Healthpeak Properties (DOC) 10-Q 2 Aug 18 2018 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2018	Jul. 31, 2018
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765,880
Document Type	10-Q
Document Period End Date	Jun. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		469,832,569
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Real estate:
Buildings and improvements	$ 10,683,541	$ 11,239,732
Development costs and construction in progress	373,818	447,976
Land	1,655,012	1,785,865
Accumulated depreciation and amortization	(2,750,351)	(2,741,695)
Net real estate	9,962,020	10,731,878
Net investment in direct financing leases	712,570	714,352
Loans receivable, net	38,691	313,326
Investments in and advances to unconsolidated joint ventures	628,607	800,840
Accounts receivable, net of allowance of $4,755 and $4,425, respectively	43,965	40,733
Cash and cash equivalents	91,381	55,306
Restricted cash	30,548	26,897
Intangible assets, net	294,056	410,082
Assets held for sale, net	692,702	417,014
Proceeds receivable from U.K. JV transaction	402,447	0
Other assets, net	554,400	578,033
Total assets	13,451,387	14,088,461
LIABILITIES AND EQUITY
Bank line of credit	545,226	1,017,076
Term loan	222,923	228,288
Senior unsecured notes	6,401,502	6,396,451
Mortgage debt	140,321	144,486
Other debt	93,070	94,165
Intangible liabilities, net	49,976	52,579
Liabilities of assets held for sale, net	10,357	14,031
Accounts payable and accrued liabilities	398,920	401,738
Deferred revenue	172,369	144,709
Total liabilities	8,034,664	8,493,523
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 469,829,639 and 469,435,678 shares issued and outstanding, respectively	469,830	469,436
Additional paid-in capital	8,187,385	8,226,113
Cumulative dividends in excess of earnings	(3,509,641)	(3,370,520)
Accumulated other comprehensive income (loss)	(4,080)	(24,024)
Total stockholders' equity	5,143,494	5,301,005
Joint venture partners	96,341	117,045
Non-managing member unitholders	176,888	176,888
Total noncontrolling interests	273,229	293,933
Total equity	5,416,723	5,594,938
Total liabilities and equity	$ 13,451,387	$ 14,088,461

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 4,755	$ 4,425
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized	750,000,000	750,000,000
Common stock, shares issued	469,829,639	469,435,678
Common stock, shares outstanding	469,829,639	469,435,678

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Revenues:
Income from direct financing leases	$ 13,490	$ 13,564	$ 26,756	$ 27,276
Interest income	1,447	20,869	7,812	39,200
Total revenues	469,551	458,928	948,748	951,096
Costs and expenses:
Interest expense	73,038	77,788	148,140	164,506
Depreciation and amortization	143,292	130,751	286,542	267,305
Operating	173,866	153,163	346,418	312,244
General and administrative	22,514	21,286	51,689	43,764
Transaction costs	2,404	867	4,599	1,924
Impairments (recoveries), net	13,912	56,682	13,912	56,682
Total costs and expenses	429,026	440,537	851,300	846,425
Other income (expense):
Gain (loss) on sales of real estate, net	46,064	412	66,879	317,670
Other income (expense), net	1,786	71	(38,621)	51,279
Total other income (expense), net	47,850	483	28,258	368,949
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	88,375	18,874	125,706	473,620
Income tax benefit (expense)	4,654	2,987	9,990	9,149
Equity income (loss) from unconsolidated joint ventures	(101)	240	469	3,509
Net income (loss)	92,928	22,101	136,165	486,278
Noncontrolling interests' share in earnings	(2,986)	(2,718)	(5,991)	(5,750)
Net income (loss) attributable to HCP, Inc.	89,942	19,383	130,174	480,528
Participating securities' share in earnings	(461)	(100)	(852)	(674)
Net income (loss) applicable to common shares	$ 89,481	$ 19,283	$ 129,322	$ 479,854
Earnings per common share:
Earnings per common share, basic (in dollars per share)	$ 0.19	$ 0.04	$ 0.28	$ 1.02
Earnings per common share, diluted (in dollars per share)	$ 0.19	$ 0.04	$ 0.28	$ 1.02
Weighted average shares outstanding:
Basic (in shares)	469,769	468,646	469,664	468,474
Diluted (in shares)	469,941	468,839	469,799	473,366
Dividends declared per common share (in dollars per share)	$ 0.37	$ 0.37	$ 0.74	$ 0.74
Rental and related revenues
Revenues:
Rental and related revenues	$ 279,056	$ 263,820	$ 558,634	$ 550,038
Tenant recoveries
Revenues:
Rental and related revenues	38,784	35,259	75,958	68,934
Resident fees and services
Revenues:
Rental and related revenues	$ 136,774	$ 125,416	$ 279,588	$ 265,648

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 92,928	$ 22,101	$ 136,165	$ 486,278
Other comprehensive income (loss):
Net unrealized gains (losses) on cash flow hedges	10,793	(6,131)	5,629	(6,433)
Reclassification adjustment realized in net income (loss)	17,683	(193)	17,808	20
Change in Supplemental Executive Retirement Plan obligation and other	78	71	182	154
Foreign currency translation adjustment	(11,327)	7,622	(3,675)	8,612
Total other comprehensive income (loss)	17,227	1,369	19,944	2,353
Total comprehensive income (loss)	110,155	23,470	156,109	488,631
Total comprehensive income (loss) attributable to noncontrolling interests	(2,986)	(2,718)	(5,991)	(5,750)
Total comprehensive income (loss) attributable to HCP, Inc.	$ 107,169	$ 20,752	$ 150,118	$ 482,881

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	Total Noncontrolling Interests
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)		486,278			480,528		480,528	5,750
Other comprehensive income (loss)		2,353				2,353	2,353
Issuance of common stock, net		13,293	$ 850	12,443			13,293
Issuance of common stock, net (in shares)			850
Conversion of DownREIT units to common stock		0	$ 68	2,003			2,071	(2,071)
Conversion of DownREIT units to common stock (in shares)			68
Repurchase of common stock		(4,361)	$ (141)	(4,220)			(4,361)
Repurchase of common stock (in shares)			(141)
Exercise of stock options (in shares)			21
Exercise of stock options		594	$ 21	573			594
Amortization of deferred compensation		7,092		7,092			7,092
Common dividends		(347,118)			(347,118)		(347,118)
Distributions to noncontrolling interest		(13,087)		0				(13,087)
Issuances of noncontrolling interest		650						650
Deconsolidation of noncontrolling interest		(58,061)		0	0			(58,061)
Balance at Jun. 30, 2017		6,028,941	$ 468,879	8,216,781	(2,956,324)	(27,289)	5,702,047	326,894
Balance (in shares) at Jun. 30, 2017			468,879
Increase (Decrease) in Stockholders' Equity
Cumulative effect of new accounting principle	[1]	79,144			79,144		79,144
Adjusted balance		5,674,082	$ 469,436	8,226,113	(3,291,376)	(24,024)	5,380,149	293,933
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
Increase (Decrease) in Stockholders' Equity
Net income (loss)		136,165			130,174		130,174	5,991
Other comprehensive income (loss)		19,944				19,944	19,944
Issuance of common stock, net		3,433	$ 511	2,922			3,433
Issuance of common stock, net (in shares)			511
Repurchase of common stock		(2,778)	$ (117)	(2,661)			(2,778)
Repurchase of common stock (in shares)			(117)
Amortization of deferred compensation		10,218		10,218			10,218
Common dividends		(348,439)			(348,439)		(348,439)
Distributions to noncontrolling interest		(9,466)						(9,466)
Issuances of noncontrolling interest		995						995
Purchase of noncontrolling interest		(67,431)		(49,207)			(49,207)	(18,224)
Balance at Jun. 30, 2018		$ 5,416,723	$ 469,830	$ 8,187,385	$ (3,509,641)	$ (4,080)	$ 5,143,494	$ 273,229
Balance (in shares) at Jun. 30, 2018			469,830
[1]	On January 1, 2018, the Company adopted Accounting Standards Update (“ASU”) No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”), and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.

CONSOLIDATED STATEMENTS OF EQU7

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.37	$ 0.37	$ 0.74	$ 0.74

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ 136,165	$ 486,278
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:	286,542	267,305
Amortization of deferred compensation	10,218	7,092
Amortization of deferred financing costs	6,690	7,702
Straight-line rents	(16,479)	(8,176)
Equity loss (income) from unconsolidated joint ventures	(469)	(3,509)
Distributions of earnings from unconsolidated joint ventures	13,911	18,528
Deferred income tax expense (benefit)	(7,388)	(12,472)
Impairments (recoveries), net	13,912	56,682
Loss (gain) on sales of real estate, net	(66,879)	(317,670)
Loss (gain) on consolidation, net	41,017	0
Loss (gain) on sale of marketable securities	0	(50,895)
Other non-cash items	(3,367)	(2,323)
Decrease (increase) in accounts receivable and other assets, net	(8,444)	(8,777)
Increase (decrease) in accounts payable and accrued liabilities	34,245	(8,176)
Net cash provided by (used in) operating activities	439,674	431,589
Cash flows from investing activities:
Acquisitions of real estate	(23,087)	(26,446)
Development and redevelopment of real estate	(229,831)	(157,898)
Leasing costs, tenant improvements, and recurring capital expenditures	(45,591)	(48,575)
Proceeds from sales of real estate, net	319,224	1,235,851
Contributions to unconsolidated joint ventures	(6,053)	(21,302)
Distributions in excess of earnings from unconsolidated joint ventures	15,344	1,609
Proceeds from the RIDEA II transaction, net	335,709	462,242
Proceeds from sales/principal repayments on debt investments and direct financing leases	132,429	549,759
Investments in loans receivable, direct financing leases and other	(6,376)	(18,433)
Net cash provided by (used in) investing activities	491,768	1,976,807
Cash flows from financing activities:
Borrowings under bank line of credit, net	453,000	(441,581)
Repayments under bank line of credit	(923,164)	(339,826)
Issuance and borrowings of debt, excluding bank line of credit	0	5,395
Repayments and repurchase of debt, excluding bank line of credit	(2,856)	(966,126)
Issuance of common stock and exercise of options	3,433	13,887
Repurchase of common stock	(2,778)	(4,361)
Dividends paid on common stock	(348,439)	(347,118)
Issuance of noncontrolling interests	995	650
Distributions to and purchase of noncontrolling interests	(71,931)	(13,087)
Net cash provided by (used in) financing activities	(891,740)	(2,092,167)
Effect of foreign exchanges on cash, cash equivalents and restricted cash	24	227
Net increase (decrease) in cash, cash equivalents and restricted cash	39,726	316,456
Cash, cash equivalents and restricted cash, beginning of period	82,203	136,990
Cash, cash equivalents and restricted cash, end of period	$ 121,929	$ 453,446

Business

Business	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Overview HCP, Inc., a Standard & Poor’s (“S&P”) 500 company, is a Maryland corporation that is organized to qualify as a real estate investment trust (“REIT”) which, together with its consolidated entities (collectively, “HCP” or the “Company”), invests primarily in real estate serving the healthcare industry in the United States (“U.S.”). The Company acquires, develops, leases, manages and disposes of healthcare real estate and provides financing to healthcare providers. The Company’s diverse portfolio is comprised of investments in the following reportable healthcare segments: (i) senior housing triple-net; (ii) senior housing operating portfolio (“SHOP”); (iii) life science and (iv) medical office.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”) and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”). Recent Accounting Pronouncements Revenue Recognition. Between May 2014 and February 2017, the Financial Accounting Standards Board (“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 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. The Company adopted the Revenue ASUs effective January 1, 2018 and utilized a modified retrospective adoption approach, resulting in a cumulative-effect adjustment to equity of $79 million as of January 1, 2018. Under the Revenue ASUs, the Company also elected to utilize a practical expedient which allows the Company to only reassess contracts that were not completed as of the adoption date, rather than all historical contracts. As the primary source of revenue for the Company is generated through leasing arrangements, for which timing and recognition of revenue are excluded from the Revenue ASUs, the impact of the Revenue ASUs, upon and subsequent to adoption, is generally limited to the following: • The Company, along with its JV partners and independent SHOP operators, provide certain ancillary services to SHOP residents that are not contemplated in the lease with each resident (i.e., guest meals, concierge services, pharmacy services, etc.). These services are provided and paid for in addition to the standard services included in each resident lease (i.e., room and board, standard meals, etc.). The Company bills residents for ancillary services one month in arrears and recognizes revenue as the services are provided, as the Company has no continuing performance obligation related to those services. The Company records ancillary service revenue within resident fees and services and, under the Revenue ASUs, is required to disclose, on an ongoing basis, ancillary service revenue generated from its RIDEA structures. Included within resident fees and services for the three months ended June 30, 2018 and 2017 is $10 million and $9 million , respectively, of ancillary service revenue. Included within resident fees and services for the six months ended June 30, 2018 and 2017 is $20 million and $19 million , respectively, of ancillary service revenue. • Prior to the adoption of the Revenue ASUs, the Company recognized a gain on sale of real estate using the full accrual method when collectibility of the sales price was reasonably assured, the Company was not obligated to perform additional activities that may be considered significant, the initial investment from the buyer was sufficient and other profit recognition criteria had been satisfied. The Company deferred all or a portion of a gain on sale of real estate if the requirements for gain recognition were not met at the time of sale. Subsequent to adopting the Revenue ASUs on January 1, 2018, the Company began recognizing a gain on sale of real estate upon transferring control of the asset to the purchaser, which is generally satisfied at the time of sale. In conjunction with its adoption of the Revenue ASUs, the Company reassessed its historical partial sale of real estate transactions to determine which transactions, if any, were not completed contracts (i.e., the transaction did not qualify for sale treatment under previous guidance). The Company concluded that it had one such material transaction, its partial sale of RIDEA II in the first quarter of 2017 (which was not a completed sale under historical guidance as of the Company's adoption date due to a minor obligation related to the interest sold). In accordance with the Revenue ASUs, the Company recorded its retained 40% equity investment at fair value as of the sale date. As a result, the Company recorded an adjustment to equity as of January 1, 2018 (under the modified retrospective transition approach) representing a step-up in the fair value of its equity investment in RIDEA II of $107 million (to a carrying value of $121 million as of January 1, 2018) and a $30 million impairment charge to decrease the carrying value to the sales price of the investment (see Note 4). The Company completed the sale of its equity investment in June 2018 and no longer holds an economic interest in RIDEA II. As such, the Revenue ASUs no longer have an impact on the Company’s consolidated financial position at June 30, 2018. • The Company generally expects that the new guidance will result in certain transactions qualifying as sales of real estate at an earlier date than under historical accounting guidance. Additionally, effective January 1, 2018, 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: • ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”) and ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (“ASU 2018-03”). The core principle of the amendments in ASU 2016-01 and ASU 2018-03 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 and ASU 2018-03 eliminate the cost method of accounting for equity securities that do not have readily determinable fair values. Pursuant to the new guidance, 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. • ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The amendments in ASU 2016-16 require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time that the transfer occurs. Historical guidance does not require recognition of tax consequences until the asset is eventually sold to a third party. 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 adoption approach 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 adoption of the Cash Flow ASUs during the fourth quarter of 2017 (in thousands): Six Months Ended June 30, 2017 As Reported As Previously Reported Net cash provided by (used in) investing activities $ 1,976,807 $ 1,957,586 Net increase (decrease) in balance (1) 316,456 297,235 Balance - beginning of period (1) 136,990 94,730 Balance - end of period (1) 453,446 391,965 _______________________________________ (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 reflect only cash and cash equivalents. In addition to the changes in the consolidated statements of cash flows as a result of the adoption of 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 cash flows from operating, investing and financing activities. 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, equipment leases, and ground leases, on its consolidated balance sheets through a right-of-use asset and corresponding lease liability, and (ii) 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. ASU 2016-02 provides a practical expedient, which the Company plans to elect, 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. Additionally, in July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”), which provides lessors with the option 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 transfer are the same for the nonlease component and the related lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. This practical expedient causes an entity to assess whether a contract is predominantly lease or service based and recognize the entire contract under the relevant accounting guidance (i.e., predominantly lease based would be accounted for under ASU 2016-02 and predominantly service based would be accounted for under the Revenue ASUs). The Company plans to elect this practical expedient as well. The Company is still evaluating the complete impact of the adoption of ASU 2016-02 and ASU 2018-11 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 financing leases (“DFLs”) 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 ASU has been issued, but not 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. The amendments in ASU 2017-12 expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. 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.

