Document_and_Entity_Informatio
Document and Entity Information (USD $) | 3 Months Ended | ||
Sep. 30, 2013 | Oct. 31, 2013 | Jun. 30, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'HEALTH CARE REIT INC /DE/ | ' | ' |
Entity Central Index Key | '0000766704 | ' | ' |
Document Type | '10-Q | ' | ' |
Document Period End date | 30-Sep-13 | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'Q3 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well Known Seasoned Issuer | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Filer Category | 'Large Accelerated Filer | ' | ' |
Entity Public Float | ' | ' | $19,053,297,364 |
Entity Common Stock Shares Outstanding | ' | 288,670,688 | ' |
Consolidated_Balance_Sheets_Un
Consolidated Balance Sheets (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
Real property owned: | ' | ' | |
Land and land improvements | $1,869,234,000 | $1,365,391,000 | |
Buildings and improvements | 20,387,577,000 | 15,635,127,000 | |
Acquired lease intangibles | 1,050,542,000 | 673,684,000 | |
Real property held for sale, net of accumulated depreciation | 2,141,000 | 245,213,000 | |
Construction in progress | 158,006,000 | 162,984,000 | |
Gross real property owned | 23,467,500,000 | 18,082,399,000 | |
Less accumulated depreciation and amortization | -2,168,334,000 | -1,555,055,000 | |
Net real property owned | 21,299,166,000 | 16,527,344,000 | |
Real estate loans receivable: | ' | ' | |
Real estate loans receivable | 307,377,000 | 895,665,000 | |
Net real estate investments | 21,606,543,000 | [1],[2] | 17,423,009,000 |
Other assets: | ' | ' | |
Equity Investments | 475,574,000 | 438,936,000 | |
Goodwill | 68,321,000 | 68,321,000 | |
Deferred loan expenses | 68,569,000 | 66,327,000 | |
Cash and cash equivalents | 164,838,000 | 1,033,764,000 | |
Restricted cash | 80,890,000 | 107,657,000 | |
Receivables and other assets | 585,070,000 | 411,095,000 | |
Total other assets | 1,443,262,000 | 2,126,100,000 | |
Total assets | 23,049,805,000 | 19,549,109,000 | |
Liabilities: | ' | ' | |
Borrowings under unsecured line of credit arrangement | 847,670,000 | 0 | |
Senior unsecured notes | 6,395,638,000 | 6,114,151,000 | |
Secured debt | 3,115,862,000 | 2,336,196,000 | |
Capital lease obligations | 84,069,000 | 81,552,000 | |
Accrued expenses and other liabilities | 660,441,000 | 462,099,000 | |
Total liabilities | 11,103,680,000 | 8,993,998,000 | |
Redeemable noncontrolling interests | 31,706,000 | 34,592,000 | |
Equity: | ' | ' | |
Preferred stock | 1,022,917,000 | 1,022,917,000 | |
Common stock | 288,249,000 | 260,396,000 | |
Capital in excess of par value | 12,349,678,000 | 10,543,690,000 | |
Treasury stock | -21,263,000 | -17,875,000 | |
Cumulative net income | 2,301,869,000 | 2,184,819,000 | |
Cumulative dividends | -4,363,376,000 | -3,694,579,000 | |
Accumulated other comprehensive income (loss) | -23,475,000 | -11,028,000 | |
Other equity | 5,864,000 | 6,461,000 | |
Total Health Care REIT, Inc. stockholders' equity | 11,560,463,000 | 10,294,801,000 | |
Noncontrolling interests | 353,956,000 | 225,718,000 | |
Total equity | 11,914,419,000 | 10,520,519,000 | |
Total liabilities and equity | $23,049,805,000 | $19,549,109,000 | |
[1] | Excludes our share of investments in unconsolidated entities. Please see Note 7 for additional information. | ||
[2] | Genesis is in our seniors housing triple-net segment. Sunrise, Revera, and Belmont Village are in our seniors housing operating segment. Benchmark is in both our seniors housing triple-net and seniors housing operating segments. |
Consolidated_Statements_of_Inc
Consolidated Statements of Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Revenues: | ' | ' | ' | ' | ||||
Rental income | $311,731,000 | $277,919,000 | $909,659,000 | $789,748,000 | ||||
Resident fees and services | 466,127,000 | 174,464,000 | 1,164,446,000 | 498,295,000 | ||||
Interest income | 7,629,000 | 8,111,000 | 24,325,000 | 24,131,000 | ||||
Other income | 1,443,000 | 1,339,000 | 3,168,000 | 4,505,000 | ||||
Total revenues | 786,930,000 | 461,833,000 | 2,101,598,000 | 1,316,679,000 | ||||
Expenses: | ' | ' | ' | ' | ||||
Interest expense | 116,530,000 | 91,915,000 | 336,585,000 | 271,223,000 | ||||
Property operating expenses | 342,730,000 | 144,417,000 | 874,960,000 | 409,236,000 | ||||
Depreciation and amortization | 242,668,000 | 127,844,000 | 628,700,000 | 373,344,000 | ||||
General and administrative | 28,718,000 | 23,679,000 | 79,799,000 | 77,302,000 | ||||
Transaction costs | 23,591,000 | 8,264,000 | 117,707,000 | 42,535,000 | ||||
Loss (gain) on derivatives, net | 4,872,000 | 409,000 | 4,465,000 | -1,712,000 | ||||
Loss (gain) on extinguishment of debt, net | -4,068,000 | 215,000 | -4,376,000 | 791,000 | ||||
Provision for loan losses | 0 | 27,008,000 | 0 | 27,008,000 | ||||
Total expenses | 755,041,000 | 423,751,000 | 2,037,840,000 | 1,199,727,000 | ||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 31,889,000 | 38,082,000 | 63,758,000 | 116,952,000 | ||||
Income tax (expense) benefit | -3,077,000 | -836,000 | -7,055,000 | -3,754,000 | ||||
Income from unconsolidated entities | -331,000 | -739,000 | -3,529,000 | 2,250,000 | ||||
Income (loss) from continuing operations | 28,481,000 | 36,507,000 | 53,174,000 | 115,448,000 | ||||
Discontinued operations: | ' | ' | ' | ' | ||||
Gain (loss) on sales of properties, net | 4,707,000 | 12,827,000 | 57,202,000 | 46,046,000 | ||||
Impairment of assets | 0 | 6,952,000 | 0 | 6,952,000 | ||||
Income (loss) from discontinued operations, net | 417,000 | 11,124,000 | 2,212,000 | 33,294,000 | ||||
Discontinued operations, net | 5,124,000 | 16,999,000 | 59,414,000 | 72,388,000 | ||||
Net income | 33,605,000 | 53,506,000 | 112,588,000 | 187,836,000 | ||||
Less: Preferred stock dividends | 16,602,000 | 16,602,000 | 49,805,000 | 52,527,000 | ||||
Less: Preferred stock redemption charge | 0 | 0 | 0 | 6,242,000 | ||||
Less: Net income (loss) attributable to noncontrolling interests | -3,688,000 | [1] | -365,000 | [1] | -4,462,000 | [1] | -2,241,000 | [1] |
Net income (loss) attributable to common stockholders | $20,691,000 | $37,269,000 | $67,245,000 | $131,308,000 | ||||
Average number of common shares outstanding: | ' | ' | ' | ' | ||||
Basic | 286,020,000 | 224,391,000 | 273,148,000 | 212,592,000 | ||||
Diluted | 288,029,000 | 226,258,000 | 275,247,000 | 214,075,000 | ||||
Basic: | ' | ' | ' | ' | ||||
Income (loss ) from continuing operations attributable to common stockholders | $0.05 | $0.09 | $0.03 | $0.28 | ||||
Discontinued operations, net | $0.02 | $0.08 | $0.22 | $0.34 | ||||
Net income (loss) attributable to common stockholders | $0.07 | $0.17 | $0.25 | $0.62 | ||||
Diluted: | ' | ' | ' | ' | ||||
Income (loss) from continuing operations attributable to common stockholders | $0.05 | $0.09 | $0.03 | $0.28 | ||||
Discontinued operations, net | $0.02 | $0.08 | $0.22 | $0.34 | ||||
Net income (loss) attributable to common stockholders | $0.07 | $0.16 | $0.24 | $0.61 | ||||
Dividends declared and paid per common share | $0.77 | $0.74 | $2.29 | $2.22 | ||||
[1] | (1) Includes amounts attributable to redeemable noncontrolling interests. |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |||||
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' | ||||
Net income (loss) | $33,605,000 | $53,506,000 | $112,588,000 | $187,836,000 | ||||
Other comprehensive income (loss): | ' | ' | ' | ' | ||||
Unrecognized gain (loss) on equity investments | -260,000 | 230,000 | -346,000 | 192,000 | ||||
Unrecognized gain (loss) on cash flow hedges | 473,000 | 414,000 | 1,416,000 | 1,138,000 | ||||
Unrecognized gain (loss) on foreign currency translation | 25,693,000 | 2,514,000 | -18,164,000 | 166,000 | ||||
Total other comprehensive income (loss) | 25,906,000 | 3,158,000 | -17,094,000 | 1,496,000 | ||||
Total comprehensive income (loss) | 59,511,000 | 56,664,000 | 95,494,000 | 189,332,000 | ||||
Total comprehensive income (loss) attributable to noncontrolling interests | -3,881,000 | [1] | -365,000 | [1] | -9,109,000 | [1] | -2,241,000 | [1] |
Total comprehensive income (loss) attributable to controlling interests | $63,392,000 | $57,029,000 | $104,603,000 | $191,573,000 | ||||
[1] | (1) Includes amounts attributable to redeemable noncontrolling interests. |
Consolidated_Statements_of_Equ
Consolidated Statements of Equity (Unaudited) (USD $) | Total | Preferred Stock | Common Stock | Capital in Excess of Par Value | Treasury Stock | Cumulative Net Income | Cumulative Dividends | Accumulated Other Comprehensive Income (Loss) | Other Equity | Noncontrolling Interests |
Balances at beginning of period at Dec. 31, 2011 | $7,278,647,000 | $1,010,417,000 | $192,299,000 | $7,019,714,000 | ($13,535,000) | $1,893,806,000 | ($2,972,129,000) | ($11,928,000) | $6,120,000 | $153,883,000 |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 188,805,000 | ' | ' | ' | ' | 190,077,000 | ' | ' | ' | -1,272,000 |
Other comprehensive income | 1,496,000 | ' | ' | ' | ' | ' | ' | 1,496,000 | ' | ' |
Total comprehensive income | 190,301,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in noncontrolling interests | 12,238,000 | ' | ' | -1,529,000 | ' | ' | ' | ' | ' | 13,767,000 |
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures | 98,980,000 | ' | 1,784,000 | 102,238,000 | -3,996,000 | ' | ' | ' | -1,046,000 | ' |
Proceeds from issuance of common stock | 3,447,408,000 | ' | 64,400,000 | 3,383,008,000 | ' | ' | ' | ' | ' | ' |
Net proceeds from the issuance of preferred stock | 277,687,000 | 287,500,000 | ' | -9,813,000 | ' | ' | ' | ' | ' | ' |
Preferred stock redeemed, amount | -275,040,000 | -275,000,000 | ' | 6,202,000 | ' | -6,242,000 | ' | ' | ' | ' |
Equity component of convertible debt | 3,276,000 | ' | 1,039,000 | 2,237,000 | ' | ' | ' | ' | ' | ' |
Option compensation expense | 2,371,000 | ' | ' | ' | ' | ' | ' | ' | 2,371,000 | ' |
Cash dividends paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock cash dividends | -460,936,000 | ' | ' | ' | ' | ' | -460,936,000 | ' | ' | ' |
