Healthpeak Properties (DOC) 10-Q 1 Aug 19 2019 Q2 Quarterly report Financial data

Cover Page

Cover Page - shares	6 Months Ended
	Jun. 30, 2019	Jul. 30, 2019
Cover page.
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	001-08895
Entity Registrant Name	HCP, Inc.
Entity Incorporation, State or Country Code	MD
Entity Tax Identification Number	33-0091377
Entity Address, Address Line One	1920 Main Street
Entity Address, Address Line Two	Suite 1200
Entity Address, City or Town	Irvine
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92614
City Area Code	949
Local Phone Number	407-0700
Title of 12(b) Security	Common stock, $1.00 par value
Trading Symbol	HCP
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		491,110,300
Entity Central Index Key	0000765880
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Real estate:
Buildings and improvements	$ 11,784,671	$ 10,877,248
Development costs and construction in progress	496,662	537,643
Land	1,879,227	1,637,506
Accumulated depreciation and amortization	(2,926,656)	(2,842,947)
Net real estate	11,233,904	10,209,450
Net investment in direct financing leases	357,104	713,818
Loans receivable, net	124,559	62,998
Investments in and advances to unconsolidated joint ventures	518,033	540,088
Accounts receivable, net of allowance of $6,899 and $5,127	53,840	48,171
Cash and cash equivalents	130,521	110,790
Restricted cash	25,531	29,056
Intangible assets, net	317,960	305,079
Assets held for sale, net	160,999	108,086
Right-of-use asset, net	172,424
Other assets, net	618,218	591,017
Total assets	13,713,093	12,718,553
LIABILITIES AND EQUITY
Bank line of credit	530,004	80,103
Term loan	248,821	0
Senior unsecured notes	5,262,694	5,258,550
Mortgage debt	161,829	138,470
Other debt	87,211	90,785
Intangible liabilities, net	53,771	54,663
Liabilities of assets held for sale, net	30,093	1,125
Lease liability	154,877
Accounts payable and accrued liabilities	371,235	391,583
Deferred revenue	193,286	190,683
Total liabilities	7,093,821	6,205,962
Commitments and contingencies
Common stock, $1.00 par value: 750,000,000 shares authorized; 491,108,584 and 477,496,499 shares issued and outstanding	491,109	477,496
Additional paid-in capital	8,801,037	8,398,847
Cumulative dividends in excess of earnings	(3,233,283)	(2,927,196)
Accumulated other comprehensive income (loss)	(4,459)	(4,708)
Total stockholders' equity	6,054,404	5,944,439
Joint venture partners	388,617	391,401
Non-managing member unitholders	176,251	176,751
Total noncontrolling interests	564,868	568,152
Total equity	6,619,272	6,512,591
Total liabilities and equity	$ 13,713,093	$ 12,718,553

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Balance Sheet Parenthetical Disclosures
Accounts receivable, allowance (in dollars)	$ 6,899	$ 5,127
Common stock, par value (in dollars per share)	$ 1	$ 1
Common stock, shares authorized (in shares)	750,000,000	750,000,000
Common stock, shares issued (in shares)	491,108,584	477,496,499
Common stock, shares outstanding (in shares)	491,108,584	477,496,499

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Revenues:
Rental and related revenues	$ 301,197	$ 317,840	$ 595,419	$ 634,592
Resident fees and services	177,766	136,774	304,461	279,588
Income from direct financing leases	10,190	13,490	23,714	26,756
Interest income	2,414	1,447	4,127	7,812
Total revenues	491,567	469,551	927,721	948,748
Costs and expenses:
Interest expense	56,942	73,038	106,269	148,140
Depreciation and amortization	165,296	143,292	297,247	286,542
Operating	213,993	173,866	382,920	346,418
General and administrative	27,120	22,514	48,475	51,689
Transaction costs	1,337	2,404	5,855	4,599
Impairments (recoveries), net	68,538	13,912	77,396	13,912
Total costs and expenses	533,226	429,026	918,162	851,300
Other income (expense):
Gain (loss) on sales of real estate, net	11,448	46,064	19,492	66,879
Loss on debt extinguishments	(1,135)	0	(1,135)	0
Other income (expense), net	21,008	1,786	24,141	(38,621)
Total other income (expense), net	31,321	47,850	42,498	28,258
Income (loss) before income taxes and equity income (loss) from unconsolidated joint ventures	(10,338)	88,375	52,057	125,706
Income tax benefit (expense)	1,864	4,654	5,322	9,990
Equity income (loss) from unconsolidated joint ventures	(1,506)	(101)	(2,369)	469
Net income (loss)	(9,980)	92,928	55,010	136,165
Noncontrolling interests' share in earnings	(3,617)	(2,986)	(7,137)	(5,991)
Net income (loss) attributable to HCP, Inc.	(13,597)	89,942	47,873	130,174
Participating securities' share in earnings	(394)	(461)	(837)	(852)
Net income (loss) applicable to common shares	$ (13,991)	$ 89,481	$ 47,036	$ 129,322
Earnings per common share:
Basic (in dollars per share)	$ (0.03)	$ 0.19	$ 0.10	$ 0.28
Diluted (in dollars per share)	$ (0.03)	$ 0.19	$ 0.10	$ 0.28
Weighted average shares outstanding:
Basic (in shares)	478,739	469,769	478,260	469,664
Diluted (in shares)	478,739	469,941	479,885	469,799

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (9,980)	$ 92,928	$ 55,010	$ 136,165
Other comprehensive income (loss):
Net unrealized gains (losses) on derivatives	101		195
Net unrealized gains (losses) on derivatives		10,793		5,629
Change in Supplemental Executive Retirement Plan obligation and other	68	78	137	182
Foreign currency translation adjustment	(745)	(11,327)	(83)	(3,675)
Reclassification adjustment realized in net income (loss)	0	17,683	0	17,808
Total other comprehensive income (loss)	(576)	17,227	249	19,944
Total comprehensive income (loss)	(10,556)	110,155	55,259	156,109
Total comprehensive income (loss) attributable to noncontrolling interests	(3,617)	(2,986)	(7,137)	(5,991)
Total comprehensive income (loss) attributable to HCP, Inc.	$ (14,173)	$ 107,169	$ 48,122	$ 150,118

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
Increase (Decrease) in Stockholders' Equity
Cumulative effect of new accounting principle	[1]	$ 79,144			$ 79,144		$ 79,144
Adjusted balance, January 1		5,674,082	$ 469,436	$ 8,226,113	(3,291,376)	$ (24,024)	5,380,149	$ 293,933
Balance at Dec. 31, 2017		5,594,938	$ 469,436	8,226,113	(3,370,520)	(24,024)	5,301,005	293,933
Balance (in shares) at Dec. 31, 2017			469,436
Increase (Decrease) in Stockholders' Equity
Net income (loss)		136,165			130,174		130,174	5,991
Other comprehensive income (loss)		19,944				19,944	19,944
Issuance of common stock, net		3,433	$ 511	2,922			3,433
Issuance of common stock, net (in shares)			511
Repurchase of common stock		(2,778)	$ (117)	(2,661)			(2,778)
Repurchase of common stock (in shares)			(117)
Amortization of deferred compensation		10,218		10,218			10,218
Common dividends (usd per share)		(348,439)			(348,439)		(348,439)
Distributions to noncontrolling interests		(9,466)		0				(9,466)
Issuances of noncontrolling interests		995						995
Purchase of noncontrolling interests		(67,431)		(49,207)			(49,207)	(18,224)
Balance at Jun. 30, 2018		5,416,723	$ 469,830	8,187,385	(3,509,641)	(4,080)	5,143,494	273,229
Balance (in shares) at Jun. 30, 2018			469,830
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
Balance at Dec. 31, 2018		6,512,591	$ 477,496	8,398,847	(2,927,196)	(4,708)	5,944,439	568,152
Balance (in shares) at Dec. 31, 2018			477,496
Balance at Mar. 31, 2018		5,480,923	$ 469,725	8,183,166	(3,425,293)	(21,307)	5,206,291	274,632
Balance (in shares) at Mar. 31, 2018			469,725
Increase (Decrease) in Stockholders' Equity
Net income (loss)		92,928			89,942		89,942	2,986
Other comprehensive income (loss)		17,227				17,227	17,227
Issuance of common stock, net		659	$ 129	530			659
Issuance of common stock, net (in shares)			129
Repurchase of common stock		(634)	$ (24)	(610)			(634)
Repurchase of common stock (in shares)			(24)
Amortization of deferred compensation		4,299		4,299			4,299
Common dividends (usd per share)		(174,290)			(174,290)		(174,290)
Distributions to noncontrolling interests		(4,389)		0				(4,389)
Balance at Jun. 30, 2018		5,416,723	$ 469,830	8,187,385	(3,509,641)	(4,080)	5,143,494	273,229
Balance (in shares) at Jun. 30, 2018			469,830
Increase (Decrease) in Stockholders' Equity
Cumulative effect of new accounting principle	[2]	590			590		590
Adjusted balance, January 1		6,513,181	$ 477,496	8,398,847	(2,926,606)	(4,708)	5,945,029	568,152
Balance at Dec. 31, 2018		6,512,591	$ 477,496	8,398,847	(2,927,196)	(4,708)	5,944,439	568,152
Balance (in shares) at Dec. 31, 2018			477,496
Increase (Decrease) in Stockholders' Equity
Net income (loss)		55,010			47,873		47,873	7,137
Other comprehensive income (loss)		249				249	249
Issuance of common stock, net		406,813	$ 13,569	393,244			406,813
Issuance of common stock, net (in shares)			13,569
Conversion of DownREIT units to common stock		0	$ 184	3,890			4,074	(4,074)
Conversion of DownREIT units to common stock (in shares)			184
Repurchase of common stock		(4,582)	$ (149)	(4,433)			(4,582)
Repurchase of common stock (in shares)			(149)
Exercise of stock options		219	$ 9	210			219
Exercise of stock options (in shares)			9
Amortization of deferred compensation		10,358		10,358			10,358
Common dividends (usd per share)		(354,550)			(354,550)		(354,550)
Distributions to noncontrolling interests		(9,823)						(9,823)
Issuances of noncontrolling interests		3,615						3,615
Purchase of noncontrolling interests		(1,218)		(1,079)			(1,079)	(139)
Balance at Jun. 30, 2019		6,619,272	$ 491,109	8,801,037	(3,233,283)	(4,459)	6,054,404	564,868
Balance (in shares) at Jun. 30, 2019			491,109
Balance at Mar. 31, 2019		6,399,065	$ 477,929	8,405,258	(3,042,422)	(3,883)	5,836,882	562,183
Balance (in shares) at Mar. 31, 2019			477,929
Increase (Decrease) in Stockholders' Equity
Net income (loss)		(9,980)			(13,597)		(13,597)	3,617
Other comprehensive income (loss)		(576)				(576)	(576)
Issuance of common stock, net		405,281	$ 13,227	392,054			405,281
Issuance of common stock, net (in shares)			13,227
Repurchase of common stock		(1,663)	$ (54)	(1,609)			(1,663)
Repurchase of common stock (in shares)			(54)
Exercise of stock options		173	$ 7	166			173
Exercise of stock options (in shares)			7
Amortization of deferred compensation		6,247		6,247			6,247
Common dividends (usd per share)		(177,264)			(177,264)		(177,264)
Distributions to noncontrolling interests		(4,408)		0				(4,408)
Issuances of noncontrolling interests		3,615						3,615
Purchase of noncontrolling interests		(1,218)		(1,079)			(1,079)	(139)
Balance at Jun. 30, 2019		$ 6,619,272	$ 491,109	$ 8,801,037	$ (3,233,283)	$ (4,459)	$ 6,054,404	$ 564,868
Balance (in shares) at Jun. 30, 2019			491,109
[1]	On January 1, 2018, the Company adopted 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.
[2]	On January 1, 2019, the Company adopted a series of Accounting Standards Updates (“ASUs”) related to accounting for leases, 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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Stockholders' Equity [Abstract]
Common dividends, per share (in dollars per share)	$ 0.37	$ 0.37	$ 0.74	$ 0.74

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Cash flows from operating activities:
Net income (loss)	$ 55,010	$ 136,165
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	297,247	286,542
Amortization of deferred compensation	10,358	10,218
Amortization of deferred financing costs	5,440	6,690
Straight-line rents	(5,968)	(16,479)
Equity loss (income) from unconsolidated joint ventures	2,369	(469)
Distributions of earnings from unconsolidated joint ventures	9,050	13,911
Deferred income tax expense (benefit)	(7,486)	(7,388)
Impairments (recoveries), net	77,396	13,912
Loss on extinguishment of debt	(1,135)	0
Loss (gain) on sales of real estate, net	(19,492)	(66,879)
Loss (gain) on consolidation, net	(11,501)	41,017
Casualty-related loss (recoveries), net	6,579
Other non-cash items	(161)	(3,367)
Decrease (increase) in accounts receivable and other assets, net	(15,473)	(8,444)
Increase (decrease) in accounts payable, accrued liabilities and deferred revenue	(10,785)	34,245
Net cash provided by (used in) operating activities	380,560	439,674
Cash flows from investing activities:
Acquisitions of real estate	(870,148)	(23,087)
Development and redevelopment of real estate	(289,885)	(229,831)
Leasing costs, tenant improvements, and recurring capital expenditures	(38,733)	(45,591)
Proceeds from sales of real estate, net	157,198	319,224
Contributions to unconsolidated joint ventures	(8,541)	(6,053)
Distributions in excess of earnings from unconsolidated joint ventures	11,612	15,344
Proceeds from insurance recovery	9,359	0
Proceeds from the RIDEA II transaction, net	0	335,709
Proceeds from sales/principal repayments on debt investments and direct financing leases	841	132,429
Investments in loans receivable, direct financing leases and other	(60,680)	(6,376)
Net cash provided by (used in) investing activities	(1,088,977)	491,768
Cash flows from financing activities:
Borrowings under bank line of credit	1,340,000	453,000
Repayments under bank line of credit	(890,000)	(923,164)
Repayments and repurchase of debt, excluding bank line of credit	(5,334)	(2,856)
Borrowings under term loan	250,000	0
Payments for debt extinguishment and deferred financing costs	(10,482)	0
Issuance of common stock and exercise of options	407,032	3,433
Repurchase of common stock	(4,582)	(2,778)
Dividends paid on common stock	(354,550)	(348,439)
Issuance of noncontrolling interests	3,615	995
Distributions to and purchase of noncontrolling interests	(11,041)	(71,931)
Net cash provided by (used in) financing activities	724,658	(891,740)
Effect of foreign exchanges on cash, cash equivalents and restricted cash	(35)	24
Net increase (decrease) in cash, cash equivalents and restricted cash	16,206	39,726
Cash, cash equivalents and restricted cash, beginning of period	139,846	82,203
Cash, cash equivalents and restricted cash, end of period	$ 156,052	$ 121,929

Business

Business	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Business	Business Overview

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”) and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . 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, 2018 included in the Company’s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (“SEC”). Recent Accounting Pronouncements Adopted Revenue Recognition. Between May 2014 and February 2017, the Financial Accounting Standards Board (“FASB”) issued four ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. ASU 2017-05 clarifies the scope of the FASB’s guidance on nonfinancial asset derecognition and aligns the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets with the guidance in ASU 2014-09. The Company adopted the Revenue ASUs effective January 1, 2018 and utilized a modified retrospective adoption approach, resulting in a cumulative-effect adjustment to equity of $79 million as of January 1, 2018. Under the Revenue ASUs, the Company also elected to utilize a practical expedient which allows the Company to only reassess contracts that were not completed as of the adoption date, rather than all historical contracts. As the timing and recognition of the majority of the Company’s revenue is 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: • 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 3). 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. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842, Leases ) amends the previous accounting for leases to: (i) require lessees to put most leases on their balance sheets (not required for short-term leases with lease terms of 12 months or less), but continue recognizing expenses on their income statements in a manner similar to requirements under prior accounting guidance, (ii) eliminate real estate specific lease provisions, and (iii) modify the classification criteria and accounting for sales-type leases for lessors. Additionally, ASU 2016-02 provides a practical expedient, which the Company elected, 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. As a result of adopting ASU 2016-02 on January 1, 2019 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $1 million as of January 1, 2019. Under ASU 2016-02, the Company began capitalizing fewer costs related to the drafting and negotiation of its lease agreements. Additionally, the Company began recognizing 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 as a lease liability and corresponding right-of-use asset. As such, the Company recognized a lease liability of $153 million and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability is calculated as the present value of minimum lease payments, discounted using a rate that approximates the Company’s secured incremental borrowing rate, adjusted for the noncancelable term of each lease. The right-of-use asset is calculated as the aggregate lease liability, adjusted for the existing accrued straight-line rent liability balance of $20 million and net unamortized above/below market ground lease intangible assets of $33 million . Under ASU 2016-02, a practical expedient was offered to lessees to make a policy election, which the Company elected, to not separate lease and nonlease components, but rather account for the combined components as a single lease component under ASC 842. In July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”), which provides lessors with a similar 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 elected this practical expedient as well and, as a result, beginning January 1, 2019, the Company recognizes revenue from its senior housing triple-net, medical office, and life science segments under ASC 842 and revenue from its SHOP segment under the Revenue ASUs (codified under ASC 606, Revenue from Contracts with Customers ). In conjunction with reaching the conclusions above, the Company concluded it was appropriate (under ASC 205, Presentation of Financial Statements ) to reclassify amounts previously classified as revenue from tenant recoveries (within the senior housing triple-net, life science, and medical office segments) and present them combined with rental and related revenues within the consolidated statements of operations. The Company implemented this change during the fourth quarter of 2018. Included within rental and related revenues for the three and six months ended June 30, 2018 is $39 million and $76 million , respectively, of tenant recoveries. In December 2018, the FASB issued ASU No. 2018-20, Narrow Scope Improvements for Lessors (“ASU 2018-20”), which requires that a lessor: (i) exclude certain lessor costs paid directly by a lessee to third parties on behalf of the lessor from a lessor's measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs) and (ii) include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense (i.e., gross up revenue and expense for these costs). This is consistent with the Company’s historical presentation and did not require a material change on January 1, 2019. Other. E ffective January 1, 2019, the Company adopted ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). 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, the Company adopted the amendments in ASU 2017-12 using the modified retrospective approach. For amendments impacting presentation and disclosure, the Company adopted ASU 2017-12 using a prospective approach. The adoption of ASU 2017-12 did not have a material impact to the Company’s consolidated financial position, results of operations, cash flows, or disclosures upon adoption. Not Yet Adopted 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. Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) life science, and (iv) medical office. During the first quarter of 2019, as a result of a change in how operating results are reported to the Company's chief operating decision makers for the purpose of evaluating performance and allocating resources, two facilities were reclassified from other non-reportable segments to the medical office segment. Accordingly, all prior period segment information has been recast to conform to the current period presentation.

