market
Intangible assets and liabilities
Gross intangible lease assets	$ 44,499	$ 44,500

Intangibles - Schedule of Int85

Intangibles - Schedule of Intangible Lease Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Intangibles [Abstract]
Below market lease intangibles	$ 123,883	$ 161,595
Above market ground lease intangibles	2,329	2,329
Gross intangible lease liabilities	126,212	163,924
Accumulated depreciation and amortization	(73,633)	(105,779)
Net intangible lease liabilities	$ 52,579	$ 58,145

Intangibles - Amortization of D

Intangibles - Amortization of Deferred Leasing Costs and Acquisition Related Intangibles (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Intangibles
Depreciation and amortization expense related to amortization of lease-up intangibles	$ 76,732	$ 84,487	$ 74,978
Rental and related revenues related to amortization of net below market lease liabilities	2,030	3,877	3,781
Operating expense related to amortization of net below market ground lease intangibles	$ 740	$ 664	$ 664

Intangibles - Estimated Aggrega

Intangibles - Estimated Aggregate Amortization of Intangible Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Estimated aggregate amortization of Intangible Assets
Net intangible lease assets	$ 410,082	$ 479,805
Rental and Related Revenues(1)
Estimated aggregate amortization of Intangible Assets
2,018	4,099
2,019	4,102
2,020	3,418
2,021	3,401
2,022	4,199
Thereafter	17,133
Net intangible lease assets	36,352
Operating Expense(2)
Estimated aggregate amortization of Intangible Assets
2,018	763
2,019	763
2,020	759
2,021	756
2,022	756
Thereafter	31,782
Net intangible lease assets	35,579
Depreciation and Amortization(3)
Estimated aggregate amortization of Intangible Assets
2,018	66,651
2,019	49,868
2,020	40,151
2,021	35,963
2,022	30,490
Thereafter	135,153
Net intangible lease assets	$ 358,276

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loans (Details) £ in Millions	Oct. 19, 2017USD ($)renewal_option	Jun. 30, 2017GBP (£)	Mar. 31, 2017GBP (£)	Jan. 31, 2015	Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Bank line of credit					$ 1,017,076,000		$ 899,718,000
Term loans					$ 228,288,000		$ 440,062,000
Bank Line of Credit
Debt Instrument [Line Items]
Line of credit facility, maximum borrowing capacity	$ 2,000,000,000
Debt Instrument, Number of Extensions | renewal_option	2
Loan, basis spread on variable rate					1.00%
Debt instrument, facility fee (as a percent)					0.20%
Line of credit facility additional aggregate amount, maximum					$ 750,000,000
Bank line of credit					1,000,000,000
Line of credit, portion denominated in GBP | £						£ 105
Term loans, portion denominated in GBP					$ 142,000,000
Weighted-average interest rate (as a percent)					2.74%	2.74%
Length of debt instrument extension period	6 months
2012 Term Loan
Debt Instrument [Line Items]
Repayments of debt | £			£ 137
2015 Term Loan
Debt Instrument [Line Items]
Term loans, portion denominated in GBP | £						£ 169
Length of debt instrument extension period				1 year
Repayments of debt | £		£ 51
Term of facility				4 years
Term of contract				3 years
Term loans					$ 229,000,000
2015 Term Loan | GBP LIBOR
Debt Instrument [Line Items]
Loan, basis spread on variable rate		1.15%
Line of Credit and Term Loan
Debt Instrument [Line Items]
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

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Jul. 27, 2017	May 01, 2017	Nov. 30, 2016	Sep. 15, 2016	Feb. 01, 2016	Sep. 30, 2017	Dec. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Debt Instrument [Line Items]
Long-term debt, gross								$ 7,834,317,000
Loss on debt extinguishments							$ (46,000,000)	(54,227,000)	$ (46,020,000)	$ 0
Senior unsecured notes							7,133,538,000	6,396,451,000	7,133,538,000
Unsecured Debt
Debt Instrument [Line Items]
Long-term debt, gross								$ 6,450,000,000
Interest rate (as a percent)
Senior unsecured notes							$ 0	$ 0	0
Senior Unsecured Debt 5.625%
Debt Instrument [Line Items]
Repayment of senior unsecured notes		$ 250,000,000				$ 500,000,000
Interest rate (as a percent)		5.625%				5.375%
Loss on debt extinguishments						$ (54,000,000)		$ (54,000,000)	$ (46,000,000)
Senior Unsecured Debt 5.375%
Debt Instrument [Line Items]
Repayment of senior unsecured notes	$ 500,000,000
Interest rate (as a percent)	5.375%
Senior Unsecured Debt 3.75 %
Debt Instrument [Line Items]
Repayment of senior unsecured notes					$ 500,000,000
Interest rate (as a percent)					3.75%
Senior Unsecured Debt 6.30%
Debt Instrument [Line Items]
Repayment of senior unsecured notes				$ 400,000,000
Interest rate (as a percent)				6.30%
Senior Unsecured Debt 6.000%
Debt Instrument [Line Items]
Repayment of senior unsecured notes			$ 500,000,000
Interest rate (as a percent)			6.00%
Senior Unsecured Debt 6.700%
Debt Instrument [Line Items]
Repayment of senior unsecured notes			$ 600,000,000
Interest rate (as a percent)			6.70%

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) $ in Thousands	1 Months Ended
	Mar. 31, 2017USD ($)	Dec. 31, 2017USD ($)facility
Debt Instrument [Line Items]
Long-term debt, gross		$ 7,834,317
Mortgage Debt
Debt Instrument [Line Items]
Long-term debt, gross		$ 138,567
Number of healthcare facilities used to secure debt | facility		16
Debt instrument, collateral, healthcare facilities carrying value		$ 299,000
Repayments of debt	$ 472,000

Debt - Schedule of Debt Maturit

Debt - Schedule of Debt Maturities (Details) $ in Thousands, £ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)	Dec. 31, 2017GBP (£)	Dec. 31, 2016USD ($)
Debt Instrument [Line Items]
Long-term debt, gross	$ 7,834,317
(Discounts), premiums and debt costs, net	(48,016)
Long-term debt	7,786,301
Other debt	94,165		$ 92,385
Debt maturing in 2018
Debt Instrument [Line Items]
2,018	3,512
Debt maturing in 2019
Debt Instrument [Line Items]
2,019	682,374
Debt maturing in 2020
Debt Instrument [Line Items]
2,020	803,758
Debt maturing in 2021
Debt Instrument [Line Items]
2,021	1,728,193
Debt maturing in 2022
Debt Instrument [Line Items]
2,022	902,861
Thereafter
Debt Instrument [Line Items]
Thereafter	3,713,619
Bank Line of Credit
Debt Instrument [Line Items]
Long-term debt, gross	1,017,076
(Discounts), premiums and debt costs, net	0
Long-term debt	$ 1,017,076
Line of credit, portion denominated in GBP | £		£ 105
Weighted-average interest rate (as a percent)	2.74%	2.74%
Bank Line of Credit | Debt maturing in 2018
Debt Instrument [Line Items]
2,018	$ 0
Bank Line of Credit | Debt maturing in 2019
Debt Instrument [Line Items]
2,019	0
Bank Line of Credit | Debt maturing in 2020
Debt Instrument [Line Items]
2,020	0
Bank Line of Credit | Debt maturing in 2021
Debt Instrument [Line Items]
2,021	1,017,076
Bank Line of Credit | Debt maturing in 2022
Debt Instrument [Line Items]
2,022	0
Bank Line of Credit | Thereafter
Debt Instrument [Line Items]
Thereafter	0
Term loans
Debt Instrument [Line Items]
2019 | £		£ 169
Long-term debt, gross	228,674
(Discounts), premiums and debt costs, net	(386)
Long-term debt	228,288
Term loans | Debt maturing in 2018
Debt Instrument [Line Items]
2,018	0
Term loans | Debt maturing in 2019
Debt Instrument [Line Items]
2,019	228,674
Term loans | Debt maturing in 2020
Debt Instrument [Line Items]
2,020	0
Term loans | Debt maturing in 2021
Debt Instrument [Line Items]
2,021	0
Term loans | Debt maturing in 2022
Debt Instrument [Line Items]
2,022	0
Term loans | Thereafter
Debt Instrument [Line Items]
Thereafter	$ 0
Unsecured Debt
Debt Instrument [Line Items]
Interest rate (as a percent)
Long-term debt, gross	$ 6,450,000
(Discounts), premiums and debt costs, net	(53,549)
Long-term debt	$ 6,396,451
Weighted-average interest rate (as a percent)	4.19%	4.19%
Weighted-average maturity	6 years
Unsecured Debt | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	2.79%	2.79%
Unsecured Debt | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	6.88%	6.88%
Unsecured Debt | Debt maturing in 2018
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%	0.00%
2,018	$ 0
Unsecured Debt | Debt maturing in 2019
Debt Instrument [Line Items]
Interest rate (as a percent)	3.95%	3.95%
2,019	$ 450,000
Unsecured Debt | Debt maturing in 2020
Debt Instrument [Line Items]
Interest rate (as a percent)	2.79%	2.79%
2,020	$ 800,000
Unsecured Debt | Debt maturing in 2021
Debt Instrument [Line Items]
Interest rate (as a percent)	5.49%	5.49%
2,021	$ 700,000
Unsecured Debt | Debt maturing in 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	3.93%	3.93%
2,022	$ 900,000
Unsecured Debt | Thereafter
Debt Instrument [Line Items]
Interest rate (as a percent)	4.36%	4.36%
Thereafter	$ 3,600,000
Mortgage Debt
Debt Instrument [Line Items]
Interest rate (as a percent)
Long-term debt, gross	$ 138,567
(Discounts), premiums and debt costs, net	5,919
Long-term debt	$ 144,486
Weighted-average interest rate (as a percent)	4.19%	4.19%
Weighted-average maturity	20 years
Mortgage Debt | Minimum
Debt Instrument [Line Items]
Interest rate (as a percent)	2.08%	2.08%
Mortgage Debt | Maximum
Debt Instrument [Line Items]
Interest rate (as a percent)	5.91%	5.91%
Mortgage Debt | Debt maturing in 2018
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%	0.00%
2,018	$ 3,512
Mortgage Debt | Debt maturing in 2019
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%	0.00%
2,019	$ 3,700
Mortgage Debt | Debt maturing in 2020
Debt Instrument [Line Items]
Interest rate (as a percent)	5.08%	5.08%
2,020	$ 3,758
Mortgage Debt | Debt maturing in 2021
Debt Instrument [Line Items]
Interest rate (as a percent)	5.26%	5.26%
2,021	$ 11,117
Mortgage Debt | Debt maturing in 2022
Debt Instrument [Line Items]
Interest rate (as a percent)	0.00%	0.00%
2,022	$ 2,861
Mortgage Debt | Thereafter
Debt Instrument [Line Items]
Interest rate (as a percent)	4.09%	4.09%
Thereafter	$ 113,619
Life Care Bonds and Demand Notes
Debt Instrument [Line Items]
Other debt	94,000
Life Care Bonds
Debt Instrument [Line Items]
Other debt	$ 61,000
On-Demand Note
Debt Instrument [Line Items]
Interest rate (as a percent)	3.60%	3.60%
Other debt	$ 33,000

Commitments and Contingencies -

Commitments and Contingencies - Schedule of Contractual Obligation (Details) - Dec. 31, 2017 $ in Thousands, £ in Millions	USD ($)	GBP (£)
Other Commitments [Line Items]
Total	$ 251,298
2,018	177,200
2019-2020	71,056
2021-2022	3,042
More than Five Years	0
U.K. loan commitments
Other Commitments [Line Items]
Total	3,236	£ 2
2,018	3,236
2019-2020	0
2021-2022	0
More than Five Years	0
Construction loan commitments
Other Commitments [Line Items]
Total	114,691
2,018	45,863
2019-2020	68,828
2021-2022	0
More than Five Years	0
Development commitments
Other Commitments [Line Items]
Total	133,371
2,018	128,101
2019-2020	2,228
2021-2022	3,042
More than Five Years	$ 0

Commitments and Contingencies93

Commitments and Contingencies - Narrative (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)property	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Loss Contingencies [Line Items]
Third party debt collateralized by facilities, debt amount	$ 83
Third party debt collateralized by facilities, asset carrying amount	356
Rental Expense
Rental expense attributable to continuing operations	$ 10	$ 10	$ 10
Maximum remaining term of ground leases excluding extension options	99 years
Indemnification Agreement
Loss Contingencies [Line Items]
Number of properties may be contributed in the agreement | property	35

Commitments and Contingencies94

Commitments and Contingencies - Schedule of Annualized Base Rent from Leases Subject to Purchase Options (Details) $ in Thousands	Dec. 31, 2017USD ($)property
Leases with purchase options, annualized base rent receivables in next five years and thereafter
2018 | $	$ 8,534
2019 | $	14,702
2020 | $	14,201
2021 | $	12,402
2022 | $	10,459
Thereafter | $	33,964
Total annualized base rent | $	$ 94,262
Number of properties with purchase options, annualized base rent receivables
2018 | property	8
2019 | property	2
2020 | property	4
2021 | property	6
2022 | property	3
Thereafter | property	22
Total number of properties | property	45

Commitments and Contingencies95

Commitments and Contingencies - Schedule of Future Minimum Lease Obligations (Details) $ in Thousands	Dec. 31, 2017USD ($)
Commitments and Contingencies Disclosure [Abstract]
2,018	$ 6,619
2,019	6,766
2,020	6,668
2,021	6,704
2,022	6,820
Thereafter	362,219
Future minimum payments due	$ 395,796

Equity - Common Stock Narrative

Equity - Common Stock Narrative (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	Mar. 02, 2018	Feb. 01, 2018	Jun. 30, 2015	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)												$ 1.48	$ 2.095	$ 2.260
Dividends paid per common share (in dollars per share)				$ 0.37	$ 0.37	$ 0.37	$ 0.37	$ 0.37	$ 0.58	$ 0.58	$ 0.58	$ 1.480	$ 2.095	$ 2.260
Subsequent Event
Subsequent Event [Line Items]
Dividends declared per common share (in dollars per share)		$ 0.37
Dividends paid per common share (in dollars per share)	$ 0.37
At-The-Market Program
Subsequent Event [Line Items]
Maximum sales under equity offering program			$ 750
Common stock issued (in shares)														1.8
Weighted average price (in dollars per share)														$ 40.14
Proceeds from issuance of common stock														$ 73
Stock issuance fees and commissions														$ 1

Equity - Schedule of Other Comm

Equity - Schedule of Other Common Stock Activities (Details) - Common Stock - shares shares in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Class of Stock [Line Items]
Dividend Reinvestment and Stock Purchase Plan (in shares)	983	2,021	2,762
Conversion of DownREIT units (in shares)	78	145	104
Exercise of stock options (in shares)	32	133	823
Vesting of restricted stock units (in shares)	419	529	409
Repurchase of common stock (in shares)	157	237	198

Equity - Schedule of Accumulate

Equity - Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Equity [Abstract]
Cumulative foreign currency translation adjustment	$ (6,955)	$ (22,817)
Unrealized gains (losses) on cash flow hedges, net	(13,950)	(3,642)
Supplemental Executive Retirement plan minimum liability and other	(3,119)	(3,183)
Total accumulated other comprehensive loss	$ (24,024)	$ (29,642)

Equity - Noncontrolling Interes

Equity - Noncontrolling Interests Narrative (Details) $ in Thousands, shares in Millions	Oct. 07, 2015USD ($)property	Dec. 31, 2017USD ($)entityshares	Dec. 31, 2016USD ($)
Noncontrolling Interest [Line Items]
Non-managing member unitholders		$ 176,888	$ 179,336
HCP Ventures V
Noncontrolling Interest [Line Items]
Noncontrolling interest (as a percent)	49.00%
Consideration received from sale of noncontrolling interest in HCP Ventures V	$ 110,000
HCP Ventures V
Noncontrolling Interest [Line Items]
Number of properties | property	11
Noncontrolling Interests
Noncontrolling Interest [Line Items]
Non-managing members DownREIT units outstanding | shares		4
Conversion of DownREIT units (in shares) | shares		7
Number of DownREIT LLCs | entity		5
Non-managing member unitholders		$ 177,000
DownREIT unit, fair value		$ 173,000

Segment Disclosures - Narrative

Segment Disclosures - Narrative (Details)	3 Months Ended		12 Months Ended
	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)facility	Dec. 31, 2016USD ($)facility	Dec. 31, 2015USD ($)
Segment Reporting Information [Line Items]
Intersegment sales or transfers					$ 0
Impairment related to goodwill	$ 0	$ 0
Goodwill	47,000,000		$ 47,000,000	$ 42,000,000
Senior housing triple-net
Segment Reporting Information [Line Items]
Number of SH NNN facilities transitioned to RIDEA structure | facility			42	17
Operating segment | Senior housing triple-net
Segment Reporting Information [Line Items]
Goodwill	21,000,000		$ 21,000,000	$ 16,000,000
Operating segment | SHOP
Segment Reporting Information [Line Items]
Goodwill	9,000,000		9,000,000	9,000,000
Operating segment | Medical office
Segment Reporting Information [Line Items]
Goodwill	11,000,000		11,000,000	11,000,000
Operating segment | Other non-reportable segments
Segment Reporting Information [Line Items]
Goodwill	$ 6,000,000		$ 6,000,000	$ 6,000,000

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) - USD ($)	1 Months Ended	3 Months Ended								12 Months Ended
	Jan. 31, 2017	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment reporting information, revenues
Rental Revenues										$ 1,792,141,000	$ 2,040,486,000	$ 1,828,305,000
Operating expenses										(666,251,000)	(738,399,000)	(610,679,000)
Segment NOI										1,125,890,000	1,302,087,000	1,217,626,000
Non-cash adjustments to NOI										38,410,000	(19,764,000)	(18,988,000)
Segment adjusted (cash) NOI										1,164,300,000	1,282,323,000	1,198,638,000
Addback adjustments										(38,410,000)	19,764,000	18,988,000
Interest income										56,237,000	88,808,000	112,184,000
Interest expense										(307,716,000)	(464,403,000)	(479,596,000)
Depreciation and amortization										(534,726,000)	(568,108,000)	(504,905,000)
General and administrative										(88,772,000)	(103,611,000)	(95,965,000)
Transaction costs										(7,963,000)	(9,821,000)	(27,309,000)
Recoveries (impairments), net										(166,384,000)	0	(108,349,000)
Gain (loss) on sales of real estate, net										356,641,000	164,698,000	6,377,000
Loss on debt extinguishment						$ (46,000,000)				(54,227,000)	(46,020,000)	0
Other income (expense), net										31,420,000	3,654,000	16,208,000
Income tax benefit (expense)										1,333,000	(4,473,000)	9,807,000
Equity income (loss) from unconsolidated JVs										10,901,000	11,360,000	6,590,000
Total discontinued operations						(18,246,000)	$ 108,215,000	$ 107,378,000	$ 68,408,000	0	265,755,000	(699,086,000)
Net income (loss)		$ (57,924,000)	$ (5,720,000)	$ 22,101,000	$ 464,177,000	$ 61,300,000	$ 154,039,000	$ 304,842,000	$ 119,745,000	422,634,000	639,926,000	(546,418,000)
Corporate and other assets
Segment reporting information, revenues
Rental Revenues										0	0	0
Operating expenses										0	0	0
Segment NOI										0	0	0
Non-cash adjustments to NOI										0	0	0
Segment adjusted (cash) NOI										0	0	0
Addback adjustments										0	0	0
Interest income										0	0	0
Interest expense										(292,169,000)	(407,754,000)	(408,602,000)
Depreciation and amortization										0	0	0
General and administrative										(88,772,000)	(103,611,000)	(95,965,000)
Transaction costs										(7,963,000)	(9,821,000)	(27,309,000)
Recoveries (impairments), net										0		0
Gain (loss) on sales of real estate, net										0	0	0
Loss on debt extinguishment										(54,227,000)	(46,020,000)
Other income (expense), net										(19,475,000)	3,654,000	16,208,000
Income tax benefit (expense)										1,333,000	(4,473,000)	9,807,000
Equity income (loss) from unconsolidated JVs										0	0	0
Total discontinued operations											265,755,000	(699,086,000)
Net income (loss)										(461,273,000)	(302,270,000)	(1,204,947,000)
Senior housing triple-net
Segment reporting information, revenues
Recoveries (impairments), net			$ (23,000,000)
Senior housing triple-net | Operating segment
Segment reporting information, revenues
Rental Revenues										313,547,000	423,118,000	428,269,000
Operating expenses										(3,819,000)	(6,710,000)	(3,427,000)
Segment NOI										309,728,000	416,408,000	424,842,000
Non-cash adjustments to NOI										17,098,000	(7,566,000)	(9,716,000)
Segment adjusted (cash) NOI										326,826,000	408,842,000	415,126,000
Addback adjustments										(17,098,000)	7,566,000	9,716,000
Interest income										0	0	0
Interest expense										(2,518,000)	(9,499,000)	(16,899,000)
Depreciation and amortization										(103,820,000)	(136,146,000)	(125,538,000)
General and administrative										0	0	0
Transaction costs										0	0	0
Recoveries (impairments), net										(22,590,000)		0
Gain (loss) on sales of real estate, net										280,349,000	48,744,000	6,325,000
Loss on debt extinguishment										0
Other income (expense), net										0	0	0
Income tax benefit (expense)										0	0	0
Equity income (loss) from unconsolidated JVs										0	0	0
Total discontinued operations											0	0
Net income (loss)										461,149,000	319,507,000	288,730,000
SHOP | Operating segment
Segment reporting information, revenues
Rental Revenues										525,473,000	686,822,000	518,264,000
Operating expenses										(396,491,000)	(480,870,000)	(371,016,000)
Segment NOI										128,982,000	205,952,000	147,248,000
Non-cash adjustments to NOI										33,227,000	(2,686,000)	8,145,000
Segment adjusted (cash) NOI										162,209,000	203,266,000	155,393,000
Addback adjustments										(33,227,000)	2,686,000	(8,145,000)
Interest income										0	0	0
Interest expense										(7,920,000)	(29,745,000)	(31,869,000)
Depreciation and amortization										(103,162,000)	(108,806,000)	(80,981,000)
General and administrative										0	0	0
Transaction costs										0	0	0
Recoveries (impairments), net										0		0
Gain (loss) on sales of real estate, net										17,485,000	675,000	0
Loss on debt extinguishment										0
Other income (expense), net										0	0	0
Income tax benefit (expense)										0	0	0
Equity income (loss) from unconsolidated JVs										0	0	0
Total discontinued operations											0	0
Net income (loss)										35,385,000	68,076,000	34,398,000
Life science
Segment reporting information, revenues
Gain (loss) on sales of real estate, net	$ 45,000,000
Life science | Operating segment
Segment reporting information, revenues
Rental Revenues										358,816,000	358,537,000	342,984,000
Operating expenses										(78,001,000)	(72,478,000)	(70,217,000)
Segment NOI										280,815,000	286,059,000	272,767,000
Non-cash adjustments to NOI										(4,517,000)	(2,954,000)	(10,128,000)
Segment adjusted (cash) NOI										276,298,000	283,105,000	262,639,000
Addback adjustments										4,517,000	2,954,000	10,128,000
Interest income										0	0	0
Interest expense										(373,000)	(2,357,000)	(2,878,000)
Depreciation and amortization										(128,864,000)	(130,829,000)	(126,241,000)
General and administrative										0	0	0
Transaction costs										0	0	0
Recoveries (impairments), net										0		0
Gain (loss) on sales of real estate, net										45,916,000	49,042,000	0
Loss on debt extinguishment										0
Other income (expense), net										0	0	0
Income tax benefit (expense)										0	0	0
Equity income (loss) from unconsolidated JVs										0	0	0
Total discontinued operations											0	0
Net income (loss)										197,494,000	201,915,000	143,648,000
Medical office | Operating segment
Segment reporting information, revenues
Rental Revenues										477,459,000	446,280,000	415,351,000
Operating expenses										(183,197,000)	(173,687,000)	(162,054,000)
Segment NOI										294,262,000	272,593,000	253,297,000
Non-cash adjustments to NOI										(2,952,000)	(3,536,000)	(4,933,000)
Segment adjusted (cash) NOI										291,310,000	269,057,000	248,364,000
Addback adjustments										2,952,000	3,536,000	4,933,000
Interest income										0	0	0
Interest expense										(506,000)	(5,895,000)	(9,603,000)
Depreciation and amortization										(169,795,000)	(161,790,000)	(143,682,000)
General and administrative										0	0	0
Transaction costs										0	0	0
Recoveries (impairments), net										0		0
Gain (loss) on sales of real estate, net										9,095,000	8,333,000	52,000
Loss on debt extinguishment										0
Other income (expense), net										0	0	0
Income tax benefit (expense)										0	0	0
Equity income (loss) from unconsolidated JVs										0	0	0
Total discontinued operations											0	0
Net income (loss)										133,056,000	113,241,000	100,064,000
Other non-reportable segments | Operating segment
Segment reporting information, revenues
Rental Revenues										116,846,000	125,729,000	123,437,000
Operating expenses										(4,743,000)	(4,654,000)	(3,965,000)
Segment NOI										112,103,000	121,075,000	119,472,000
Non-cash adjustments to NOI										(4,446,000)	(3,022,000)	(2,356,000)
Segment adjusted (cash) NOI										107,657,000	118,053,000	117,116,000
Addback adjustments										4,446,000	3,022,000	2,356,000
Interest income										56,237,000	88,808,000	112,184,000
Interest expense										(4,230,000)	(9,153,000)	(9,745,000)
Depreciation and amortization										(29,085,000)	(30,537,000)	(28,463,000)
General and administrative										0	0	0
Transaction costs										0	0	0
Recoveries (impairments), net										(143,794,000)		(108,349,000)
Gain (loss) on sales of real estate, net										3,796,000	57,904,000	0
Loss on debt extinguishment										0
Other income (expense), net										50,895,000	0	0
Income tax benefit (expense)										0	0	0
Equity income (loss) from unconsolidated JVs										10,901,000	11,360,000	6,590,000
Total discontinued operations											0	0
Net income (loss)										$ 56,823,000	$ 239,457,000	$ 91,689,000

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Segment Disclosure
Total revenues	$ 443,259	$ 454,023	$ 458,928	$ 492,168	$ 539,950	$ 530,555	$ 538,332	$ 520,457	$ 1,848,378	$ 2,129,294	$ 1,940,489
Total assets	14,088,461				15,759,265				14,088,461	15,759,265	21,449,849
Assets held for sale and discontinued operations, net	417,014				927,866				417,014	927,866	5,654,326
Operating segment
Segment Disclosure
Gross assets	14,051,070				14,692,941				14,051,070	14,692,941	14,801,775
Accumulated depreciation and amortization	(2,919,278)				(2,900,060)				(2,919,278)	(2,900,060)	(2,704,425)
Total assets	11,131,792				11,792,881				11,131,792	11,792,881	12,097,350
Operating segment | Senior housing triple-net
Segment Disclosure
Total revenues									313,547	423,118	428,269
Gross assets	3,515,400				3,871,720				3,515,400	3,871,720	5,092,443
Operating segment | SHOP
Segment Disclosure
Total revenues									525,473	686,822	518,264
Gross assets	2,392,130				3,135,115				2,392,130	3,135,115	2,684,675
Operating segment | Life science
Segment Disclosure
Total revenues									358,816	358,537	342,984
Gross assets	4,154,372				3,961,623				4,154,372	3,961,623	3,613,726
Operating segment | Medical office
Segment Disclosure
Total revenues									477,459	446,280	415,351
Gross assets	3,989,168				3,724,483				3,989,168	3,724,483	3,410,931
Operating segment | Other non-reportable segments
Segment Disclosure
Total revenues									173,083	214,537	235,621
Total assets	1,904,433				2,255,712				1,904,433	2,255,712	2,392,823
Other non-segment
Segment Disclosure
Total assets	$ 635,222				$ 782,806				$ 635,222	$ 782,806	$ 1,305,350

Future Minimum Rents (Details)

Future Minimum Rents (Details) $ in Thousands	Dec. 31, 2017USD ($)
Future minimum lease payments received
2,018	$ 1,021,212
2,019	956,092
2,020	874,617
2,021	793,058
2,022	691,352
Thereafter	2,807,315
Total	$ 7,143,646