Master Transactions and Coopera

Master Transactions and Cooperation Agreement with Brookdale	6 Months Ended
	Jun. 30, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Master Transactions and Cooperation Agreement with Brookdale	Master Transactions and Cooperation Agreement with Brookdale 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 Transactions”). 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, which accounted for primarily all of the assets subject to triple-net leases between the Company and the Lessee (before giving effect to the contemplated sale or transition of 34 assets discussed below). 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 a net worth test are not satisfied; • Enhanced reporting requirements and related remedies; and • The right to market for sale the CCRC portfolio (as defined below). 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 received the right to sell, or transition to other operators, 32 triple-net assets. If such sale or transition does not occur within one year of executing the MTCA, 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 provided an aggregate $5 million annual reduction in rent on three assets, effective January 1, 2018; and • The Company would sell two triple-net assets to Brookdale or its affiliates for $35 million , both of which were sold in April 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 JVs with Brookdale at the time the MTCA was executed, agreed to purchase Brookdale’s 10% noncontrolling interest in each JV for an aggregate purchase price of $95 million . At the time the MTCA was executed, these JVs collectively owned and operated 58 independent living, assisted living, memory care and/or skilled nursing facilities (the “RIDEA Facilities”). The Company completed its acquisitions of the RIDEA III noncontrolling interest for $32 million in December 2017 and the RIDEA I noncontrolling interest for $63 million in March 2018; • The Company received 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 of executing the MTCA, 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 would sell four of the RIDEA Facilities to Brookdale or its affiliates for $240 million , one of which was sold in January 2018 for $32 million and the remaining three of which were sold in April 2018 for $208 million ; • A Brookdale affiliate continues to manage the remaining 18 RIDEA Facilities pursuant to amended 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 received the right to sell, to certain permitted transferees, its 49% ownership interest in JVs that own and operate a portfolio of continuing care retirement communities (the “CCRC Portfolio”) 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. In June 2018, the Company entered into definitive agreements with a third-party buyer to sell 11 senior housing triple-net assets (of the 32 noted above) and 11 RIDEA Facilities (of the 36 noted above) previously leased to Brookdale for total gross proceeds of $428 million . As part of this transaction, the buyer funded a $13 million nonrefundable deposit. The 11 senior housing triple-net assets and 11 RIDEA Facilities are classified as held for sale at June 30, 2018 and the Company anticipates the transaction will close in two installments, with one closing in the third quarter of 2018 and the other closing in the fourth quarter of 2018. During the six months ended June 30, 2018 , the Company terminated the previous management agreements or leases with Brookdale on 24 assets and completed the transition of 14 SHOP assets and 10 senior housing triple-net assets to other managers. Additionally, subsequent to June 30, 2018, the Company completed the transition of one SHOP asset and three senior housing triple-net assets.

Real Estate Transactions

Real Estate Transactions	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions Dispositions of Real Estate Held for Sale At June 30, 2018 , 25 SHOP facilities, 11 senior housing triple-net facilities, four life science facilities and one undeveloped life science land parcel were classified as held for sale, with an aggregate carrying value of $693 million , primarily comprised of real estate assets of $652 million , net of accumulated depreciation of $184 million . At December 31, 2017 , two senior housing triple-net facilities, four life science 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 . Liabilities of assets held for sale is primarily comprised of intangible and other liabilities at both June 30, 2018 and December 31, 2017 . 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”) (the “HCP/CPA JV”). Also in January 2017, 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 loans receivable and retained an approximately 40% ownership interest in RIDEA II. This transaction resulted in the Company deconsolidating the net assets of RIDEA II and recognizing a net gain on sale of $99 million . Refer to Note 2 for the impact of adopting the Revenue ASUs on January 1, 2018 to the Company’s partial sale of RIDEA II in the first quarter of 2017. 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 $90 million and cause CPA to refinance the Company’s $242 million of loans receivable from RIDEA II. The Company completed the transaction in June 2018, resulting in proceeds of $332 million . The Company no longer holds an economic interest in RIDEA II. U.K. Portfolio In June 2018, the Company closed on the previously announced joint venture with an institutional investor (the “U.K. JV”) through which the Company sold a 51% interest in substantially all United Kingdom (“U.K.”) assets previously owned by the Company (the “U.K. Portfolio”) based on a total value of £382 million ( $507 million ). The Company retained a 49% noncontrolling interest in the joint venture and received total proceeds of $402 million , including proceeds from the refinancing of the Company’s previously held intercompany loans. Upon closing the U.K. JV, the Company deconsolidated the U.K. Portfolio, recognized its retained noncontrolling interest investment at fair value ( $105 million ) and recognized a gain on sale of $11 million , net of $17 million of cumulative foreign currency translation reclassified from other comprehensive income (see Note 18 for the reclassification impact of the Company’s hedge of its net investment in the U.K.). The U.K. JV provides numerous mechanisms by which the joint venture partner can acquire the Company’s remaining interest in the U.K. JV. The fair value of the Company’s retained noncontrolling interest investment is based on Level 2 measurements within the fair value hierarchy. Although the U.K. JV closed on June 29, 2018, the Company was unable to access the proceeds held in escrow until July 2, 2018. As such, at June 30, 2018, the Company held a $402 million receivable from the escrow agent. On July 2, 2018, the Company received the full amount of proceeds in satisfaction of the receivable. The U.K. JV transaction is therefore treated as a non-cash transaction on the consolidated statement of cash flows for the six months ended June 30, 2018. Additionally, the Company is marketing for sale its remaining £11 million development loan to Maria Mallaband Care Group (“MMCG”). Upon sale, the Company’s only remaining investment in the U.K. will be its noncontrolling interest investment in the U.K. JV. 2018 Dispositions In January 2018, the Company sold two SHOP assets for $35 million , resulting in gain on sales of $21 million (includes asset sales to Brookdale as discussed in Note 3 above). In April 2018, the Company sold four SHOP assets and two senior housing triple-net assets for $266 million , resulting in gain on sales of $26 million (includes asset sales to Brookdale as discussed in Note 3 above). In June 2018, the Company sold four SHOP assets for $38 million , resulting in no material gain or loss on sales. In July 2018, the Company sold four life science assets in South San Francisco and four SHOP assets for $288 million and expects to recognize gain on sales of approximately $80 million during the third quarter of 2018. 2017 Dispositions In January 2017, the Company sold four life science facilities in Salt Lake City, Utah for $76 million , resulting in a gain on sales 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 gain on sale of $170 million . In April 2017, the Company sold a land parcel in San Diego, California for $27 million and one life science building in San Diego, California for $5 million , resulting in total gain on sales of $1 million . In August 2017, the Company sold two senior housing triple-net facilities for $15 million , resulting in gain on sales of $5 million . In October 2017, the Company sold two senior housing triple-net facilities for $12 million , resulting in gain on sales of $7 million . In November 2017, the Company sold one medical office building (“MOB”) for $11 million and one SHOP facility for $24 million , resulting in gain on sales of $29 million . In December 2017, the Company sold three SHOP facilities for $17 million and two MOBs for $3 million , resulting in loss on sales of $2 million . Investments in Real Estate During the six months ended June 30, 2018, the Company acquired development rights on a land parcel in the Boston suburb of Lexington, Massachusetts for $ 21 million . The Company commenced a life science development on the land in 2018. During the year ended December 31, 2017, the Company acquired 20 properties, the impact of which is summarized in the following table: Consideration Assets Acquired Segment Cash Paid 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 MOB JV In July 2018, the Company and Morgan Stanley Real Estate Investment (“MSREI”) entered into definitive agreements to form a joint venture to own a portfolio of MOBs. To form the joint venture, MSREI expects to contribute cash and HCP expects to contribute nine wholly-owned MOBs (the “Contributed Assets”). The Contributed Assets are primarily located in Texas and Florida and are valued at approximately $320 million . The joint venture intends to use the cash contributed by MSREI to acquire an additional portfolio of MOBs in Greenville, South Carolina. Concurrent with acquiring the additional MOBs, the joint venture will enter into 10 -year leases with an anchor tenant on each MOB, which will account for approximately 94% of the total leasable space in the portfolio. The Company expects to acquire the portfolio in South Carolina and enter into the new leases during the second half of 2018. Impairments of Real Estate During the second quarter 2018, in conjunction with classifying two underperforming SHOP portfolios as held for sale ( 13 assets total), the Company concluded that the assets were impaired and wrote-down the carrying value of the assets to each asset’s respective fair value less estimated costs to sell. Accordingly, the Company recognized a $6 million impairment charge during the second quarter of 2018. The fair value of the assets is based on contracted sales prices which are considered to be Level 2 measurements within the fair value hierarchy. Additionally, during the second quarter 2018, in conjunction with classifying an undeveloped life science land parcel as held for sale, the Company concluded that the land was impaired and wrote-down its carrying value to fair value less estimated costs to sell. Accordingly, the Company recognized an $8 million impairment charge during the second quarter of 2018. The fair value of the asset is based on contracted sales prices which are considered to be Level 2 measurements within the fair value hierarchy.

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	6 Months Ended
	Jun. 30, 2018
Leases, Capital [Abstract]
Net Investment in Direct Financing Leases	Net Investment in Direct Financing Leases Net investment in DFLs consisted of the following (dollars in thousands): June 30, December 31, Minimum lease payments receivable $ 1,035,101 $ 1,062,452 Estimated residual value 504,457 504,457 Less unearned income (826,988 ) (852,557 ) Net investment in direct financing leases $ 712,570 $ 714,352 Properties subject to direct financing leases 29 29 In February 2017, the Company sold a hospital within a DFL in Palm Beach Gardens, Florida for $43 million to the current tenant and recognized a gain on sale of $4 million . Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at June 30, 2018 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 627,966 88 $ 274,652 $ 353,314 $ — Other non-reportable segments 84,604 12 84,604 — — $ 712,570 100 $ 359,256 $ 353,314 $ — Beginning September 30, 2013, the Company placed a 14 -property senior housing triple-net DFL (the “DFL Watchlist Portfolio”) on nonaccrual status and “Watch List” status. The Company determined that the collection of all rental payments was and continues to be no longer reasonably assured; therefore, rental revenue for the DFL Watchlist Portfolio is being recognized on a cash basis. During both the three months ended June 30, 2018 and 2017 , the Company recognized income from DFLs of $4 million and received cash payments of $5 million from the DFL Watchlist Portfolio. During both the six months ended June 30, 2018 and 2017 , the Company recognized income from DFLs of $7 million and received cash payments of $9 million from the DFL Watchlist Portfolio. The carrying value of the DFL Watchlist Portfolio was $353 million and $356 million at June 30, 2018 and December 31, 2017 , respectively.

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): June 30, 2018 December 31, 2017 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1) $ — $ 22,153 $ 22,153 $ — $ 269,299 $ 269,299 Other (2) 16,611 — 16,611 188,418 — 188,418 Unamortized discounts, fees and costs — (73 ) (73 ) — (596 ) (596 ) Allowance for loan losses (3) — — — — (143,795 ) (143,795 ) $ 16,611 $ 22,080 $ 38,691 $ 188,418 $ 124,908 $ 313,326 _______________________________________ (1) At June 30, 2018 , the Company had $112 million remaining of commitments to fund a $115 million senior living development project . (2) Primarily includes loans denominated in British pound sterling (“GBP”). At December 31, 2017 , includes the U.K. Bridge Loan discussed below. (3) Related to the Company’s mezzanine loan facility to Tandem Health Care discussed below. Loans Receivable Internal Ratings The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2018 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 16,611 43 $ 16,611 $ — $ — Other secured 22,080 57 22,080 — — $ 38,691 100 $ 38,691 $ — $ — Four Seasons Health Care In March 2017, the Company sold its investment in Four Seasons Health Care’s (“Four Seasons”) senior secured term loan at par plus accrued interest for £29 million ( $35 million ). Additionally, in March 2017, pursuant to a shift in the Company’s investment strategy, the Company sold its £138.5 million par value Four Seasons senior notes (the “Four Seasons Notes”) for £83 million ( $101 million ). The disposition of the Four Seasons Notes generated a £42 million ( $51 million ) gain on sale, recognized in other income (expense), net, as the sales price was above the previously-impaired carrying value of £41 million ( $50 million ). HC-One Facility On June 30, 2017, the Company received £283 million ( $367 million ) from the repayment of its HC-One mezzanine loan. Tandem Health Care Loan 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”). During 2017, the Company recorded impairment charges totaling $144 million on the Mezzanine Loan. The decline in fair value driving each impairment charge was based primarily on declining operating results of the collateral underlying the Mezzanine Loan, as well as market and industry data, which reflected a declining trend in admissions and a continuing shift away from higher-rate Medicare plans in the post-acute/skilled nursing sector. The resulting carrying value of the Mezzanine Loan as of December 31, 2017 was $105 million . In conjunction with the declining operating results and industry trends, beginning in the first quarter of 2017, the Company elected to recognize interest income on a cash basis. During the three and six months ended June 30, 2017 , the Company recognized interest income and received cash payments of $7 million and $14 million , respectively, from Tandem. During the six months ended June 30, 2018 , the Company did not recognize interest income nor receive cash payments from Tandem. In March 2018, the Company sold the Mezzanine Loan to a third party for approximately $112 million , resulting in an impairment recovery, net of transaction costs and fees, of $3 million included in other income (expense), net. The Company holds no further economic interest in the operations of Tandem. U.K. Bridge Loan In 2016, the Company provided a £105 million ( $131 million at closing) bridge loan to MMCG to fund the acquisition of a portfolio of seven care homes in the U.K. Under the bridge loan, the Company retained a three -year call option to acquire those seven care homes at a future date for £105 million , subject to certain conditions precedent being met. In March 2018, upon resolution of all conditions precedent, the Company began the process of exercising its call option to acquire the seven care homes and concluded that it should consolidate the real estate. As a result, the Company derecognized the outstanding loan receivable of £105 million and recognized a £29 million ( $41 million ) loss on consolidation. Refer to Note 15 for the complete impact of consolidating the seven care homes during the first quarter of 2018. In June 2018, the Company completed the process of exercising the above-mentioned call option. The seven care homes acquired through the call option were included in the U.K. JV transaction (see Note 4).