Preferred stock cash dividends | -52,527,000 | ' | ' | ' | ' | ' | -52,527,000 | ' | ' | ' |
Balances at end of period at Sep. 30, 2012 | 10,522,405,000 | 1,022,917,000 | 259,522,000 | 10,502,057,000 | -17,531,000 | 2,077,641,000 | -3,485,592,000 | -10,432,000 | 7,445,000 | 166,378,000 |
Balances at beginning of period at Dec. 31, 2012 | 10,520,519,000 | 1,022,917,000 | 260,396,000 | 10,543,690,000 | -17,875,000 | 2,184,819,000 | -3,694,579,000 | -11,028,000 | 6,461,000 | 225,718,000 |
Comprehensive income: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 114,705,000 | ' | ' | ' | ' | 117,050,000 | ' | ' | ' | -2,345,000 |
Other comprehensive income | -17,094,000 | ' | ' | ' | ' | ' | ' | -12,447,000 | ' | -4,647,000 |
Total comprehensive income | 97,611,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change in noncontrolling interests | 159,749,000 | ' | 1,109,000 | 23,410,000 | ' | ' | ' | ' | ' | 135,230,000 |
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures | 174,760,000 | ' | 2,756,000 | 176,840,000 | -3,388,000 | ' | ' | ' | -1,448,000 | ' |
Proceeds from issuance of common stock | 1,630,281,000 | ' | 23,000,000 | 1,607,281,000 | ' | ' | ' | ' | ' | ' |
Net proceeds from the issuance of preferred stock | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity component of convertible debt | -555,000 | ' | 988,000 | -1,543,000 | ' | ' | ' | ' | ' | ' |
Option compensation expense | 851,000 | ' | ' | ' | ' | ' | ' | ' | 851,000 | ' |
Cash dividends paid: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock cash dividends | -618,992,000 | ' | ' | ' | ' | ' | -618,992,000 | ' | ' | ' |
Preferred stock cash dividends | -49,805,000 | ' | ' | ' | ' | ' | -49,805,000 | ' | ' | ' |
Balances at end of period at Sep. 30, 2013 | $11,914,419,000 | $1,022,917,000 | $288,249,000 | $12,349,678,000 | ($21,263,000) | $2,301,869,000 | ($4,363,376,000) | ($23,475,000) | $5,864,000 | $353,956,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | |||
Operating activities | ' | ' | ||
Net income | $112,588,000 | $187,836,000 | ||
Adjustments to reconcile net income to net cash provided from (used in) operating activities: | ' | ' | ||
Depreciation and amortization | 630,579,000 | 393,243,000 | ||
Other amortization expenses | 6,662,000 | 11,702,000 | ||
Provision for loan losses | 0 | 27,008,000 | ||
Impairment of assets | 0 | -6,952,000 | ||
Stock-based compensation expense | 16,650,000 | 16,229,000 | ||
Loss (gain) on derivatives, net | 4,465,000 | -1,712,000 | ||
Loss (gain) on extinguishment of debt, net | -4,376,000 | 791,000 | ||
Income from unconsolidated entities | 3,529,000 | -2,250,000 | ||
Rental income in excess of cash received | -31,226,000 | -32,069,000 | ||
Amortization related to above (below) market leases, net | 313,000 | 767,000 | ||
Loss (gain) on sales of properties, net | -57,202,000 | -46,046,000 | ||
Distributions by unconsolidated entities | 0 | 3,920,000 | ||
Increase (decrease) in accrued expenses and other liabilities | 9,646,000 | 16,417,000 | ||
Decrease (increase) in receivables and other assets | -65,721,000 | -19,318,000 | ||
Net cash provided from (used in) operating activities | 625,907,000 | 563,470,000 | ||
Investing activities | ' | ' | ||
Investment in real property, net of cash acquired | -3,354,716,000 | -2,119,796,000 | ||
Capitalized interest | -4,698,000 | -7,113,000 | ||
Investment in real estate loans receivable | -77,336,000 | -35,894,000 | ||
Other investments, net of payments | -16,589,000 | 26,752,000 | ||
Principal collected on real estate loans receivable | 85,555,000 | 16,577,000 | ||
Contributions to unconsolidated entities | -381,667,000 | -227,735,000 | ||
Distributions by unconsolidated entities | 31,699,000 | 12,592,000 | ||
Proceeds from (payments on) derivatives | 60,909,000 | 4,435,000 | ||
Decrease (increase) in restricted cash | 68,796,000 | -69,809,000 | ||
Proceeds from sales of real property | 385,493,000 | 302,377,000 | ||
Net cash provided from (used in) investing activities | -3,202,554,000 | -2,097,614,000 | ||
Financing activities | ' | ' | ||
Net increase (decrease) under unsecured lines of credit arrangements | 834,050,000 | -610,000,000 | ||
Proceeds from issuance of senior unsecured notes | 497,862,000 | 842,323,000 | ||
Payments to extinguish senior unsecured notes | -217,615,000 | -370,524,000 | ||
Secured debt issued | 85,140,000 | 145,713,000 | ||
Payments on secured debt | -575,373,000 | -272,399,000 | ||
Net proceeds from the issuance of common stock | 1,792,552,000 | 3,536,232,000 | ||
Net proceeds from the issuance of preferred stock | 0 | 277,687,000 | ||
Redemption of preferred stock | 0 | -275,000,000 | ||
Decrease (increase) in deferred loan expenses | -12,398,000 | -5,119,000 | ||
Contributions by noncontrolling interests | 5,350,000 | [1] | 12,106,000 | [1] |
Distributions to noncontrolling interests | -22,502,000 | [1] | -15,283,000 | [1] |
Acquisitions of noncontrolling interests | -23,247,000 | 0 | ||
Cash distributions to stockholders | -668,797,000 | -513,463,000 | ||
Other financing activities | -1,710,000 | 641,000 | ||
Net cash provided from (used in) financing activities | 1,693,312,000 | 2,752,914,000 | ||
Effect of foreign currency translation on cash and cash equivalents | 14,409,000 | 0 | ||
Increase (decrease) in cash and cash equivalents | -868,926,000 | 1,218,770,000 | ||
Cash and cash equivalents at beginning of period | 1,033,764,000 | 163,482,000 | ||
Cash and cash equivalents at end of period | 164,838,000 | 1,382,252,000 | ||
Supplemental cash flow information: | ' | ' | ||
Interest paid | 342,739,000 | 275,246,000 | ||
Income taxes paid | $5,146,096 | $3,012,000 | ||
[1] | (1) Includes amounts attributable to redeemable noncontrolling interests. |
Business
Business | 9 Months Ended |
Sep. 30, 2013 | |
Business [Abstract] | ' |
Business | ' |
1. Business | |
Health Care REIT, Inc., an S&P 500 company with headquarters in Toledo, Ohio, is an equity real estate investment trust (“REIT”) that invests in seniors housing and health care real estate. Our full service platform offers property management and development services to our customers. As of September 30, 2013, our diversified portfolio consisted of 1,197 properties in 46 states, the United Kingdom, and Canada. Founded in 1970, we were the first real estate investment trust to invest exclusively in health care facilities. |
Accounting_Policies_and_Relate
Accounting Policies and Related Matters | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies and Related Matters [Abstract] | ' |
Accounting Policies and Related Matters | ' |
2. Accounting Policies and Related Matters | |
Basis of Presentation | |
The accompanying unaudited consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2013 are not necessarily an indication of the results that may be expected for the year ending December 31, 2013. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, as updated by our Current Report on Form 8-K filed on August 6, 2013. | |
New Accounting Standards | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires companies to provide information about the amounts that are reclassified out of accumulated other comprehensive income by component and by the respective line items of net income. The amendment to authoritative guidance associated with comprehensive income was effective for us on January 1, 2013. The adoption of this guidance did not have a material impact on our unaudited consolidated financial statements. |
Real_Property_Acquisitions_and
Real Property Acquisitions and Development | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Real Property Acquisitions and Development [Abstract] | ' | ||||||||||
Real Property Acquisitions and Development | ' | ||||||||||
3. Real Property Acquisitions and Development | |||||||||||
The total purchase price for all properties acquired has been allocated to the tangible and identifiable intangible assets, liabilities and noncontrolling interests based upon their respective fair values in accordance with our accounting policies. The results of operations for these acquisitions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transaction costs primarily represent costs incurred with property acquisitions, including due diligence costs, fees for legal and valuation services and termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fees and other acquisition-related costs. | |||||||||||
Seniors Housing Triple-net Activity | |||||||||||
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2013(1) | 30-Sep-12 | |||||||||
Land and land improvements | $ | 56,665 | $ | 79,325 | |||||||
Buildings and improvements | 211,903 | 935,036 | |||||||||
Total assets acquired | 268,568 | 1,014,361 | |||||||||
Secured debt | - | -86,186 | |||||||||
Accrued expenses and other liabilities | - | -3,340 | |||||||||
Total liabilities assumed | - | -89,526 | |||||||||
Capital in excess of par | - | 1,024 | |||||||||
Noncontrolling interests | - | -16,826 | |||||||||
Non-cash acquisition related activity | - | -310 | |||||||||
Cash disbursed for acquisitions | 268,568 | 908,723 | |||||||||
Construction in progress additions | 103,951 | 131,579 | |||||||||
Less: | Capitalized interest | -3,337 | -4,228 | ||||||||
Cash disbursed for construction in progress | 100,614 | 127,351 | |||||||||
Capital improvements to existing properties | 27,819 | 48,450 | |||||||||
Total cash invested in real property, net of cash acquired | $ | 397,001 | $ | 1,084,524 | |||||||
(1) Includes acquisitions with an aggregate purchase price of $268,568,000 for which the allocation of the purchase price consideration is preliminary and subject to change. | |||||||||||
Seniors Housing Operating Activity | |||||||||||
Acquisitions of seniors housing operating properties are structured under RIDEA, which is described in Note 18. This structure results in the inclusion of all resident revenues and related property operating expenses from the operation of these qualified health care properties in our consolidated statements of comprehensive income. Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. See Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012, as updated by our Current Report on Form 8-K filed on August 6, 2013, for information regarding our foreign currency policies. | |||||||||||