Real Estate Transactions

Real Estate Transactions	6 Months Ended
	Jun. 30, 2019
Real Estate [Abstract]
Real Estate Transactions	Real Estate Transactions 2019 Real Estate Investments Cambridge Acquisition During the first quarter of 2019, the Company acquired a life science facility for $71 million and development rights at an adjacent undeveloped land parcel for consideration of up to $27 million . The existing facility and land parcel are located in Cambridge, Massachusetts. Discovery Portfolio Acquisition In April 2019, the Company acquired a portfolio of nine senior housing properties for $445 million . The properties are located across Florida, Georgia and Texas and are operated by Discovery Senior Living, LLC. Oakmont Portfolio Acquisitions In May 2019, the Company acquired three senior housing communities for $113 million and in July 2019, the Company acquired an additional five senior housing communities for $284 million . Both portfolios were acquired from and will continue to be operated by Oakmont Senior Living LLC (“Oakmont”). Each portfolio was contributed to a DownREIT joint venture in which the sellers received non-controlling interests in lieu of cash for a portion of the sales price. The Company, as the managing member, consolidates each DownREIT joint venture. As part of the Oakmont transactions, the Company assumed $50 million of debt in May 2019 and an additional $112 million of debt in July 2019, both of which were recorded at their relative fair values through asset acquisition accounting. Sierra Point Towers Acquisition In June 2019, the Company completed the previously announced acquisition of two life science buildings in South San Francisco, California adjacent to the Company’s The Shore at Sierra Point development, for $245 million . Senior Housing JV Interest Purchase (Vintage Park JV) In June 2019, the Company acquired the outstanding equity interests of a senior housing joint venture structure (which owned one senior housing facility), in which the Company previously held an unconsolidated equity investment, for $24 million . Subsequent to acquisition, the Company owned 100% of the equity. As the Company began consolidating the facility upon acquisition, it derecognized the existing investment in the joint venture structure, marked the real estate to fair value (using a relative fair value allocation), and recognized a gain on consolidation of $12 million , net of a tax impact of $1 million . The gain on consolidation is recognized within other income (expense), net and the tax impact is recognized within income tax benefit (expense). Other During the six months ended June 30, 2019, the Company acquired one medical office building (“MOB”) in Kansas for $15 million . In July 2019, the Company acquired a $16 million life science building in the Sorrento Mesa submarket of San Diego. The property is located on the Company’s Directors Place life science campus and is adjacent to its future development site. Hartwell Innovation Campus Acquisition In July 2019, the Company acquired a life science campus in the suburban Boston submarket of Lexington, Massachusetts, for $228 million . The campus is comprised of four buildings. 2018 Real Estate Investments 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 for which the Company is a 51% owner 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 the anchor tenants in the Greenville Portfolio. The Contributed Assets are accounted for at historical depreciated cost by the Company, as the assets continue to be consolidated. The Greenville Portfolio was accounted for as an asset acquisition, which required the Company to record the individual components of the acquisition at their relative fair values. As a result, the Company recorded net real estate of $276 million and net intangible assets of $20 million during the three months ended September 30, 2018 related to the Greenville Portfolio. Additionally, during the three months ended September 30, 2018, the Company recognized a noncontrolling interest of $298 million related to the interest owned by MSREI. Refer to Note 14 for a discussion of the Company’s consolidation of the MSREI JV. Life Science JV Interest Purchase In November 2018, the Company acquired the outstanding equity interests in three life science joint ventures (which owned four buildings) for $92 million , bringing the Company’s equity ownership to 100% for all three joint ventures. As the Company began consolidating the assets upon acquisition, it derecognized the existing investment in the joint ventures, marked the real estate to fair value (using a relative fair value allocation), and recognized a gain on consolidation of $50 million within other income (expense), net. Other During the six months ended June 30, 2018, the Company acquired development rights on a land parcel in the Boston suburb of Lexington, Massachusetts for $21 million . The Company commenced a life science development on the land in 2018. Development Activities As part of the development program with HCA Healthcare, during the second quarter of 2019, the Company commenced development on three additional MOBs, two of which will be on-campus. The Company’s commitments related to development and redevelopment projects increased by $82 million , to $382 million at June 30, 2019 , when compared to December 31, 2018 , primarily as a result of additional development and redevelopment projects. Held for Sale At June 30, 2019 , 2 senior housing triple-net facilities, 6 MOBs, and 20 SHOP facilities were classified as held for sale, with an aggregate carrying value of $161 million , primarily comprised of real estate assets of $157 million , net of accumulated depreciation of $87 million . Liabilities of assets held for sale was primarily comprised of mortgage debt, intangible liabilities, and other liabilities at June 30, 2019 . At December 31, 2018 , nine SHOP facilities and one undeveloped life science land parcel were classified as held for sale, with an aggregate carrying value of $108 million , primarily comprised of real estate assets of $101 million , net of accumulated depreciation of $30 million . Liabilities of assets held for sale was primarily comprised of intangible liabilities and other liabilities at December 31, 2018 . 2019 Dispositions of Real Estate During the quarter ended March 31, 2019, the Company sold nine SHOP assets for $68 million , two senior housing triple-net assets for $26 million , and one undeveloped life science land parcel for $35 million , resulting in total gain on sales of $8 million . During the quarter ended June 30, 2019, the Company sold one SHOP asset for $14 million , five MOBs for $15 million , and one life science asset for $7 million , resulting in total gain on sales of $11 million . 2018 Dispositions of Real Estate Shoreline Technology Center In November 2018, the Company sold its Shoreline Technology Center life science campus located in Mountain View, California for $1.0 billion and recognized a gain on sale of $726 million . RIDEA II Sale Transaction In January 2017, the Company completed the contribution of its ownership interest in RIDEA II to an unconsolidated joint venture 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. In June 2018, the Company sold its remaining 40% ownership interest in RIDEA II to an investor group led by CPA for $91 million . Additionally, CPA refinanced the Company’s $242 million of loans receivable from RIDEA II, resulting in total 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. 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 was 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. Other 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 . 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 . During the quarter ended September 30, 2018, the Company sold 4 life science assets for $269 million , 11 SHOP assets for $76 million and 2 MOBs for $21 million , resulting in total gain on sales of $95 million . During the quarter ended December 31, 2018, the Company sold two SHOP facilities for $15 million , two MOBs for $4 million , and one undeveloped land parcel for $3 million , resulting in no material gain or loss on sales. Additionally, during 2018, the Company sold 19 senior housing assets to a third-party buyer for $377 million , resulting in a gain on sale of $40 million . Impairments of Real Estate 2019 During the second quarter of 2019, the Company recognized an aggregate impairment charge of $59 million in conjunction with classifying 2 senior housing triple-net assets, 14 SHOP assets, and 1 MOB as held for sale and writing their aggregate carrying value of $164 million down to their aggregate fair value less estimated costs to sell of $105 million . During the first quarter of 2019, the Company determined the carrying value of two MOBs that were candidates for potential future sale was no longer recoverable due to the Company’s shortened intended hold period under the held-for-use impairment model. Accordingly, the Company wrote-down the carrying amount of these two assets to their respective fair value, which resulted in an aggregate impairment charge of $9 million . The fair value of the impaired assets was based on forecasted sales prices, which are considered to be Level 3 measurements within the fair value hierarchy. Forecasted sales prices were determined using a direct capitalization model or a market approach (comparable sales model), which rely on certain assumptions by management, including: (i) property hold periods, (ii) market capitalization rates, (iii) market prices per unit, and (iv) forecasted cash flow streams (lease revenue rates, expense rates, growth rates, etc.). There are inherent uncertainties in making these assumptions. For the Company’s impairment calculations during the six months ended June 30, 2019 , the Company used a range of (i) market capitalization rates ranging from 4.97% to 6.64% , with a weighted average rate of 5.41% , and (ii) prices per unit ranging from $52,000 to $90,000 , with a weighted average price of $62,000 . Additionally, during the second quarter of 2019, the Company recognized a $6 million casualty-related gain, net of a $0.3 million deferred tax expense, as a result of insurance proceeds received for property damage and other associated costs related to hurricanes in 2017. The gain is recorded in other income (expense). 2018 During the second quarter of 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 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 contractual sales prices, which are considered to be Level 2 measurements within the fair value hierarchy. Brookdale MTCA Transactions In November 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”). In connection with the overall transaction pursuant to the MTCA, the Company and Brookdale, and certain of their respective subsidiaries, agreed to the following: • The Company, which owned 90% of the interests in its RIDEA I and RIDEA III joint ventures with Brookdale at the time the MTCA was executed, agreed to purchase Brookdale’s 10% noncontrolling interest in each joint venture for an aggregate purchase price of $95 million . At the time the MTCA was executed, these joint ventures 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 operators, 32 of the 78 total assets under an Amended and Restated Master Lease and Security Agreement (the “Amended Master Lease”) with Brookdale and 36 of the RIDEA Facilities (and terminate related management agreements with an affiliate of Brookdale without penalty), certain of which were sold during 2018 and 2019 and are included in the disposition transactions discussed above; • The Company provided an aggregate $5 million annual reduction in rent on three assets, effective January 1, 2018; and • Brookdale agreed to purchase two of the assets under the Amended Master Lease for $35 million and four of the RIDEA Facilities for $240 million , all of which were sold in 2018 and are included in the 2018 disposition transactions discussed above. Additionally, during 2018, the Company terminated the previous management agreements or leases with Brookdale on 37 assets contemplated under the MTCA and completed the transition of 20 SHOP assets and 17 senior housing triple-net assets to other managers.

Leases

Leases	6 Months Ended
	Jun. 30, 2019
Leases, Capital [Abstract]
Leases	Leases Lease Income The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Fixed income from operating leases $ 237,607 $ 262,885 $ 474,830 $ 526,240 Variable income from operating leases 63,590 54,955 120,589 108,352 Interest income from direct financing leases 10,190 13,490 23,714 26,756 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): June 30, Present value of minimum lease payments receivable $ 264,277 Present value of estimated residual value 114,364 Less deferred selling profits (11,390 ) Net investment in direct financing leases before allowance 367,251 Allowance for direct financing lease losses (10,147 ) Net investment in direct financing leases $ 357,104 Properties subject to direct financing leases 15 December 31, Minimum lease payments receivable $ 1,013,976 Estimated residual value 507,484 Less unearned income (807,642 ) Net investment in direct financing leases $ 713,818 Properties subject to direct financing leases 29 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 272,500 76 $ 272,500 $ — $ — Other non-reportable segments 84,604 24 84,604 — — $ 357,104 100 $ 357,104 $ — $ — Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ( $331 million ) and net intangibles assets ( $20 million ) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transitioned from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. Pending Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million . Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio is based upon the agreed upon sale price, less estimated costs to sell, which is considered to be a Level 2 measurement within the fair value hierarchy. No previous allowances have been recognized related to the DFL Sale Portfolio. The following table summarizes the activity of the DFL Sale Portfolio during the periods presented (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Income from DFLs $ 6,013 $ 5,782 $ 11,875 $ 11,552 Cash payments received 5,758 4,838 10,593 9,484 In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and will begin recognizing income equal to the amount of cash received. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 19,577 2020 32,558 2021 31,989 2022 25,346 2023 24,774 2024 25,393 Thereafter 390,893 Undiscounted minimum lease payments receivable 550,530 Less: imputed interest (286,253 ) Present value of minimum lease payments receivable $ 264,277 The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2018 (in thousands): Year Amount 2019 $ 114,970 2020 63,308 2021 63,687 2022 58,135 2023 58,570 Thereafter 655,306 $ 1,013,976 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 480,607 2020 947,697 2021 889,007 2022 788,835 2023 714,922 2024 620,603 Thereafter 2,024,028 $ 6,465,699 The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 971,417 2020 928,102 2021 853,451 2022 751,972 2023 675,537 Thereafter 2,320,847 $ 6,501,326 Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases (dollars in thousands): Three Months Ended Six Months Ended Lease Expense Information: 2019 2018 2019 2018 Total lease expense (1) $ 4,117 $ 3,578 $ 7,996 $ 7,225 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Six Months Ended Supplemental Cash Flow Information: 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 6,235 $ 5,723 ROU asset obtained in exchange for new lease liability: Operating leases $ 4,084 $ — Weighted Average Lease Term and Discount Rate: June 30, Weighted average remaining lease term (years): Operating leases 51 Weighted average discount rate: Operating leases 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 4,781 2020 8,934 2021 8,568 2022 8,228 2023 7,915 2024 6,761 Thereafter 448,712 Undiscounted minimum lease payments included in the lease liability 493,899 Less: imputed interest (339,022 ) Present value of lease liability $ 154,877 The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 5,597 2020 5,687 2021 5,776 2022 5,862 2023 5,983 Thereafter 466,130 $ 495,035 Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of both June 30, 2019 and December 31, 2018 is $3 million and $2 million , respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the three months ended June 30, 2019 and 2018 is $0.4 million and $0.2 million , respectively, of depreciation expense related to corporate assets. Included within general and administrative expenses for the six months ended June 30, 2019 and 2018 is $0.9 million and $0.4 million
Leases	Leases Lease Income The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Fixed income from operating leases $ 237,607 $ 262,885 $ 474,830 $ 526,240 Variable income from operating leases 63,590 54,955 120,589 108,352 Interest income from direct financing leases 10,190 13,490 23,714 26,756 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): June 30, Present value of minimum lease payments receivable $ 264,277 Present value of estimated residual value 114,364 Less deferred selling profits (11,390 ) Net investment in direct financing leases before allowance 367,251 Allowance for direct financing lease losses (10,147 ) Net investment in direct financing leases $ 357,104 Properties subject to direct financing leases 15 December 31, Minimum lease payments receivable $ 1,013,976 Estimated residual value 507,484 Less unearned income (807,642 ) Net investment in direct financing leases $ 713,818 Properties subject to direct financing leases 29 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 272,500 76 $ 272,500 $ — $ — Other non-reportable segments 84,604 24 84,604 — — $ 357,104 100 $ 357,104 $ — $ — Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ( $331 million ) and net intangibles assets ( $20 million ) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transitioned from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. Pending Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million . Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio is based upon the agreed upon sale price, less estimated costs to sell, which is considered to be a Level 2 measurement within the fair value hierarchy. No previous allowances have been recognized related to the DFL Sale Portfolio. The following table summarizes the activity of the DFL Sale Portfolio during the periods presented (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Income from DFLs $ 6,013 $ 5,782 $ 11,875 $ 11,552 Cash payments received 5,758 4,838 10,593 9,484 In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and will begin recognizing income equal to the amount of cash received. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 19,577 2020 32,558 2021 31,989 2022 25,346 2023 24,774 2024 25,393 Thereafter 390,893 Undiscounted minimum lease payments receivable 550,530 Less: imputed interest (286,253 ) Present value of minimum lease payments receivable $ 264,277 The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2018 (in thousands): Year Amount 2019 $ 114,970 2020 63,308 2021 63,687 2022 58,135 2023 58,570 Thereafter 655,306 $ 1,013,976 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 480,607 2020 947,697 2021 889,007 2022 788,835 2023 714,922 2024 620,603 Thereafter 2,024,028 $ 6,465,699 The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 971,417 2020 928,102 2021 853,451 2022 751,972 2023 675,537 Thereafter 2,320,847 $ 6,501,326 Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases (dollars in thousands): Three Months Ended Six Months Ended Lease Expense Information: 2019 2018 2019 2018 Total lease expense (1) $ 4,117 $ 3,578 $ 7,996 $ 7,225 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Six Months Ended Supplemental Cash Flow Information: 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 6,235 $ 5,723 ROU asset obtained in exchange for new lease liability: Operating leases $ 4,084 $ — Weighted Average Lease Term and Discount Rate: June 30, Weighted average remaining lease term (years): Operating leases 51 Weighted average discount rate: Operating leases 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 4,781 2020 8,934 2021 8,568 2022 8,228 2023 7,915 2024 6,761 Thereafter 448,712 Undiscounted minimum lease payments included in the lease liability 493,899 Less: imputed interest (339,022 ) Present value of lease liability $ 154,877 The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 5,597 2020 5,687 2021 5,776 2022 5,862 2023 5,983 Thereafter 466,130 $ 495,035 Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of both June 30, 2019 and December 31, 2018 is $3 million and $2 million , respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the three months ended June 30, 2019 and 2018 is $0.4 million and $0.2 million , respectively, of depreciation expense related to corporate assets. Included within general and administrative expenses for the six months ended June 30, 2019 and 2018 is $0.9 million and $0.4 million
Leases	Leases Lease Income The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Fixed income from operating leases $ 237,607 $ 262,885 $ 474,830 $ 526,240 Variable income from operating leases 63,590 54,955 120,589 108,352 Interest income from direct financing leases 10,190 13,490 23,714 26,756 Direct Financing Leases Net investment in DFLs consists of the following (dollars in thousands): June 30, Present value of minimum lease payments receivable $ 264,277 Present value of estimated residual value 114,364 Less deferred selling profits (11,390 ) Net investment in direct financing leases before allowance 367,251 Allowance for direct financing lease losses (10,147 ) Net investment in direct financing leases $ 357,104 Properties subject to direct financing leases 15 December 31, Minimum lease payments receivable $ 1,013,976 Estimated residual value 507,484 Less unearned income (807,642 ) Net investment in direct financing leases $ 713,818 Properties subject to direct financing leases 29 Direct Financing Lease Internal Ratings The following table summarizes the Company’s internal ratings for DFLs at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 272,500 76 $ 272,500 $ — $ — Other non-reportable segments 84,604 24 84,604 — — $ 357,104 100 $ 357,104 $ — $ — Direct Financing Lease Conversion During the first quarter of 2019, the Company converted a DFL portfolio of 14 senior housing triple-net properties, previously on “Watch List” status, to a RIDEA structure, requiring the Company to recognize net assets equal to the lower of the net assets’ fair value or the carrying value of the net investment in the DFL. As a result, the Company derecognized the $351 million carrying value of the net investment in DFL related to the 14 properties and recognized a combination of net real estate ( $331 million ) and net intangibles assets ( $20 million ) for the same aggregate amount, with no gain or loss recognized. As a result of the transaction, the 14 properties were transitioned from the senior housing triple-net segment to the SHOP segment during the first quarter of 2019. Pending Direct Financing Lease Sale During the second quarter of 2019, the Company entered into agreements to sell 13 senior housing facilities under DFLs (the “DFL Sale Portfolio”) for $274 million . Upon entering into the agreements, the Company recognized an allowance for DFL losses and related impairment charge of $10 million to write-down the carrying value of the DFL Sale Portfolio to its fair value. The fair value of the DFL Sale Portfolio is based upon the agreed upon sale price, less estimated costs to sell, which is considered to be a Level 2 measurement within the fair value hierarchy. No previous allowances have been recognized related to the DFL Sale Portfolio. The following table summarizes the activity of the DFL Sale Portfolio during the periods presented (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Income from DFLs $ 6,013 $ 5,782 $ 11,875 $ 11,552 Cash payments received 5,758 4,838 10,593 9,484 In conjunction with the entering into agreements to sell the DFL Sale Portfolio, the Company placed the portfolio on nonaccrual status and will begin recognizing income equal to the amount of cash received. Direct Financing Lease Receivable Maturities The following table summarizes future minimum lease payments contractually due under DFLs at June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 19,577 2020 32,558 2021 31,989 2022 25,346 2023 24,774 2024 25,393 Thereafter 390,893 Undiscounted minimum lease payments receivable 550,530 Less: imputed interest (286,253 ) Present value of minimum lease payments receivable $ 264,277 The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2018 (in thousands): Year Amount 2019 $ 114,970 2020 63,308 2021 63,687 2022 58,135 2023 58,570 Thereafter 655,306 $ 1,013,976 Residual Value Risk Quarterly, the Company reviews the estimated unguaranteed residual value of assets under DFLs to determine if there have been any material changes compared to the prior quarter. As needed, the Company and/or the related tenants will invest necessary funds to maintain the residual value of each asset. Operating Leases Future Minimum Rents The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 480,607 2020 947,697 2021 889,007 2022 788,835 2023 714,922 2024 620,603 Thereafter 2,024,028 $ 6,465,699 The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 971,417 2020 928,102 2021 853,451 2022 751,972 2023 675,537 Thereafter 2,320,847 $ 6,501,326 Lease Costs The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases (dollars in thousands): Three Months Ended Six Months Ended Lease Expense Information: 2019 2018 2019 2018 Total lease expense (1) $ 4,117 $ 3,578 $ 7,996 $ 7,225 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Six Months Ended Supplemental Cash Flow Information: 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 6,235 $ 5,723 ROU asset obtained in exchange for new lease liability: Operating leases $ 4,084 $ — Weighted Average Lease Term and Discount Rate: June 30, Weighted average remaining lease term (years): Operating leases 51 Weighted average discount rate: Operating leases 4.36 % The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 4,781 2020 8,934 2021 8,568 2022 8,228 2023 7,915 2024 6,761 Thereafter 448,712 Undiscounted minimum lease payments included in the lease liability 493,899 Less: imputed interest (339,022 ) Present value of lease liability $ 154,877 The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 5,597 2020 5,687 2021 5,776 2022 5,862 2023 5,983 Thereafter 466,130 $ 495,035 Depreciation Expense While the Company leases the majority of its property, plant, and equipment to various tenants under operating leases and DFLs, in certain situations, the Company owns and operates certain property, plant, and equipment for general corporate purposes. Corporate assets are recorded within other assets, net within the Company’s consolidated balance sheets and depreciation expense for those assets is recorded in general and administrative expenses in the Company’s consolidated statements of operations. Included within other assets, net as of both June 30, 2019 and December 31, 2018 is $3 million and $2 million , respectively, of accumulated depreciation related to corporate assets. Included within general and administrative expenses for the three months ended June 30, 2019 and 2018 is $0.4 million and $0.2 million , respectively, of depreciation expense related to corporate assets. Included within general and administrative expenses for the six months ended June 30, 2019 and 2018 is $0.9 million and $0.4 million

Loans Receivable

Loans Receivable	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Loans Receivable	Loans Receivable The following table summarizes the Company’s loans receivable (in thousands): June 30, 2019 December 31, 2018 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine $ — $ 25,886 $ 25,886 $ — $ 21,013 $ 21,013 Participating development loans and other (1) 98,704 — 98,704 42,037 — 42,037 Unamortized discounts, fees and costs — (31 ) (31 ) — (52 ) (52 ) $ 98,704 $ 25,855 $ 124,559 $ 42,037 $ 20,961 $ 62,998 _______________________________________ (1) At June 30, 2019 , the Company had $31 million remaining of commitments to fund a $115 million senior living development project. Loans Receivable Internal Ratings The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 98,704 79 $ 98,704 $ — $ — Other secured 25,855 21 25,855 — — $ 124,559 100 $ 124,559 $ — $ — U.K. Bridge Loan In 2016, the Company provided a £105 million ( $131 million at closing) bridge loan (the “U.K. Bridge Loan”) to Maria Mallaband Care Group Ltd. (“MMCG”) 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 14 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 3).

