Healthpeak Properties (DOC) 10-Q 31 Oct 18 2018 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2018	Oct. 29, 2018
Document and Entity Information
Entity Registrant Name	HCP, INC.
Entity Central Index Key	765,880
Document Type	10-Q
Document Period End Date	Sep. 30, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Common Stock, Shares Outstanding		469,918,837
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q3

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Real estate:
Buildings and improvements	$ 10,956,474	$ 11,239,732
Development costs and construction in progress	442,007	447,976
Land	1,663,069	1,785,865
Accumulated depreciation and amortization	(2,825,850)	(2,741,695)
Net real estate	10,235,700	10,731,878
Net investment in direct financing leases	714,709	714,352
Loans receivable, net	41,302	313,326
Investments in and advances to unconsolidated joint ventures	623,255	800,840
Accounts receivable, net of allowance of $4,552 and $4,425, respectively	48,701	40,733
Cash and cash equivalents	78,864	55,306
Restricted cash	29,877	26,897
Intangible assets, net	305,805	410,082
Assets held for sale, net	423,063	417,014
Other assets, net	582,682	578,033
Total assets	13,083,958	14,088,461
LIABILITIES AND EQUITY
Bank line of credit	636,709	1,017,076
Term loan	223,468	228,288
Senior unsecured notes	5,706,181	6,396,451
Mortgage debt	139,401	144,486
Other debt	92,494	94,165
Intangible liabilities, net	56,871	52,579
Liabilities of assets held for sale, net	3,146	14,031
Accounts payable and accrued liabilities	410,804	401,738
Deferred revenue	174,509	144,709
Total liabilities	7,443,583	8,493,523
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 469,916,246 and 469,435,678 shares issued and outstanding, respectively	469,916	469,436
Additional paid-in capital	8,189,946	8,226,113
Cumulative dividends in excess of earnings	(3,584,397)	(3,370,520)
Accumulated other comprehensive income (loss)	(4,297)	(24,024)
Total stockholders' equity	5,071,168	5,301,005
Joint venture partners	392,319	117,045
Non-managing member unitholders	176,888	176,888
Total noncontrolling interests	569,207	293,933
Total equity	5,640,375	5,594,938
Total liabilities and equity	$ 13,083,958	$ 14,088,461

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 4,552	$ 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	469,916,246	469,435,678
Common stock, shares outstanding	469,916,246	469,435,678

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Revenues:
Income from direct financing leases	$ 13,573	$ 13,240	$ 40,329	$ 40,516
Interest income	1,236	11,774	9,048	50,974
Total revenues	456,022	454,023	1,404,770	1,405,119
Costs and expenses:
Interest expense	63,486	71,328	211,626	235,834
Depreciation and amortization	132,198	130,588	418,740	397,893
Operating	181,207	155,338	527,625	467,582
General and administrative	23,503	23,523	75,192	67,287
Transaction costs	4,489	580	9,088	2,504
Impairments (recoveries), net	5,268	25,328	19,180	82,010
Total costs and expenses	410,151	406,685	1,261,451	1,253,110
Other income (expense):
Gain (loss) on sales of real estate, net	95,332	5,182	162,211	322,852
Loss on debt extinguishments	(43,899)	(54,227)	(43,899)	(54,227)
Other income (expense), net	1,604	(10,556)	(37,017)	40,723
Total other income (expense), net	53,037	(59,601)	81,295	309,348
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	98,908	(12,263)	224,614	461,357
Income tax benefit (expense)	4,929	5,481	14,919	14,630
Equity income (loss) from unconsolidated joint ventures	(911)	1,062	(442)	4,571
Net income (loss)	102,926	(5,720)	239,091	480,558
Noncontrolling interests' share in earnings	(3,555)	(1,937)	(9,546)	(7,687)
Net income (loss) attributable to HCP, Inc.	99,371	(7,657)	229,545	472,871
Participating securities' share in earnings	(425)	(131)	(1,278)	(560)
Net income (loss) applicable to common shares	$ 98,946	$ (7,788)	$ 228,267	$ 472,311
Earnings per common share:
Earnings per common share, basic (in dollars per share)	$ 0.21	$ (0.02)	$ 0.49	$ 1.01
Earnings per common share, diluted (in dollars per share)	$ 0.21	$ (0.02)	$ 0.49	$ 1.01
Weighted average shares outstanding:
Basic (in shares)	469,867	468,975	469,732	468,642
Diluted (in shares)	470,118	468,975	469,876	468,828
Dividends declared per common share (in dollars per share)	$ 0.37	$ 0.37	$ 1.11	$ 1.11
Rental and related revenues
Revenues:
Rental and related revenues	$ 262,828	$ 266,109	$ 821,462	$ 816,147
Tenant recoveries
Revenues:
Rental and related revenues	41,026	36,860	116,984	105,794
Resident fees and services
Revenues:
Rental and related revenues	$ 137,359	$ 126,040	$ 416,947	$ 391,688

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 102,926	$ (5,720)	$ 239,091	$ 480,558
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	342	(3,672)	5,971	(10,105)
Change in Supplemental Executive Retirement Plan obligation and other	82	66	264	220
Foreign currency translation adjustment	(921)	5,750	(4,596)	14,362
Reclassification adjustment realized in net income (loss)	280	654	18,088	674
Total other comprehensive income (loss)	(217)	2,798	19,727	5,151
Total comprehensive income (loss)	102,709	(2,922)	258,818	485,709
Total comprehensive income (loss) attributable to noncontrolling interests	(3,555)	(1,937)	(9,546)	(7,687)
Total comprehensive income (loss) attributable to HCP, Inc.	$ 99,154	$ (4,859)	$ 249,272	$ 478,022

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)		480,558			472,871		472,871	7,687
Other comprehensive income (loss)		5,151				5,151	5,151
Issuance of common stock, net		17,350	$ 998	16,352			17,350
Issuance of common stock, net (in shares)			998
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		(4,459)	$ (144)	(4,315)			(4,459)
Repurchase of common stock (in shares)			(144)
Exercise of stock options (in shares)			32
Exercise of stock options		768	$ 32	736			768
Amortization of deferred compensation		10,865		10,865			10,865
Common dividends		(520,779)			(520,779)		(520,779)
Distributions to noncontrolling interests		(19,520)		0				(19,520)
Issuances of noncontrolling interests		1,050						1,050
Deconsolidation of noncontrolling interests		(58,061)		0	0			(58,061)
Balance at Sep. 30, 2017		5,854,231	$ 469,035	8,224,531	(3,137,642)	(24,491)	5,531,433	322,798
Balance (in shares) at Sep. 30, 2017			469,035
Increase (Decrease) in Stockholders' Equity
Cumulative effect of new accounting principle	[1]	79,144			79,144		79,144
Adjusted balance, January 1, 2018		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)		239,091			229,545		229,545	9,546
Other comprehensive income (loss)		19,727				19,727	19,727
Issuance of common stock, net		4,310	$ 601	3,709			4,310
Issuance of common stock, net (in shares)			601
Repurchase of common stock		(3,342)	$ (138)	(3,204)			(3,342)
Repurchase of common stock (in shares)			(138)
Exercise of stock options (in shares)			17
Exercise of stock options		376	$ 17	359			376
Amortization of deferred compensation		13,098		13,098			13,098
Common dividends		(522,566)			(522,566)		(522,566)
Distributions to noncontrolling interests		(13,924)						(13,924)
Issuances of noncontrolling interests		298,929						298,929
Purchase of noncontrolling interests		(69,406)		(50,129)			(50,129)	(19,277)
Balance at Sep. 30, 2018		$ 5,640,375	$ 469,916	$ 8,189,946	$ (3,584,397)	$ (4,297)	$ 5,071,168	$ 569,207
Balance (in shares) at Sep. 30, 2018			469,916
[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 EQ_2

CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.37	$ 0.37	$ 1.11	$ 1.11

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Cash flows from operating activities:
Net income (loss)	$ 239,091	$ 480,558
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	418,740	397,893
Amortization of deferred compensation	13,098	10,865
Amortization of deferred financing costs	9,760	11,141
Straight-line rents	(20,888)	(12,236)
Equity loss (income) from unconsolidated joint ventures	442	(4,571)
Distributions of earnings from unconsolidated joint ventures	17,519	27,692
Deferred income tax expense (benefit)	(12,831)	(17,786)
Impairments (recoveries), net	19,180	82,010
Loss on extinguishment of debt	43,899	54,227
Loss (gain) on sales of real estate, net	(162,211)	(322,852)
Loss (gain) on consolidation, net	41,017	0
Casualty-related loss (recoveries), net	0	9,912
Loss (gain) on sale of marketable securities	0	(50,895)
Other non-cash items	(1,033)	(1,529)
Decrease (increase) in accounts receivable and other assets, net	(4,665)	(2,221)
Increase (decrease) in accounts payable and accrued liabilities	31,800	(24,312)
Net cash provided by (used in) operating activities	632,918	637,896
Cash flows from investing activities:
Acquisitions of other real estate	(315,392)	(135,816)
Development and redevelopment of real estate	(341,906)	(261,510)
Leasing costs, tenant improvements, and recurring capital expenditures	(70,237)	(75,211)
Proceeds from sales of real estate, net	686,222	1,249,993
Contributions to unconsolidated joint ventures	(10,815)	(25,776)
Distributions in excess of earnings from unconsolidated joint ventures	19,631	4,845
Proceeds from the RIDEA II transaction, net	335,709	462,242
Proceeds from the U.K. JV transaction, net	393,997	0
Proceeds from sales/principal repayments on debt investments and direct financing leases	147,435	550,270
Investments in loans receivable, direct financing leases and other	(27,110)	(28,339)
Net cash provided by (used in) investing activities	817,534	1,740,698
Cash flows from financing activities:
Borrowings under bank line of credit, net	1,203,000	23,419
Repayments under bank line of credit	(1,580,668)	(339,826)
Issuance and borrowings of debt, excluding bank line of credit	223,587	5,395
Repayments and repurchase of debt, excluding bank line of credit	(927,869)	(1,466,946)
Payments for debt extinguishment and deferred financing costs	(41,552)	(51,415)
Issuance of common stock and exercise of options	4,686	18,118
Repurchase of common stock	(3,342)	(4,459)
Dividends paid on common stock	(522,566)	(520,779)
Issuance of noncontrolling interests	298,929	1,050
Distributions to and purchase of noncontrolling interests	(78,364)	(19,520)
Net cash provided by (used in) financing activities	(1,424,159)	(2,354,963)
Effect of foreign exchange on cash, cash equivalents and restricted cash	245	401
Net increase (decrease) in cash, cash equivalents and restricted cash	26,538	24,032
Cash, cash equivalents and restricted cash, beginning of period	82,203	136,990
Cash, cash equivalents and restricted cash, end of period	$ 108,741	$ 161,022

Business

Business	9 Months Ended
	Sep. 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	9 Months Ended
	Sep. 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 nine months ended September 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 Accounting Standards Updates (“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 will be the same whether accounted for under the Revenue ASUs or lease accounting guidance (see discussion below), 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. Included within resident fees and services for the three months ended September 30, 2018 and 2017 is $10 million and $9 million , respectively, of ancillary service revenue. Included within resident fees and services for the nine months ended September 30, 2018 and 2017 is $30 million and $28 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. • 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): Nine Months Ended September 30, 2017 As Reported As Previously Reported Net cash provided by (used in) investing activities $ 1,740,698 $ 1,755,823 Net increase (decrease) in balance (1) 24,032 39,157 Balance - beginning of period (1) 136,990 94,730 Balance - end of period (1) 161,022 133,887 _______________________________________ (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, (ii) will capitalize fewer costs related to the drafting and execution of its lease agreements, and (iii) may be required to increase its revenue and expense for lessor costs paid directly by lessees under triple-net leases, if the amount paid is readily determinable (i.e., real estate taxes). 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 completed a preliminary assessment of predominance for its senior housing triple-net, medical office, and life science segments and, effective upon the adoption of ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842), the Company expects to recognize revenue from these segments under ASC 842. The Company is still in the process of completing its preliminary assessment related to SHOP. The Company plans to finalize its assessment for all segments during the fourth quarter of 2018. 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	9 Months Ended
	Sep. 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. During the quarter ended September 30, 2018, three RIDEA Facilities were removed from the transaction, resulting in 19 assets to be sold for approximately $377 million . Those 19 assets were classified as held for sale at September 30, 2018 . On October 1, 2018, the Company sold the first 17 assets for approximately $263 million and anticipates the sale of the final two assets will close during the fourth quarter of 2018. During the nine months ended September 30, 2018 , the Company terminated the previous management agreements or leases with Brookdale on 33 assets and completed the transition of 17 SHOP assets and 16 senior housing triple-net assets to other managers. Additionally, subsequent to September 30, 2018 , the Company completed the transition of one senior housing triple-net asset to another manager.