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2013(1) | 30-Sep-12 | |||||||||
Land and land improvements | $ | 437,046 | $ | 46,391 | |||||||
Building and improvements | 4,214,254 | 450,255 | |||||||||
Acquired lease intangibles | 377,929 | 39,875 | |||||||||
Restricted cash | 41,524 | - | |||||||||
Receivables and other assets | 81,546 | 2,247 | |||||||||
Total assets acquired(2) | 5,152,299 | 538,768 | |||||||||
Secured debt | -1,261,093 | -8,684 | |||||||||
Accrued expenses and other liabilities | -86,412 | -5,480 | |||||||||
Total liabilities assumed | -1,347,505 | -14,164 | |||||||||
Noncontrolling interests | -230,441 | -2,054 | |||||||||
Non-cash acquisition related activity(3) | -856,103 | - | |||||||||
Cash disbursed for acquisitions | 2,718,250 | 522,550 | |||||||||
Construction in progress additions | 1,521 | - | |||||||||
Less: | Capitalized interest | -18 | - | ||||||||
Cash disbursed for construction in progress | 1,503 | - | |||||||||
Capital improvements to existing properties | 36,813 | 13,325 | |||||||||
Total cash invested in real property, net of cash acquired | $ | 2,756,566 | $ | 535,875 | |||||||
(1) Includes acquisitions with an aggregate purchase price of $5,152,299,000 for which the allocation of the purchase price consideration is preliminary and subject to change. | |||||||||||
(2) Excludes $87,406,000 and $4,369,000 of cash acquired during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||
(3) Represents Sunrise loan and noncontrolling interests acquisitions. | |||||||||||
Sunrise Merger | |||||||||||
In August 2012, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Sunrise Senior Living, Inc. (“Sunrise”), pursuant to which we agreed to acquire Sunrise in an all-cash merger (the “Merger”) in which Sunrise stockholders would receive $14.50 in cash for each share of Sunrise common stock. On January 9, 2013, we completed our acquisition of the Sunrise property portfolio. The Sunrise Merger advances our strategic vision to own higher-end, private pay properties located in major metropolitan markets. On July 1, 2013, we acquired the remaining interests in 49 previously unconsolidated properties. As of September 30, 2013, 120 properties are wholly owned and 5 properties are held in unconsolidated entities (see Note 7 for additional information). The total estimated purchase price of approximately $4,155,052,000, including approximately $2,456,011,000 of cash consideration, has been allocated on a preliminary basis to the tangible and identifiable intangible assets and liabilities in the table above based on respective fair values in accordance with our accounting policies. We funded the cash consideration and other associated costs of the acquisition from cash on-hand as well as draws on our primary unsecured line of credit and unsecured term loan (see Notes 9 and 10 for additional information). | |||||||||||
We recognized $201,941,000 and $443,221,000 of revenues and $65,942,000 and $145,264,000 of net operating income from continuing operations related to the consolidated Sunrise portfolio during the three and nine month periods ended September 30, 2013, respectively. In addition, we incurred $72,337,000 of transaction costs, which include advisory fees, due diligence costs, severances, and fees for legal and valuation services during the nine month period ended September 30, 2013. These amounts are included in the seniors housing operating results reflected in Note 17. | |||||||||||
The following unaudited pro forma consolidated results of operation have been prepared as if the Sunrise Merger had occurred as of January 1, 2012 based on the preliminary purchase price allocations discussed above. Amounts are in thousands, except per share data: | |||||||||||
Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | ||||||||||
Revenues | $ | 2,268,062 | $ | 1,828,395 | |||||||
Income (loss) from continuing operations attributable to common stockholders | $ | -2,079 | $ | -59,769 | |||||||
Income (loss) from continuing operations attributable to common stockholders per share: | |||||||||||
Basic | $ | -0.01 | $ | -0.28 | |||||||
Diluted | $ | -0.01 | $ | -0.28 | |||||||
Medical Facilities Activity | |||||||||||
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2013(1) | 30-Sep-12 | |||||||||
Land and land improvements | $ | - | $ | 53,493 | |||||||
Buildings and improvements | 144,708 | 487,255 | |||||||||
Acquired lease intangibles | - | 93,392 | |||||||||
Restricted cash | 505 | 975 | |||||||||
Receivables and other assets | 151 | 4,311 | |||||||||
Total assets acquired | 145,364 | 639,426 | |||||||||
Secured debt | -26,300 | -238,589 | |||||||||
Accrued expenses and other liabilities | -479 | -18,075 | |||||||||
Total liabilities assumed | -26,779 | -256,664 | |||||||||
Non-cash acquisition activity | (12,056)(2) | -880 | |||||||||
Cash disbursed for acquisitions | 106,529 | 381,882 | |||||||||
Construction in progress additions | 87,882 | 94,462 | |||||||||
Less: | Capitalized interest | -1,343 | -2,885 | ||||||||
Accruals(3) | -9,806 | -4,567 | |||||||||
Cash disbursed for construction in progress | 76,733 | 87,010 | |||||||||
Capital improvements to existing properties | 17,887 | 30,505 | |||||||||
Total cash invested in real property | $ | 201,149 | $ | 499,397 | |||||||
(1) Includes acquisitions with an aggregate purchase price of $145,364,000 for which the allocation of purchase price consideration is preliminary and subject to change. | |||||||||||
(2) Represents non-cash consideration exchanged in an asset swap transaction. Please see Note 5 for additional information. | |||||||||||
(3) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above. | |||||||||||
Construction Activity | |||||||||||
The following is a summary of the construction projects that were placed into service and began generating revenues during the periods presented (in thousands): | |||||||||||
Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||
Development projects: | |||||||||||
Seniors housing triple-net | $ | 105,265 | $ | 84,271 | |||||||
Medical facilities | 78,839 | 111,327 | |||||||||
Total development projects | 184,104 | 195,598 | |||||||||
Expansion projects | 14,229 | 240 | |||||||||
Total construction in progress conversions | $ | 198,333 | $ | 195,838 | |||||||
Real_Estate_Intangibles
Real Estate Intangibles | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Real Estate Intangibles [Abstract] | ' | ||||||||||||
Real Estate Intangibles | ' | ||||||||||||
4. Real Estate Intangibles | |||||||||||||
The following is a summary of our real estate intangibles, excluding those classified as held for sale, as of the dates indicated (dollars in thousands): | |||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
Assets: | |||||||||||||
In place lease intangibles | $ | 918,507 | $ | 541,729 | |||||||||
Above market tenant leases | 54,091 | 56,086 | |||||||||||
Below market ground leases | 61,461 | 61,450 | |||||||||||
Lease commissions | 16,483 | 14,419 | |||||||||||
Gross historical cost | 1,050,542 | 673,684 | |||||||||||
Accumulated amortization | -472,389 | -257,242 | |||||||||||
Net book value | $ | 578,153 | $ | 416,442 | |||||||||
Weighted-average amortization period in years | 17.1 | 16.4 | |||||||||||
Liabilities: | |||||||||||||
Below market tenant leases | $ | 76,239 | $ | 77,036 | |||||||||
Above market ground leases | 9,490 | 9,490 | |||||||||||
Gross historical cost | 85,729 | 86,526 | |||||||||||
Accumulated amortization | -32,894 | -27,753 | |||||||||||
Net book value | $ | 52,835 | $ | 58,773 | |||||||||
Weighted-average amortization period in years | 14.3 | 14.3 | |||||||||||
The following is a summary of real estate intangible amortization for the periods presented (in thousands): | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Rental income related to above/below market tenant leases, net | $ | 235 | $ | -972 | $ | 596 | $ | 452 | |||||
Property operating expenses related to above/below market ground leases, net | -303 | -555 | -909 | -1,219 | |||||||||
Depreciation and amortization related to in place lease intangibles and lease commissions | -78,782 | -22,271 | -168,441 | -78,114 | |||||||||
The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): | |||||||||||||
Assets | Liabilities | ||||||||||||
2013 | $ | 93,415 | $ | 1,730 | |||||||||
2014 | 207,606 | 6,583 | |||||||||||
2015 | 58,816 | 5,623 | |||||||||||
2016 | 25,985 | 5,185 | |||||||||||
2017 | 26,825 | 4,894 | |||||||||||
Thereafter | 165,506 | 28,820 | |||||||||||
Totals | $ | 578,153 | $ | 52,835 | |||||||||
Dispositions_Assets_Held_for_S
Dispositions, Assets Held for Sale and Discontinued Operations | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure Dispositions, Assets Held for Sale and Discontinued Operations [Abstract] | ' | |||||||||||||
Dispositions, Assets Held for Sale and Discontinued Operations | ' | |||||||||||||
5. Dispositions, Assets Held for Sale and Discontinued Operations | ||||||||||||||
The following is a summary of our real property disposition activity for the periods presented (in thousands): | ||||||||||||||
Nine Months Ended | ||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||
Real property dispositions: | ||||||||||||||
Seniors housing triple-net | $ | 138,650 | $ | 149,984 | ||||||||||
Medical facilities | 201,845 | 106,347 | ||||||||||||
Total dispositions | 340,495 | 256,331 | ||||||||||||
Gain (loss) on sales of real property, net | 57,202 | 46,046 | ||||||||||||
Non-cash disposition activity(1) | -12,204 | 0 | ||||||||||||
Proceeds from real property sales | $ | 385,493 | $ | 302,377 | ||||||||||
(1) Represents non-cash consideration surrendered in an asset swap transaction. Please see Note 3 for additional information. | ||||||||||||||