Compensation Plans - Stock Base

Compensation Plans - Stock Based Compensation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)participantshares	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	May 01, 2014shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense recognized | $	$ 14	$ 23	$ 26
Deferred compensation cost | $	$ 20	14
Total unrecognized compensation cost, period of recognition	3 years
Business days, period	5 days
Number of impacted participants on spin off | participant	133
Former Chairman, Chief Executive Officer and President
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total share-based compensation expense recognized | $		$ 7
2006 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for future awards (in shares)				0
2014 Incentive Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for future awards (in shares)	30,000,000
Maximum number of shares reserved for awards (in shares)				33,000,000
Maximum number of shares available for future awards to be issued as restricted stock and performance restricted stock unit	20,000,000

Compensation Plans - Stock Opti

Compensation Plans - Stock Options (Details) - Common Stock Options - USD ($) shares in Millions, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	10 years
Number of stock options shares outstanding	1.1	1.3
Number of stock options shares exercisable	1.1	1.2
Proceeds received from options exercised	$ 1	$ 4	$ 28
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	5 years

Compensation Plans - Restricted

Compensation Plans - Restricted Stock Awards Narrative (Details) - USD ($) shares in Thousands, $ in Millions	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Restricted Shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Restricted Shares | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	3 years
Percentage of performance metrics during performance period	0.00%
Restricted Shares | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based awards, vesting period	6 years
Percentage of performance metrics during performance period	200.00%
Restricted Stock and Performance Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares withheld to offset tax withholding obligations (in shares)	157	237	200
Weighted-average remaining vesting period of restricted stock and restricted stock units	2 years
Total fair values (at vesting) of restricted stock and restricted stock units vested	$ 15	$ 24	$ 21

Compensation Plans - Schedule o

Compensation Plans - Schedule of Restricted Stock and RSUs Activity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Restricted Stock Units
Unvested restricted stock and performance restricted stock units activity
Unvested at the beginning of the period (in shares)	1,139	962
Granted (in shares)		844
Vested (in shares)		(419)
Forfeited (in shares)		(248)
Unvested at the end of the period (in shares)		1,139
Weighted Average Grant Date Fair Value
Unvested at the beginning of the period, Weighted Average Grant Date Fair Value (in dollars per share)	$ 33.41	$ 37.39
Granted, Weighted Average Grant Date Fair Value (in dollars per share)		33.57
Vested, Weighted Average Grant Date Fair Value (in dollars per share)		35.10
Forfeited, Weighted Average Grant Date Fair Value (in dollars per share)		35.04
Unvested at the end of the period, Weighted Average Grant Date Fair Value (in dollars per share)		$ 33.41
Forecast
Weighted Average Grant Date Fair Value
Severance and related charges	$ 9

Impairments (Details)

Impairments (Details) $ in Thousands, £ in Millions

1 Months Ended

3 Months Ended

12 Months Ended

Mar. 31, 2017USD ($)

Mar. 31, 2017GBP (£)

Oct. 31, 2015USD ($)

Sep. 30, 2017USD ($)property

Sep. 30, 2015USD ($)

Jun. 30, 2015USD ($)

Dec. 31, 2017USD ($)

Dec. 31, 2016USD ($)

Dec. 31, 2015USD ($)

Feb. 28, 2017USD ($)

Feb. 28, 2017GBP (£)

Sep. 30, 2015GBP (£)

Casualty-Related

Casualty-related loss

$ 13,000

Property damage loss in a casualty

8,000

Other associated costs with casualty loss

5,000

Deferred tax benefit related to casualty loss

1,000

Asset impairment charge

166,384

$ 0

$ 108,349

Buildings and improvements

11,239,732

$ 11,692,654

Delphis

Casualty-Related

Cash payments received from borrower

$ 23,000

Impairment recovery on loan receivable

$ 6,000

Senior housing triple-net

Casualty-Related

Number of real estate properties impaired | property

11

Asset impairment charge

$ 23,000

Four Seasons

Casualty-Related

Marketable debt securities, net

$ 50,000

£ 41

Marketable debt securities at amortized cost | £

£ 138.5

Sale price of marketable securities

$ 101,000

83

Gain on sale of securities

$ 51,000

£ 42

Four Seasons | Discounted cash flow valuation technique | Level 2

Casualty-Related

Impairments of investments in marketable debt securities

$ 70,000

$ 42,000

Marketable debt securities, net

$ 100,000

£ 66

Other Nonoperating Income (Expense)

Casualty-Related

Casualty-related loss

12,000

Equity Income (Loss) From Unconsolidated Joint Ventures

Casualty-Related

Casualty-related loss

$ 1,000

Income Taxes - Schedule of Comm

Income Taxes - Schedule of Common Stock Distribution (Details) - $ / shares	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Oct. 31, 2016
Dividends Payable [Line Items]
Dividends, amount per share	$ 1.48	$ 8.265	$ 2.26
Common dividends, per share (in dollars per share)	1.48	2.095	2.260
Ordinary dividends
Dividends Payable [Line Items]
Dividends, amount per share	1.48	1.5561	2.1184
Capital gain dividends
Dividends Payable [Line Items]
Dividends, amount per share	0	0	0.0316
Nondividend distributions
Dividends Payable [Line Items]
Dividends, amount per share	$ 0	6.7089	$ 0.11
Nondividend distributions | Spinoff
Dividends Payable [Line Items]
Dividends, amount per share		$ 6.17		$ 6.17

Income Taxes - Narrative (Detai

Income Taxes - Narrative (Details)	Oct. 31, 2016$ / shares	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)	Jun. 30, 2016USD ($)	Mar. 31, 2016USD ($)	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares
Operating Loss Carryforwards [Line Items]
Stock distribution ratio	5
Common stock dividend paid in lieu of fractional shares (usd per share) | $ / shares		$ 1.48				$ 8.265				$ 1.48	$ 8.265	$ 2.26
Income (loss) before income taxes		$ (50,957,000)	$ (12,263,000)	$ 18,874,000	$ 454,746,000	$ 67,530,000	$ 47,453,000	$ 196,352,000	$ 55,949,000	$ 410,400,000	$ 367,284,000	$ 136,271,000
Tax expense recorded from Tax Cuts and Jobs Act		17,000,000
Income tax expense									$ 53,000,000	0	48,181,000	796,000
Net operating loss carryforward		10,720,000				8,784,000				10,720,000	8,784,000	3,703,000
Amount that tax basis of net assets is less than reported amounts		1,700,000,000				$ 2,000,000,000				1,700,000,000	2,000,000,000	6,500,000,000
UK
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes										(4,000,000)	(4,000,000)	(15,000,000)
QCP
Operating Loss Carryforwards [Line Items]
Share price (usd per share) | $ / shares	$ 30.85
TRS
Operating Loss Carryforwards [Line Items]
Income (loss) before income taxes										(58,000,000)	$ (9,000,000)	$ (22,000,000)
Net operating loss carryforward		$ 42,000,000								$ 42,000,000

Income Taxes - Schedule of Inco

Income Taxes - Schedule of Income Tax Expense (Benefit) (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Federal	$ 949	$ 8,525	$ 4,948
State	1,504	8,307	1,988
Foreign	1,737	1,332	828
Total current	4,190	18,164	7,764
Federal	2,730	(10,241)	(11,317)
State	(5,889)	(1,401)	(1,382)
Foreign	(2,364)	(2,049)	(4,872)
Total deferred	(5,523)	(13,691)	(17,571)
Total income tax (benefit) expense	$ (1,333)	$ 4,473	$ (9,807)

Income Taxes - Schedule of I112

Income Taxes - Schedule of Income Tax Expense (Benefit) Reconciliation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Tax (benefit) expense at U.S. federal statutory income tax rate on income or loss subject to tax	$ (21,085)	$ (4,581)	$ (12,630)
State income tax expense, net of federal tax	(1,222)	6,081	(606)
Gross receipts and margin taxes	1,716	1,847	1,383
Foreign rate differential	632	647	2,269
Effect of permanent differences	6	(280)	(298)
Return to provision adjustments	1,597	287	(368)
Re-measurement of deferred tax assets and liabilities	17,080	0	0
Increase (decrease) in valuation allowance	(57)	472	443
Total income tax (benefit) expense	$ (1,333)	$ 4,473	$ (9,807)

Income Taxes - Schedule of Defe

Income Taxes - Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Income Tax Disclosure [Abstract]
Investments and property, primarily differences in investment basis, depreciation and amortization, the basis of land assets, and the treatment of interests and certain costs	$ 31,691	$ 28,940	$ 19,862
Net operating loss carryforward	10,720	8,784	3,703
Expense accruals and other	229	(847)	(753)
Valuation allowance	(548)	(606)	(531)
Net deferred tax assets	$ 42,092	$ 36,271	$ 22,281

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended								12 Months Ended
	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Jun. 30, 2016	Mar. 31, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Numerator
Net income (loss) from continuing operations									$ 422,634	$ 374,171	$ 152,668
Noncontrolling interests' share in earnings									(8,465)	(12,179)	(12,817)
Net income (loss) attributable to HCP, Inc.									414,169	361,992	139,851
Less: Participating securities' share in earnings									(1,156)	(1,198)	(1,317)
Income (loss) from continuing operations applicable to common shares									413,013	360,794	138,534
Discontinued operations					$ (18,246)	$ 108,215	$ 107,378	$ 68,408	0	265,755	(699,086)
Net income (loss) applicable to common shares									$ 413,013	$ 626,549	$ (560,552)
Denominator
Basic weighted average shares outstanding									468,759,000	467,195,000	462,795,000
Dilutive potential common shares - equity awards									176,000	208,000	0
Diluted weighted average common shares									468,935,000	467,403,000	462,795,000
Basic earnings per common share:
Continuing operations (in dollars per share)									$ 0.88	$ 0.77	$ 0.30
Discontinued operations (in dollars per share)									0	0.57	(1.51)
Net income (loss) applicable to common shares (in dollars per share)	$ (0.13)	$ (0.02)	$ 0.04	$ 0.98	$ 0.12	$ 0.32	$ 0.65	$ 0.25	0.88	1.34	(1.21)
Diluted earnings per common share
Continuing operations (in dollars per share)									0.88	0.77	0.30
Discontinued operations (in dollars per share)									0	0.57	(1.51)
Net income (loss) applicable to common shares (in dollars per share)	$ (0.13)	$ (0.02)	$ 0.04	$ 0.97	$ 0.12	$ 0.32	$ 0.64	$ 0.25	$ 0.88	$ 1.34	$ (1.21)
Common Stock Options
Diluted earnings per common share
Shares of anti-dilutive securities excluded from earnings per share calculation									1,000,000	1,000,000	1,000,000

Supplemental Cash Flow Infor115

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 309,111	$ 489,453	$ 451,615
Income taxes paid	10,045	13,727	6,959
Capitalized interest	16,937	11,108	8,798
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	67,425	49,999	52,511
Non-cash impact of QCP Spin-Off, net	0	3,539,584	0
Securities transferred for debt defeasance	0	73,278	0
Settlement of loans receivable as consideration for real estate acquisition	0	0	299,297
Vesting of restricted stock units and conversion of non-managing member units into common stock	2,908	6,622	3,388
Noncontrolling interest and other liabilities, net assumed in connection with the RIDEA III acquisition	0	0	61,219
Deconsolidation of noncontrolling interest in connection with RIDEA II transaction	58,061	0	0
Noncontrolling interest issued in connection with real estate and other acquisitions	0	0	10,971
Mortgages and other liabilities assumed with real estate acquisitions	5,425	82,985	23,218
Foreign currency translation adjustment	15,862	(3,332)	(8,738)
Unrealized gains (losses) on available-for-sale securities and derivatives designated as cash flow hedges, net	$ (10,315)	$ 3,171	$ 1,889

Supplemental Cash Flow Infor116

Supplemental Cash Flow Information Cash, cash equivalents and restricted cash (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 55,306	$ 94,730
Restricted cash	26,897	42,260
Cash, cash equivalents and restricted cash	$ 82,203	$ 136,990	$ 401,058

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands, € in Millions	Jan. 01, 2016USD ($)joint_venture	Sep. 30, 2011	Dec. 31, 2017USD ($)propertyloanentityjoint_venturetenant	Dec. 31, 2017EUR (€)propertyloanjoint_venturetenant	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)	May 31, 2015USD ($)	Aug. 29, 2014
Variable Interest Entity [Line Items]
Number of joint ventures deconsolidated | joint_venture	3
Cumulative-effect adjustment to cumulative dividends in excess of earnings	$ 500
Mezzanine			$ 269,299			$ 615,188
Loans receivable, other			$ 188,418			195,946
Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of properties leased | property			21	21
Ownership percentage (as a percent)		90.00%
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures | joint_venture			5	5
Number of VIE borrowers with marketable debt securities | joint_venture			1	1
Number of VIE borrowers with debt securities and loan | loan			3	3
Number of VIE tenants | tenant			7	7
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Number of properties leased | property			48	48
CCRC OpCo
Variable Interest Entity [Line Items]
Joint Venture Ownership Percentage									49.00%
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%
Vintage Park Development JV and Waldwick JV
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures | joint_venture			2	2
HCP Ventures V
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)			51.00%
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member | entity			5
EAT
Variable Interest Entity [Line Items]
Total assets			$ 153,000
Number of properties | property			11	11
Bridge Loan | MMCG
Variable Interest Entity [Line Items]
Loan amount			$ 131,000	€ 105
Period of call-option retained			3 years
Tandem Health Care Loan
Variable Interest Entity [Line Items]
Loans receivable, other			$ 105,000		$ 189,000	$ 256,000		$ 257,000
Senior housing triple-net | Loan-seller financing
Variable Interest Entity [Line Items]
Mezzanine			$ 10,000
Term of facility			5 years
Senior housing triple-net | Loan-senior secured
Variable Interest Entity [Line Items]
Number of VIE tenants | tenant			7	7
Vintage Park Development JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)			90.00%
Watertown JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)			95.00%
Hayden JV
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)			99.00%
Accounting Standards Update (ASU) 2015-02 - Consolidation | Adjustment | Consolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Total assets							$ 543,000
Total liabilities							$ 651,000

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Dec. 31, 2017USD ($)
VIE tenants-DFLs
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	$ 601,723
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	5,519
CCRC OpCo
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	190,454
RIDEA II PropCo
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	252,743
Development JVs
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	12,563
Tandem Health Care
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	105,000
MMCG Loan
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	142,820
Loan - Seller Financing
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	10,000
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum loss exposure in VIEs involvement	$ 33,750

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Variable Interest Entity [Line Items]
Buildings and improvements	$ 11,239,732	$ 11,692,654
Development costs and construction in progress	447,976	400,619
Land	1,785,865	1,881,487
Accumulated Depreciation	(2,741,695)	(2,648,930)
Net real estate	10,731,878	11,325,830
Investments in and advances to unconsolidated joint ventures	800,840	571,491
Accounts Receivable, Net	40,733	45,116
Cash and cash equivalents	55,306	94,730
Restricted cash	26,897	42,260
Intangible assets, net	410,082	479,805
Other assets, net	578,033	711,624
Total assets	14,088,461	15,759,265	$ 21,449,849
Mortgage debt	144,486	623,792
Intangible liabilities, net	52,579	58,145
Liabilities of assets held for sale, net	14,031	3,776
Deferred revenue	144,709	149,181
Total liabilities	8,493,523	9,817,957
Variable Interest Entity
Variable Interest Entity [Line Items]
Buildings and improvements	2,436,414	3,522,310
Development costs and construction in progress	32,285	31,953
Land	227,162	327,241
Accumulated Depreciation	(542,091)	(676,276)
Net real estate	2,153,770	3,205,228
Investments in and advances to unconsolidated joint ventures	2,231	3,641
Accounts Receivable, Net	10,242	19,996
Cash and cash equivalents	15,861	35,844
Restricted cash	2,619	22,624
Intangible assets, net	125,475	169,027
Other assets, net	33,749	69,562
Total assets	2,343,947	3,525,922
Mortgage debt	45,016	520,870
Intangible liabilities, net	10,672	8,994
Liabilities of assets held for sale, net	87,759	120,719
Other Liabilities	29,034	0
Intercompany Accounts	331	0
Fixed Asset Push Down	152,156	0
Deferred revenue	14,432	23,456
Total liabilities	$ 339,400	$ 674,039

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Carrying Amounts and Fair Values of the Financial Instruments (Details) - USD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Summary of financial instruments
Bank line of credit	$ 1,017,076	$ 899,718
Senior unsecured notes	6,396,451	7,133,538
Mortgage debt	144,486	623,792
Other debt	94,165	92,385
Carrying Value
Summary of financial instruments
Loans receivable, net	313,326	807,954
Marketable debt securities	18,690	68,630
Bank line of credit	1,017,076	899,718
Term loans	228,288	440,062
Senior unsecured notes	6,396,451	7,133,538
Mortgage debt	144,486	623,792
Other debt	94,165	92,385
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative liabilities	2,483	4,857
Carrying Value | Currency Swap
Summary of financial instruments
Derivative liabilities	10,968	0
Derivative assets	0	2,920
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	6,737,825	7,386,149
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	313,242	807,505
Marketable debt securities	18,690	68,630
Bank line of credit	1,017,076	899,718
Term loans	228,288	440,062
Mortgage debt	125,984	609,374
Other debt	94,165	92,385
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative liabilities	2,483	4,857
Fair Value | Currency Swap | Level 2
Summary of financial instruments
Derivative liabilities	10,968	0
Derivative assets	$ 0	$ 2,920

Concentration of Credit Risk -

Concentration of Credit Risk - Schedule of Concentration of Credit Risk (Details) - property	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Senior housing triple-net
Concentration Risk [Line Items]
Number of properties classified as held for sale	64
Brookdale Senior Living | Total Assets | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	10.00%	17.00%
Brookdale Senior Living | Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	8.00%	12.00%	13.00%
Brookdale Senior Living | Senior housing triple-net | Total Assets | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	39.00%	69.00%
Brookdale Senior Living | Senior housing triple-net | Revenue | Customer Concentration Risk
Concentration Risk [Line Items]
Concentration risk (as a percent)	47.00%	59.00%	58.00%

Concentration of Credit Risk122

Concentration of Credit Risk - Narrative (Details)	Nov. 01, 2017	Dec. 31, 2017facilityrenewal	Dec. 31, 2016
Brookdale Senior Living | SHOP | Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)		13.00%	18.00%
Brookdale Senior Living | Senior housing | Management and Accounting Services
Concentration Risk [Line Items]
Management agreement renewal term (in years)		5 years
Management and Accounting Services | Brookdale Senior Living | SHOP
Concentration Risk [Line Items]
Number of unconsolidated joint ventures | facility		62
Management and Accounting Services | Brookdale Senior Living | Senior housing
Concentration Risk [Line Items]
Investments in Joint Ventures Senior Housing Facilities Number | facility		78
Minimum | Brookdale Senior Living
Concentration Risk [Line Items]
Percentage of EDITDAR payable as base management fee		4.50%
Minimum | Brookdale Senior Living | Senior housing | Management and Accounting Services
Concentration Risk [Line Items]
Management Agreement Number of Renewals | renewal		3
Minimum | Management and Accounting Services | Brookdale Senior Living | Senior housing
Concentration Risk [Line Items]
Management agreement term (in years)		10 years
Maximum | Brookdale Senior Living
Concentration Risk [Line Items]
Percentage of EDITDAR payable as base management fee		5.00%
Maximum | Brookdale Senior Living | Senior housing | Management and Accounting Services
Concentration Risk [Line Items]
Management Agreement Number of Renewals | renewal		4
Maximum | Management and Accounting Services | Brookdale Senior Living | Senior housing
Concentration Risk [Line Items]
Management agreement term (in years)		15 years
HCP/CPA/Brookdale JV | RIDEA II
Concentration Risk [Line Items]
Equity method investment ownership interest disposed	40.00%

Concentration of Credit Risk123

Concentration of Credit Risk - Schedule of Geographical Concentration of Credit Risk (Details) - Geographic Concentration Risk	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
California | Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)	31.00%	29.00%
California | Revenue
Concentration Risk [Line Items]
Concentration risk (as a percent)	26.00%	26.00%	27.00%
Texas | Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)	14.00%	14.00%
Texas | Revenue
Concentration Risk [Line Items]
Concentration risk (as a percent)	17.00%	17.00%	16.00%

Derivative Financial Instrum124

Derivative Financial Instruments - Schedule of Derivative Financial Instruments (Details) - Dec. 31, 2017	USD ($)derivative$ / £	GBP (£)derivative$ / £
Interest-rate swap contracts | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 44,000,000
Pay Rate/Receive Rate (as a percent)	3.82%	3.82%
Fair value of interest rate hedge, liabilities	$ (2,483,000)
Cross Currency Interest Rate Contract | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional | £		£ 105,000,000
Fair value of interest rate hedge, liabilities	$ (10,968,000)
Foreign currency translation rate (as a percent) | $ / £	1.251	1.251
Cross Currency Interest Rate Contract | Long | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional | £		£ 105,000,000
Pay Rate/Receive Rate (as a percent)	2.584%	2.584%
Cross Currency Interest Rate Contract | Short | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional	$ 131,000,000
Pay Rate/Receive Rate (as a percent)	3.75%	3.75%
Interest rate swap, entered in July 2005, maturity in July 2020 | Cash flow hedge
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Number of interest-rate swap contracts | derivative	3	3

Derivative Financial Instrum125

Derivative Financial Instruments - Narrative (Details) - 12 months ended Dec. 31, 2017 $ in Millions	USD ($)	GBP (£)
Facility and 2012 Term Loan | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount | £		£ 150,000,000
Cross Currency Interest Rate Contract | Net Investment Hedging
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Notional amount | £		£ 105,000,000
Maximum
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate | $	$ 2
Maximum | Cross Currency Interest Rate Contract
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate | $	$ 2

Selected Quarterly Financial126

Selected Quarterly Financial Data (Unaudited) (Details) $ / shares in Units, £ in Millions	May 01, 2017USD ($)	Dec. 31, 2017USD ($)$ / shares	Sep. 30, 2017USD ($)$ / shares	Jun. 30, 2017USD ($)$ / shares	Mar. 31, 2017USD ($)facility$ / shares	Mar. 31, 2017GBP (£)facility	Dec. 31, 2016USD ($)$ / shares	Sep. 30, 2016USD ($)$ / shares	Jun. 30, 2016USD ($)$ / shares	Mar. 31, 2016USD ($)$ / shares	Dec. 31, 2017USD ($)$ / shares	Dec. 31, 2016USD ($)$ / shares	Dec. 31, 2015USD ($)$ / shares
Total revenues		$ 443,259,000	$ 454,023,000	$ 458,928,000	$ 492,168,000		$ 539,950,000	$ 530,555,000	$ 538,332,000	$ 520,457,000	$ 1,848,378,000	$ 2,129,294,000	$ 1,940,489,000
Total discontinued operations							(18,246,000)	108,215,000	107,378,000	68,408,000	0	265,755,000	(699,086,000)
Income (loss) before income taxes and equity income from investments in unconsolidated joint ventures		(50,957,000)	(12,263,000)	18,874,000	454,746,000		67,530,000	47,453,000	196,352,000	55,949,000	410,400,000	367,284,000	136,271,000
Net income (loss)		(57,924,000)	(5,720,000)	22,101,000	464,177,000		61,300,000	154,039,000	304,842,000	119,745,000	422,634,000	639,926,000	(546,418,000)
Net income (loss) applicable to HCP, Inc.		$ (58,702,000)	$ (7,657,000)	$ 19,383,000	$ 461,145,000		$ 58,661,000	$ 151,250,000	$ 301,717,000	$ 116,119,000	$ 414,169,000	$ 627,747,000	$ (559,235,000)
Dividends paid per common share (in dollars per share) | $ / shares		$ 0.37	$ 0.37	$ 0.37	$ 0.37		$ 0.37	$ 0.58	$ 0.58	$ 0.58	$ 1.480	$ 2.095	$ 2.260
Basic earnings per common share (in dollars per share) | $ / shares		(0.13)	(0.02)	0.04	0.98		0.12	0.32	0.65	0.25	0.88	1.34	(1.21)
Diluted earnings per common share (in dollars per share) | $ / shares		$ (0.13)	$ (0.02)	$ 0.04	$ 0.97		$ 0.12	$ 0.32	$ 0.64	$ 0.25	$ 0.88	$ 1.34	$ (1.21)
Reduction in rental and related revenues											$ 1,071,153,000	$ 1,159,791,000	$ 1,116,830,000
Operating expenses											666,251,000	738,399,000	610,679,000
Tax expense recorded from Tax Cuts and Jobs Act		$ 17,000,000
Loss on extinguishment of debt							$ 46,000,000				54,227,000	46,020,000	0
Gain (loss) on sales of real estate, net											356,641,000	164,698,000	6,377,000
Transaction costs											0	86,765,000	0
Gain on sales of real estate									$ 120,000,000
Income tax expense										$ 53,000,000	0	48,181,000	$ 796,000
HCRMC
Income tax expense										$ 49,000,000
Four Seasons
Payments to Acquire Loans Receivable					$ 51,000,000	£ 42
Tandem Health Care Loan
Write down of loans receivable		84,000,000	$ 3,000,000	$ 57,000,000							144,000,000
Unsecured Note 5.625 Percent
Repayment of senior unsecured notes	$ 250,000,000		$ 500,000,000
Interest rate (as a percent)	5.625%		5.375%
Loss on extinguishment of debt			$ 54,000,000								$ 54,000,000	$ 46,000,000
Spinoff
Transaction costs							$ 58,000,000
Senior housing triple-net | Held-for-sale
Number of properties disposed | facility					64	64
Gain (loss) on sales of real estate, net					$ 170,000,000
Assets Leased to Others | Senior housing triple-net
Reduction in rental and related revenues		(20,000,000)
Assets Under Management Agreements | SHOP
Operating expenses		$ 35,000,000

Schedule II_ Valuation and Q127

Schedule II: Valuation and Qualifying Accounts (Details) - Allowance Accounts - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Movement in Valuation Allowances and Reserves
Balance at the beginning of the year	$ 29,518	$ 36,180	$ 50,531
Additions
Amounts Charged Against Operations, net	144,135	1,177	3,174
Acquired Properties	0	0	0
Deductions
Uncollectible Accounts Written-off	(2,732)	(2,843)	(17,209)
Disposed Properties	(1,547)	(4,996)	(316)
Balance at the end of the year	$ 169,374	29,518	36,180
Discontinued Operations
Movement in Valuation Allowances and Reserves
Balance at the beginning of the year		$ 818,000
Deductions
Balance at the end of the year			$ 818,000