Investments in and Advances to

Investments in and Advances to Unconsolidated Joint Ventures	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Investments in and Advances to Unconsolidated Joint Ventures	Investments in and Advances to Unconsolidated Joint Ventures The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount June 30, December 31, Entity (1) Property Count Ownership % 2019 2018 CCRC JV 15 49 $ 349,732 $ 365,764 U.K. JV (2) 68 49 100,581 101,735 MBK JV 5 50 34,317 35,435 Other SHOP JVs (3) 4 41- 90 21,929 25,493 Medical Office JVs (4) 3 20 - 67 9,963 10,160 K&Y JVs (5) 3 80 1,496 1,430 Advances to unconsolidated joint ventures, net 15 71 $ 518,033 $ 540,088 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) See Note 3 for discussion of the formation of the U.K. JV and the Company’s equity method investment. (3) In June 2019, the Company acquired the outstanding equity interests in, and began consolidating, the Vintage Park JV (see Note 3). Remaining unconsolidated SHOP joint ventures (and the Company’s ownership percentage) include: (i) Waldwick JV ( 85% ); (ii) Otay Ranch JV ( 90% ); (iii) MBK Development JV ( 50% ) and (iv) Discovery Naples JV ( 41% ). The Company’s investment in the Discovery Naples JV is a preferred equity investment earning a 10% per annum fixed-rate return, which the Company made in April 2019. (4) 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% ). (5) At June 30, 2019 , includes two unconsolidated joint ventures. At December 31, 2018 , includes three unconsolidated joint ventures.

Intangibles

Intangibles	6 Months Ended
	Jun. 30, 2019
Intangibles
Intangibles	Intangibles Intangible assets primarily consist of lease-up intangibles and above market tenant lease intangibles. Intangible liabilities primarily consist of below market lease intangibles. The following tables summarize the Company’s intangible lease assets and liabilities (in thousands): Intangible lease assets June 30, December 31, Gross intangible lease assets $ 555,150 $ 556,114 Accumulated depreciation and amortization (237,190 ) (251,035 ) Intangible assets, net $ 317,960 $ 305,079 Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 88,892 $ 94,444 Accumulated depreciation and amortization (35,121 ) (39,781 ) Intangible liabilities, net $ 53,771 $ 54,663 During the six months ended June 30, 2019 , in conjunction with the Company’s acquisitions of real estate (see Note 3), the Company acquired intangible assets of $86 million and intangible liabilities of $8 million . The intangible assets and intangible liabilities acquired have a weighted average amortization period of 2 years and 5 years , respectively. On January 1, 2019, in conjunction with the adoption of ASU 2016-12 (see Note 2), the Company reclassified $39 million of intangible assets, net and $6 million of intangible liabilities, net related to above and below market ground leases to right-of-use asset, net.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Bank Line of Credit and Term Loans On May 23, 2019, the Company executed a $2.5 billion unsecured revolving line of credit facility (the “Revolving Facility”), which matures on May 23, 2023 and contains two , six months extension options, subject to certain customary conditions. Borrowings under the Revolving Facility accrue interest at LIBOR plus a margin that depends on the Company’s credit ratings. The Company pays a facility fee on the entire revolving commitment that depends on its credit ratings. Based on the Company’s credit ratings at June 30, 2019 , the margin on the Revolving Facility was 0.825% and the facility fee was 0.15% . At June 30, 2019 , the Company had $530 million , including £55 million ( $70 million ), outstanding under the Revolving Facility, with a weighted average effective interest rate of 3.29% . In May 2019, the Company also entered into a new $250 million unsecured term loan facility, which the Company fully drew down on June 20, 2019 (the “2019 Term Loan” and, together with the Revolving Facility, the “Facilities”). The 2019 Term Loan matures on May 23, 2024. Based on the Company’s credit ratings at June 30, 2019 , the 2019 Term Loan accrues interest at a rate of LIBOR plus 0.90% , with a weighted average effective interest rate of 3.38% . The Facilities include 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. The Facilities also 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 Enterprise Total Indebtedness to Enterprise Gross Asset Value to 60% ; (ii) limit the ratio of Enterprise Secured Debt to Enterprise Gross Asset Value to 40% ; (iii) limit the ratio of Enterprise Unsecured Debt to Enterprise 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 $7.0 billion . At June 30, 2019 , the Company believes it was in compliance with each of these restrictions and requirements of the Facilities. On July 3, 2018, the Company exercised its one-time right under a previously-drawn term loan 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 a £169 million balance and re-borrowing of $224 million . In November 2018, the Company repaid the $224 million unsecured term loan, bringing the total term loan balance to zero at December 31, 2018. Senior Unsecured Notes At June 30, 2019 , the Company had senior unsecured notes outstanding with an aggregate principal balance of $5.3 billion . The senior unsecured notes contain certain covenants including limitations on debt, maintenance of unencumbered assets, cross-acceleration provisions and other customary terms. The Company believes it was in compliance with these covenants at June 30, 2019 . There were no senior unsecured notes issuances during the six months ended June 30, 2019 or year ended December 31, 2018 . In June 2019, the Company priced a public offering of $650 million aggregate principal amount of 3.25% senior unsecured notes due 2026 (the “2026 Notes”) and $650 million aggregate principal amount of 3.50% senior unsecured notes due 2029 (the “2029 Notes” and, together with the 2026 Notes, the “Notes”). The Notes were issued and the proceeds were received on July 5, 2019. In July 2019, using the net proceeds from the Notes offering, the Company: (i) redeemed all of the its $800 million , 2.625% senior unsecured notes due February 2020 (the “2020 Notes”), (ii) repurchased $250 million aggregate principal amount of its 4.250% senior notes due 2023 (the “2023 Notes”), and (iii) repurchased $250 million aggregate principal amount of its 4.000% senior notes due 2022 (the “2022 Notes”). Upon completing the redemption of the 2020 Notes and repurchase of a portion of the 2022 Notes and 2023 Notes, the Company incurred a loss on debt extinguishment of approximately $35 million in July 2019. The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2018 (dollars in thousands): Date Amount Coupon Rate July 16, 2018 (1) $ 700,000 5.375 % November 8, 2018 $ 450,000 3.750 % _______________________________________ (1) The Company recorded a $44 million loss on debt extinguishment related to the repurchase of senior notes. Mortgage Debt At June 30, 2019 , the Company had $155 million in aggregate principal of mortgage debt outstanding (excluding mortgage debt on assets held for sale), which is secured by 15 healthcare facilities with an aggregate carrying value of $305 million . 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. In May 2019, upon acquiring three senior housing assets from Oakmont, the Company assumed $50 million of secured mortgage debt. In July 2019, upon acquiring five senior housing assets from Oakmont, the Company assumed an additional $112 million of secured mortgage debt (see Note 3). Debt Maturities The following table summarizes the Company’s stated debt maturities and scheduled principal repayments at June 30, 2019 (in thousands): Year Bank Line of Credit (1) Term Loan Senior Unsecured Notes (2) Mortgage Debt (3) Total (4) 2019 (six months) $ — $ — $ — $ 1,456 $ 1,456 2020 — — 800,000 3,046 803,046 2021 — — — 10,679 10,679 2022 — — 900,000 2,694 902,694 2023 530,004 — 800,000 2,826 1,332,830 Thereafter — 250,000 2,800,000 134,279 3,184,279 530,004 250,000 5,300,000 154,980 6,234,984 (Discounts), premium and debt costs, net — (1,179 ) (37,306 ) 6,849 (31,636 ) 530,004 248,821 5,262,694 161,829 6,203,348 Debt on assets held for sale (5) — — — 28,404 28,404 $ 530,004 $ 248,821 $ 5,262,694 $ 190,233 $ 6,231,752 _______________________________________ (1) Includes £55 million translated into USD. (2) Effective interest rates on the notes ranged from 2.79% to 6.87% with a weighted average effective interest rate of 4.03% and a weighted average maturity of five years . After completing the senior unsecured notes transactions in July 2019 (see discussion above), the senior unsecured notes had a weighted average effective interest rate of 4.07% and a weighted average maturity of seven years . (3) Excluding mortgage debt on assets held for sale, effective interest rates on the mortgage debt ranged from 2.52% to 5.91% with a weighted average effective interest rate of 4.13% and a weighted average maturity of 14 years . (4) Excludes $87 million of other debt that have no scheduled maturities. (5) Represents mortgage debt on assets held for sale with an interest rate of 3.45% and maturity in 2044.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
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. Subsequently, on December 6, 2018, HCRMC and its officers were voluntarily dismissed from the class action lawsuit without prejudice to such claims being refiled. 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, 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. One of the law firms has more recently requested that the Board of Directors reconsider its determination after a ruling on the motion to dismiss in the class action litigation. The Company believes that the plaintiffs lack standing or the lawsuits and demands are without merit, but cannot predict the outcome of these proceedings or reasonably estimate any potential loss at this time. Accordingly, no loss contingency has been recorded for these matters as of June 30, 2019 , as the likelihood of loss is not considered probable or estimable.

Equity

Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Equity	Equity At-The-Market Equity Offering Program In June 2015, the Company established an at-the-market equity offering program (“ATM Program”) to sell shares of its common stock from time to time through a consortium of banks acting as sales agents or directly to the banks acting as principals. In May 2018, the Company renewed its ATM Program (the “2018 ATM Program”). During the year ended December 31, 2018 , the Company issued 5.4 million shares of common stock at a weighted average net price of $28.27 per share, resulting in net proceeds of $154 million . In February 2019, the Company terminated the 2018 ATM Program and established a new ATM Program (the “2019 ATM Program”) pursuant to which shares of common stock having an aggregate gross sales price of up to $1.0 billion may be sold (i) by the Company through a consortium of banks acting as sales agents or directly to the banks acting as principals or (ii) by a consortium of banks acting as forward sellers on behalf of any forward purchasers pursuant to a forward sale agreement. The use of a forward sale agreement would allow the Company to lock in a share price on the sale of shares at the time the agreement is effective, but defer receiving the proceeds from the sale of shares until a later date. ATM Direct Issuances During the three and six months ended June 30, 2019 , the Company issued 5.9 million shares of common stock at a weighted average net price of $31.84 per share, after commissions, resulting in net proceeds of $189 million . ATM Forward Contracts During the six months ended June 30, 2019 , the Company utilized the forward provisions under the 2019 ATM Program to allow for the sale of up to an aggregate of 13.6 million shares of its common stock at an initial weighted average net price of $31.24 per share, after commissions. During the three and six months ended June 30, 2019 , the Company settled 5.5 million shares at a weighted average net price of $30.91 per share, after commissions, resulting in net proceeds of $171 million . At June 30, 2019 , 8.1 million shares remained outstanding under forward contracts, with a weighted average net price of $31.35 per share, after commissions. At June 30, 2019 , approximately $378 million of our common stock remained available for sale under the 2019 ATM Program. Subsequent to June 30, 2019 , the Company utilized the forward provisions under the 2019 ATM Program to allow for the sale of up to an additional 1.2 million shares of its common stock at an initial weighted average net price of $31.10 per share, after commissions. Each forward sale has a one year term. At any time during the term, the Company may settle the forward sale by delivery of physical shares of common stock to the forward seller or, at the Company’s election, in cash or net shares. The forward sale price that the Company expects to receive upon settlement of outstanding forward contracts will be the initial forward price established upon the effective date, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the agreement. 2018 Forward Equity Offering In December 2018, the Company entered into a forward sales agreement to sell up to an aggregate of 15.25 million shares of its common stock (including shares issued through the exercise of underwriters’ options) at an initial net price of $28.60 per share, after underwriting discounts and commissions. The agreement has a one year term that expires on December 13, 2019 during which time the Company may settle the forward sales agreement by delivery of physical shares of common stock to the forward seller or, at the Company’s election, by settling in cash or net shares. The forward sale price that the Company expects to receive upon settlement of the agreement will be the initial net price of $28.60 per share, subject to adjustments for: (i) accrued interest, (ii) the forward purchasers’ stock borrowing costs, and (iii) certain fixed price reductions during the term of the agreement. During the three and six months ended June 30, 2019 , the Company settled 1.5 million shares under the forward sales agreement at a net price of $28.11 per share, resulting in net proceeds of $42 million . At June 30, 2019 , 13.75 million shares remained outstanding under the forward sales agreement. In December 2018, contemporaneous with the forward equity offering discussed above, the Company completed an offering of 2 million shares of common stock at a net price of $28.60 per share, resulting in net proceeds of $57 million . Accumulated Other Comprehensive Income (Loss) The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): June 30, December 31, Cumulative foreign currency translation adjustment (1) $ (1,766 ) $ (1,683 ) Unrealized gains (losses) on derivatives, net (272 ) (467 ) Supplemental Executive Retirement plan minimum liability and other (2,421 ) (2,558 ) Total accumulated other comprehensive income (loss) $ (4,459 ) $ (4,708 ) _______________________________________ (1)

Segment Disclosures

Segment Disclosures	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Segment Disclosures	Segment Disclosures The Company evaluates its business and allocates resources based on its reportable business segments: (i) senior housing triple-net, (ii) SHOP, (iii) life science, and (iv) medical office. The Company has non-reportable segments that are comprised primarily of the Company’s debt investments, hospital properties, unconsolidated joint ventures, 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 2018 Annual Report on Form 10-K filed with the SEC, as updated by Note 2 herein. During the first quarter of 2019, 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 reclassified operating results related to two facilities from its other non-reportable segment to its medical office segment. Accordingly, all prior period segment information has been recast to conform to current period presentation. During the three and six months ended June 30, 2019 , 21 and 39 senior housing triple-net facilities, respectively, were transferred to the Company’s SHOP segment as a result of terminating the triple-net leases and transitioning the assets to a RIDEA structure. During each of the three and six months ended June 30, 2018 , 10 senior housing triple-net facilities 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 property NOI and Adjusted NOI. NOI is defined as real estate revenues (inclusive of rental and related revenues, resident fees and services, and income from direct financing leases), 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, actuarial reserves for insurance claims that have been incurred but not reported, and the impact of deferred community fee income and expense. NOI and Adjusted NOI exclude the Company’s share of income (loss) from unconsolidated joint ventures, which is recognized as equity income (loss) from unconsolidated joint ventures in the consolidated statements of operations. 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 real estate assets and liabilities held for sale. See Note 15 for other information regarding concentrations of credit risk. The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2019 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Real estate revenues (1) $ 49,866 $ 177,001 $ 107,596 $ 141,927 $ 12,763 $ — $ 489,153 Operating expenses (866 ) (137,460 ) (25,480 ) (50,176 ) (11 ) — (213,993 ) NOI 49,000 39,541 82,116 91,751 12,752 — 275,160 Adjustments to NOI (2) 4,807 841 (7,614 ) (1,203 ) 219 — (2,950 ) Adjusted NOI 53,807 40,382 74,502 90,548 12,971 — 272,210 Addback adjustments (4,807 ) (841 ) 7,614 1,203 (219 ) — 2,950 Interest income — — — — 2,414 — 2,414 Interest expense (206 ) (1,326 ) (70 ) (109 ) — (55,231 ) (56,942 ) Depreciation and amortization (15,693 ) (52,242 ) (41,431 ) (54,096 ) (1,834 ) — (165,296 ) General and administrative — — — — — (27,120 ) (27,120 ) Transaction costs — — — — — (1,337 ) (1,337 ) Recoveries (impairments), net (15,485 ) (52,963 ) — (90 ) — — (68,538 ) Gain (loss) on sales of real estate, net — 4,691 3,816 2,941 — — 11,448 Loss on debt extinguishments — — — — — (1,135 ) (1,135 ) Other income (expense), net — — — — 12,817 8,191 21,008 Income tax benefit (expense) — — — — — 1,864 1,864 Equity income (loss) from unconsolidated joint ventures — — — — (1,506 ) — (1,506 ) Net income (loss) $ 17,616 $ (62,299 ) $ 44,431 $ 40,397 $ 24,643 $ (74,768 ) $ (9,980 ) _______________________________________ (1) Represents rental and related revenues, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees. For the three months ended June 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Real estate revenues (1) $ 70,713 $ 138,352 $ 101,031 $ 134,574 $ 23,434 $ — $ 468,104 Operating expenses (791 ) (101,767 ) (22,732 ) (48,528 ) (48 ) — (173,866 ) NOI 69,922 36,585 78,299 86,046 23,386 — 294,238 Adjustments to NOI (2) 1,006 (124 ) (2,233 ) (1,831 ) (480 ) — (3,662 ) Adjusted NOI 70,928 36,461 76,066 84,215 22,906 — 290,576 Addback adjustments (1,006 ) 124 2,233 1,831 480 — 3,662 Interest income — — — — 1,447 — 1,447 Interest expense (607 ) (990 ) (80 ) (119 ) (742 ) (70,500 ) (73,038 ) Depreciation and amortization (21,251 ) (28,002 ) (35,269 ) (48,098 ) (10,672 ) — (143,292 ) General and administrative — — — — — (22,514 ) (22,514 ) Transaction costs — — — — — (2,404 ) (2,404 ) Recoveries (impairments), net (6,273 ) — (7,639 ) — — — (13,912 ) Gain (loss) on sales of real estate, net (23,039 ) 48,252 — — 20,851 — 46,064 Other income (expense), net — — — — — 1,786 1,786 Income tax benefit (expense) — — — — — 4,654 4,654 Equity income (loss) from unconsolidated joint ventures — — — — (101 ) — (101 ) Net income (loss) $ 18,752 $ 55,845 $ 35,311 $ 37,829 $ 34,169 $ (88,978 ) $ 92,928 _______________________________________ (1) Represents rental and related revenues, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees. For the six months ended June 30, 2019 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Real estate revenues (1) $ 108,758 $ 303,182 $ 202,068 $ 284,122 $ 25,464 $ — $ 923,594 Operating expenses (1,859 ) (234,407 ) (47,472 ) (99,163 ) (19 ) — (382,920 ) NOI 106,899 68,775 154,596 184,959 25,445 — 540,674 Adjustments to NOI (2) 5,371 1,993 (10,091 ) (2,974 ) 413 — (5,288 ) Adjusted NOI 112,270 70,768 144,505 181,985 25,858 — 535,386 Addback adjustments (5,371 ) (1,993 ) 10,091 2,974 (413 ) — 5,288 Interest income — — — — 4,127 — 4,127 Interest expense (795 ) (1,989 ) (143 ) (221 ) — (103,121 ) (106,269 ) Depreciation and amortization (32,376 ) (76,328 ) (77,677 ) (107,198 ) (3,668 ) — (297,247 ) General and administrative — — — — — (48,475 ) (48,475 ) Transaction costs — — — — — (5,855 ) (5,855 ) Recoveries (impairments), net (15,485 ) (52,963 ) — (8,948 ) — — (77,396 ) Gain (loss) on sales of real estate, net 3,557 9,314 3,738 2,883 — — 19,492 Loss on debt extinguishments — — — — — (1,135 ) (1,135 ) Other income (expense), net — — — — 12,817 11,324 24,141 Income tax benefit (expense) — — — — — 5,322 5,322 Equity income (loss) from unconsolidated joint ventures — — — — (2,369 ) — (2,369 ) Net income (loss) $ 61,800 $ (53,191 ) $ 80,514 $ 71,475 $ 36,352 $ (141,940 ) $ 55,010 _______________________________________ (1) Represents rental and related revenues, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees. For the six months ended June 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Real estate revenues (1) $ 145,003 $ 283,022 $ 200,653 $ 267,794 $ 44,464 $ — $ 940,936 Operating expenses (1,837 ) (203,513 ) (44,541 ) (96,406 ) (121 ) — (346,418 ) NOI 143,166 79,509 156,112 171,388 44,343 — 594,518 Adjustments to NOI (2) (858 ) (1,732 ) (5,984 ) (3,764 ) (1,011 ) — (13,349 ) Adjusted NOI 142,308 77,777 150,128 167,624 43,332 — 581,169 Addback adjustments 858 1,732 5,984 3,764 1,011 — 13,349 Interest income — — — — 7,812 — 7,812 Interest expense (1,207 ) (1,979 ) (162 ) (239 ) (1,469 ) (143,084 ) (148,140 ) Depreciation and amortization (43,157 ) (55,630 ) (71,350 ) (95,295 ) (21,110 ) — (286,542 ) General and administrative — — — — — (51,689 ) (51,689 ) Transaction costs — — — — — (4,599 ) (4,599 ) Recoveries (impairments), net (6,273 ) — (7,639 ) — — — (13,912 ) Gain (loss) on sales of real estate, net (23,039 ) 69,067 — — 20,851 — 66,879 Other income (expense), net — — — — (40,567 ) 1,946 (38,621 ) Income tax benefit (expense) — — — — — 9,990 9,990 Equity income (loss) from unconsolidated joint ventures — — — — 469 — 469 Net income (loss) $ 69,490 $ 90,967 $ 76,961 $ 75,854 $ 10,329 $ (187,436 ) $ 136,165 _______________________________________ (1) Represents rental and related revenues, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees. The following table summarizes the Company’s revenues by segment (in thousands): Three Months Ended Six Months Ended Segment 2019 2018 2019 2018 Senior housing triple-net $ 49,866 $ 70,713 $ 108,758 $ 145,003 SHOP 177,001 138,352 303,182 283,022 Life science 107,596 101,031 202,068 200,653 Medical office 141,927 134,574 284,122 267,794 Other non-reportable segments 15,177 24,881 29,591 52,276 Total revenues $ 491,567 $ 469,551 $ 927,721 $ 948,748 See Note 3 for significant transactions impacting the Company’s segment assets during the periods presented.