We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at September 30, 2013 to discontinued operations. Expenses include an allocation of interest expense based on property carrying values and our weighted-average cost of debt. The following illustrates the reclassification impact as a result of classifying properties as discontinued operations for the periods presented (in thousands): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues: | ||||||||||||||
Rental income | $ | 810 | $ | 20,747 | $ | 5,972 | $ | 70,166 | ||||||
Expenses: | ||||||||||||||
Interest expense | 12 | 4,328 | 1,535 | 15,504 | ||||||||||
Property operating expenses | 68 | 281 | 346 | 1,469 | ||||||||||
Provision for depreciation | 313 | 5,014 | 1,879 | 19,899 | ||||||||||
Total expenses | 393 | 9,623 | 3,760 | 36,872 | ||||||||||
Income (loss) from discontinued operations, net | $ | 417 | $ | 11,124 | $ | 2,212 | $ | 33,294 | ||||||
Real_Estate_Loans_Receivable
Real Estate Loans Receivable | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Real Estate Loans Receivable [Abstract] | ' | |||||||||||||||||||
Real Estate Loans Receivable | ' | |||||||||||||||||||
6. Real Estate Loans Receivable | ||||||||||||||||||||
The following is a summary of our real estate loan activity for the periods presented (in thousands): | ||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||
Seniors | Seniors | |||||||||||||||||||
Housing | Medical | Housing | Medical | |||||||||||||||||
Triple-net | Facilities | Totals | Triple-net | Facilities | Totals | |||||||||||||||
Advances on real estate loans receivable: | ||||||||||||||||||||
Investments in new loans | $ | 27,392 | $ | 4,095 | $ | 31,487 | $ | 1,154 | $ | 0 | $ | 1,154 | ||||||||
Draws on existing loans | 42,772 | 3,077 | 45,849 | 33,710 | 1,030 | 34,740 | ||||||||||||||
Net cash advances on real estate loans | 70,164 | 7,172 | 77,336 | 34,864 | 1,030 | 35,894 | ||||||||||||||
Receipts on real estate loans receivable: | ||||||||||||||||||||
Loan payoffs | 65,768 | 646 | 66,414 | 450 | 0 | 450 | ||||||||||||||
Principal payments on loans | 16,972 | 2,169 | 19,141 | 14,204 | 1,923 | 16,127 | ||||||||||||||
Total receipts on real estate loans | 82,740 | 2,815 | 85,555 | 14,654 | 1,923 | 16,577 | ||||||||||||||
Net cash advances (receipts) on real estate loans | -12,576 | 4,357 | -8,219 | 20,210 | -893 | 19,317 | ||||||||||||||
Change in balance due to foreign currency translation | 765 | 0 | 765 | 0 | 0 | 0 | ||||||||||||||
Net change in real estate loans receivable | $ | -11,811 | $ | 4,357 | $ | -7,454 | $ | 20,210 | $ | -893 | $ | 19,317 | ||||||||
We recorded no provision for loan losses during the nine months ended September 30, 2013. At September 30, 2013, we had real estate loans with outstanding balances of $2,650,000 on non-accrual status with an allowance for loan losses of $0. |
Investments_in_Unconsolidated_
Investments in Unconsolidated Entities | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments in Unconsolidated Entities [Abstract] | ' | ||||||||||||||||
Investments in Unconsolidated Entities | ' | ||||||||||||||||
7. Investments in Unconsolidated Entities | |||||||||||||||||
During the year ended December 31, 2010, we entered into a joint venture investment with Forest City Enterprises Inc. (NYSE:FCE.A and FCE.B). We acquired a 49% interest in a seven-building life science campus located at University Park in Cambridge, Massachusetts, which is immediately adjacent to the campus of the Massachusetts Institute of Technology. This investment is recorded as an investment in unconsolidated entities on the balance sheet. | |||||||||||||||||
On December 31, 2010, we formed a strategic partnership with a national medical office building company whereby the partnership invested in 17 medical office properties. We own a controlling interest in 11 properties and consolidate them. Consolidation is based on a combination of ownership interest and control of operational decision-making authority. We do not own a controlling interest in six properties and account for them under the equity method. Our investment in the strategic partnership provides us access to health systems and includes development and property management resources. | |||||||||||||||||
During the three months ended June 30, 2012, we entered into a joint venture (structured under RIDEA) with Chartwell Retirement Residences (TSX:CSH.UN). The portfolio contains 42 properties in Canada, 39 of which are owned 50% by us and Chartwell, and three of which we wholly own. All properties are managed by Chartwell. Our investment in the 39 properties is recorded as an investment in unconsolidated entities on the balance sheet. The aggregate remaining unamortized basis difference of our investment in this joint venture of $9,488,000 at September 30, 2013 is primarily attributable to transaction costs that will be amortized over the weighted-average useful life of the related properties and included in the reported amount of income from unconsolidated entities. | |||||||||||||||||
In conjunction with the Sunrise Merger, we acquired joint venture interests in 54 properties and a 20% interest in a newly formed Sunrise management company, which manages the entire property portfolio. On July 1, 2013, we acquired the remaining interests in 49 of the properties. Our original investment of $49,759,000 relating to the five remaining unconsolidated properties and the management company is recorded as an investment in unconsolidated entities on the balance sheet. See Note 3 for additional information. | |||||||||||||||||
The results of operations for those investments accounted for under the equity method have been included in our consolidated results of operations from the date of acquisition by the joint ventures and are reflected in our statements of comprehensive income as income or loss from unconsolidated entities. The following is a summary of our income from and investments in unconsolidated entities (dollars in thousands): | |||||||||||||||||
30-Sep-13 | Nine Months Ended September 30, | Assets as of | |||||||||||||||
Percentage Ownership | Properties | 2013 Income (loss) | 2012 Income (loss) | 30-Sep-13 | 31-Dec-12 | ||||||||||||
Seniors housing triple-net(1) | 10% to 49% | - | $ | 3,680 | $ | 26 | $ | 29,107 | $ | 34,618 | |||||||
Seniors housing operating | 33% to 50% | 44 | -13,946 | -4,090 | 257,232 | 217,701 | |||||||||||
Medical facilities | 36% to 49% | 13 | 6,737 | 6,314 | 189,235 | 186,617 | |||||||||||
Total | $ | -3,529 | $ | 2,250 | $ | 475,574 | $ | 438,936 | |||||||||
(1) Asset amounts include an available-for-sale equity investment. See Note 16 for additional information. | |||||||||||||||||
Credit_Concentration
Credit Concentration | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Customer Concentration [Abstract] | ' | ||||||||
Credit Concentration | ' | ||||||||
8. Credit Concentration | |||||||||
The following table summarizes certain information about our credit concentration as of September 30, 2013 (dollars in thousands): | |||||||||
Number of | Total | Percent of | |||||||
Concentration by investment:(1) | Properties(2) | Investment(2) | Investment(3) | ||||||
Sunrise Senior Living | 120 | $ | 4,060,818 | 19% | |||||
Genesis HealthCare | 177 | 2,662,196 | 12% | ||||||
Revera | 47 | 1,221,148 | 6% | ||||||
Belmont Village | 19 | 859,797 | 4% | ||||||
Benchmark | 37 | 852,960 | 4% | ||||||
Remaining portfolio | 740 | 11,949,624 | 55% | ||||||
Totals | 1,140 | $ | 21,606,543 | 100% | |||||
Genesis is in our seniors housing triple-net segment. Sunrise, Revera, and Belmont Village are in our seniors housing operating segment. Benchmark is in both our seniors housing triple-net and seniors housing operating segments. | |||||||||
Excludes our share of investments in unconsolidated entities. Please see Note 7 for additional information. | |||||||||
Investments with our top five relationships comprised 37% of total investments at December 31, 2012. | |||||||||
Borrowings_Under_Line_of_Credi
Borrowings Under Line of Credit Arrangements and Related Items | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Borrowings Under Line of Credit Arrangement and Related Items [Abstract] | ' | |||||||||||||
Borrowings Under Line of Credit Arrangements and Related Items | ' | |||||||||||||
9. Borrowings Under Line of Credit Arrangements and Related Items | ||||||||||||||
At September 30, 2013, we had a $2,250,000,000 unsecured line of credit arrangement with a consortium of 29 banks. We have an option to upsize the facility by up to an additional $1,000,000,000 through an accordion feature, allowing for the aggregate commitment of up to $3,250,000,000. The arrangement also allows us to borrow up to $500,000,000 in alternate currencies. At September 30, 2013, we had $595,000,000 outstanding at 1.36%, and the U.S. dollar equivalent of $242,670,000 outstanding in Pound Sterling at 1.67%. The revolving credit facility is scheduled to expire March 31, 2017, but can be extended for an additional year at our option. Borrowings under the revolver are subject to interest payable in periods no longer than three months at either the agent bank’s prime rate of interest or the applicable margin over LIBOR interest rate, at our option (1.35% at September 30, 2013). The applicable margin is based on certain of our debt ratings and was 1.175% at September 30, 2013. In addition, we pay a facility fee annually to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.225% at September 30, 2013. Principal is due upon expiration of the agreement. In addition, at September 30, 2013, we had $10,000,000 outstanding in unsecured revolving demand notes bearing interest at a blended rate of 1.11%. | ||||||||||||||
The following information relates to aggregate borrowings under the unsecured line of credit arrangements for the periods presented (dollars in thousands): | ||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Balance outstanding at quarter end | $ | 847,670 | $ | 0 | $ | 847,670 | $ | 0 | ||||||
Maximum amount outstanding at any month end | $ | 1,019,050 | $ | 145,000 | $ | 1,019,050 | $ | 897,000 | ||||||