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2018
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 June 30, December 31, Entity (1) Ownership% 2018 2017 CCRC JV 49 $ 383,274 $ 400,241 RIDEA II (2) 40 — 259,651 U.K. JV 49 104,955 — Life Science JVs (3) 50 - 63 64,814 65,581 MBK JV 50 36,781 38,005 Development JVs (4) 50 - 90 25,008 23,365 Medical Office JVs (5) 20 - 67 12,428 12,488 K&Y JVs (6) 80 1,336 1,283 Advances to unconsolidated joint ventures, net 11 226 $ 628,607 $ 800,840 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JVs. (2) Effective January 1, 2018, the Company increased its carrying value in RIDEA II as a net adjustment to retained earnings under its elected transition approach in accordance with the adoption of ASU 2017-05 (see Note 2). In June 2018, the Company sold its equity method investment in RIDEA II (see Note 4). (3) Includes the following unconsolidated partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP ( 50% ); (ii) Britannia Biotech Gateway, LP ( 55% ); and (iii) LASDK, LP ( 63% ). (4) Includes four unconsolidated SHOP development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV ( 85% ); (ii) Waldwick JV ( 85% ); (iii) Otay Ranch JV ( 90% ); and (iv) MBK Development JV ( 50% ). (5) 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% ). (6) Includes three unconsolidated JVs. See Note 4 for discussion of the formation of the U.K. JV and the Company’s equity method investment.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2018
Intangibles
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles, above market tenant lease intangibles and below market ground lease intangibles. Intangible liabilities primarily consist of below market lease intangibles and above market ground lease intangibles. The following tables summarize the Company’s intangible lease assets and liabilities (in thousands): Intangible lease assets June 30, December 31, Gross intangible lease assets $ 590,494 $ 795,305 Accumulated depreciation and amortization (296,438 ) (385,223 ) Intangible assets, net $ 294,056 $ 410,082 Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 112,489 $ 126,212 Accumulated depreciation and amortization (62,513 ) (73,633 ) Intangible liabilities, net $ 49,976 $ 52,579

Debt

Debt	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Debt	Debt Bank Line of Credit and Term Loan The Company’s $2.0 billion unsecured revolving line of credit facility (the “Facility”) 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 on the Company’s credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at June 30, 2018 , 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 June 30, 2018 , the Company had $545 million , including £85 million ( $112 million ), outstanding under the Facility, with a weighted average effective interest rate of 3.09% . At June 30, 2018 , the Company had £169 million ( $223 million ) outstanding on its term loan, which accrues interest at a rate of GBP LIBOR plus 1.15% , subject to adjustments based on the Company’s credit ratings. On July 3, 2018, the Company exercised its one-time right to repay the outstanding GBP balance and re-borrow in U.S. Dollars (“USD”) with all other key terms unchanged, which resulted in repayment of the £169 million balance and re-borrowing of $224 million . The term loan continues to mature in January 2019 and contains a one -year committed extension option. The Facility and 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 June 30, 2018 , the Company was in compliance with each of these restrictions and requirements of the Facility and term loan. Senior Unsecured Notes At June 30, 2018 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $6.5 billion . The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at June 30, 2018 . There were no senior unsecured notes repayments during the six months ended June 30, 2018 . On July 16, 2018, the Company repaid $700 million of its 5.375% senior notes due 2021, primarily using proceeds from the U.K. JV transaction and other asset sales (see Note 4), and expects to record a loss on debt extinguishment of approximately $44 million in the third quarter of 2018. The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2017 (dollars in thousands): Date Amount Coupon Rate May 1, 2017 $ 250,000 5.625 % July 27, 2017 $ 500,000 5.375 % There were no senior unsecured notes issuances during the six months ended June 30, 2018 or year ended December 31, 2017 . Mortgage Debt At June 30, 2018 , the Company had $135 million in aggregate principal of mortgage debt outstanding, which is secured by 15 healthcare facilities (including redevelopment properties) with a carrying value of $284 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 insurance on the assets and includes conditions to obtain lender consent to enter into or terminate material leases. Some of the mortgage debt may require tenants or operators to maintain compliance with the applicable leases or operating agreements of such real estate assets. Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2018 (in thousands): Year Bank Line of Credit (1) Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) 2018 (six months) $ — $ — $ — $ 1,710 $ 1,710 2019 — 223,131 450,000 3,561 676,692 2020 — — 800,000 3,609 803,609 2021 545,226 — 700,000 10,957 1,256,183 2022 — — 900,000 2,691 902,691 Thereafter — — 3,600,000 112,516 3,712,516 545,226 223,131 6,450,000 135,044 7,353,401 (Discounts), premium and debt costs, net — (208 ) (48,498 ) 5,277 (43,429 ) $ 545,226 $ 222,923 $ 6,401,502 $ 140,321 $ 7,309,972 _______________________________________ (1) Includes £85 million translated into USD. (2) Represents £169 million translated into USD. (3) Effective interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective interest rate of 4.20% and a weighted average maturity of five years . On July 15, 2018, the Company repaid $700 million of its 5.375% senior unsecured notes due 2021 (see discussion above). (4) Interest rates on the mortgage debt ranged from 2.25% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 19 years . (5) Excludes $93 million of other debt that have no scheduled maturities.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2018
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, HCR ManorCare, Inc. (“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 (“DoJ”) in a suit against HCRMC arising from the False Claims Act that the DoJ voluntarily dismissed with prejudice. The plaintiff in the class action 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. The motion to dismiss was fully briefed on May 21, 2018. 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 “California derivative 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. On April 18, 2017, the Court approved the parties’ stipulation to stay the case pending disposition of the motion to dismiss the class action litigation. 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 action. 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 alleged 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. 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 action. 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 November 28, 2017, the federal court in the Central District of California granted Defendants’ motion 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). The Court in the Northern District of Ohio is currently considering whether to consolidate the Weldon and Kelley actions, appointment of lead plaintiffs and counsel, and whether the stay in Weldon should continue as to either or both actions. 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 California derivative action 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 plaintiffs lack standing or the lawsuits and demands are without merit, but cannot predict the outcome of these proceedings or reasonably estimate any potential loss at this time. Accordingly, no loss contingency has been recorded for these matters as of June 30, 2018 , as the likelihood of loss is not considered probable or estimable.

Equity

Equity	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Equity	Equity Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): June 30, December 31, Cumulative foreign currency translation adjustment (1) $ — $ (6,955 ) Unrealized gains (losses) on cash flow hedges, net (1,143 ) (13,950 ) Supplemental Executive Retirement plan minimum liability and other (2,937 ) (3,119 ) Total other comprehensive income (loss) $ (4,080 ) $ (24,024 ) _______________________________________ (1) See Note 4 for a discussion of the U.K. JV transaction.

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2018
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 JVs (see below) and U.K. investments. The accounting policies of the segments are the same as those in Note 2 to the Consolidated Financial Statements in the Company’s 2017 Annual Report on Form 10-K filed with the SEC, as updated by Note 2 herein. During the three and six months ended June 30, 2018 , 10 senior housing triple-net facilities were transferred to the Company’s SHOP segment. During the three and six months ended June 30, 2017 , one senior housing triple-net facility was transferred to the Company’s SHOP segment. When an asset is transferred from one segment to another, the results associated with that asset are included in the original segment until the date of transfer. Results generated after the transfer date are included in the new segment. The Company evaluates performance based upon: (i) property 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 (which exclude transition costs); NOI excludes all other financial statement amounts included in net income (loss) . Adjusted NOI is calculated as NOI after eliminating the effects of straight-line rents, DFL non-cash interest, amortization of market lease intangibles, termination fees, and the impact of deferred community fee income and expense. 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 JVs from its evaluation of its segments' operating results. Unconsolidated JVs are now reflected in other non-reportable segments. The adjustments to NOI and resulting Adjusted NOI for SHOP have been recast for prior periods 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 JVs (see above). Non-segment assets consist of assets in the Company's other non-reportable segments and corporate non-segment assets. Corporate non-segment assets consist primarily of corporate assets, including cash and cash equivalents, restricted cash, accounts receivable, net, proceeds receivable from the U.K. JV transaction (see Note 4), marketable equity securities and, if any, real estate assets and liabilities held for sale. See Note 16 for other information regarding concentrations of credit risk. The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 70,713 $ 138,352 $ 101,031 $ 125,246 $ 32,762 $ — $ 468,104 Operating expenses (791 ) (101,767 ) (22,732 ) (47,271 ) (1,305 ) — (173,866 ) NOI 69,922 36,585 78,299 77,975 31,457 — 294,238 Adjustments to NOI (2) 1,006 (124 ) (2,233 ) (993 ) (1,318 ) — (3,662 ) Adjusted NOI 70,928 36,461 76,066 76,982 30,139 — 290,576 Addback adjustments (1,006 ) 124 2,233 993 1,318 — 3,662 Interest income — — — — 1,447 — 1,447 Interest expense (607 ) (990 ) (80 ) (119 ) (742 ) (70,500 ) (73,038 ) Depreciation and amortization (21,251 ) (28,002 ) (35,269 ) (46,419 ) (12,351 ) — (143,292 ) General and administrative — — — — — (22,514 ) (22,514 ) Transaction costs — — — — — (2,404 ) (2,404 ) Recoveries (impairments), net (6,273 ) — (7,639 ) — — — (13,912 ) Gain (loss) on sales of real estate, net (23,039 ) 48,252 — — 20,851 — 46,064 Other income (expense), net — — — — — 1,786 1,786 Income tax benefit (expense) — — — — — 4,654 4,654 Equity income (loss) from unconsolidated JVs — — — — (101 ) — (101 ) Net income (loss) $ 18,752 $ 55,845 $ 35,311 $ 31,437 $ 40,561 $ (88,978 ) $ 92,928 _______________________________________ (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 three months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 78,079 $ 125,416 $ 86,730 $ 119,164 $ 28,670 $ — $ 438,059 Operating expenses (882 ) (85,866 ) (18,744 ) (46,581 ) (1,090 ) — (153,163 ) NOI 77,197 39,550 67,986 72,583 27,580 — 284,896 Adjustments to NOI (2) (406 ) 12 (123 ) (763 ) (864 ) — (2,144 ) Adjusted NOI 76,791 39,562 67,863 71,820 26,716 — 282,752 Addback adjustments 406 (12 ) 123 763 864 — 2,144 Interest income — — — — 20,869 — 20,869 Interest expense (631 ) (1,166 ) (96 ) (127 ) (1,181 ) (74,587 ) (77,788 ) Depreciation and amortization (25,519 ) (24,415 ) (31,004 ) (42,488 ) (7,325 ) — (130,751 ) General and administrative — — — — — (21,286 ) (21,286 ) Transaction costs — — — — — (867 ) (867 ) Recoveries (impairments), net — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net (230 ) (232 ) 1,280 (406 ) — — 412 Other income (expense), net — — — — — 71 71 Income tax benefit (expense) — — — — — 2,987 2,987 Equity income (loss) from unconsolidated JVs — — — — 240 — 240 Net income (loss) $ 50,817 $ 13,737 $ 38,166 $ 29,562 $ (16,499 ) $ (93,682 ) $ 22,101 _______________________________________ (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 six months ended June 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 145,003 $ 283,022 $ 200,653 $ 249,180 $ 63,078 $ — $ 940,936 Operating expenses (1,837 ) (203,513 ) (44,541 ) (93,967 ) (2,560 ) — (346,418 ) NOI 143,166 79,509 156,112 155,213 60,518 — 594,518 Adjustments to NOI (2) (858 ) (1,732 ) (5,984 ) (2,064 ) (2,711 ) — (13,349 ) Adjusted NOI 142,308 77,777 150,128 153,149 57,807 — 581,169 Addback adjustments 858 1,732 5,984 2,064 2,711 — 13,349 Interest income — — — — 7,812 — 7,812 Interest expense (1,207 ) (1,979 ) (162 ) (239 ) (1,469 ) (143,084 ) (148,140 ) Depreciation and amortization (43,157 ) (55,630 ) (71,350 ) (91,937 ) (24,468 ) — (286,542 ) General and administrative — — — — — (51,689 ) (51,689 ) Transaction costs — — — — — (4,599 ) (4,599 ) Recoveries (impairments), net (6,273 ) — (7,639 ) — — — (13,912 ) Gain (loss) on sales of real estate, net (23,039 ) 69,067 — — 20,851 — 66,879 Other income (expense), net — — — — (40,567 ) 1,946 (38,621 ) Income tax benefit (expense) — — — — — 9,990 9,990 Equity income (loss) from unconsolidated JVs — — — — 469 — 469 Net income (loss) $ 69,490 $ 90,967 $ 76,961 $ 63,037 $ 23,146 $ (187,436 ) $ 136,165 _______________________________________ (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 six months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 178,112 $ 265,644 $ 172,050 $ 237,535 $ 58,555 $ — 911,896 Operating expenses (1,993 ) (180,405 ) (36,064 ) (91,444 ) (2,338 ) — (312,244 ) NOI 176,119 85,239 135,986 146,091 56,217 — 599,652 Adjustments to NOI (2) (2,245 ) (299 ) (426 ) (1,726 ) (1,879 ) — (6,575 ) Adjusted NOI 173,874 84,940 135,560 144,365 54,338 — 593,077 Addback adjustments 2,245 299 426 1,726 1,879 — 6,575 Interest income — — — — 39,200 — 39,200 Interest expense (1,258 ) (6,017 ) (200 ) (256 ) (2,923 ) (153,852 ) (164,506 ) Depreciation and amortization (51,930 ) (50,773 ) (64,795 ) (85,217 ) (14,590 ) — (267,305 ) General and administrative — — — — — (43,764 ) (43,764 ) Transaction costs — — — — — (1,924 ) (1,924 ) Recoveries (impairments), net — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net 268,234 134 45,913 (406 ) 3,795 — 317,670 Other income (expense), net — — — — 50,895 384 51,279 Income tax benefit (expense) — — — — — 9,149 9,149 Equity income (loss) from unconsolidated JVs — — — — 3,509 — 3,509 Net income (loss) $ 391,165 $ 28,583 $ 116,904 $ 60,212 $ 79,421 $ (190,007 ) $ 486,278 _______________________________________ (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): Three Months Ended June 30, Six Months Ended June 30, Segment 2018 2017 2018 2017 Senior housing triple-net $ 70,713 $ 78,079 $ 145,003 $ 178,112 SHOP 138,352 125,416 283,022 265,644 Life science 101,031 86,730 200,653 172,050 Medical office 125,246 119,164 249,180 237,535 Other non-reportable segments 34,209 49,539 70,890 97,755 Total revenues $ 469,551 $ 458,928 $ 948,748 $ 951,096 See Notes 3, 4 and 6 for significant transactions impacting the Company’s segment assets during the periods presented.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2018
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 (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 92,928 $ 22,101 $ 136,165 $ 486,278 Noncontrolling interests' share in earnings (2,986 ) (2,718 ) (5,991 ) (5,750 ) Net income (loss) attributable to HCP, Inc. 89,942 19,383 130,174 480,528 Less: Participating securities' share in earnings (461 ) (100 ) (852 ) (674 ) Net income (loss) applicable to common shares $ 89,481 $ 19,283 $ 129,322 $ 479,854 Numerator - Dilutive Net income (loss) applicable to common shares $ 89,481 $ 19,283 $ 129,322 $ 479,854 Add: distributions on dilutive convertible units and other — — — 3,655 Dilutive net income (loss) available to common shares $ 89,481 $ 19,283 $ 129,322 $ 483,509 Denominator Basic weighted average shares outstanding 469,769 468,646 469,664 468,474 Dilutive potential common shares - equity awards 172 193 135 195 Dilutive potential common shares - DownREIT conversions — — — 4,697 Diluted weighted average common shares 469,941 468,839 469,799 473,366 Earnings per common share: Basic $ 0.19 $ 0.04 $ 0.28 $ 1.02 Diluted $ 0.19 $ 0.04 $ 0.28 $ 1.02 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 three and six months ended June 30, 2018 and the three months ended June 30, 2017 , 7 million shares issuable upon conversion of 4 million DownREIT units were not included because they are anti-dilutive.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2018 2017 Supplemental cash flow information: Interest paid, net of capitalized interest $ 141,777 $ 163,455 Income taxes paid 2,735 10,335 Capitalized interest 8,033 7,628 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 66,233 68,618 Retained equity method investment and proceeds receivable from U.K. JV transaction 507,369 — Derecognition of U.K. Bridge Loan receivable 147,474 — Consolidation of net assets related to U.K. Bridge Loan 106,457 — Deconsolidation of noncontrolling interest in connection with RIDEA II transaction — 58,061 Vesting of restricted stock units and conversion of non-managing member units into common stock 340 2,451 See discussions related to the RIDEA II transaction and U.K. JV transaction in Note 4 and the U.K. Bridge Loan in Notes 6 and 15. The following table summarizes cash, cash equivalents and restricted cash (in thousands): June 30, 2018 2017 Cash and cash equivalents $ 91,381 $ 391,965 Restricted cash 30,548 61,481 Cash, cash equivalents and restricted cash $ 121,929 $ 453,446