Real Estate Transactions

Real Estate Transactions	9 Months Ended
	Sep. 30, 2018
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions Dispositions of Real Estate Held for Sale At September 30, 2018 , 14 SHOP facilities, 11 senior housing triple-net facilities and one undeveloped life science land parcel were classified as held for sale, with an aggregate carrying value of $423 million , primarily comprised of real estate assets of $407 million , net of accumulated depreciation of $109 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 September 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 entered into a 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 gross 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. Additionally, in August 2018, the Company sold its remaining £11 million U.K. development loan at par. 2018 Dispositions During the quarter ended March 31, 2018, the Company sold two SHOP assets for $35 million , resulting in total gain on sales of $21 million (includes asset sales to Brookdale as discussed in Note 3 above). During the quarter ended June 30, 2018, the Company sold eight SHOP assets for $268 million and two senior housing triple-net assets for $35 million , resulting in total gain on sales of $25 million (includes asset sales to Brookdale as discussed in Note 3 above). During the quarter ended September 30, 2018, the Company sold four life science assets for $269 million , 11 SHOP assets for $76 million and two medical office buildings (“MOBs”) for $21 million , resulting in total gain on sales of $95 million . In October 2018, the Company entered into a definitive agreement to sell its Shoreline Technology Center life science campus located in Mountain View, California for $1.0 billion . Under the agreement, the buyer funded a $65 million nonrefundable deposit. The sale is expected to generate a gain on sale of approximately $700 million upon its anticipated closing in the fourth quarter 2018. 2017 Dispositions 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 . Additionally, during the quarter ended March 31, 2017, the Company sold four life science facilities for $76 million and a SHOP asset for $3 million , resulting in total gain on sales of $45 million . During the quarter ended June 30, 2017, the Company sold a land parcel for $27 million and one life science facility for $5 million , resulting in total gain on sales of $1 million . During the quarter ended September 31, 2017, the Company sold two senior housing triple-net assets for $15 million , resulting in a gain on sale of $5 million . During the quarter ended December 31, 2017, the Company sold four SHOP assets for $41 million , three MOBs for $14 million and two senior housing triple-net assets for $12 million , resulting in total gain on sales of $34 million . Investments in Real Estate MSREI MOB JV In August 2018, the Company and Morgan Stanley Real Estate Investment (“MSREI”) formed a joint venture (the “MSREI JV”) to own a portfolio of MOBs, which the Company owns 51% of and consolidates. To form the joint venture, MSREI contributed cash of $298 million and HCP contributed nine wholly-owned MOBs (the “Contributed Assets”). The Contributed Assets are primarily located in Texas and Florida and were valued at approximately $320 million at the time of contribution. The MSREI JV used substantially all of the cash contributed by MSREI to acquire an additional portfolio of 16 MOBs in Greenville, South Carolina (the “Greenville Portfolio”) for $285 million . Concurrent with acquiring the additional MOBs, the MSREI JV entered into 10 -year leases with an anchor tenant on each MOB in the Greenville Portfolio, which accounts for approximately 93% of the total leasable space in the portfolio. The Contributed Assets are accounted for at historical depreciated cost by the Company, as the assets continue to be consolidated. The Greenville Portfolio is accounted for as an asset acquisition, which requires the Company to record the individual components of the acquisition at each component’s relative fair value. As a result, the Company recorded net real estate of $273 million and net intangible assets of $20 million during the three months ended September 30, 2018 related to the Greenville Portfolio. Additionally, the Company recognized a noncontrolling interest of $298 million related to the interest owned by MSREI. Refer to Note 15 for a discussion of the Company’s consolidation of the MSREI JV. Other Real Estate Investments During the nine months ended September 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 (dollars in thousands): 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 Impairments of Real Estate 2018 During the second quarter 2018, in conjunction with classifying two underperforming SHOP portfolios ( 13 assets total) and an undeveloped life science land parcel as held for sale, the Company concluded that the assets were impaired and wrote-down the carrying value of the assets to their fair value less estimated costs to sell. Accordingly, the Company recognized a $14 million impairment charge during the second quarter of 2018. The fair value of the assets was based on contracted sales prices, which are considered to be Level 2 measurements within the fair value hierarchy. During the third quarter 2018, in conjunction with classifying three underperforming SHOP assets as held for sale, the Company concluded that the assets were impaired and wrote-down the carrying value of the assets to their fair value less estimated costs to sell. Accordingly, the Company recognized a $5 million impairment charge during the third quarter of 2018. The fair value of the assets was based on contracted sales prices which are considered to be Level 2 measurements within the fair value hierarchy. 2017 During the third quarter 2017, the Company determined that 11 underperforming senior housing triple-net assets that are candidates for potential future sale were impaired. Accordingly, the Company wrote-down the carrying amount of these 11 assets to their fair value, which resulted in an aggregate impairment charge of $23 million . The fair value of the assets was based on forecasted sales prices which are considered to be Level 2 measurements within the fair value hierarchy. Casualty-Related Losses As a result of Hurricane Harvey and Hurricane Irma, the Company recorded an estimated $11 million of casualty-related losses, net of a small insurance recovery, during the third quarter of 2017. The losses are comprised of $6 million of property damage and $5 million of other associated costs, including storm preparation, clean up, relocation and other costs. Of the total $11 million casualty losses incurred, $10 million was recorded in other income (expense), net, and $1 million was recorded in equity income (loss) from unconsolidated joint ventures as it relates to casualty losses for properties owned by certain of our unconsolidated joint ventures. In addition, the Company recorded a $2 million deferred tax benefit associated with the casualty-related losses.

Net Investment in Direct Financ

Net Investment in Direct Financing Leases	9 Months Ended
	Sep. 30, 2018
Leases, Capital [Abstract]
Net Investment in Direct Financing Leases	Net Investment in Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): September 30, December 31, Minimum lease payments receivable $ 1,028,487 $ 1,062,452 Estimated residual value 507,484 504,457 Less unearned income (821,262 ) (852,557 ) Net investment in direct financing leases $ 714,709 $ 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 September 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 $ 630,105 88 $ 278,085 $ 352,020 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,709 100 $ 362,689 $ 352,020 $ — 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 September 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 the nine months ended September 30, 2018 and 2017 , the Company recognized income from DFLs of $11 million and $10 million , respectively, and received cash payments of $14 million during each period from the DFL Watchlist Portfolio. The carrying value of the DFL Watchlist Portfolio was $352 million and $356 million at September 30, 2018 and December 31, 2017 , respectively.

Loans Receivable

Loans Receivable	9 Months Ended
	Sep. 30, 2018
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): September 30, 2018 December 31, 2017 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine $ — $ 21,572 $ 21,572 $ — $ 269,299 $ 269,299 Other (1) 19,792 — 19,792 188,418 — 188,418 Unamortized discounts, fees and costs — (62 ) (62 ) — (596 ) (596 ) Allowance for loan losses (2) — — — — (143,795 ) (143,795 ) $ 19,792 $ 21,510 $ 41,302 $ 188,418 $ 124,908 $ 313,326 _______________________________________ (1) At September 30, 2018 , the Company had $95 million remaining of commitments to fund a $115 million senior living development project. At December 31, 2017 , includes the U.K. Bridge Loan discussed below. (2) 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 September 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 $ 19,792 48 $ 19,792 $ — $ — Other secured 21,510 52 21,510 — — $ 41,302 100 $ 41,302 $ — $ — 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 nine months ended September 30, 2017 , the Company recognized interest income and received cash payments of $8 million and $23 million , respectively, from Tandem. During the nine months ended September 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 (the “U.K. Bridge Loan”) to fund the acquisition of a portfolio of seven care homes in the U.K. Under the U.K. 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	9 Months Ended
	Sep. 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 September 30, December 31, Entity (1) Ownership% 2018 2017 CCRC JV 49 $ 374,988 $ 400,241 RIDEA II (2) 40 — 259,651 U.K. JV (3) 49 105,200 — Life Science JVs (4) 50 - 63 67,328 65,581 MBK JV 50 35,934 38,005 Development JVs (5) 50 - 90 26,100 23,365 Medical Office JVs (6) 20 - 67 12,313 12,488 K&Y JVs (7) 80 1,380 1,283 Advances to unconsolidated joint ventures, net 12 226 $ 623,255 $ 800,840 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) In June 2018, the Company sold its equity method investment in RIDEA II (see Note 4). (3) See Note 4 for discussion of the formation of the U.K. JV and the Company’s equity method investment. (4) 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% ). (5) Includes four unconsolidated SHOP development joint ventures (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% ). (6) Includes three unconsolidated medical office joint ventures (and the Company’s ownership percentage): HCP Ventures IV, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (7) Includes three unconsolidated joint ventures.

Intangibles

Intangibles	9 Months Ended
	Sep. 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 September 30, December 31, Gross intangible lease assets $ 600,671 $ 795,305 Accumulated depreciation and amortization (294,866 ) (385,223 ) Intangible assets, net $ 305,805 $ 410,082 Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 107,687 $ 126,212 Accumulated depreciation and amortization (50,816 ) (73,633 ) Intangible liabilities, net $ 56,871 $ 52,579

Debt

Debt	9 Months Ended
	Sep. 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 September 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 September 30, 2018 , the Company had $637 million , including £55 million ( $72 million ), outstanding under the Facility, with a weighted average effective interest rate of 3.33% . At September 30, 2018 , the Company had $224 million outstanding on its term loan, which accrues interest at a rate of 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 British pound sterling (“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 September 30, 2018 , the Company was in compliance with each of these restrictions and requirements of the Facility and term loan. Senior Unsecured Notes At September 30, 2018 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.8 billion . The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at September 30, 2018 . The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate 2018 July 16, 2018 (1) $ 700,000 5.375 % 2017 May 1, 2017 $ 250,000 5.625 % July 27, 2017 (2) $ 500,000 5.375 % _______________________________________ (1) The Company recorded a $44 million loss on debt extinguishment related to the repurchase of senior notes. (2) The Company recorded a $54 million loss on debt extinguishment related to the repurchase of senior notes. On October 9, 2018, the Company provided a redemption notice to holders of its $450 million 3.75% senior unsecured notes due in 2019, which will be redeemed in November 2018. There will be no loss on debt extinguishment associated with this redemption. There were no senior unsecured notes issuances during the nine months ended September 30, 2018 or year ended December 31, 2017 . Mortgage Debt At September 30, 2018 , the Company had $134 million in aggregate principal of mortgage debt outstanding, which is secured by 15 healthcare facilities with a carrying value of $280 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 September 30, 2018 (in thousands): Year Bank Line of Credit (1) Term Loan Senior Unsecured Notes (2) Mortgage Debt (3) Total (4) 2018 (three months) $ — $ — $ — $ 860 $ 860 2019 — 223,587 450,000 3,561 677,148 2020 — — 800,000 3,609 803,609 2021 636,709 — — 10,957 647,666 2022 — — 900,000 2,691 902,691 Thereafter — — 3,600,000 112,516 3,712,516 636,709 223,587 5,750,000 134,194 6,744,490 (Discounts), premium and debt costs, net — (119 ) (43,819 ) 5,207 (38,731 ) $ 636,709 $ 223,468 $ 5,706,181 $ 139,401 $ 6,705,759 _______________________________________ (1) Includes £55 million translated into USD. (2) Effective interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective interest rate of 4.03% and a weighted average maturity of five years . On October 9, 2018, the Company provided a redemption notice to holders of its $450 million senior unsecured notes due in 2019, which will be redeemed in November 2018 (see discussion above). (3) Effective interest rates on the mortgage debt ranged from 2.65% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 19 years . (4) Excludes $92 million of other debt that have no scheduled maturities.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 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 and oral arguments were held on October 23, 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 rejected the demand letters 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 September 30, 2018 , as the likelihood of loss is not considered probable or estimable. Commitments The Company’s commitments related to development and redevelopment projects increased by $160 million , to $293 million at September 30, 2018 when compared to December 31, 2017. The Company’s ground and other operating lease obligations increased by $105 million (when compared to December 31, 2017), to $501 million at September 30, 2018 , primarily as a result of the acquisition of the Greenville Portfolio by the MSREI JV (see Note 4). There have been no other material changes, outside of the ordinary course of business, to the Company’s commitments during the nine months ended September 30, 2018 .