Average amount outstanding (total of daily | ||||||||||||||
principal balances divided by days in period) | $ | 562,978 | $ | 165,000 | $ | 527,890 | $ | 255,639 | ||||||
Weighted average interest rate (actual interest | ||||||||||||||
expense divided by average borrowings outstanding) | 1.51% | 2.30% | 1.43% | 1.79% | ||||||||||
Senior_Unsecured_Notes_and_Sec
Senior Unsecured Notes and Secured Debt | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Senior Unsecured Notes and Secured Debt [Abstract] | ' | ||||||||||
Senior Unsecured Notes and Secured Debt | ' | ||||||||||
10. Senior Unsecured Notes and Secured Debt | |||||||||||
We may repurchase, redeem or refinance convertible and non-convertible senior unsecured notes from time to time, taking advantage of favorable market conditions when available. We may purchase senior notes for cash through open market purchases, privately negotiated transactions, a tender offer or, in some cases, through the early redemption of such securities pursuant to their terms. The non-convertible senior unsecured notes are redeemable at our option, at any time in whole or from time to time in part, at a redemption price equal to the sum of (1) the principal amount of the notes (or portion of such notes) being redeemed plus accrued and unpaid interest thereon up to the redemption date and (2) any “make-whole” amount due under the terms of the notes in connection with early redemptions. Redemptions and repurchases of debt, if any, will depend on prevailing market conditions, our liquidity requirements, contractual restrictions and other factors. At September 30, 2013, the annual principal payments due on these debt obligations were as follows (in thousands): | |||||||||||
Senior | Secured | ||||||||||
Unsecured Notes(1,2) | Debt (1,3) | Totals | |||||||||
2013 | $ | 300,000 | $ | 75,866 | $ | 375,866 | |||||
2014 | 0 | 326,307 | 326,307 | ||||||||
2015(4) | 493,072 | 403,268 | 896,340 | ||||||||
2016 | 1,200,000 | 384,127 | 1,584,127 | ||||||||
2017 | 450,000 | 341,845 | 791,845 | ||||||||
Thereafter | 3,975,118 | 1,534,510 | 5,509,628 | ||||||||
Totals | $ | 6,418,190 | $ | 3,065,923 | $ | 9,484,113 | |||||
(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | |||||||||||
(2) Annual interest rates range from 2.25% to 6.5%, excluding the Canadian denominated unsecured term loan discussed in footnote 4 and the $500,000,000 unsecured term loan discussed below. | |||||||||||
(3) Annual interest rates range from 1.0% to 9.1%. Carrying value of the properties securing the debt totaled $6,336,955,000 at September 30, 2013. | |||||||||||
(4) On July 30, 2012, we completed funding on a $250,000,000 Canadian denominated unsecured term loan (approximately $243,072,000 USD at exchange rates on September 30, 2013). The loan matures July 27, 2015 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 145 basis points (2.67% at September 30, 2013). | |||||||||||
During the nine months ended September 30, 2013, we borrowed on a $500,000,000 unsecured term loan entered into as part of our unsecured line of credit arrangement. The loan matures on March 31, 2016, but can be extended up to two years at our option and bears interest at LIBOR plus 1.35% (1.53% at September 30, 2013). | |||||||||||
The following is a summary of our senior unsecured note activity, excluding the Canadian denominated unsecured term loan, during the periods presented (dollars in thousands): | |||||||||||
Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||
Weighted Avg. | Weighted Avg. | ||||||||||
Amount | Interest Rate | Amount | Interest Rate | ||||||||
Beginning balance | $ | 5,894,403 | 4.68% | $ | 4,464,927 | 5.13% | |||||
Debt issued | 500,000 | 1.55% | 600,000 | 4.13% | |||||||
Debt extinguished | - | 0.00% | -76,853 | 8.00% | |||||||
Debt redeemed | -219,285 | 3.00% | -293,671 | 4.75% | |||||||
Ending balance | $ | 6,175,118 | 4.48% | $ | 4,694,403 | 5.03% | |||||
The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): | |||||||||||
Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||
Weighted Avg. | Weighted Avg. | ||||||||||
Amount | Interest Rate | Amount | Interest Rate | ||||||||
Beginning balance | $ | 2,311,586 | 5.14% | $ | 2,108,373 | 5.34% | |||||
Debt issued | 85,140 | 5.05% | 145,713 | 4.13% | |||||||
Debt assumed | 1,241,898 | 4.11% | 311,653 | 5.71% | |||||||
Debt extinguished | -535,367 | 3.52% | -237,259 | 4.29% | |||||||
Principal payments | -40,006 | 5.27% | -28,247 | 5.35% | |||||||
Foreign currency | 2,672 | 4.04% | 288 | 5.62% | |||||||
Ending balance | $ | 3,065,923 | 5.08% | $ | 2,300,521 | 5.42% | |||||
Our debt agreements contain various covenants, restrictions and events of default. Certain agreements require us to maintain certain financial ratios and minimum net worth and impose certain limits on our ability to incur indebtedness, create liens and make investments or acquisitions. As of September 30, 2013, we were in compliance with all of the covenants under our debt agreements. |
Derivative_Instruments
Derivative Instruments | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Instruments [Abstract] | ' | |||||||||||||||
Derivative Instruments | ' | |||||||||||||||
11. Derivative Instruments | ||||||||||||||||
We are exposed to various market risks, including the potential loss arising from adverse changes in interest rates. We may elect to use financial derivative instruments to hedge interest rate exposure. These decisions are principally based on our policy to manage the general trend in interest rates at the applicable dates and our perception of the future volatility of interest rates. In addition, non-U.S. investments expose us to the potential losses associated with adverse changes in foreign currency to U.S. Dollar exchange rates. We may elect to manage this risk through the use of forward exchange contracts and issuing debt in foreign currencies. | ||||||||||||||||
Interest Rate Swap Contracts Designated as Cash Flow Hedges | ||||||||||||||||
For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”), and reclassified into earnings in the same period, or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. As of September 30, 2013, we had one interest rate swap for a total aggregate notional amount of $11,692,000. The swap hedges interest payments associated with long-term LIBOR based borrowings and matures on December 31, 2013. Approximately $1,910,000 of losses, which are included in accumulated other comprehensive income (“AOCI”), are expected to be reclassified into earnings in the next 12 months. | ||||||||||||||||
Foreign Currency Hedges | ||||||||||||||||
For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. The balance of the cumulative translation adjustment will be reclassified to earnings when the hedged investment is sold or substantially liquidated. On February 15, 2012, we entered into a forward exchange contract to purchase $250,000,000 Canadian Dollars at a fixed rate in the future. The forward contract was used to limit exposure to fluctuations in the Canadian Dollar to U.S. Dollar exchange rate associated with our initial cash investment funded for the Chartwell transaction. On May 3, 2012, this forward exchange contract was settled for a gain of $2,772,000, which was reflected on the consolidated statement of comprehensive income, and the proceeds were used to fund our investment. On May 3, 2012, we also entered into a forward contract to sell $250,000,000 Canadian Dollars at a fixed rate on July 31, 2012 to hedge our net investment. We settled the forward contract on July 31, 2012 with the net loss reflected in OCI. Upon settlement of the forward contract we entered into a $250,000,000 Canadian Dollar term loan, which has been designated as a net investment hedge of our Chartwell investment, and changes in fair value are reported in OCI as no ineffectiveness is anticipated. | ||||||||||||||||
On August 30, 2012, we entered into two cross currency swaps to purchase £125,000,000. The swaps were used to limit exposure to fluctuations in the Pound Sterling to U.S. Dollar exchange rate associated with our initial cash investment funded for the Sunrise transaction. The cross currency swaps have been designated as a net investment hedge, and changes in fair value are reported in OCI as no ineffectiveness is anticipated. | ||||||||||||||||
On September 17, 2012, we entered into two forward exchange contracts to purchase $14,000,000 Canadian Dollars and £23,000,000 at a fixed rate in the future. The forward contracts were used to limit exposure to fluctuations in foreign currency associated with future international transactions. These forward contacts were settled on March 22, 2013 for a realized loss of $2,309,000. | ||||||||||||||||
On January 14, 2013 and January 15, 2013, we entered into three forward exchange contracts to sell £675,000,000 at a fixed rate in the future. The forward exchange contracts were used to hedge a portion of our investment in the United Kingdom at a fixed Pound Sterling rate in U.S. dollars and were settled on July 12, 2013. We received proceeds of $63,514,000. The forward exchange contracts were designated as net investment hedges and the change in fair value is reported in OCI. | ||||||||||||||||
On April 4, 2013, we entered into three forward exchange contracts to purchase $600,000,000 Canadian Dollars at a fixed rate in the future and three forward exchange contracts to sell $600,000,000 Canadian Dollars at a fixed rate in the future. The forward contracts were used to limit exposure to fluctuations in the Canadian Dollar to U.S. Dollar exchange rate associated with our initial cash investment funded for an acquisition in Canada. On May 22, 2013, the three forward exchange purchase contracts were settled for a realized loss of $10,355,000, which was reflected on the consolidated statement of comprehensive income, and the proceeds were used to fund our investment. On May 22, 2013, we designated the three forward exchange sell contracts as net investment hedges, and changes in fair value are reported in OCI as no ineffectiveness is anticipated. Prior to designating the three forward exchange sell contracts as net investments, they were marked to fair value and an unrealized gain of $13,071,000 was reflected on the consolidated statement of comprehensive income. | ||||||||||||||||