Schedule III_ Real Estate an128

Schedule III: Real Estate and Accumulated Depreciation - Details of Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 144,486
Initial Cost to Company
Land	1,765,938
Buildings and Improvements	9,726,105
Costs Capitalized Subsequent to Acquisition	2,332,632
Gross Amount at Which Carried As of Year End
Land	1,785,865
Buildings and Improvements	11,687,708
Total	13,473,573	$ 13,974,760	$ 14,330,257	$ 12,931,832
Accumulated Depreciation	$ (2,741,695)	$ (2,648,930)	$ (2,476,015)	$ (2,190,486)
Useful life of buildings and improvements	60 years
Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	$ 144,486
Initial Cost to Company
Land	1,765,938
Buildings and Improvements	9,726,105
Costs Capitalized Subsequent to Acquisition	2,332,632
Gross Amount at Which Carried As of Year End
Land	1,785,865
Buildings and Improvements	11,687,527
Total	13,473,392
Accumulated Depreciation	(2,741,537)
Corporate and other assets
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	181
Total	181
Accumulated Depreciation	(158)
Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	50,763
Initial Cost to Company
Land	289,180
Buildings and Improvements	2,387,674
Costs Capitalized Subsequent to Acquisition	123,120
Gross Amount at Which Carried As of Year End
Land	289,448
Buildings and Improvements	2,457,872
Total	2,747,320
Accumulated Depreciation	(641,170)
SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	78,594
Initial Cost to Company
Land	194,278
Buildings and Improvements	1,866,536
Costs Capitalized Subsequent to Acquisition	216,811
Gross Amount at Which Carried As of Year End
Land	194,551
Buildings and Improvements	2,024,260
Total	2,218,811
Accumulated Depreciation	(359,316)
Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	6,118
Initial Cost to Company
Land	880,878
Buildings and Improvements	2,044,568
Costs Capitalized Subsequent to Acquisition	1,131,979
Gross Amount at Which Carried As of Year End
Land	883,075
Buildings and Improvements	3,094,702
Total	3,977,777
Accumulated Depreciation	(635,314)
Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	9,011
Initial Cost to Company
Land	279,168
Buildings and Improvements	2,785,660
Costs Capitalized Subsequent to Acquisition	822,680
Gross Amount at Which Carried As of Year End
Land	295,620
Buildings and Improvements	3,434,989
Total	3,730,609
Accumulated Depreciation	(924,333)
United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	122,434
Buildings and Improvements	641,667
Costs Capitalized Subsequent to Acquisition	38,042
Gross Amount at Which Carried As of Year End
Land	123,171
Buildings and Improvements	675,704
Total	798,875
Accumulated Depreciation	(181,404)
1107 Huntsville AL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	307
Buildings and Improvements	5,813
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	307
Buildings and Improvements	5,453
Total	5,760
Accumulated Depreciation	(1,534)
786 Douglas AZ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	110
Buildings and Improvements	703
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	110
Buildings and Improvements	703
Total	813
Accumulated Depreciation	(365)
518 Tucson AZ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,350
Buildings and Improvements	24,037
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,350
Buildings and Improvements	24,037
Total	26,387
Accumulated Depreciation	(11,418)
1238 Beverly Hills CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,872
Buildings and Improvements	32,590
Costs Capitalized Subsequent to Acquisition	9,188
Gross Amount at Which Carried As of Year End
Land	9,872
Buildings and Improvements	41,030
Total	50,902
Accumulated Depreciation	(12,043)
883 Carmichael CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,270
Buildings and Improvements	13,846
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	4,270
Buildings and Improvements	13,236
Total	17,506
Accumulated Depreciation	(3,668)
2204 Chino Hills CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,720
Buildings and Improvements	41,183
Costs Capitalized Subsequent to Acquisition	24
Gross Amount at Which Carried As of Year End
Land	3,720
Buildings and Improvements	41,205
Total	44,925
Accumulated Depreciation	(4,931)
851 Citrus Heights CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,180
Buildings and Improvements	8,367
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,180
Buildings and Improvements	8,037
Total	9,217
Accumulated Depreciation	(3,102)
790 Concord CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	25,000
Initial Cost to Company
Land	6,010
Buildings and Improvements	39,601
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	6,010
Buildings and Improvements	38,301
Total	44,311
Accumulated Depreciation	(11,877)
787 Dana Point CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,960
Buildings and Improvements	15,946
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,960
Buildings and Improvements	15,466
Total	17,426
Accumulated Depreciation	(4,801)
798 Escondido CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	14,340
Initial Cost to Company
Land	5,090
Buildings and Improvements	24,253
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	5,090
Buildings and Improvements	23,353
Total	28,443
Accumulated Depreciation	(7,250)
791 Fremont CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,360
Buildings and Improvements	11,672
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,360
Buildings and Improvements	11,192
Total	13,552
Accumulated Depreciation	(3,475)
788 Granada Hills CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,200
Buildings and Improvements	18,257
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	17,637
Total	19,837
Accumulated Depreciation	(5,475)
227 Lodi CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	732
Buildings and Improvements	5,453
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	732
Buildings and Improvements	5,453
Total	6,185
Accumulated Depreciation	(3,008)
226 Murietta CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	435
Buildings and Improvements	5,729
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	435
Buildings and Improvements	5,729
Total	6,164
Accumulated Depreciation	(3,093)
1165 Northridge CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,718
Buildings and Improvements	26,309
Costs Capitalized Subsequent to Acquisition	2,710
Gross Amount at Which Carried As of Year End
Land	6,752
Buildings and Improvements	27,780
Total	34,532
Accumulated Depreciation	(7,981)
789 Pleasant Hill CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	6,270
Initial Cost to Company
Land	2,480
Buildings and Improvements	21,333
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,480
Buildings and Improvements	20,633
Total	23,113
Accumulated Depreciation	(6,405)
2205 Roseville CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,844
Buildings and Improvements	33,527
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	3,844
Buildings and Improvements	33,527
Total	37,371
Accumulated Depreciation	(3,938)
1167 Santa Rosa CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,582
Buildings and Improvements	21,113
Costs Capitalized Subsequent to Acquisition	2,230
Gross Amount at Which Carried As of Year End
Land	3,627
Buildings and Improvements	22,003
Total	25,630
Accumulated Depreciation	(6,189)
793 South San Francisco CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,000
Buildings and Improvements	16,586
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	3,000
Buildings and Improvements	16,056
Total	19,056
Accumulated Depreciation	(4,978)
792 Ventura CA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,030
Buildings and Improvements	17,379
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,030
Buildings and Improvements	16,749
Total	18,779
Accumulated Depreciation	(5,200)
512 Denver CO | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,810
Buildings and Improvements	36,021
Costs Capitalized Subsequent to Acquisition	1,885
Gross Amount at Which Carried As of Year End
Land	2,810
Buildings and Improvements	37,686
Total	40,496
Accumulated Depreciation	(17,547)
1000 Greenwood Village CO | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,367
Buildings and Improvements	43,610
Costs Capitalized Subsequent to Acquisition	2,894
Gross Amount at Which Carried As of Year End
Land	3,367
Buildings and Improvements	45,708
Total	49,075
Accumulated Depreciation	(12,039)
2144 Glastonbury CT | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,658
Buildings and Improvements	16,046
Costs Capitalized Subsequent to Acquisition	378
Gross Amount at Which Carried As of Year End
Land	1,658
Buildings and Improvements	16,423
Total	18,081
Accumulated Depreciation	(2,600)
730 Torrington CT | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	166
Buildings and Improvements	11,001
Costs Capitalized Subsequent to Acquisition	3,686
Gross Amount at Which Carried As of Year End
Land	166
Buildings and Improvements	14,277
Total	14,443
Accumulated Depreciation	(3,947)
861 Apopka FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	920
Buildings and Improvements	4,816
Costs Capitalized Subsequent to Acquisition	854
Gross Amount at Which Carried As of Year End
Land	920
Buildings and Improvements	5,570
Total	6,490
Accumulated Depreciation	(1,770)
852 Boca Raton FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end
Initial Cost to Company
Land	4,730
Buildings and Improvements	17,532
Costs Capitalized Subsequent to Acquisition	5,471
Gross Amount at Which Carried As of Year End
Land	4,730
Buildings and Improvements	22,390
Total	27,120
Accumulated Depreciation	(7,570)
2467 Ft Myers FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,782
Buildings and Improvements	21,827
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,782
Buildings and Improvements	21,827
Total	24,609
Accumulated Depreciation	(1,577)
1095 Gainesville FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,221
Buildings and Improvements	12,226
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,221
Buildings and Improvements	12,001
Total	13,222
Accumulated Depreciation	(3,375)
490 Jacksonville FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,250
Buildings and Improvements	25,936
Costs Capitalized Subsequent to Acquisition	6,170
Gross Amount at Which Carried As of Year End
Land	3,250
Buildings and Improvements	32,106
Total	35,356
Accumulated Depreciation	(12,779)
1096 Jacksonville FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,587
Buildings and Improvements	15,616
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,587
Buildings and Improvements	15,298
Total	16,885
Accumulated Depreciation	(4,303)
1017 Palm Harbor FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,462
Buildings and Improvements	16,774
Costs Capitalized Subsequent to Acquisition	500
Gross Amount at Which Carried As of Year End
Land	1,462
Buildings and Improvements	16,888
Total	18,350
Accumulated Depreciation	(4,842)
732 Port Orange FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,340
Buildings and Improvements	9,898
Costs Capitalized Subsequent to Acquisition	1,177
Gross Amount at Which Carried As of Year End
Land	2,340
Buildings and Improvements	10,555
Total	12,895
Accumulated Depreciation	(3,299)
2194 Springtree FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,066
Buildings and Improvements	15,874
Costs Capitalized Subsequent to Acquisition	1,447
Gross Amount at Which Carried As of Year End
Land	1,066
Buildings and Improvements	17,321
Total	18,387
Accumulated Depreciation	(3,186)
802 St Augustine FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	830
Buildings and Improvements	11,627
Costs Capitalized Subsequent to Acquisition	1,288
Gross Amount at Which Carried As of Year End
Land	830
Buildings and Improvements	12,515
Total	13,345
Accumulated Depreciation	(4,322)
1097 Tallahassee FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,331
Buildings and Improvements	19,039
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,331
Buildings and Improvements	18,695
Total	20,026
Accumulated Depreciation	(5,258)
1605 Vero Beach FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	700
Buildings and Improvements	16,234
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	700
Buildings and Improvements	15,484
Total	16,184
Accumulated Depreciation	(3,097)
1257 Vero Beach FL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,035
Buildings and Improvements	34,993
Costs Capitalized Subsequent to Acquisition	201
Gross Amount at Which Carried As of Year End
Land	2,035
Buildings and Improvements	33,634
Total	35,669
Accumulated Depreciation	(9,457)
2108 Buford GA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	562
Buildings and Improvements	3,604
Costs Capitalized Subsequent to Acquisition	499
Gross Amount at Which Carried As of Year End
Land	562
Buildings and Improvements	4,103
Total	4,665
Accumulated Depreciation	(788)
2109 Buford GA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	536
Buildings and Improvements	3,142
Costs Capitalized Subsequent to Acquisition	343
Gross Amount at Which Carried As of Year End
Land	536
Buildings and Improvements	3,486
Total	4,022
Accumulated Depreciation	(638)
2053 Canton GA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	401
Buildings and Improvements	17,888
Costs Capitalized Subsequent to Acquisition	473
Gross Amount at Which Carried As of Year End
Land	401
Buildings and Improvements	18,361
Total	18,762
Accumulated Depreciation	(2,366)
2165 Hartwell GA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	368
Buildings and Improvements	6,337
Costs Capitalized Subsequent to Acquisition	300
Gross Amount at Which Carried As of Year End
Land	368
Buildings and Improvements	6,637
Total	7,005
Accumulated Depreciation	(1,009)
2066 Lawrenceville GA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	581
Buildings and Improvements	2,669
Costs Capitalized Subsequent to Acquisition	417
Gross Amount at Which Carried As of Year End
Land	581
Buildings and Improvements	3,085
Total	3,666
Accumulated Depreciation	(654)
1241 Lilburn GA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	907
Buildings and Improvements	17,340
Costs Capitalized Subsequent to Acquisition	325
Gross Amount at Which Carried As of Year End
Land	907
Buildings and Improvements	17,102
Total	18,009
Accumulated Depreciation	(4,841)
2086 Newnan GA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,227
Buildings and Improvements	4,202
Costs Capitalized Subsequent to Acquisition	503
Gross Amount at Which Carried As of Year End
Land	1,227
Buildings and Improvements	4,705
Total	5,932
Accumulated Depreciation	(933)
1005 Oak Park IL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,476
Buildings and Improvements	35,259
Costs Capitalized Subsequent to Acquisition	1,862
Gross Amount at Which Carried As of Year End
Land	3,476
Buildings and Improvements	36,575
Total	40,051
Accumulated Depreciation	(9,556)
1162 Orland Park IL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,623
Buildings and Improvements	23,154
Costs Capitalized Subsequent to Acquisition	1,614
Gross Amount at Which Carried As of Year End
Land	2,623
Buildings and Improvements	23,992
Total	26,615
Accumulated Depreciation	(6,697)
1237 Wilmette IL | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,100
Buildings and Improvements	9,373
Costs Capitalized Subsequent to Acquisition	774
Gross Amount at Which Carried As of Year End
Land	1,100
Buildings and Improvements	9,922
Total	11,022
Accumulated Depreciation	(2,711)
1105 Louisville KY | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,499
Buildings and Improvements	26,252
Costs Capitalized Subsequent to Acquisition	240
Gross Amount at Which Carried As of Year End
Land	1,513
Buildings and Improvements	25,813
Total	27,326
Accumulated Depreciation	(7,379)
2115 Murray KY | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	288
Buildings and Improvements	7,400
Costs Capitalized Subsequent to Acquisition	299
Gross Amount at Which Carried As of Year End
Land	288
Buildings and Improvements	7,698
Total	7,986
Accumulated Depreciation	(1,286)
1158 Plymouth MA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,434
Buildings and Improvements	9,027
Costs Capitalized Subsequent to Acquisition	879
Gross Amount at Which Carried As of Year End
Land	2,438
Buildings and Improvements	9,105
Total	11,543
Accumulated Depreciation	(2,554)
1249 Frederick MD | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	609
Buildings and Improvements	9,158
Costs Capitalized Subsequent to Acquisition	840
Gross Amount at Which Carried As of Year End
Land	609
Buildings and Improvements	9,665
Total	10,274
Accumulated Depreciation	(2,830)
281 Westminster MD | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	768
Buildings and Improvements	5,251
Costs Capitalized Subsequent to Acquisition	1,451
Gross Amount at Which Carried As of Year End
Land	768
Buildings and Improvements	6,758
Total	7,526
Accumulated Depreciation	(2,544)
546 Cape Elizabeth ME | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	630
Buildings and Improvements	3,524
Costs Capitalized Subsequent to Acquisition	93
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	3,617
Total	4,247
Accumulated Depreciation	(1,337)
545 Saco ME | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	80
Buildings and Improvements	2,363
Costs Capitalized Subsequent to Acquisition	155
Gross Amount at Which Carried As of Year End
Land	80
Buildings and Improvements	2,518
Total	2,598
Accumulated Depreciation	(928)
1258 Auburn Hills MI | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,281
Buildings and Improvements	10,692
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,281
Buildings and Improvements	10,692
Total	12,973
Accumulated Depreciation	(3,007)
1248 Farmington Hills MI | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,013
Buildings and Improvements	12,119
Costs Capitalized Subsequent to Acquisition	939
Gross Amount at Which Carried As of Year End
Land	1,013
Buildings and Improvements	12,418
Total	13,431
Accumulated Depreciation	(3,530)
1259 Sterling Heights MI | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,593
Buildings and Improvements	11,500
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,593
Buildings and Improvements	11,181
Total	12,774
Accumulated Depreciation	(3,145)
1235 Des Peres MO | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,361
Buildings and Improvements	20,664
Costs Capitalized Subsequent to Acquisition	1,225
Gross Amount at Which Carried As of Year End
Land	4,361
Buildings and Improvements	21,271
Total	25,632
Accumulated Depreciation	(5,760)
1236 Richmond Heights MO | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,744
Buildings and Improvements	24,232
Costs Capitalized Subsequent to Acquisition	368
Gross Amount at Which Carried As of Year End
Land	1,744
Buildings and Improvements	23,915
Total	25,659
Accumulated Depreciation	(6,701)
853 St.Louis Mo | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,500
Buildings and Improvements	20,343
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,500
Buildings and Improvements	19,853
Total	22,353
Accumulated Depreciation	(7,665)
2074 Oxford MS | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,003
Buildings and Improvements	14,140
Costs Capitalized Subsequent to Acquisition	231
Gross Amount at Which Carried As of Year End
Land	2,003
Buildings and Improvements	14,371
Total	16,374
Accumulated Depreciation	(2,089)
878 Charlotte NC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	710
Buildings and Improvements	9,559
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	9,159
Total	9,869
Accumulated Depreciation	(2,538)
2465 Charlotte NC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,373
Buildings and Improvements	10,774
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,373
Buildings and Improvements	10,774
Total	12,147
Accumulated Depreciation	(778)
2468 Franklin NC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,082
Buildings and Improvements	8,489
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,082
Buildings and Improvements	8,489
Total	9,571
Accumulated Depreciation	(613)
2126 Mooresville NC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,538
Buildings and Improvements	37,617
Costs Capitalized Subsequent to Acquisition	1,684
Gross Amount at Which Carried As of Year End
Land	2,538
Buildings and Improvements	39,302
Total	41,840
Accumulated Depreciation	(5,390)
2466 Raeford NC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,304
Buildings and Improvements	10,230
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,304
Buildings and Improvements	10,230
Total	11,534
Accumulated Depreciation	(739)
1254 Raleigh NC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,191
Buildings and Improvements	11,532
Costs Capitalized Subsequent to Acquisition	489
Gross Amount at Which Carried As of Year End
Land	1,191
Buildings and Improvements	11,681
Total	12,872
Accumulated Depreciation	(3,429)
2127 Minot ND | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	685
Buildings and Improvements	16,047
Costs Capitalized Subsequent to Acquisition	676
Gross Amount at Which Carried As of Year End
Land	685
Buildings and Improvements	16,723
Total	17,408
Accumulated Depreciation	(2,486)
1599 Cherry Hill NJ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,420
Buildings and Improvements	11,042
Costs Capitalized Subsequent to Acquisition	2,294
Gross Amount at Which Carried As of Year End
Land	2,420
Buildings and Improvements	12,785
Total	15,205
Accumulated Depreciation	(3,685)
1239 Cresskill NJ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,684
Buildings and Improvements	53,927
Costs Capitalized Subsequent to Acquisition	501
Gross Amount at Which Carried As of Year End
Land	4,684
Buildings and Improvements	53,406
Total	58,090
Accumulated Depreciation	(15,063)
734 Hillsborough NJ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,042
Buildings and Improvements	10,042
Costs Capitalized Subsequent to Acquisition	491
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	10,066
Total	11,108
Accumulated Depreciation	(3,125)
1242 Madison NJ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,157
Buildings and Improvements	19,909
Costs Capitalized Subsequent to Acquisition	179
Gross Amount at Which Carried As of Year End
Land	3,157
Buildings and Improvements	19,468
Total	22,625
Accumulated Depreciation	(5,475)
733 Manahawkin NJ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	921
Buildings and Improvements	9,927
Costs Capitalized Subsequent to Acquisition	691
Gross Amount at Which Carried As of Year End
Land	921
Buildings and Improvements	10,152
Total	11,073
Accumulated Depreciation	(3,191)
1231 Saddle River NJ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,784
Buildings and Improvements	15,625
Costs Capitalized Subsequent to Acquisition	612
Gross Amount at Which Carried As of Year End
Land	1,784
Buildings and Improvements	15,640
Total	17,424
Accumulated Depreciation	(4,452)
245 Voorhees Township NJ | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	900
Buildings and Improvements	7,629
Costs Capitalized Subsequent to Acquisition	520
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	8,149
Total	9,049
Accumulated Depreciation	(3,287)
796 Las Vegas NV | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,960
Buildings and Improvements	5,816
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,960
Buildings and Improvements	5,426
Total	7,386
Accumulated Depreciation	(1,685)
1252 Brooklyn NY | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,117
Buildings and Improvements	23,627
Costs Capitalized Subsequent to Acquisition	1,057
Gross Amount at Which Carried As of Year End
Land	8,117
Buildings and Improvements	23,577
Total	31,694
Accumulated Depreciation	(6,701)
1256 Brooklyn NY | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,215
Buildings and Improvements	39,052
Costs Capitalized Subsequent to Acquisition	1,079
Gross Amount at Which Carried As of Year End
Land	5,215
Buildings and Improvements	39,197
Total	44,412
Accumulated Depreciation	(11,181)
2174 Orchard Park NY | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	726
Buildings and Improvements	17,735
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	726
Buildings and Improvements	17,735
Total	18,461
Accumulated Depreciation	(2,957)
1386 Marietta OH | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,069
Buildings and Improvements	11,435
Costs Capitalized Subsequent to Acquisition	668
Gross Amount at Which Carried As of Year End
Land	1,069
Buildings and Improvements	11,898
Total	12,967
Accumulated Depreciation	(4,322)
1253 Youngstown OH | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	695
Buildings and Improvements	10,444
Costs Capitalized Subsequent to Acquisition	744
Gross Amount at Which Carried As of Year End
Land	695
Buildings and Improvements	10,842
Total	11,537
Accumulated Depreciation	(3,113)
2083 Oklahoma City OK | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,116
Buildings and Improvements	28,007
Costs Capitalized Subsequent to Acquisition	1,939
Gross Amount at Which Carried As of Year End
Land	2,116
Buildings and Improvements	29,946
Total	32,062
Accumulated Depreciation	(4,569)
2131 Keizer OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	2,431
Initial Cost to Company
Land	551
Buildings and Improvements	6,454
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	551
Buildings and Improvements	6,454
Total	7,005
Accumulated Depreciation	(938)
2152 McMinnville OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,203
Buildings and Improvements	24,909
Costs Capitalized Subsequent to Acquisition	5,381
Gross Amount at Which Carried As of Year End
Land	3,203
Buildings and Improvements	28,796
Total	31,999
Accumulated Depreciation	(5,040)
2089 Newberg OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,889
Buildings and Improvements	16,855
Costs Capitalized Subsequent to Acquisition	837
Gross Amount at Which Carried As of Year End
Land	1,889
Buildings and Improvements	17,692
Total	19,581
Accumulated Depreciation	(2,428)
2133 Portland OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,615
Buildings and Improvements	12,030
Costs Capitalized Subsequent to Acquisition	169
Gross Amount at Which Carried As of Year End
Land	1,615
Buildings and Improvements	12,199
Total	13,814
Accumulated Depreciation	(1,592)
2171 Portland OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	16,087
Costs Capitalized Subsequent to Acquisition	311
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	16,398
Total	16,398
Accumulated Depreciation	(2,069)
2050 Redmond OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,229
Buildings and Improvements	21,921
Costs Capitalized Subsequent to Acquisition	809
Gross Amount at Which Carried As of Year End
Land	1,229
Buildings and Improvements	22,731
Total	23,960
Accumulated Depreciation	(2,932)
2084 Roseburg OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,042
Buildings and Improvements	12,090
Costs Capitalized Subsequent to Acquisition	134
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	12,223
Total	13,265
Accumulated Depreciation	(1,918)
2134 Scappoose OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	353
Buildings and Improvements	1,258
Costs Capitalized Subsequent to Acquisition	17
Gross Amount at Which Carried As of Year End
Land	353
Buildings and Improvements	1,275
Total	1,628
Accumulated Depreciation	(264)
2153 Scappoose OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	971
Buildings and Improvements	7,116
Costs Capitalized Subsequent to Acquisition	142
Gross Amount at Which Carried As of Year End
Land	971
Buildings and Improvements	7,258
Total	8,229
Accumulated Depreciation	(1,311)
2056 Stayton OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	48
Buildings and Improvements	569
Costs Capitalized Subsequent to Acquisition	19
Gross Amount at Which Carried As of Year End
Land	48
Buildings and Improvements	588
Total	636
Accumulated Depreciation	(160)
2058 Stayton OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	253
Buildings and Improvements	8,621
Costs Capitalized Subsequent to Acquisition	140
Gross Amount at Which Carried As of Year End
Land	253
Buildings and Improvements	8,762
Total	9,015
Accumulated Depreciation	(1,370)
2088 Tualatin OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,326
Costs Capitalized Subsequent to Acquisition	375
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	6,701
Total	6,701
Accumulated Depreciation	(1,376)
2180 Windfield Village OR | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	2,722
Initial Cost to Company
Land	580
Buildings and Improvements	9,817
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	580
Buildings and Improvements	9,817
Total	10,397
Accumulated Depreciation	(1,424)
1163 Haverford PA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	16,461
Buildings and Improvements	108,816
Costs Capitalized Subsequent to Acquisition	12,128
Gross Amount at Which Carried As of Year End
Land	16,461
Buildings and Improvements	116,731
Total	133,192
Accumulated Depreciation	(33,431)
2063 Selinsgrove PA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	529
Buildings and Improvements	9,111
Costs Capitalized Subsequent to Acquisition	237
Gross Amount at Which Carried As of Year End
Land	529
Buildings and Improvements	9,349
Total	9,878
Accumulated Depreciation	(1,625)
1973 South Kingstown RI | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,390
Buildings and Improvements	12,551
Costs Capitalized Subsequent to Acquisition	630
Gross Amount at Which Carried As of Year End
Land	1,390
Buildings and Improvements	12,918
Total	14,308
Accumulated Depreciation	(3,187)
1975 Tiverton RI | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,240
Buildings and Improvements	25,735
Costs Capitalized Subsequent to Acquisition	651
Gross Amount at Which Carried As of Year End
Land	3,240
Buildings and Improvements	25,938
Total	29,178
Accumulated Depreciation	(6,242)
1104 Aiken SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	357
Buildings and Improvements	14,832
Costs Capitalized Subsequent to Acquisition	151
Gross Amount at Which Carried As of Year End
Land	363
Buildings and Improvements	14,395
Total	14,758
Accumulated Depreciation	(4,081)
1109 Columbia SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	408
Buildings and Improvements	7,527
Costs Capitalized Subsequent to Acquisition	131
Gross Amount at Which Carried As of Year End
Land	412
Buildings and Improvements	7,414
Total	7,826
Accumulated Depreciation	(2,123)
306 Georgetown SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	239
Buildings and Improvements	3,008
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	239
Buildings and Improvements	3,008
Total	3,247
Accumulated Depreciation	(1,236)
879 Greenville SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,090
Buildings and Improvements	12,558
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	12,058
Total	13,148
Accumulated Depreciation	(3,341)
305 Lancaster SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	84
Buildings and Improvements	2,982
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	84
Buildings and Improvements	2,982
Total	3,066
Accumulated Depreciation	(1,142)
880 Myrtle Beach SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	900
Buildings and Improvements	10,913
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	10,513
Total	11,413
Accumulated Depreciation	(2,913)
312 Rock Hill SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	203
Buildings and Improvements	2,671
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	203
Buildings and Improvements	2,671
Total	2,874
Accumulated Depreciation	(1,077)
1113 Rock Hill SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	695
Buildings and Improvements	4,119
Costs Capitalized Subsequent to Acquisition	322
Gross Amount at Which Carried As of Year End
Land	795
Buildings and Improvements	4,074
Total	4,869
Accumulated Depreciation	(1,313)
313 Sumter SC | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	196
Buildings and Improvements	2,623
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	196
Buildings and Improvements	2,623
Total	2,819
Accumulated Depreciation	(1,078)
2073 Kingsport TN | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,113
Buildings and Improvements	8,625
Costs Capitalized Subsequent to Acquisition	322
Gross Amount at Which Carried As of Year End
Land	1,113
Buildings and Improvements	8,947
Total	10,060
Accumulated Depreciation	(1,418)
1003 Nashville TN | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	812
Buildings and Improvements	16,983
Costs Capitalized Subsequent to Acquisition	2,524
Gross Amount at Which Carried As of Year End
Land	812
Buildings and Improvements	18,759
Total	19,571
Accumulated Depreciation	(4,691)
843 Abilene TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	300
Buildings and Improvements	2,830
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	2,710
Total	3,010
Accumulated Depreciation	(785)
2107 Amarillo TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,315
Buildings and Improvements	26,838
Costs Capitalized Subsequent to Acquisition	582
Gross Amount at Which Carried As of Year End
Land	1,315
Buildings and Improvements	27,417
Total	28,732
Accumulated Depreciation	(3,790)
1116 Arlington TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,494
Buildings and Improvements	12,192
Costs Capitalized Subsequent to Acquisition	249
Gross Amount at Which Carried As of Year End
Land	2,540
Buildings and Improvements	11,847
Total	14,387
Accumulated Depreciation	(3,472)
511 Austin TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,960
Buildings and Improvements	41,645
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,960
Buildings and Improvements	41,645
Total	44,605
Accumulated Depreciation	(19,781)
2075 Bedford TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,204
Buildings and Improvements	26,845
Costs Capitalized Subsequent to Acquisition	1,599
Gross Amount at Which Carried As of Year End
Land	1,204
Buildings and Improvements	28,444
Total	29,648
Accumulated Depreciation	(4,134)
844 Burleson TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,050
Buildings and Improvements	5,242
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	4,902
Total	5,952
Accumulated Depreciation	(1,420)
848 Cedar Hill TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,070
Buildings and Improvements	11,554
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,070
Buildings and Improvements	11,104
Total	12,174
Accumulated Depreciation	(3,215)
1325 Cedar Hill TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	440
Buildings and Improvements	7,494
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	440
Buildings and Improvements	6,974
Total	7,414
Accumulated Depreciation	(1,874)
506 Friendswood TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	400
Buildings and Improvements	7,354
Costs Capitalized Subsequent to Acquisition	174
Gross Amount at Which Carried As of Year End
Land	400
Buildings and Improvements	7,528
Total	7,928
Accumulated Depreciation	(2,582)
217 Houston TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	835
Buildings and Improvements	7,195
Costs Capitalized Subsequent to Acquisition	454
Gross Amount at Which Carried As of Year End
Land	835
Buildings and Improvements	7,649
Total	8,484
Accumulated Depreciation	(3,306)
1106 Houston TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,008
Buildings and Improvements	15,333
Costs Capitalized Subsequent to Acquisition	183
Gross Amount at Which Carried As of Year End
Land	1,020
Buildings and Improvements	15,052
Total	16,072
Accumulated Depreciation	(4,314)
845 North Richland Hills TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	520
Buildings and Improvements	5,117
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	520
Buildings and Improvements	4,807
Total	5,327
Accumulated Depreciation	(1,392)
846 North Richland Hills TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	870
Buildings and Improvements	9,259
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	870
Buildings and Improvements	8,819
Total	9,689
Accumulated Depreciation	(2,919)
2162 Portland TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,233
Buildings and Improvements	14,001
Costs Capitalized Subsequent to Acquisition	1,353
Gross Amount at Which Carried As of Year End
Land	1,233
Buildings and Improvements	15,354
Total	16,587
Accumulated Depreciation	(2,520)
2116 Sherman TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	209
Buildings and Improvements	3,492
Costs Capitalized Subsequent to Acquisition	377
Gross Amount at Which Carried As of Year End
Land	209
Buildings and Improvements	3,870
Total	4,079
Accumulated Depreciation	(647)
847 Waxahachie TX | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	390
Buildings and Improvements	3,879
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	390
Buildings and Improvements	3,659
Total	4,049
Accumulated Depreciation	(1,059)
2470 Abingdon VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,584
Buildings and Improvements	12,431
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,584
Buildings and Improvements	12,431
Total	14,015
Accumulated Depreciation	(898)
1244 Arlington VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,833
Buildings and Improvements	7,076
Costs Capitalized Subsequent to Acquisition	882
Gross Amount at Which Carried As of Year End
Land	3,833
Buildings and Improvements	7,630
Total	11,463
Accumulated Depreciation	(2,248)
1245 Arlington VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,278
Buildings and Improvements	37,407
Costs Capitalized Subsequent to Acquisition	3,185
Gross Amount at Which Carried As of Year End
Land	7,278
Buildings and Improvements	39,481
Total	46,759
Accumulated Depreciation	(10,900)
881 Chesapeake VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,090
Buildings and Improvements	12,444
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,090
Buildings and Improvements	11,944
Total	13,034
Accumulated Depreciation	(3,310)
1247 Falls Church VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,228
Buildings and Improvements	8,887
Costs Capitalized Subsequent to Acquisition	677
Gross Amount at Which Carried As of Year End
Land	2,228
Buildings and Improvements	9,240
Total	11,468
Accumulated Depreciation	(2,734)
1164 Fort Belvoir VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,594
Buildings and Improvements	99,528
Costs Capitalized Subsequent to Acquisition	11,862
Gross Amount at Which Carried As of Year End
Land	11,594
Buildings and Improvements	108,676
Total	120,270
Accumulated Depreciation	(31,972)
1250 Leesburg VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	607
Buildings and Improvements	3,236
Costs Capitalized Subsequent to Acquisition	206
Gross Amount at Which Carried As of Year End
Land	607
Buildings and Improvements	3,230
Total	3,837
Accumulated Depreciation	(3,196)
1246 Sterling VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,360
Buildings and Improvements	22,932
Costs Capitalized Subsequent to Acquisition	1,059
Gross Amount at Which Carried As of Year End
Land	2,360
Buildings and Improvements	23,228
Total	25,588
Accumulated Depreciation	(6,672)
2077 Sterling VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,046
Buildings and Improvements	15,788