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2018
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At June 30, 2018 , the Company had investments in: (i) four unconsolidated VIE JVs, (ii) 48 properties leased to VIE tenants, (iii) marketable debt securities of one VIE and (iv) one loan to a VIE borrower. 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, 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 JV 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). The Company holds an 85% ownership interest in a JV (Vintage Park Development JV), which has been identified as a VIE as power is shared with a member that does not have a substantive equity investment at risk. The assets of the JV primarily consist of a leased property (net real estate), rents receivable, and cash and cash equivalents; its obligations primarily consist of debt-service payments. Any assets generated by the JV may only be used to settle its respective contractual obligations (primarily debt service payments). The Company holds an 85% ownership interest in a development JV (Waldwick JV), which has been identified as a VIE as power is shared with a member that does not have a substantive equity investment at risk. The assets of the JV 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 the JV 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 seller financing of $10 million related to its sale of seven senior housing triple-net facilities. The financing was provided in the form of a secured five -year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2018 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 599,916 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 6,313 CCRC OpCo Investments in unconsolidated joint ventures 183,528 Unconsolidated Development JVs Investments in unconsolidated joint ventures 14,108 Loan - Seller Financing Loans receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 34,004 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. At June 30, 2018 , 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 5, 6 and 7 for additional descriptions of the nature, purpose and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities HCP, Inc.’s consolidated total assets and total liabilities at June 30, 2018 and December 31, 2017 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 and total liabilities include VIE assets and liabilities as follows (in thousands): June 30, 2018 December 31, 2017 Assets Buildings and improvements $ 1,537,928 $ 2,436,414 Development costs and construction in progress 21,929 32,285 Land 128,889 227,162 Accumulated depreciation and amortization (348,974 ) (542,091 ) Net real estate 1,339,772 2,153,770 Investments in and advances to unconsolidated joint ventures 1,897 2,231 Accounts receivable, net 7,251 10,242 Cash and cash equivalents 10,928 15,861 Restricted cash 2,951 2,619 Intangible assets, net 88,257 125,475 Other assets, net 33,336 33,749 Total assets $ 1,484,392 $ 2,343,947 Liabilities Mortgage debt 44,789 45,016 Intangible liabilities, net 11,261 10,672 Accounts payable and accrued liabilities 55,573 269,280 Deferred revenue 15,606 14,432 Total liabilities $ 127,229 $ 339,400 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 No. 2015-02, Amendments to the Consolidation Analysis (“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 a leased property (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 a senior housing facility (operating lease), 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 18 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) 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 limited liability companies (“DownREITs”). The Company classifies 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”). The Company classifies 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. U.K. Bridge Loan. In 2016, the Company provided a £105 million ( $131 million at closing) bridge loan to MMCG to fund the acquisition of a portfolio of seven 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 had historically been identified as a VIE because it was “thinly capitalized.” The Company retained a three -year call option to acquire all the shares of the special purpose entity, which it could only exercise upon the occurrence of certain events. During the quarter ended March 31, 2018, the Company concluded that the conditions required to exercise the call option had been met and initiated the call option process to acquire the special purpose entity. In conjunction with initiating the process to legally exercise its call option and the satisfaction of required contingencies, the Company concluded that it was the primary beneficiary of the special purpose entity and therefore, should consolidate the entity. As such, during the quarter ended March 31, 2018, the Company derecognized the previously outstanding loan receivable, recognized the special purpose entity’s assets and liabilities at their respective fair values, and recognized a £29 million ( $41 million ) loss on consolidation (within other income (expense), net and income tax benefit (expense)), net of a tax benefit of £2 million ( $3 million ), to account for the difference between the carrying value of the loan receivable and the fair value of net assets and liabilities assumed. The fair value of net assets and liabilities consolidated during the first quarter of 2018 consisted of £81 million ( $114 million ) of net real estate, £4 million ( $5 million ) of intangible assets, and £9 million ( $13 million ) of net deferred tax liabilities. In June 2018, the Company completed the exercise of the above-mentioned call option and formally acquired full ownership of the special purpose entity. As such, the Company reconsidered whether the special purpose entity was a VIE and concluded that it was no longer “thinly capitalized” as the previously outstanding bridge loan converted to equity at risk and, therefore, was no longer a VIE. The real estate assets held by the special purpose entity were contributed to the U.K. JV formed by the Company in June 2018 (see Note 4).

Concentration of Credit Risk

Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2018
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 of credit risk with respect to certain tenants: Percentage of Total Assets Total Company Senior Housing Triple-Net June 30, December 31, June 30, December 31, Tenant 2018 2017 2018 2017 Brookdale 8 10 36 39 Percentage of Revenues Total Company Senior Housing Triple-Net Three Months Ended June 30, Six Months Ended Three Months Ended June 30, Six Months Ended Tenant 2018 2017 2018 2017 2018 2017 2018 2017 Brookdale (1) 6 8 6 10 41 47 42 55 _______________________________________ (1) The Company's concentration with respect to Brookdale as a tenant is expected to decrease with the completion of the Brookdale Transactions (see Note 3). Six months ended June 30, 2017 includes revenues from 64 senior housing triple-net facilities that were sold in March 2017. At June 30, 2018 and December 31, 2017 , Brookdale managed or operated, in the Company’s SHOP segment, approximately 8% and 13% , 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. At June 30, 2018 , Brookdale provided comprehensive facility management and accounting services with respect to 57 of the Company’s consolidated SHOP facilities and 16 SHOP facilities owned by its unconsolidated JVs, for which the Company or JV 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 Transactions (see Note 3). Most of the management agreements have terms ranging from 10 to 15 years , with three to four 5 -year renewal periods. The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA properties. In addition, there are incentive management fees payable to Brookdale if operating results of the RIDEA properties exceed pre-established EBITDAR (as defined) thresholds. 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.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2018
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 in the consolidated balance sheets are immaterial at June 30, 2018 . The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): June 30, 2018 (3) December 31, 2017 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 38,691 $ 38,579 $ 313,326 $ 313,242 Marketable debt securities (2) 18,941 18,941 18,690 18,690 Bank line of credit (2) 545,226 545,226 1,017,076 1,017,076 Term loan (2) 222,923 222,923 228,288 228,288 Senior unsecured notes (1) 6,401,502 6,493,760 6,396,451 6,737,825 Mortgage debt (2) 140,321 135,044 144,486 125,984 Other debt (2) 93,070 93,070 94,165 94,165 Interest-rate swap liabilities (2) 1,706 1,706 2,483 2,483 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) 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 loan 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 six months ended June 30, 2018 and year ended December 31, 2017 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the Company’s outstanding swap contracts at June 30, 2018 (dollars 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 $ 43,000 3.82% BMA Swap Index $ (1,706 ) ______________________________________ (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. The Company uses derivative instruments to mitigate the effects of interest rate 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 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 $1 million . On June 29, 2018, concurrent with closing the U.K. JV transaction, the Company terminated a cross currency swap contract, which was designated as a hedge of the Company’s net investment in the U.K. As such, upon deconsolidation of the U.K. Portfolio, the Company reclassified the $6 million loss in other comprehensive income related to the cross currency swap through gain (loss) on sales of real estate, net. On July 3, 2018, the Company settled the liability related to the cross currency swap termination (see Note 4 for additional discussion on the U.K. JV transaction). At June 30, 2018 , £55 million of the Company’s GBP-denominated borrowings under the Facility are designated as a hedge of a portion of the Company’s net investments in GBP-functional currency unconsolidated subsidiaries to mitigate its exposure to fluctuations in the GBP to USD exchange rate. For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to USD exchange rate of the instrument is recorded as part of the cumulative translation adjustment component of accumulated other comprehensive income (loss). Accordingly, the remeasurement value of the designated £55 million GBP-denominated borrowings 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 Company sells its remaining investment in the U.K.

Summary of Significant Accoun27

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”) and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and six months ended June 30, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 . The accompanying unaudited interim financial information should be read in conjunction with the consolidated financial statements and notes thereto for the year ended December 31, 2017 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”).
Recent Accounting Pronouncements	Recent Accounting Pronouncements Revenue Recognition. Between May 2014 and February 2017, the Financial Accounting Standards Board (“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 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. The Company adopted the Revenue ASUs effective January 1, 2018 and utilized a modified retrospective adoption approach, resulting in a cumulative-effect adjustment to equity of $79 million as of January 1, 2018. Under the Revenue ASUs, the Company also elected to utilize a practical expedient which allows the Company to only reassess contracts that were not completed as of the adoption date, rather than all historical contracts. As the primary source of revenue for the Company is generated through leasing arrangements, for which timing and recognition of revenue are excluded from the Revenue ASUs, the impact of the Revenue ASUs, upon and subsequent to adoption, is generally limited to the following: • The Company, along with its JV partners and independent SHOP operators, provide certain ancillary services to SHOP residents that are not contemplated in the lease with each resident (i.e., guest meals, concierge services, pharmacy services, etc.). These services are provided and paid for in addition to the standard services included in each resident lease (i.e., room and board, standard meals, etc.). The Company bills residents for ancillary services one month in arrears and recognizes revenue as the services are provided, as the Company has no continuing performance obligation related to those services. The Company records ancillary service revenue within resident fees and services and, under the Revenue ASUs, is required to disclose, on an ongoing basis, ancillary service revenue generated from its RIDEA structures. Included within resident fees and services for the three months ended June 30, 2018 and 2017 is $10 million and $9 million , respectively, of ancillary service revenue. Included within resident fees and services for the six months ended June 30, 2018 and 2017 is $20 million and $19 million , respectively, of ancillary service revenue. • Prior to the adoption of the Revenue ASUs, the Company recognized a gain on sale of real estate using the full accrual method when collectibility of the sales price was reasonably assured, the Company was not obligated to perform additional activities that may be considered significant, the initial investment from the buyer was sufficient and other profit recognition criteria had been satisfied. The Company deferred all or a portion of a gain on sale of real estate if the requirements for gain recognition were not met at the time of sale. Subsequent to adopting the Revenue ASUs on January 1, 2018, the Company began recognizing a gain on sale of real estate upon transferring control of the asset to the purchaser, which is generally satisfied at the time of sale. In conjunction with its adoption of the Revenue ASUs, the Company reassessed its historical partial sale of real estate transactions to determine which transactions, if any, were not completed contracts (i.e., the transaction did not qualify for sale treatment under previous guidance). The Company concluded that it had one such material transaction, its partial sale of RIDEA II in the first quarter of 2017 (which was not a completed sale under historical guidance as of the Company's adoption date due to a minor obligation related to the interest sold). In accordance with the Revenue ASUs, the Company recorded its retained 40% equity investment at fair value as of the sale date. As a result, the Company recorded an adjustment to equity as of January 1, 2018 (under the modified retrospective transition approach) representing a step-up in the fair value of its equity investment in RIDEA II of $107 million (to a carrying value of $121 million as of January 1, 2018) and a $30 million impairment charge to decrease the carrying value to the sales price of the investment (see Note 4). The Company completed the sale of its equity investment in June 2018 and no longer holds an economic interest in RIDEA II. As such, the Revenue ASUs no longer have an impact on the Company’s consolidated financial position at June 30, 2018. • The Company generally expects that the new guidance will result in certain transactions qualifying as sales of real estate at an earlier date than under historical accounting guidance. Additionally, effective January 1, 2018, 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: • ASU No. 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities (“ASU 2016-01”) and ASU No. 2018-03, Technical Corrections and Improvements to Financial Instruments - Overall (“ASU 2018-03”). The core principle of the amendments in ASU 2016-01 and ASU 2018-03 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 and ASU 2018-03 eliminate the cost method of accounting for equity securities that do not have readily determinable fair values. Pursuant to the new guidance, 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. • ASU No. 2016-16, Intra-Entity Transfers of Assets Other Than Inventory (“ASU 2016-16”). The amendments in ASU 2016-16 require an entity to recognize the income tax consequences of intra-entity transfers of assets other than inventory at the time that the transfer occurs. Historical guidance does not require recognition of tax consequences until the asset is eventually sold to a third party. 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 adoption approach 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 adoption of the Cash Flow ASUs during the fourth quarter of 2017 (in thousands): Six Months Ended June 30, 2017 As Reported As Previously Reported Net cash provided by (used in) investing activities $ 1,976,807 $ 1,957,586 Net increase (decrease) in balance (1) 316,456 297,235 Balance - beginning of period (1) 136,990 94,730 Balance - end of period (1) 453,446 391,965 _______________________________________ (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 reflect only cash and cash equivalents. In addition to the changes in the consolidated statements of cash flows as a result of the adoption of 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 cash flows from operating, investing and financing activities. 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, equipment leases, and ground leases, on its consolidated balance sheets through a right-of-use asset and corresponding lease liability, and (ii) 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. ASU 2016-02 provides a practical expedient, which the Company plans to elect, 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. Additionally, in July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”), which provides lessors with the option 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 transfer are the same for the nonlease component and the related lease component and (ii) the lease component, if accounted for separately, would be classified as an operating lease. This practical expedient causes an entity to assess whether a contract is predominantly lease or service based and recognize the entire contract under the relevant accounting guidance (i.e., predominantly lease based would be accounted for under ASU 2016-02 and predominantly service based would be accounted for under the Revenue ASUs). The Company plans to elect this practical expedient as well. The Company is still evaluating the complete impact of the adoption of ASU 2016-02 and ASU 2018-11 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 financing leases (“DFLs”) 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 ASU has been issued, but not 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. The amendments in ASU 2017-12 expand and refine hedge accounting for both nonfinancial and financial risk components and align the recognition and presentation of the effects of the hedging instrument and the hedged item in the financial statements. 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.

Summary of Significant Accoun28

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2018
Accounting Policies [Abstract]
Schedule of Impact on Financial Statements from Adopting New Accounting Guidance	The following table illustrates changes in the Company’s cash flows as reported and as previously reported prior to the adoption of the Cash Flow ASUs during the fourth quarter of 2017 (in thousands): Six Months Ended June 30, 2017 As Reported As Previously Reported Net cash provided by (used in) investing activities $ 1,976,807 $ 1,957,586 Net increase (decrease) in balance (1) 316,456 297,235 Balance - beginning of period (1) 136,990 94,730 Balance - end of period (1) 453,446 391,965 _______________________________________ (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 reflect only cash and cash equivalents.

Real Estate Transactions (Table

Real Estate Transactions (Tables)	6 Months Ended
	Jun. 30, 2018
Real Estate [Abstract]
Schedule of Real Estate Acquisitions	During the year ended December 31, 2017, the Company acquired 20 properties, the impact of which is summarized in the following table: Consideration Assets Acquired Segment Cash Paid 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

Net Investment in Direct Fina30

Net Investment in Direct Financing Leases (Tables)	6 Months Ended
	Jun. 30, 2018
Leases, Capital [Abstract]
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consisted of the following (dollars in thousands): June 30, December 31, Minimum lease payments receivable $ 1,035,101 $ 1,062,452 Estimated residual value 504,457 504,457 Less unearned income (826,988 ) (852,557 ) Net investment in direct financing leases $ 712,570 $ 714,352 Properties subject to direct financing leases 29 29
Summary of the Company's Internal Ratings for DFLs	The following table summarizes the Company’s internal ratings for DFLs at June 30, 2018 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 627,966 88 $ 274,652 $ 353,314 $ — Other non-reportable segments 84,604 12 84,604 — — $ 712,570 100 $ 359,256 $ 353,314 $ — The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2018 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 16,611 43 $ 16,611 $ — $ — Other secured 22,080 57 22,080 — — $ 38,691 100 $ 38,691 $ — $ —

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2018
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): June 30, 2018 December 31, 2017 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine (1) $ — $ 22,153 $ 22,153 $ — $ 269,299 $ 269,299 Other (2) 16,611 — 16,611 188,418 — 188,418 Unamortized discounts, fees and costs — (73 ) (73 ) — (596 ) (596 ) Allowance for loan losses (3) — — — — (143,795 ) (143,795 ) $ 16,611 $ 22,080 $ 38,691 $ 188,418 $ 124,908 $ 313,326 _______________________________________ (1) At June 30, 2018 , the Company had $112 million remaining of commitments to fund a $115 million senior living development project . (2) Primarily includes loans denominated in British pound sterling (“GBP”). At December 31, 2017 , includes the U.K. Bridge Loan discussed below. (3) Related to the Company’s mezzanine loan facility to Tandem Health Care discussed below.
Summary of the Company's Internal Ratings for Loans Receivable	The following table summarizes the Company’s internal ratings for DFLs at June 30, 2018 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 627,966 88 $ 274,652 $ 353,314 $ — Other non-reportable segments 84,604 12 84,604 — — $ 712,570 100 $ 359,256 $ 353,314 $ — The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2018 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 16,611 43 $ 16,611 $ — $ — Other secured 22,080 57 22,080 — — $ 38,691 100 $ 38,691 $ — $ —

Investments in and Advances t32

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2018
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount June 30, December 31, Entity (1) Ownership% 2018 2017 CCRC JV 49 $ 383,274 $ 400,241 RIDEA II (2) 40 — 259,651 U.K. JV 49 104,955 — Life Science JVs (3) 50 - 63 64,814 65,581 MBK JV 50 36,781 38,005 Development JVs (4) 50 - 90 25,008 23,365 Medical Office JVs (5) 20 - 67 12,428 12,488 K&Y JVs (6) 80 1,336 1,283 Advances to unconsolidated joint ventures, net 11 226 $ 628,607 $ 800,840 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the JVs. (2) Effective January 1, 2018, the Company increased its carrying value in RIDEA II as a net adjustment to retained earnings under its elected transition approach in accordance with the adoption of ASU 2017-05 (see Note 2). In June 2018, the Company sold its equity method investment in RIDEA II (see Note 4). (3) Includes the following unconsolidated partnerships (and the Company’s ownership percentage): (i) Torrey Pines Science Center, LP ( 50% ); (ii) Britannia Biotech Gateway, LP ( 55% ); and (iii) LASDK, LP ( 63% ). (4) Includes four unconsolidated SHOP development partnerships (and the Company’s ownership percentage): (i) Vintage Park Development JV ( 85% ); (ii) Waldwick JV ( 85% ); (iii) Otay Ranch JV ( 90% ); and (iv) MBK Development JV ( 50% ). (5) 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% ). (6) Includes three unconsolidated JVs.