On July 1, 2013, we entered into two forward exchange contracts to purchase £144,411,000 at a fixed rate in the future. The forward contracts were used to limit exposure to fluctuations in the Pound Sterling to U.S. Dollar exchange rate associated with our initial cash investment for an acquisition in the United Kingdom. In July 2013, these forward contracts were settled for a realized loss of $4,872,000, which was reflected on the consolidated statement of comprehensive income, and the proceeds were used to fund our investment. | ||||||||||||||||
On July 12, 2013, we entered into three forward exchange contracts to sell £675,000,000 at a fixed rate in the future. The forward exchange contracts were used to hedge a portion of our investment in the United Kingdom at a fixed Pound Sterling rate in U.S. dollars and mature on December 31, 2013. The forward exchange contracts are designated as net investment hedges and changes in fair value are reported in OCI as no ineffectiveness is expected. | ||||||||||||||||
The following presents the impact of derivative instruments on the statement of comprehensive income and OCI for the periods presented (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Gain (loss) on interest rate swap recognized in OCI (effective portion) | OCI | $ | -4 | $ | 797 | $ | -12 | $ | 2,342 | |||||||
Gain (loss) on interest rate swaps reclassified from AOCI into income (effective portion) | Interest expense | -477 | 383 | -1,428 | 1,204 | |||||||||||
Gain (loss) on interest rate swaps recognized in income | Gain (loss) on derivatives, net | 0 | 0 | 0 | -96 | |||||||||||
Gain (loss) on foreign exchange contracts recognized in income | Gain (loss) on derivatives, net | -4,872 | -409 | -4,465 | 1,808 | |||||||||||
Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI | OCI | -110,404 | -12,663 | -19,867 | -5,747 | |||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies [Abstract] | ' |
Commitments and Contingencies | ' |
12. Commitments and Contingencies | |
At September 30, 2013, we had six outstanding letter of credit obligations totaling $5,658,000 and expiring between 2013 and 2015. At September 30, 2013, we had outstanding construction in process of $158,006,000 for leased properties and were committed to providing additional funds of approximately $261,625,000 to complete construction. At September 30, 2013, we had contingent purchase obligations totaling $59,561,000. These contingent purchase obligations relate to unfunded capital improvement obligations and contingent obligations on acquisitions. Rents due from the tenant are increased to reflect the additional investment in the property. | |
We evaluate our leases for operating versus capital lease treatment in accordance with Accounting Standards Codification (“ASC”) Topic 840 “Leases.” A lease is classified as a capital lease if it provides for transfer of ownership of the leased asset at the end of the lease term, contains a bargain purchase option, has a lease term greater than 75% of the economic life of the leased asset, or if the net present value of the future minimum lease payments are in excess of 90% of the fair value of the leased asset. Certain leases contain bargain purchase options and have been classified as capital leases. At September 30, 2013, we had operating lease obligations of $882,088,000 relating to certain ground leases and company office space and capital lease obligations of $118,463,000 relating to certain investment properties. We incurred rental expense relating to company office space of $410,000 and $1,217,000 for the three months and nine months ended September 30, 2013, respectively, as compared to $330,000 and $931,000 for the same periods in 2012. Regarding ground leases, we have sublease agreements with certain of our operators that require the operators to reimburse us for our monthly operating lease obligations. At September 30, 2013, aggregate future minimum rentals to be received under these noncancelable subleases totaled $44,987,000. |
Stockholders_Equity
Stockholders' Equity | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity [Abstract] | ' | |||||||||||||||
Stockholders' Equity | ' | |||||||||||||||
13. Stockholders’ Equity | ||||||||||||||||
The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Preferred Stock: | ||||||||||||||||
Authorized shares | 50,000,000 | 50,000,000 | ||||||||||||||
Issued shares | 26,224,854 | 26,224,854 | ||||||||||||||
Outstanding shares | 26,224,854 | 26,224,854 | ||||||||||||||
Common Stock, $1.00 par value: | ||||||||||||||||
Authorized shares | 400,000,000 | 400,000,000 | ||||||||||||||
Issued shares | 288,821,107 | 260,780,109 | ||||||||||||||
Outstanding shares | 288,360,031 | 260,373,754 | ||||||||||||||
Preferred Stock. The following is a summary of our preferred stock activity during the periods indicated: | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Weighted Avg. | Weighted Avg. | |||||||||||||||
Shares | Dividend Rate | Shares | Dividend Rate | |||||||||||||
Beginning balance | 26,224,854 | 6.49% | 25,724,854 | 7.01% | ||||||||||||
Shares issued | - | 0.00% | 11,500,000 | 6.50% | ||||||||||||
Shares redeemed | - | 0.00% | -11,000,000 | 7.72% | ||||||||||||
Ending balance | 26,224,854 | 6.49% | 26,224,854 | 6.49% | ||||||||||||
Common Stock. The following is a summary of our common stock issuances during the nine months ended September 30, 2013 and 2012 (dollars in thousands, except per share amounts): | ||||||||||||||||
Shares Issued | Average Price | Gross Proceeds | Net Proceeds | |||||||||||||
February 2012 public issuance | 20,700,000 | $ | 53.5 | $ | 1,107,450 | $ | 1,062,256 | |||||||||
August 2012 public issuance | 13,800,000 | 58.75 | 810,750 | 778,011 | ||||||||||||
September 2012 public issuance | 29,900,000 | 56 | 1,674,400 | 1,607,140 | ||||||||||||
2012 Dividend reinvestment plan issuances | 1,485,598 | 55.65 | 82,678 | 82,678 | ||||||||||||
2012 Option exercises | 155,195 | 39.61 | 6,147 | 6,147 | ||||||||||||
2012 Senior note conversions | 1,039,721 | 0 | 0 | |||||||||||||
2012 Totals | 67,080,514 | $ | 3,681,425 | $ | 3,536,232 | |||||||||||
May 2013 public issuance | 23,000,000 | $ | 73.5 | $ | 1,690,500 | $ | 1,630,281 | |||||||||
2013 Dividend reinvestment plan issuances | 2,379,609 | 64.62 | 153,762 | 153,762 | ||||||||||||
2013 Option exercises | 200,467 | 42.45 | 8,509 | 8,509 | ||||||||||||
2013 Senior note conversions | 987,967 | 0 | 0 | |||||||||||||
2013 Equity issued in acquisition of noncontrolling interest | 1,108,917 | 0 | 0 | |||||||||||||
2013 Totals | 27,676,960 | $ | 1,852,771 | $ | 1,792,552 | |||||||||||
During the three months ended September 30, 2013, we acquired the remaining 20% noncontrolling interest in an existing partnership for $91,000,000 which consisted of $23,247,000 of cash and 1,108,917 shares of common stock. In connection with the acquisition, we incurred $2,732,000 of transaction costs which we have included as a reduction to additional paid in capital. | ||||||||||||||||
Dividends. The increase in dividends is primarily attributable to increases in our common shares outstanding as described above. Please refer to Note 18 for information related to federal income tax of dividends. The following is a summary of our dividend payments (in thousands, except per share amounts): | ||||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Per Share | Amount | Per Share | Amount | |||||||||||||
Common Stock | $ | 2.295 | $ | 618,992 | $ | 2.22 | $ | 460,936 | ||||||||
Series D Preferred Stock | - | 0 | 0.503 | 2,012 | ||||||||||||
Series F Preferred Stock | - | 0 | 0.4872 | 3,410 | ||||||||||||
Series H Preferred Stock | 2.1438 | 750 | 2.1438 | 750 | ||||||||||||
Series I Preferred Stock | 2.4375 | 35,039 | 2.4375 | 35,039 | ||||||||||||
Series J Preferred Stock | 1.2189 | 14,016 | 0.9841 | 11,316 | ||||||||||||
Totals | $ | 668,797 | $ | 513,463 | ||||||||||||
Accumulated Other Comprehensive Income. The following is a summary of accumulated other comprehensive income (loss) for the periods presented (in thousands): | ||||||||||||||||
Unrecognized gains (losses) related to: | ||||||||||||||||
Foreign Currency Translation | Equity Investments | Actuarial losses | Cash Flow Hedges | Total | ||||||||||||
Balance at December 31, 2012 | $ | -881 | $ | -216 | $ | -2,974 | $ | -6,957 | $ | -11,028 | ||||||
Other comprehensive income before reclassification adjustments | -13,517 | -346 | 0 | -12 | -13,875 | |||||||||||
Reclassification amount to net income | 0 | 0 | 0 | 1,428(1) | 1,428 | |||||||||||
Net current-period other comprehensive income | -13,517 | -346 | 0 | 1,416 | -12,447 | |||||||||||
Balance at September 30, 2013 | $ | -14,398 | $ | -562 | $ | -2,974 | $ | -5,541 | $ | -23,475 | ||||||
Balance at December 31, 2011 | $ | 0 | $ | -619 | $ | -2,748 | $ | -8,561 | $ | -11,928 | ||||||
Other comprehensive income before reclassification adjustments | 166 | 192 | 0 | 2,342 | 2,700 | |||||||||||
Reclassification amount to net income | 0 | 0 | 0 | (1,204)(1) | -1,204 | |||||||||||
Net current-period other comprehensive income | 166 | 192 | 0 | 1,138 | 1,496 | |||||||||||
Balance at September 30, 2012 | $ | 166 | $ | -427 | $ | -2,748 | $ | -7,423 | $ | -10,432 | ||||||
(1) Please see Note 11 for additional information. | ||||||||||||||||
Stock_Incentive_Plans
Stock Incentive Plans | 9 Months Ended |
Sep. 30, 2013 | |
Stock Incentive Plans [Abstract] | ' |
Stock Incentive Plans | ' |
14. Stock Incentive Plans | |