Equity

Equity	9 Months Ended
	Sep. 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): September 30, December 31, Cumulative foreign currency translation adjustment (1) $ (921 ) $ (6,955 ) Unrealized gains (losses) on derivatives, net (521 ) (13,950 ) Supplemental Executive Retirement plan minimum liability and other (2,855 ) (3,119 ) Total other comprehensive income (loss) $ (4,297 ) $ (24,024 ) _______________________________________ (1) See Note 4 for a discussion of the U.K. JV transaction.

Segment Disclosures

Segment Disclosures	9 Months Ended
	Sep. 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 nine months ended September 30, 2018 , six and 16 senior housing triple-net facilities, respectively, were transferred to the Company’s SHOP segment. During the three and nine months ended September 30, 2017 , three and four senior housing triple-net facilities, respectively, were 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, 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 September 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 67,487 $ 137,044 $ 98,040 $ 129,618 $ 22,597 $ — $ 454,786 Operating expenses (840 ) (106,182 ) (23,668 ) (49,150 ) (1,367 ) — (181,207 ) NOI 66,647 30,862 74,372 80,468 21,230 — 273,579 Adjustments to NOI (2) 534 1,378 (1,439 ) (319 ) (857 ) — (703 ) Adjusted NOI 67,181 32,240 72,933 80,149 20,373 — 272,876 Addback adjustments (534 ) (1,378 ) 1,439 319 857 — 703 Interest income — — — — 1,236 — 1,236 Interest expense (599 ) (688 ) (78 ) (117 ) — (62,004 ) (63,486 ) Depreciation and amortization (18,884 ) (25,166 ) (34,432 ) (50,294 ) (3,422 ) — (132,198 ) General and administrative — — — — — (23,503 ) (23,503 ) Transaction costs — — — — — (4,489 ) (4,489 ) Recoveries (impairments), net — (5,268 ) — — — — (5,268 ) Gain (loss) on sales of real estate, net 463 10,163 80,580 3,903 223 — 95,332 Loss on debt extinguishments — — — — — (43,899 ) (43,899 ) Other income (expense), net — — — — — 1,604 1,604 Income tax benefit (expense) — — — — — 4,929 4,929 Equity income (loss) from unconsolidated JVs — — — — (911 ) — (911 ) Net income (loss) $ 47,627 $ 9,903 $ 120,442 $ 33,960 $ 18,356 $ (127,362 ) $ 102,926 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. For the three months ended September 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 77,220 $ 126,040 $ 90,174 $ 119,847 $ 28,968 $ — $ 442,249 Operating expenses (934 ) (86,821 ) (19,960 ) (46,486 ) (1,137 ) — (155,338 ) NOI 76,286 39,219 70,214 73,361 27,831 — 286,911 Adjustments to NOI (2) (600 ) (35 ) (785 ) (578 ) (1,283 ) — (3,281 ) Adjusted NOI 75,686 39,184 69,429 72,783 26,548 — 283,630 Addback adjustments 600 35 785 578 1,283 — 3,281 Interest income — — — — 11,774 — 11,774 Interest expense (640 ) (933 ) (87 ) (126 ) (618 ) (68,924 ) (71,328 ) Depreciation and amortization (25,547 ) (24,884 ) (30,851 ) (42,047 ) (7,259 ) — (130,588 ) General and administrative — — — — — (23,523 ) (23,523 ) Transaction costs — — — — — (580 ) (580 ) Recoveries (impairments), net — — — — (25,328 ) — (25,328 ) Gain (loss) on sales of real estate, net 5,176 (2 ) 8 — — — 5,182 Loss on debt extinguishments — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — — (10,556 ) (10,556 ) Income tax benefit (expense) — — — — — 5,481 5,481 Equity income (loss) from unconsolidated JVs — — — — 1,062 — 1,062 Net income (loss) $ 55,275 $ 13,400 $ 39,284 $ 31,188 $ 7,462 $ (152,329 ) $ (5,720 ) _______________________________________ (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 nine months ended September 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 212,489 $ 420,067 $ 298,692 $ 378,798 $ 85,676 $ — $ 1,395,722 Operating expenses (2,677 ) (309,694 ) (68,208 ) (143,114 ) (3,932 ) — (527,625 ) NOI 209,812 110,373 230,484 235,684 81,744 — 868,097 Adjustments to NOI (2) (323 ) (356 ) (7,423 ) (2,383 ) (3,566 ) — (14,051 ) Adjusted NOI 209,489 110,017 223,061 233,301 78,178 — 854,046 Addback adjustments 323 356 7,423 2,383 3,566 — 14,051 Interest income — — — — 9,048 — 9,048 Interest expense (1,806 ) (2,067 ) (240 ) (356 ) (1,469 ) (205,688 ) (211,626 ) Depreciation and amortization (62,041 ) (80,797 ) (105,782 ) (142,229 ) (27,891 ) — (418,740 ) General and administrative — — — — — (75,192 ) (75,192 ) Transaction costs — — — — — (9,088 ) (9,088 ) Recoveries (impairments), net (6,273 ) (5,268 ) (7,639 ) — — — (19,180 ) Gain (loss) on sales of real estate, net (22,687 ) 79,340 80,581 3,903 21,074 — 162,211 Loss on debt extinguishments — — — — — (43,899 ) (43,899 ) Other income (expense), net — — — — (40,567 ) 3,550 (37,017 ) Income tax benefit (expense) — — — — — 14,919 14,919 Equity income (loss) from unconsolidated JVs — — — — (442 ) — (442 ) Net income (loss) $ 117,005 $ 101,581 $ 197,404 $ 97,002 $ 41,497 $ (315,398 ) $ 239,091 _______________________________________ (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 nine months ended September 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 255,332 $ 391,684 $ 262,224 $ 357,381 $ 87,524 $ — $ 1,354,145 Operating expenses (2,927 ) (267,226 ) (56,024 ) (137,930 ) (3,475 ) — (467,582 ) NOI 252,405 124,458 206,200 219,451 84,049 — 886,563 Adjustments to NOI (2) (2,844 ) (334 ) (1,211 ) (2,304 ) (3,162 ) — (9,855 ) Adjusted NOI 249,561 124,124 204,989 217,147 80,887 — 876,708 Addback adjustments 2,844 334 1,211 2,304 3,162 — 9,855 Interest income — — — — 50,974 — 50,974 Interest expense (1,898 ) (6,950 ) (288 ) (382 ) (3,541 ) (222,775 ) (235,834 ) Depreciation and amortization (77,478 ) (75,657 ) (95,648 ) (127,261 ) (21,849 ) — (397,893 ) General and administrative — — — — — (67,287 ) (67,287 ) Transaction costs — — — — — (2,504 ) (2,504 ) Recoveries (impairments), net — — — — (82,010 ) — (82,010 ) Gain (loss) on sales of real estate, net 273,409 131 45,922 (406 ) 3,796 — 322,852 Loss on debt extinguishments — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — 50,895 (10,172 ) 40,723 Income tax benefit (expense) — — — — — 14,630 14,630 Equity income (loss) from unconsolidated JVs — — — — 4,571 — 4,571 Net income (loss) $ 446,438 $ 41,982 $ 156,186 $ 91,402 $ 86,885 $ (342,335 ) $ 480,558 _______________________________________ (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 September 30, Nine Months Ended September 30, Segment 2018 2017 2018 2017 Senior housing triple-net $ 67,487 $ 77,220 $ 212,489 $ 255,332 SHOP 137,044 126,040 420,067 391,684 Life science 98,040 90,174 298,692 262,224 Medical office 129,618 119,847 378,798 357,381 Other non-reportable segments 23,833 40,742 94,724 138,498 Total revenues $ 456,022 $ 454,023 $ 1,404,770 $ 1,405,119 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	9 Months Ended
	Sep. 30, 2018
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic income (loss) per common share is computed based upon the weighted average number of common shares outstanding. Diluted income (loss) per common share is computed based upon the weighted average number of common shares outstanding plus the common shares issuable from the assumed conversion of DownREIT units, stock options, certain performance restricted stock units and unvested restricted stock units. Only those instruments having a dilutive impact on our basic income (loss) per share are included in diluted income (loss) per share during the periods presented. 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. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 102,926 $ (5,720 ) $ 239,091 $ 480,558 Noncontrolling interests' share in earnings (3,555 ) (1,937 ) (9,546 ) (7,687 ) Net income (loss) attributable to HCP, Inc. 99,371 (7,657 ) 229,545 472,871 Less: Participating securities' share in earnings (425 ) (131 ) (1,278 ) (560 ) Net income (loss) applicable to common shares $ 98,946 $ (7,788 ) $ 228,267 $ 472,311 Denominator Basic weighted average shares outstanding 469,867 468,975 469,732 468,642 Dilutive potential common shares - equity awards 251 — 144 186 Diluted weighted average common shares 470,118 468,975 469,876 468,828 Earnings per common share: Basic $ 0.21 $ (0.02 ) $ 0.49 $ 1.01 Diluted $ 0.21 $ (0.02 ) $ 0.49 $ 1.01 For all periods presented in the above table, 7 million shares issuable upon conversion of DownREIT units and approximately 1 million equity awards (restricted stock units and stock options) were not included because they are anti-dilutive. For the three months ended September 30, 2017, diluted loss per share from continuing operations is calculated using the weighted-average common shares outstanding during the period.