Earnings Per Common Share

Earnings Per Common Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Earnings Per Common Share	Earnings Per Common Share Basic income (loss) per common share (“EPS”) 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 impact of forward equity sales agreements using the treasury stock method and 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. During the six months ended June 30, 2019 , the Company utilized the forward sale provisions under the 2019 ATM Program to sell up to an aggregate of 13.6 million shares of common stock with a one year term. During the three and six months ended June 30, 2019 , the Company settled 5.5 million shares under ATM forward contracts, leaving 8.1 million shares outstanding thereunder. Additionally, in December 2018, the Company entered into a forward equity sales agreement to sell up to an aggregate of 15.25 million shares of its common stock by December 13, 2019 . During each of the three and six months ended June 30, 2019 , the Company settled 1.5 million shares under the December 2018 forward sales agreement, leaving 13.75 million shares outstanding thereunder. The Company expects to settle the remaining forward sales with shares of common stock prior to their respective expiration dates. See Note 10 for further details. The Company considered the potential dilution resulting from the forward agreements to the calculation of earnings per share. At inception, the agreements do not have an effect on the computation of basic EPS as no shares are delivered until settlement. However, the Company uses the treasury stock method to determine the dilution, if any, resulting from the forward sales agreements during the period of time prior to settlement. The aggregate effect on the Company’s diluted weighted-average common shares for the six months ended June 30, 2019 , was 1.3 million weighted-average incremental shares from the forward equity sales agreements, respectively. The following table illustrates the computation of basic and diluted earnings per share (in thousands, except per share amounts): Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator Net income (loss) $ (9,980 ) $ 92,928 $ 55,010 $ 136,165 Noncontrolling interests' share in earnings (3,617 ) (2,986 ) (7,137 ) (5,991 ) Net income (loss) attributable to HCP, Inc. (13,597 ) 89,942 47,873 130,174 Less: Participating securities' share in earnings (394 ) (461 ) (837 ) (852 ) Net income (loss) applicable to common shares $ (13,991 ) $ 89,481 $ 47,036 $ 129,322 Denominator Basic weighted average shares outstanding 478,739 469,769 478,260 469,664 Dilutive potential common shares - equity awards — 172 281 135 Dilutive potential common shares - forward equity agreements (1) — — 1,344 — Diluted weighted average common shares 478,739 469,941 479,885 469,799 Basic earnings per common share Basic $ (0.03 ) $ 0.19 $ 0.10 $ 0.28 Diluted $ (0.03 ) $ 0.19 $ 0.10 $ 0.28 _______________________________________ (1) Represents the current dilutive impact of 22 million shares of common stock under forward sales agreements that have not been settled as of June 30, 2019 . Based on the forward price of each agreement as of June 30, 2019 , issuance of all 22 million shares would result in approximately $641 million of net proceeds. For all periods presented in the above table, 7 million shares issuable upon conversion of DownREIT units were not included because they are anti-dilutive. Additionally, for the three and six months ended June 30, 2019 , 22 million and 21 million shares of common stock, respectively, issuable pursuant to the settlement of forward equity sales agreements were not included because they are anti-dilutive (see discussion above). For the three months ended June 30, 2019 , diluted loss per share is calculated using the weighted-average common shares outstanding during the period. For all other periods presented in the above table, approximately 1 million

Supplemental Cash Flow Informat

Supplemental Cash Flow Information	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	Supplemental Cash Flow Information The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2019 2018 Supplemental cash flow information: Interest paid, net of capitalized interest $ 99,934 $ 141,777 Income taxes paid (refunded) 1,171 2,735 Capitalized interest 15,413 8,033 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 102,307 66,233 Retained equity method investment and proceeds receivable from U.K. JV transaction — 507,369 Derecognition of U.K. Bridge Loan receivable — 147,474 Consolidation of net assets related to U.K. Bridge Loan — 106,457 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,498 340 Liabilities assumed with real estate acquisitions 59,778 — Conversion of DFLs to real estate 350,540 — Net noncash impact from the consolidation of previously unconsolidated joint ventures (see Note 3) 17,850 — See discussions related to: (i) the U.K. JV transaction in Note 3, (ii) the U.K. Bridge Loan in Notes 5 and 14, (iii) the conversion of DFLs to real estate in Note 4, and (iv) the consolidation of previously unconsolidated joint ventures in Note 3. The following table summarizes cash, cash equivalents and restricted cash (in thousands): June 30, 2019 2018 Cash and cash equivalents $ 130,521 $ 91,381 Restricted cash 25,531 30,548 Cash, cash equivalents and restricted cash $ 156,052 $ 121,929

Variable Interest Entities

Variable Interest Entities	6 Months Ended
	Jun. 30, 2019
Variable Interest Entities [Abstract]
Variable Interest Entities	Variable Interest Entities Unconsolidated Variable Interest Entities At June 30, 2019 , the Company had investments in: (i) 15 properties leased to VIE tenants, (ii) 4 unconsolidated VIE joint ventures, (iii) marketable debt securities of 1 VIE, and (iv) 1 loan to a VIE borrower. The Company determined 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 joint ventures (CCRC OpCo, the development investment, Waldwick JV and the LLC investment discussed below), it has no formal involvement in these VIEs beyond its investments. VIE Tenants. The Company leases 15 properties to a total of 4 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. CCRC OpCo. The Company holds a 49% ownership interest in CCRC OpCo, a joint venture entity formed in August 2014 that operates senior housing properties in a RIDEA structure and has been identified as a VIE. The equity members of CCRC OpCo “lack power” because they share certain operating rights with Brookdale, as manager of the CCRCs. The assets of CCRC OpCo primarily consist of the CCRCs that it owns and leases, resident fees receivable, notes receivable, and cash and cash equivalents; its obligations primarily consist of operating lease obligations to CCRC PropCo, debt service payments, capital expenditures, accounts payable, and expense accruals. 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). Waldwick Development JV. The Company holds an 85% ownership interest in a development joint venture (the “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 joint venture primarily consist of an in-progress senior housing facility development project that it owns and cash and cash equivalents; its obligations primarily consist of accounts payable and expense accruals associated with the cost of its development obligations. Any assets generated by the joint venture may only be used to settle its contractual obligations (primarily development expenses and debt service payments). LLC Investment. 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). Development Investment. The Company holds an investment (consisting of mezzanine debt and preferred equity) in a senior housing development joint venture. The joint venture is also capitalized by a senior loan from a third party and equity from the third party managing-member, but is considered to be “thinly capitalized” as there is insufficient equity investment at risk. Debt Securities Investment. 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. Seller Financing Loan. The Company provided seller financing of $10 million related to its sale of seven senior housing triple-net facilities. The financing was provided in the form of a secured five year mezzanine loan to a “thinly capitalized” borrower created to acquire the facilities. The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2019 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 $ 251,438 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 7,446 CCRC OpCo Investments in unconsolidated joint ventures 171,915 Unconsolidated development joint ventures Loans receivable, net and Investments in unconsolidated joint ventures 18,715 Loan - seller financing Loans receivable, net 10,000 CMBS and LLC investment Marketable debt and LLC investment 34,537 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default. At June 30, 2019 , the Company had not provided, and is not required to provide, financial support through a liquidity arrangement or otherwise, to its unconsolidated VIEs, including circumstances in which it could be exposed to further losses (e.g., cash shortfalls). See Notes 4, 5, and 6 for additional descriptions of the nature, purpose, and operating activities of the Company’s unconsolidated VIEs and interests therein. Consolidated Variable Interest Entities HCP, Inc.’s consolidated total assets and total liabilities at June 30, 2019 and December 31, 2018 include certain assets of VIEs that can only be used to settle the liabilities of the related VIE. The VIE creditors do not have recourse to HCP, Inc. Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): June 30, 2019 December 31, 2018 Assets Buildings and improvements $ 2,454,366 $ 1,949,582 Development costs and construction in progress 49,101 39,584 Land 267,288 151,746 Accumulated depreciation and amortization (416,738 ) (398,143 ) Net real estate 2,354,017 1,742,769 Investments in and advances to unconsolidated joint ventures — 1,550 Accounts receivable, net 5,329 7,904 Cash and cash equivalents 55,574 23,772 Restricted cash 4,349 3,399 Intangible assets, net 137,749 111,333 Right-of-use asset, net 93,363 — Other assets, net 43,610 43,149 Total assets $ 2,693,991 $ 1,933,876 Liabilities Mortgage debt 98,064 44,598 Intangible liabilities, net 16,162 19,128 Lease liability 90,266 — Accounts payable and accrued liabilities 57,310 66,736 Deferred revenue 24,119 24,215 Total liabilities $ 285,921 $ 154,677 HCP Ventures V, LLC . The Company holds a 51% ownership interest in and is the managing member of a joint venture entity formed in October 2015 that owns and leases MOBs (“HCP Ventures V”). The Company classifies 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). Watertown JV . The Company holds a 95% ownership interest in and is the managing member of joint venture 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). Life Science JVs . The Company holds a 99% ownership interest in multiple joint venture entities that own and lease life science assets (the “Life Science JVs”). The Life Science JVs are VIEs as the members share in control of the entities, but substantially all of the activities are performed on behalf of the Company. The Company consolidates the Life Science JVs 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 Life Science JVs 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 Life Science JVs may only be used to settle their contractual obligations (primarily from capital expenditures). MSREI MOB JV. The Company holds a 51% ownership interest in, and is the managing member of, a joint venture entity formed in August 2018 that owns and leases MOBs (the “MSREI JV” - see Note 3). 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 Lessee. The Company leases two senior housing properties to a lessee entity under a cash flow lease through which the Company receives monthly rent equal to the residual cash flows of the property. The lessee entity is classified as a VIE as it is a "thinly capitalized" entity. The Company consolidates the lessee entity as it has the ability to control the activities that most significantly impact the economic performance of the lessee entity. The lessee entity’s assets primarily consist of leasehold interests in a senior housing facility (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 facility (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 six 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 joint venture (“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, 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 loss on consolidation was recognized within other income (expense), net and the tax benefit was recognized within income tax benefit (expense). 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 3).

Concentration of Credit Risk

Concentration of Credit Risk	6 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Concentration of Credit Risk	Concentration of Credit Risk Concentrations of credit risk arise when one or more tenants, operators, or obligors related to the Company’s investments are engaged in similar business activities or activities in the same geographic region, or have similar economic features that would cause their ability to meet contractual obligations, including those to the Company, to be similarly affected by changes in economic conditions. The Company regularly monitors various segments of its portfolio to assess potential concentrations of credit risks. The following tables provide information regarding the Company’s concentrations of credit risk with respect to certain tenants: Percentage of Total Assets Total Company Senior Housing Triple-Net June 30, December 31, June 30, December 31, Tenant 2019 2018 2019 2018 Brookdale (1) 6 6 40 27 Percentage of Revenues Total Company Senior Housing Triple-Net Three Months Ended June 30, Six Months Ended Three Months Ended June 30, Six Months Ended Tenant 2019 2018 2019 2018 2019 2018 2019 2018 Brookdale (1) 4 6 4 6 38 41 35 42 _______________________________________ (1) Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment as discussed below. Percentages of segment and total company revenues include partial-year revenue earned from senior housing triple-net facilities that were sold during 2018. At both June 30, 2019 and December 31, 2018 , Brookdale managed or operated, in the Company’s SHOP segment, approximately 6% and 7% , respectively, of the Company’s real estate investments (based on total assets). Because an operator manages the Company’s facilities in exchange for the receipt of a management fee, the Company is not directly exposed to the credit risk of its operators in the same manner or to the same extent as its triple-net tenants. At June 30, 2019 , Brookdale provided comprehensive facility management and accounting services with respect to 26 of the Company’s consolidated SHOP facilities and 15 SHOP facilities owned by its unconsolidated joint ventures, for which the Company or joint venture pay annual management fees pursuant to long-term management agreements. Most of the management agreements have terms ranging from 10 to 15 years , with three to four 5 -year renewal periods. The base management fees are 4.5% to 5.0% of gross revenues (as defined) generated by the RIDEA 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	6 Months Ended
	Jun. 30, 2019
Financial Instruments, Owned, at Fair Value [Abstract]
Fair Value Measurements	Fair Value Measurements Financial assets and liabilities measured at fair value on a recurring basis in the consolidated balance sheets are immaterial at June 30, 2019 . The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): June 30, 2019 (3) December 31, 2018 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 124,559 $ 124,559 $ 62,998 $ 62,998 Marketable debt securities (2) 19,474 19,474 19,202 19,202 Bank line of credit (2) 530,004 530,004 80,103 80,103 Term loan (2) 248,821 248,821 — — Senior unsecured notes (1) 5,262,694 5,600,495 5,258,550 5,302,485 Mortgage debt (2) 161,829 159,530 138,470 136,161 Other debt (2) 87,211 87,211 90,785 90,785 Interest-rate swap liabilities (2) 1,116 1,116 1,310 1,310 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, term loan and other debt, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the six months ended June 30, 2019 and year ended December 31, 2018 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrument

Derivative Financial Instruments	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivative Financial Instruments	Derivative Financial Instruments The following table summarizes the Company’s outstanding swap contracts at June 30, 2019 (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 $ 42,300 3.82% BMA Swap Index $ (1,116 ) ______________________________________ (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 . At June 30, 2019 , £55 million of the Company’s GBP-denominated borrowings under the Revolving 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)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Management is required to make estimates and assumptions in the preparation of financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from management’s estimates. The consolidated financial statements include the accounts of HCP, Inc., its wholly-owned subsidiaries, joint ventures (“JVs”) and variable interest entities (“VIEs”) that it controls through voting rights or other means. Intercompany transactions and balances have been eliminated upon consolidation. All adjustments (consisting of normal recurring adjustments) necessary to present fairly the Company’s financial position, results of operations and cash flows have been included. Operating results for the three and six months ended June 30, 2019 are not necessarily indicative of the results that may be expected for the year ending December 31, 2019 . 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, 2018 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 Adopted Revenue Recognition. Between May 2014 and February 2017, the Financial Accounting Standards Board (“FASB”) issued four ASUs changing the requirements for recognizing and reporting revenue (together, herein referred to as the “Revenue ASUs”): (i) ASU No. 2014-09, Revenue from Contracts with Customers (“ASU 2014-09”), (ii) ASU No. 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) (“ASU 2016-08”), (iii) ASU No. 2016-12, Narrow-Scope Improvements and Practical Expedients (“ASU 2016-12”), and (iv) ASU No. 2017-05, Clarifying the Scope of Asset Derecognition Guidance and Accounting for Partial Sales of Nonfinancial Assets (“ASU 2017-05”). ASU 2014-09 provides guidance for revenue recognition to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2016-08 is intended to improve the operability and understandability of the implementation guidance on principal versus agent considerations. ASU 2016-12 provides practical expedients and improvements on the previously narrow scope of ASU 2014-09. ASU 2017-05 clarifies the scope of the FASB’s guidance on nonfinancial asset derecognition and aligns the accounting for partial sales of nonfinancial assets and in-substance nonfinancial assets with the guidance in ASU 2014-09. The Company adopted the Revenue ASUs effective January 1, 2018 and utilized a modified retrospective adoption approach, resulting in a cumulative-effect adjustment to equity of $79 million as of January 1, 2018. Under the Revenue ASUs, the Company also elected to utilize a practical expedient which allows the Company to only reassess contracts that were not completed as of the adoption date, rather than all historical contracts. As the timing and recognition of the majority of the Company’s revenue is 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: • 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 3). 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. Leases. In February 2016, the FASB issued ASU No. 2016-02, Leases (“ASU 2016-02”). ASU 2016-02 (codified under Accounting Standards Codification (“ASC”) 842, Leases ) amends the previous accounting for leases to: (i) require lessees to put most leases on their balance sheets (not required for short-term leases with lease terms of 12 months or less), but continue recognizing expenses on their income statements in a manner similar to requirements under prior accounting guidance, (ii) eliminate real estate specific lease provisions, and (iii) modify the classification criteria and accounting for sales-type leases for lessors. Additionally, ASU 2016-02 provides a practical expedient, which the Company elected, 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. As a result of adopting ASU 2016-02 on January 1, 2019 using the modified retrospective transition approach, the Company recognized a cumulative-effect adjustment to equity of $1 million as of January 1, 2019. Under ASU 2016-02, the Company began capitalizing fewer costs related to the drafting and negotiation of its lease agreements. Additionally, the Company began recognizing 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 as a lease liability and corresponding right-of-use asset. As such, the Company recognized a lease liability of $153 million and right-of-use asset of $166 million on January 1, 2019. The aggregate lease liability is calculated as the present value of minimum lease payments, discounted using a rate that approximates the Company’s secured incremental borrowing rate, adjusted for the noncancelable term of each lease. The right-of-use asset is calculated as the aggregate lease liability, adjusted for the existing accrued straight-line rent liability balance of $20 million and net unamortized above/below market ground lease intangible assets of $33 million . Under ASU 2016-02, a practical expedient was offered to lessees to make a policy election, which the Company elected, to not separate lease and nonlease components, but rather account for the combined components as a single lease component under ASC 842. In July 2018, the FASB issued ASU No. 2018-11, Leases - Targeted Improvements (“ASU 2018-11”), which provides lessors with a similar 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 elected this practical expedient as well and, as a result, beginning January 1, 2019, the Company recognizes revenue from its senior housing triple-net, medical office, and life science segments under ASC 842 and revenue from its SHOP segment under the Revenue ASUs (codified under ASC 606, Revenue from Contracts with Customers ). In conjunction with reaching the conclusions above, the Company concluded it was appropriate (under ASC 205, Presentation of Financial Statements ) to reclassify amounts previously classified as revenue from tenant recoveries (within the senior housing triple-net, life science, and medical office segments) and present them combined with rental and related revenues within the consolidated statements of operations. The Company implemented this change during the fourth quarter of 2018. Included within rental and related revenues for the three and six months ended June 30, 2018 is $39 million and $76 million , respectively, of tenant recoveries. In December 2018, the FASB issued ASU No. 2018-20, Narrow Scope Improvements for Lessors (“ASU 2018-20”), which requires that a lessor: (i) exclude certain lessor costs paid directly by a lessee to third parties on behalf of the lessor from a lessor's measurement of variable lease revenue and associated expense (i.e., no gross up of revenue and expense for these costs) and (ii) include lessor costs that are paid by the lessor and reimbursed by the lessee in the measurement of variable lease revenue and the associated expense (i.e., gross up revenue and expense for these costs). This is consistent with the Company’s historical presentation and did not require a material change on January 1, 2019. Other. E ffective January 1, 2019, the Company adopted ASU No. 2017-12, Targeted Improvements to Accounting for Hedging Activities (“ASU 2017-12”). 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, the Company adopted the amendments in ASU 2017-12 using the modified retrospective approach. For amendments impacting presentation and disclosure, the Company adopted ASU 2017-12 using a prospective approach. The adoption of ASU 2017-12 did not have a material impact to the Company’s consolidated financial position, results of operations, cash flows, or disclosures upon adoption. Not Yet Adopted 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. Segment Reporting The Company’s reportable segments, based on how it evaluates its business and allocates resources, are as follows: (i) senior housing triple-net, (ii) SHOP, (iii) life science, and (iv) medical office. During the first quarter of 2019, as a result of a change in how operating results are reported to the Company's chief operating decision makers for the purpose of evaluating performance and allocating resources, two facilities were reclassified from other non-reportable segments to the medical office segment. Accordingly, all prior period segment information has been recast to conform to the current period presentation.