Our Amended and Restated 2005 Long-Term Incentive Plan (“2005 Plan”) authorizes up to 6,200,000 shares of common stock to be issued at the discretion of the Compensation Committee of the Board of Directors. The 2005 Plan replaced the 1995 Stock Incentive Plan (“1995 Plan”) and the Stock Plan for Non-Employee Directors. The options granted to officers and key employees under the 1995 Plan vested through 2010 and expire ten years from the date of grant. Our non-employee directors, officers and key employees are eligible to participate in the 2005 Plan. The 2005 Plan allows for the issuance of, among other things, stock options, restricted stock, deferred stock units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three years for non-employee directors to five years for officers and key employees. Options expire ten years from the date of grant. Stock-based compensation expense totaled $3,956,000 and $16,650,000 for the three and nine months ended September 30, 2013, respectively, and $2,592,000 and $16,229,000 for the same periods in 2012. |
Earnings_Per_Share
Earnings Per Share | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||
Earnings Per Share | ' | |||||||||||||
15. Earnings Per Share | ||||||||||||||
The following table sets forth the computation of basic and diluted earnings per share (in thousands, except per share data): | ||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator for basic and diluted earnings | ||||||||||||||
per share - net income (loss) attributable | ||||||||||||||
to common stockholders | $ | 20,691 | $ | 37,269 | $ | 67,245 | $ | 131,308 | ||||||
Denominator for basic earnings per | ||||||||||||||
share - weighted average shares | 286,020 | 224,391 | 273,148 | 212,592 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock options | 196 | 238 | 235 | 240 | ||||||||||
Non-vested restricted shares | 567 | 301 | 417 | 293 | ||||||||||
Convertible senior unsecured notes | 1,246 | 1,328 | 1,447 | 950 | ||||||||||
Dilutive potential common shares | 2,009 | 1,867 | 2,099 | 1,483 | ||||||||||
Denominator for diluted earnings per | ||||||||||||||
share - adjusted weighted average shares | 288,029 | 226,258 | 275,247 | 214,075 | ||||||||||
Basic earnings per share | $ | 0.07 | $ | 0.17 | $ | 0.25 | $ | 0.62 | ||||||
Diluted earnings per share | $ | 0.07 | $ | 0.16 | $ | 0.24 | $ | 0.61 | ||||||
The diluted earnings per share calculations exclude the dilutive effect of 0 and 237,000 common stock equivalents for the three months ended September 30, 2013 and 2012, respectively, and 0 common stock equivalents for the nine months ended September 30, 2013 and 2012, because the exercise prices were higher than the average market price. The Series H Cumulative Convertible and Redeemable Preferred Stock and Series I Cumulative Convertible Perpetual Preferred Stock were not included in the calculations as the effect of conversions into common stock was anti-dilutive. |
Disclosure_about_Fair_Value_of
Disclosure about Fair Value of Financial Instruments | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure About Fair Value of Financial Instruments [Abstract] | ' | |||||||||||||
Disclosure about Fair Value of Financial Instruments | ' | |||||||||||||
16. Disclosure about Fair Value of Financial Instruments | ||||||||||||||
The following methods and assumptions were used to estimate the fair value of each class of financial instruments for which it is practicable to estimate that value. | ||||||||||||||
Mortgage Loans and Other Real Estate Loans Receivable — The fair value of mortgage loans and other real estate loans receivable is generally estimated by using Level 2 and Level 3 inputs such as discounting the estimated future cash flows using the current rates at which similar loans would be made to borrowers with similar credit ratings and for the same remaining maturities. | ||||||||||||||
Cash and Cash Equivalents — The carrying amount approximates fair value. | ||||||||||||||
Available-for-sale Equity Investments — Available-for-sale equity investments are recorded at their fair value based on Level 1 publicly available trading prices. | ||||||||||||||
Borrowings Under Unsecured Line of Credit Arrangements — The carrying amount of the unsecured line of credit arrangements approximates fair value because the borrowings are interest rate adjustable. | ||||||||||||||
Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. | ||||||||||||||
Secured Debt — The fair value of fixed rate secured debt is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The carrying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. | ||||||||||||||
Interest Rate Swap Agreements — Interest rate swap agreements are recorded in other assets or other liabilities on the balance sheet at fair market value. Fair market value is estimated using Level 2 inputs by utilizing pricing models that consider forward yield curves and discount rates. | ||||||||||||||
Foreign Currency Forward Contracts — Foreign currency forward contracts are recorded in other assets or other liabilities on the balance sheet at fair market value. Fair market value is determined using Level 2 inputs by estimating the future value of the currency pair based on existing exchange rates, comprised of current spot and traded forward points, and calculating a present value of the net amount using a discount factor based on observable traded interest rates. | ||||||||||||||
The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): | ||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Financial assets: | ||||||||||||||
Mortgage loans receivable | $ | 131,138 | $ | 133,554 | $ | 87,955 | $ | 88,975 | ||||||
Other real estate loans receivable | 176,239 | 182,153 | 807,710 | 820,195 | ||||||||||
Available-for-sale equity investments | 1,037 | 1,037 | 1,384 | 1,384 | ||||||||||
Cash and cash equivalents | 164,838 | 164,838 | 1,033,764 | 1,033,764 | ||||||||||
Foreign currency forward contracts | 7,669 | 7,669 | 0 | 0 | ||||||||||
Financial liabilities: | ||||||||||||||
Borrowings under unsecured line of credit arrangements | $ | 847,670 | $ | 847,670 | $ | 0 | $ | 0 | ||||||
Senior unsecured notes | 6,395,638 | 6,806,353 | 6,114,151 | 6,793,424 | ||||||||||
Secured debt | 3,115,862 | 3,262,955 | 2,336,196 | 2,515,145 | ||||||||||
Interest rate swap agreements | 68 | 68 | 264 | 264 | ||||||||||
Foreign currency forward contracts | 79,544 | 79,544 | 7,247 | 7,247 | ||||||||||
U.S. GAAP provides authoritative guidance for measuring and disclosing fair value measurements of assets and liabilities. The guidance defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The guidance describes three levels of inputs that may be used to measure fair value: | ||||||||||||||
Level 1 - Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||
Level 2 - Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012, as updated by our Current Report on Form 8-K filed on August 6, 2013, for additional information. | ||||||||||||||
Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||
Items Measured at Fair Value on a Recurring Basis | ||||||||||||||
The market approach is utilized to measure fair value for our financial assets and liabilities reported at fair value on a recurring basis. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets or liabilities. The following summarizes items measured at fair value on a recurring basis (in thousands): | ||||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Available-for-sale equity investments(1) | $ | 1,037 | $ | 1,037 | $ | 0 | $ | 0 | ||||||
Interest rate swap agreements(2) | -68 | 0 | -68 | 0 | ||||||||||
Foreign currency forward contracts(2) | -71,875 | 0 | -71,875 | 0 | ||||||||||
Totals | $ | -70,906 | $ | 1,037 | $ | -71,943 | $ | 0 | ||||||
(1) Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date. | ||||||||||||||
(2) Please see Note 11 for additional information. | ||||||||||||||
Items Measured at Fair Value on a Nonrecurring Basis | ||||||||||||||
In addition to items that are measured at fair value on a recurring basis, we also have assets and liabilities in our balance sheet that are measured at fair value on a nonrecurring basis. As these assets and liabilities are not measured at fair value on a recurring basis, they are not included in the tables above. Assets, liabilities and noncontrolling interests that are measured at fair value on a nonrecurring basis include those acquired/assumed in business combinations (see Note 3) and asset impairments (if applicable, see Note 5 for impairments of real property and Note 6 for impairments of loans receivable). We have determined that the fair value measurements included in each of these assets and liabilities rely primarily on company-specific inputs and our assumptions about the use of the assets and settlement of liabilities, as observable inputs are not available. As such, we have determined that each of these fair value measurements generally reside within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates. We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of secured debt assumed in business combinations using current interest rates at which similar borrowings could be obtained on the transaction date. |
Segment_Reporting
Segment Reporting | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
17. Segment Reporting | ||||||||||||||||
We invest in seniors housing and health care real estate. We evaluate our business and make resource allocations on our five operating segments: seniors housing triple-net, seniors housing operating, medical office buildings, hospitals and life science. Our seniors housing triple-net properties include skilled nursing/post-acute facilities, assisted living facilities, independent living/continuing care retirement communities and combinations thereof. Under the seniors housing triple-net segment, we invest in seniors housing and health care real estate through acquisition and financing of primarily single tenant properties. Properties acquired are primarily leased under triple-net leases and we are not involved in the management of the property. Our seniors housing operating properties include seniors housing communities that are owned and/or operated through RIDEA structures (see Notes 3 and 18). | ||||||||||||||||