Costs Capitalized Subsequent to Acquisition	385
Gross Amount at Which Carried As of Year End
Land	1,046
Buildings and Improvements	16,173
Total	17,219
Accumulated Depreciation	(2,214)
225 Woodbridge VA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	950
Buildings and Improvements	6,983
Costs Capitalized Subsequent to Acquisition	1,459
Gross Amount at Which Carried As of Year End
Land	950
Buildings and Improvements	8,442
Total	9,392
Accumulated Depreciation	(3,516)
1173 Bellevue WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,734
Buildings and Improvements	16,171
Costs Capitalized Subsequent to Acquisition	645
Gross Amount at Which Carried As of Year End
Land	3,737
Buildings and Improvements	16,094
Total	19,831
Accumulated Depreciation	(4,541)
2095 College Place WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	758
Buildings and Improvements	8,051
Costs Capitalized Subsequent to Acquisition	701
Gross Amount at Which Carried As of Year End
Land	758
Buildings and Improvements	8,752
Total	9,510
Accumulated Depreciation	(1,437)
1240 Edmonds WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,418
Buildings and Improvements	16,502
Costs Capitalized Subsequent to Acquisition	105
Gross Amount at Which Carried As of Year End
Land	1,418
Buildings and Improvements	16,102
Total	17,520
Accumulated Depreciation	(4,552)
2160 Kenmore WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,284
Buildings and Improvements	16,641
Costs Capitalized Subsequent to Acquisition	638
Gross Amount at Which Carried As of Year End
Land	3,284
Buildings and Improvements	17,278
Total	20,562
Accumulated Depreciation	(2,406)
797 Kirkland WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,000
Buildings and Improvements	13,403
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	13,043
Total	14,043
Accumulated Depreciation	(4,049)
1251 Mercer Island WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,209
Buildings and Improvements	8,123
Costs Capitalized Subsequent to Acquisition	581
Gross Amount at Which Carried As of Year End
Land	4,209
Buildings and Improvements	8,202
Total	12,411
Accumulated Depreciation	(2,334)
2096 Poulsbo WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,801
Buildings and Improvements	18,068
Costs Capitalized Subsequent to Acquisition	224
Gross Amount at Which Carried As of Year End
Land	1,801
Buildings and Improvements	18,292
Total	20,093
Accumulated Depreciation	(2,734)
2102 Richland WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	249
Buildings and Improvements	5,067
Costs Capitalized Subsequent to Acquisition	135
Gross Amount at Which Carried As of Year End
Land	249
Buildings and Improvements	5,202
Total	5,451
Accumulated Depreciation	(764)
794 Shoreline WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,590
Buildings and Improvements	10,671
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,590
Buildings and Improvements	10,261
Total	11,851
Accumulated Depreciation	(3,185)
795 Shoreline WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,030
Buildings and Improvements	26,421
Costs Capitalized Subsequent to Acquisition	42
Gross Amount at Which Carried As of Year End
Land	4,030
Buildings and Improvements	25,691
Total	29,721
Accumulated Depreciation	(7,898)
2061 Vancouver WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	513
Buildings and Improvements	4,556
Costs Capitalized Subsequent to Acquisition	246
Gross Amount at Which Carried As of Year End
Land	513
Buildings and Improvements	4,802
Total	5,315
Accumulated Depreciation	(888)
2062 Vancouver WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,498
Buildings and Improvements	9,997
Costs Capitalized Subsequent to Acquisition	192
Gross Amount at Which Carried As of Year End
Land	1,498
Buildings and Improvements	10,189
Total	11,687
Accumulated Depreciation	(1,477)
2052 Yakima WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	557
Buildings and Improvements	5,897
Costs Capitalized Subsequent to Acquisition	176
Gross Amount at Which Carried As of Year End
Land	557
Buildings and Improvements	6,074
Total	6,631
Accumulated Depreciation	(931)
2078 Yakima WA | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	353
Buildings and Improvements	5,668
Costs Capitalized Subsequent to Acquisition	27
Gross Amount at Which Carried As of Year End
Land	353
Buildings and Improvements	5,695
Total	6,048
Accumulated Depreciation	(781)
2117 Bridgeport WV | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,174
Buildings and Improvements	15,437
Costs Capitalized Subsequent to Acquisition	493
Gross Amount at Which Carried As of Year End
Land	3,174
Buildings and Improvements	15,930
Total	19,104
Accumulated Depreciation	(3,028)
2148 Sheridan WY | Senior housing triple-net | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	915
Buildings and Improvements	12,047
Costs Capitalized Subsequent to Acquisition	1,242
Gross Amount at Which Carried As of Year End
Land	915
Buildings and Improvements	13,289
Total	14,204
Accumulated Depreciation	(2,149)
1974 Sun City AZ | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,640
Buildings and Improvements	33,223
Costs Capitalized Subsequent to Acquisition	2,685
Gross Amount at Which Carried As of Year End
Land	2,640
Buildings and Improvements	35,378
Total	38,018
Accumulated Depreciation	(9,041)
2729 Clearlake, CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	354
Buildings and Improvements	4,799
Costs Capitalized Subsequent to Acquisition	306
Gross Amount at Which Carried As of Year End
Land	354
Buildings and Improvements	4,635
Total	4,989
Accumulated Depreciation	(898)
1965 Fresno CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,730
Buildings and Improvements	31,918
Costs Capitalized Subsequent to Acquisition	2,117
Gross Amount at Which Carried As of Year End
Land	1,730
Buildings and Improvements	33,605
Total	35,335
Accumulated Depreciation	(8,408)
2726 Fortuna, CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	818
Buildings and Improvements	3,295
Costs Capitalized Subsequent to Acquisition	63
Gross Amount at Which Carried As of Year End
Land	818
Buildings and Improvements	3,358
Total	4,176
Accumulated Depreciation	(1,582)
2728 Fortuna, CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,346
Buildings and Improvements	11,856
Costs Capitalized Subsequent to Acquisition	176
Gross Amount at Which Carried As of Year End
Land	1,346
Buildings and Improvements	10,618
Total	11,964
Accumulated Depreciation	(3,568)
2593 Irvine CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,220
Buildings and Improvements	14,104
Costs Capitalized Subsequent to Acquisition	539
Gross Amount at Which Carried As of Year End
Land	8,220
Buildings and Improvements	14,103
Total	22,323
Accumulated Depreciation	(3,465)
2725 Palm Springs, CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,005
Buildings and Improvements	5,183
Costs Capitalized Subsequent to Acquisition	619
Gross Amount at Which Carried As of Year End
Land	1,005
Buildings and Improvements	5,263
Total	6,268
Accumulated Depreciation	(2,097)
1966 Sun City CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,650
Buildings and Improvements	22,709
Costs Capitalized Subsequent to Acquisition	3,863
Gross Amount at Which Carried As of Year End
Land	2,650
Buildings and Improvements	26,118
Total	28,768
Accumulated Depreciation	(7,323)
2727 Yreka, CA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	565
Buildings and Improvements	9,184
Costs Capitalized Subsequent to Acquisition	419
Gross Amount at Which Carried As of Year End
Land	565
Buildings and Improvements	6,633
Total	7,198
Accumulated Depreciation	(1,675)
2505 Arvada CO | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,788
Buildings and Improvements	29,896
Costs Capitalized Subsequent to Acquisition	1,016
Gross Amount at Which Carried As of Year End
Land	1,788
Buildings and Improvements	30,912
Total	32,700
Accumulated Depreciation	(2,694)
2506 Boulder CO | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,424
Buildings and Improvements	36,746
Costs Capitalized Subsequent to Acquisition	674
Gross Amount at Which Carried As of Year End
Land	2,424
Buildings and Improvements	37,421
Total	39,845
Accumulated Depreciation	(2,492)
2515 Denver CO | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,311
Buildings and Improvements	18,645
Costs Capitalized Subsequent to Acquisition	1,995
Gross Amount at Which Carried As of Year End
Land	2,311
Buildings and Improvements	20,639
Total	22,950
Accumulated Depreciation	(2,519)
2508 Lakewood CO | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,384
Buildings and Improvements	60,795
Costs Capitalized Subsequent to Acquisition	1,988
Gross Amount at Which Carried As of Year End
Land	4,384
Buildings and Improvements	62,782
Total	67,166
Accumulated Depreciation	(4,928)
2509 Lakewood CO | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,296
Buildings and Improvements	37,236
Costs Capitalized Subsequent to Acquisition	1,523
Gross Amount at Which Carried As of Year End
Land	2,296
Buildings and Improvements	38,760
Total	41,056
Accumulated Depreciation	(2,538)
2603 Boca Raton FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,415
Buildings and Improvements	17,923
Costs Capitalized Subsequent to Acquisition	858
Gross Amount at Which Carried As of Year End
Land	2,415
Buildings and Improvements	17,726
Total	20,141
Accumulated Depreciation	(4,534)
1963 Boynton Beach FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,550
Buildings and Improvements	31,521
Costs Capitalized Subsequent to Acquisition	3,665
Gross Amount at Which Carried As of Year End
Land	2,550
Buildings and Improvements	34,521
Total	37,071
Accumulated Depreciation	(9,003)
1964 Boynton Beach FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	570
Buildings and Improvements	5,649
Costs Capitalized Subsequent to Acquisition	2,826
Gross Amount at Which Carried As of Year End
Land	570
Buildings and Improvements	8,282
Total	8,852
Accumulated Depreciation	(2,799)
2602 Boynton Beach FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,270
Buildings and Improvements	4,773
Costs Capitalized Subsequent to Acquisition	1,918
Gross Amount at Which Carried As of Year End
Land	1,270
Buildings and Improvements	4,775
Total	6,045
Accumulated Depreciation	(1,278)
2520 Clearwater FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,250
Buildings and Improvements	2,627
Costs Capitalized Subsequent to Acquisition	1,588
Gross Amount at Which Carried As of Year End
Land	2,250
Buildings and Improvements	3,635
Total	5,885
Accumulated Depreciation	(1,095)
2604 Coconut Creek, FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,461
Buildings and Improvements	16,006
Costs Capitalized Subsequent to Acquisition	2,461
Gross Amount at Which Carried As of Year End
Land	2,461
Buildings and Improvements	15,712
Total	18,173
Accumulated Depreciation	(3,933)
2601 Delray Beach FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	850
Buildings and Improvements	6,637
Costs Capitalized Subsequent to Acquisition	1,598
Gross Amount at Which Carried As of Year End
Land	850
Buildings and Improvements	6,907
Total	7,757
Accumulated Depreciation	(1,891)
2517 Ft Lauderdale FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,867
Buildings and Improvements	43,126
Costs Capitalized Subsequent to Acquisition	2,927
Gross Amount at Which Carried As of Year End
Land	2,867
Buildings and Improvements	45,896
Total	48,763
Accumulated Depreciation	(4,652)
2518 Lake Worth FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,669
Buildings and Improvements	13,267
Costs Capitalized Subsequent to Acquisition	1,180
Gross Amount at Which Carried As of Year End
Land	1,669
Buildings and Improvements	14,447
Total	16,116
Accumulated Depreciation	(1,916)
2592 Lantana FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,520
Buildings and Improvements	26,452
Costs Capitalized Subsequent to Acquisition	377
Gross Amount at Which Carried As of Year End
Land	3,520
Buildings and Improvements	26,029
Total	29,549
Accumulated Depreciation	(9,790)
1968 Largo FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,920
Buildings and Improvements	64,988
Costs Capitalized Subsequent to Acquisition	12,399
Gross Amount at Which Carried As of Year End
Land	2,920
Buildings and Improvements	76,167
Total	79,087
Accumulated Depreciation	(20,269)
2522 Lutz FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	902
Buildings and Improvements	15,169
Costs Capitalized Subsequent to Acquisition	55
Gross Amount at Which Carried As of Year End
Land	902
Buildings and Improvements	16,152
Total	17,054
Accumulated Depreciation	(1,213)
2523 Orange City FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	912
Buildings and Improvements	9,724
Costs Capitalized Subsequent to Acquisition	894
Gross Amount at Which Carried As of Year End
Land	912
Buildings and Improvements	10,618
Total	11,530
Accumulated Depreciation	(1,092)
2524 Port St Lucie FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	893
Buildings and Improvements	10,333
Costs Capitalized Subsequent to Acquisition	827
Gross Amount at Which Carried As of Year End
Land	893
Buildings and Improvements	11,161
Total	12,054
Accumulated Depreciation	(1,252)
1971 Sarasota FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,050
Buildings and Improvements	29,516
Costs Capitalized Subsequent to Acquisition	6,239
Gross Amount at Which Carried As of Year End
Land	3,050
Buildings and Improvements	35,325
Total	38,375
Accumulated Depreciation	(9,497)
2525 Sarasota FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,426
Buildings and Improvements	16,079
Costs Capitalized Subsequent to Acquisition	1,304
Gross Amount at Which Carried As of Year End
Land	1,426
Buildings and Improvements	17,383
Total	18,809
Accumulated Depreciation	(1,854)
2526 Tamarac FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	970
Buildings and Improvements	16,037
Costs Capitalized Subsequent to Acquisition	924
Gross Amount at Which Carried As of Year End
Land	970
Buildings and Improvements	16,968
Total	17,938
Accumulated Depreciation	(1,324)
2513 Venice FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,140
Buildings and Improvements	20,662
Costs Capitalized Subsequent to Acquisition	1,647
Gross Amount at Which Carried As of Year End
Land	1,140
Buildings and Improvements	22,309
Total	23,449
Accumulated Depreciation	(1,838)
2527 Vero Beach FL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,048
Buildings and Improvements	17,392
Costs Capitalized Subsequent to Acquisition	1,342
Gross Amount at Which Carried As of Year End
Land	1,048
Buildings and Improvements	18,733
Total	19,781
Accumulated Depreciation	(1,440)
2200 Deer Park IL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,172
Buildings and Improvements	2,417
Costs Capitalized Subsequent to Acquisition	44,534
Gross Amount at Which Carried As of Year End
Land	4,229
Buildings and Improvements	44,478
Total	48,707
Accumulated Depreciation	(2,244)
2594 Mount Vernon IL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	296
Buildings and Improvements	15,935
Costs Capitalized Subsequent to Acquisition	4,340
Gross Amount at Which Carried As of Year End
Land	512
Buildings and Improvements	19,728
Total	20,240
Accumulated Depreciation	(5,122)
1969 Niles IL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,790
Buildings and Improvements	32,912
Costs Capitalized Subsequent to Acquisition	5,884
Gross Amount at Which Carried As of Year End
Land	3,790
Buildings and Improvements	38,024
Total	41,814
Accumulated Depreciation	(10,772)
1961 Olympia Fields IL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,120
Buildings and Improvements	29,400
Costs Capitalized Subsequent to Acquisition	3,832
Gross Amount at Which Carried As of Year End
Land	4,120
Buildings and Improvements	32,706
Total	36,826
Accumulated Depreciation	(8,523)
1952 Vernon Hills IL | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,900
Buildings and Improvements	45,854
Costs Capitalized Subsequent to Acquisition	5,999
Gross Amount at Which Carried As of Year End
Land	4,900
Buildings and Improvements	51,157
Total	56,057
Accumulated Depreciation	(13,321)
2595 Indianapolis IN | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,197
Buildings and Improvements	7,718
Costs Capitalized Subsequent to Acquisition	1,084
Gross Amount at Which Carried As of Year End
Land	1,197
Buildings and Improvements	8,570
Total	9,767
Accumulated Depreciation	(2,137)
2596 W Lafayette IN | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	813
Buildings and Improvements	10,876
Costs Capitalized Subsequent to Acquisition	1,324
Gross Amount at Which Carried As of Year End
Land	813
Buildings and Improvements	11,949
Total	12,762
Accumulated Depreciation	(3,023)
2746 Watertown, MA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,828
Buildings and Improvements	29,112
Costs Capitalized Subsequent to Acquisition	53
Gross Amount at Which Carried As of Year End
Land	8,828
Buildings and Improvements	29,165
Total	37,993
Accumulated Depreciation	(129)
2583 Ellicott City MD | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	19,469
Initial Cost to Company
Land	3,607
Buildings and Improvements	31,720
Costs Capitalized Subsequent to Acquisition	1,239
Gross Amount at Which Carried As of Year End
Land	3,607
Buildings and Improvements	32,959
Total	36,566
Accumulated Depreciation	(1,280)
2584 Hanover MD | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	9,065
Initial Cost to Company
Land	4,513
Buildings and Improvements	25,625
Costs Capitalized Subsequent to Acquisition	867
Gross Amount at Which Carried As of Year End
Land	4,513
Buildings and Improvements	26,492
Total	31,005
Accumulated Depreciation	(1,009)
2585 Laurel MD | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	5,879
Initial Cost to Company
Land	3,895
Buildings and Improvements	13,331
Costs Capitalized Subsequent to Acquisition	993
Gross Amount at Which Carried As of Year End
Land	3,895
Buildings and Improvements	14,323
Total	18,218
Accumulated Depreciation	(709)
2541 Olney MD | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,580
Buildings and Improvements	33,802
Costs Capitalized Subsequent to Acquisition	158
Gross Amount at Which Carried As of Year End
Land	1,580
Buildings and Improvements	33,960
Total	35,540
Accumulated Depreciation	(2,247)
2586 Parkville MD | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	21,008
Initial Cost to Company
Land	3,854
Buildings and Improvements	29,061
Costs Capitalized Subsequent to Acquisition	902
Gross Amount at Which Carried As of Year End
Land	3,854
Buildings and Improvements	29,963
Total	33,817
Accumulated Depreciation	(1,356)
2587 Waldorf MD | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	8,501
Initial Cost to Company
Land	392
Buildings and Improvements	20,514
Costs Capitalized Subsequent to Acquisition	650
Gross Amount at Which Carried As of Year End
Land	392
Buildings and Improvements	21,164
Total	21,556
Accumulated Depreciation	(799)
2741 Lexington, NE | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	474
Buildings and Improvements	8,405
Costs Capitalized Subsequent to Acquisition	474
Gross Amount at Which Carried As of Year End
Land	474
Buildings and Improvements	6,362
Total	6,836
Accumulated Depreciation	(1,657)
2589 Albuquerque NM | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	767
Buildings and Improvements	9,324
Costs Capitalized Subsequent to Acquisition	253
Gross Amount at Which Carried As of Year End
Land	767
Buildings and Improvements	9,079
Total	9,846
Accumulated Depreciation	(4,059)
2740 Rio Rancho, NM | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,154
Buildings and Improvements	13,726
Costs Capitalized Subsequent to Acquisition	495
Gross Amount at Which Carried As of Year End
Land	1,154
Buildings and Improvements	14,221
Total	15,375
Accumulated Depreciation	(2,259)
2735 Roswell, NM | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	618
Buildings and Improvements	7,038
Costs Capitalized Subsequent to Acquisition	1,010
Gross Amount at Which Carried As of Year End
Land	618
Buildings and Improvements	7,741
Total	8,359
Accumulated Depreciation	(1,578)
2738 Roswell, NM | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	837
Buildings and Improvements	8,614
Costs Capitalized Subsequent to Acquisition	997
Gross Amount at Which Carried As of Year End
Land	837
Buildings and Improvements	9,288
Total	10,125
Accumulated Depreciation	(1,979)
2733 Las Vegas, NV | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	667
Buildings and Improvements	14,469
Costs Capitalized Subsequent to Acquisition	509
Gross Amount at Which Carried As of Year End
Land	667
Buildings and Improvements	10,347
Total	11,014
Accumulated Depreciation	(2,592)
2743 Clifton Park, NY | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,257
Buildings and Improvements	11,470
Costs Capitalized Subsequent to Acquisition	4
Gross Amount at Which Carried As of Year End
Land	2,257
Buildings and Improvements	11,484
Total	13,741
Accumulated Depreciation	(1,926)
2742 Orchard Park, NY | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	478
Buildings and Improvements	11,961
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	478
Buildings and Improvements	11,961
Total	12,439
Accumulated Depreciation	(1,984)
2516 Centerville OH | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,065
Buildings and Improvements	10,901
Costs Capitalized Subsequent to Acquisition	1,520
Gross Amount at Which Carried As of Year End
Land	1,065
Buildings and Improvements	12,421
Total	13,486
Accumulated Depreciation	(1,643)
2512 Cincinnati OH | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,180
Buildings and Improvements	6,157
Costs Capitalized Subsequent to Acquisition	1,393
Gross Amount at Which Carried As of Year End
Land	1,180
Buildings and Improvements	7,549
Total	8,729
Accumulated Depreciation	(1,442)
2597 Fairborn OH | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	298
Buildings and Improvements	10,704
Costs Capitalized Subsequent to Acquisition	3,895
Gross Amount at Which Carried As of Year End
Land	298
Buildings and Improvements	14,368
Total	14,666
Accumulated Depreciation	(3,732)
2736 Gresham, OR | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	465
Buildings and Improvements	6,403
Costs Capitalized Subsequent to Acquisition	265
Gross Amount at Which Carried As of Year End
Land	465
Buildings and Improvements	6,668
Total	7,133
Accumulated Depreciation	(1,563)
2744 Hermiston, OR | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	2,327
Initial Cost to Company
Land	582
Buildings and Improvements	8,087
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	582
Buildings and Improvements	8,087
Total	8,669
Accumulated Depreciation	(1,400)
2739 Portland, OR | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,677
Buildings and Improvements	9,469
Costs Capitalized Subsequent to Acquisition	374
Gross Amount at Which Carried As of Year End
Land	1,677
Buildings and Improvements	6,940
Total	8,617
Accumulated Depreciation	(2,306)
2730 Cumberland, RI | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,630
Buildings and Improvements	19,050
Costs Capitalized Subsequent to Acquisition	803
Gross Amount at Which Carried As of Year End
Land	2,630
Buildings and Improvements	13,145
Total	15,775
Accumulated Depreciation	(4,644)
1959 East Providence RI | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,890
Buildings and Improvements	13,989
Costs Capitalized Subsequent to Acquisition	1,447
Gross Amount at Which Carried As of Year End
Land	1,890
Buildings and Improvements	15,183
Total	17,073
Accumulated Depreciation	(4,117)
1960 Greenwich RI | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	450
Buildings and Improvements	11,845
Costs Capitalized Subsequent to Acquisition	1,846
Gross Amount at Which Carried As of Year End
Land	450
Buildings and Improvements	13,414
Total	13,864
Accumulated Depreciation	(3,796)
2511 Johnston RI | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,037
Buildings and Improvements	12,724
Costs Capitalized Subsequent to Acquisition	3,724
Gross Amount at Which Carried As of Year End
Land	2,037
Buildings and Improvements	16,448
Total	18,485
Accumulated Depreciation	(2,468)
2731 Smithfield, RI | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,250
Buildings and Improvements	17,816
Costs Capitalized Subsequent to Acquisition	656
Gross Amount at Which Carried As of Year End
Land	1,250
Buildings and Improvements	17,192
Total	18,442
Accumulated Depreciation	(4,724)
1962 Warwick RI | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,050
Buildings and Improvements	17,389
Costs Capitalized Subsequent to Acquisition	6,772
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	23,804
Total	24,854
Accumulated Depreciation	(5,580)
2401 Germantown TN | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,640
Buildings and Improvements	64,588
Costs Capitalized Subsequent to Acquisition	264
Gross Amount at Which Carried As of Year End
Land	3,640
Buildings and Improvements	64,852
Total	68,492
Accumulated Depreciation	(5,393)
2608 Arlington TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,002
Buildings and Improvements	19,110
Costs Capitalized Subsequent to Acquisition	128
Gross Amount at Which Carried As of Year End
Land	2,002
Buildings and Improvements	18,857
Total	20,859
Accumulated Depreciation	(5,035)
2531 Austin TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	607
Buildings and Improvements	15,972
Costs Capitalized Subsequent to Acquisition	424
Gross Amount at Which Carried As of Year End
Land	607
Buildings and Improvements	16,396
Total	17,003
Accumulated Depreciation	(1,126)
2588 Beaumont TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	145
Buildings and Improvements	10,404
Costs Capitalized Subsequent to Acquisition	324
Gross Amount at Which Carried As of Year End
Land	145
Buildings and Improvements	10,282
Total	10,427
Accumulated Depreciation	(4,679)
2438 Dallas TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,091
Buildings and Improvements	11,698
Costs Capitalized Subsequent to Acquisition	2,091
Gross Amount at Which Carried As of Year End
Land	2,091
Buildings and Improvements	12,307
Total	14,398
Accumulated Depreciation	(2,074)
2528 Graham TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	754
Buildings and Improvements	8,803
Costs Capitalized Subsequent to Acquisition	782
Gross Amount at Which Carried As of Year End
Land	754
Buildings and Improvements	9,586
Total	10,340
Accumulated Depreciation	(1,088)
2529 Grand Prairie TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	865
Buildings and Improvements	10,650
Costs Capitalized Subsequent to Acquisition	1,118
Gross Amount at Which Carried As of Year End
Land	865
Buildings and Improvements	11,768
Total	12,633
Accumulated Depreciation	(1,196)
1955 Houston TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,820
Buildings and Improvements	50,079
Costs Capitalized Subsequent to Acquisition	10,526
Gross Amount at Which Carried As of Year End
Land	9,820
Buildings and Improvements	59,293
Total	69,113
Accumulated Depreciation	(16,391)
1957 Houston TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,170
Buildings and Improvements	37,285
Costs Capitalized Subsequent to Acquisition	5,658
Gross Amount at Which Carried As of Year End
Land	8,170
Buildings and Improvements	42,112
Total	50,282
Accumulated Depreciation	(11,285)
1958 Houston TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,910
Buildings and Improvements	37,443
Costs Capitalized Subsequent to Acquisition	7,685
Gross Amount at Which Carried As of Year End
Land	2,910
Buildings and Improvements	44,233
Total	47,143
Accumulated Depreciation	(11,666)
2402 Houston TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,740
Buildings and Improvements	32,057
Costs Capitalized Subsequent to Acquisition	95
Gross Amount at Which Carried As of Year End
Land	1,740
Buildings and Improvements	32,153
Total	33,893
Accumulated Depreciation	(2,801)
2606 Houston TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,470
Buildings and Improvements	21,710
Costs Capitalized Subsequent to Acquisition	2,176
Gross Amount at Which Carried As of Year End
Land	2,470
Buildings and Improvements	23,036
Total	25,506
Accumulated Depreciation	(10,451)
2530 North Richland Hills TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,190
Buildings and Improvements	17,756
Costs Capitalized Subsequent to Acquisition	1,104
Gross Amount at Which Carried As of Year End
Land	1,190
Buildings and Improvements	18,859
Total	20,049
Accumulated Depreciation	(1,659)
2532 San Antonio Tx | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	613
Buildings and Improvements	5,874
Costs Capitalized Subsequent to Acquisition	990
Gross Amount at Which Carried As of Year End
Land	613
Buildings and Improvements	6,863
Total	7,476
Accumulated Depreciation	(931)
2607 San Antonio TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	730
Buildings and Improvements	3,961
Costs Capitalized Subsequent to Acquisition	375
Gross Amount at Which Carried As of Year End
Land	730
Buildings and Improvements	4,022
Total	4,752
Accumulated Depreciation	(1,391)
2533 San Marcos TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	765
Buildings and Improvements	18,175
Costs Capitalized Subsequent to Acquisition	898
Gross Amount at Which Carried As of Year End
Land	765
Buildings and Improvements	19,073
Total	19,838
Accumulated Depreciation	(1,380)
1954 Sugar Land TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,420
Buildings and Improvements	36,846
Costs Capitalized Subsequent to Acquisition	5,097
Gross Amount at Which Carried As of Year End
Land	3,420
Buildings and Improvements	41,242
Total	44,662
Accumulated Depreciation	(11,131)
2510 Temple TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,354
Buildings and Improvements	52,859
Costs Capitalized Subsequent to Acquisition	1,144
Gross Amount at Which Carried As of Year End
Land	2,354
Buildings and Improvements	54,004
Total	56,358
Accumulated Depreciation	(3,819)
2400 Victoria, TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,032
Buildings and Improvements	7,743
Costs Capitalized Subsequent to Acquisition	339
Gross Amount at Which Carried As of Year End
Land	1,032
Buildings and Improvements	7,186
Total	8,218
Accumulated Depreciation	(906)
2605 Victoria, TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	175
Buildings and Improvements	4,290
Costs Capitalized Subsequent to Acquisition	3,642
Gross Amount at Which Carried As of Year End
Land	175
Buildings and Improvements	6,477
Total	6,652
Accumulated Depreciation	(2,661)
1953 Webster, TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,780
Buildings and Improvements	30,854
Costs Capitalized Subsequent to Acquisition	4,628
Gross Amount at Which Carried As of Year End
Land	4,780
Buildings and Improvements	29,464
Total	34,244
Accumulated Depreciation	(8,264)
2534 Wichita Falls, TX | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	430
Buildings and Improvements	2,856
Costs Capitalized Subsequent to Acquisition	804
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	3,745
Total	4,175
Accumulated Depreciation	(642)
2582 Fredericksburg VA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,370
Buildings and Improvements	19,725
Costs Capitalized Subsequent to Acquisition	87
Gross Amount at Which Carried As of Year End
Land	2,370
Buildings and Improvements	19,811
Total	22,181
Accumulated Depreciation	(689)
2581 Leesburg VA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	12,345
Initial Cost to Company
Land	1,340
Buildings and Improvements	17,605
Costs Capitalized Subsequent to Acquisition	907
Gross Amount at Which Carried As of Year End
Land	1,340
Buildings and Improvements	18,512
Total	19,852
Accumulated Depreciation	(664)
2514 Richmond VA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,981
Buildings and Improvements	54,203
Costs Capitalized Subsequent to Acquisition	1,894
Gross Amount at Which Carried As of Year End
Land	2,981
Buildings and Improvements	56,097
Total	59,078
Accumulated Depreciation	(3,675)
2737 Moses Lake, WA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	429
Buildings and Improvements	4,417
Costs Capitalized Subsequent to Acquisition	189
Gross Amount at Which Carried As of Year End
Land	429
Buildings and Improvements	4,606
Total	5,035
Accumulated Depreciation	(1,328)
2732 Spokane, WA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	903
Buildings and Improvements	5,363
Costs Capitalized Subsequent to Acquisition	171
Gross Amount at Which Carried As of Year End
Land	903
Buildings and Improvements	5,228
Total	6,131
Accumulated Depreciation	(1,073)
2734 Yakima, WA | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	721
Buildings and Improvements	8,872
Costs Capitalized Subsequent to Acquisition	1,518
Gross Amount at Which Carried As of Year End
Land	721
Buildings and Improvements	10,390
Total	11,111
Accumulated Depreciation	(2,168)
2745 Madison, WI | SHOP | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	834
Buildings and Improvements	10,050
Costs Capitalized Subsequent to Acquisition	445
Gross Amount at Which Carried As of Year End
Land	834
Buildings and Improvements	10,495
Total	11,329
Accumulated Depreciation	(1,732)
1482 Brisbane CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	31,160
Buildings and Improvements	1,789
Costs Capitalized Subsequent to Acquisition	20,319
Gross Amount at Which Carried As of Year End
Land	31,160
Buildings and Improvements	22,103
Total	53,263
Accumulated Depreciation	0
1486 Brisbane, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,331
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	20,529
Gross Amount at Which Carried As of Year End
Land	11,331
Buildings and Improvements	20,529
Total	31,860
Accumulated Depreciation	0
1487 Brisbane, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,498
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	6,812
Gross Amount at Which Carried As of Year End
Land	8,498
Buildings and Improvements	6,812
Total	15,310
Accumulated Depreciation	0
1401 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	900
Buildings and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	1,045
Gross Amount at Which Carried As of Year End
Land	900
Buildings and Improvements	8,145
Total	9,045
Accumulated Depreciation	(2,705)
1402 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,500
Buildings and Improvements	6,400
Costs Capitalized Subsequent to Acquisition	3,682
Gross Amount at Which Carried As of Year End
Land	1,719
Buildings and Improvements	9,863
Total	11,582
Accumulated Depreciation	(4,280)
1403 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,900
Buildings and Improvements	7,100
Costs Capitalized Subsequent to Acquisition	4,666
Gross Amount at Which Carried As of Year End
Land	1,900
Buildings and Improvements	11,512
Total	13,412
Accumulated Depreciation	(2,709)
1404 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,200
Buildings and Improvements	17,200
Costs Capitalized Subsequent to Acquisition	1,434
Gross Amount at Which Carried As of Year End
Land	2,200
Buildings and Improvements	18,634
Total	20,834
Accumulated Depreciation	(4,485)
1405 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,000
Buildings and Improvements	3,200
Costs Capitalized Subsequent to Acquisition	7,478
Gross Amount at Which Carried As of Year End
Land	1,000
Buildings and Improvements	10,678
Total	11,678
Accumulated Depreciation	(6,391)
1549 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,006
Buildings and Improvements	4,259
Costs Capitalized Subsequent to Acquisition	3,463
Gross Amount at Which Carried As of Year End
Land	1,055
Buildings and Improvements	6,409
Total	7,464
Accumulated Depreciation	(2,493)
1550 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	677
Buildings and Improvements	2,761
Costs Capitalized Subsequent to Acquisition	5,583
Gross Amount at Which Carried As of Year End
Land	710
Buildings and Improvements	4,954
Total	5,664
Accumulated Depreciation	(3,401)
1551 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	661
Buildings and Improvements	1,995
Costs Capitalized Subsequent to Acquisition	4,264
Gross Amount at Which Carried As of Year End
Land	693
Buildings and Improvements	6,227
Total	6,920
Accumulated Depreciation	(4,220)
1552 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,187
Buildings and Improvements	7,139
Costs Capitalized Subsequent to Acquisition	1,346
Gross Amount at Which Carried As of Year End
Land	1,222
Buildings and Improvements	8,094
Total	9,316
Accumulated Depreciation	(3,385)
1553 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,189
Buildings and Improvements	9,465
Costs Capitalized Subsequent to Acquisition	7,361
Gross Amount at Which Carried As of Year End
Land	1,225
Buildings and Improvements	16,791
Total	18,016
Accumulated Depreciation	(5,675)
1554 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,246
Buildings and Improvements	5,179
Costs Capitalized Subsequent to Acquisition	1,867
Gross Amount at Which Carried As of Year End
Land	1,283
Buildings and Improvements	6,133
Total	7,416
Accumulated Depreciation	(2,739)
1555 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,521
Buildings and Improvements	13,546
Costs Capitalized Subsequent to Acquisition	6,401
Gross Amount at Which Carried As of Year End
Land	1,566
Buildings and Improvements	19,889
Total	21,455
Accumulated Depreciation	(7,177)
1556 Hayward CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,212
Buildings and Improvements	5,120
Costs Capitalized Subsequent to Acquisition	3,049
Gross Amount at Which Carried As of Year End
Land	1,249
Buildings and Improvements	5,216
Total	6,465
Accumulated Depreciation	(2,098)
1424 La Jolla CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,600
Buildings and Improvements	25,283
Costs Capitalized Subsequent to Acquisition	8,220
Gross Amount at Which Carried As of Year End
Land	9,719
Buildings and Improvements	31,414
Total	41,133
Accumulated Depreciation	(9,072)
1425 La Jolla CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,200
Buildings and Improvements	19,883
Costs Capitalized Subsequent to Acquisition	152
Gross Amount at Which Carried As of Year End
Land	6,276
Buildings and Improvements	19,958
Total	26,234
Accumulated Depreciation	(5,264)
1426 La Jolla CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,200
Buildings and Improvements	12,412
Costs Capitalized Subsequent to Acquisition	5,493
Gross Amount at Which Carried As of Year End
Land	7,291
Buildings and Improvements	15,961
Total	23,252
Accumulated Depreciation	(6,509)
1427 La Jolla CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,700
Buildings and Improvements	16,983
Costs Capitalized Subsequent to Acquisition	6,177
Gross Amount at Which Carried As of Year End
Land	8,767
Buildings and Improvements	21,859
Total	30,626
Accumulated Depreciation	(7,302)
1949 La Jolla CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,686
Buildings and Improvements	11,045
Costs Capitalized Subsequent to Acquisition	743
Gross Amount at Which Carried As of Year End
Land	2,686
Buildings and Improvements	11,458
Total	14,144
Accumulated Depreciation	(2,690)
2229 La Jolla CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,753
Buildings and Improvements	32,528
Costs Capitalized Subsequent to Acquisition	6,228
Gross Amount at Which Carried As of Year End
Land	8,777
Buildings and Improvements	38,732
Total	47,509
Accumulated Depreciation	(3,923)
1488 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,300