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2018
Intangibles
Schedule of Intangible Lease Assets	The following tables summarize the Company’s intangible lease assets and liabilities (in thousands): Intangible lease assets June 30, December 31, Gross intangible lease assets $ 590,494 $ 795,305 Accumulated depreciation and amortization (296,438 ) (385,223 ) Intangible assets, net $ 294,056 $ 410,082
Schedule of Intangible Lease Liabilities	Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 112,489 $ 126,212 Accumulated depreciation and amortization (62,513 ) (73,633 ) Intangible liabilities, net $ 49,976 $ 52,579

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2018
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2017 (dollars in thousands): Date Amount Coupon Rate May 1, 2017 $ 250,000 5.625 % July 27, 2017 $ 500,000 5.375 %
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2018 (in thousands): Year Bank Line of Credit (1) Term Loan (2) Senior Unsecured Notes (3) Mortgage Debt (4) Total (5) 2018 (six months) $ — $ — $ — $ 1,710 $ 1,710 2019 — 223,131 450,000 3,561 676,692 2020 — — 800,000 3,609 803,609 2021 545,226 — 700,000 10,957 1,256,183 2022 — — 900,000 2,691 902,691 Thereafter — — 3,600,000 112,516 3,712,516 545,226 223,131 6,450,000 135,044 7,353,401 (Discounts), premium and debt costs, net — (208 ) (48,498 ) 5,277 (43,429 ) $ 545,226 $ 222,923 $ 6,401,502 $ 140,321 $ 7,309,972 _______________________________________ (1) Includes £85 million translated into USD. (2) Represents £169 million translated into USD. (3) Effective interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective interest rate of 4.20% and a weighted average maturity of five years . On July 15, 2018, the Company repaid $700 million of its 5.375% senior unsecured notes due 2021 (see discussion above). (4) Interest rates on the mortgage debt ranged from 2.25% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 19 years . (5) Excludes $93 million of other debt that have no scheduled maturities.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2018
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): June 30, December 31, Cumulative foreign currency translation adjustment (1) $ — $ (6,955 ) Unrealized gains (losses) on cash flow hedges, net (1,143 ) (13,950 ) Supplemental Executive Retirement plan minimum liability and other (2,937 ) (3,119 ) Total other comprehensive income (loss) $ (4,080 ) $ (24,024 ) _______________________________________ (1) See Note 4 for a discussion of the U.K. JV transaction.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2018
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 70,713 $ 138,352 $ 101,031 $ 125,246 $ 32,762 $ — $ 468,104 Operating expenses (791 ) (101,767 ) (22,732 ) (47,271 ) (1,305 ) — (173,866 ) NOI 69,922 36,585 78,299 77,975 31,457 — 294,238 Adjustments to NOI (2) 1,006 (124 ) (2,233 ) (993 ) (1,318 ) — (3,662 ) Adjusted NOI 70,928 36,461 76,066 76,982 30,139 — 290,576 Addback adjustments (1,006 ) 124 2,233 993 1,318 — 3,662 Interest income — — — — 1,447 — 1,447 Interest expense (607 ) (990 ) (80 ) (119 ) (742 ) (70,500 ) (73,038 ) Depreciation and amortization (21,251 ) (28,002 ) (35,269 ) (46,419 ) (12,351 ) — (143,292 ) General and administrative — — — — — (22,514 ) (22,514 ) Transaction costs — — — — — (2,404 ) (2,404 ) Recoveries (impairments), net (6,273 ) — (7,639 ) — — — (13,912 ) Gain (loss) on sales of real estate, net (23,039 ) 48,252 — — 20,851 — 46,064 Other income (expense), net — — — — — 1,786 1,786 Income tax benefit (expense) — — — — — 4,654 4,654 Equity income (loss) from unconsolidated JVs — — — — (101 ) — (101 ) Net income (loss) $ 18,752 $ 55,845 $ 35,311 $ 31,437 $ 40,561 $ (88,978 ) $ 92,928 _______________________________________ (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 three months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 78,079 $ 125,416 $ 86,730 $ 119,164 $ 28,670 $ — $ 438,059 Operating expenses (882 ) (85,866 ) (18,744 ) (46,581 ) (1,090 ) — (153,163 ) NOI 77,197 39,550 67,986 72,583 27,580 — 284,896 Adjustments to NOI (2) (406 ) 12 (123 ) (763 ) (864 ) — (2,144 ) Adjusted NOI 76,791 39,562 67,863 71,820 26,716 — 282,752 Addback adjustments 406 (12 ) 123 763 864 — 2,144 Interest income — — — — 20,869 — 20,869 Interest expense (631 ) (1,166 ) (96 ) (127 ) (1,181 ) (74,587 ) (77,788 ) Depreciation and amortization (25,519 ) (24,415 ) (31,004 ) (42,488 ) (7,325 ) — (130,751 ) General and administrative — — — — — (21,286 ) (21,286 ) Transaction costs — — — — — (867 ) (867 ) Recoveries (impairments), net — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net (230 ) (232 ) 1,280 (406 ) — — 412 Other income (expense), net — — — — — 71 71 Income tax benefit (expense) — — — — — 2,987 2,987 Equity income (loss) from unconsolidated JVs — — — — 240 — 240 Net income (loss) $ 50,817 $ 13,737 $ 38,166 $ 29,562 $ (16,499 ) $ (93,682 ) $ 22,101 _______________________________________ (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 six months ended June 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 145,003 $ 283,022 $ 200,653 $ 249,180 $ 63,078 $ — $ 940,936 Operating expenses (1,837 ) (203,513 ) (44,541 ) (93,967 ) (2,560 ) — (346,418 ) NOI 143,166 79,509 156,112 155,213 60,518 — 594,518 Adjustments to NOI (2) (858 ) (1,732 ) (5,984 ) (2,064 ) (2,711 ) — (13,349 ) Adjusted NOI 142,308 77,777 150,128 153,149 57,807 — 581,169 Addback adjustments 858 1,732 5,984 2,064 2,711 — 13,349 Interest income — — — — 7,812 — 7,812 Interest expense (1,207 ) (1,979 ) (162 ) (239 ) (1,469 ) (143,084 ) (148,140 ) Depreciation and amortization (43,157 ) (55,630 ) (71,350 ) (91,937 ) (24,468 ) — (286,542 ) General and administrative — — — — — (51,689 ) (51,689 ) Transaction costs — — — — — (4,599 ) (4,599 ) Recoveries (impairments), net (6,273 ) — (7,639 ) — — — (13,912 ) Gain (loss) on sales of real estate, net (23,039 ) 69,067 — — 20,851 — 66,879 Other income (expense), net — — — — (40,567 ) 1,946 (38,621 ) Income tax benefit (expense) — — — — — 9,990 9,990 Equity income (loss) from unconsolidated JVs — — — — 469 — 469 Net income (loss) $ 69,490 $ 90,967 $ 76,961 $ 63,037 $ 23,146 $ (187,436 ) $ 136,165 _______________________________________ (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 six months ended June 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 178,112 $ 265,644 $ 172,050 $ 237,535 $ 58,555 $ — 911,896 Operating expenses (1,993 ) (180,405 ) (36,064 ) (91,444 ) (2,338 ) — (312,244 ) NOI 176,119 85,239 135,986 146,091 56,217 — 599,652 Adjustments to NOI (2) (2,245 ) (299 ) (426 ) (1,726 ) (1,879 ) — (6,575 ) Adjusted NOI 173,874 84,940 135,560 144,365 54,338 — 593,077 Addback adjustments 2,245 299 426 1,726 1,879 — 6,575 Interest income — — — — 39,200 — 39,200 Interest expense (1,258 ) (6,017 ) (200 ) (256 ) (2,923 ) (153,852 ) (164,506 ) Depreciation and amortization (51,930 ) (50,773 ) (64,795 ) (85,217 ) (14,590 ) — (267,305 ) General and administrative — — — — — (43,764 ) (43,764 ) Transaction costs — — — — — (1,924 ) (1,924 ) Recoveries (impairments), net — — — — (56,682 ) — (56,682 ) Gain (loss) on sales of real estate, net 268,234 134 45,913 (406 ) 3,795 — 317,670 Other income (expense), net — — — — 50,895 384 51,279 Income tax benefit (expense) — — — — — 9,149 9,149 Equity income (loss) from unconsolidated JVs — — — — 3,509 — 3,509 Net income (loss) $ 391,165 $ 28,583 $ 116,904 $ 60,212 $ 79,421 $ (190,007 ) $ 486,278 _______________________________________ (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 by Segment	The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended June 30, Six Months Ended June 30, Segment 2018 2017 2018 2017 Senior housing triple-net $ 70,713 $ 78,079 $ 145,003 $ 178,112 SHOP 138,352 125,416 283,022 265,644 Life science 101,031 86,730 200,653 172,050 Medical office 125,246 119,164 249,180 237,535 Other non-reportable segments 34,209 49,539 70,890 97,755 Total revenues $ 469,551 $ 458,928 $ 948,748 $ 951,096

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2018
Earnings Per Share [Abstract]
Computation of Basic and Diluted Earnings per Share	The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 92,928 $ 22,101 $ 136,165 $ 486,278 Noncontrolling interests' share in earnings (2,986 ) (2,718 ) (5,991 ) (5,750 ) Net income (loss) attributable to HCP, Inc. 89,942 19,383 130,174 480,528 Less: Participating securities' share in earnings (461 ) (100 ) (852 ) (674 ) Net income (loss) applicable to common shares $ 89,481 $ 19,283 $ 129,322 $ 479,854 Numerator - Dilutive Net income (loss) applicable to common shares $ 89,481 $ 19,283 $ 129,322 $ 479,854 Add: distributions on dilutive convertible units and other — — — 3,655 Dilutive net income (loss) available to common shares $ 89,481 $ 19,283 $ 129,322 $ 483,509 Denominator Basic weighted average shares outstanding 469,769 468,646 469,664 468,474 Dilutive potential common shares - equity awards 172 193 135 195 Dilutive potential common shares - DownREIT conversions — — — 4,697 Diluted weighted average common shares 469,941 468,839 469,799 473,366 Earnings per common share: Basic $ 0.19 $ 0.04 $ 0.28 $ 1.02 Diluted $ 0.19 $ 0.04 $ 0.28 $ 1.02

Supplemental Cash Flow Inform38

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2018 2017 Supplemental cash flow information: Interest paid, net of capitalized interest $ 141,777 $ 163,455 Income taxes paid 2,735 10,335 Capitalized interest 8,033 7,628 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 66,233 68,618 Retained equity method investment and proceeds receivable from U.K. JV transaction 507,369 — Derecognition of U.K. Bridge Loan receivable 147,474 — Consolidation of net assets related to U.K. Bridge Loan 106,457 — Deconsolidation of noncontrolling interest in connection with RIDEA II transaction — 58,061 Vesting of restricted stock units and conversion of non-managing member units into common stock 340 2,451
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): June 30, 2018 2017 Cash and cash equivalents $ 91,381 $ 391,965 Restricted cash 30,548 61,481 Cash, cash equivalents and restricted cash $ 121,929 $ 453,446

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2018
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2018 was as follows (in thousands): VIE Type Asset/Liability Type Maximum Loss Exposure and Carrying Amount (1) VIE tenants - DFLs (2) Net investment in DFLs $ 599,916 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 6,313 CCRC OpCo Investments in unconsolidated joint ventures 183,528 Unconsolidated Development JVs Investments in unconsolidated joint ventures 14,108 Loan - Seller Financing Loans receivable, net 10,000 CMBS and LLC investment Marketable debt and cost method investment 34,004 _______________________________________ (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 and total liabilities include VIE assets and liabilities as follows (in thousands): June 30, 2018 December 31, 2017 Assets Buildings and improvements $ 1,537,928 $ 2,436,414 Development costs and construction in progress 21,929 32,285 Land 128,889 227,162 Accumulated depreciation and amortization (348,974 ) (542,091 ) Net real estate 1,339,772 2,153,770 Investments in and advances to unconsolidated joint ventures 1,897 2,231 Accounts receivable, net 7,251 10,242 Cash and cash equivalents 10,928 15,861 Restricted cash 2,951 2,619 Intangible assets, net 88,257 125,475 Other assets, net 33,336 33,749 Total assets $ 1,484,392 $ 2,343,947 Liabilities Mortgage debt 44,789 45,016 Intangible liabilities, net 11,261 10,672 Accounts payable and accrued liabilities 55,573 269,280 Deferred revenue 15,606 14,432 Total liabilities $ 127,229 $ 339,400

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2018
Risks and Uncertainties [Abstract]
Schedule of Concentration of Credit Risk	The following tables provide information regarding the Company’s concentrations of credit risk with respect to certain tenants: Percentage of Total Assets Total Company Senior Housing Triple-Net June 30, December 31, June 30, December 31, Tenant 2018 2017 2018 2017 Brookdale 8 10 36 39 Percentage of Revenues Total Company Senior Housing Triple-Net Three Months Ended June 30, Six Months Ended Three Months Ended June 30, Six Months Ended Tenant 2018 2017 2018 2017 2018 2017 2018 2017 Brookdale (1) 6 8 6 10 41 47 42 55 _______________________________________ (1) The Company's concentration with respect to Brookdale as a tenant is expected to decrease with the completion of the Brookdale Transactions (see Note 3). Six months ended June 30, 2017 includes revenues from 64 senior housing triple-net facilities that were sold in March 2017.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2018
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of Carry Amounts and Fair Value of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): June 30, 2018 (3) December 31, 2017 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 38,691 $ 38,579 $ 313,326 $ 313,242 Marketable debt securities (2) 18,941 18,941 18,690 18,690 Bank line of credit (2) 545,226 545,226 1,017,076 1,017,076 Term loan (2) 222,923 222,923 228,288 228,288 Senior unsecured notes (1) 6,401,502 6,493,760 6,396,451 6,737,825 Mortgage debt (2) 140,321 135,044 144,486 125,984 Other debt (2) 93,070 93,070 94,165 94,165 Interest-rate swap liabilities (2) 1,706 1,706 2,483 2,483 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) 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 loan 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 six months ended June 30, 2018 and year ended December 31, 2017 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume42

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s outstanding swap contracts at June 30, 2018 (dollars 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 $ 43,000 3.82% BMA Swap Index $ (1,706 ) ______________________________________ (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.