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	9 Months Ended
	Sep. 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): Nine Months Ended September 30, 2018 2017 Supplemental cash flow information: Interest paid, net of capitalized interest $ 226,907 $ 261,799 Income taxes paid 2,040 9,897 Capitalized interest 13,769 12,607 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 78,557 63,515 Retained equity method investment from U.K. JV transaction 104,922 — 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 389 2,464 Other liabilities assumed with real estate acquisitions 2,093 3,678 See discussions related to the RIDEA II transaction, U.K. JV transaction, and MSREI JV 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): September 30, 2018 2017 Cash and cash equivalents $ 78,864 $ 133,887 Restricted cash 29,877 27,135 Cash, cash equivalents and restricted cash $ 108,741 $ 161,022

Variable Interest Entities

Variable Interest Entities	9 Months Ended
	Sep. 30, 2018
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At September 30, 2018 , the Company had investments in: (i) 48 properties leased to VIE tenants, (ii) four unconsolidated VIE JVs, (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 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 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 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 September 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 $ 601,137 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 6,643 CCRC OpCo Investments in unconsolidated joint ventures 180,174 Unconsolidated Development JVs Investments in unconsolidated joint ventures 15,222 Loan - Seller Financing Loans receivable, net 10,000 CMBS and LLC investment Marketable debt and LLC investment 34,133 _______________________________________ (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 September 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 September 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): September 30, 2018 December 31, 2017 Assets Buildings and improvements $ 2,029,066 $ 2,436,414 Development costs and construction in progress 37,581 32,285 Land 155,807 227,162 Accumulated depreciation and amortization (352,879 ) (542,091 ) Net real estate 1,869,575 2,153,770 Investments in and advances to unconsolidated joint ventures 1,641 2,231 Accounts receivable, net 5,761 10,242 Cash and cash equivalents 20,028 15,861 Restricted cash 3,362 2,619 Intangible assets, net 146,701 125,475 Other assets, net 34,884 33,749 Total assets $ 2,081,952 $ 2,343,947 Liabilities Mortgage debt 44,694 45,016 Intangible liabilities, net 32,058 10,672 Accounts payable and accrued liabilities 71,580 269,280 Deferred revenue 17,969 14,432 Total liabilities $ 166,301 $ 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). MSREI MOB JV. The Company holds a 51% ownership interest in, and is the managing member of, a JV entity formed in August 2018 that owns and leases MOBs (the “MSREI JV” - see Note 4). The MSREI JV is a VIE due to the non-managing member lacking substantive participation rights in the management of the joint venture or kick-out rights over the managing member. The Company consolidates the MSREI 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 the MSREI JV 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 the MSREI JV may only be used to settle its contractual obligations (primarily from capital expenditures). Consolidated Lessees. The Company leases seven 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	9 Months Ended
	Sep. 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 September 30, December 31, September 30, December 31, Tenant 2018 2017 2018 2017 Brookdale 8 10 34 39 Percentage of Revenues Total Company Senior Housing Triple-Net Three Months Ended September 30, Nine Months Ended Three Months Ended September 30, Nine Months Ended Tenant 2018 2017 2018 2017 2018 2017 2018 2017 Brookdale (1) 5 8 6 10 37 48 40 53 _______________________________________ (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). Nine months ended September 30, 2017 includes revenues from 64 senior housing triple-net facilities that were sold in March 2017. At September 30, 2018 and December 31, 2017 , Brookdale managed or operated, in the Company’s SHOP segment, approximately 7% 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 September 30, 2018 , Brookdale provided comprehensive facility management and accounting services with respect to 43 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. To mitigate the credit risk of leasing properties to certain senior housing and post-acute/skilled nursing operators, leases with operators are often combined into portfolios that contain cross-default terms, so that if a tenant of any of the properties in a portfolio defaults on its obligations under its lease, the Company may pursue its remedies under the lease with respect to any of the properties in the portfolio. Certain portfolios also contain terms whereby the net operating profits of the properties are combined for the purpose of securing the funding of rental payments due under each lease.

Fair Value Measurements

Fair Value Measurements	9 Months Ended
	Sep. 30, 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 September 30, 2018 . The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): September 30, 2018 (3) December 31, 2017 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 41,302 $ 39,558 $ 313,326 $ 313,242 Marketable debt securities (2) 19,070 19,070 18,690 18,690 Bank line of credit (2) 636,709 636,709 1,017,076 1,017,076 Term loan (2) 223,468 223,468 228,288 228,288 Senior unsecured notes (1) 5,706,181 5,746,710 6,396,451 6,737,825 Mortgage debt (2) 139,401 134,194 144,486 125,984 Other debt (2) 92,494 92,494 94,165 94,165 Interest-rate swap liabilities (2) 1,364 1,364 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 nine months ended September 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	9 Months Ended
	Sep. 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 September 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 $ (1,364 ) ______________________________________ (1) 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. At September 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 Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 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 nine months ended September 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 Accounting Standards Updates (“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 will be the same whether accounted for under the Revenue ASUs or lease accounting guidance (see discussion below), 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. Included within resident fees and services for the three months ended September 30, 2018 and 2017 is $10 million and $9 million , respectively, of ancillary service revenue. Included within resident fees and services for the nine months ended September 30, 2018 and 2017 is $30 million and $28 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. • 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): Nine Months Ended September 30, 2017 As Reported As Previously Reported Net cash provided by (used in) investing activities $ 1,740,698 $ 1,755,823 Net increase (decrease) in balance (1) 24,032 39,157 Balance - beginning of period (1) 136,990 94,730 Balance - end of period (1) 161,022 133,887 _______________________________________ (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, (ii) will capitalize fewer costs related to the drafting and execution of its lease agreements, and (iii) may be required to increase its revenue and expense for lessor costs paid directly by lessees under triple-net leases, if the amount paid is readily determinable (i.e., real estate taxes). 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 completed a preliminary assessment of predominance for its senior housing triple-net, medical office, and life science segments and, effective upon the adoption of ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842), the Company expects to recognize revenue from these segments under ASC 842. The Company is still in the process of completing its preliminary assessment related to SHOP. The Company plans to finalize its assessment for all segments during the fourth quarter of 2018. 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 Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 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): Nine Months Ended September 30, 2017 As Reported As Previously Reported Net cash provided by (used in) investing activities $ 1,740,698 $ 1,755,823 Net increase (decrease) in balance (1) 24,032 39,157 Balance - beginning of period (1) 136,990 94,730 Balance - end of period (1) 161,022 133,887 _______________________________________ (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)	9 Months Ended
	Sep. 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 (dollars in thousands): 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 Fina_2

Net Investment in Direct Financing Leases (Tables)	9 Months Ended
	Sep. 30, 2018
Leases, Capital [Abstract]
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (dollars in thousands): September 30, December 31, Minimum lease payments receivable $ 1,028,487 $ 1,062,452 Estimated residual value 507,484 504,457 Less unearned income (821,262 ) (852,557 ) Net investment in direct financing leases $ 714,709 $ 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 September 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 $ 630,105 88 $ 278,085 $ 352,020 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,709 100 $ 362,689 $ 352,020 $ — The following table summarizes the Company’s internal ratings for loans receivable at September 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 $ 19,792 48 $ 19,792 $ — $ — Other secured 21,510 52 21,510 — — $ 41,302 100 $ 41,302 $ — $ —

Loans Receivable (Tables)

Loans Receivable (Tables)	9 Months Ended
	Sep. 30, 2018
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): September 30, 2018 December 31, 2017 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine $ — $ 21,572 $ 21,572 $ — $ 269,299 $ 269,299 Other (1) 19,792 — 19,792 188,418 — 188,418 Unamortized discounts, fees and costs — (62 ) (62 ) — (596 ) (596 ) Allowance for loan losses (2) — — — — (143,795 ) (143,795 ) $ 19,792 $ 21,510 $ 41,302 $ 188,418 $ 124,908 $ 313,326 _______________________________________ (1) At September 30, 2018 , the Company had $95 million remaining of commitments to fund a $115 million senior living development project. At December 31, 2017 , includes the U.K. Bridge Loan discussed below. (2) 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 September 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 $ 630,105 88 $ 278,085 $ 352,020 $ — Other non-reportable segments 84,604 12 84,604 — — $ 714,709 100 $ 362,689 $ 352,020 $ — The following table summarizes the Company’s internal ratings for loans receivable at September 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 $ 19,792 48 $ 19,792 $ — $ — Other secured 21,510 52 21,510 — — $ 41,302 100 $ 41,302 $ — $ —

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, Entity (1) Ownership% 2018 2017 CCRC JV 49 $ 374,988 $ 400,241 RIDEA II (2) 40 — 259,651 U.K. JV (3) 49 105,200 — Life Science JVs (4) 50 - 63 67,328 65,581 MBK JV 50 35,934 38,005 Development JVs (5) 50 - 90 26,100 23,365 Medical Office JVs (6) 20 - 67 12,313 12,488 K&Y JVs (7) 80 1,380 1,283 Advances to unconsolidated joint ventures, net 12 226 $ 623,255 $ 800,840 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) In June 2018, the Company sold its equity method investment in RIDEA II (see Note 4). (3) See Note 4 for discussion of the formation of the U.K. JV and the Company’s equity method investment. (4) 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% ). (5) Includes four unconsolidated SHOP development joint ventures (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% ). (6) Includes three unconsolidated medical office joint ventures (and the Company’s ownership percentage): HCP Ventures IV, LLC ( 20% ); HCP Ventures III, LLC ( 30% ); and Suburban Properties, LLC ( 67% ). (7) Includes three unconsolidated joint ventures.

Intangibles (Tables)

Intangibles (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, Gross intangible lease assets $ 600,671 $ 795,305 Accumulated depreciation and amortization (294,866 ) (385,223 ) Intangible assets, net $ 305,805 $ 410,082
Schedule of Intangible Lease Liabilities	Intangible lease liabilities September 30, December 31, Gross intangible lease liabilities $ 107,687 $ 126,212 Accumulated depreciation and amortization (50,816 ) (73,633 ) Intangible liabilities, net $ 56,871 $ 52,579

Debt (Tables)

Debt (Tables)	9 Months Ended
	Sep. 30, 2018
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes payoffs for the periods presented (dollars in thousands): Period Amount Coupon Rate 2018 July 16, 2018 (1) $ 700,000 5.375 % 2017 May 1, 2017 $ 250,000 5.625 % July 27, 2017 (2) $ 500,000 5.375 % _______________________________________ (1) The Company recorded a $44 million loss on debt extinguishment related to the repurchase of senior notes. (2) The Company recorded a $54 million loss on debt extinguishment related to the repurchase of senior notes.
Summary of Debt Maturities and Schedule Principal Repayments	The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at September 30, 2018 (in thousands): Year Bank Line of Credit (1) Term Loan Senior Unsecured Notes (2) Mortgage Debt (3) Total (4) 2018 (three months) $ — $ — $ — $ 860 $ 860 2019 — 223,587 450,000 3,561 677,148 2020 — — 800,000 3,609 803,609 2021 636,709 — — 10,957 647,666 2022 — — 900,000 2,691 902,691 Thereafter — — 3,600,000 112,516 3,712,516 636,709 223,587 5,750,000 134,194 6,744,490 (Discounts), premium and debt costs, net — (119 ) (43,819 ) 5,207 (38,731 ) $ 636,709 $ 223,468 $ 5,706,181 $ 139,401 $ 6,705,759 _______________________________________ (1) Includes £55 million translated into USD. (2) Effective interest rates on the notes ranged from 2.79% to 6.88% with a weighted average effective interest rate of 4.03% and a weighted average maturity of five years . On October 9, 2018, the Company provided a redemption notice to holders of its $450 million senior unsecured notes due in 2019, which will be redeemed in November 2018 (see discussion above). (3) Effective interest rates on the mortgage debt ranged from 2.65% to 5.91% with a weighted average effective interest rate of 4.19% and a weighted average maturity of 19 years . (4) Excludes $92 million of other debt that have no scheduled maturities.

Equity (Tables)

Equity (Tables)	9 Months Ended
	Sep. 30, 2018
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): September 30, December 31, Cumulative foreign currency translation adjustment (1) $ (921 ) $ (6,955 ) Unrealized gains (losses) on derivatives, net (521 ) (13,950 ) Supplemental Executive Retirement plan minimum liability and other (2,855 ) (3,119 ) Total other comprehensive income (loss) $ (4,297 ) $ (24,024 ) _______________________________________ (1) See Note 4 for a discussion of the U.K. JV transaction.