Buildings and Improvements	25,410
Costs Capitalized Subsequent to Acquisition	1,901
Gross Amount at Which Carried As of Year End
Land	7,567
Buildings and Improvements	27,044
Total	34,611
Accumulated Depreciation	(7,597)
1489 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,500
Buildings and Improvements	22,800
Costs Capitalized Subsequent to Acquisition	1,866
Gross Amount at Which Carried As of Year End
Land	6,500
Buildings and Improvements	24,666
Total	31,166
Accumulated Depreciation	(7,030)
1490 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,800
Buildings and Improvements	9,500
Costs Capitalized Subsequent to Acquisition	442
Gross Amount at Which Carried As of Year End
Land	4,800
Buildings and Improvements	9,942
Total	14,742
Accumulated Depreciation	(2,746)
1491 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,200
Buildings and Improvements	8,400
Costs Capitalized Subsequent to Acquisition	1,249
Gross Amount at Which Carried As of Year End
Land	4,209
Buildings and Improvements	8,998
Total	13,207
Accumulated Depreciation	(2,458)
1492 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,600
Buildings and Improvements	9,700
Costs Capitalized Subsequent to Acquisition	862
Gross Amount at Which Carried As of Year End
Land	3,600
Buildings and Improvements	9,835
Total	13,435
Accumulated Depreciation	(2,527)
1493 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,500
Buildings and Improvements	16,300
Costs Capitalized Subsequent to Acquisition	2,142
Gross Amount at Which Carried As of Year End
Land	7,500
Buildings and Improvements	17,842
Total	25,342
Accumulated Depreciation	(4,942)
1494 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,800
Buildings and Improvements	24,000
Costs Capitalized Subsequent to Acquisition	203
Gross Amount at Which Carried As of Year End
Land	9,800
Buildings and Improvements	24,203
Total	34,003
Accumulated Depreciation	(6,362)
1495 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,900
Buildings and Improvements	17,800
Costs Capitalized Subsequent to Acquisition	3,245
Gross Amount at Which Carried As of Year End
Land	6,900
Buildings and Improvements	21,045
Total	27,945
Accumulated Depreciation	(6,313)
1496 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,000
Buildings and Improvements	17,000
Costs Capitalized Subsequent to Acquisition	6,364
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	17,332
Total	24,332
Accumulated Depreciation	(4,595)
1497 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	14,100
Buildings and Improvements	31,002
Costs Capitalized Subsequent to Acquisition	10,111
Gross Amount at Which Carried As of Year End
Land	14,100
Buildings and Improvements	31,487
Total	45,587
Accumulated Depreciation	(8,280)
1498 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,100
Buildings and Improvements	25,800
Costs Capitalized Subsequent to Acquisition	8,101
Gross Amount at Which Carried As of Year End
Land	7,100
Buildings and Improvements	33,901
Total	41,001
Accumulated Depreciation	(14,611)
2017 Mountain View CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	20,240
Costs Capitalized Subsequent to Acquisition	1,117
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	21,255
Total	21,255
Accumulated Depreciation	(4,000)
1470 Poway CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,826
Buildings and Improvements	12,200
Costs Capitalized Subsequent to Acquisition	6,048
Gross Amount at Which Carried As of Year End
Land	5,826
Buildings and Improvements	12,542
Total	18,368
Accumulated Depreciation	(3,199)
1471 Poway CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,978
Buildings and Improvements	14,200
Costs Capitalized Subsequent to Acquisition	4,253
Gross Amount at Which Carried As of Year End
Land	5,978
Buildings and Improvements	18,453
Total	24,431
Accumulated Depreciation	(7,951)
1472 Poway CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,654
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	11,906
Gross Amount at Which Carried As of Year End
Land	8,654
Buildings and Improvements	11,906
Total	20,560
Accumulated Depreciation	(1,286)
1473 Poway, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,024
Buildings and Improvements	2,405
Costs Capitalized Subsequent to Acquisition	9,148
Gross Amount at Which Carried As of Year End
Land	11,024
Buildings and Improvements	11,553
Total	22,577
Accumulated Depreciation	0
1474 Poway, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,051
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	5,522
Gross Amount at Which Carried As of Year End
Land	5,051
Buildings and Improvements	5,522
Total	10,573
Accumulated Depreciation	0
1475 Poway, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,655
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	5,697
Gross Amount at Which Carried As of Year End
Land	5,655
Buildings and Improvements	5,697
Total	11,352
Accumulated Depreciation	0
1477 Poway CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	25,359
Buildings and Improvements	2,475
Costs Capitalized Subsequent to Acquisition	14,835
Gross Amount at Which Carried As of Year End
Land	25,359
Buildings and Improvements	17,310
Total	42,669
Accumulated Depreciation	0
1478 Poway CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,700
Buildings and Improvements	14,400
Costs Capitalized Subsequent to Acquisition	6,145
Gross Amount at Which Carried As of Year End
Land	6,700
Buildings and Improvements	14,400
Total	21,100
Accumulated Depreciation	(3,750)
1499 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,400
Buildings and Improvements	5,500
Costs Capitalized Subsequent to Acquisition	2,564
Gross Amount at Which Carried As of Year End
Land	3,407
Buildings and Improvements	7,177
Total	10,584
Accumulated Depreciation	(2,476)
1500 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,500
Buildings and Improvements	4,100
Costs Capitalized Subsequent to Acquisition	1,220
Gross Amount at Which Carried As of Year End
Land	2,506
Buildings and Improvements	4,563
Total	7,069
Accumulated Depreciation	(1,508)
1501 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,600
Buildings and Improvements	4,600
Costs Capitalized Subsequent to Acquisition	860
Gross Amount at Which Carried As of Year End
Land	3,607
Buildings and Improvements	5,024
Total	8,631
Accumulated Depreciation	(1,722)
1502 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,100
Buildings and Improvements	5,100
Costs Capitalized Subsequent to Acquisition	954
Gross Amount at Which Carried As of Year End
Land	3,107
Buildings and Improvements	5,801
Total	8,908
Accumulated Depreciation	(1,937)
1503 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,800
Buildings and Improvements	17,300
Costs Capitalized Subsequent to Acquisition	3,300
Gross Amount at Which Carried As of Year End
Land	4,818
Buildings and Improvements	20,582
Total	25,400
Accumulated Depreciation	(6,253)
1504 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,400
Buildings and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	949
Gross Amount at Which Carried As of Year End
Land	5,418
Buildings and Improvements	16,431
Total	21,849
Accumulated Depreciation	(4,246)
1505 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,000
Buildings and Improvements	3,500
Costs Capitalized Subsequent to Acquisition	826
Gross Amount at Which Carried As of Year End
Land	3,006
Buildings and Improvements	4,115
Total	7,121
Accumulated Depreciation	(1,646)
1506 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,000
Buildings and Improvements	14,300
Costs Capitalized Subsequent to Acquisition	7,503
Gross Amount at Which Carried As of Year End
Land	6,018
Buildings and Improvements	21,178
Total	27,196
Accumulated Depreciation	(4,637)
1507 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,900
Buildings and Improvements	12,800
Costs Capitalized Subsequent to Acquisition	13,559
Gross Amount at Which Carried As of Year End
Land	1,912
Buildings and Improvements	26,347
Total	28,259
Accumulated Depreciation	(7,202)
1508 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,700
Buildings and Improvements	11,300
Costs Capitalized Subsequent to Acquisition	12,120
Gross Amount at Which Carried As of Year End
Land	2,712
Buildings and Improvements	23,409
Total	26,121
Accumulated Depreciation	(5,871)
1509 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,700
Buildings and Improvements	10,900
Costs Capitalized Subsequent to Acquisition	10,476
Gross Amount at Which Carried As of Year End
Land	2,712
Buildings and Improvements	20,840
Total	23,552
Accumulated Depreciation	(7,349)
1510 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,200
Buildings and Improvements	12,000
Costs Capitalized Subsequent to Acquisition	5,395
Gross Amount at Which Carried As of Year End
Land	2,212
Buildings and Improvements	13,501
Total	15,713
Accumulated Depreciation	(3,543)
1511 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,600
Buildings and Improvements	9,300
Costs Capitalized Subsequent to Acquisition	1,828
Gross Amount at Which Carried As of Year End
Land	2,612
Buildings and Improvements	10,561
Total	13,173
Accumulated Depreciation	(2,708)
1512 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,300
Buildings and Improvements	18,000
Costs Capitalized Subsequent to Acquisition	12,361
Gross Amount at Which Carried As of Year End
Land	3,300
Buildings and Improvements	30,361
Total	33,661
Accumulated Depreciation	(8,155)
1513 Redwood City CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,300
Buildings and Improvements	17,900
Costs Capitalized Subsequent to Acquisition	14,839
Gross Amount at Which Carried As of Year End
Land	3,326
Buildings and Improvements	32,713
Total	36,039
Accumulated Depreciation	(9,544)
678 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,603
Buildings and Improvements	11,051
Costs Capitalized Subsequent to Acquisition	3,143
Gross Amount at Which Carried As of Year End
Land	2,603
Buildings and Improvements	14,194
Total	16,797
Accumulated Depreciation	(4,623)
679 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,269
Buildings and Improvements	23,566
Costs Capitalized Subsequent to Acquisition	16,072
Gross Amount at Which Carried As of Year End
Land	5,669
Buildings and Improvements	35,937
Total	41,606
Accumulated Depreciation	(12,274)
837 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,630
Buildings and Improvements	2,028
Costs Capitalized Subsequent to Acquisition	8,982
Gross Amount at Which Carried As of Year End
Land	4,630
Buildings and Improvements	11,010
Total	15,640
Accumulated Depreciation	(6,567)
838 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,040
Buildings and Improvements	903
Costs Capitalized Subsequent to Acquisition	5,111
Gross Amount at Which Carried As of Year End
Land	2,040
Buildings and Improvements	6,014
Total	8,054
Accumulated Depreciation	(2,208)
839 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,940
Buildings and Improvements	3,184
Costs Capitalized Subsequent to Acquisition	5,733
Gross Amount at Which Carried As of Year End
Land	4,047
Buildings and Improvements	5,591
Total	9,638
Accumulated Depreciation	(1,769)
840 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,690
Buildings and Improvements	4,579
Costs Capitalized Subsequent to Acquisition	720
Gross Amount at Which Carried As of Year End
Land	5,830
Buildings and Improvements	4,734
Total	10,564
Accumulated Depreciation	(1,566)
1418 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,700
Buildings and Improvements	31,243
Costs Capitalized Subsequent to Acquisition	6,403
Gross Amount at Which Carried As of Year End
Land	11,700
Buildings and Improvements	37,646
Total	49,346
Accumulated Depreciation	(12,927)
1420 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,524
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	4,986
Gross Amount at Which Carried As of Year End
Land	6,524
Buildings and Improvements	4,986
Total	11,510
Accumulated Depreciation	0
1421 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,000
Buildings and Improvements	33,779
Costs Capitalized Subsequent to Acquisition	1,209
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	34,988
Total	41,988
Accumulated Depreciation	(9,021)
1422 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,179
Buildings and Improvements	3,687
Costs Capitalized Subsequent to Acquisition	4,521
Gross Amount at Which Carried As of Year End
Land	7,184
Buildings and Improvements	8,202
Total	15,386
Accumulated Depreciation	(2,287)
1423 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,400
Buildings and Improvements	33,144
Costs Capitalized Subsequent to Acquisition	18
Gross Amount at Which Carried As of Year End
Land	8,400
Buildings and Improvements	33,162
Total	41,562
Accumulated Depreciation	(8,637)
1514 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,200
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	5,200
Buildings and Improvements	0
Total	5,200
Accumulated Depreciation	0
1558 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,740
Buildings and Improvements	22,654
Costs Capitalized Subsequent to Acquisition	2,371
Gross Amount at Which Carried As of Year End
Land	7,888
Buildings and Improvements	23,645
Total	31,533
Accumulated Depreciation	(6,279)
1947 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,581
Buildings and Improvements	10,534
Costs Capitalized Subsequent to Acquisition	3,952
Gross Amount at Which Carried As of Year End
Land	2,581
Buildings and Improvements	14,486
Total	17,067
Accumulated Depreciation	(3,154)
1948 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,879
Buildings and Improvements	25,305
Costs Capitalized Subsequent to Acquisition	2,559
Gross Amount at Which Carried As of Year End
Land	5,879
Buildings and Improvements	27,861
Total	33,740
Accumulated Depreciation	(7,790)
2197 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,621
Buildings and Improvements	3,913
Costs Capitalized Subsequent to Acquisition	6,549
Gross Amount at Which Carried As of Year End
Land	7,626
Buildings and Improvements	9,167
Total	16,793
Accumulated Depreciation	(2,459)
2476 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,661
Buildings and Improvements	9,918
Costs Capitalized Subsequent to Acquisition	3,359
Gross Amount at Which Carried As of Year End
Land	7,661
Buildings and Improvements	13,277
Total	20,938
Accumulated Depreciation	(189)
2477 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,207
Buildings and Improvements	14,613
Costs Capitalized Subsequent to Acquisition	6,484
Gross Amount at Which Carried As of Year End
Land	9,207
Buildings and Improvements	21,097
Total	30,304
Accumulated Depreciation	(649)
2478 San Diego CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,000
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	6,000
Buildings and Improvements	0
Total	6,000
Accumulated Depreciation	0
2617 San Diego, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,734
Buildings and Improvements	5,195
Costs Capitalized Subsequent to Acquisition	777
Gross Amount at Which Carried As of Year End
Land	2,734
Buildings and Improvements	5,971
Total	8,705
Accumulated Depreciation	0
2618 San Diego, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,100
Buildings and Improvements	12,395
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	4,100
Buildings and Improvements	12,395
Total	16,495
Accumulated Depreciation	(317)
2622 San Diego, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	1,070
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	1,070
Total	1,070
Accumulated Depreciation	0
1407 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,182
Buildings and Improvements	12,140
Costs Capitalized Subsequent to Acquisition	9,612
Gross Amount at Which Carried As of Year End
Land	7,182
Buildings and Improvements	17,860
Total	25,042
Accumulated Depreciation	(8,032)
1408 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,000
Buildings and Improvements	17,800
Costs Capitalized Subsequent to Acquisition	1,260
Gross Amount at Which Carried As of Year End
Land	9,000
Buildings and Improvements	19,060
Total	28,060
Accumulated Depreciation	(5,588)
1409 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	18,000
Buildings and Improvements	38,043
Costs Capitalized Subsequent to Acquisition	4,692
Gross Amount at Which Carried As of Year End
Land	18,000
Buildings and Improvements	42,735
Total	60,735
Accumulated Depreciation	(10,828)
1410 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,900
Buildings and Improvements	18,100
Costs Capitalized Subsequent to Acquisition	157
Gross Amount at Which Carried As of Year End
Land	4,900
Buildings and Improvements	18,257
Total	23,157
Accumulated Depreciation	(4,793)
1411 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,000
Buildings and Improvements	27,700
Costs Capitalized Subsequent to Acquisition	313
Gross Amount at Which Carried As of Year End
Land	8,000
Buildings and Improvements	28,013
Total	36,013
Accumulated Depreciation	(7,288)
1412 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,100
Buildings and Improvements	22,521
Costs Capitalized Subsequent to Acquisition	2,156
Gross Amount at Which Carried As of Year End
Land	10,100
Buildings and Improvements	24,437
Total	34,537
Accumulated Depreciation	(6,066)
1413 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,000
Buildings and Improvements	28,299
Costs Capitalized Subsequent to Acquisition	3,743
Gross Amount at Which Carried As of Year End
Land	8,000
Buildings and Improvements	32,042
Total	40,042
Accumulated Depreciation	(7,468)
1414 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,700
Buildings and Improvements	20,800
Costs Capitalized Subsequent to Acquisition	2,248
Gross Amount at Which Carried As of Year End
Land	3,700
Buildings and Improvements	22,845
Total	26,545
Accumulated Depreciation	(5,965)
1430 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,700
Buildings and Improvements	23,621
Costs Capitalized Subsequent to Acquisition	3,519
Gross Amount at Which Carried As of Year End
Land	10,700
Buildings and Improvements	27,140
Total	37,840
Accumulated Depreciation	(7,606)
1431 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,000
Buildings and Improvements	15,500
Costs Capitalized Subsequent to Acquisition	876
Gross Amount at Which Carried As of Year End
Land	7,000
Buildings and Improvements	16,375
Total	23,375
Accumulated Depreciation	(4,109)
1435 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	13,800
Buildings and Improvements	42,500
Costs Capitalized Subsequent to Acquisition	37,029
Gross Amount at Which Carried As of Year End
Land	13,800
Buildings and Improvements	79,529
Total	93,329
Accumulated Depreciation	(19,435)
1436 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	14,500
Buildings and Improvements	45,300
Costs Capitalized Subsequent to Acquisition	36,865
Gross Amount at Which Carried As of Year End
Land	14,500
Buildings and Improvements	82,165
Total	96,665
Accumulated Depreciation	(19,964)
1437 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,400
Buildings and Improvements	24,800
Costs Capitalized Subsequent to Acquisition	46,308
Gross Amount at Which Carried As of Year End
Land	9,400
Buildings and Improvements	69,539
Total	78,939
Accumulated Depreciation	(14,428)
1439 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,900
Buildings and Improvements	68,848
Costs Capitalized Subsequent to Acquisition	48
Gross Amount at Which Carried As of Year End
Land	11,900
Buildings and Improvements	68,896
Total	80,796
Accumulated Depreciation	(17,948)
1440 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,000
Buildings and Improvements	57,954
Costs Capitalized Subsequent to Acquisition	10
Gross Amount at Which Carried As of Year End
Land	10,000
Buildings and Improvements	57,964
Total	67,964
Accumulated Depreciation	(15,094)
1441 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,300
Buildings and Improvements	43,549
Costs Capitalized Subsequent to Acquisition	8
Gross Amount at Which Carried As of Year End
Land	9,300
Buildings and Improvements	43,557
Total	52,857
Accumulated Depreciation	(11,342)
1442 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	11,000
Buildings and Improvements	47,289
Costs Capitalized Subsequent to Acquisition	91
Gross Amount at Which Carried As of Year End
Land	11,000
Buildings and Improvements	47,380
Total	58,380
Accumulated Depreciation	(12,371)
1443 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	13,200
Buildings and Improvements	60,932
Costs Capitalized Subsequent to Acquisition	2,645
Gross Amount at Which Carried As of Year End
Land	13,200
Buildings and Improvements	63,576
Total	76,776
Accumulated Depreciation	(15,600)
1444 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,500
Buildings and Improvements	33,776
Costs Capitalized Subsequent to Acquisition	360
Gross Amount at Which Carried As of Year End
Land	10,500
Buildings and Improvements	34,135
Total	44,635
Accumulated Depreciation	(8,995)
1445 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,600
Buildings and Improvements	34,083
Costs Capitalized Subsequent to Acquisition	9
Gross Amount at Which Carried As of Year End
Land	10,600
Buildings and Improvements	34,092
Total	44,692
Accumulated Depreciation	(8,877)
1458 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,900
Buildings and Improvements	20,900
Costs Capitalized Subsequent to Acquisition	8,294
Gross Amount at Which Carried As of Year End
Land	10,909
Buildings and Improvements	23,962
Total	34,871
Accumulated Depreciation	(7,082)
1459 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,600
Buildings and Improvements	100
Costs Capitalized Subsequent to Acquisition	223
Gross Amount at Which Carried As of Year End
Land	3,600
Buildings and Improvements	323
Total	3,923
Accumulated Depreciation	(94)
1460 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,300
Buildings and Improvements	100
Costs Capitalized Subsequent to Acquisition	118
Gross Amount at Which Carried As of Year End
Land	2,300
Buildings and Improvements	218
Total	2,518
Accumulated Depreciation	(100)
1461 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,900
Buildings and Improvements	200
Costs Capitalized Subsequent to Acquisition	221
Gross Amount at Which Carried As of Year End
Land	3,900
Buildings and Improvements	421
Total	4,321
Accumulated Depreciation	(200)
1462 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,117
Buildings and Improvements	600
Costs Capitalized Subsequent to Acquisition	4,927
Gross Amount at Which Carried As of Year End
Land	7,117
Buildings and Improvements	5,179
Total	12,296
Accumulated Depreciation	(2,140)
1463 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,381
Buildings and Improvements	2,300
Costs Capitalized Subsequent to Acquisition	20,527
Gross Amount at Which Carried As of Year End
Land	10,381
Buildings and Improvements	22,827
Total	33,208
Accumulated Depreciation	(5,749)
1464 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,403
Buildings and Improvements	700
Costs Capitalized Subsequent to Acquisition	11,638
Gross Amount at Which Carried As of Year End
Land	7,403
Buildings and Improvements	7,987
Total	15,390
Accumulated Depreciation	(1,479)
1468 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,100
Buildings and Improvements	24,013
Costs Capitalized Subsequent to Acquisition	4,774
Gross Amount at Which Carried As of Year End
Land	10,100
Buildings and Improvements	26,642
Total	36,742
Accumulated Depreciation	(7,801)
1480 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	32,210
Buildings and Improvements	3,110
Costs Capitalized Subsequent to Acquisition	11,217
Gross Amount at Which Carried As of Year End
Land	32,210
Buildings and Improvements	14,327
Total	46,537
Accumulated Depreciation	0
1559 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,666
Buildings and Improvements	5,773
Costs Capitalized Subsequent to Acquisition	12,966
Gross Amount at Which Carried As of Year End
Land	5,695
Buildings and Improvements	18,641
Total	24,336
Accumulated Depreciation	(10,250)
1560 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,204
Buildings and Improvements	1,293
Costs Capitalized Subsequent to Acquisition	517
Gross Amount at Which Carried As of Year End
Land	1,210
Buildings and Improvements	1,789
Total	2,999
Accumulated Depreciation	(1,456)
1983 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,648
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	95,860
Gross Amount at Which Carried As of Year End
Land	8,648
Buildings and Improvements	95,860
Total	104,508
Accumulated Depreciation	(6,072)
1984 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,845
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	84,569
Gross Amount at Which Carried As of Year End
Land	7,844
Buildings and Improvements	84,569
Total	92,413
Accumulated Depreciation	(1,692)
1985 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,708
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	98,300
Gross Amount at Which Carried As of Year End
Land	6,708
Buildings and Improvements	98,301
Total	105,009
Accumulated Depreciation	(1,212)
1986 South San Francisco, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,708
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	107,084
Gross Amount at Which Carried As of Year End
Land	6,708
Buildings and Improvements	107,084
Total	113,792
Accumulated Depreciation	0
1987 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,544
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	47,227
Gross Amount at Which Carried As of Year End
Land	8,544
Buildings and Improvements	47,228
Total	55,772
Accumulated Depreciation	0
1988 South San Francisco, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,120
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	414
Gross Amount at Which Carried As of Year End
Land	10,120
Buildings and Improvements	414
Total	10,534
Accumulated Depreciation	0
1989 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	9,169
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	3,649
Gross Amount at Which Carried As of Year End
Land	9,169
Buildings and Improvements	3,649
Total	12,818
Accumulated Depreciation	0
2553 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,897
Buildings and Improvements	8,691
Costs Capitalized Subsequent to Acquisition	1,160
Gross Amount at Which Carried As of Year End
Land	2,897
Buildings and Improvements	9,852
Total	12,749
Accumulated Depreciation	(735)
2554 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	995
Buildings and Improvements	2,754
Costs Capitalized Subsequent to Acquisition	50
Gross Amount at Which Carried As of Year End
Land	995
Buildings and Improvements	2,804
Total	3,799
Accumulated Depreciation	(166)
2555 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,202
Buildings and Improvements	10,776
Costs Capitalized Subsequent to Acquisition	589
Gross Amount at Which Carried As of Year End
Land	2,202
Buildings and Improvements	11,365
Total	13,567
Accumulated Depreciation	(675)
2556 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,962
Buildings and Improvements	15,108
Costs Capitalized Subsequent to Acquisition	168
Gross Amount at Which Carried As of Year End
Land	2,962
Buildings and Improvements	15,276
Total	18,238
Accumulated Depreciation	(908)
2557 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,453
Buildings and Improvements	13,063
Costs Capitalized Subsequent to Acquisition	128
Gross Amount at Which Carried As of Year End
Land	2,453
Buildings and Improvements	13,191
Total	15,644
Accumulated Depreciation	(783)
2558 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,163
Buildings and Improvements	5,925
Costs Capitalized Subsequent to Acquisition	58
Gross Amount at Which Carried As of Year End
Land	1,163
Buildings and Improvements	5,983
Total	7,146
Accumulated Depreciation	(356)
2614 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,079
Buildings and Improvements	8,584
Costs Capitalized Subsequent to Acquisition	1,330
Gross Amount at Which Carried As of Year End
Land	5,079
Buildings and Improvements	9,914
Total	14,993
Accumulated Depreciation	(3,383)
2615 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,984
Buildings and Improvements	13,495
Costs Capitalized Subsequent to Acquisition	3,243
Gross Amount at Which Carried As of Year End
Land	7,984
Buildings and Improvements	16,739
Total	24,723
Accumulated Depreciation	(5,481)
2616 South San Francisco CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,355
Buildings and Improvements	14,121
Costs Capitalized Subsequent to Acquisition	1,876
Gross Amount at Which Carried As of Year End
Land	8,355
Buildings and Improvements	15,998
Total	24,353
Accumulated Depreciation	(5,598)
2624 South San Francisco, CA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	25,502
Buildings and Improvements	41,293
Costs Capitalized Subsequent to Acquisition	181
Gross Amount at Which Carried As of Year End
Land	25,502
Buildings and Improvements	41,474
Total	66,976
Accumulated Depreciation	(382)
9999 Denton TX | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	100
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	0
Total	100
Accumulated Depreciation	0
2630 Lexington, MA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	15,966
Buildings and Improvements	48,444
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	15,966
Buildings and Improvements	48,444
Total	64,410
Accumulated Depreciation	(187)
2631 Lexington, MA | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	10,940
Buildings and Improvements	139,201
Costs Capitalized Subsequent to Acquisition	28
Gross Amount at Which Carried As of Year End
Land	10,940
Buildings and Improvements	139,229
Total	150,169
Accumulated Depreciation	(367)
2011 Durham NC | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	6,118
Initial Cost to Company
Land	448
Buildings and Improvements	6,152
Costs Capitalized Subsequent to Acquisition	21,379
Gross Amount at Which Carried As of Year End
Land	448
Buildings and Improvements	27,494
Total	27,942
Accumulated Depreciation	(5,000)
2030 Durham NC | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,920
Buildings and Improvements	5,661
Costs Capitalized Subsequent to Acquisition	34,120
Gross Amount at Which Carried As of Year End
Land	1,920
Buildings and Improvements	39,781
Total	41,701
Accumulated Depreciation	(7,054)
464 Salt Lake City UT | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	630
Buildings and Improvements	6,921
Costs Capitalized Subsequent to Acquisition	2,562
Gross Amount at Which Carried As of Year End
Land	630
Buildings and Improvements	9,483
Total	10,113
Accumulated Depreciation	(3,123)
465 Salt Lake City UT | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	125
Buildings and Improvements	6,368
Costs Capitalized Subsequent to Acquisition	68
Gross Amount at Which Carried As of Year End
Land	125
Buildings and Improvements	6,436
Total	6,561
Accumulated Depreciation	(2,379)
466 Salt Lake City UT | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	14,614
Costs Capitalized Subsequent to Acquisition	7
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,621
Total	14,621
Accumulated Depreciation	(4,872)
507 Salt Lake City UT | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	280
Buildings and Improvements	4,345
Costs Capitalized Subsequent to Acquisition	226
Gross Amount at Which Carried As of Year End
Land	280
Buildings and Improvements	4,572
Total	4,852
Accumulated Depreciation	(1,694)
799 Salt Lake City UT | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	14,600
Costs Capitalized Subsequent to Acquisition	90
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,690
Total	14,690
Accumulated Depreciation	(3,976)
1593 Salt Lake City UT | Life science | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	23,998
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	23,998
Total	23,998
Accumulated Depreciation	(5,393)
638 Anchorage AK | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,456
Buildings and Improvements	10,650
Costs Capitalized Subsequent to Acquisition	12,309
Gross Amount at Which Carried As of Year End
Land	1,456
Buildings and Improvements	22,907
Total	24,363
Accumulated Depreciation	(6,114)
2572 Springdale AR | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	27,714
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	27,714
Total	27,714
Accumulated Depreciation	(916)
520 Chandler AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,669
Buildings and Improvements	13,503
Costs Capitalized Subsequent to Acquisition	2,538
Gross Amount at Which Carried As of Year End
Land	3,669
Buildings and Improvements	15,751
Total	19,420
Accumulated Depreciation	(5,883)
2040 Mesa AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	17,314
Costs Capitalized Subsequent to Acquisition	896
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	18,181
Total	18,181
Accumulated Depreciation	(2,567)
468 Oro Valley AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,050
Buildings and Improvements	6,774
Costs Capitalized Subsequent to Acquisition	925
Gross Amount at Which Carried As of Year End
Land	1,050
Buildings and Improvements	7,124
Total	8,174
Accumulated Depreciation	(2,857)
356 Phoenix AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	780
Buildings and Improvements	3,199
Costs Capitalized Subsequent to Acquisition	2,271
Gross Amount at Which Carried As of Year End
Land	780
Buildings and Improvements	4,550
Total	5,330
Accumulated Depreciation	(1,884)
470 Phoenix AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	280
Buildings and Improvements	877
Costs Capitalized Subsequent to Acquisition	120
Gross Amount at Which Carried As of Year End
Land	280
Buildings and Improvements	961
Total	1,241
Accumulated Depreciation	(351)
1066 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,115
Buildings and Improvements	14,064
Costs Capitalized Subsequent to Acquisition	3,553
Gross Amount at Which Carried As of Year End
Land	4,839
Buildings and Improvements	17,035
Total	21,874
Accumulated Depreciation	(5,539)
2021 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	12,312
Costs Capitalized Subsequent to Acquisition	1,818
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,046
Total	14,046
Accumulated Depreciation	(3,839)
2022 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	9,179
Costs Capitalized Subsequent to Acquisition	1,222
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,270
Total	10,270
Accumulated Depreciation	(2,942)
2023 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,398
Costs Capitalized Subsequent to Acquisition	1,570
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,848
Total	7,848
Accumulated Depreciation	(1,871)
2024 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	9,522
Costs Capitalized Subsequent to Acquisition	663
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,184
Total	10,184
Accumulated Depreciation	(2,438)
2025 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,102
Costs Capitalized Subsequent to Acquisition	1,482
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,492
Total	5,492
Accumulated Depreciation	(1,650)
2026 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	3,655
Costs Capitalized Subsequent to Acquisition	1,211
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	4,826
Total	4,826
Accumulated Depreciation	(1,118)
2027 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,168
Costs Capitalized Subsequent to Acquisition	1,455
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,605
Total	8,605
Accumulated Depreciation	(2,140)
2028 Scottsdale AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,659
Costs Capitalized Subsequent to Acquisition	1,285
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,944
Total	7,944
Accumulated Depreciation	(1,937)
453 Tucson AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	215
Buildings and Improvements	6,318
Costs Capitalized Subsequent to Acquisition	1,390
Gross Amount at Which Carried As of Year End
Land	326
Buildings and Improvements	7,073
Total	7,399
Accumulated Depreciation	(3,414)
556 Tucson AZ | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	215
Buildings and Improvements	3,940
Costs Capitalized Subsequent to Acquisition	1,285
Gross Amount at Which Carried As of Year End
Land	267
Buildings and Improvements	4,745
Total	5,012
Accumulated Depreciation	(1,541)
1041 Brentwood CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	30,864
Costs Capitalized Subsequent to Acquisition	3,002
Gross Amount at Which Carried As of Year End
Land	187
Buildings and Improvements	33,138
Total	33,325
Accumulated Depreciation	(9,716)
1200 Encino CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,151
Buildings and Improvements	10,438
Costs Capitalized Subsequent to Acquisition	4,583
Gross Amount at Which Carried As of Year End
Land	6,646
Buildings and Improvements	13,736
Total	20,382
Accumulated Depreciation	(5,095)
436 Murietta CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	400
Buildings and Improvements	9,266
Costs Capitalized Subsequent to Acquisition	4,140
Gross Amount at Which Carried As of Year End
Land	638
Buildings and Improvements	11,876
Total	12,514
Accumulated Depreciation	(5,682)
239 Poway CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,700
Buildings and Improvements	10,839
Costs Capitalized Subsequent to Acquisition	3,710
Gross Amount at Which Carried As of Year End
Land	2,887
Buildings and Improvements	12,438
Total	15,325
Accumulated Depreciation	(6,698)
2654 Riverside, CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,758
Buildings and Improvements	9,908
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,758
Buildings and Improvements	9,908
Total	12,666
Accumulated Depreciation	0
318 Sacramento CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,860
Buildings and Improvements	37,566
Costs Capitalized Subsequent to Acquisition	27,137
Gross Amount at Which Carried As of Year End
Land	2,911
Buildings and Improvements	63,801
Total	66,712
Accumulated Depreciation	(10,335)
2404 Sacramento CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,268
Buildings and Improvements	5,109
Costs Capitalized Subsequent to Acquisition	374
Gross Amount at Which Carried As of Year End
Land	1,299
Buildings and Improvements	5,453
Total	6,752
Accumulated Depreciation	(649)
234 San Diego CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,848
Buildings and Improvements	5,879
Costs Capitalized Subsequent to Acquisition	1,450
Gross Amount at Which Carried As of Year End
Land	3,009
Buildings and Improvements	5,053
Total	8,062
Accumulated Depreciation	(3,231)
235 San Diego CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,863
Buildings and Improvements	8,913
Costs Capitalized Subsequent to Acquisition	2,913
Gross Amount at Which Carried As of Year End
Land	3,068
Buildings and Improvements	8,297
Total	11,365
Accumulated Depreciation	(5,276)
236 San Diego CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,619
Buildings and Improvements	19,370
Costs Capitalized Subsequent to Acquisition	4,023
Gross Amount at Which Carried As of Year End
Land	4,711
Buildings and Improvements	16,760
Total	21,471
Accumulated Depreciation	(10,173)
421 San Diego CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,910
Buildings and Improvements	19,984
Costs Capitalized Subsequent to Acquisition	16,343
Gross Amount at Which Carried As of Year End
Land	2,964
Buildings and Improvements	34,954
Total	37,918
Accumulated Depreciation	(8,524)
564 San Jose CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,935