Summary of Significant Accoun43

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Cumulative effect adjustment to equity		$ 5,143,494		$ 5,143,494		$ 5,301,005
RIDEA II
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage		40.00%		40.00%			40.00%
Equity method investments	$ 121,000
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09
Schedule of Equity Method Investments [Line Items]
Cumulative effect adjustment to equity	79,000
Impairment charge	30,000
Difference between Revenue Guidance in Effect before and after Topic 606 | ASU 2014-09 | RIDEA II
Schedule of Equity Method Investments [Line Items]
Fair value of equity method investments	$ 107,000
Ancillary service revenue | ASU 2014-09
Schedule of Equity Method Investments [Line Items]
Tenant recoveries and Resident fees and services		$ 10,000	$ 9,000	$ 20,000	$ 19,000

Summary of Significant Accoun44

Summary of Significant Accounting Policies - Schedule of Cash Flows Impact from ASUs Adoption (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities	$ 491,768	$ 1,976,807
Net increase (decrease) in balance	39,726	316,456
Cash, cash equivalents and restricted cash, beginning of period	82,203	136,990
Cash, cash equivalents and restricted cash, end of period	$ 121,929	453,446
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities		1,957,586
Net increase (decrease) in balance		297,235
Cash, cash equivalents and restricted cash, beginning of period		94,730
Cash, cash equivalents and restricted cash, end of period		$ 391,965

Master Transactions and Coope45

Master Transactions and Cooperation Agreement with Brookdale (Details) $ in Thousands

Nov. 01, 2017USD ($)propertyagreement

Aug. 02, 2018property

Jul. 31, 2018facility

Jun. 30, 2018USD ($)facility

Apr. 30, 2018USD ($)propertyfacility

Mar. 31, 2018USD ($)

Jan. 31, 2018USD ($)propertyfacility

Dec. 31, 2017USD ($)

Mar. 31, 2017USD ($)property

Sep. 30, 2018USD ($)property

Jun. 30, 2018USD ($)propertyinstallment

Jun. 30, 2017USD ($)

Jan. 01, 2018USD ($)property

Lease Amendments And Terminations And Joint Venture Formations.

Percentage of interest acquired

10.00%

Consideration transferred | $

$ 95,000

Payment to acquired noncontrolling interest | $

$ 63,000

$ 32,000

Proceeds from sale of RIDEA facilities | $

$ 335,709

$ 462,242

CCRC JV

Lease Amendments And Terminations And Joint Venture Formations.

Investment ownership percentage

49.00%

49.00%

RIDEA Facilities

Lease Amendments And Terminations And Joint Venture Formations.

Ownership percentage (as a percent)

90.00%

Assets Leased to Others

Lease Amendments And Terminations And Joint Venture Formations.

Number of assets transitioned out

24

Assets Leased to Others | RIDEA Facilities

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties

58

Nonrefundable deposit in RIDEA facilities sale | $

$ 13,000

Assets Leased to Others | RIDEA Facilities | Forecast

Lease Amendments And Terminations And Joint Venture Formations.

Proceeds from sale of RIDEA facilities | $

$ 428,000

Senior housing triple-net

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties sold

2

64

Total consideration for disposal of real estate | $

$ 1,125,000

Senior housing triple-net | Assets Leased to Others

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 and transfer period for operating leases

1 year

Properties transitioned to cash flow leases expiration period

2 years

Amount of annual rent cut | $

$ 5,000

Number of assets with annual rent cut

3

Number of properties sold

2

Number of installments in disposition of properties | installment

2

Total consideration for disposal of real estate | $

$ 35,000

Number of assets transitioned out

10

Senior housing triple-net | Assets Leased to Others | Subsequent Event

Lease Amendments And Terminations And Joint Venture Formations.

Number of assets transitioned out

3

Senior housing triple-net | Assets Leased to Others | Forecast

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties sold

11

SHOP

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties sold | facility

4

4

2

Total consideration for disposal of real estate | $

$ 38,000

$ 35,000

SHOP | Subsequent Event

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties sold | facility

4

SHOP | CCRC JV

Lease Amendments And Terminations And Joint Venture Formations.

Investment ownership percentage

49.00%

49.00%

Ownership interest held by Parent

51.00%

51.00%

SHOP | Assets Leased to Others

Lease Amendments And Terminations And Joint Venture Formations.

Number of assets transitioned out

14

SHOP | Assets Leased to Others | Subsequent Event

Lease Amendments And Terminations And Joint Venture Formations.

Number of assets transitioned out

1

SHOP | Assets Leased to Others | RIDEA Facilities

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties

36

Number of properties sold

3

1

Management termination period

1 year

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 | $

$ 240,000

Proceeds from sale of productive assets | $

$ 208,000

$ 32,000

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 | Assets Leased to Others | RIDEA Facilities | Forecast

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties sold

11

SHOP | Assets Leased to Others | RIDEA Facilities | Maximum

Lease Amendments And Terminations And Joint Venture Formations.

Base management fee, percentage of gross revenue

7.00%

SHOP | Assets Leased to Others | Separate RIDEA structure

Lease Amendments And Terminations And Joint Venture Formations.

Number of assets under management agreement

2

Brookdale | Assets Leased to Others

Lease Amendments And Terminations And Joint Venture Formations.

Number of properties

78

Real Estate Transactions - Held

Real Estate Transactions - Held for Sale (Details) $ in Thousands	Jun. 30, 2018USD ($)propertyfacility	Dec. 31, 2017USD ($)property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property	13
Assets held for sale, net	$ 692,702	$ 417,014
Accumulated depreciation	2,750,351	2,741,695
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net	$ 693,000	$ 417,000
Held-for-sale | SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property	25	6
Held-for-sale | 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	11	2
Held-for-sale | Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale | property	4	4
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	$ 652,000	$ 393,000
Accumulated depreciation	$ 184,000	$ 93,000
Land | Disposed of by 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	1

Real Estate Transactions - RIDE

Real Estate Transactions - RIDEA II Sale Transaction (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jan. 31, 2017	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Nov. 01, 2017	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate			$ 46,064	$ 412	$ 66,879	$ 317,670
HCP/CPA/Brookdale JV
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Debt Instrument 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
RIDEA II
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Investment ownership percentage	40.00%		40.00%		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		$ 99,000
RIDEA II | HCP/CPA/Brookdale JV
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%
Consideration of disposal of equity method investment	$ 90,000		$ 90,000		$ 90,000
Proceeds from sale of ownership interest	$ 332,000

Real Estate Transactions - U.K.

Real Estate Transactions - U.K. Portfolio (Details) $ in Thousands, £ in Millions	1 Months Ended	3 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2018GBP (£)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Value of U.K. Portfolio	$ 13,451,387	$ 13,451,387	$ 13,451,387			$ 14,088,461
Proceeds from divestiture of interest in joint venture			507,369	$ 0
Disposed of by Sale | U.K. Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Ownership interest percentage selling		51.00%
Value of U.K. Portfolio	507,000	$ 507,000	$ 507,000		£ 382
Proceeds from divestiture of interest in joint venture	402,000
Gain on disposal of interest in joint venture	11,000
Cumulative foreign currency translation reclassification from OCI	$ 17,000
U.K. Portfolio
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Percentage of noncontrolling interest in the joint venture	49.00%	49.00%	49.00%		49.00%
Investments, Fair Value Disclosure	$ 105,000	$ 105,000	$ 105,000
Development loan to MMCG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Development loan held for sale | £					£ 11

Real Estate Transactions - Disp

Real Estate Transactions - Disposition of Real Estate (Details) $ in Thousands

1 Months Ended

3 Months Ended

6 Months Ended

Jul. 31, 2018USD ($)facility

Jun. 30, 2018USD ($)facility

Apr. 30, 2018USD ($)facility

Jan. 31, 2018USD ($)facility

Dec. 31, 2017USD ($)facility

Nov. 30, 2017USD ($)facility

Oct. 31, 2017USD ($)facility

Aug. 31, 2017USD ($)facility

Apr. 30, 2017USD ($)facility

Mar. 31, 2017USD ($)property

Jan. 31, 2017USD ($)facility

Jun. 30, 2018USD ($)

Jun. 30, 2017USD ($)

Jun. 30, 2018USD ($)

Jun. 30, 2017USD ($)

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sales of real estate, net

$ 46,064

$ 412

$ 66,879

$ 317,670

SHOP

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

4

4

2

Total consideration for disposal of real estate

$ 38,000

$ 35,000

Gain (loss) on sales of real estate, net

$ 21,000

Senior housing triple-net

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed

2

64

Total consideration for disposal of real estate

$ 1,125,000

Gain (loss) on sales of real estate, net

$ 170,000

Triple-net and SHOP

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total consideration for disposal of real estate

$ 266,000

Gain (loss) on sales of real estate, net

$ 26,000

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 disposal of real estate

$ 76,000

Gain (loss) on sales of real estate, net

$ 45,000

Disposed of by sale | Land

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

1

Total consideration for disposal of real estate

$ 27,000

Disposed of by sale | Building | SHOP

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

3

1

Total consideration for disposal of real estate

$ 17,000

$ 24,000

Disposed of by sale | Building | Senior housing triple-net

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

2

2

Total consideration for disposal of real estate

$ 12,000

$ 15,000

Gain (loss) on sales of real estate, net

$ 7,000

$ 5,000

Disposed of by sale | Building | Life science

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

1

Total consideration for disposal of real estate

$ 5,000

Gain (loss) on sales of real estate, net

$ 1,000

Disposed of by sale | Building | Medical office

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

2

1

Total consideration for disposal of real estate

$ 3,000

$ 11,000

Disposed of by sale | Building | SHOP and Medical office

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Gain (loss) on sales of real estate, net

$ (2,000)

$ 29,000

Subsequent Event | SHOP

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

4

Subsequent Event | Lifescience and SHOP

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Total consideration for disposal of real estate

$ 288,000

Gain (loss) on sales of real estate, net

$ 80,000

Subsequent Event | Life science

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Number of properties disposed | facility

4

Real Estate Transactions - MOB

Real Estate Transactions - MOB JV (Details) - Forecast - MOB JV $ in Millions	3 Months Ended
	Sep. 30, 2018USD ($)property
Real Estate [Line Items]
Number of properties contributed to joint venture | property	9
Value of contributed properties | $	$ 320
Lease term	10 years
Percentage of rentable area leased	94.00%

Real Estate Transactions - Inve

Real Estate Transactions - Investments in Real Estate (Details) $ in Thousands	3 Months Ended	6 Months Ended
	Mar. 31, 2018USD ($)	Jun. 30, 2018USD ($)property
Real Estate [Abstract]
Payments to acquire real estate	$ 21,000
Real Estate [Line Items]
Number of properties acquired | property		20
Consideration, Cash Paid/Debt Settled		$ 560,753
Consideration, Liabilities assumed		5,425
Assets Acquired, Real Estate		527,815
Assets Acquired, Net Intangibles		38,363
SHOP
Real Estate [Line Items]
Consideration, Cash Paid/Debt Settled		44,258
Consideration, Liabilities assumed		797
Assets Acquired, Real Estate		37,940
Assets Acquired, Net Intangibles		7,115
Life science
Real Estate [Line Items]
Consideration, Cash Paid/Debt Settled		315,255
Consideration, Liabilities assumed		3,524
Assets Acquired, Real Estate		305,760
Assets Acquired, Net Intangibles		13,019
Medical office
Real Estate [Line Items]
Consideration, Cash Paid/Debt Settled		201,240
Consideration, Liabilities assumed		1,104
Assets Acquired, Real Estate		184,115
Assets Acquired, Net Intangibles		$ 18,229

Real Estate Transactions - Impa

Real Estate Transactions - Impairments of Real Estate (Details) $ in Millions	3 Months Ended
	Jun. 30, 2018USD ($)property
Real Estate [Line Items]
Number of properties classified as held for sale | property	13
SHOP
Real Estate [Line Items]
Number of properties classified as held for sale during period | property	2
Impairments of real estate recognized during period | $	$ 6
Life science
Real Estate [Line Items]
Impairments of real estate recognized during period | $	$ 8

Net Investment in Direct Fina53

Net Investment in Direct Financing Leases - Direct Financing Leases (Details) $ in Thousands	1 Months Ended
	Feb. 28, 2017USD ($)property	Jun. 30, 2018USD ($)property	Dec. 31, 2017USD ($)property
Capital Leased Assets [Line Items]
Minimum lease payments receivable		$ 1,035,101	$ 1,062,452
Estimated residual value		504,457	504,457
Less unearned income		(826,988)	(852,557)
Net investment in direct financing leases		$ 712,570	$ 714,352
Properties subject to direct financing leases | property		29	29
Florida
Capital Leased Assets [Line Items]
Number of properties sold | property	1
Proceeds from sale of leased assets	$ 43,000
Gain on sale of a property within a direct financing lease	$ 4,000

Net Investment in Direct Fina54

Net Investment in Direct Financing Leases - Direct Financing Lease Internal Ratings (Details) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)property	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)property
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 712,570		$ 712,570		$ 714,352
Percentage of DFL Portfolio	100.00%		100.00%
Properties subject to direct financing leases | property	29		29		29
Income from direct financing leases	$ 13,490	$ 13,564	$ 26,756	$ 27,276
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	359,256		359,256
Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	353,314		353,314
Watch List DFLs | DFL Portfolio
Net Investment in Direct Financing Leases
Income from direct financing leases	4,000	4,000	7,000	7,000
Cash payments received	5,000	$ 5,000	9,000	$ 9,000
Workout DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	0		0
Senior housing triple-net
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 627,966		$ 627,966
Percentage of DFL Portfolio	88.00%		88.00%
Senior housing triple-net | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 274,652		$ 274,652
Senior housing triple-net | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	353,314		353,314
Senior housing triple-net | Watch List DFLs | DFL Portfolio
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 353,000		$ 353,000		$ 356,000
Properties subject to direct financing leases | property	14		14
Senior housing triple-net | Workout DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 0		$ 0
Other non-reportable segments
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 84,604		$ 84,604
Percentage of DFL Portfolio	12.00%		12.00%
Other non-reportable segments | Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 84,604		$ 84,604
Other non-reportable segments | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	0		0
Other non-reportable segments | Workout DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 0		$ 0

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Dec. 31, 2017
Loans Receivable:
Mezzanine	$ 22,153	$ 269,299
Loans receivable, other	16,611	188,418
Unamortized discounts, fees and costs	(73)	(596)
Allowance for loan losses	0	(143,795)
Loans receivable, net	38,691	313,326
Remaining loans receivable commitments	112,000
Loans receivable commitments	115,000
Real Estate Secured
Loans Receivable:
Mezzanine	0	0
Loans receivable, other	16,611	188,418
Unamortized discounts, fees and costs	0	0
Allowance for loan losses	0	0
Loans receivable, net	16,611	188,418
Other Secured
Loans Receivable:
Mezzanine	22,153	269,299
Loans receivable, other	0	0
Unamortized discounts, fees and costs	(73)	(596)
Allowance for loan losses	0	(143,795)
Loans receivable, net	$ 22,080	$ 124,908

Loans Receivable - Schedule o56

Loans Receivable - Schedule of Loans Receivable Internal Ratings (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Percentage of Loan Portfolio	100.00%
Loans receivable, net	$ 38,691	$ 313,326
Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	38,691
Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Workout Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 0
Real Estate Secured
Financing Receivable, Recorded Investment [Line Items]
Percentage of Loan Portfolio	43.00%
Loans receivable, net	$ 16,611	188,418
Real Estate Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	16,611
Real Estate Secured | Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Real Estate Secured | Workout Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 0
Other Secured
Financing Receivable, Recorded Investment [Line Items]
Percentage of Loan Portfolio	57.00%
Loans receivable, net	$ 22,080	$ 124,908
Other Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	22,080
Other Secured | Watch List Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	0
Other Secured | Workout Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	$ 0