Segment Disclosures (Tables)

Segment Disclosures (Tables)	9 Months Ended
	Sep. 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 September 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 67,487 $ 137,044 $ 98,040 $ 129,618 $ 22,597 $ — $ 454,786 Operating expenses (840 ) (106,182 ) (23,668 ) (49,150 ) (1,367 ) — (181,207 ) NOI 66,647 30,862 74,372 80,468 21,230 — 273,579 Adjustments to NOI (2) 534 1,378 (1,439 ) (319 ) (857 ) — (703 ) Adjusted NOI 67,181 32,240 72,933 80,149 20,373 — 272,876 Addback adjustments (534 ) (1,378 ) 1,439 319 857 — 703 Interest income — — — — 1,236 — 1,236 Interest expense (599 ) (688 ) (78 ) (117 ) — (62,004 ) (63,486 ) Depreciation and amortization (18,884 ) (25,166 ) (34,432 ) (50,294 ) (3,422 ) — (132,198 ) General and administrative — — — — — (23,503 ) (23,503 ) Transaction costs — — — — — (4,489 ) (4,489 ) Recoveries (impairments), net — (5,268 ) — — — — (5,268 ) Gain (loss) on sales of real estate, net 463 10,163 80,580 3,903 223 — 95,332 Loss on debt extinguishments — — — — — (43,899 ) (43,899 ) Other income (expense), net — — — — — 1,604 1,604 Income tax benefit (expense) — — — — — 4,929 4,929 Equity income (loss) from unconsolidated JVs — — — — (911 ) — (911 ) Net income (loss) $ 47,627 $ 9,903 $ 120,442 $ 33,960 $ 18,356 $ (127,362 ) $ 102,926 _______________________________________ (1) Represents rental and related revenues, tenant recoveries, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, deferral of community fees, net and termination fees. For the three months ended September 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 77,220 $ 126,040 $ 90,174 $ 119,847 $ 28,968 $ — $ 442,249 Operating expenses (934 ) (86,821 ) (19,960 ) (46,486 ) (1,137 ) — (155,338 ) NOI 76,286 39,219 70,214 73,361 27,831 — 286,911 Adjustments to NOI (2) (600 ) (35 ) (785 ) (578 ) (1,283 ) — (3,281 ) Adjusted NOI 75,686 39,184 69,429 72,783 26,548 — 283,630 Addback adjustments 600 35 785 578 1,283 — 3,281 Interest income — — — — 11,774 — 11,774 Interest expense (640 ) (933 ) (87 ) (126 ) (618 ) (68,924 ) (71,328 ) Depreciation and amortization (25,547 ) (24,884 ) (30,851 ) (42,047 ) (7,259 ) — (130,588 ) General and administrative — — — — — (23,523 ) (23,523 ) Transaction costs — — — — — (580 ) (580 ) Recoveries (impairments), net — — — — (25,328 ) — (25,328 ) Gain (loss) on sales of real estate, net 5,176 (2 ) 8 — — — 5,182 Loss on debt extinguishments — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — — (10,556 ) (10,556 ) Income tax benefit (expense) — — — — — 5,481 5,481 Equity income (loss) from unconsolidated JVs — — — — 1,062 — 1,062 Net income (loss) $ 55,275 $ 13,400 $ 39,284 $ 31,188 $ 7,462 $ (152,329 ) $ (5,720 ) _______________________________________ (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 nine months ended September 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 212,489 $ 420,067 $ 298,692 $ 378,798 $ 85,676 $ — $ 1,395,722 Operating expenses (2,677 ) (309,694 ) (68,208 ) (143,114 ) (3,932 ) — (527,625 ) NOI 209,812 110,373 230,484 235,684 81,744 — 868,097 Adjustments to NOI (2) (323 ) (356 ) (7,423 ) (2,383 ) (3,566 ) — (14,051 ) Adjusted NOI 209,489 110,017 223,061 233,301 78,178 — 854,046 Addback adjustments 323 356 7,423 2,383 3,566 — 14,051 Interest income — — — — 9,048 — 9,048 Interest expense (1,806 ) (2,067 ) (240 ) (356 ) (1,469 ) (205,688 ) (211,626 ) Depreciation and amortization (62,041 ) (80,797 ) (105,782 ) (142,229 ) (27,891 ) — (418,740 ) General and administrative — — — — — (75,192 ) (75,192 ) Transaction costs — — — — — (9,088 ) (9,088 ) Recoveries (impairments), net (6,273 ) (5,268 ) (7,639 ) — — — (19,180 ) Gain (loss) on sales of real estate, net (22,687 ) 79,340 80,581 3,903 21,074 — 162,211 Loss on debt extinguishments — — — — — (43,899 ) (43,899 ) Other income (expense), net — — — — (40,567 ) 3,550 (37,017 ) Income tax benefit (expense) — — — — — 14,919 14,919 Equity income (loss) from unconsolidated JVs — — — — (442 ) — (442 ) Net income (loss) $ 117,005 $ 101,581 $ 197,404 $ 97,002 $ 41,497 $ (315,398 ) $ 239,091 _______________________________________ (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 nine months ended September 30, 2017 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Rental revenues (1) $ 255,332 $ 391,684 $ 262,224 $ 357,381 $ 87,524 $ — $ 1,354,145 Operating expenses (2,927 ) (267,226 ) (56,024 ) (137,930 ) (3,475 ) — (467,582 ) NOI 252,405 124,458 206,200 219,451 84,049 — 886,563 Adjustments to NOI (2) (2,844 ) (334 ) (1,211 ) (2,304 ) (3,162 ) — (9,855 ) Adjusted NOI 249,561 124,124 204,989 217,147 80,887 — 876,708 Addback adjustments 2,844 334 1,211 2,304 3,162 — 9,855 Interest income — — — — 50,974 — 50,974 Interest expense (1,898 ) (6,950 ) (288 ) (382 ) (3,541 ) (222,775 ) (235,834 ) Depreciation and amortization (77,478 ) (75,657 ) (95,648 ) (127,261 ) (21,849 ) — (397,893 ) General and administrative — — — — — (67,287 ) (67,287 ) Transaction costs — — — — — (2,504 ) (2,504 ) Recoveries (impairments), net — — — — (82,010 ) — (82,010 ) Gain (loss) on sales of real estate, net 273,409 131 45,922 (406 ) 3,796 — 322,852 Loss on debt extinguishments — — — — — (54,227 ) (54,227 ) Other income (expense), net — — — — 50,895 (10,172 ) 40,723 Income tax benefit (expense) — — — — — 14,630 14,630 Equity income (loss) from unconsolidated JVs — — — — 4,571 — 4,571 Net income (loss) $ 446,438 $ 41,982 $ 156,186 $ 91,402 $ 86,885 $ (342,335 ) $ 480,558 _______________________________________ (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 September 30, Nine Months Ended September 30, Segment 2018 2017 2018 2017 Senior housing triple-net $ 67,487 $ 77,220 $ 212,489 $ 255,332 SHOP 137,044 126,040 420,067 391,684 Life science 98,040 90,174 298,692 262,224 Medical office 129,618 119,847 378,798 357,381 Other non-reportable segments 23,833 40,742 94,724 138,498 Total revenues $ 456,022 $ 454,023 $ 1,404,770 $ 1,405,119

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	9 Months Ended
	Sep. 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 September 30, Nine Months Ended September 30, 2018 2017 2018 2017 Numerator Net income (loss) $ 102,926 $ (5,720 ) $ 239,091 $ 480,558 Noncontrolling interests' share in earnings (3,555 ) (1,937 ) (9,546 ) (7,687 ) Net income (loss) attributable to HCP, Inc. 99,371 (7,657 ) 229,545 472,871 Less: Participating securities' share in earnings (425 ) (131 ) (1,278 ) (560 ) Net income (loss) applicable to common shares $ 98,946 $ (7,788 ) $ 228,267 $ 472,311 Denominator Basic weighted average shares outstanding 469,867 468,975 469,732 468,642 Dilutive potential common shares - equity awards 251 — 144 186 Diluted weighted average common shares 470,118 468,975 469,876 468,828 Earnings per common share: Basic $ 0.21 $ (0.02 ) $ 0.49 $ 1.01 Diluted $ 0.21 $ (0.02 ) $ 0.49 $ 1.01

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	9 Months Ended
	Sep. 30, 2018
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Nine Months Ended September 30, 2018 2017 Supplemental cash flow information: Interest paid, net of capitalized interest $ 226,907 $ 261,799 Income taxes paid 2,040 9,897 Capitalized interest 13,769 12,607 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 78,557 63,515 Retained equity method investment from U.K. JV transaction 104,922 — 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 389 2,464 Other liabilities assumed with real estate acquisitions 2,093 3,678
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): September 30, 2018 2017 Cash and cash equivalents $ 78,864 $ 133,887 Restricted cash 29,877 27,135 Cash, cash equivalents and restricted cash $ 108,741 $ 161,022

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	9 Months Ended
	Sep. 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 September 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 $ 601,137 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 6,643 CCRC OpCo Investments in unconsolidated joint ventures 180,174 Unconsolidated Development JVs Investments in unconsolidated joint ventures 15,222 Loan - Seller Financing Loans receivable, net 10,000 CMBS and LLC investment Marketable debt and LLC investment 34,133 _______________________________________ (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): September 30, 2018 December 31, 2017 Assets Buildings and improvements $ 2,029,066 $ 2,436,414 Development costs and construction in progress 37,581 32,285 Land 155,807 227,162 Accumulated depreciation and amortization (352,879 ) (542,091 ) Net real estate 1,869,575 2,153,770 Investments in and advances to unconsolidated joint ventures 1,641 2,231 Accounts receivable, net 5,761 10,242 Cash and cash equivalents 20,028 15,861 Restricted cash 3,362 2,619 Intangible assets, net 146,701 125,475 Other assets, net 34,884 33,749 Total assets $ 2,081,952 $ 2,343,947 Liabilities Mortgage debt 44,694 45,016 Intangible liabilities, net 32,058 10,672 Accounts payable and accrued liabilities 71,580 269,280 Deferred revenue 17,969 14,432 Total liabilities $ 166,301 $ 339,400

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	9 Months Ended
	Sep. 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 September 30, December 31, September 30, December 31, Tenant 2018 2017 2018 2017 Brookdale 8 10 34 39 Percentage of Revenues Total Company Senior Housing Triple-Net Three Months Ended September 30, Nine Months Ended Three Months Ended September 30, Nine Months Ended Tenant 2018 2017 2018 2017 2018 2017 2018 2017 Brookdale (1) 5 8 6 10 37 48 40 53 _______________________________________ (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). Nine months ended September 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)	9 Months Ended
	Sep. 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): September 30, 2018 (3) December 31, 2017 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 41,302 $ 39,558 $ 313,326 $ 313,242 Marketable debt securities (2) 19,070 19,070 18,690 18,690 Bank line of credit (2) 636,709 636,709 1,017,076 1,017,076 Term loan (2) 223,468 223,468 228,288 228,288 Senior unsecured notes (1) 5,706,181 5,746,710 6,396,451 6,737,825 Mortgage debt (2) 139,401 134,194 144,486 125,984 Other debt (2) 92,494 92,494 94,165 94,165 Interest-rate swap liabilities (2) 1,364 1,364 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 nine months ended September 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 Instrume_2

Derivative Financial Instruments (Tables)	9 Months Ended
	Sep. 30, 2018
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s outstanding swap contracts at September 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 $ (1,364 ) ______________________________________ (1) 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 Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) - USD ($) $ in Thousands	Jan. 01, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Cumulative effect adjustment to equity		$ 5,071,168		$ 5,071,168		$ 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
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Schedule of Equity Method Investments [Line Items]
Cumulative effect adjustment to equity	79,000
Impairment charge	30,000
ASU 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | 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	$ 30,000	$ 28,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Schedule of Cash Flows Impact from ASUs Adoption (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities	$ 817,534	$ 1,740,698
Net increase (decrease) in balance	26,538	24,032
Cash, cash equivalents and restricted cash, beginning of period	82,203	136,990
Cash, cash equivalents and restricted cash, end of period	$ 108,741	161,022
As Previously Reported
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Net cash provided by (used in) investing activities		1,755,823
Net increase (decrease) in balance		39,157
Cash, cash equivalents and restricted cash, beginning of period		94,730
Cash, cash equivalents and restricted cash, end of period		$ 133,887