Buildings and Improvements	1,728
Costs Capitalized Subsequent to Acquisition	2,616
Gross Amount at Which Carried As of Year End
Land	1,935
Buildings and Improvements	3,302
Total	5,237
Accumulated Depreciation	(1,348)
565 San Jose CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,460
Buildings and Improvements	7,672
Costs Capitalized Subsequent to Acquisition	527
Gross Amount at Which Carried As of Year End
Land	1,460
Buildings and Improvements	7,721
Total	9,181
Accumulated Depreciation	(3,004)
659 Los Gatos CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,718
Buildings and Improvements	3,124
Costs Capitalized Subsequent to Acquisition	622
Gross Amount at Which Carried As of Year End
Land	1,758
Buildings and Improvements	3,592
Total	5,350
Accumulated Depreciation	(1,336)
1209 Sherman Oaks CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	7,472
Buildings and Improvements	10,075
Costs Capitalized Subsequent to Acquisition	5,915
Gross Amount at Which Carried As of Year End
Land	7,943
Buildings and Improvements	14,851
Total	22,794
Accumulated Depreciation	(7,274)
439 Valencia CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,300
Buildings and Improvements	6,967
Costs Capitalized Subsequent to Acquisition	3,761
Gross Amount at Which Carried As of Year End
Land	2,404
Buildings and Improvements	8,727
Total	11,131
Accumulated Depreciation	(3,716)
1211 Valencia CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,344
Buildings and Improvements	7,507
Costs Capitalized Subsequent to Acquisition	733
Gross Amount at Which Carried As of Year End
Land	1,383
Buildings and Improvements	7,969
Total	9,352
Accumulated Depreciation	(2,377)
440 West Hills CA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,100
Buildings and Improvements	11,595
Costs Capitalized Subsequent to Acquisition	4,182
Gross Amount at Which Carried As of Year End
Land	2,259
Buildings and Improvements	12,225
Total	14,484
Accumulated Depreciation	(5,826)
728 Aurora CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,764
Costs Capitalized Subsequent to Acquisition	2,807
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,997
Total	8,997
Accumulated Depreciation	(3,157)
1196 Aurora CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	210
Buildings and Improvements	12,362
Costs Capitalized Subsequent to Acquisition	6,074
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	17,720
Total	17,930
Accumulated Depreciation	(4,037)
1197 Aurora CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	200
Buildings and Improvements	8,414
Costs Capitalized Subsequent to Acquisition	5,398
Gross Amount at Which Carried As of Year End
Land	200
Buildings and Improvements	13,482
Total	13,682
Accumulated Depreciation	(3,541)
882 Colorado Springs CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	12,933
Costs Capitalized Subsequent to Acquisition	10,716
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	22,506
Total	22,506
Accumulated Depreciation	(7,988)
1199 Denver CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	493
Buildings and Improvements	7,897
Costs Capitalized Subsequent to Acquisition	1,865
Gross Amount at Which Carried As of Year End
Land	622
Buildings and Improvements	9,401
Total	10,023
Accumulated Depreciation	(3,494)
808 Englewood CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,616
Costs Capitalized Subsequent to Acquisition	9,322
Gross Amount at Which Carried As of Year End
Land	11
Buildings and Improvements	16,830
Total	16,841
Accumulated Depreciation	(6,146)
809 Englewood CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,449
Costs Capitalized Subsequent to Acquisition	3,767
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,997
Total	10,997
Accumulated Depreciation	(4,304)
810 Englewood CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,040
Costs Capitalized Subsequent to Acquisition	7,711
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	14,746
Total	14,746
Accumulated Depreciation	(5,510)
811 Englewood CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,472
Costs Capitalized Subsequent to Acquisition	4,743
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,614
Total	11,614
Accumulated Depreciation	(3,760)
2658 Highlands Ranch, CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,637
Buildings and Improvements	10,063
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,637
Buildings and Improvements	10,063
Total	11,700
Accumulated Depreciation	0
812 Littleton CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,562
Costs Capitalized Subsequent to Acquisition	2,405
Gross Amount at Which Carried As of Year End
Land	257
Buildings and Improvements	5,803
Total	6,060
Accumulated Depreciation	(2,317)
813 Littleton CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,926
Costs Capitalized Subsequent to Acquisition	1,910
Gross Amount at Which Carried As of Year End
Land	106
Buildings and Improvements	6,089
Total	6,195
Accumulated Depreciation	(2,126)
570 Lone Tree CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	20,096
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	19,400
Total	19,400
Accumulated Depreciation	(6,614)
666 Lone Tree CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	23,274
Costs Capitalized Subsequent to Acquisition	2,663
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	25,414
Total	25,414
Accumulated Depreciation	(8,551)
2233 Lone Tree CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,734
Costs Capitalized Subsequent to Acquisition	27,690
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	34,424
Total	34,424
Accumulated Depreciation	(1,641)
1076 Parker CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	13,388
Costs Capitalized Subsequent to Acquisition	1,048
Gross Amount at Which Carried As of Year End
Land	8
Buildings and Improvements	14,215
Total	14,223
Accumulated Depreciation	(4,262)
510 Thornton CO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	236
Buildings and Improvements	10,206
Costs Capitalized Subsequent to Acquisition	3,648
Gross Amount at Which Carried As of Year End
Land	454
Buildings and Improvements	13,289
Total	13,743
Accumulated Depreciation	(5,213)
434 Atlantis FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	2,027
Costs Capitalized Subsequent to Acquisition	352
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	2,219
Total	2,224
Accumulated Depreciation	(1,141)
435 Atlantis FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	2,000
Costs Capitalized Subsequent to Acquisition	931
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	2,566
Total	2,566
Accumulated Depreciation	(1,346)
602 Atlantis FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	455
Buildings and Improvements	2,231
Costs Capitalized Subsequent to Acquisition	991
Gross Amount at Which Carried As of Year End
Land	455
Buildings and Improvements	2,958
Total	3,413
Accumulated Depreciation	(984)
604 Englewood FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	170
Buildings and Improvements	1,134
Costs Capitalized Subsequent to Acquisition	486
Gross Amount at Which Carried As of Year End
Land	198
Buildings and Improvements	1,398
Total	1,596
Accumulated Depreciation	(522)
609 Kissimmee FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	788
Buildings and Improvements	174
Costs Capitalized Subsequent to Acquisition	649
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	721
Total	1,509
Accumulated Depreciation	(217)
610 Kissimmee FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	481
Buildings and Improvements	347
Costs Capitalized Subsequent to Acquisition	793
Gross Amount at Which Carried As of Year End
Land	494
Buildings and Improvements	975
Total	1,469
Accumulated Depreciation	(452)
671 Kissimmee FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,574
Costs Capitalized Subsequent to Acquisition	2,521
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,525
Total	8,525
Accumulated Depreciation	(2,817)
603 Lake Worth FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,507
Buildings and Improvements	2,894
Costs Capitalized Subsequent to Acquisition	1,807
Gross Amount at Which Carried As of Year End
Land	1,507
Buildings and Improvements	4,569
Total	6,076
Accumulated Depreciation	(1,962)
612 Margate FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,553
Buildings and Improvements	6,898
Costs Capitalized Subsequent to Acquisition	1,499
Gross Amount at Which Carried As of Year End
Land	1,553
Buildings and Improvements	8,204
Total	9,757
Accumulated Depreciation	(2,827)
613 Miami FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,392
Buildings and Improvements	11,841
Costs Capitalized Subsequent to Acquisition	4,300
Gross Amount at Which Carried As of Year End
Land	4,392
Buildings and Improvements	14,622
Total	19,014
Accumulated Depreciation	(5,453)
2202 Miami FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	13,123
Costs Capitalized Subsequent to Acquisition	4,193
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	17,207
Total	17,207
Accumulated Depreciation	(2,767)
2203 Miami FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,877
Costs Capitalized Subsequent to Acquisition	2,793
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,671
Total	11,671
Accumulated Depreciation	(1,607)
1067 Milton FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,566
Costs Capitalized Subsequent to Acquisition	269
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,816
Total	8,816
Accumulated Depreciation	(2,544)
2577 Naples FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	29,186
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	29,186
Total	29,186
Accumulated Depreciation	(903)
2578 Naples FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	18,819
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	18,819
Total	18,819
Accumulated Depreciation	(494)
563 Orlando FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,144
Buildings and Improvements	5,136
Costs Capitalized Subsequent to Acquisition	6,662
Gross Amount at Which Carried As of Year End
Land	2,343
Buildings and Improvements	10,110
Total	12,453
Accumulated Depreciation	(3,982)
833 Pace FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	10,309
Costs Capitalized Subsequent to Acquisition	3,217
Gross Amount at Which Carried As of Year End
Land	26
Buildings and Improvements	11,206
Total	11,232
Accumulated Depreciation	(2,918)
834 Pensacola FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	11,166
Costs Capitalized Subsequent to Acquisition	478
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,644
Total	11,644
Accumulated Depreciation	(3,316)
614 Plantation FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	969
Buildings and Improvements	3,241
Costs Capitalized Subsequent to Acquisition	1,595
Gross Amount at Which Carried As of Year End
Land	1,017
Buildings and Improvements	4,151
Total	5,168
Accumulated Depreciation	(1,475)
673 Plantation FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,091
Buildings and Improvements	7,176
Costs Capitalized Subsequent to Acquisition	1,979
Gross Amount at Which Carried As of Year End
Land	1,091
Buildings and Improvements	8,714
Total	9,805
Accumulated Depreciation	(2,579)
2579 Punta Gorda FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	9,379
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,379
Total	9,379
Accumulated Depreciation	(280)
701 St Petersburg FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	13,754
Costs Capitalized Subsequent to Acquisition	8,866
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	21,181
Total	21,181
Accumulated Depreciation	(5,713)
1210 Tampa FL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,967
Buildings and Improvements	6,602
Costs Capitalized Subsequent to Acquisition	6,482
Gross Amount at Which Carried As of Year End
Land	2,194
Buildings and Improvements	10,646
Total	12,840
Accumulated Depreciation	(4,722)
1058 Blue Ridge, GA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	3,231
Costs Capitalized Subsequent to Acquisition	228
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	3,459
Total	3,459
Accumulated Depreciation	(934)
2576 Statesboro GA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	10,234
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,234
Total	10,234
Accumulated Depreciation	(412)
1065 Marion IL | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	99
Buildings and Improvements	11,484
Costs Capitalized Subsequent to Acquisition	775
Gross Amount at Which Carried As of Year End
Land	100
Buildings and Improvements	12,090
Total	12,190
Accumulated Depreciation	(3,723)
1057 Newburgh IN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	14,019
Costs Capitalized Subsequent to Acquisition	4,265
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	18,278
Total	18,278
Accumulated Depreciation	(5,266)
2039 Kansas City KS | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	440
Buildings and Improvements	2,173
Costs Capitalized Subsequent to Acquisition	17
Gross Amount at Which Carried As of Year End
Land	448
Buildings and Improvements	2,181
Total	2,629
Accumulated Depreciation	(369)
2043 Overland Park KS | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,668
Costs Capitalized Subsequent to Acquisition	366
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,034
Total	8,034
Accumulated Depreciation	(1,283)
483 Wichita KS | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	530
Buildings and Improvements	3,341
Costs Capitalized Subsequent to Acquisition	716
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	3,620
Total	4,150
Accumulated Depreciation	(1,214)
1064 Lexington KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	12,726
Costs Capitalized Subsequent to Acquisition	1,323
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	13,835
Total	13,835
Accumulated Depreciation	(4,443)
735 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	936
Buildings and Improvements	8,426
Costs Capitalized Subsequent to Acquisition	5,714
Gross Amount at Which Carried As of Year End
Land	936
Buildings and Improvements	11,622
Total	12,558
Accumulated Depreciation	(9,574)
737 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	835
Buildings and Improvements	27,627
Costs Capitalized Subsequent to Acquisition	6,376
Gross Amount at Which Carried As of Year End
Land	878
Buildings and Improvements	32,459
Total	33,337
Accumulated Depreciation	(11,571)
738 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	780
Buildings and Improvements	8,582
Costs Capitalized Subsequent to Acquisition	5,857
Gross Amount at Which Carried As of Year End
Land	851
Buildings and Improvements	12,321
Total	13,172
Accumulated Depreciation	(7,304)
739 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	826
Buildings and Improvements	13,814
Costs Capitalized Subsequent to Acquisition	1,842
Gross Amount at Which Carried As of Year End
Land	832
Buildings and Improvements	14,195
Total	15,027
Accumulated Depreciation	(4,774)
740 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,983
Buildings and Improvements	13,171
Costs Capitalized Subsequent to Acquisition	4,853
Gross Amount at Which Carried As of Year End
Land	2,991
Buildings and Improvements	16,849
Total	19,840
Accumulated Depreciation	(7,188)
1944 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	788
Buildings and Improvements	2,414
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	2,414
Total	3,202
Accumulated Depreciation	(676)
1945 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,255
Buildings and Improvements	28,644
Costs Capitalized Subsequent to Acquisition	971
Gross Amount at Which Carried As of Year End
Land	3,291
Buildings and Improvements	29,278
Total	32,569
Accumulated Depreciation	(7,073)
1946 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	430
Buildings and Improvements	6,125
Costs Capitalized Subsequent to Acquisition	152
Gross Amount at Which Carried As of Year End
Land	430
Buildings and Improvements	6,277
Total	6,707
Accumulated Depreciation	(1,461)
2237 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,519
Buildings and Improvements	15,386
Costs Capitalized Subsequent to Acquisition	2,941
Gross Amount at Which Carried As of Year End
Land	1,542
Buildings and Improvements	18,304
Total	19,846
Accumulated Depreciation	(2,233)
2238 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,334
Buildings and Improvements	12,172
Costs Capitalized Subsequent to Acquisition	1,660
Gross Amount at Which Carried As of Year End
Land	1,511
Buildings and Improvements	13,654
Total	15,165
Accumulated Depreciation	(1,896)
2239 Louisville KY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,644
Buildings and Improvements	10,832
Costs Capitalized Subsequent to Acquisition	4,947
Gross Amount at Which Carried As of Year End
Land	1,718
Buildings and Improvements	15,704
Total	17,422
Accumulated Depreciation	(1,762)
1324 Haverhill MA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	800
Buildings and Improvements	8,537
Costs Capitalized Subsequent to Acquisition	2,191
Gross Amount at Which Carried As of Year End
Land	869
Buildings and Improvements	9,373
Total	10,242
Accumulated Depreciation	(2,817)
1213 Ellicott City MD | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,115
Buildings and Improvements	3,206
Costs Capitalized Subsequent to Acquisition	2,692
Gross Amount at Which Carried As of Year End
Land	1,222
Buildings and Improvements	4,979
Total	6,201
Accumulated Depreciation	(2,094)
361 Glen Burnie MD | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	670
Buildings and Improvements	5,085
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	670
Buildings and Improvements	5,085
Total	5,755
Accumulated Depreciation	(2,712)
1052 Towson MD | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	14,233
Costs Capitalized Subsequent to Acquisition	3,611
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	15,132
Total	15,132
Accumulated Depreciation	(6,086)
2650 Biddeford, ME | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,949
Buildings and Improvements	12,244
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,949
Buildings and Improvements	12,244
Total	14,193
Accumulated Depreciation	0
240 Minneapolis MN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	117
Buildings and Improvements	13,213
Costs Capitalized Subsequent to Acquisition	3,095
Gross Amount at Which Carried As of Year End
Land	117
Buildings and Improvements	15,773
Total	15,890
Accumulated Depreciation	(8,465)
300 Minneapolis MN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	160
Buildings and Improvements	10,131
Costs Capitalized Subsequent to Acquisition	4,653
Gross Amount at Which Carried As of Year End
Land	160
Buildings and Improvements	13,649
Total	13,809
Accumulated Depreciation	(6,940)
2032 Independence MO | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	48,025
Costs Capitalized Subsequent to Acquisition	1,220
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	49,245
Total	49,245
Accumulated Depreciation	(6,371)
1078 Flowood MS | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,413
Costs Capitalized Subsequent to Acquisition	762
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,148
Total	9,148
Accumulated Depreciation	(3,005)
1059 Jackson MS | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,868
Costs Capitalized Subsequent to Acquisition	122
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,990
Total	8,990
Accumulated Depreciation	(2,534)
1060 Jackson MS | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,187
Costs Capitalized Subsequent to Acquisition	2,189
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,376
Total	9,376
Accumulated Depreciation	(3,271)
1068 Omaha NE | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	16,243
Costs Capitalized Subsequent to Acquisition	1,309
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	17,465
Total	17,482
Accumulated Depreciation	(5,270)
2651 Charlotte, NC | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,001
Buildings and Improvements	11,217
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,001
Buildings and Improvements	11,217
Total	13,218
Accumulated Depreciation	0
2655 Wilmington, NC | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,341
Buildings and Improvements	17,376
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,341
Buildings and Improvements	17,376
Total	18,717
Accumulated Depreciation	0
2656 Wilmington, NC | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,071
Buildings and Improvements	11,592
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,071
Buildings and Improvements	11,592
Total	13,663
Accumulated Depreciation	0
2657 Shallotte, NC | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	918
Buildings and Improvements	3,609
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	918
Buildings and Improvements	3,609
Total	4,527
Accumulated Depreciation	0
2647 Concord, NH | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,961
Buildings and Improvements	23,018
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,961
Buildings and Improvements	23,018
Total	24,979
Accumulated Depreciation	0
2648 Concord, NH | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	815
Buildings and Improvements	8,749
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	815
Buildings and Improvements	8,749
Total	9,564
Accumulated Depreciation	0
2649 Epsom, NH | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	919
Buildings and Improvements	5,758
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	919
Buildings and Improvements	5,758
Total	6,677
Accumulated Depreciation	0
729 Albuquerque NM | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	5,380
Costs Capitalized Subsequent to Acquisition	700
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,758
Total	5,758
Accumulated Depreciation	(1,750)
348 Elko NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	55
Buildings and Improvements	2,637
Costs Capitalized Subsequent to Acquisition	12
Gross Amount at Which Carried As of Year End
Land	55
Buildings and Improvements	2,649
Total	2,704
Accumulated Depreciation	(1,432)
571 Las Vegas NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	19,276
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	17,895
Total	17,895
Accumulated Depreciation	(6,235)
660 Las Vegas NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,121
Buildings and Improvements	4,363
Costs Capitalized Subsequent to Acquisition	5,809
Gross Amount at Which Carried As of Year End
Land	1,328
Buildings and Improvements	7,991
Total	9,319
Accumulated Depreciation	(3,289)
661 Las Vegas NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,305
Buildings and Improvements	4,829
Costs Capitalized Subsequent to Acquisition	5,304
Gross Amount at Which Carried As of Year End
Land	2,447
Buildings and Improvements	8,897
Total	11,344
Accumulated Depreciation	(3,992)
662 Las Vegas NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,480
Buildings and Improvements	12,305
Costs Capitalized Subsequent to Acquisition	5,502
Gross Amount at Which Carried As of Year End
Land	3,480
Buildings and Improvements	15,360
Total	18,840
Accumulated Depreciation	(5,449)
663 Las Vegas NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,717
Buildings and Improvements	3,597
Costs Capitalized Subsequent to Acquisition	10,833
Gross Amount at Which Carried As of Year End
Land	1,724
Buildings and Improvements	12,732
Total	14,456
Accumulated Depreciation	(2,176)
664 Las Vegas NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,172
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	631
Gross Amount at Which Carried As of Year End
Land	1,803
Buildings and Improvements	0
Total	1,803
Accumulated Depreciation	(53)
691 Las Vegas NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,244
Buildings and Improvements	18,339
Costs Capitalized Subsequent to Acquisition	7,583
Gross Amount at Which Carried As of Year End
Land	3,273
Buildings and Improvements	24,434
Total	27,707
Accumulated Depreciation	(9,610)
2037 Mesquite NV | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	5,559
Costs Capitalized Subsequent to Acquisition	470
Gross Amount at Which Carried As of Year End
Land	34
Buildings and Improvements	5,983
Total	6,017
Accumulated Depreciation	(875)
1285 Cleveland OH | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	823
Buildings and Improvements	2,726
Costs Capitalized Subsequent to Acquisition	925
Gross Amount at Which Carried As of Year End
Land	853
Buildings and Improvements	2,713
Total	3,566
Accumulated Depreciation	(1,105)
400 Harrison OH | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,561
Costs Capitalized Subsequent to Acquisition	300
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	4,861
Total	4,861
Accumulated Depreciation	(2,577)
1054 Durant OK | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	619
Buildings and Improvements	9,256
Costs Capitalized Subsequent to Acquisition	1,925
Gross Amount at Which Carried As of Year End
Land	659
Buildings and Improvements	11,120
Total	11,779
Accumulated Depreciation	(3,115)
817 Owasso OK | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,582
Costs Capitalized Subsequent to Acquisition	1,521
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	5,592
Total	5,592
Accumulated Depreciation	(1,450)
404 Roseburg OR | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	5,707
Costs Capitalized Subsequent to Acquisition	700
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	6,407
Total	6,407
Accumulated Depreciation	(3,180)
2570 Limerick PA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	925
Buildings and Improvements	20,072
Costs Capitalized Subsequent to Acquisition	51
Gross Amount at Which Carried As of Year End
Land	925
Buildings and Improvements	20,123
Total	21,048
Accumulated Depreciation	(779)
2234 Philadelphia PA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	24,264
Buildings and Improvements	99,904
Costs Capitalized Subsequent to Acquisition	20,524
Gross Amount at Which Carried As of Year End
Land	24,288
Buildings and Improvements	120,324
Total	144,612
Accumulated Depreciation	(9,466)
2403 Philadelphia PA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	26,063
Buildings and Improvements	97,646
Costs Capitalized Subsequent to Acquisition	10,578
Gross Amount at Which Carried As of Year End
Land	26,110
Buildings and Improvements	108,177
Total	134,287
Accumulated Depreciation	(11,345)
2571 Wilkes-Barre PA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	9,138
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,138
Total	9,138
Accumulated Depreciation	(364)
2573 Florence SC | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	12,090
Costs Capitalized Subsequent to Acquisition	91
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,181
Total	12,181
Accumulated Depreciation	(380)
2574 Florence SC | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	12,190
Costs Capitalized Subsequent to Acquisition	88
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,278
Total	12,278
Accumulated Depreciation	(383)
2575 Florence SC | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	11,243
Costs Capitalized Subsequent to Acquisition	56
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,299
Total	11,299
Accumulated Depreciation	(435)
252 Clarksville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	203
Buildings and Improvements	841
Costs Capitalized Subsequent to Acquisition	60
Gross Amount at Which Carried As of Year End
Land	210
Buildings and Improvements	893
Total	1,103
Accumulated Depreciation	(495)
2634 Clarksville, TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	259
Buildings and Improvements	1,555
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	259
Buildings and Improvements	1,555
Total	1,814
Accumulated Depreciation	(877)
624 Hendersonville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	256
Buildings and Improvements	1,530
Costs Capitalized Subsequent to Acquisition	1,827
Gross Amount at Which Carried As of Year End
Land	256
Buildings and Improvements	2,864
Total	3,120
Accumulated Depreciation	(1,093)
559 Hermitage TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	830
Buildings and Improvements	5,036
Costs Capitalized Subsequent to Acquisition	6,314
Gross Amount at Which Carried As of Year End
Land	851
Buildings and Improvements	10,014
Total	10,865
Accumulated Depreciation	(4,011)
561 Hermitage TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	596
Buildings and Improvements	9,698
Costs Capitalized Subsequent to Acquisition	5,893
Gross Amount at Which Carried As of Year End
Land	596
Buildings and Improvements	14,332
Total	14,928
Accumulated Depreciation	(5,958)
562 Hermitage TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	317
Buildings and Improvements	6,528
Costs Capitalized Subsequent to Acquisition	2,925
Gross Amount at Which Carried As of Year End
Land	317
Buildings and Improvements	8,579
Total	8,896
Accumulated Depreciation	(3,891)
154 Knoxville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	700
Buildings and Improvements	4,559
Costs Capitalized Subsequent to Acquisition	4,984
Gross Amount at Which Carried As of Year End
Land	700
Buildings and Improvements	9,087
Total	9,787
Accumulated Depreciation	(4,349)
625 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	955
Buildings and Improvements	14,289
Costs Capitalized Subsequent to Acquisition	3,901
Gross Amount at Which Carried As of Year End
Land	955
Buildings and Improvements	16,560
Total	17,515
Accumulated Depreciation	(5,510)
626 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,050
Buildings and Improvements	5,211
Costs Capitalized Subsequent to Acquisition	4,334
Gross Amount at Which Carried As of Year End
Land	2,055
Buildings and Improvements	8,695
Total	10,750
Accumulated Depreciation	(3,334)
627 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,007
Buildings and Improvements	181
Costs Capitalized Subsequent to Acquisition	724
Gross Amount at Which Carried As of Year End
Land	1,060
Buildings and Improvements	791
Total	1,851
Accumulated Depreciation	(427)
628 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,980
Buildings and Improvements	7,164
Costs Capitalized Subsequent to Acquisition	2,756
Gross Amount at Which Carried As of Year End
Land	2,980
Buildings and Improvements	9,506
Total	12,486
Accumulated Depreciation	(4,166)
630 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	515
Buildings and Improvements	848
Costs Capitalized Subsequent to Acquisition	400
Gross Amount at Which Carried As of Year End
Land	528
Buildings and Improvements	1,048
Total	1,576
Accumulated Depreciation	(334)
631 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	266
Buildings and Improvements	1,305
Costs Capitalized Subsequent to Acquisition	1,552
Gross Amount at Which Carried As of Year End
Land	266
Buildings and Improvements	2,441
Total	2,707
Accumulated Depreciation	(922)
632 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	827
Buildings and Improvements	7,642
Costs Capitalized Subsequent to Acquisition	4,072
Gross Amount at Which Carried As of Year End
Land	827
Buildings and Improvements	10,270
Total	11,097
Accumulated Depreciation	(3,912)
633 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	5,425
Buildings and Improvements	12,577
Costs Capitalized Subsequent to Acquisition	6,113
Gross Amount at Which Carried As of Year End
Land	5,425
Buildings and Improvements	18,199
Total	23,624
Accumulated Depreciation	(7,312)
634 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,818
Buildings and Improvements	15,185
Costs Capitalized Subsequent to Acquisition	9,661
Gross Amount at Which Carried As of Year End
Land	3,818
Buildings and Improvements	23,722
Total	27,540
Accumulated Depreciation	(9,437)
636 Nashville TN | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	583
Buildings and Improvements	450
Costs Capitalized Subsequent to Acquisition	309
Gross Amount at Which Carried As of Year End
Land	583
Buildings and Improvements	759
Total	1,342
Accumulated Depreciation	(296)
2611 Allen TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,330
Buildings and Improvements	5,960
Costs Capitalized Subsequent to Acquisition	76
Gross Amount at Which Carried As of Year End
Land	1,330
Buildings and Improvements	6,036
Total	7,366
Accumulated Depreciation	(231)
2612 Allen TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,310
Buildings and Improvements	4,165
Costs Capitalized Subsequent to Acquisition	84
Gross Amount at Which Carried As of Year End
Land	1,310
Buildings and Improvements	4,249
Total	5,559
Accumulated Depreciation	(173)
573 Arlington TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	769
Buildings and Improvements	12,355
Costs Capitalized Subsequent to Acquisition	4,310
Gross Amount at Which Carried As of Year End
Land	769
Buildings and Improvements	15,677
Total	16,446
Accumulated Depreciation	(5,592)
2621 Cedar Park, TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,617
Buildings and Improvements	11,640
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,617
Buildings and Improvements	11,640
Total	13,257
Accumulated Depreciation	(142)
576 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	324
Buildings and Improvements	4,842
Costs Capitalized Subsequent to Acquisition	2,528
Gross Amount at Which Carried As of Year End
Land	324
Buildings and Improvements	6,139
Total	6,463
Accumulated Depreciation	(2,117)
577 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	397
Buildings and Improvements	7,966
Costs Capitalized Subsequent to Acquisition	2,461
Gross Amount at Which Carried As of Year End
Land	397
Buildings and Improvements	9,924
Total	10,321
Accumulated Depreciation	(3,702)
578 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	388
Buildings and Improvements	7,975
Costs Capitalized Subsequent to Acquisition	4,103
Gross Amount at Which Carried As of Year End
Land	388
Buildings and Improvements	10,549
Total	10,937
Accumulated Depreciation	(3,375)
579 Conroe TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	188
Buildings and Improvements	3,618
Costs Capitalized Subsequent to Acquisition	1,337
Gross Amount at Which Carried As of Year End
Land	188
Buildings and Improvements	4,807
Total	4,995
Accumulated Depreciation	(1,721)
581 Corpus Christi TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	717
Buildings and Improvements	8,181
Costs Capitalized Subsequent to Acquisition	5,663
Gross Amount at Which Carried As of Year End
Land	717
Buildings and Improvements	11,673
Total	12,390
Accumulated Depreciation	(4,090)
600 Corpus Christi TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	328
Buildings and Improvements	3,210
Costs Capitalized Subsequent to Acquisition	3,945
Gross Amount at Which Carried As of Year End
Land	328
Buildings and Improvements	6,632
Total	6,960
Accumulated Depreciation	(3,044)
601 Corpus Christi TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	313
Buildings and Improvements	1,771
Costs Capitalized Subsequent to Acquisition	1,923
Gross Amount at Which Carried As of Year End
Land	325
Buildings and Improvements	3,193
Total	3,518
Accumulated Depreciation	(1,173)
2244 Cypress TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,705
Costs Capitalized Subsequent to Acquisition	25,335
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	33,039
Total	33,039
Accumulated Depreciation	(2,054)
582 Dallas TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,664
Buildings and Improvements	6,785
Costs Capitalized Subsequent to Acquisition	4,053
Gross Amount at Which Carried As of Year End
Land	1,746
Buildings and Improvements	9,839
Total	11,585
Accumulated Depreciation	(3,861)
1314 Dallas TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	15,230
Buildings and Improvements	162,971
Costs Capitalized Subsequent to Acquisition	33,595
Gross Amount at Which Carried As of Year End
Land	23,882
Buildings and Improvements	185,238
Total	209,120
Accumulated Depreciation	(54,567)
583 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	898
Buildings and Improvements	4,866
Costs Capitalized Subsequent to Acquisition	2,334
Gross Amount at Which Carried As of Year End
Land	898
Buildings and Improvements	6,607
Total	7,505
Accumulated Depreciation	(2,403)
805 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	2,481
Costs Capitalized Subsequent to Acquisition	1,211
Gross Amount at Which Carried As of Year End
Land	2
Buildings and Improvements	3,290
Total	3,292
Accumulated Depreciation	(1,625)
806 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,070
Costs Capitalized Subsequent to Acquisition	690
Gross Amount at Which Carried As of Year End
Land	5
Buildings and Improvements	6,566
Total	6,571
Accumulated Depreciation	(2,065)
2231 Fort Worth TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	902
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	44
Gross Amount at Which Carried As of Year End
Land	946
Buildings and Improvements	0
Total	946
Accumulated Depreciation	(12)
2619 Fort Worth, TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,180
Buildings and Improvements	13,432
Costs Capitalized Subsequent to Acquisition	6
Gross Amount at Which Carried As of Year End
Land	1,180
Buildings and Improvements	13,437
Total	14,617
Accumulated Depreciation	(153)
2620 Fort Worth, TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,961
Buildings and Improvements	14,139
Costs Capitalized Subsequent to Acquisition	72
Gross Amount at Which Carried As of Year End
Land	1,961
Buildings and Improvements	14,211
Total	16,172
Accumulated Depreciation	(166)
1061 Granbury TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	6,863
Costs Capitalized Subsequent to Acquisition	1,090
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,882
Total	7,882
Accumulated Depreciation	(2,083)
430 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,927
Buildings and Improvements	33,140
Costs Capitalized Subsequent to Acquisition	13,211
Gross Amount at Which Carried As of Year End
Land	2,151
Buildings and Improvements	44,381
Total	46,532
Accumulated Depreciation	(18,994)
446 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,200
Buildings and Improvements	19,585
Costs Capitalized Subsequent to Acquisition	18,770
Gross Amount at Which Carried As of Year End
Land	2,209
Buildings and Improvements	32,783
Total	34,992
Accumulated Depreciation	(18,259)
589 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,676
Buildings and Improvements	12,602
Costs Capitalized Subsequent to Acquisition	5,972
Gross Amount at Which Carried As of Year End
Land	1,706
Buildings and Improvements	15,878
Total	17,584
Accumulated Depreciation	(5,555)
670 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	257
Buildings and Improvements	2,884
Costs Capitalized Subsequent to Acquisition	1,378
Gross Amount at Which Carried As of Year End
Land	318
Buildings and Improvements	3,659
Total	3,977
Accumulated Depreciation	(1,406)
702 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,414
Costs Capitalized Subsequent to Acquisition	2,005
Gross Amount at Which Carried As of Year End
Land	7
Buildings and Improvements	8,410
Total	8,417
Accumulated Depreciation	(2,880)
1044 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,838
Costs Capitalized Subsequent to Acquisition	3,339
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	6,481
Total	6,481
Accumulated Depreciation	(1,929)
2542 Houston TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	304
Buildings and Improvements	17,764