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) £ in Millions	Jun. 30, 2017USD ($)	Jun. 30, 2017GBP (£)	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2017GBP (£)	Mar. 31, 2018USD ($)property	Mar. 31, 2018GBP (£)property	Jun. 30, 2017USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2017USD ($)	Dec. 31, 2017USD ($)	Dec. 31, 2016USD ($)property	Feb. 28, 2017USD ($)	Feb. 28, 2017GBP (£)	Dec. 31, 2016GBP (£)property	May 31, 2015USD ($)
Loans Receivable:
Loans receivable, other									$ 16,611,000		$ 188,418,000
Loans receivable, net									38,691,000		313,326,000
Notes reduction due to call option exercised									147,474,000	$ 0
Loss from initial consolidation of VIE									41,017,000	0
MMCG
Loans Receivable:
Loss from initial consolidation of VIE						$ 41,000,000	£ 29
HC-One Facility
Loans Receivable:
Cash payments received from borrower	$ 367,000,000	£ 283
Tandem Mezzanine Loan
Loans Receivable:
Proceeds from sale of loans receivable			$ 112,000,000
Cash payments received from borrower								$ 14,000,000	0	14,000,000
Loans receivable, other											105,000,000
Impairment charges on receivable											$ 144,000,000
Interest income related to loans								$ 7,000,000	$ 0	$ 7,000,000
Impairment recovery on receivable			$ 3,000,000
Tandem Mezzanine Loan | Maximum
Loans Receivable:
Loans receivable, other																$ 257,000,000
Bridge Loan | MMCG
Loans Receivable:
Loans receivable, net												$ 131,000,000			£ 105
Period of call-option retained												3 years
Number of properties in a purchase option | property												7			7
Number of properties acquired in a purchase option | property						7	7
Notes reduction due to call option exercised | £							£ 105
Loss from initial consolidation of VIE						$ 41,000,000	£ 29
Four Seasons
Loans Receivable:
Proceeds from sale of loans receivable				$ 35,000,000	£ 29
Investment in held to maturity at amortized cost | £					138.5
Proceeds from sale of held to maturity securities				101,000,000	83
Gain on sale of securities				$ 51,000,000	£ 42
Marketable debt securities, net													$ 50,000,000	£ 41

Investments in and Advances t58

Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands	Jun. 30, 2018USD ($)joint_venture	Dec. 31, 2017USD ($)	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 628,607	$ 800,840
CCRC JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	$ 383,274	400,241
RIDEA II
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	40.00%		40.00%
Investments in and advances to unconsolidated joint ventures	$ 0	259,651
UK JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	$ 104,955	0
Life Science JVs
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 64,814	65,581
Life Science JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	50.00%
Life Science JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	63.00%
Torrey Pines Science Center, LP
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	50.00%
Britannia Biotech Gateway, LP
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	55.00%
LASDK, LP
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	63.00%
MBK JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	50.00%
Investments in and advances to unconsolidated joint ventures	$ 36,781	38,005
Development JVs
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 25,008	23,365
Number of unconsolidated joint ventures | joint_venture	4
Development JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	50.00%
Development JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	90.00%
Vintage Park Development JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	85.00%
Waldwick
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	85.00%
Otay Ranch
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	90.00%
MBK Development JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	50.00%
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 12,428	12,488
Number of unconsolidated joint ventures | joint_venture	3
Medical Office JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	20.00%
Medical Office JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	67.00%
HCP Ventures VI, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	20.00%
HCP Ventures III, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	30.00%
Suburban Properties, LLC
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	67.00%
K&Y JVs
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	80.00%
Investments in and advances to unconsolidated joint ventures	$ 1,336	1,283
Number of unconsolidated joint ventures | joint_venture	3
Advances to unconsolidated joint ventures, net
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 11	$ 226

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Intangibles
Gross intangible lease assets	$ 590,494	$ 795,305
Accumulated depreciation and amortization	(296,438)	(385,223)
Intangible assets, net	$ 294,056	$ 410,082

Intangibles - Intangibles Lea60

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Intangibles
Gross intangible lease liabilities	$ 112,489	$ 126,212
Accumulated depreciation and amortization	(62,513)	(73,633)
Intangible liabilities, net	$ 49,976	$ 52,579

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loan (Details) £ in Millions	Jul. 03, 2018USD ($)	Jul. 03, 2018GBP (£)	Jun. 30, 2018USD ($)renewal_option	Jun. 30, 2017USD ($)	Jun. 30, 2018GBP (£)renewal_option	Dec. 31, 2017USD ($)
Debt Instrument
Bank line of credit			$ 545,226,000			$ 1,017,076,000
Repayment under bank line of credit			923,164,000	$ 339,826,000
Outstanding balance on term loan			222,923,000			$ 228,288,000
Issuance and borrowings of debt, excluding bank line of credit			0	$ 5,395,000
2015 Term Loan
Debt Instrument
Outstanding balance on term loan			$ 223,000,000		£ 169
Line of Credit and Term Loan
Debt Instrument
Debt instrument, covenant debt to assets (as a percent)			60.00%		60.00%
Debt instrument, covenant secured debt to assets (as a percent)			30.00%		30.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)			60.00%		60.00%
Debt instrument, covenant minimum fixed charge coverage ratio			1.5		1.5
Debt instrument, covenant net worth			$ 6,500,000,000
GBP LIBOR | 2015 Term Loan
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)			1.15%
Bank Line of Credit | Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity			$ 2,000,000,000
Number of extensions | renewal_option			2		2
Length of debt instrument extension period			6 months
Debt instrument, facility fee (as a percent)			0.20%
Line of credit facility additional aggregate amount, maximum			$ 750,000,000
Bank line of credit			545,000,000
Debt denominated in foreign currency outstanding			$ 112,000,000		£ 85
Weighted-average interest rate (as a percent)			3.09%		3.09%
Bank Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)			1.00%
Subsequent Event | 2015 Term Loan
Debt Instrument
Repayment under bank line of credit | £		£ 169
Subsequent Event | 2018 term loan
Debt Instrument
Length of debt instrument extension period	1 year	1 year
Issuance and borrowings of debt, excluding bank line of credit	$ 224,000,000

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Jul. 27, 2017	May 01, 2017	Jul. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Debt Instrument
Principal balance on debt				$ 7,353,401,000
Senior unsecured notes				6,401,502,000	$ 6,396,451,000
Unsecured Debt
Debt Instrument
Principal balance on debt				6,450,000,000
Senior unsecured notes				0	$ 0
Repayments of debt				$ 0
Unsecured Note 5.625%
Debt Instrument
Repayment of senior unsecured notes		$ 250,000,000
Percentage of stated interest rate		5.625%
Unsecured Note 5.375%
Debt Instrument
Repayment of senior unsecured notes	$ 500,000,000
Percentage of stated interest rate	5.375%
Subsequent Event | Senior Notes | Unsecured Note 5.375% Due 2021
Debt Instrument
Percentage of stated interest rate			5.375%
Repayments of debt			$ 700,000,000
Loss on debt extinguishments			$ 44,000,000

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) £ in Millions	1 Months Ended	6 Months Ended
	Mar. 31, 2017USD ($)	Jun. 30, 2018USD ($)facility	Jun. 30, 2018GBP (£)facility	Dec. 31, 2017USD ($)
Debt Instrument
Total debt before discount, net		$ 7,353,401,000
(Discounts), premiums and debt costs, net		(43,429,000)
Debt instruments, carrying amount		7,309,972,000
Term loan		222,923,000		$ 228,288,000
Other debt		93,070,000		$ 94,165,000
Debt maturing in 2018
Debt Instrument
2018 (nine months)		1,710,000
Debt maturing in 2019
Debt Instrument
2,019		676,692,000
Debt maturing in 2020
Debt Instrument
2,020		803,609,000
Debt maturing in 2021
Debt Instrument
2,021		1,256,183,000
Debt maturing in 2022
Debt Instrument
2,022		902,691,000
Thereafter
Debt Instrument
Thereafter		$ 3,712,516,000
Mortgage Debt
Debt Instrument
Number of healthcare facilities used to secure debt | facility		15	15
Debt instrument, collateral, healthcare facilities carrying value		$ 284,000,000
Repayments of debt	$ 472,000,000
Total debt before discount, net		135,044,000
(Discounts), premiums and debt costs, net		5,277,000
Debt instruments, carrying amount		$ 140,321,000
Weighted-average interest rate (as a percent)		4.19%	4.19%
Weighted-average maturity		19 years
Mortgage Debt | Minimum
Debt Instrument
Percentage of stated interest rate		2.25%	2.25%
Mortgage Debt | Maximum
Debt Instrument
Percentage of stated interest rate		5.91%	5.91%
Mortgage Debt | Debt maturing in 2018
Debt Instrument
2018 (nine months)		$ 1,710,000
Mortgage Debt | Debt maturing in 2019
Debt Instrument
2,019		3,561,000
Mortgage Debt | Debt maturing in 2020
Debt Instrument
2,020		3,609,000
Mortgage Debt | Debt maturing in 2021
Debt Instrument
2,021		10,957,000
Mortgage Debt | Debt maturing in 2022
Debt Instrument
2,022		2,691,000
Mortgage Debt | Thereafter
Debt Instrument
Thereafter		112,516,000
Bank Line of Credit
Debt Instrument
Total debt before discount, net		545,226,000
(Discounts), premiums and debt costs, net		0
Debt instruments, carrying amount		545,226,000
Bank Line of Credit | Debt maturing in 2018
Debt Instrument
2018 (nine months)		0
Bank Line of Credit | Debt maturing in 2019
Debt Instrument
2,019		0
Bank Line of Credit | Debt maturing in 2020
Debt Instrument
2,020		0
Bank Line of Credit | Debt maturing in 2021
Debt Instrument
2,021		545,226,000
Bank Line of Credit | Debt maturing in 2022
Debt Instrument
2,022		0
Bank Line of Credit | Thereafter
Debt Instrument
Thereafter		0
Term loans
Debt Instrument
Total debt before discount, net		223,131,000
(Discounts), premiums and debt costs, net		(208,000)
Debt instruments, carrying amount		222,923,000
Term loans | Debt maturing in 2018
Debt Instrument
2018 (nine months)		0
Term loans | Debt maturing in 2019
Debt Instrument
2,019		223,131,000
Term loans | Debt maturing in 2020
Debt Instrument
2,020		0
Term loans | Debt maturing in 2021
Debt Instrument
2,021		0
Term loans | Debt maturing in 2022
Debt Instrument
2,022		0
Term loans | Thereafter
Debt Instrument
Thereafter		0
Unsecured Debt
Debt Instrument
Repayments of debt		0
Total debt before discount, net		6,450,000,000
(Discounts), premiums and debt costs, net		(48,498,000)
Debt instruments, carrying amount		$ 6,401,502,000
Weighted-average interest rate (as a percent)		4.20%	4.20%
Weighted-average maturity		5 years
Unsecured Debt | Minimum
Debt Instrument
Percentage of stated interest rate		2.79%	2.79%
Unsecured Debt | Maximum
Debt Instrument
Percentage of stated interest rate		6.88%	6.88%
Unsecured Debt | Debt maturing in 2018
Debt Instrument
2018 (nine months)		$ 0
Unsecured Debt | Debt maturing in 2019
Debt Instrument
2,019		450,000,000
Unsecured Debt | Debt maturing in 2020
Debt Instrument
2,020		800,000,000
Unsecured Debt | Debt maturing in 2021
Debt Instrument
2,021		700,000,000
Unsecured Debt | Debt maturing in 2022
Debt Instrument
2,022		900,000,000
Unsecured Debt | Thereafter
Debt Instrument
Thereafter		3,600,000,000
2015 Term Loan
Debt Instrument
Term loan		223,000,000	£ 169
Revolving Credit Facility | Bank Line of Credit
Debt Instrument
Debt denominated in foreign currency outstanding		$ 112,000,000	£ 85
Weighted-average interest rate (as a percent)		3.09%	3.09%

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment	$ 0	$ (6,955)
Unrealized gains (losses) on cash flow hedges, net	(1,143)	(13,950)
Supplemental Executive Retirement plan minimum liability and other	(2,937)	(3,119)
Total other comprehensive income (loss)	$ (4,080)	$ (24,024)