Master Transactions and Coope_2

Master Transactions and Cooperation Agreement with Brookdale (Details) $ in Thousands	Oct. 01, 2018USD ($)property	Nov. 01, 2017USD ($)propertyagreement	Aug. 02, 2018property	Jun. 30, 2018USD ($)property	Apr. 30, 2018USD ($)property	Mar. 31, 2018USD ($)	Jan. 31, 2018USD ($)property	Dec. 31, 2017USD ($)	Mar. 31, 2017USD ($)property	Dec. 31, 2018property	Sep. 30, 2018USD ($)propertyfacility	Jun. 30, 2018USD ($)propertyfacility	Mar. 31, 2018USD ($)facility	Dec. 31, 2017USD ($)facility	Sep. 30, 2017USD ($)facility	Mar. 31, 2017USD ($)facility	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	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
Number of properties classified as held for sale				13								13
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																	33
Number of assets to be sold											19						19
Number of properties classified as held for sale											19						19
Assets Leased to Others | RIDEA Facilities
Lease Amendments And Terminations And Joint Venture Formations.
Number of properties		58
Proceeds from sale of RIDEA facilities | $				$ 428,000							$ 377,000
Nonrefundable deposit in RIDEA facilities sale | $				$ 13,000
Senior housing triple-net
Lease Amendments And Terminations And Joint Venture Formations.
Number of properties sold									64			2		2	2
Total consideration for disposal of real estate | $									$ 1,125,000			$ 35,000		$ 12,000	$ 15,000
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
Total consideration for disposal of real estate | $					$ 35,000
Number of assets transitioned out			1														16
Number of assets to be sold				11								11
SHOP
Lease Amendments And Terminations And Joint Venture Formations.
Number of properties sold | facility											11	8	2	4		1
Total consideration for disposal of real estate | $											$ 76,000	$ 268,000	$ 35,000	$ 41,000		$ 3,000
SHOP | CCRC JV
Lease Amendments And Terminations And Joint Venture Formations.
Investment ownership percentage											49.00%						49.00%
SHOP | Assets Leased to Others
Lease Amendments And Terminations And Joint Venture Formations.
Number of assets transitioned out																	17
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		11								11
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
Number of properties removed from the sale transaction											3
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
Brookdale Senior Living Inc. | SHOP | CCRC JV
Lease Amendments And Terminations And Joint Venture Formations.
Ownership interest held by Parent											51.00%						51.00%
Subsequent Event | Assets Leased to Others
Lease Amendments And Terminations And Joint Venture Formations.
Number of properties sold	17
Total consideration for disposal of real estate | $	$ 263,000
Forecast | Assets Leased to Others
Lease Amendments And Terminations And Joint Venture Formations.
Number of properties sold										2

Real Estate Transactions - Held

Real Estate Transactions - Held for Sale (Details) $ in Thousands	Sep. 30, 2018USD ($)propertyfacility	Jun. 30, 2018property	Dec. 31, 2017USD ($)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	$ 423,063		$ 417,014
Accumulated depreciation	2,825,850		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	$ 423,000		$ 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	14		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
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	$ 407,000		$ 393,000
Accumulated depreciation	$ 109,000		$ 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						9 Months Ended
	Jun. 30, 2018	Jan. 31, 2017	Sep. 30, 2018	Jun. 30, 2018	Dec. 31, 2017	Sep. 30, 2017	Jun. 30, 2017	Mar. 31, 2017	Sep. 30, 2018	Sep. 30, 2017	Nov. 01, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate			$ 95,332	$ 25,000	$ 34,000	$ 5,182	$ 1,000	$ 45,000	$ 162,211	$ 322,852
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%
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
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
	Aug. 31, 2018GBP (£)	Jun. 30, 2018USD ($)	Jun. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018GBP (£)	Dec. 31, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Value of U.K. Portfolio				$ 13,083,958		$ 14,088,461
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		£ 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%
Investments, Fair Value Disclosure		$ 105,000	$ 105,000
Development loan to MMCG
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Proceeds from sale of development loan receivables | £	£ 11

Real Estate Transactions - Disp

Real Estate Transactions - Disposition of Real Estate (Details) $ in Thousands	1 Months Ended		3 Months Ended								9 Months Ended
	Oct. 31, 2018USD ($)	Mar. 31, 2017USD ($)property	Dec. 31, 2018USD ($)	Sep. 30, 2018USD ($)facility	Jun. 30, 2018USD ($)facility	Mar. 31, 2018USD ($)facility	Dec. 31, 2017USD ($)facility	Sep. 30, 2017USD ($)facility	Jun. 30, 2017USD ($)facility	Mar. 31, 2017USD ($)facility	Sep. 30, 2018USD ($)	Sep. 30, 2017USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate, net				$ 95,332	$ 25,000		$ 34,000	$ 5,182	$ 1,000	$ 45,000	$ 162,211	$ 322,852
SHOP
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				11	8	2	4			1
Total consideration for disposal of real estate				$ 76,000	$ 268,000	$ 35,000	$ 41,000			$ 3,000
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		64			2		2	2
Total consideration for disposal of real estate		$ 1,125,000			$ 35,000		$ 12,000	$ 15,000
Gain (loss) on sales of real estate, net		$ 170,000						$ 5,000
Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				4					1	4
Total consideration for disposal of real estate				$ 269,000					$ 5,000	$ 76,000
Medical office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties disposed | facility				2			3
Total consideration for disposal of real estate				$ 21,000			$ 14,000
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
Forecast | Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Total consideration for disposal of real estate			$ 1,000,000
Gain (loss) on sales of real estate, net			$ 700,000
Subsequent Event | Life science
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Nonrefundable deposits on real estate sales	$ 65,000

Real Estate Transactions - MSRE

Real Estate Transactions - MSREI MOB JV (Details) $ in Thousands	1 Months Ended	3 Months Ended	9 Months Ended	12 Months Ended
	Aug. 31, 2018USD ($)property	Sep. 30, 2018USD ($)	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)property
Real Estate [Line Items]
Number of properties acquired | property				20
Payments to acquire real estate			$ 21,000
Net real estate		$ 10,235,700	$ 10,235,700	$ 10,731,878
MSREI JV
Real Estate [Line Items]
Ownership percentage (as a percent)	51.00%		51.00%
Proceeds from contribution to a joint venture	$ 298,000
Number of properties contributed to joint venture | property	9
Value of contributed properties	$ 320,000
Number of properties acquired | property	16
Noncontrolling interest in VIE		298,000	$ 298,000
Greenville Portfolio | MSREI JV
Real Estate [Line Items]
Payments to acquire real estate	$ 285,000
Lease term	10 years
Percentage of rentable area leased	93.00%
Net real estate		273,000	$ 273,000
Intangible assets acquired		$ 20,000

Real Estate Transactions - Othe

Real Estate Transactions - Other Real Estate Investments (Details) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2018USD ($)	Dec. 31, 2017USD ($)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
	Sep. 30, 2018USD ($)property	Jun. 30, 2018USD ($)property	Sep. 30, 2017USD ($)property
Real Estate [Line Items]
Number of properties classified as held for sale		13
SHOP
Real Estate [Line Items]
Number of properties classified as held for sale during period	3	2
Impairments of real estate recognized during period | $	$ 5	$ 14
Senior housing triple-net
Real Estate [Line Items]
Number of properties classified as held for sale during period			11
Impairments of real estate recognized during period | $			$ 23

Real Estate Transactions - Casu

Real Estate Transactions - Casualty-Related Losses (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Real Estate [Line Items]
Casualty-related loss, net insurance proceeds	$ 11,000	$ 0	$ (9,912)
Property damage related to casualty loss	6,000
Other associated costs related to casualty loss	5,000
Deferred tax benefit associated with casualty related losses	2,000
Other income (expense), net
Real Estate [Line Items]
Casualty-related loss, net insurance proceeds	10,000
Equity income (loss) from unconsolidated joint ventures
Real Estate [Line Items]
Casualty-related loss, net insurance proceeds	$ 1,000

Net Investment in Direct Fina_3

Net Investment in Direct Financing Leases - Direct Financing Leases (Details) $ in Thousands	1 Months Ended
	Feb. 28, 2017USD ($)property	Sep. 30, 2018USD ($)property	Dec. 31, 2017USD ($)property
Capital Leased Assets [Line Items]
Minimum lease payments receivable		$ 1,028,487	$ 1,062,452
Estimated residual value		507,484	504,457
Less unearned income		(821,262)	(852,557)
Net investment in direct financing leases		$ 714,709	$ 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 Fina_4

Net Investment in Direct Financing Leases - Direct Financing Lease Internal Ratings (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)property	Sep. 30, 2017USD ($)	Dec. 31, 2017USD ($)property
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 714,709		$ 714,709		$ 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	$ 13,573	$ 13,240	$ 40,329	$ 40,516
Performing Loans
Net Investment in Direct Financing Leases
Net investment in direct financing leases	362,689		362,689
Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	352,020		352,020
Watch List DFLs | DFL Portfolio
Net Investment in Direct Financing Leases
Income from direct financing leases	4,000	4,000	11,000	10,000
Cash payments received	5,000	$ 5,000	14,000	$ 14,000
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	$ 630,105		$ 630,105
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	$ 278,085		$ 278,085
Senior housing triple-net | Watch List DFLs
Net Investment in Direct Financing Leases
Net investment in direct financing leases	352,020		352,020
Senior housing triple-net | Watch List DFLs | DFL Portfolio
Net Investment in Direct Financing Leases
Net investment in direct financing leases	$ 352,000		$ 352,000		$ 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	9 Months Ended
	Sep. 30, 2018	Dec. 31, 2017
Loans Receivable:
Mezzanine	$ 21,572	$ 269,299
Loans receivable, other	19,792	188,418
Unamortized discounts, fees and costs	(62)	(596)
Allowance for loan losses	0	(143,795)
Loans receivable, net	41,302	313,326
Remaining loans receivable commitments	95,000
Loans receivable commitments	115,000
Real Estate Secured
Loans Receivable:
Mezzanine	0	0
Loans receivable, other	19,792	188,418
Unamortized discounts, fees and costs	0	0
Allowance for loan losses	0	0
Loans receivable, net	19,792	188,418
Other Secured
Loans Receivable:
Mezzanine	21,572	269,299
Loans receivable, other	0	0
Unamortized discounts, fees and costs	(62)	(596)
Allowance for loan losses	0	(143,795)
Loans receivable, net	$ 21,510	$ 124,908

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable Internal Ratings (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Financing Receivable, Recorded Investment [Line Items]
Percentage of Loan Portfolio	100.00%
Loans receivable, net	$ 41,302	$ 313,326
Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	41,302
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	48.00%
Loans receivable, net	$ 19,792	188,418
Real Estate Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	19,792
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	52.00%
Loans receivable, net	$ 21,510	$ 124,908
Other Secured | Performing Loans
Financing Receivable, Recorded Investment [Line Items]
Loans receivable, net	21,510
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	Sep. 30, 2017USD ($)	Sep. 30, 2018USD ($)	Sep. 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									$ 19,792,000		$ 188,418,000
Loans receivable, net									41,302,000		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								$ 23,000,000	0	23,000,000
Loans receivable, other											105,000,000
Impairment charges on receivable											$ 144,000,000
Interest income related to loans								$ 8,000,000	$ 0	$ 8,000,000
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 t_3