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	304
Buildings and Improvements	17,764
Total	18,068
Accumulated Depreciation	(1,364)
2543 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	116
Buildings and Improvements	6,555
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	116
Buildings and Improvements	6,555
Total	6,671
Accumulated Depreciation	(595)
2544 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	312
Buildings and Improvements	12,094
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	312
Buildings and Improvements	12,094
Total	12,406
Accumulated Depreciation	(1,105)
2545 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	316
Buildings and Improvements	13,931
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	316
Buildings and Improvements	13,931
Total	14,247
Accumulated Depreciation	(970)
2546 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	408
Buildings and Improvements	18,332
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	408
Buildings and Improvements	18,332
Total	18,740
Accumulated Depreciation	(2,003)
2547 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	470
Buildings and Improvements	18,197
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	470
Buildings and Improvements	18,197
Total	18,667
Accumulated Depreciation	(1,684)
2548 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	313
Buildings and Improvements	7,036
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	313
Buildings and Improvements	7,036
Total	7,349
Accumulated Depreciation	(834)
2549 Houston Tx | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	530
Buildings and Improvements	22,711
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	22,711
Total	23,241
Accumulated Depreciation	(1,394)
590 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	828
Buildings and Improvements	6,160
Costs Capitalized Subsequent to Acquisition	2,834
Gross Amount at Which Carried As of Year End
Land	828
Buildings and Improvements	8,600
Total	9,428
Accumulated Depreciation	(3,351)
700 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,550
Costs Capitalized Subsequent to Acquisition	3,620
Gross Amount at Which Carried As of Year End
Land	8
Buildings and Improvements	11,154
Total	11,162
Accumulated Depreciation	(4,592)
1202 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,604
Buildings and Improvements	16,107
Costs Capitalized Subsequent to Acquisition	1,030
Gross Amount at Which Carried As of Year End
Land	1,633
Buildings and Improvements	17,007
Total	18,640
Accumulated Depreciation	(5,268)
1207 Irving TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,955
Buildings and Improvements	12,793
Costs Capitalized Subsequent to Acquisition	1,904
Gross Amount at Which Carried As of Year End
Land	1,986
Buildings and Improvements	14,617
Total	16,603
Accumulated Depreciation	(4,520)
2613 Kingwood TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,035
Buildings and Improvements	28,373
Costs Capitalized Subsequent to Acquisition	212
Gross Amount at Which Carried As of Year End
Land	3,035
Buildings and Improvements	28,584
Total	31,619
Accumulated Depreciation	(1,161)
1062 Lancaster TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	172
Buildings and Improvements	2,692
Costs Capitalized Subsequent to Acquisition	1,119
Gross Amount at Which Carried As of Year End
Land	185
Buildings and Improvements	3,733
Total	3,918
Accumulated Depreciation	(1,550)
2195 Lancaster TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	1,138
Costs Capitalized Subsequent to Acquisition	679
Gross Amount at Which Carried As of Year End
Land	131
Buildings and Improvements	1,686
Total	1,817
Accumulated Depreciation	(387)
591 Lewisville TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	561
Buildings and Improvements	8,043
Costs Capitalized Subsequent to Acquisition	2,120
Gross Amount at Which Carried As of Year End
Land	561
Buildings and Improvements	9,727
Total	10,288
Accumulated Depreciation	(3,315)
144 Longview TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	102
Buildings and Improvements	7,998
Costs Capitalized Subsequent to Acquisition	715
Gross Amount at Which Carried As of Year End
Land	102
Buildings and Improvements	8,270
Total	8,372
Accumulated Depreciation	(4,258)
143 Lufkin TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	338
Buildings and Improvements	2,383
Costs Capitalized Subsequent to Acquisition	80
Gross Amount at Which Carried As of Year End
Land	338
Buildings and Improvements	2,423
Total	2,761
Accumulated Depreciation	(1,239)
568 McKinney TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	541
Buildings and Improvements	6,217
Costs Capitalized Subsequent to Acquisition	2,364
Gross Amount at Which Carried As of Year End
Land	541
Buildings and Improvements	7,876
Total	8,417
Accumulated Depreciation	(2,842)
569 McKinney TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	636
Costs Capitalized Subsequent to Acquisition	8,418
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	8,174
Total	8,174
Accumulated Depreciation	(2,665)
1079 Nassau Bay TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	8,942
Costs Capitalized Subsequent to Acquisition	1,384
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,116
Total	10,116
Accumulated Depreciation	(3,279)
596 N Richland Hills TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	812
Buildings and Improvements	8,883
Costs Capitalized Subsequent to Acquisition	3,050
Gross Amount at Which Carried As of Year End
Land	812
Buildings and Improvements	11,487
Total	12,299
Accumulated Depreciation	(3,998)
2048 North Richland Hills TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,385
Buildings and Improvements	10,213
Costs Capitalized Subsequent to Acquisition	2,135
Gross Amount at Which Carried As of Year End
Land	1,400
Buildings and Improvements	12,150
Total	13,550
Accumulated Depreciation	(2,613)
1048 Pearland TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,014
Costs Capitalized Subsequent to Acquisition	4,306
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	7,326
Total	7,326
Accumulated Depreciation	(2,395)
2232 Pearland TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	3,374
Costs Capitalized Subsequent to Acquisition	13,919
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	17,293
Total	17,293
Accumulated Depreciation	(713)
447 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,700
Buildings and Improvements	7,810
Costs Capitalized Subsequent to Acquisition	6,394
Gross Amount at Which Carried As of Year End
Land	1,792
Buildings and Improvements	13,329
Total	15,121
Accumulated Depreciation	(6,390)
597 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,210
Buildings and Improvements	9,588
Costs Capitalized Subsequent to Acquisition	4,693
Gross Amount at Which Carried As of Year End
Land	1,224
Buildings and Improvements	13,176
Total	14,400
Accumulated Depreciation	(4,565)
672 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,389
Buildings and Improvements	12,768
Costs Capitalized Subsequent to Acquisition	2,545
Gross Amount at Which Carried As of Year End
Land	1,389
Buildings and Improvements	13,984
Total	15,373
Accumulated Depreciation	(4,617)
1284 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,049
Buildings and Improvements	18,793
Costs Capitalized Subsequent to Acquisition	2,377
Gross Amount at Which Carried As of Year End
Land	2,101
Buildings and Improvements	18,958
Total	21,059
Accumulated Depreciation	(7,525)
1286 Plano TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,300
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	3,300
Buildings and Improvements	0
Total	3,300
Accumulated Depreciation	0
2653 Rockwall, TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	788
Buildings and Improvements	9,020
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	788
Buildings and Improvements	9,020
Total	9,808
Accumulated Depreciation	0
815 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	9,193
Costs Capitalized Subsequent to Acquisition	2,654
Gross Amount at Which Carried As of Year End
Land	12
Buildings and Improvements	11,039
Total	11,051
Accumulated Depreciation	(3,584)
816 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	3,376
Initial Cost to Company
Land	0
Buildings and Improvements	8,699
Costs Capitalized Subsequent to Acquisition	2,872
Gross Amount at Which Carried As of Year End
Land	175
Buildings and Improvements	10,675
Total	10,850
Accumulated Depreciation	(3,770)
1591 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,309
Costs Capitalized Subsequent to Acquisition	641
Gross Amount at Which Carried As of Year End
Land	12
Buildings and Improvements	7,906
Total	7,918
Accumulated Depreciation	(2,086)
1977 San Antonio TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	26,191
Costs Capitalized Subsequent to Acquisition	1,536
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	27,482
Total	27,482
Accumulated Depreciation	(6,622)
2559 Shenandoah TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	27,194
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	27,194
Total	27,194
Accumulated Depreciation	(401)
598 Sugarland TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,078
Buildings and Improvements	5,158
Costs Capitalized Subsequent to Acquisition	2,774
Gross Amount at Which Carried As of Year End
Land	1,170
Buildings and Improvements	7,077
Total	8,247
Accumulated Depreciation	(2,729)
599 Texas City TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	9,519
Costs Capitalized Subsequent to Acquisition	169
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	9,532
Total	9,532
Accumulated Depreciation	(2,864)
152 Victoria TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	125
Buildings and Improvements	8,977
Costs Capitalized Subsequent to Acquisition	394
Gross Amount at Which Carried As of Year End
Land	125
Buildings and Improvements	9,370
Total	9,495
Accumulated Depreciation	(4,846)
2550 The Woodlands TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	115
Buildings and Improvements	5,141
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	115
Buildings and Improvements	5,141
Total	5,256
Accumulated Depreciation	(403)
2551 The Woodlands TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	296
Buildings and Improvements	18,282
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	296
Buildings and Improvements	18,282
Total	18,578
Accumulated Depreciation	(1,235)
2552 The Woodlands TX | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	374
Buildings and Improvements	25,125
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	374
Buildings and Improvements	25,125
Total	25,499
Accumulated Depreciation	(1,513)
1592 Bountiful UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	999
Buildings and Improvements	7,426
Costs Capitalized Subsequent to Acquisition	674
Gross Amount at Which Carried As of Year End
Land	999
Buildings and Improvements	8,101
Total	9,100
Accumulated Depreciation	(1,991)
169 Bountiful UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	276
Buildings and Improvements	5,237
Costs Capitalized Subsequent to Acquisition	1,447
Gross Amount at Which Carried As of Year End
Land	363
Buildings and Improvements	6,159
Total	6,522
Accumulated Depreciation	(2,940)
346 Castle Dale UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	50
Buildings and Improvements	1,818
Costs Capitalized Subsequent to Acquisition	73
Gross Amount at Which Carried As of Year End
Land	50
Buildings and Improvements	1,828
Total	1,878
Accumulated Depreciation	(983)
347 Centerville UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	300
Buildings and Improvements	1,288
Costs Capitalized Subsequent to Acquisition	276
Gross Amount at Which Carried As of Year End
Land	300
Buildings and Improvements	1,394
Total	1,694
Accumulated Depreciation	(704)
2035 Draper UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	5,088
Initial Cost to Company
Land	0
Buildings and Improvements	10,803
Costs Capitalized Subsequent to Acquisition	183
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	10,879
Total	10,879
Accumulated Depreciation	(1,455)
469 Kaysville UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	530
Buildings and Improvements	4,493
Costs Capitalized Subsequent to Acquisition	226
Gross Amount at Which Carried As of Year End
Land	530
Buildings and Improvements	4,719
Total	5,249
Accumulated Depreciation	(1,786)
456 Layton UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	371
Buildings and Improvements	7,073
Costs Capitalized Subsequent to Acquisition	1,265
Gross Amount at Which Carried As of Year End
Land	389
Buildings and Improvements	8,034
Total	8,423
Accumulated Depreciation	(3,704)
2042 Layton UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	10,975
Costs Capitalized Subsequent to Acquisition	412
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	11,388
Total	11,388
Accumulated Depreciation	(1,503)
359 Ogden UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	180
Buildings and Improvements	1,695
Costs Capitalized Subsequent to Acquisition	240
Gross Amount at Which Carried As of Year End
Land	180
Buildings and Improvements	1,814
Total	1,994
Accumulated Depreciation	(993)
357 Orem UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	337
Buildings and Improvements	8,744
Costs Capitalized Subsequent to Acquisition	2,041
Gross Amount at Which Carried As of Year End
Land	306
Buildings and Improvements	8,268
Total	8,574
Accumulated Depreciation	(4,302)
371 Providence UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	240
Buildings and Improvements	3,876
Costs Capitalized Subsequent to Acquisition	618
Gross Amount at Which Carried As of Year End
Land	282
Buildings and Improvements	4,163
Total	4,445
Accumulated Depreciation	(2,057)
353 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	190
Buildings and Improvements	779
Costs Capitalized Subsequent to Acquisition	164
Gross Amount at Which Carried As of Year End
Land	201
Buildings and Improvements	885
Total	1,086
Accumulated Depreciation	(477)
354 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	220
Buildings and Improvements	10,732
Costs Capitalized Subsequent to Acquisition	2,204
Gross Amount at Which Carried As of Year End
Land	220
Buildings and Improvements	12,421
Total	12,641
Accumulated Depreciation	(6,638)
355 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	180
Buildings and Improvements	14,792
Costs Capitalized Subsequent to Acquisition	2,647
Gross Amount at Which Carried As of Year End
Land	180
Buildings and Improvements	16,688
Total	16,868
Accumulated Depreciation	(8,675)
467 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,000
Buildings and Improvements	7,541
Costs Capitalized Subsequent to Acquisition	2,274
Gross Amount at Which Carried As of Year End
Land	3,145
Buildings and Improvements	9,323
Total	12,468
Accumulated Depreciation	(3,784)
566 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	509
Buildings and Improvements	4,044
Costs Capitalized Subsequent to Acquisition	2,510
Gross Amount at Which Carried As of Year End
Land	509
Buildings and Improvements	6,121
Total	6,630
Accumulated Depreciation	(2,320)
2041 Salt Lake City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	12,326
Costs Capitalized Subsequent to Acquisition	335
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,661
Total	12,661
Accumulated Depreciation	(1,682)
2033 Sandy UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	867
Buildings and Improvements	3,513
Costs Capitalized Subsequent to Acquisition	842
Gross Amount at Which Carried As of Year End
Land	1,153
Buildings and Improvements	4,069
Total	5,222
Accumulated Depreciation	(1,245)
482 Stansbury UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	450
Buildings and Improvements	3,201
Costs Capitalized Subsequent to Acquisition	1,147
Gross Amount at Which Carried As of Year End
Land	529
Buildings and Improvements	3,944
Total	4,473
Accumulated Depreciation	(1,245)
351 Washington Terrace UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,573
Costs Capitalized Subsequent to Acquisition	2,493
Gross Amount at Which Carried As of Year End
Land	17
Buildings and Improvements	6,279
Total	6,296
Accumulated Depreciation	(3,509)
352 Washington Terrace UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	2,692
Costs Capitalized Subsequent to Acquisition	1,309
Gross Amount at Which Carried As of Year End
Land	15
Buildings and Improvements	3,306
Total	3,321
Accumulated Depreciation	(1,657)
2034 West Jordan UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	12,021
Costs Capitalized Subsequent to Acquisition	264
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,285
Total	12,285
Accumulated Depreciation	(1,604)
2036 West Jordan UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	547
Initial Cost to Company
Land	0
Buildings and Improvements	1,383
Costs Capitalized Subsequent to Acquisition	1,522
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	2,905
Total	2,905
Accumulated Depreciation	(610)
495 West Valley City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	410
Buildings and Improvements	8,266
Costs Capitalized Subsequent to Acquisition	1,002
Gross Amount at Which Carried As of Year End
Land	410
Buildings and Improvements	9,268
Total	9,678
Accumulated Depreciation	(4,567)
349 West Valley City UT | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,070
Buildings and Improvements	17,463
Costs Capitalized Subsequent to Acquisition	128
Gross Amount at Which Carried As of Year End
Land	1,036
Buildings and Improvements	17,581
Total	18,617
Accumulated Depreciation	(9,488)
1208 Fairfax VA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	8,396
Buildings and Improvements	16,710
Costs Capitalized Subsequent to Acquisition	10,434
Gross Amount at Which Carried As of Year End
Land	8,494
Buildings and Improvements	26,168
Total	34,662
Accumulated Depreciation	(8,694)
2230 Fredericksburg VA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,101
Buildings and Improvements	8,570
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,101
Buildings and Improvements	8,570
Total	9,671
Accumulated Depreciation	(837)
572 Reston VA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	11,902
Costs Capitalized Subsequent to Acquisition	967
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,026
Total	12,026
Accumulated Depreciation	(4,458)
448 Renton WA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	18,724
Costs Capitalized Subsequent to Acquisition	3,092
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	20,685
Total	20,685
Accumulated Depreciation	(10,299)
781 Seattle WA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	52,703
Costs Capitalized Subsequent to Acquisition	15,806
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	64,279
Total	64,279
Accumulated Depreciation	(22,985)
782 Seattle WA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	24,382
Costs Capitalized Subsequent to Acquisition	12,686
Gross Amount at Which Carried As of Year End
Land	126
Buildings and Improvements	34,881
Total	35,007
Accumulated Depreciation	(13,765)
783 Seattle WA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	5,625
Costs Capitalized Subsequent to Acquisition	1,375
Gross Amount at Which Carried As of Year End
Land	183
Buildings and Improvements	6,690
Total	6,873
Accumulated Depreciation	(6,322)
785 Seattle WA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	7,293
Costs Capitalized Subsequent to Acquisition	6,215
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	12,213
Total	12,213
Accumulated Depreciation	(4,804)
1385 Seattle WA | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	45,027
Costs Capitalized Subsequent to Acquisition	3,619
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	48,471
Total	48,471
Accumulated Depreciation	(15,524)
2038 Evanston WY | Medical office | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	0
Buildings and Improvements	4,601
Costs Capitalized Subsequent to Acquisition	222
Gross Amount at Which Carried As of Year End
Land	0
Buildings and Improvements	4,823
Total	4,823
Accumulated Depreciation	(681)
126 Sherwood AR | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	709
Buildings and Improvements	9,604
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	709
Buildings and Improvements	9,587
Total	10,296
Accumulated Depreciation	(5,723)
113 Glendale AZ | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,565
Buildings and Improvements	7,050
Costs Capitalized Subsequent to Acquisition	20
Gross Amount at Which Carried As of Year End
Land	1,565
Buildings and Improvements	7,050
Total	8,615
Accumulated Depreciation	(4,277)
1038 Fresno CA | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,652
Buildings and Improvements	29,113
Costs Capitalized Subsequent to Acquisition	21,935
Gross Amount at Which Carried As of Year End
Land	3,652
Buildings and Improvements	51,048
Total	54,700
Accumulated Depreciation	(16,338)
423 Irvine CA | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	18,000
Buildings and Improvements	70,800
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	18,000
Buildings and Improvements	70,800
Total	88,800
Accumulated Depreciation	(36,755)
127 Colorado Springs CO | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	690
Buildings and Improvements	8,338
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	690
Buildings and Improvements	8,338
Total	9,028
Accumulated Depreciation	(4,960)
887 Atlanta GA | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,300
Buildings and Improvements	13,690
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	4,300
Buildings and Improvements	11,890
Total	16,190
Accumulated Depreciation	(6,440)
112 Overland Park KS | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,316
Buildings and Improvements	10,681
Costs Capitalized Subsequent to Acquisition	24
Gross Amount at Which Carried As of Year End
Land	2,316
Buildings and Improvements	10,680
Total	12,996
Accumulated Depreciation	(6,712)
1383 Baton Rouge LA | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	690
Buildings and Improvements	8,545
Costs Capitalized Subsequent to Acquisition	87
Gross Amount at Which Carried As of Year End
Land	690
Buildings and Improvements	8,496
Total	9,186
Accumulated Depreciation	(4,139)
2031 Slidell LA | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	3,000
Buildings and Improvements	0
Costs Capitalized Subsequent to Acquisition	643
Gross Amount at Which Carried As of Year End
Land	3,643
Buildings and Improvements	0
Total	3,643
Accumulated Depreciation	0
886 Dallas TX | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,820
Buildings and Improvements	8,508
Costs Capitalized Subsequent to Acquisition	26
Gross Amount at Which Carried As of Year End
Land	1,820
Buildings and Improvements	7,454
Total	9,274
Accumulated Depreciation	(2,019)
1319 Dallas TX | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	18,840
Buildings and Improvements	155,659
Costs Capitalized Subsequent to Acquisition	1,557
Gross Amount at Which Carried As of Year End
Land	18,840
Buildings and Improvements	157,216
Total	176,056
Accumulated Depreciation	(48,404)
1384 Plano TX | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	6,290
Buildings and Improvements	22,686
Costs Capitalized Subsequent to Acquisition	5,706
Gross Amount at Which Carried As of Year End
Land	6,290
Buildings and Improvements	28,203
Total	34,493
Accumulated Depreciation	(13,334)
2198 Webster TX | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,220
Buildings and Improvements	9,602
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	2,220
Buildings and Improvements	9,602
Total	11,822
Accumulated Depreciation	(1,850)
2469 Rural Retreat VA | Other | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,876
Buildings and Improvements	14,720
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,876
Buildings and Improvements	14,720
Total	16,596
Accumulated Depreciation	(1,064)
2210 Adlington UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	548
Buildings and Improvements	7,108
Costs Capitalized Subsequent to Acquisition	1,951
Gross Amount at Which Carried As of Year End
Land	650
Buildings and Improvements	8,961
Total	9,611
Accumulated Depreciation	(757)
2211 Adlington UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	568
Buildings and Improvements	4,318
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	568
Buildings and Improvements	4,318
Total	4,886
Accumulated Depreciation	(359)
2216 Alderley Edge UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,252
Buildings and Improvements	8,719
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,252
Buildings and Improvements	8,719
Total	9,971
Accumulated Depreciation	(656)
2217 Alderley Edge UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,218
Buildings and Improvements	6,827
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,218
Buildings and Improvements	6,828
Total	8,046
Accumulated Depreciation	(539)
2340 Altrincham UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,745
Buildings and Improvements	18,693
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,745
Buildings and Improvements	18,694
Total	20,439
Accumulated Depreciation	(1,218)
2312 Armley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	447
Buildings and Improvements	2,670
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	447
Buildings and Improvements	2,670
Total	3,117
Accumulated Depreciation	(278)
2313 Armley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,001
Buildings and Improvements	3,114
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,001
Buildings and Improvements	3,114
Total	4,115
Accumulated Depreciation	(335)
2309 Ashton under Lyne UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	649
Buildings and Improvements	4,507
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	649
Buildings and Improvements	4,507
Total	5,156
Accumulated Depreciation	(472)
2206 Bangor UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	386
Buildings and Improvements	2,064
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	385
Buildings and Improvements	2,064
Total	2,449
Accumulated Depreciation	(213)
2207 Batley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	649
Buildings and Improvements	3,203
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	649
Buildings and Improvements	3,203
Total	3,852
Accumulated Depreciation	(454)
2336 Birmingham UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	677
Buildings and Improvements	2,451
Costs Capitalized Subsequent to Acquisition	601
Gross Amount at Which Carried As of Year End
Land	677
Buildings and Improvements	3,052
Total	3,729
Accumulated Depreciation	(522)
2320 Bishopbriggs UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	907
Buildings and Improvements	4,166
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	907
Buildings and Improvements	4,166
Total	5,073
Accumulated Depreciation	(452)
2323 Bonnyrigg UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	947
Buildings and Improvements	6,239
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	947
Buildings and Improvements	6,239
Total	7,186
Accumulated Depreciation	(644)
2335 Cardiff UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,434
Buildings and Improvements	4,838
Costs Capitalized Subsequent to Acquisition	744
Gross Amount at Which Carried As of Year End
Land	1,434
Buildings and Improvements	5,581
Total	7,015
Accumulated Depreciation	(771)
2223 Catterick Garrison UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	798
Buildings and Improvements	1,467
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	798
Buildings and Improvements	1,467
Total	2,265
Accumulated Depreciation	(294)
2226 Christleton UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	528
Buildings and Improvements	5,103
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	528
Buildings and Improvements	5,103
Total	5,631
Accumulated Depreciation	(401)
2327 Croydon UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,597
Buildings and Improvements	2,494
Costs Capitalized Subsequent to Acquisition	17
Gross Amount at Which Carried As of Year End
Land	1,596
Buildings and Improvements	2,511
Total	4,107
Accumulated Depreciation	(296)
2221 Disley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	345
Buildings and Improvements	1,621
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	345
Buildings and Improvements	1,620
Total	1,965
Accumulated Depreciation	(175)
2227 Disley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	690
Buildings and Improvements	3,964
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	690
Buildings and Improvements	3,964
Total	4,654
Accumulated Depreciation	(319)
2306 Dukinfield UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	758
Buildings and Improvements	4,054
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	758
Buildings and Improvements	4,053
Total	4,811
Accumulated Depreciation	(412)
2316 Dukunfield UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	392
Buildings and Improvements	2,491
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	392
Buildings and Improvements	2,491
Total	2,883
Accumulated Depreciation	(236)
2317 Dukinfield UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	528
Buildings and Improvements	2,811
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	528
Buildings and Improvements	2,811
Total	3,339
Accumulated Depreciation	(309)
2318 Dumbarton UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	920
Buildings and Improvements	3,825
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	920
Buildings and Improvements	3,825
Total	4,745
Accumulated Depreciation	(429)
2303 Eckington UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	501
Buildings and Improvements	1,638
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	500
Buildings and Improvements	1,638
Total	2,138
Accumulated Depreciation	(213)
2333 Edinburgh UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	4,533
Buildings and Improvements	24,135
Costs Capitalized Subsequent to Acquisition	558
Gross Amount at Which Carried As of Year End
Land	4,533
Buildings and Improvements	24,693
Total	29,226
Accumulated Depreciation	(2,431)
2208 Elstead UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	893
Buildings and Improvements	3,061
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	893
Buildings and Improvements	3,060
Total	3,953
Accumulated Depreciation	(346)
2328 Forfar UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	852
Buildings and Improvements	6,200
Costs Capitalized Subsequent to Acquisition	427
Gross Amount at Which Carried As of Year End
Land	853
Buildings and Improvements	6,626
Total	7,479
Accumulated Depreciation	(746)
2214 Gilroyd UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	998
Buildings and Improvements	1,691
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	998
Buildings and Improvements	1,691
Total	2,689
Accumulated Depreciation	(322)
2330 Glasgow UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,854
Buildings and Improvements	6,645
Costs Capitalized Subsequent to Acquisition	1,207
Gross Amount at Which Carried As of Year End
Land	1,854
Buildings and Improvements	7,853
Total	9,707
Accumulated Depreciation	(1,136)
2307 Hyde UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,394
Buildings and Improvements	5,144
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,394
Buildings and Improvements	5,144
Total	6,538
Accumulated Depreciation	(581)
2324 Lewisham UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,921
Buildings and Improvements	7,113
Costs Capitalized Subsequent to Acquisition	604
Gross Amount at Which Carried As of Year End
Land	1,922
Buildings and Improvements	7,717
Total	9,639
Accumulated Depreciation	(933)
2332 Linlithgow UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,448
Buildings and Improvements	7,434
Costs Capitalized Subsequent to Acquisition	599
Gross Amount at Which Carried As of Year End
Land	1,448
Buildings and Improvements	8,033
Total	9,481
Accumulated Depreciation	(933)
2213 Ilkley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	954
Buildings and Improvements	2,518
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	954
Buildings and Improvements	2,518
Total	3,472
Accumulated Depreciation	(403)
2209 Kingswood UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,042
Buildings and Improvements	3,884
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,042
Buildings and Improvements	3,884
Total	4,926
Accumulated Depreciation	(405)
2212 Kirk Hammerton UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	438
Buildings and Improvements	561
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	438
Buildings and Improvements	561
Total	999
Accumulated Depreciation	(131)
2310 Kirkby UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	568
Buildings and Improvements	2,712
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	568
Buildings and Improvements	2,712
Total	3,280
Accumulated Depreciation	(302)
2304 Knotty Ash UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	649
Buildings and Improvements	2,275
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	649
Buildings and Improvements	2,274
Total	2,923
Accumulated Depreciation	(270)
2322 Laindon UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,191
Buildings and Improvements	2,771
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,191
Buildings and Improvements	2,771
Total	3,962
Accumulated Depreciation	(329)
2215 Leeds UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	503
Buildings and Improvements	795
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	504
Buildings and Improvements	795
Total	1,299
Accumulated Depreciation	(196)
2326 Limehouse UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	2,219
Buildings and Improvements	3,168
Costs Capitalized Subsequent to Acquisition	23
Gross Amount at Which Carried As of Year End
Land	2,219
Buildings and Improvements	3,191
Total	5,410
Accumulated Depreciation	(409)
2321 Luton UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,069
Buildings and Improvements	3,169
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,069
Buildings and Improvements	3,169
Total	4,238
Accumulated Depreciation	(336)
2339 Manchester UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,685
Buildings and Improvements	15,136
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	1,685
Buildings and Improvements	15,136
Total	16,821
Accumulated Depreciation	(1,004)
2225 Wadebridge UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	298
Buildings and Improvements	6,158
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	298
Buildings and Improvements	6,159
Total	6,457
Accumulated Depreciation	(518)
2331 Paisley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,231
Buildings and Improvements	3,995
Costs Capitalized Subsequent to Acquisition	13
Gross Amount at Which Carried As of Year End
Land	1,232
Buildings and Improvements	4,007
Total	5,239
Accumulated Depreciation	(444)
2308 Prescot UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	541
Buildings and Improvements	1,934
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	541
Buildings and Improvements	1,934
Total	2,475
Accumulated Depreciation	(248)
2305 Prescot UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	636
Buildings and Improvements	2,382
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	636
Buildings and Improvements	2,382
Total	3,018
Accumulated Depreciation	(284)
2219 Ripon UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	189
Buildings and Improvements	906
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	189
Buildings and Improvements	906
Total	1,095
Accumulated Depreciation	(130)
2319 Sheffield UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	744
Buildings and Improvements	2,705
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	745
Buildings and Improvements	2,704
Total	3,449
Accumulated Depreciation	(303)
2314 Stalybridge UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	704
Buildings and Improvements	3,608
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	704
Buildings and Improvements	3,608
Total	4,312
Accumulated Depreciation	(380)
2315 Stalybridge UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	555
Buildings and Improvements	1,887
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	555
Buildings and Improvements	1,887
Total	2,442
Accumulated Depreciation	(212)
2218 Stapeley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	995
Buildings and Improvements	6,491
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	994
Buildings and Improvements	6,491
Total	7,485
Accumulated Depreciation	(567)
2325 Stirling UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	907
Buildings and Improvements	4,929
Costs Capitalized Subsequent to Acquisition	451
Gross Amount at Which Carried As of Year End
Land	907
Buildings and Improvements	5,380
Total	6,287
Accumulated Depreciation	(640)
2329 Stirling UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	1,110
Buildings and Improvements	4,041
Costs Capitalized Subsequent to Acquisition	646
Gross Amount at Which Carried As of Year End
Land	1,109
Buildings and Improvements	4,687
Total	5,796
Accumulated Depreciation	(673)
2224 Stockton-on-Tees UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	292
Buildings and Improvements	2,086
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	292
Buildings and Improvements	2,086
Total	2,378
Accumulated Depreciation	(240)
2220 Thornton-Clevele UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	913
Buildings and Improvements	4,566
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	913
Buildings and Improvements	4,566
Total	5,479
Accumulated Depreciation	(482)
2228 Upper Wortley UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	455
Buildings and Improvements	3,366
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	454
Buildings and Improvements	3,366
Total	3,820
Accumulated Depreciation	(334)
2311 Wigan UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	717
Buildings and Improvements	2,660
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	717
Buildings and Improvements	2,661
Total	3,378
Accumulated Depreciation	(366)
2337 Wigan UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	541
Buildings and Improvements	1,820
Costs Capitalized Subsequent to Acquisition	16
Gross Amount at Which Carried As of Year End
Land	534
Buildings and Improvements	1,843
Total	2,377
Accumulated Depreciation	(247)
2338 Wigan UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	474
Buildings and Improvements	3,788
Costs Capitalized Subsequent to Acquisition	23
Gross Amount at Which Carried As of Year End
Land	474
Buildings and Improvements	3,811
Total	4,285
Accumulated Depreciation	(399)
2222 Woolmer Green UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	832
Buildings and Improvements	6,062
Costs Capitalized Subsequent to Acquisition	0
Gross Amount at Which Carried As of Year End
Land	832
Buildings and Improvements	6,061
Total	6,893
Accumulated Depreciation	(577)
2334 Wotton under Edge UK | United Kingdom | Operating segment
Real Estate and Accumulated Depreciation
Encumbrances as of Year end	0
Initial Cost to Company
Land	636
Buildings and Improvements	2,490
Costs Capitalized Subsequent to Acquisition	164
Gross Amount at Which Carried As of Year End
Land	636
Buildings and Improvements	2,654
Total	3,290
Accumulated Depreciation	$ (378)