Leases (Tables)

Leases (Tables)	6 Months Ended
	Jun. 30, 2019
Leases, Capital [Abstract]
Schedule of Company's Lease Income	The following table summarizes the Company’s lease income (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Fixed income from operating leases $ 237,607 $ 262,885 $ 474,830 $ 526,240 Variable income from operating leases 63,590 54,955 120,589 108,352 Interest income from direct financing leases 10,190 13,490 23,714 26,756 The following table summarizes the activity of the DFL Sale Portfolio during the periods presented (dollars in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Income from DFLs $ 6,013 $ 5,782 $ 11,875 $ 11,552 Cash payments received 5,758 4,838 10,593 9,484
Schedule of Components of Net Investment in DFLs	Net investment in DFLs consists of the following (dollars in thousands): June 30, Present value of minimum lease payments receivable $ 264,277 Present value of estimated residual value 114,364 Less deferred selling profits (11,390 ) Net investment in direct financing leases before allowance 367,251 Allowance for direct financing lease losses (10,147 ) Net investment in direct financing leases $ 357,104 Properties subject to direct financing leases 15 December 31, Minimum lease payments receivable $ 1,013,976 Estimated residual value 507,484 Less unearned income (807,642 ) Net investment in direct financing leases $ 713,818 Properties subject to direct financing leases 29
Schedule of Future Minimum Lease Payments Contractually Due Under DFLs	The following table summarizes future minimum lease payments contractually due under DFLs at June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 19,577 2020 32,558 2021 31,989 2022 25,346 2023 24,774 2024 25,393 Thereafter 390,893 Undiscounted minimum lease payments receivable 550,530 Less: imputed interest (286,253 ) Present value of minimum lease payments receivable $ 264,277 The following table summarizes future minimum lease payments contractually due under DFLs at December 31, 2018 (in thousands): Year Amount 2019 $ 114,970 2020 63,308 2021 63,687 2022 58,135 2023 58,570 Thereafter 655,306 $ 1,013,976
Summary of the Company's Internal Ratings for DFLs	The following table summarizes the Company’s internal ratings for DFLs at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 272,500 76 $ 272,500 $ — $ — Other non-reportable segments 84,604 24 84,604 — — $ 357,104 100 $ 357,104 $ — $ — The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 98,704 79 $ 98,704 $ — $ — Other secured 25,855 21 25,855 — — $ 124,559 100 $ 124,559 $ — $ —
Schedule of Future Minimum Lease Payments Due Under Operating Leases	The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 480,607 2020 947,697 2021 889,007 2022 788,835 2023 714,922 2024 620,603 Thereafter 2,024,028 $ 6,465,699 The following table summarizes future minimum lease payments to be received, excluding operating expense reimbursements, from tenants under non-cancelable operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 971,417 2020 928,102 2021 853,451 2022 751,972 2023 675,537 Thereafter 2,320,847 $ 6,501,326
Schedule of Other Lease Information	The following tables provide information regarding the Company’s leases to which it is the lessee, such as corporate offices and ground leases (dollars in thousands): Three Months Ended Six Months Ended Lease Expense Information: 2019 2018 2019 2018 Total lease expense (1) $ 4,117 $ 3,578 $ 7,996 $ 7,225 _______________________________________ (1) Lease expense related to corporate assets is included in general and administrative expenses and lease expense related to ground leases is included within operating expenses in the Company’s consolidated statements of operations. Six Months Ended Supplemental Cash Flow Information: 2019 2018 Cash paid for amounts included in the measurement of lease liability: Operating cash flows for operating leases $ 6,235 $ 5,723 ROU asset obtained in exchange for new lease liability: Operating leases $ 4,084 $ — Weighted Average Lease Term and Discount Rate: June 30, Weighted average remaining lease term (years): Operating leases 51 Weighted average discount rate: Operating leases 4.36 %
Schedule of Future Minimum Lease Obligations, 842	The following table summarizes future minimum lease payments under non-cancelable ground and other operating leases included in the Company’s lease liability as of June 30, 2019 (in thousands): Year Amount 2019 (six months) $ 4,781 2020 8,934 2021 8,568 2022 8,228 2023 7,915 2024 6,761 Thereafter 448,712 Undiscounted minimum lease payments included in the lease liability 493,899 Less: imputed interest (339,022 ) Present value of lease liability $ 154,877
Schedule of Future Minimum Lease Obligations, 840	The following table summarizes future minimum lease obligations under non-cancelable ground and other operating leases as of December 31, 2018 (in thousands): Year Amount 2019 $ 5,597 2020 5,687 2021 5,776 2022 5,862 2023 5,983 Thereafter 466,130 $ 495,035

Loans Receivable (Tables)

Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2019
Receivables [Abstract]
Schedule of Loans Receivable	The following table summarizes the Company’s loans receivable (in thousands): June 30, 2019 December 31, 2018 Real Estate Secured Other Secured Total Real Estate Secured Other Secured Total Mezzanine $ — $ 25,886 $ 25,886 $ — $ 21,013 $ 21,013 Participating development loans and other (1) 98,704 — 98,704 42,037 — 42,037 Unamortized discounts, fees and costs — (31 ) (31 ) — (52 ) (52 ) $ 98,704 $ 25,855 $ 124,559 $ 42,037 $ 20,961 $ 62,998 _______________________________________ (1) At June 30, 2019 , the Company had $31 million remaining of commitments to fund a $115 million senior living development project.
Summary of the Company's Internal Ratings for Loans Receivable	The following table summarizes the Company’s internal ratings for DFLs at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of DFL Portfolio Internal Ratings Segment Performing DFLs Watch List DFLs Workout DFLs Senior housing triple-net $ 272,500 76 $ 272,500 $ — $ — Other non-reportable segments 84,604 24 84,604 — — $ 357,104 100 $ 357,104 $ — $ — The following table summarizes the Company’s internal ratings for loans receivable at June 30, 2019 (dollars in thousands): Carrying Amount Percentage of Loan Portfolio Internal Ratings Investment Type Performing Loans Watch List Loans Workout Loans Real estate secured $ 98,704 79 $ 98,704 $ — $ — Other secured 25,855 21 25,855 — — $ 124,559 100 $ 124,559 $ — $ —

Investments in and Advances t_2

Investments in and Advances to Unconsolidated Joint Ventures (Tables)	6 Months Ended
	Jun. 30, 2019
Equity Method Investments and Joint Ventures [Abstract]
Schedule of Equity Method Investments	The Company owns interests in the following entities that are accounted for under the equity method (dollars in thousands): Carrying Amount June 30, December 31, Entity (1) Property Count Ownership % 2019 2018 CCRC JV 15 49 $ 349,732 $ 365,764 U.K. JV (2) 68 49 100,581 101,735 MBK JV 5 50 34,317 35,435 Other SHOP JVs (3) 4 41- 90 21,929 25,493 Medical Office JVs (4) 3 20 - 67 9,963 10,160 K&Y JVs (5) 3 80 1,496 1,430 Advances to unconsolidated joint ventures, net 15 71 $ 518,033 $ 540,088 _______________________________________ (1) These entities are not consolidated because the Company does not control, through voting rights or other means, the joint ventures. (2) See Note 3 for discussion of the formation of the U.K. JV and the Company’s equity method investment. (3) In June 2019, the Company acquired the outstanding equity interests in, and began consolidating, the Vintage Park JV (see Note 3). Remaining unconsolidated SHOP joint ventures (and the Company’s ownership percentage) include: (i) Waldwick JV ( 85% ); (ii) Otay Ranch JV ( 90% ); (iii) MBK Development JV ( 50% ) and (iv) Discovery Naples JV ( 41% ). The Company’s investment in the Discovery Naples JV is a preferred equity investment earning a 10% per annum fixed-rate return, which the Company made in April 2019. (4) 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% ). (5) At June 30, 2019 , includes two unconsolidated joint ventures. At December 31, 2018 , includes three unconsolidated joint ventures.

Intangibles (Tables)

Intangibles (Tables)	6 Months Ended
	Jun. 30, 2019
Intangibles
Schedule of Intangible Lease Assets	The following tables summarize the Company’s intangible lease assets and liabilities (in thousands): Intangible lease assets June 30, December 31, Gross intangible lease assets $ 555,150 $ 556,114 Accumulated depreciation and amortization (237,190 ) (251,035 ) Intangible assets, net $ 317,960 $ 305,079
Schedule of Intangible Lease Liabilities	Intangible lease liabilities June 30, December 31, Gross intangible lease liabilities $ 88,892 $ 94,444 Accumulated depreciation and amortization (35,121 ) (39,781 ) Intangible liabilities, net $ 53,771 $ 54,663

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Summary of Senior Notes Issuances	The following table summarizes the Company’s senior unsecured notes payoffs during the year ended December 31, 2018 (dollars in thousands): Date Amount Coupon Rate July 16, 2018 (1) $ 700,000 5.375 % November 8, 2018 $ 450,000 3.750 % _______________________________________ (1) The Company recorded a $44 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 June 30, 2019 (in thousands): Year Bank Line of Credit (1) Term Loan Senior Unsecured Notes (2) Mortgage Debt (3) Total (4) 2019 (six months) $ — $ — $ — $ 1,456 $ 1,456 2020 — — 800,000 3,046 803,046 2021 — — — 10,679 10,679 2022 — — 900,000 2,694 902,694 2023 530,004 — 800,000 2,826 1,332,830 Thereafter — 250,000 2,800,000 134,279 3,184,279 530,004 250,000 5,300,000 154,980 6,234,984 (Discounts), premium and debt costs, net — (1,179 ) (37,306 ) 6,849 (31,636 ) 530,004 248,821 5,262,694 161,829 6,203,348 Debt on assets held for sale (5) — — — 28,404 28,404 $ 530,004 $ 248,821 $ 5,262,694 $ 190,233 $ 6,231,752 _______________________________________ (1) Includes £55 million translated into USD. (2) Effective interest rates on the notes ranged from 2.79% to 6.87% with a weighted average effective interest rate of 4.03% and a weighted average maturity of five years . After completing the senior unsecured notes transactions in July 2019 (see discussion above), the senior unsecured notes had a weighted average effective interest rate of 4.07% and a weighted average maturity of seven years . (3) Excluding mortgage debt on assets held for sale, effective interest rates on the mortgage debt ranged from 2.52% to 5.91% with a weighted average effective interest rate of 4.13% and a weighted average maturity of 14 years . (4) Excludes $87 million of other debt that have no scheduled maturities. (5) Represents mortgage debt on assets held for sale with an interest rate of 3.45% and maturity in 2044.

Equity (Tables)

Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Schedule of Accumulated Other comprehensive Loss	The following table summarizes the Company’s accumulated other comprehensive income (loss) (in thousands): June 30, December 31, Cumulative foreign currency translation adjustment (1) $ (1,766 ) $ (1,683 ) Unrealized gains (losses) on derivatives, net (272 ) (467 ) Supplemental Executive Retirement plan minimum liability and other (2,421 ) (2,558 ) Total accumulated other comprehensive income (loss) $ (4,459 ) $ (4,708 ) _______________________________________ (1)

Segment Disclosures (Tables)

Segment Disclosures (Tables)	6 Months Ended
	Jun. 30, 2019
Segment Reporting [Abstract]
Summary of Financial Information of Reportable Segments	The following tables summarize information for the reportable segments (in thousands): For the three months ended June 30, 2019 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Real estate revenues (1) $ 49,866 $ 177,001 $ 107,596 $ 141,927 $ 12,763 $ — $ 489,153 Operating expenses (866 ) (137,460 ) (25,480 ) (50,176 ) (11 ) — (213,993 ) NOI 49,000 39,541 82,116 91,751 12,752 — 275,160 Adjustments to NOI (2) 4,807 841 (7,614 ) (1,203 ) 219 — (2,950 ) Adjusted NOI 53,807 40,382 74,502 90,548 12,971 — 272,210 Addback adjustments (4,807 ) (841 ) 7,614 1,203 (219 ) — 2,950 Interest income — — — — 2,414 — 2,414 Interest expense (206 ) (1,326 ) (70 ) (109 ) — (55,231 ) (56,942 ) Depreciation and amortization (15,693 ) (52,242 ) (41,431 ) (54,096 ) (1,834 ) — (165,296 ) General and administrative — — — — — (27,120 ) (27,120 ) Transaction costs — — — — — (1,337 ) (1,337 ) Recoveries (impairments), net (15,485 ) (52,963 ) — (90 ) — — (68,538 ) Gain (loss) on sales of real estate, net — 4,691 3,816 2,941 — — 11,448 Loss on debt extinguishments — — — — — (1,135 ) (1,135 ) Other income (expense), net — — — — 12,817 8,191 21,008 Income tax benefit (expense) — — — — — 1,864 1,864 Equity income (loss) from unconsolidated joint ventures — — — — (1,506 ) — (1,506 ) Net income (loss) $ 17,616 $ (62,299 ) $ 44,431 $ 40,397 $ 24,643 $ (74,768 ) $ (9,980 ) _______________________________________ (1) Represents rental and related revenues, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, deferral of community fees, net, and termination fees. For the three months ended June 30, 2018 : Senior Housing Triple-Net SHOP Life Science Medical Office Other Non-reportable Corporate Non-segment Total Real estate revenues (1) $ 70,713 $ 138,352 $ 101,031 $ 134,574 $ 23,434 $ — $ 468,104 Operating expenses (791 ) (101,767 ) (22,732 ) (48,528 ) (48 ) — (173,866 ) NOI 69,922 36,585 78,299 86,046 23,386 — 294,238 Adjustments to NOI (2) 1,006 (124 ) (2,233 ) (1,831 ) (480 ) — (3,662 ) Adjusted NOI 70,928 36,461 76,066 84,215 22,906 — 290,576 Addback adjustments (1,006 ) 124 2,233 1,831 480 — 3,662 Interest income — — — — 1,447 — 1,447 Interest expense (607 ) (990 ) (80 ) (119 ) (742 ) (70,500 ) (73,038 ) Depreciation and amortization (21,251 ) (28,002 ) (35,269 ) (48,098 ) (10,672 ) — (143,292 ) General and administrative — — — — — (22,514 ) (22,514 ) Transaction costs — — — — — (2,404 ) (2,404 ) Recoveries (impairments), net (6,273 ) — (7,639 ) — — — (13,912 ) Gain (loss) on sales of real estate, net (23,039 ) 48,252 — — 20,851 — 46,064 Other income (expense), net — — — — — 1,786 1,786 Income tax benefit (expense) — — — — — 4,654 4,654 Equity income (loss) from unconsolidated joint ventures — — — — (101 ) — (101 ) Net income (loss) $ 18,752 $ 55,845 $ 35,311 $ 37,829 $ 34,169 $ (88,978 ) $ 92,928 _______________________________________ (1) Represents rental and related revenues, resident fees and services, and income from DFLs. (2) Represents straight-line rents, DFL non-cash interest, amortization of market lease intangibles, net, actuarial reserves for insurance claims that have been incurred but not reported, 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 Six Months Ended Segment 2019 2018 2019 2018 Senior housing triple-net $ 49,866 $ 70,713 $ 108,758 $ 145,003 SHOP 177,001 138,352 303,182 283,022 Life science 107,596 101,031 202,068 200,653 Medical office 141,927 134,574 284,122 267,794 Other non-reportable segments 15,177 24,881 29,591 52,276 Total revenues $ 491,567 $ 469,551 $ 927,721 $ 948,748

Earnings Per Common Share (Tabl

Earnings Per Common Share (Tables)	6 Months Ended
	Jun. 30, 2019
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 Six Months Ended 2019 2018 2019 2018 Numerator Net income (loss) $ (9,980 ) $ 92,928 $ 55,010 $ 136,165 Noncontrolling interests' share in earnings (3,617 ) (2,986 ) (7,137 ) (5,991 ) Net income (loss) attributable to HCP, Inc. (13,597 ) 89,942 47,873 130,174 Less: Participating securities' share in earnings (394 ) (461 ) (837 ) (852 ) Net income (loss) applicable to common shares $ (13,991 ) $ 89,481 $ 47,036 $ 129,322 Denominator Basic weighted average shares outstanding 478,739 469,769 478,260 469,664 Dilutive potential common shares - equity awards — 172 281 135 Dilutive potential common shares - forward equity agreements (1) — — 1,344 — Diluted weighted average common shares 478,739 469,941 479,885 469,799 Basic earnings per common share Basic $ (0.03 ) $ 0.19 $ 0.10 $ 0.28 Diluted $ (0.03 ) $ 0.19 $ 0.10 $ 0.28 _______________________________________ (1) Represents the current dilutive impact of 22 million shares of common stock under forward sales agreements that have not been settled as of June 30, 2019 . Based on the forward price of each agreement as of June 30, 2019 , issuance of all 22 million shares would result in approximately $641 million of net proceeds.

Supplemental Cash Flow Inform_2

Supplemental Cash Flow Information (Tables)	6 Months Ended
	Jun. 30, 2019
Supplemental Cash Flow Elements [Abstract]
Supplemental Cash Flow Information	The following table provides supplemental cash flow information (in thousands): Six Months Ended June 30, 2019 2018 Supplemental cash flow information: Interest paid, net of capitalized interest $ 99,934 $ 141,777 Income taxes paid (refunded) 1,171 2,735 Capitalized interest 15,413 8,033 Supplemental schedule of non-cash investing and financing activities: Accrued construction costs 102,307 66,233 Retained equity method investment and proceeds receivable from U.K. JV transaction — 507,369 Derecognition of U.K. Bridge Loan receivable — 147,474 Consolidation of net assets related to U.K. Bridge Loan — 106,457 Vesting of restricted stock units and conversion of non-managing member units into common stock 4,498 340 Liabilities assumed with real estate acquisitions 59,778 — Conversion of DFLs to real estate 350,540 — Net noncash impact from the consolidation of previously unconsolidated joint ventures (see Note 3) 17,850 —
Schedule of Cash, Cash Equivalents and Restricted Cash	The following table summarizes cash, cash equivalents and restricted cash (in thousands): June 30, 2019 2018 Cash and cash equivalents $ 130,521 $ 91,381 Restricted cash 25,531 30,548 Cash, cash equivalents and restricted cash $ 156,052 $ 121,929

Variable Interest Entities (Tab

Variable Interest Entities (Tables)	6 Months Ended
	Jun. 30, 2019
Variable Interest Entities [Abstract]
Schedule of Variable Interest Entities	The classification of the related assets and liabilities and the maximum loss exposure as a result of the Company’s involvement with these VIEs at June 30, 2019 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 $ 251,438 VIE tenants - operating leases (2) Lease intangibles, net and straight-line rent receivables 7,446 CCRC OpCo Investments in unconsolidated joint ventures 171,915 Unconsolidated development joint ventures Loans receivable, net and Investments in unconsolidated joint ventures 18,715 Loan - seller financing Loans receivable, net 10,000 CMBS and LLC investment Marketable debt and LLC investment 34,537 _______________________________________ (1) The Company’s maximum loss exposure represents the aggregate carrying amount of such investments (including accrued interest). (2) The Company’s maximum loss exposure may be mitigated by re-leasing the underlying properties to new tenants upon an event of default.
Consolidated Assets and Liabilities of Variable Interest Entities	Total assets and total liabilities include VIE assets and liabilities as follows (in thousands): June 30, 2019 December 31, 2018 Assets Buildings and improvements $ 2,454,366 $ 1,949,582 Development costs and construction in progress 49,101 39,584 Land 267,288 151,746 Accumulated depreciation and amortization (416,738 ) (398,143 ) Net real estate 2,354,017 1,742,769 Investments in and advances to unconsolidated joint ventures — 1,550 Accounts receivable, net 5,329 7,904 Cash and cash equivalents 55,574 23,772 Restricted cash 4,349 3,399 Intangible assets, net 137,749 111,333 Right-of-use asset, net 93,363 — Other assets, net 43,610 43,149 Total assets $ 2,693,991 $ 1,933,876 Liabilities Mortgage debt 98,064 44,598 Intangible liabilities, net 16,162 19,128 Lease liability 90,266 — Accounts payable and accrued liabilities 57,310 66,736 Deferred revenue 24,119 24,215 Total liabilities $ 285,921 $ 154,677

Concentration of Credit Risk (T

Concentration of Credit Risk (Tables)	6 Months Ended
	Jun. 30, 2019
Risks and Uncertainties [Abstract]
Schedule of Concentration of Credit Risk	The following tables provide information regarding the Company’s concentrations of credit risk with respect to certain tenants: Percentage of Total Assets Total Company Senior Housing Triple-Net June 30, December 31, June 30, December 31, Tenant 2019 2018 2019 2018 Brookdale (1) 6 6 40 27 Percentage of Revenues Total Company Senior Housing Triple-Net Three Months Ended June 30, Six Months Ended Three Months Ended June 30, Six Months Ended Tenant 2019 2018 2019 2018 2019 2018 2019 2018 Brookdale (1) 4 6 4 6 38 41 35 42 _______________________________________ (1) Excludes senior housing facilities operated by Brookdale in the Company’s SHOP segment as discussed below. Percentages of segment and total company revenues include partial-year revenue earned from senior housing triple-net facilities that were sold during 2018.