Investments in and Advances to Unconsolidated Joint Ventures - Schedule of Equity Method Investments (Details) $ in Thousands	Sep. 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	$ 623,255	$ 800,840
CCRC JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	$ 374,988	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	$ 105,200	0
Life Science JVs
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 67,328	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	$ 35,934	38,005
Development JVs
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 26,100	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	$ 12,313	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 IV, 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	$ 1,380	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	$ 12	$ 226

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Intangibles
Gross intangible lease assets	$ 600,671	$ 795,305
Accumulated depreciation and amortization	(294,866)	(385,223)
Intangible assets, net	$ 305,805	$ 410,082

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Intangibles
Gross intangible lease liabilities	$ 107,687	$ 126,212
Accumulated depreciation and amortization	(50,816)	(73,633)
Intangible liabilities, net	$ 56,871	$ 52,579

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loan (Details) £ in Millions	Jul. 03, 2018USD ($)	Jul. 03, 2018GBP (£)	Sep. 30, 2018USD ($)renewal_option	Sep. 30, 2017USD ($)	Sep. 30, 2018GBP (£)renewal_option	Dec. 31, 2017USD ($)
Debt Instrument
Bank line of credit			$ 636,709,000			$ 1,017,076,000
Outstanding balance on term loan			223,468,000			$ 228,288,000
Repayment under bank line of credit			1,580,668,000	$ 339,826,000
Issuance and borrowings of debt, excluding bank line of credit			223,587,000	$ 5,395,000
2015 Term Loan
Debt Instrument
Outstanding balance on term loan			$ 224,000,000
Repayment under bank line of credit | £		£ 169
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
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			637,000,000
Debt denominated in foreign currency outstanding			$ 72,000,000		£ 55
Weighted-average interest rate (as a percent)			3.33%		3.33%
Bank Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)			1.00%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Jul. 16, 2018	Jul. 27, 2017	May 01, 2017	Nov. 30, 2018	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017	Dec. 31, 2017
Debt Instrument
Principal balance on debt					$ 6,744,490,000		$ 6,744,490,000
Loss on extinguishment of debt					43,899,000	$ 54,227,000	43,899,000	$ 54,227,000
Senior unsecured notes					5,706,181,000		5,706,181,000		$ 6,396,451,000
Senior Unsecured Note
Debt Instrument
Principal balance on debt					5,750,000,000		5,750,000,000
Senior unsecured notes					$ 0		$ 0		$ 0
Senior Unsecured Note | Forecast
Debt Instrument
Percentage of stated interest rate				3.75%
Loss on extinguishment of debt				$ 0
Gross amount of debt redemption				$ 450,000,000
Senior Unsecured Note | Unsecured Note 5.625%
Debt Instrument
Repayment of senior unsecured notes	$ 700,000,000		$ 250,000,000
Percentage of stated interest rate	5.375%		5.625%
Senior Unsecured Note | Unsecured Note 5.375% Due 2021
Debt Instrument
Loss on extinguishment of debt	$ 44,000,000
Senior Unsecured Note | Unsecured Note 5.375%
Debt Instrument
Repayment of senior unsecured notes		$ 500,000,000
Percentage of stated interest rate		5.375%
Loss on extinguishment of debt		$ 54,000,000

Debt - Mortgage Debt (Details)

Debt - Mortgage Debt (Details) £ in Millions	1 Months Ended		9 Months Ended
	Nov. 30, 2018USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2018USD ($)facility	Sep. 30, 2018GBP (£)facility	Dec. 31, 2017USD ($)
Debt Instrument
Total debt before discount, net			$ 6,744,490,000
(Discounts), premiums and debt costs, net			(38,731,000)
Debt instruments, carrying amount			6,705,759,000
Term loan			223,468,000		$ 228,288,000
Other debt			92,494,000		$ 94,165,000
Debt maturing in 2018
Debt Instrument
2018 (three months)			860,000
Debt maturing in 2019
Debt Instrument
2,019			677,148,000
Debt maturing in 2020
Debt Instrument
2,020			803,609,000
Debt maturing in 2021
Debt Instrument
2,021			647,666,000
Debt maturing in 2022
Debt Instrument
2,022			902,691,000
Thereafter
Debt Instrument
Thereafter			3,712,516,000
Bank Line of Credit
Debt Instrument
Total debt before discount, net			636,709,000
(Discounts), premiums and debt costs, net			0
Debt instruments, carrying amount			636,709,000
Bank Line of Credit | Debt maturing in 2018
Debt Instrument
2018 (three 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			636,709,000
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			223,587,000
(Discounts), premiums and debt costs, net			(119,000)
Debt instruments, carrying amount			$ 223,468,000
Weighted-average interest rate (as a percent)			4.03%	4.03%
Weighted-average maturity			5 years
Term loans | Minimum
Debt Instrument
Percentage of stated interest rate			2.79%	2.79%
Term loans | Maximum
Debt Instrument
Percentage of stated interest rate			6.88%	6.88%
Term loans | Debt maturing in 2018
Debt Instrument
2018 (three months)			$ 0
Term loans | Debt maturing in 2019
Debt Instrument
2,019			223,587,000
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
Senior Unsecured Note
Debt Instrument
Total debt before discount, net			5,750,000,000
(Discounts), premiums and debt costs, net			(43,819,000)
Debt instruments, carrying amount			5,706,181,000
Senior Unsecured Note | Debt maturing in 2018
Debt Instrument
2018 (three months)			0
Senior Unsecured Note | Debt maturing in 2019
Debt Instrument
2,019			450,000,000
Senior Unsecured Note | Debt maturing in 2020
Debt Instrument
2,020			800,000,000
Senior Unsecured Note | Debt maturing in 2021
Debt Instrument
2,021			0
Senior Unsecured Note | Debt maturing in 2022
Debt Instrument
2,022			900,000,000
Senior Unsecured Note | Thereafter
Debt Instrument
Thereafter			$ 3,600,000,000
Mortgage Debt
Debt Instrument
Number of healthcare facilities used to secure debt | facility			15	15
Debt instrument, collateral, healthcare facilities carrying value			$ 280,000,000
Repayments of debt		$ 472,000,000
Total debt before discount, net			134,194,000
(Discounts), premiums and debt costs, net			5,207,000
Debt instruments, carrying amount			$ 139,401,000
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			2.65%	2.65%
Mortgage Debt | Maximum
Debt Instrument
Percentage of stated interest rate			5.91%	5.91%
Mortgage Debt | Debt maturing in 2018
Debt Instrument
2018 (three months)			$ 860,000
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
Revolving Credit Facility | Bank Line of Credit
Debt Instrument
Debt denominated in foreign currency outstanding			$ 72,000,000	£ 55
Weighted-average interest rate (as a percent)			3.33%	3.33%
Forecast | Senior Unsecured Note
Debt Instrument
Percentage of stated interest rate	3.75%
Gross amount of debt redemption	$ 450,000,000

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	9 Months Ended
	Sep. 30, 2018USD ($)
Commitments and Contingencies
Increase in operating lease obligations	$ 105
Operating lease obligations	501
Development and redevelopment projects
Commitments and Contingencies
Increase in development projects commitment	160
Commitments	$ 293

Equity (Details)

Equity (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment	$ (921)	$ (6,955)
Unrealized gains (losses) on derivatives, net	(521)	(13,950)
Supplemental Executive Retirement plan minimum liability and other	(2,855)	(3,119)
Total other comprehensive income (loss)	$ (4,297)	$ (24,024)

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	1 Months Ended	3 Months Ended							9 Months Ended
	Mar. 31, 2017USD ($)	Sep. 30, 2018USD ($)facility	Jun. 30, 2018USD ($)	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Sep. 30, 2017USD ($)facility	Jun. 30, 2017USD ($)	Mar. 31, 2017USD ($)	Sep. 30, 2018USD ($)facility	Sep. 30, 2017USD ($)facility
Segment reporting information, revenues
Rental revenues		$ 454,786				$ 442,249			$ 1,395,722	$ 1,354,145
Operating expenses		(181,207)				(155,338)			(527,625)	(467,582)
Segment NOI		273,579				286,911			868,097	886,563
Adjustments to NOI		(703)				(3,281)			(14,051)	(9,855)
Adjusted NOI		272,876				283,630			854,046	876,708
Addback adjustments		703				3,281			14,051	9,855
Interest income		1,236				11,774			9,048	50,974
Interest expense		(63,486)				(71,328)			(211,626)	(235,834)
Depreciation and amortization		(132,198)				(130,588)			(418,740)	(397,893)
General and administrative		(23,503)				(23,523)			(75,192)	(67,287)
Transaction costs		(4,489)				(580)			(9,088)	(2,504)
Recoveries (impairments), net		(5,268)				(25,328)			(19,180)	(82,010)
Gain (loss) on sales of real estate, net		95,332	$ 25,000		$ 34,000	5,182	$ 1,000	$ 45,000	162,211	322,852
Loss on debt extinguishments		(43,899)				(54,227)			(43,899)	(54,227)
Other income (expense), net		1,604				(10,556)			(37,017)	40,723
Income tax benefit (expense)		4,929				5,481			14,919	14,630
Equity income (loss) from unconsolidated JVs		(911)				1,062			(442)	4,571
Net income (loss)		102,926				(5,720)			239,091	480,558
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		(62,004)				(68,924)			(205,688)	(222,775)
Depreciation and amortization		0				0			0	0
General and administrative		(23,503)				(23,523)			(75,192)	(67,287)
Transaction costs		(4,489)				(580)			(9,088)	(2,504)
Recoveries (impairments), net		0				0			0	0
Gain (loss) on sales of real estate, net		0				0			0	0
Loss on debt extinguishments		(43,899)				(54,227)			(43,899)	(54,227)
Other income (expense), net		1,604				(10,556)			3,550	(10,172)
Income tax benefit (expense)		4,929				5,481			14,919	14,630
Equity income (loss) from unconsolidated JVs		0				0			0	0
Net income (loss)		$ (127,362)				$ (152,329)			$ (315,398)	$ (342,335)
Senior housing triple-net
Segment Disclosure
Number of SH NNN facilities transitioned to RIDEA structure | facility		6				3			16	4
Segment reporting information, revenues
Gain (loss) on sales of real estate, net	$ 170,000					$ 5,000
Senior housing triple-net | Operating segment
Segment reporting information, revenues
Rental revenues		$ 67,487				77,220			$ 212,489	$ 255,332
Operating expenses		(840)				(934)			(2,677)	(2,927)
Segment NOI		66,647				76,286			209,812	252,405
Adjustments to NOI		534				(600)			(323)	(2,844)
Adjusted NOI		67,181				75,686			209,489	249,561
Addback adjustments		(534)				600			323	2,844
Interest income		0				0			0	0
Interest expense		(599)				(640)			(1,806)	(1,898)
Depreciation and amortization		(18,884)				(25,547)			(62,041)	(77,478)
General and administrative		0				0			0	0
Transaction costs		0				0			0	0
Recoveries (impairments), net		0				0			(6,273)	0
Gain (loss) on sales of real estate, net		463				5,176			(22,687)	273,409
Loss on debt extinguishments		0				0			0	0
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)		47,627				55,275			117,005	446,438
SHOP
Segment reporting information, revenues
Gain (loss) on sales of real estate, net				$ 21,000
SHOP | Operating segment
Segment reporting information, revenues
Rental revenues		137,044				126,040			420,067	391,684
Operating expenses		(106,182)				(86,821)			(309,694)	(267,226)
Segment NOI		30,862				39,219			110,373	124,458
Adjustments to NOI		1,378				(35)			(356)	(334)
Adjusted NOI		32,240				39,184			110,017	124,124
Addback adjustments		(1,378)				35			356	334
Interest income		0				0			0	0
Interest expense		(688)				(933)			(2,067)	(6,950)
Depreciation and amortization		(25,166)				(24,884)			(80,797)	(75,657)
General and administrative		0				0			0	0
Transaction costs		0				0			0	0
Recoveries (impairments), net		(5,268)				0			(5,268)	0
Gain (loss) on sales of real estate, net		10,163				(2)			79,340	131
Loss on debt extinguishments		0				0			0	0
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)		9,903				13,400			101,581	41,982
Life science | Operating segment
Segment reporting information, revenues
Rental revenues		98,040				90,174			298,692	262,224
Operating expenses		(23,668)				(19,960)			(68,208)	(56,024)
Segment NOI		74,372				70,214			230,484	206,200
Adjustments to NOI		(1,439)				(785)			(7,423)	(1,211)
Adjusted NOI		72,933				69,429			223,061	204,989
Addback adjustments		1,439				785			7,423	1,211
Interest income		0				0			0	0
Interest expense		(78)				(87)			(240)	(288)
Depreciation and amortization		(34,432)				(30,851)			(105,782)	(95,648)
General and administrative		0				0			0	0
Transaction costs		0				0			0	0
Recoveries (impairments), net		0				0			(7,639)	0
Gain (loss) on sales of real estate, net		80,580				8			80,581	45,922
Loss on debt extinguishments		0				0			0	0
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)		120,442				39,284			197,404	156,186
Medical office | Operating segment
Segment reporting information, revenues
Rental revenues		129,618				119,847			378,798	357,381
Operating expenses		(49,150)				(46,486)			(143,114)	(137,930)
Segment NOI		80,468				73,361			235,684	219,451
Adjustments to NOI		(319)				(578)			(2,383)	(2,304)
Adjusted NOI		80,149				72,783			233,301	217,147
Addback adjustments		319				578			2,383	2,304
Interest income		0				0			0	0
Interest expense		(117)				(126)			(356)	(382)
Depreciation and amortization		(50,294)				(42,047)			(142,229)	(127,261)
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		3,903				0			3,903	(406)
Loss on debt extinguishments		0				0			0	0
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)		33,960				31,188			97,002	91,402
Other non-reportable segments | Operating segment
Segment reporting information, revenues
Rental revenues		22,597				28,968			85,676	87,524
Operating expenses		(1,367)				(1,137)			(3,932)	(3,475)
Segment NOI		21,230				27,831			81,744	84,049
Adjustments to NOI		(857)				(1,283)			(3,566)	(3,162)
Adjusted NOI		20,373				26,548			78,178	80,887
Addback adjustments		857				1,283			3,566	3,162
Interest income		1,236				11,774			9,048	50,974
Interest expense		0				(618)			(1,469)	(3,541)
Depreciation and amortization		(3,422)				(7,259)			(27,891)	(21,849)
General and administrative		0				0			0	0
Transaction costs		0				0			0	0
Recoveries (impairments), net		0				(25,328)			0	(82,010)
Gain (loss) on sales of real estate, net		223				0			21,074	3,796
Loss on debt extinguishments		0				0			0	0
Other income (expense), net		0				0			(40,567)	50,895
Income tax benefit (expense)		0				0			0	0
Equity income (loss) from unconsolidated JVs		(911)				1,062			(442)	4,571
Net income (loss)		$ 18,356				$ 7,462			$ 41,497	$ 86,885