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	1 Months Ended			3 Months Ended		6 Months Ended
	Jan. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Jan. 31, 2017USD ($)	Jun. 30, 2018USD ($)facility	Jun. 30, 2017USD ($)facility	Jun. 30, 2018USD ($)facility	Jun. 30, 2017USD ($)facility
Segment reporting information, revenues
Rental revenues				$ 468,104	$ 438,059	$ 940,936	$ 911,896
Operating expenses				(173,866)	(153,163)	(346,418)	(312,244)
Segment NOI				294,238	284,896	594,518	599,652
Adjustments to NOI				(3,662)	(2,144)	(13,349)	(6,575)
Adjusted NOI				290,576	282,752	581,169	593,077
Addback adjustments				3,662	2,144	13,349	6,575
Interest income				1,447	20,869	7,812	39,200
Interest expense				(73,038)	(77,788)	(148,140)	(164,506)
Depreciation and amortization				(143,292)	(130,751)	(286,542)	(267,305)
General and administrative				(22,514)	(21,286)	(51,689)	(43,764)
Transaction costs				(2,404)	(867)	(4,599)	(1,924)
Recoveries (impairments), net				(13,912)	(56,682)	(13,912)	(56,682)
Gain (loss) on sales of real estate, net				46,064	412	66,879	317,670
Other income (expense), net				1,786	71	(38,621)	51,279
Income tax benefit (expense)				4,654	2,987	9,990	9,149
Equity income (loss) from unconsolidated JVs				(101)	240	469	3,509
Net income (loss)				92,928	22,101	136,165	486,278
Corporate and other assets
Segment reporting information, revenues
Rental revenues				0	0	0	0
Operating expenses				0	0	0	0
Segment NOI				0	0	0	0
Adjustments to NOI				0	0	0	0
Adjusted NOI				0	0	0	0
Addback adjustments				0	0	0	0
Interest income				0	0	0	0
Interest expense				(70,500)	(74,587)	(143,084)	(153,852)
Depreciation and amortization				0	0	0	0
General and administrative				(22,514)	(21,286)	(51,689)	(43,764)
Transaction costs				(2,404)	(867)	(4,599)	(1,924)
Recoveries (impairments), net				0	0	0	0
Gain (loss) on sales of real estate, net				0	0	0	0
Other income (expense), net				1,786	71	1,946	384
Income tax benefit (expense)				4,654	2,987	9,990	9,149
Equity income (loss) from unconsolidated JVs				0	0	0	0
Net income (loss)				$ (88,978)	$ (93,682)	$ (187,436)	$ (190,007)
Senior housing triple-net
Segment Disclosure
Number of SH NNN facilities transitioned to RIDEA structure | facility				10,000	1,000	10	1
Segment reporting information, revenues
Gain (loss) on sales of real estate, net		$ 170,000
Senior housing triple-net | Operating segment
Segment reporting information, revenues
Rental revenues				$ 70,713	$ 78,079	$ 145,003	$ 178,112
Operating expenses				(791)	(882)	(1,837)	(1,993)
Segment NOI				69,922	77,197	143,166	176,119
Adjustments to NOI				1,006	(406)	(858)	(2,245)
Adjusted NOI				70,928	76,791	142,308	173,874
Addback adjustments				(1,006)	406	858	2,245
Interest income				0	0	0	0
Interest expense				(607)	(631)	(1,207)	(1,258)
Depreciation and amortization				(21,251)	(25,519)	(43,157)	(51,930)
General and administrative				0	0	0	0
Transaction costs				0	0	0	0
Recoveries (impairments), net				(6,273)	0	(6,273)	0
Gain (loss) on sales of real estate, net				(23,039)	(230)	(23,039)	268,234
Other income (expense), net				0	0	0	0
Income tax benefit (expense)				0	0	0	0
Equity income (loss) from unconsolidated JVs				0	0	0	0
Net income (loss)				18,752	50,817	69,490	391,165
SHOP
Segment reporting information, revenues
Gain (loss) on sales of real estate, net	$ 21,000
SHOP | Operating segment
Segment reporting information, revenues
Rental revenues				138,352	125,416	283,022	265,644
Operating expenses				(101,767)	(85,866)	(203,513)	(180,405)
Segment NOI				36,585	39,550	79,509	85,239
Adjustments to NOI				(124)	12	(1,732)	(299)
Adjusted NOI				36,461	39,562	77,777	84,940
Addback adjustments				124	(12)	1,732	299
Interest income				0	0	0	0
Interest expense				(990)	(1,166)	(1,979)	(6,017)
Depreciation and amortization				(28,002)	(24,415)	(55,630)	(50,773)
General and administrative				0	0	0	0
Transaction costs				0	0	0	0
Recoveries (impairments), net				0	0	0	0
Gain (loss) on sales of real estate, net				48,252	(232)	69,067	134
Other income (expense), net				0	0	0	0
Income tax benefit (expense)				0	0	0	0
Equity income (loss) from unconsolidated JVs				0	0	0	0
Net income (loss)				55,845	13,737	90,967	28,583
Life science
Segment reporting information, revenues
Gain (loss) on sales of real estate, net			$ 45,000
Life science | Operating segment
Segment reporting information, revenues
Rental revenues				101,031	86,730	200,653	172,050
Operating expenses				(22,732)	(18,744)	(44,541)	(36,064)
Segment NOI				78,299	67,986	156,112	135,986
Adjustments to NOI				(2,233)	(123)	(5,984)	(426)
Adjusted NOI				76,066	67,863	150,128	135,560
Addback adjustments				2,233	123	5,984	426
Interest income				0	0	0	0
Interest expense				(80)	(96)	(162)	(200)
Depreciation and amortization				(35,269)	(31,004)	(71,350)	(64,795)
General and administrative				0	0	0	0
Transaction costs				0	0	0	0
Recoveries (impairments), net				(7,639)	0	(7,639)	0
Gain (loss) on sales of real estate, net				0	1,280	0	45,913
Other income (expense), net				0	0	0	0
Income tax benefit (expense)				0	0	0	0
Equity income (loss) from unconsolidated JVs				0	0	0	0
Net income (loss)				35,311	38,166	76,961	116,904
Medical office | Operating segment
Segment reporting information, revenues
Rental revenues				125,246	119,164	249,180	237,535
Operating expenses				(47,271)	(46,581)	(93,967)	(91,444)
Segment NOI				77,975	72,583	155,213	146,091
Adjustments to NOI				(993)	(763)	(2,064)	(1,726)
Adjusted NOI				76,982	71,820	153,149	144,365
Addback adjustments				993	763	2,064	1,726
Interest income				0	0	0	0
Interest expense				(119)	(127)	(239)	(256)
Depreciation and amortization				(46,419)	(42,488)	(91,937)	(85,217)
General and administrative				0	0	0	0
Transaction costs				0	0	0	0
Recoveries (impairments), net				0	0	0	0
Gain (loss) on sales of real estate, net				0	(406)	0	(406)
Other income (expense), net				0	0	0	0
Income tax benefit (expense)				0	0	0	0
Equity income (loss) from unconsolidated JVs				0	0	0	0
Net income (loss)				31,437	29,562	63,037	60,212
Other non-reportable segments | Operating segment
Segment reporting information, revenues
Rental revenues				32,762	28,670	63,078	58,555
Operating expenses				(1,305)	(1,090)	(2,560)	(2,338)
Segment NOI				31,457	27,580	60,518	56,217
Adjustments to NOI				(1,318)	(864)	(2,711)	(1,879)
Adjusted NOI				30,139	26,716	57,807	54,338
Addback adjustments				1,318	864	2,711	1,879
Interest income				1,447	20,869	7,812	39,200
Interest expense				(742)	(1,181)	(1,469)	(2,923)
Depreciation and amortization				(12,351)	(7,325)	(24,468)	(14,590)
General and administrative				0	0	0	0
Transaction costs				0	0	0	0
Recoveries (impairments), net				0	(56,682)	0	(56,682)
Gain (loss) on sales of real estate, net				20,851	0	20,851	3,795
Other income (expense), net				0	0	(40,567)	50,895
Income tax benefit (expense)				0	0	0	0
Equity income (loss) from unconsolidated JVs				(101)	240	469	3,509
Net income (loss)				$ 40,561	$ (16,499)	$ 23,146	$ 79,421

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Segment Disclosure
Total revenues	$ 469,551	$ 458,928	$ 948,748	$ 951,096
Operating segment
Segment Disclosure
Total revenues	469,551	458,928	948,748	951,096
Operating segment | Senior housing triple-net
Segment Disclosure
Total revenues	70,713	78,079	145,003	178,112
Operating segment | SHOP
Segment Disclosure
Total revenues	138,352	125,416	283,022	265,644
Operating segment | Life science
Segment Disclosure
Total revenues	101,031	86,730	200,653	172,050
Operating segment | Medical office
Segment Disclosure
Total revenues	125,246	119,164	249,180	237,535
Operating segment | Other non-reportable segments
Segment Disclosure
Total revenues	$ 34,209	$ 49,539	$ 70,890	$ 97,755

Earnings Per Common Share (Deta

Earnings Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017
Numerator
Net income (loss)	$ 92,928	$ 22,101	$ 136,165	$ 486,278
Noncontrolling interests' share in earnings	(2,986)	(2,718)	(5,991)	(5,750)
Net income (loss) attributable to HCP, Inc.	89,942	19,383	130,174	480,528
Less: Participating securities' share in earnings	(461)	(100)	(852)	(674)
Net income (loss) applicable to common shares	89,481	19,283	129,322	479,854
Numerator - Dilutive
Net income (loss) applicable to common shares	89,481	19,283	129,322	479,854
Add: distributions on dilutive convertible units and other	0	0	0	3,655
Dilutive net income (loss) available to common shares	$ 89,481	$ 19,283	$ 129,322	$ 483,509
Denominator
Basic weighted average common shares	469,769	468,646	469,664	468,474
Diluted weighted average common shares	469,941	468,839	469,799	473,366
Earnings per common share:
Earnings per common share, basic (in dollars per share)	$ 0.19	$ 0.04	$ 0.28	$ 1.02
Earnings per common share, diluted (in dollars per share)	$ 0.19	$ 0.04	$ 0.28	$ 1.02
Equity awards
Denominator
Dilutive potential common shares	172	193	135	195
Down REIT
Denominator
Dilutive potential common shares	0	0	0	4,697
Earnings per common share:
Shares of anti-dilutive securities excluded from earnings per share calculation	7,000	7,000	7,000
DownREIT LLCs, non-managing member units outstanding	4,000	4,000	4,000

Supplemental Cash Flow Inform68

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2018	Jun. 30, 2017
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 141,777	$ 163,455
Income taxes paid	2,735	10,335
Capitalized interest	8,033	7,628
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	66,233	68,618
Retained equity method investment and proceeds receivable from U.K. JV transaction	507,369	0
Derecognition of U.K. Bridge Loan receivable	147,474	0
Consolidation of net assets related to U.K. Bridge Loan	106,457	0
Deconsolidation of noncontrolling interest in connection with RIDEA II transaction	0	58,061
Vesting of restricted stock units and conversion of non-managing member units into common stock	$ 340	$ 2,451

Supplemental Cash Flow Inform69

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
SEC Schedule, 12-16, Insurance Companies, Supplementary Insurance Information [Abstract]
Cash and cash equivalents	$ 91,381	$ 55,306	$ 391,965
Restricted cash	30,548	$ 26,897	61,481
Cash, cash equivalents and restricted cash	$ 121,929		$ 453,446

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands, £ in Millions	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2018facility	Mar. 31, 2017property	Mar. 31, 2018USD ($)	Mar. 31, 2018GBP (£)	Jun. 30, 2018USD ($)propertyfacilityjoint_venturetenantloan	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)property	Mar. 31, 2018GBP (£)	Dec. 31, 2017USD ($)	Dec. 31, 2016GBP (£)property
Variable Interest Entity [Line Items]
Mezzanine					$ 22,153				$ 269,299
Loans receivable, net					38,691				$ 313,326
Loss from initial consolidation of VIE					$ 41,017	$ 0
Senior housing triple-net
Variable Interest Entity [Line Items]
Number of properties sold	2	64
Unconsolidated Variable Interest Entities
Variable Interest Entity [Line Items]
Number of unconsolidated joint ventures | joint_venture					4
Number of VIE borrowers with marketable debt securities | joint_venture					1
Number of loans to VIE borrowers | loan					1
CCRC OpCo
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)					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%
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Number of properties leased | property					48
Number of VIE tenants | tenant					7
Loan - Seller Financing | Senior housing triple-net
Variable Interest Entity [Line Items]
Mezzanine					$ 10,000
Number of properties sold | facility					7
Term of facility					5 years
HCP Ventures V
Variable Interest Entity [Line Items]
Ownership percentage (as a percent)					51.00%
Vintage Park 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%
Consolidated lessees VIE
Variable Interest Entity [Line Items]
Number of properties leased | property					18
DownREIT Partnerships
Variable Interest Entity [Line Items]
Number of controlling ownership interest entities as a managing member | joint_venture					5
MMCG
Variable Interest Entity [Line Items]
Loss from initial consolidation of VIE			$ 41,000	£ 29
Tax benefit of initial consolidation of variable interest entity			3,000	2
Carrying amount of liabilities in VIE			13,000					£ 9
MMCG | Property, plant and equipment
Variable Interest Entity [Line Items]
Carrying amount of assets in VIE			114,000					81
MMCG | Intangible assets
Variable Interest Entity [Line Items]
Carrying amount of assets in VIE			5,000					£ 4
MMCG | Bridge Loan
Variable Interest Entity [Line Items]
Loans receivable, net							$ 131,000			£ 105
Number of properties in a purchase option | property							7			7
Period of call-option retained							3 years
Loss from initial consolidation of VIE			$ 41,000	£ 29

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2018USD ($)
VIE tenants-DFLs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 599,916
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	6,313
CCRC OpCo
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	183,528
Unconsolidated Development JVs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	14,108
Loan - Seller Financing
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	10,000
CMBS and LLC investment
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 34,004

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017	Jun. 30, 2017
ASSETS
Buildings and improvements	$ 10,683,541	$ 11,239,732
Development costs and construction in progress	373,818	447,976
Land	1,655,012	1,785,865
Accumulated depreciation and amortization	(2,750,351)	(2,741,695)
Net real estate	9,962,020	10,731,878
Investments in and advances to unconsolidated joint ventures	628,607	800,840
Accounts receivable, net	43,965	40,733
Cash and cash equivalents	91,381	55,306	$ 391,965
Restricted cash	30,548	26,897	$ 61,481
Intangible assets, net	294,056	410,082
Other assets, net	554,400	578,033
Total assets	13,451,387	14,088,461
LIABILITIES AND EQUITY
Mortgage debt	140,321	144,486
Intangible liabilities, net	49,976	52,579
Accounts payable and accrued liabilities	10,357	14,031
Total liabilities	8,034,664	8,493,523
VIEs
ASSETS
Buildings and improvements	1,537,928	2,436,414
Development costs and construction in progress	21,929	32,285
Land	128,889	227,162
Accumulated depreciation and amortization	(348,974)	(542,091)
Net real estate	1,339,772	2,153,770
Investments in and advances to unconsolidated joint ventures	1,897	2,231
Accounts receivable, net	7,251	10,242
Cash and cash equivalents	10,928	15,861
Restricted cash	2,951	2,619
Intangible assets, net	88,257	125,475
Other assets, net	33,336	33,749
Total assets	1,484,392	2,343,947
LIABILITIES AND EQUITY
Mortgage debt	44,789	45,016
Intangible liabilities, net	11,261	10,672
Accounts payable and accrued liabilities	55,573	269,280
Deferred revenue	15,606	14,432
Total liabilities	$ 127,229	$ 339,400

Concentration of Credit Risk -

Concentration of Credit Risk - Schedule of Concentration Risk (Details)	1 Months Ended		3 Months Ended		6 Months Ended		12 Months Ended
	Apr. 30, 2018facility	Mar. 31, 2017property	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2018	Jun. 30, 2017	Dec. 31, 2017
Total Assets | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)					8.00%		10.00%
Revenue | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)			6.00%	8.00%	6.00%	10.00%
Senior housing triple-net
Concentration Risk [Line Items]
Number of properties disposed	2	64
Senior housing triple-net | Total Assets | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)					36.00%		39.00%
Senior housing triple-net | Revenue | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)			41.00%	47.00%	42.00%	55.00%

Concentration of Credit Risk 74

Concentration of Credit Risk - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2018facilityrenewal	Dec. 31, 2017
Brookdale | Minimum
Concentration Risk [Line Items]
Percentage of EDITDAR payable as base management fee	4.50%
Brookdale | Maximum
Concentration Risk [Line Items]
Percentage of EDITDAR payable as base management fee	5.00%
SHOP | Management and Accounting Services | Brookdale
Concentration Risk [Line Items]
Number of facilities | facility	57
Number of facilities owned by unconsolidated joint venture | facility	16
Management and Accounting Services | SHOP | Brookdale
Concentration Risk [Line Items]
Management agreement renewal term (in years)	5 years
Management and Accounting Services | SHOP | Brookdale | Minimum
Concentration Risk [Line Items]
Management agreement term (in years)	10 years
Number of renewals on management agreement | renewal	3
Management and Accounting Services | SHOP | Brookdale | Maximum
Concentration Risk [Line Items]
Management agreement term (in years)	15 years
Number of renewals on management agreement | renewal	4
Total Assets | SHOP | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)	8.00%	13.00%
Brookdale | Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)	8.00%	10.00%

Fair Value Measurements - Summa

Fair Value Measurements - Summary of the Carrying Amounts and Fair Values of the Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2018	Dec. 31, 2017
Summary of financial instruments
Bank line of credit	$ 545,226	$ 1,017,076
Senior unsecured notes	6,401,502	6,396,451
Mortgage debt	140,321	144,486
Other debt	93,070	94,165
Carrying Value
Summary of financial instruments
Loans receivable, net	38,691	313,326
Marketable debt securities	18,941	18,690
Bank line of credit	545,226	1,017,076
Term loan	222,923	228,288
Senior unsecured notes	6,401,502	6,396,451
Mortgage debt	140,321	144,486
Other debt	93,070	94,165
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative liabilities	1,706	2,483
Carrying Value | Currency swap
Summary of financial instruments
Derivative liabilities	0	10,968
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	6,493,760	6,737,825
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	38,579	313,242
Marketable debt securities	18,941	18,690
Bank line of credit	545,226	1,017,076
Term loan	222,923	228,288
Mortgage debt	135,044	125,984
Other debt	93,070	94,165
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative liabilities	1,706	2,483
Fair Value | Currency swap | Level 2
Summary of financial instruments
Derivative liabilities	$ 0	$ 10,968

Derivative Financial Instrume76

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Cash Flow - Interest-rate swap contracts	Jun. 30, 2018USD ($)derivative
Derivative [Line Items]
Notional	$ 43,000,000
Fixed Rate/Buy Amount (as a percent)	3.82%
Fair value of interest rate hedge, liabilities	$ (1,706,000)
Number of interest-rate contracts held | derivative	3

Derivative Financial Instrume77

Derivative Financial Instruments - Narrative (Details) £ in Millions, $ in Millions	1 Months Ended	6 Months Ended
	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2018GBP (£)
Net Investment | Facility and 2015 Term Loan
Derivative [Line Items]
Borrowings designated as hedge of net investment | £			£ 55
Interest-rate swap contracts | Maximum
Derivative [Line Items]
Estimate change in fair value of derivative for assumption of one percentage point change in the interest rate		$ 1
Cross currency swap
Derivative [Line Items]
Loss on cross currency swap contract termination	$ 6