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Financial Instruments, Owned, at Fair Value [Abstract]
Summary of Carry Amounts and Fair Value of Financial Instruments	The table below summarizes the carrying amounts and fair values of the Company’s financial instruments (in thousands): June 30, 2019 (3) December 31, 2018 (3) Carrying Value Fair Value Carrying Value Fair Value Loans receivable, net (2) $ 124,559 $ 124,559 $ 62,998 $ 62,998 Marketable debt securities (2) 19,474 19,474 19,202 19,202 Bank line of credit (2) 530,004 530,004 80,103 80,103 Term loan (2) 248,821 248,821 — — Senior unsecured notes (1) 5,262,694 5,600,495 5,258,550 5,302,485 Mortgage debt (2) 161,829 159,530 138,470 136,161 Other debt (2) 87,211 87,211 90,785 90,785 Interest-rate swap liabilities (2) 1,116 1,116 1,310 1,310 _______________________________________ (1) Level 1: Fair value calculated based on quoted prices in active markets. (2) Level 2: Fair value based on (i) for marketable debt securities, quoted prices for similar or identical instruments in active or inactive markets, respectively, or (ii) for loans receivable, net, mortgage debt and swaps, calculated utilizing standardized pricing models in which significant inputs or value drivers are observable in active markets. For bank line of credit, term loan and other debt, the carrying values are a reasonable estimate of fair value because the borrowings are primarily based on market interest rates and the Company’s credit rating. (3) During the six months ended June 30, 2019 and year ended December 31, 2018 , there were no material transfers of financial assets or liabilities within the fair value hierarchy.

Derivative Financial Instrume_2

Derivative Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	The following table summarizes the Company’s outstanding swap contracts at June 30, 2019 (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 $ 42,300 3.82% BMA Swap Index $ (1,116 ) ______________________________________ (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_3

Summary of Significant Accounting Policies (Details) $ in Thousands	Jan. 01, 2018USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)facility	Jun. 30, 2018USD ($)	Jan. 01, 2019USD ($)		Dec. 31, 2018USD ($)		Dec. 31, 2017USD ($)	[2]	Mar. 31, 2017
Schedule of Equity Method Investments [Line Items]
Cumulative effect adjustment to equity			$ 6,054,404				$ 5,944,439
Cumulative effect of new accounting principle							590	[1]	$ 79,144
Present value of lease liabilities			154,877
Right-of-use asset			172,424
Unamortized lease intangibles			$ (317,960)				(305,079)
RIDEA II
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage											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
ASU 2016-02
Schedule of Equity Method Investments [Line Items]
Present value of lease liabilities					$ 153,000
Right-of-use asset					166,000
Accrued straight-line rent liability					20,000
Unamortized lease intangibles					33,000
Tenant recoveries
Schedule of Equity Method Investments [Line Items]
Rental and related revenues		$ 39,000		$ 76,000
Medical office
Schedule of Equity Method Investments [Line Items]
Number of facilities transitioned | facility			2
Cumulative Dividends In Excess Of Earnings
Schedule of Equity Method Investments [Line Items]
Cumulative effect of new accounting principle					$ 1,000	[1]	$ 590	[1]	$ 79,144
[1]	On January 1, 2019, the Company adopted a series of Accounting Standards Updates (“ASUs”) related to accounting for leases, and recognized the cumulative-effect of adoption to beginning retained earnings. Refer to Note 2 for a detailed impact of adoption.
[2]	On January 1, 2018, the Company adopted 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.

Real Estate Transactions - 2019

Real Estate Transactions - 2019 Real Estate Investments (Details) $ in Thousands	1 Months Ended					3 Months Ended	6 Months Ended
	Jul. 31, 2019USD ($)propertyfacility	Jun. 30, 2019USD ($)property	May 31, 2019USD ($)property	Apr. 30, 2019USD ($)property	Nov. 30, 2018USD ($)property	Mar. 31, 2019USD ($)	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)
Real Estate [Line Items]
Payments to acquire real estate								$ 21,000
Long-term debt		$ 6,234,984					$ 6,234,984
Gain (loss) on consolidation					$ 50,000		$ 11,501	$ (41,017)
Life science | Life science facility
Real Estate [Line Items]
Payments to acquire real estate						$ 71,000
Life science | Land
Real Estate [Line Items]
Payments to acquire real estate						$ 27,000
Senior Housing
Real Estate [Line Items]
Payments to acquire outstanding equity interests		$ 24,000
Investment ownership percentage		100.00%					100.00%
Gain (loss) on consolidation		$ 12,000
Gain on consolidation, tax		1,000
Senior Housing | Senior Housing
Real Estate [Line Items]
Payments to acquire real estate			$ 113,000	$ 445,000
Number of properties acquired (in properties) | property			3	9
Subsequent Event | Senior Housing | Senior Housing
Real Estate [Line Items]
Payments to acquire real estate	$ 284,000
Number of properties acquired (in properties) | property	5
Life science joint ventures
Real Estate [Line Items]
Payments to acquire real estate		$ 245,000			$ 92,000
Number of properties acquired (in properties) | property		2			4
Investment ownership percentage					100.00%
Medical office
Real Estate [Line Items]
Payments to acquire real estate							$ 15,000
Number of properties acquired (in properties) | property							1
Mortgage Debt
Real Estate [Line Items]
Long-term debt		$ 154,980	$ 50,000				$ 154,980
Mortgage Debt | Subsequent Event
Real Estate [Line Items]
Long-term debt	$ 112,000
San Diego | Subsequent Event | Life science | Life science facility
Real Estate [Line Items]
Payments to acquire real estate	16,000
Boston | Subsequent Event | Life science | Life science facility
Real Estate [Line Items]
Payments to acquire real estate	$ 228,000
Number of properties acquired (in properties) | facility	4

Real Estate Transactions - MSRE

Real Estate Transactions - MSREI MOB JV (Details) $ in Thousands	1 Months Ended	3 Months Ended	6 Months Ended
	Aug. 31, 2018USD ($)property	Sep. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Payments to acquire real estate				$ 21,000
Net real estate			$ 11,233,904		$ 10,209,450
Intangible assets acquired			$ 86,000
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 (in properties) | property	16
Noncontrolling interest in VIE		$ 298,000
Greenville Portfolio | MSREI JV
Real Estate [Line Items]
Payments to acquire real estate	$ 285,000
Lease term	10 years
Net real estate		276,000
Intangible assets acquired		$ 20,000

Real Estate Transactions - Life

Real Estate Transactions - Life Science JV Interest Purchase (Details) $ in Thousands	1 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)property	Nov. 30, 2018USD ($)propertyjoint_venture	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Real Estate [Line Items]
Payments to acquire real estate				$ 21,000
Gain (loss) on consolidation		$ 50,000	$ 11,501	$ (41,017)
Life science joint ventures
Real Estate [Line Items]
Number of joint ventures (in joint ventures) | joint_venture		3
Number of properties acquired (in properties) | property	2	4
Payments to acquire real estate	$ 245,000	$ 92,000
Investment ownership percentage		100.00%

Real Estate Transactions - 2018

Real Estate Transactions - 2018 Other Real Estate Investments (Details) $ in Millions	6 Months Ended
	Jun. 30, 2018USD ($)
Real Estate [Abstract]
Payments to acquire real estate	$ 21

Real Estate Transactions - Deve

Real Estate Transactions - Development Activities (Details) $ in Millions	3 Months Ended	6 Months Ended
	Jun. 30, 2019USD ($)property	Jun. 30, 2019USD ($)
Real Estate [Line Items]
Increase to development commitments | $		$ 82
Development commitments | $	$ 382	$ 382
Medical office
Real Estate [Line Items]
Number of properties to be developed (in properties) | property	3
On-campus
Real Estate [Line Items]
Number of properties to be developed (in properties) | property	2

Real Estate Transactions - Held

Real Estate Transactions - Held for Sale (Details) $ in Thousands	Jun. 30, 2019USD ($)property	Dec. 31, 2018USD ($)property	Jun. 30, 2018property
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale (in properties) | property			13
Assets held for sale, net | $	$ 160,999	$ 108,086
Accumulated depreciation | $	2,926,656	2,842,947
Held-for-sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Assets held for sale, net | $	$ 161,000	$ 108,000
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 (in properties) | property	20	9
Held-for-sale | Medical office
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Number of properties classified as held for sale (in properties) | property	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 (in properties) | property	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 (in properties) | property		1
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 | $	$ 157,000	$ 101,000
Accumulated depreciation | $	$ 87,000	$ 30,000

Real Estate Transactions - 20_2

Real Estate Transactions - 2019 Dispositions (Details) $ in Thousands	3 Months Ended						6 Months Ended
	Jun. 30, 2019USD ($)facility	Mar. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)facility	Sep. 30, 2018USD ($)facility	Jun. 30, 2018USD ($)facility	Mar. 31, 2018USD ($)facility	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)
Real Estate [Line Items]
Gain (loss) on sales of real estate, net	$ 11,448	$ 8,000		$ 95,000	$ 46,064		$ 19,492	$ 66,879
SHOP
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility	1	9	2	11	8	2
Total consideration for disposal of real estate	$ 14,000	$ 68,000	$ 15,000	$ 76,000	$ 268,000	$ 35,000
Gain (loss) on sales of real estate, net						$ 21,000
Medical office
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility	5		2	2
Total consideration for disposal of real estate	$ 15,000		$ 4,000	$ 21,000
Senior housing triple-net
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility		2			2
Total consideration for disposal of real estate		$ 26,000			$ 35,000
Gain (loss) on sales of real estate, net					$ 25,000
Life science
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility				4
Total consideration for disposal of real estate	$ 7,000			$ 269,000
Land | Life science
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility	1	1	1
Total consideration for disposal of real estate		$ 35,000	$ 3,000

Real Estate Transactions - Shor

Real Estate Transactions - Shoreline Technology Center (Details) - USD ($) $ in Thousands	1 Months Ended	6 Months Ended
	Nov. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Line Items]
Proceeds from sale of buildings		$ 0	$ 335,709
Shoreline Technology Center
Real Estate [Line Items]
Proceeds from sale of buildings	$ 1,000,000
Recognized gain on sale	$ 726,000

Real Estate Transactions - RIDE

Real Estate Transactions - RIDEA II Sale Transaction (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended				6 Months Ended
	Jun. 30, 2018	Jan. 31, 2017	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain (loss) on sales of real estate			$ 11,448	$ 8,000	$ 95,000	$ 46,064	$ 19,492	$ 66,879
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%
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					242,000		242,000
Equity method investment ownership interest disposed	40.00%
Consideration of disposal of equity method investment	$ 91,000					$ 91,000		$ 91,000
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
	Aug. 31, 2018GBP (£)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Dec. 31, 2018USD ($)	Jun. 30, 2018GBP (£)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Value of U.K. Portfolio			$ 13,713,093	$ 12,718,553
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			£ 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%
Fair value of investment		$ 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 - 20_3

Real Estate Transactions - 2018 Other Dispositions (Details) $ in Thousands	3 Months Ended						6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)facility	Mar. 31, 2019USD ($)facility	Dec. 31, 2018USD ($)propertyfacility	Sep. 30, 2018USD ($)facility	Jun. 30, 2018USD ($)facility	Mar. 31, 2018USD ($)facility	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)property	Nov. 30, 2017property
Real Estate [Line Items]
Gain (loss) on sales of real estate	$ 11,448	$ 8,000		$ 95,000	$ 46,064		$ 19,492	$ 66,879
Proceeds from sale of buildings							$ 0	$ 335,709
SHOP
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility	1	9	2	11	8	2
Total consideration for disposal of real estate	$ 14,000	$ 68,000	$ 15,000	$ 76,000	$ 268,000	$ 35,000
Gain (loss) on sales of real estate						$ 21,000
Medical office
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility	5		2	2
Total consideration for disposal of real estate	$ 15,000		$ 4,000	$ 21,000
Senior housing triple-net
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility		2			2
Total consideration for disposal of real estate		$ 26,000			$ 35,000
Gain (loss) on sales of real estate					$ 25,000
Life science
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility				4
Total consideration for disposal of real estate	$ 7,000			$ 269,000
Land | Life science
Real Estate [Line Items]
Number of properties disposed (in facilities) | facility	1	1	1
Total consideration for disposal of real estate		$ 35,000	$ 3,000
Brookedale MTCA
Real Estate [Line Items]
Number of assets to be sold (in properties) | property			19						19
Assets Leased to Others | Brookedale MTCA
Real Estate [Line Items]
Gain (loss) on sales of real estate									$ 40,000
Proceeds from sale of buildings									$ 377,000
Assets Leased to Others | Brookedale MTCA | SHOP
Real Estate [Line Items]
Number of assets to be sold (in properties) | property										4

Real Estate Transactions - Impa

Real Estate Transactions - Impairments of Real Estate (Details) $ / item in Thousands, $ in Thousands	3 Months Ended			6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)property$ / item	Mar. 31, 2019USD ($)property	Jun. 30, 2018USD ($)property	Jun. 30, 2019USD ($)$ / item	Jun. 30, 2018USD ($)property	Dec. 31, 2018USD ($)
Real Estate [Line Items]
Impairments (recoveries), net	$ 59,000			$ 77,396	$ 13,912
Real estate carrying value	164,000			164,000
Casualty-related loss (recoveries), net	6,000			6,579		$ 0
Deferred tax liabilities, deferred expense	$ 300			300
Number of properties classified as held for sale (in properties) | property			13		13
Senior housing triple-net
Real Estate [Line Items]
Number of real estate properties impaired (in properties) | property	2
Senior Housing
Real Estate [Line Items]
Number of real estate properties impaired (in properties) | property	14
Medical office
Real Estate [Line Items]
Number of real estate properties impaired (in properties) | property	1	2
Impairments (recoveries), net		$ 9,000
Medical office and senior housing
Real Estate [Line Items]
Selling expense	$ 105,000			$ 105,000
SHOP
Real Estate [Line Items]
Impairments (recoveries), net	$ 10,000
Properties classified as held for sale (in properties) | property			2
Impairment of real estate			$ 14,000
Minimum
Real Estate [Line Items]
Impairment test, market capitalization rate	4.97%			4.97%
Impairment calculation, price per unit | $ / item	52			52
Maximum
Real Estate [Line Items]
Impairment test, market capitalization rate	6.64%			6.64%
Impairment calculation, price per unit | $ / item	90			90
Weighted Average
Real Estate [Line Items]
Impairment test, market capitalization rate	5.41%			5.41%
Impairment calculation, price per unit | $ / item	62			62

Real Estate Transactions - Broo

Real Estate Transactions - Brookedale MTCA Transactions (Details) $ in Millions	1 Months Ended			12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)	Nov. 30, 2017USD ($)propertyfacility	Dec. 31, 2018property	Jan. 01, 2018USD ($)property
Real Estate [Line Items]
Percentage of interest acquired			10.00%
Consideration transferred | $			$ 95
Payment to acquired noncontrolling interest | $	$ 63	$ 32
Brookedale MTCA
Real Estate [Line Items]
Number of assets to be sold (in properties)				19
RIDEA Facilities
Real Estate [Line Items]
Ownership percentage (as a percent)			90.00%
Assets Leased to Others
Real Estate [Line Items]
Number of assets transitioned				37
Assets Leased to Others | RIDEA Facilities
Real Estate [Line Items]
Property count (in properties)			58
Senior housing triple-net | Assets Leased to Others
Real Estate [Line Items]
Property count (in properties)			78
Disposition of properties, available for sale (in properties)			32
Reduction in rent | $					$ 5
Number of properties with rent concessions					3
Total consideration for disposition of real estate | $			$ 35
Number of assets transitioned				17
Senior housing triple-net | Assets Leased to Others | Brookedale MTCA
Real Estate [Line Items]
Number of properties acquired (in properties) | facility			2
SHOP | Assets Leased to Others
Real Estate [Line Items]
Number of assets transitioned				20
SHOP | Assets Leased to Others | Brookedale MTCA
Real Estate [Line Items]
Number of assets to be sold (in properties)			4
SHOP | Assets Leased to Others | RIDEA Facilities
Real Estate [Line Items]
Property count (in properties)			36
Total consideration for disposition of real estate | $			$ 240

Leases - Lease Income (Details)

Leases - Lease Income (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Interest and Other Income [Abstract]
Fixed income from operating leases	$ 237,607	$ 262,885	$ 474,830	$ 526,240
Variable income from operating leases	63,590	54,955	120,589	108,352
Interest income from direct financing leases	$ 10,190	$ 13,490	$ 23,714	$ 26,756

Leases - Direct Financing Lease

Leases - Direct Financing Leases (Details)	3 Months Ended		6 Months Ended
	Jun. 30, 2019USD ($)propertyfacility	Mar. 31, 2019USD ($)property	Jun. 30, 2019USD ($)property	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)property
Lessor, Lease, Description [Line Items]
Present value of minimum lease payments receivable	$ 264,277,000		$ 264,277,000
Present value of estimated residual value	114,364,000		114,364,000
Less deferred selling profits	(11,390,000)		(11,390,000)
Net investment in direct financing leases before allowance	367,251,000		367,251,000
Allowance for direct financing lease losses	(10,147,000)		(10,147,000)
Net investment in direct financing leases before allowance	$ 357,104,000		$ 357,104,000
Percentage of DFL Portfolio	100.00%		100.00%
Minimum lease payments receivable					$ 1,013,976,000
Estimated residual value					507,484,000
Less deferred selling profits					(807,642,000)
Net investment in direct financing leases					$ 713,818,000
Properties subject to direct financing leases (in properties) | property	15		15		29
Conversion of DFLs to real estate			$ 350,540,000	$ 0
Intangible assets, net	$ 317,960,000		317,960,000		$ 305,079,000
Impairments (recoveries), net	59,000,000		77,396,000	$ 13,912,000
Senior housing triple-net
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 272,500,000		$ 272,500,000
Percentage of DFL Portfolio	76.00%		76.00%
SHOP
Lessor, Lease, Description [Line Items]
Number of leases disposed of (in facilities) | facility	13
Proceeds from sale of lease receivable	$ 274,000,000
Impairments (recoveries), net	10,000,000
Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 84,604,000		$ 84,604,000
Percentage of DFL Portfolio	24.00%		24.00%
Performing Loans
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 357,104,000		$ 357,104,000
Performing Loans | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	272,500,000		272,500,000
Performing Loans | Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	84,604,000		84,604,000
Watch List DFLs
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0		0
Watch List DFLs | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0		0
Watch List DFLs | Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0		0
Workout Loans
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0		0
Workout Loans | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	0		0
Workout Loans | Other non-reportable segments
Lessor, Lease, Description [Line Items]
Net investment in direct financing leases before allowance	$ 0		$ 0
DFL Portfolio | Watch List DFLs | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Properties with derecognized carrying value during the period (in properties) | property		14
Conversion of DFLs to real estate		$ 351,000,000
DFL Portfolio | Watch List DFLs | SHOP
Lessor, Lease, Description [Line Items]
Properties subject to direct financing leases (in properties) | property		14
Gain (loss) on recognition of lease		$ 0
Real Estate Investment | DFL Portfolio | Watch List DFLs | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Real estate investment property		331,000,000
Intangible assets | DFL Portfolio | Watch List DFLs | Senior housing triple-net
Lessor, Lease, Description [Line Items]
Intangible assets, net		$ 20,000,000

Leases - Direct Financing Lea_2

Leases - Direct Financing Lease Sale (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Leases [Abstract]
Income from DFLs	$ 6,013	$ 5,782	$ 11,875	$ 11,552
Cash payments received	$ 5,758	$ 4,838	$ 10,593	$ 9,484

Leases - Future Minimum Rents,

Leases - Future Minimum Rents, DFLs (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (six months)	$ 19,577
2019		$ 114,970
2020	32,558	63,308
2021	31,989	63,687
2022	25,346	58,135
2023	24,774	58,570
2024	25,393
Thereafter	390,893	655,306
Lease payments receivable	550,530	$ 1,013,976
Less: imputed interest	(286,253)
Present value of minimum lease payments receivable	$ 264,277

Leases - Future Minimum Rents (

Leases - Future Minimum Rents (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (six months)	$ 480,607
2020	947,697
2021	889,007
2022	788,835
2023	714,922
2024	620,603
Thereafter	2,024,028
Total	$ 6,465,699
2019		$ 971,417
2020		928,102
2021		853,451
2022		751,972
2023		675,537
Thereafter		2,320,847
Total		$ 6,501,326

Leases - Lease Costs (Details)

Leases - Lease Costs (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Real Estate [Abstract]
Total lease expense	$ 4,117	$ 3,578	$ 7,996	$ 7,225
Operating cash flows for operating leases			6,235	5,723
ROU asset obtained in exchange for new lease liability, operating leases			$ 4,084	$ 0
Weighted average remaining lease term, operating leases	51 years		51 years
Weighted average discount rate, operating leases	4.36%		4.36%

Leases - Future Lease Obligatio

Leases - Future Lease Obligations (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Leases [Abstract]
2019 (six months)	$ 4,781
2020	8,934
2021	8,568
2022	8,228
2023	7,915
2024	6,761
Thereafter	448,712
Less: imputed interest	493,899
Less: imputed interest	(339,022)
Present value of lease liabilities	$ 154,877
2019		$ 5,597
2020		5,687
2021		5,776
2022		5,862
2023		5,983
Thereafter		466,130
Total		$ 495,035

Leases - Depreciation Expense (

Leases - Depreciation Expense (Details) - USD ($) $ in Millions	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
General and Administrative Expense
Real Estate [Line Items]
Depreciation expense related to corporate assets	$ 0.4	$ 0.2
Other Assets
Real Estate [Line Items]
Accumulated depreciation related to corporate assets	$ 3		$ 3		$ 2
Corporate Assets
Real Estate [Line Items]
Depreciation expense related to corporate assets			$ 0.9	$ 0.4