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Segment Disclosure
Total revenues	$ 456,022	$ 454,023	$ 1,404,770	$ 1,405,119
Operating segment
Segment Disclosure
Total revenues	456,022	454,023	1,404,770	1,405,119
Operating segment | Senior housing triple-net
Segment Disclosure
Total revenues	67,487	77,220	212,489	255,332
Operating segment | SHOP
Segment Disclosure
Total revenues	137,044	126,040	420,067	391,684
Operating segment | Life science
Segment Disclosure
Total revenues	98,040	90,174	298,692	262,224
Operating segment | Medical office
Segment Disclosure
Total revenues	129,618	119,847	378,798	357,381
Operating segment | Other non-reportable segments
Segment Disclosure
Total revenues	$ 23,833	$ 40,742	$ 94,724	$ 138,498

Earnings Per Common Share - Sch

Earnings Per Common Share - Schedule of Computation of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017	Sep. 30, 2018	Sep. 30, 2017
Numerator
Net income (loss)	$ 102,926	$ (5,720)	$ 239,091	$ 480,558
Noncontrolling interests' share in earnings	(3,555)	(1,937)	(9,546)	(7,687)
Net income (loss) attributable to HCP, Inc.	99,371	(7,657)	229,545	472,871
Less: Participating securities' share in earnings	(425)	(131)	(1,278)	(560)
Net income (loss) applicable to common shares	$ 98,946	$ (7,788)	$ 228,267	$ 472,311
Denominator
Basic weighted average common shares	469,867	468,975	469,732	468,642
Dilutive potential common shares	251	0	144	186
Diluted weighted average common shares	470,118	468,975	469,876	468,828
Earnings per common share:
Earnings per common share, basic (in dollars per share)	$ 0.21	$ (0.02)	$ 0.49	$ 1.01
Earnings per common share, diluted (in dollars per share)	$ 0.21	$ (0.02)	$ 0.49	$ 1.01
Down REIT
Earnings per common share:
Shares of anti-dilutive securities excluded from earnings per share calculation	7,000	7,000	7,000	7,000
Common Stock Options
Earnings per common share:
Shares of anti-dilutive securities excluded from earnings per share calculation	1,000	1,000	1,000	1,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2018	Sep. 30, 2017
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 226,907	$ 261,799
Income taxes paid	2,040	9,897
Capitalized interest	13,769	12,607
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	78,557	63,515
Retained equity method investment from U.K. JV transaction	104,922	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	389	2,464
Other liabilities assumed with real estate acquisitions	$ 2,093	$ 3,678

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 78,864	$ 55,306	$ 133,887
Restricted cash	29,877	$ 26,897	27,135
Cash, cash equivalents and restricted cash	$ 108,741		$ 161,022

Variable Interest Entities - Na

Variable Interest Entities - Narrative (Details) $ in Thousands, £ in Millions

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Aug. 31, 2018

Mar. 31, 2017property

Jun. 30, 2018facility

Mar. 31, 2018USD ($)

Mar. 31, 2018GBP (£)

Dec. 31, 2017USD ($)facility

Sep. 30, 2017facility

Sep. 30, 2018USD ($)propertyfacilityjoint_venturetenantloan

Sep. 30, 2017USD ($)

Dec. 31, 2016USD ($)property

Mar. 31, 2018GBP (£)

Dec. 31, 2016GBP (£)property

Variable Interest Entity [Line Items]

Mezzanine

$ 269,299

$ 21,572

Loans receivable, net

$ 313,326

41,302

Loss from initial consolidation of VIE

$ 41,017

$ 0

Senior housing triple-net

Variable Interest Entity [Line Items]

Number of properties sold

64

2

2

2

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

VIE tenants-operating leases

Variable Interest Entity [Line Items]

Number of properties leased | property

48

Number of VIE tenants | tenant

7

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%

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%

MSREI JV

Variable Interest Entity [Line Items]

Ownership percentage (as a percent)

51.00%

51.00%

Consolidated lessees VIE

Variable Interest Entity [Line Items]

Number of properties leased | property

7

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	Sep. 30, 2018USD ($)
VIE tenants-DFLs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 601,137
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	6,643
CCRC OpCo
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	180,174
Unconsolidated Development JVs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	15,222
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	$ 34,133

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Sep. 30, 2018	Dec. 31, 2017	Sep. 30, 2017
ASSETS
Buildings and improvements	$ 10,956,474	$ 11,239,732
Development costs and construction in progress	442,007	447,976
Land	1,663,069	1,785,865
Accumulated depreciation and amortization	(2,825,850)	(2,741,695)
Net real estate	10,235,700	10,731,878
Investments in and advances to unconsolidated joint ventures	623,255	800,840
Accounts receivable, net	48,701	40,733
Cash and cash equivalents	78,864	55,306	$ 133,887
Restricted cash	29,877	26,897	$ 27,135
Intangible assets, net	305,805	410,082
Other assets, net	582,682	578,033
Total assets	13,083,958	14,088,461
LIABILITIES AND EQUITY
Mortgage debt	139,401	144,486
Intangible liabilities, net	56,871	52,579
Accounts payable and accrued liabilities	3,146	14,031
Deferred revenue	174,509	144,709
Total liabilities	7,443,583	8,493,523
VIEs
ASSETS
Buildings and improvements	2,029,066	2,436,414
Development costs and construction in progress	37,581	32,285
Land	155,807	227,162
Accumulated depreciation and amortization	(352,879)	(542,091)
Net real estate	1,869,575	2,153,770
Investments in and advances to unconsolidated joint ventures	1,641	2,231
Accounts receivable, net	5,761	10,242
Cash and cash equivalents	20,028	15,861
Restricted cash	3,362	2,619
Intangible assets, net	146,701	125,475
Other assets, net	34,884	33,749
Total assets	2,081,952	2,343,947
LIABILITIES AND EQUITY
Mortgage debt	44,694	45,016
Intangible liabilities, net	32,058	10,672
Accounts payable and accrued liabilities	71,580	269,280
Deferred revenue	17,969	14,432
Total liabilities	$ 166,301	$ 339,400

Concentration of Credit Risk -

Concentration of Credit Risk - Schedule of Concentration Risk (Details)	1 Months Ended	3 Months Ended				9 Months Ended		12 Months Ended
	Mar. 31, 2017property	Sep. 30, 2018	Jun. 30, 2018facility	Dec. 31, 2017facility	Sep. 30, 2017facility	Sep. 30, 2018	Sep. 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)		5.00%			8.00%	6.00%	10.00%
Senior housing triple-net
Concentration Risk [Line Items]
Number of properties disposed	64		2	2	2
Senior housing triple-net | Total Assets | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)						34.00%		39.00%
Senior housing triple-net | Revenue | Brookdale
Concentration Risk [Line Items]
Concentration risk (as a percent)		37.00%			48.00%	40.00%	53.00%

Concentration of Credit Risk _2

Concentration of Credit Risk - Narrative (Details)	9 Months Ended	12 Months Ended
	Sep. 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	43
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)	7.00%	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	Sep. 30, 2018	Dec. 31, 2017
Summary of financial instruments
Bank line of credit	$ 636,709	$ 1,017,076
Senior unsecured notes	5,706,181	6,396,451
Mortgage debt	139,401	144,486
Other debt	92,494	94,165
Carrying Value
Summary of financial instruments
Loans receivable, net	41,302	313,326
Marketable debt securities	19,070	18,690
Bank line of credit	636,709	1,017,076
Term loan	223,468	228,288
Senior unsecured notes	5,706,181	6,396,451
Mortgage debt	139,401	144,486
Other debt	92,494	94,165
Carrying Value | Interest-rate swap contracts
Summary of financial instruments
Derivative liabilities	1,364	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	5,746,710	6,737,825
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	39,558	313,242
Marketable debt securities	19,070	18,690
Bank line of credit	636,709	1,017,076
Term loan	223,468	228,288
Mortgage debt	134,194	125,984
Other debt	92,494	94,165
Fair Value | Interest-rate swap contracts | Level 2
Summary of financial instruments
Derivative liabilities	1,364	2,483
Fair Value | Currency swap | Level 2
Summary of financial instruments
Derivative liabilities	$ 0	$ 10,968

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Cash Flow - Interest-rate swap contracts	Sep. 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	$ (1,364,000)
Number of interest-rate contracts held | derivative	3

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) £ in Millions, $ in Millions	Jun. 29, 2018USD ($)	Sep. 30, 2018USD ($)	Sep. 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