Schedule III_ Real Estate an129

Schedule III: Real Estate and Accumulated Depreciation - Amount that Tax Basis of Net Real Estate Assets Less Than the Reported Amounts (Details) $ in Millions	12 Months Ended
	Dec. 31, 2017USD ($)
SEC Schedule III, Real Estate and Accumulated Depreciation Disclosure [Abstract]
Life on Which Depreciation in Latest Income Statement is Computed	60 years
Amount that the tax basis of the Company's net real estate is less than the reported amounts	$ 900

Schedule III_ Real Estate an130

Schedule III: Real Estate and Accumulated Depreciation - Summary of Activity for Real Estate and Accumulated Depreciation (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Real estate:
Balances at beginning of year	$ 13,974,760	$ 14,330,257	$ 12,931,832
Acquisition of real estate and development and improvements	995,443	987,135	1,930,931
Sales and/or transfers to assets held for sale and discontinued operations	(589,391)	(1,227,614)	(473,057)
Deconsolidation of real estate	(825,074)	(10,306)	0
Impairments	(37,274)	0	(3,118)
Other	(44,891)	(104,712)	(56,331)
Balances at end of year	13,473,573	13,974,760	14,330,257
Accumulated depreciation:
Balances at beginning of year	2,648,930	2,476,015	2,190,486
Depreciation expense	436,085	465,945	418,591
Sales and/or transfers to assets held for sale and discontinued operations	(115,195)	(239,112)	(86,001)
Deconsolidation of real estate	(152,572)	(5,868)	0
Other	(75,553)	(48,050)	(47,061)
Balances at end of year	$ 2,741,695	$ 2,648,930	$ 2,476,015