Loans Receivable - Schedule of

Loans Receivable - Schedule of Loans Receivable (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Loans Receivable:
Mezzanine	$ 25,886	$ 21,013
Participating development loans and other	98,704	42,037
Unamortized discounts, fees and costs	(31)	(52)
Loans receivable, net	124,559	62,998
Remaining loans receivable commitments	31,000
Loans receivable commitments	115,000
Real Estate Secured
Loans Receivable:
Mezzanine	0	0
Participating development loans and other	98,704	42,037
Unamortized discounts, fees and costs	0	0
Loans receivable, net	98,704	42,037
Other Secured
Loans Receivable:
Mezzanine	25,886	21,013
Participating development loans and other	0	0
Unamortized discounts, fees and costs	(31)	(52)
Loans receivable, net	$ 25,855	$ 20,961

Loans Receivable - Schedule o_2

Loans Receivable - Schedule of Loans Receivable Internal Ratings (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of Loan Portfolio	100.00%
Loans receivable, net	$ 124,559	$ 62,998
Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	124,559
Watch List Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	0
Workout Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	$ 0
Real Estate Secured
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of Loan Portfolio	79.00%
Loans receivable, net	$ 98,704	42,037
Real Estate Secured | Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	98,704
Real Estate Secured | Watch List Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	0
Real Estate Secured | Workout Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	$ 0
Other Secured
Financing Receivable, Credit Quality Indicator [Line Items]
Percentage of Loan Portfolio	21.00%
Loans receivable, net	$ 25,855	$ 20,961
Other Secured | Performing Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	25,855
Other Secured | Watch List Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	0
Other Secured | Workout Loans
Financing Receivable, Credit Quality Indicator [Line Items]
Loans receivable, net	$ 0

Loans Receivable - Narrative (D

Loans Receivable - Narrative (Details) $ in Thousands, £ in Millions	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2018property	Mar. 31, 2018USD ($)property	Mar. 31, 2018GBP (£)property	Mar. 31, 2018USD ($)	Mar. 31, 2018GBP (£)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2016USD ($)property	Dec. 31, 2018USD ($)	Dec. 31, 2016GBP (£)property
Loans Receivable:
Loans receivable, net | $						$ 124,559			$ 62,998
Notes reduction due to call option exercised | $						$ 0	$ 147,474
MMCG
Loans Receivable:
Loss from initial consolidation of VIE				$ 41,000	£ 29
Bridge Loan | MMCG
Loans Receivable:
Loans receivable, net								$ 131,000		£ 105
Period of call-option retained								3 years
Number of properties in a purchase option (in properties) | property								7		7
Number of properties acquired in a purchase option | property	7	7	7
Notes reduction due to call option exercised | £			£ 105
Loss from initial consolidation of VIE		$ 41,000	£ 29

Investments in and Advances t_3

Investments in and Advances to Unconsolidated Joint Ventures (Details) $ in Thousands	1 Months Ended
	Jun. 30, 2019USD ($)propertyjoint_venture	Dec. 31, 2018USD ($)joint_venture
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 518,033	$ 540,088
CCRC JV
Schedule of Equity Method Investments [Line Items]
Property count (in properties) | property	15
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	$ 349,732	365,764
UK JV
Schedule of Equity Method Investments [Line Items]
Property count (in properties) | property	68
Investment ownership percentage	49.00%
Investments in and advances to unconsolidated joint ventures	$ 100,581	101,735
MBK JV
Schedule of Equity Method Investments [Line Items]
Property count (in properties) | property	5
Investment ownership percentage	50.00%
Investments in and advances to unconsolidated joint ventures	$ 34,317	35,435
Other SHOP JVs
Schedule of Equity Method Investments [Line Items]
Property count (in properties) | property	4
Investments in and advances to unconsolidated joint ventures	$ 21,929	25,493
Other SHOP JVs | Minimum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	41.00%
Other SHOP JVs | Maximum
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	90.00%
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%
Discovery Naples JV
Schedule of Equity Method Investments [Line Items]
Investment ownership percentage	41.00%
Investment return percentage	10.00%
Medical Office JVs
Schedule of Equity Method Investments [Line Items]
Property count (in properties) | property	3
Investments in and advances to unconsolidated joint ventures	$ 9,963	10,160
Number of unconsolidated joint ventures (in 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]
Property count (in properties) | property	3
Investment ownership percentage	80.00%
Investments in and advances to unconsolidated joint ventures	$ 1,496	$ 1,430
Number of unconsolidated joint ventures (in joint ventures) | joint_venture	2	3
Advances to unconsolidated joint ventures, net
Schedule of Equity Method Investments [Line Items]
Investments in and advances to unconsolidated joint ventures	$ 15	$ 71

Intangibles - Intangibles Lease

Intangibles - Intangibles Lease Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangibles
Gross intangible lease assets	$ 555,150	$ 556,114
Accumulated depreciation and amortization	(237,190)	(251,035)
Intangible assets, net	$ 317,960	$ 305,079

Intangibles - Intangibles Lea_2

Intangibles - Intangibles Lease Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Intangibles
Gross intangible lease liabilities	$ 88,892	$ 94,444
Accumulated depreciation and amortization	(35,121)	(39,781)
Intangible liabilities, net	$ 53,771	$ 54,663

Intangibles - Additional Inform

Intangibles - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Intangibles [Abstract]
Intangible assets acquired	$ 86,000
Intangible liabilities acquired	$ 8,000
Acquired intangible assets acquired, weighted average useful life	2 years
Acquired intangible liabilities acquired, weighted average useful life	5 years
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets, net	$ (317,960)		$ (305,079)
Intangible liabilities, net	$ (53,771)		$ (54,663)
Accounting Standards Update 2016-12
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Intangible assets, net		$ 39,000
Intangible liabilities, net		$ 6,000

Debt - Bank Line of Credit and

Debt - Bank Line of Credit and Term Loan (Details) £ in Millions	May 23, 2019USD ($)renewal_option	Jul. 03, 2018USD ($)	Jul. 03, 2018GBP (£)	Nov. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019GBP (£)	May 31, 2019USD ($)	Dec. 31, 2018USD ($)
Debt Instrument
Loss on debt extinguishments					$ (1,135,000)	$ 0	$ (1,135,000)	$ 0
Bank line of credit					530,004,000		530,004,000				$ 80,103,000
Repayment under bank line of credit							890,000,000	$ 923,164,000
Term loan				$ 0	$ 248,821,000		$ 248,821,000				$ 0
2015 Term Loan
Debt Instrument
Repayment under bank line of credit | £			£ 169
Repayments of debt				$ 224,000,000
2018 term loan
Debt Instrument
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%		60.00%
Debt instrument, covenant secured debt to assets (as a percent)					40.00%		40.00%		40.00%
Debt instrument, covenant unsecured debt to unencumbered assets (as a percent)					60.00%		60.00%		60.00%
Debt instrument, covenant minimum fixed charge coverage ratio					1.5		1.5		1.5
Debt instrument, covenant net worth					$ 7,000,000,000		$ 7,000,000,000
Bank Line of Credit | Revolving Credit Facility
Debt Instrument
Line of credit facility, maximum borrowing capacity	$ 2,500,000,000
Number of extensions | renewal_option	2
Length of debt instrument extension period	6 months
Debt instrument, facility fee (as a percent)							0.15%
Line of credit facility additional aggregate amount, maximum							$ 750,000,000
Bank line of credit					530,000,000		530,000,000
Debt denominated in foreign currency outstanding					$ 70,000,000		$ 70,000,000		£ 55
Weighted-average interest rate (as a percent)					3.29%		3.29%		3.29%
Bank Line of Credit | Revolving Credit Facility | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)							0.825%
Bank Line of Credit | 2019 Term Loan
Debt Instrument
Weighted-average interest rate (as a percent)					3.38%		3.38%		3.38%
Face amount										$ 250,000,000
Bank Line of Credit | 2019 Term Loan | LIBOR
Debt Instrument
Debt instrument, basis spread on variable rate (as a percent)							0.90%

Debt - Senior Unsecured Notes (

Debt - Senior Unsecured Notes (Details) - USD ($)	Nov. 08, 2018	Jul. 16, 2018	Jul. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Debt Instrument
Principal balance on debt				$ 6,234,984,000		$ 6,234,984,000
Senior unsecured notes				5,262,694,000		5,262,694,000		$ 5,258,550,000
Loss on extinguishment of debt				1,135,000	$ 0	1,135,000	$ 0
Senior Unsecured Note
Debt Instrument
Principal balance on debt				5,300,000,000		5,300,000,000
Senior unsecured notes				0		0		$ 0
Senior Unsecured Note | 2026 Notes
Debt Instrument
Face amount				$ 650,000,000		$ 650,000,000
Percentage of stated interest rate				3.25%		3.25%
Senior Unsecured Note | 2029 Notes
Debt Instrument
Face amount				$ 650,000,000		$ 650,000,000
Percentage of stated interest rate				3.50%		3.50%
Senior Unsecured Note | 2020 Notes
Debt Instrument
Face amount				$ 800,000,000		$ 800,000,000
Percentage of stated interest rate				2.625%		2.625%
Senior Unsecured Note | 2023 Notes
Debt Instrument
Face amount				$ 250,000,000		$ 250,000,000
Percentage of stated interest rate				4.25%		4.25%
Senior Unsecured Note | 2022 Notes
Debt Instrument
Face amount				$ 250,000,000		$ 250,000,000
Percentage of stated interest rate				4.00%		4.00%
Senior Unsecured Note | Unsecured Note 5.375%
Debt Instrument
Percentage of stated interest rate		5.375%
Loss on extinguishment of debt		$ 44,000,000
Repayment of senior unsecured notes		$ 700,000,000
Senior Unsecured Note | Unsecured Debt 3.750%
Debt Instrument
Percentage of stated interest rate	3.75%
Repayment of senior unsecured notes	$ 450,000,000
Subsequent Event | Senior Unsecured Note | Senior Notes Due 2020, 2022, and 2023
Debt Instrument
Loss on extinguishment of debt			$ (35,000,000)

Debt - Debt Maturities (Details

Debt - Debt Maturities (Details) $ in Thousands, £ in Millions	1 Months Ended			6 Months Ended
	Jul. 31, 2019USD ($)property	May 31, 2019USD ($)property	Apr. 30, 2019property	Jun. 30, 2019USD ($)facility	Jun. 30, 2019GBP (£)facility	Dec. 31, 2018USD ($)
Debt Instrument
2019 (six months)				$ 1,456
2020				803,046
2021				10,679
2022				902,694
2023				1,332,830
Thereafter				3,184,279
Total debt before discount, net				6,234,984
(Discounts), premiums and debt costs, net				(31,636)
Long-term debt, net assets held for sale				6,203,348
Long-term debt				6,231,752
Other debt				87,211		$ 90,785
Bank Line of Credit
Debt Instrument
2019 (six months)				0
2020				0
2021				0
2022				0
2023				530,004
Thereafter				0
Total debt before discount, net				530,004
(Discounts), premiums and debt costs, net				0
Long-term debt, net assets held for sale				530,004
Long-term debt				530,004
Term loans
Debt Instrument
2019 (six months)				0
2020				0
2021				0
2022				0
2023				0
Thereafter				250,000
Total debt before discount, net				250,000
(Discounts), premiums and debt costs, net				(1,179)
Long-term debt, net assets held for sale				248,821
Long-term debt				$ 248,821
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				6.87%	6.87%
Senior Unsecured Note
Debt Instrument
2019 (six months)				$ 0
2020				800,000
2021				0
2022				900,000
2023				800,000
Thereafter				2,800,000
Total debt before discount, net				5,300,000
(Discounts), premiums and debt costs, net				(37,306)
Long-term debt, net assets held for sale				5,262,694
Long-term debt				$ 5,262,694
Mortgage Debt
Debt Instrument
Number of healthcare facilities used to secure debt (in facilities) | facility				15	15
Debt instrument, collateral, healthcare facilities carrying value				$ 305,000
2019 (six months)				1,456
2020				3,046
2021				10,679
2022				2,694
2023				2,826
Thereafter				134,279
Total debt before discount, net		$ 50,000		154,980
(Discounts), premiums and debt costs, net				6,849
Long-term debt, net assets held for sale				161,829
Long-term debt				$ 190,233
Weighted-average interest rate (as a percent)				4.13%	4.13%
Weighted-average maturity				14 years
Mortgage Debt | Minimum
Debt Instrument
Percentage of stated interest rate				2.52%	2.52%
Mortgage Debt | Maximum
Debt Instrument
Percentage of stated interest rate				5.91%	5.91%
Revolving Credit Facility | Bank Line of Credit
Debt Instrument
Debt denominated in foreign currency outstanding				$ 70,000	£ 55
Weighted-average interest rate (as a percent)				3.29%	3.29%
Held-for-sale | Bank Line of Credit
Debt Instrument
Weighted-average interest rate (as a percent)				3.45%	3.45%
Held-for-sale
Debt Instrument
Debt on assets held for sale				$ 28,404
Held-for-sale | Bank Line of Credit
Debt Instrument
Debt on assets held for sale				0
Held-for-sale | Term loans
Debt Instrument
Debt on assets held for sale				0
Held-for-sale | Senior Unsecured Note
Debt Instrument
Debt on assets held for sale				0
Held-for-sale | Mortgage Debt
Debt Instrument
Debt on assets held for sale				$ 28,404
Subsequent Event | Term loans
Debt Instrument
Weighted-average interest rate (as a percent)	4.07%
Weighted-average maturity	7 years
Subsequent Event | Mortgage Debt
Debt Instrument
Total debt before discount, net	$ 112,000
Senior Housing | Senior Housing
Debt Instrument
Number of properties acquired (in properties) | property		3	9
Senior Housing | Senior Housing | Subsequent Event
Debt Instrument
Number of properties acquired (in properties) | property	5

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 30, 2019USD ($)
Commitments and Contingencies Disclosure [Abstract]
Loss contingency accrual	$ 0

Equity - Additional Information

Equity - Additional Information (Details) - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Aug. 01, 2019	Feb. 28, 2019	Dec. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Class of Stock [Line Items]
Issuance of common stock, net				$ 405,281,000	$ 659,000	$ 406,813,000	$ 3,433,000
Maximum shares issuable under forward equity sales agreement (in shares)				13,750,000		13,750,000
Forward equity sales agreement, initial net price (in usd per share)						$ 31.84
Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)				5,900,000		5,900,000
Issuance of common stock, net				$ 189,000,000		$ 189,000,000
At-The-Market Program 2018
Class of Stock [Line Items]
ATM aggregate amount authorized		$ 1,000,000,000
Issuance of common stock, net (in shares)								5,400,000
Weighted average net price (in usd per share)			$ 28.27					$ 28.27
Issuance of common stock, net						$ 171,000,000
Remainder outstanding (in shares)				8,100,000		8,100,000
Proceeds from issuance of common stock								$ 154,000,000
Share settlement (in shares)				5,500,000		5,500,000
At-The-Market Program 2019
Class of Stock [Line Items]
Issuance of common stock, net						$ 189,000,000
Forward equity sales agreement, initial net price (in usd per share)						$ 30.91
Forward Equity Offering
Class of Stock [Line Items]
Issuance of common stock, net (in shares)				1,500,000		1,500,000
ATM aggregate amount remaining						$ 378,000,000
Weighted average net price (in usd per share)				$ 28.11		$ 28.11
Issuance of common stock, net						$ 42,000,000
Forward rate, remainder outstanding (in usd per share)				$ 31.35		$ 31.35
Remainder outstanding (in shares)				13,750,000		13,750,000
Maximum shares issuable under forward equity sales agreement (in shares)			15,250,000	13,600,000		13,600,000
Forward equity sales agreement, initial net price (in usd per share)			$ 28.60	$ 30.91		$ 31.24
Option indexed to issuers equity, term			1 year			1 year
Forward Equity Offering | Common Stock
Class of Stock [Line Items]
Issuance of common stock, net (in shares)			2,000,000
Weighted average net price (in usd per share)			$ 28.60					$ 28.60
Proceeds from issuance of common stock			$ 57,000,000
Subsequent Event | Forward Equity Offering
Class of Stock [Line Items]
Maximum shares issuable under forward equity sales agreement (in shares)	1,200,000
Forward equity sales agreement, initial net price (in usd per share)	$ 31.10
Option indexed to issuers equity, term	1 year

Equity - AOCI (Details)

Equity - AOCI (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Accumulated Other Comprehensive Loss
Cumulative foreign currency translation adjustment	$ (1,766)	$ (1,683)
Unrealized gains (losses) on derivatives, net	(272)	(467)
Supplemental Executive Retirement plan minimum liability and other	(2,421)	(2,558)
Total accumulated other comprehensive income (loss)	$ (4,459)	$ (4,708)

Segment Disclosures - Summary I

Segment Disclosures - Summary Information for the Reportable Segments (Details) $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2019USD ($)facility	Mar. 31, 2019USD ($)	Sep. 30, 2018USD ($)	Jun. 30, 2018USD ($)facility	Mar. 31, 2018USD ($)	Jun. 30, 2019USD ($)facility	Jun. 30, 2018USD ($)facility
Segment reporting information, revenues
Rental revenues	$ 489,153			$ 468,104		$ 923,594	$ 940,936
Operating expenses	(213,993)			(173,866)		(382,920)	(346,418)
Segment NOI	275,160			294,238		540,674	594,518
Adjustments to NOI	(2,950)			(3,662)		(5,288)	(13,349)
Adjusted NOI	272,210			290,576		535,386	581,169
Addback adjustments	2,950			3,662		5,288	13,349
Interest income	2,414			1,447		4,127	7,812
Interest expense	(56,942)			(73,038)		(106,269)	(148,140)
Depreciation and amortization	(165,296)			(143,292)		(297,247)	(286,542)
General and administrative	(27,120)			(22,514)		(48,475)	(51,689)
Transaction costs	(1,337)			(2,404)		(5,855)	(4,599)
Recoveries (impairments), net	(68,538)			(13,912)		(77,396)	(13,912)
Gain (loss) on sales of real estate, net	11,448	$ 8,000	$ 95,000	46,064		19,492	66,879
Other income (expense), net	21,008			1,786		24,141	(38,621)
Income tax benefit (expense)	1,864			4,654		5,322	9,990
Equity income (loss) from unconsolidated joint ventures	(1,506)			(101)		(2,369)	469
Net income (loss)	(9,980)			92,928		55,010	136,165
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	(55,231)			(70,500)		(103,121)	(143,084)
Depreciation and amortization	0			0		0	0
General and administrative	(27,120)			(22,514)		(48,475)	(51,689)
Transaction costs	(1,337)			(2,404)		(5,855)	(4,599)
Recoveries (impairments), net	0			0		0	0
Gain (loss) on sales of real estate, net	0			0		0	0
Other income (expense), net	8,191			1,786		11,324	1,946
Income tax benefit (expense)	1,864			4,654		5,322	9,990
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	$ (74,768)			$ (88,978)		$ (141,940)	$ (187,436)
Senior housing triple-net
Segment Disclosure
Number of facilities transitioned | facility	21			10		39	10
Segment reporting information, revenues
Gain (loss) on sales of real estate, net				$ 25,000
Senior housing triple-net | Operating segment
Segment reporting information, revenues
Rental revenues	$ 49,866			70,713		$ 108,758	$ 145,003
Operating expenses	(866)			(791)		(1,859)	(1,837)
Segment NOI	49,000			69,922		106,899	143,166
Adjustments to NOI	4,807			1,006		5,371	(858)
Adjusted NOI	53,807			70,928		112,270	142,308
Addback adjustments	(4,807)			(1,006)		(5,371)	858
Interest income	0			0		0	0
Interest expense	(206)			(607)		(795)	(1,207)
Depreciation and amortization	(15,693)			(21,251)		(32,376)	(43,157)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	(15,485)			(6,273)		(15,485)	(6,273)
Gain (loss) on sales of real estate, net	0			(23,039)		3,557	(23,039)
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	17,616			18,752		61,800	69,490
SHOP
Segment reporting information, revenues
Gain (loss) on sales of real estate, net					$ 21,000
SHOP | Operating segment
Segment reporting information, revenues
Rental revenues	177,001			138,352		303,182	283,022
Operating expenses	(137,460)			(101,767)		(234,407)	(203,513)
Segment NOI	39,541			36,585		68,775	79,509
Adjustments to NOI	841			(124)		1,993	(1,732)
Adjusted NOI	40,382			36,461		70,768	77,777
Addback adjustments	(841)			124		(1,993)	1,732
Interest income	0			0		0	0
Interest expense	(1,326)			(990)		(1,989)	(1,979)
Depreciation and amortization	(52,242)			(28,002)		(76,328)	(55,630)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	(52,963)			0		(52,963)	0
Gain (loss) on sales of real estate, net	4,691			48,252		9,314	69,067
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	(62,299)			55,845		(53,191)	90,967
Life science | Operating segment
Segment reporting information, revenues
Rental revenues	107,596			101,031		202,068	200,653
Operating expenses	(25,480)			(22,732)		(47,472)	(44,541)
Segment NOI	82,116			78,299		154,596	156,112
Adjustments to NOI	(7,614)			(2,233)		(10,091)	(5,984)
Adjusted NOI	74,502			76,066		144,505	150,128
Addback adjustments	7,614			2,233		10,091	5,984
Interest income	0			0		0	0
Interest expense	(70)			(80)		(143)	(162)
Depreciation and amortization	(41,431)			(35,269)		(77,677)	(71,350)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	0			(7,639)		0	(7,639)
Gain (loss) on sales of real estate, net	3,816			0		3,738	0
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	44,431			35,311		$ 80,514	76,961
Medical office
Segment Disclosure
Number of facilities transitioned | facility						2
Medical office | Operating segment
Segment reporting information, revenues
Rental revenues	141,927			134,574		$ 284,122	267,794
Operating expenses	(50,176)			(48,528)		(99,163)	(96,406)
Segment NOI	91,751			86,046		184,959	171,388
Adjustments to NOI	(1,203)			(1,831)		(2,974)	(3,764)
Adjusted NOI	90,548			84,215		181,985	167,624
Addback adjustments	1,203			1,831		2,974	3,764
Interest income	0			0		0	0
Interest expense	(109)			(119)		(221)	(239)
Depreciation and amortization	(54,096)			(48,098)		(107,198)	(95,295)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	(90)			0		(8,948)	0
Gain (loss) on sales of real estate, net	2,941			0		2,883	0
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	40,397			37,829		71,475	75,854
Other non-reportable segments | Operating segment
Segment reporting information, revenues
Rental revenues	12,763			23,434		25,464	44,464
Operating expenses	(11)			(48)		(19)	(121)
Segment NOI	12,752			23,386		25,445	44,343
Adjustments to NOI	219			(480)		413	(1,011)
Adjusted NOI	12,971			22,906		25,858	43,332
Addback adjustments	(219)			480		(413)	1,011
Interest income	2,414			1,447		4,127	7,812
Interest expense	0			(742)		0	(1,469)
Depreciation and amortization	(1,834)			(10,672)		(3,668)	(21,110)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	0			0		0	0
Gain (loss) on sales of real estate, net	0			20,851		0	20,851
Other income (expense), net	12,817			0		12,817	(40,567)
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	(1,506)			(101)		(2,369)	469
Net income (loss)	$ 24,643			$ 34,169		$ 36,352	$ 10,329

Segment Disclosures - Revenues

Segment Disclosures - Revenues and Assets by Segment (Details) - USD ($) $ in Thousands	3 Months Ended					6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Sep. 30, 2018	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Segment Disclosure
Rental revenues	$ 489,153			$ 468,104		$ 923,594	$ 940,936
Operating expenses	(213,993)			(173,866)		(382,920)	(346,418)
Segment NOI	275,160			294,238		540,674	594,518
Adjustments to NOI	(2,950)			(3,662)		(5,288)	(13,349)
Adjusted NOI	272,210			290,576		535,386	581,169
Addback adjustments	2,950			3,662		5,288	13,349
Interest income	2,414			1,447		4,127	7,812
Interest expense	(56,942)			(73,038)		(106,269)	(148,140)
Depreciation and amortization	(165,296)			(143,292)		(297,247)	(286,542)
General and administrative	(27,120)			(22,514)		(48,475)	(51,689)
Transaction costs	(1,337)			(2,404)		(5,855)	(4,599)
Recoveries (impairments), net	(68,538)			(13,912)		(77,396)	(13,912)
Gain (loss) on sales of real estate, net	11,448	$ 8,000	$ 95,000	46,064		19,492	66,879
Loss on debt extinguishments	(1,135)			0		(1,135)	0
Other income (expense), net	21,008			1,786		24,141	(38,621)
Income tax benefit (expense)	1,864			4,654		5,322	9,990
Equity income (loss) from unconsolidated joint ventures	(1,506)			(101)		(2,369)	469
Net income (loss)	(9,980)			92,928		55,010	136,165
Total revenues	491,567			469,551		927,721	948,748
Senior housing triple-net
Segment Disclosure
Gain (loss) on sales of real estate, net				25,000
SHOP
Segment Disclosure
Gain (loss) on sales of real estate, net					$ 21,000
Operating segment
Segment Disclosure
Total revenues	491,567			469,551		927,721	948,748
Operating segment | Senior housing triple-net
Segment Disclosure
Rental revenues	49,866			70,713		108,758	145,003
Operating expenses	(866)			(791)		(1,859)	(1,837)
Segment NOI	49,000			69,922		106,899	143,166
Adjustments to NOI	4,807			1,006		5,371	(858)
Adjusted NOI	53,807			70,928		112,270	142,308
Addback adjustments	(4,807)			(1,006)		(5,371)	858
Interest income	0			0		0	0
Interest expense	(206)			(607)		(795)	(1,207)
Depreciation and amortization	(15,693)			(21,251)		(32,376)	(43,157)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	(15,485)			(6,273)		(15,485)	(6,273)
Gain (loss) on sales of real estate, net	0			(23,039)		3,557	(23,039)
Loss on debt extinguishments	0					0
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	17,616			18,752		61,800	69,490
Total revenues	49,866			70,713		108,758	145,003
Operating segment | SHOP
Segment Disclosure
Rental revenues	177,001			138,352		303,182	283,022
Operating expenses	(137,460)			(101,767)		(234,407)	(203,513)
Segment NOI	39,541			36,585		68,775	79,509
Adjustments to NOI	841			(124)		1,993	(1,732)
Adjusted NOI	40,382			36,461		70,768	77,777
Addback adjustments	(841)			124		(1,993)	1,732
Interest income	0			0		0	0
Interest expense	(1,326)			(990)		(1,989)	(1,979)
Depreciation and amortization	(52,242)			(28,002)		(76,328)	(55,630)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	(52,963)			0		(52,963)	0
Gain (loss) on sales of real estate, net	4,691			48,252		9,314	69,067
Loss on debt extinguishments	0					0
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	(62,299)			55,845		(53,191)	90,967
Total revenues	177,001			138,352		303,182	283,022
Operating segment | Life science
Segment Disclosure
Rental revenues	107,596			101,031		202,068	200,653
Operating expenses	(25,480)			(22,732)		(47,472)	(44,541)
Segment NOI	82,116			78,299		154,596	156,112
Adjustments to NOI	(7,614)			(2,233)		(10,091)	(5,984)
Adjusted NOI	74,502			76,066		144,505	150,128
Addback adjustments	7,614			2,233		10,091	5,984
Interest income	0			0		0	0
Interest expense	(70)			(80)		(143)	(162)
Depreciation and amortization	(41,431)			(35,269)		(77,677)	(71,350)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	0			(7,639)		0	(7,639)
Gain (loss) on sales of real estate, net	3,816			0		3,738	0
Loss on debt extinguishments	0					0
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	44,431			35,311		80,514	76,961
Total revenues	107,596			101,031		202,068	200,653
Operating segment | Medical office
Segment Disclosure
Rental revenues	141,927			134,574		284,122	267,794
Operating expenses	(50,176)			(48,528)		(99,163)	(96,406)
Segment NOI	91,751			86,046		184,959	171,388
Adjustments to NOI	(1,203)			(1,831)		(2,974)	(3,764)
Adjusted NOI	90,548			84,215		181,985	167,624
Addback adjustments	1,203			1,831		2,974	3,764
Interest income	0			0		0	0
Interest expense	(109)			(119)		(221)	(239)
Depreciation and amortization	(54,096)			(48,098)		(107,198)	(95,295)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	(90)			0		(8,948)	0
Gain (loss) on sales of real estate, net	2,941			0		2,883	0
Loss on debt extinguishments	0					0
Other income (expense), net	0			0		0	0
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	40,397			37,829		71,475	75,854
Total revenues	141,927			134,574		284,122	267,794
Operating segment | Other non-reportable segments
Segment Disclosure
Rental revenues	12,763			23,434		25,464	44,464
Operating expenses	(11)			(48)		(19)	(121)
Segment NOI	12,752			23,386		25,445	44,343
Adjustments to NOI	219			(480)		413	(1,011)
Adjusted NOI	12,971			22,906		25,858	43,332
Addback adjustments	(219)			480		(413)	1,011
Interest income	2,414			1,447		4,127	7,812
Interest expense	0			(742)		0	(1,469)
Depreciation and amortization	(1,834)			(10,672)		(3,668)	(21,110)
General and administrative	0			0		0	0
Transaction costs	0			0		0	0
Recoveries (impairments), net	0			0		0	0
Gain (loss) on sales of real estate, net	0			20,851		0	20,851
Loss on debt extinguishments	0					0
Other income (expense), net	12,817			0		12,817	(40,567)
Income tax benefit (expense)	0			0		0	0
Equity income (loss) from unconsolidated joint ventures	(1,506)			(101)		(2,369)	469
Net income (loss)	24,643			34,169		36,352	10,329
Total revenues	15,177			24,881		29,591	52,276
Corporate and other assets
Segment Disclosure
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	(55,231)			(70,500)		(103,121)	(143,084)
Depreciation and amortization	0			0		0	0
General and administrative	(27,120)			(22,514)		(48,475)	(51,689)
Transaction costs	(1,337)			(2,404)		(5,855)	(4,599)
Recoveries (impairments), net	0			0		0	0
Gain (loss) on sales of real estate, net	0			0		0	0
Loss on debt extinguishments	(1,135)					(1,135)
Other income (expense), net	8,191			1,786		11,324	1,946
Income tax benefit (expense)	1,864			4,654		5,322	9,990
Equity income (loss) from unconsolidated joint ventures	0			0		0	0
Net income (loss)	$ (74,768)			$ (88,978)		$ (141,940)	$ (187,436)

Earnings Per Common Share - Nar

Earnings Per Common Share - Narrative (Details) - shares	1 Months Ended	3 Months Ended		6 Months Ended		12 Months Ended
	Dec. 31, 2018	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Earnings Per Share [Abstract]
Maximum shares issuable under forward equity sales agreement (in shares)		13,750,000		13,750,000
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Dilutive potential common shares - forward equity agreements (in shares)		0	0	(1,344,000)	0
Down REIT
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)		7,000,000	7,000,000	7,000,000	7,000,000
Employee stock option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)		1,000,000	1,000,000	1,000,000	1,000,000
Convertible Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Shares of anti-dilutive securities excluded from earnings per share calculation (in shares)		22,000,000		21,000,000
Forward Equity Offering
Earnings Per Share [Abstract]
Maximum shares issuable under forward equity sales agreement (in shares)	15,250,000	13,600,000		13,600,000
Option indexed to issuers equity, term	1 year			1 year
Issuance of common stock, net (in shares)		1,500,000		1,500,000
At-The-Market Program 2018
Earnings Per Share [Abstract]
Share settlement (in shares)		5,500,000		5,500,000
Issuance of common stock, net (in shares)						5,400,000

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		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Numerator
Net income (loss)	$ (9,980)	$ 92,928	$ 55,010	$ 136,165
Noncontrolling interests' share in earnings	(3,617)	(2,986)	(7,137)	(5,991)
Net income (loss) attributable to HCP, Inc.	(13,597)	89,942	47,873	130,174
Less: Participating securities' share in earnings	(394)	(461)	(837)	(852)
Net income (loss) applicable to common shares	$ (13,991)	$ 89,481	$ 47,036	$ 129,322
Denominator
Basic weighted average shares outstanding (in shares)	478,739	469,769	478,260	469,664
Dilutive potential common shares - equity awards (in shares)	0	172	281	135
Dilutive potential common shares - forward equity agreements (in shares)	0	0	1,344	0
Diluted weighted average common shares (in shares)	478,739	469,941	479,885	469,799
Basic earnings per common share
Earnings per common share, basic (in dollars per share)	$ (0.03)	$ 0.19	$ 0.10	$ 0.28
Earnings per common share, diluted (in dollars per share)	$ (0.03)	$ 0.19	$ 0.10	$ 0.28
Forward sales agreements that have not been settled (in shares)			22,000
Forward equity sales agreements that have not been settled			$ 641,000

Supplemental Cash Flow Inform_3

Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Supplemental cash flow information:
Interest paid, net of capitalized interest	$ 99,934	$ 141,777
Income taxes paid (refunded)	1,171	2,735
Capitalized interest	15,413	8,033
Supplemental schedule of non-cash investing and financing activities:
Accrued construction costs	102,307	66,233
Retained equity method investment and proceeds receivable from U.K. JV transaction	0	507,369
Derecognition of U.K. Bridge Loan receivable	0	147,474
Consolidation of net assets related to U.K. Bridge Loan	0	106,457
Vesting of restricted stock units and conversion of non-managing member units into common stock	4,498	340
Liabilities assumed with real estate acquisitions	59,778	0
Conversion of DFLs to real estate	350,540	0
Net noncash impact from the consolidation of previously unconsolidated joint ventures	$ 17,850	$ 0

Supplemental Cash Flow Inform_4

Supplemental Cash Flow Information - Schedule of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018	Dec. 31, 2017
Supplemental Cash Flow Elements [Abstract]
Cash and cash equivalents	$ 130,521	$ 110,790	$ 91,381
Restricted cash	25,531	29,056	30,548
Cash, cash equivalents and restricted cash	$ 156,052	$ 139,846	$ 121,929	$ 82,203

Variable Interest Entities - Na

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

1 Months Ended

3 Months Ended

6 Months Ended

12 Months Ended

Aug. 31, 2018

Mar. 31, 2018USD ($)

Mar. 31, 2018GBP (£)

Mar. 31, 2019facility

Jun. 30, 2018facility

Mar. 31, 2018USD ($)

Mar. 31, 2018GBP (£)

Jun. 30, 2019USD ($)propertyfacilityjoint_venturetenantloan

Dec. 31, 2016USD ($)property

Dec. 31, 2018USD ($)

Mar. 31, 2018GBP (£)

Dec. 31, 2016GBP (£)property

Variable Interest Entity [Line Items]

Mezzanine | $

$ 25,886

$ 21,013

Loans receivable, net | $

$ 124,559

$ 62,998

Senior housing triple-net

Variable Interest Entity [Line Items]

Number of properties disposed (in facilities) | facility

2

2

Unconsolidated Variable Interest Entities

Variable Interest Entity [Line Items]

Number of unconsolidated joint ventures (in joint ventures) | joint_venture

4

Number of VIE borrowers with marketable debt securities (in joint ventures) | joint_venture

1

Number of loans to VIE borrowers (in loans) | loan

1

VIE tenants-operating leases

Variable Interest Entity [Line Items]

Number of properties leased (in properties) | property

15

Number of VIE tenants (in tenants) | tenant

4

CCRC OpCo

Variable Interest Entity [Line Items]

Ownership percentage (as a percent)

49.00%

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 disposed (in facilities) | facility

7

Term of facility

5 years

HCP Ventures V

Variable Interest Entity [Line Items]

Ownership percentage (as a percent)

51.00%

Watertown JV

Variable Interest Entity [Line Items]

Ownership percentage (as a percent)

95.00%

Life science joint ventures

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 (in properties) | property

2

DownREIT Partnerships

Variable Interest Entity [Line Items]

Number of controlling ownership interest entities as a managing member | joint_venture

6

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

13,000

£ 9

MMCG | Property, plant and equipment

Variable Interest Entity [Line Items]

Carrying amount of assets in VIE

114,000

114,000

81

MMCG | Intangible assets

Variable Interest Entity [Line Items]

Carrying amount of assets in VIE

5,000

$ 5,000

£ 4

MMCG | Bridge Loan

Variable Interest Entity [Line Items]

Loans receivable, net

$ 131,000

£ 105

Number of properties in a purchase option (in properties) | property

7

7

Period of call-option retained

3 years

Loss from initial consolidation of VIE

$ 41,000

£ 29

Variable Interest Entities - Sc

Variable Interest Entities - Schedule of Variable Interest Entities (Details) $ in Thousands	Jun. 30, 2019USD ($)
VIE tenants-DFLs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	$ 251,438
VIE tenants-operating leases
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	7,446
CCRC OpCo
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	171,915
Unconsolidated Development JVs
Variable Interest Entity [Line Items]
Maximum Loss Exposure and Carrying Amount	18,715
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	$ 34,537

Variable Interest Entities - Co

Variable Interest Entities - Consolidated Assets and Liabilities of VIEs (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018	Jun. 30, 2018
ASSETS
Buildings and improvements	$ 11,784,671	$ 10,877,248
Development costs and construction in progress	496,662	537,643
Land	1,879,227	1,637,506
Accumulated depreciation and amortization	(2,926,656)	(2,842,947)
Net real estate	11,233,904	10,209,450
Investments in and advances to unconsolidated joint ventures	518,033	540,088
Accounts receivable, net	53,840	48,171
Cash and cash equivalents	130,521	110,790	$ 91,381
Restricted cash	25,531	29,056	$ 30,548
Intangible assets, net	317,960	305,079
Right-of-use asset, net	172,424
Other assets, net	618,218	591,017
Total assets	13,713,093	12,718,553
LIABILITIES AND EQUITY
Mortgage debt	161,829	138,470
Intangible liabilities, net	53,771	54,663
Lease liability	154,877
Accounts payable and accrued liabilities	30,093	1,125
Deferred revenue	193,286	190,683
Total liabilities	7,093,821	6,205,962
VIEs
ASSETS
Buildings and improvements	2,454,366	1,949,582
Development costs and construction in progress	49,101	39,584
Land	267,288	151,746
Accumulated depreciation and amortization	(416,738)	(398,143)
Net real estate	2,354,017	1,742,769
Investments in and advances to unconsolidated joint ventures	0	1,550
Accounts receivable, net	5,329	7,904
Cash and cash equivalents	55,574	23,772
Restricted cash	4,349	3,399
Intangible assets, net	137,749	111,333
Right-of-use asset, net	93,363	0
Other assets, net	43,610	43,149
Total assets	2,693,991	1,933,876
LIABILITIES AND EQUITY
Mortgage debt	98,064	44,598
Intangible liabilities, net	16,162	19,128
Lease liability	90,266	0
Accounts payable and accrued liabilities	57,310	66,736
Deferred revenue	24,119	24,215
Total liabilities	$ 285,921	$ 154,677

Concentration of Credit Risk -

Concentration of Credit Risk - Schedule of Concentration Risk (Details) - Brookdale	3 Months Ended		6 Months Ended		12 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018	Dec. 31, 2018
Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)			6.00%		6.00%
Revenue
Concentration Risk [Line Items]
Concentration risk (as a percent)	4.00%	6.00%	4.00%	6.00%
Senior housing triple-net | Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)			40.00%		27.00%
Senior housing triple-net | Revenue
Concentration Risk [Line Items]
Concentration risk (as a percent)	38.00%	41.00%	35.00%	42.00%

Concentration of Credit Risk _2

Concentration of Credit Risk - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2019facilityrenewal	Dec. 31, 2018
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	26
Number of facilities owned by unconsolidated joint venture | facility	15
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)	6.00%	7.00%
Brookdale | Total Assets
Concentration Risk [Line Items]
Concentration risk (as a percent)	6.00%	6.00%

Fair Value Measurements (Detail

Fair Value Measurements (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Summary of financial instruments
Bank line of credit	$ 530,004	$ 80,103
Senior unsecured notes	5,262,694	5,258,550
Mortgage debt	161,829	138,470
Other debt	87,211	90,785
Carrying Value
Summary of financial instruments
Loans receivable, net	124,559	62,998
Marketable debt securities	19,474	19,202
Bank line of credit	530,004	80,103
Term loan	248,821	0
Senior unsecured notes	5,262,694	5,258,550
Mortgage debt	161,829	138,470
Other debt	87,211	90,785
Derivative liabilities	1,116	1,310
Fair Value | Level 1
Summary of financial instruments
Senior unsecured notes	5,600,495	5,302,485
Fair Value | Level 2
Summary of financial instruments
Loans receivable, net	124,559	62,998
Marketable debt securities	19,474	19,202
Bank line of credit	530,004	80,103
Term loan	248,821	0
Mortgage debt	159,530	136,161
Other debt	87,211	90,785
Derivative liabilities	$ 1,116	$ 1,310

Derivative Financial Instrume_3

Derivative Financial Instruments - Schedule of Derivative Instruments (Details) - Cash Flow - Interest-rate swap contracts	Jun. 30, 2019USD ($)derivative
Derivative [Line Items]
Notional	$ 42,300,000
Pay Rate	3.82%
Fair value of interest rate hedge, liabilities	$ (1,116,000)
Number of interest-rate contracts held | derivative	3

Derivative Financial Instrume_4

Derivative Financial Instruments - Narrative (Details) - 6 months ended Jun. 30, 2019 £ in Millions, $ in Millions	USD ($)	GBP (£)
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