Our medical facility properties include medical office buildings, hospitals and life science buildings which are aggregated into our medical facilities reportable segment. Our medical office buildings are typically leased to multiple tenants and generally require a certain level of property management. Our hospital investments are leased and we are not involved in the management of the property. Our life science investment represents an investment in an unconsolidated entity (see Note 7). | ||||||||||||||||
The accounting policies of the segments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2012, as updated by our Current Report on Form 8-K filed on August 6, 2013). The results of operations for all acquisitions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. There are no intersegment sales or transfers. | ||||||||||||||||
We evaluate performance based upon net operating income from continuing operations (“NOI”) of each segment. We define NOI as total revenues, including tenant reimbursements, less property level operating expenses. We believe NOI provides investors relevant and useful information because it measures the operating performance of our properties at the property level on an unleveraged basis. We use NOI to make decisions about resource allocations and to assess the property level performance of our properties. | ||||||||||||||||
Non-segment revenue consists mainly of interest income on non-real estate investments and other income. Non-segment assets consist of corporate assets including cash, deferred loan expenses and corporate offices and equipment among others. Non-property specific revenues and expenses are not allocated to individual segments in determining NOI. | ||||||||||||||||
Summary information for the reportable segments for the three and nine months ended September 30, 2013 and 2012 is as follows (in thousands): | ||||||||||||||||
Three Months Ended September 30, 2013: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 199,408 | $ | - | $ | 112,323 | $ | - | $ | 311,731 | ||||||
Resident fees and services | - | 466,127 | - | - | 466,127 | |||||||||||
Interest income | 5,035 | - | 2,594 | - | 7,629 | |||||||||||
Other income | 778 | 167 | 466 | 32 | 1,443 | |||||||||||
Total revenues | 205,221 | 466,294 | 115,383 | 32 | 786,930 | |||||||||||
Property operating expenses | - | -311,575 | -31,155 | - | -342,730 | |||||||||||
Net operating income from continuing operations | 205,221 | 154,719 | 84,228 | 32 | 444,200 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -5,968 | -24,693 | -9,143 | -76,726 | -116,530 | |||||||||||
(Loss) gain on derivatives, net | -4,872 | - | - | - | -4,872 | |||||||||||
Depreciation and amortization | -58,148 | -144,578 | -39,942 | - | -242,668 | |||||||||||
General and administrative | - | - | - | -28,718 | -28,718 | |||||||||||
Transaction costs | -4,026 | -18,882 | -683 | - | -23,591 | |||||||||||
(Loss) gain on extinguishment of debt, net | - | 5,252 | - | -1,184 | 4,068 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 132,207 | $ | -28,182 | $ | 34,460 | $ | -106,596 | $ | 31,889 | ||||||
Total assets | $ | 9,222,731 | $ | 9,031,224 | $ | 4,645,540 | $ | 150,310 | $ | 23,049,805 | ||||||
Three Months Ended September 30, 2012: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 178,193 | $ | - | $ | 99,726 | $ | - | $ | 277,919 | ||||||
Resident fees and services | - | 174,464 | - | - | 174,464 | |||||||||||
Interest income | 6,116 | - | 1,995 | - | 8,111 | |||||||||||
Other income | 662 | - | 400 | 277 | 1,339 | |||||||||||
Total revenues | 184,971 | 174,464 | 102,121 | 277 | 461,833 | |||||||||||
Property operating expenses | - | -118,369 | -26,048 | - | -144,417 | |||||||||||
Net operating income from continuing operations | 184,971 | 56,095 | 76,073 | 277 | 317,416 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -347 | -17,474 | -7,940 | -66,154 | -91,915 | |||||||||||
(Loss) gain on derivatives, net | - | -409 | - | - | -409 | |||||||||||
Depreciation and amortization | -52,294 | -39,591 | -35,959 | - | -127,844 | |||||||||||
General and administrative | - | - | - | -23,679 | -23,679 | |||||||||||
Transaction costs | -5,590 | -1,966 | -708 | - | -8,264 | |||||||||||
(Loss) gain on extinguishment of debt, net | -126 | -89 | - | - | -215 | |||||||||||
Provision for loan losses | -27,008 | - | - | - | -27,008 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 99,606 | $ | -3,434 | $ | 31,466 | $ | -89,556 | $ | 38,082 | ||||||
Nine Months Ended September 30, 2013: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 573,112 | $ | - | $ | 336,547 | $ | - | $ | 909,659 | ||||||
Resident fees and services | - | 1,164,446 | - | - | 1,164,446 | |||||||||||
Interest income | 16,311 | 757 | 7,257 | - | 24,325 | |||||||||||
Other income | 1,183 | 169 | 1,539 | 277 | 3,168 | |||||||||||
Total revenues | 590,606 | 1,165,372 | 345,343 | 277 | 2,101,598 | |||||||||||
Property operating expenses | - | -785,050 | -89,910 | - | -874,960 | |||||||||||
Net operating income from continuing operations | 590,606 | 380,322 | 255,433 | 277 | 1,226,638 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -15,841 | -63,175 | -28,441 | -229,128 | -336,585 | |||||||||||
(Loss) gain on derivatives, net | -4,872 | 407 | - | - | -4,465 | |||||||||||
Depreciation and amortization | -169,603 | -338,099 | -120,998 | - | -628,700 | |||||||||||
General and administrative | - | - | - | -79,799 | -79,799 | |||||||||||
Transaction costs | -15,730 | -101,006 | -971 | - | -117,707 | |||||||||||
(Loss) gain on extinguishment of debt, net | - | 5,560 | - | -1,184 | 4,376 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 384,560 | $ | -115,991 | $ | 105,023 | $ | -309,834 | $ | 63,758 | ||||||
Nine Months Ended September 30, 2012: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 508,004 | $ | - | $ | 281,744 | $ | - | $ | 789,748 | ||||||
Resident fees and services | - | 498,295 | - | - | 498,295 | |||||||||||
Interest income | 17,977 | - | 6,154 | - | 24,131 | |||||||||||
Other income | 2,268 | - | 1,482 | 755 | 4,505 | |||||||||||
Total revenues | 528,249 | 498,295 | 289,380 | 755 | 1,316,679 | |||||||||||
Property operating expenses | - | -336,952 | -72,284 | - | -409,236 | |||||||||||
Net operating income from continuing operations | 528,249 | 161,343 | 217,096 | 755 | 907,443 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -602 | -49,537 | -22,338 | -198,746 | -271,223 | |||||||||||
(Loss) gain on derivatives, net | -96 | 1,808 | - | - | 1,712 | |||||||||||
Depreciation and amortization | -147,074 | -123,820 | -102,450 | - | -373,344 | |||||||||||
General and administrative | - | - | - | -77,302 | -77,302 | |||||||||||
Transaction costs | -30,796 | -6,365 | -5,374 | - | -42,535 | |||||||||||
(Loss) gain on extinguishment of debt, net | -2,363 | 1,089 | 483 | - | -791 | |||||||||||
Provision for loan losses | -27,008 | - | - | - | -27,008 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 320,310 | $ | -15,482 | $ | 87,417 | $ | -275,293 | $ | 116,952 | ||||||
Our portfolio of properties and other investments are located in the United States, the United Kingdom and Canada. Revenues and assets are attributed to the country in which the property is physically located. The following is a summary of geographic information for our operations for the periods presented (dollars in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||
Revenues: | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||
United States | $ | 669,968 | 85.10% | $ | 454,742 | 98.50% | $ | 1,837,068 | 87.40% | $ | 1,307,533 | 99.30% | ||||
International | 116,962 | 14.90% | 7,091 | 1.50% | 264,530 | 12.60% | 9,146 | 0.70% | ||||||||
Total | $ | 786,930 | 100.00% | $ | 461,833 | 100.00% | $ | 2,101,598 | 100.00% | $ | 1,316,679 | 100.00% | ||||
As of | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Assets: | Amount | % | Amount | % | ||||||||||||
United States | $ | 19,622,576 | 85.10% | $ | 18,692,214 | 95.60% | ||||||||||
International | 3,427,229 | 14.90% | 856,895 | 4.40% | ||||||||||||
Total | $ | 23,049,805 | 100.00% | $ | 19,549,109 | 100.00% | ||||||||||
Income_Taxes_and_Distributions
Income Taxes and Distributions | 9 Months Ended |
Sep. 30, 2013 | |
Income Taxes And Distributions [Abstract] | ' |
Income Taxes And Distributions | ' |
18. Income Taxes and Distributions | |
We elected to be taxed as a REIT commencing with our first taxable year. To qualify as a REIT for federal income tax purposes, at least 90% of taxable income (excluding 100% of net capital gains) must be distributed to stockholders. REITs that do not distribute a certain amount of current year taxable income in the current year are also subject to a 4% federal excise tax. The main differences between undistributed net income for federal income tax purposes and financial statement purposes are the recognition of straight-line rent for reporting purposes, basis differences in acquisitions, recording of impairments, differing useful lives and depreciation and amortization methods for real property and the provision for loan losses for reporting purposes versus bad debt expense for tax purposes. | |
Under the provisions of the REIT Investment Diversification and Empowerment Act of 2007 ( “RIDEA”), for taxable years beginning after July 30, 2008, the REIT may lease “qualified health care properties” on an arm’s-length basis to a taxable REIT subsidiary (“TRS”) if the property is operated on behalf of such subsidiary by a person who qualifies as an “eligible independent contractor.” Generally, the rent received from the TRS will meet the related party rent exception and will be treated as “rents from real property.” A “qualified health care property” includes real property and any personal property that is, or is necessary or incidental to the use of, a hospital, nursing facility, assisted living facility, congregate care facility, qualified continuing care facility, or other licensed facility which extends medical or nursing or ancillary services to patients. We have entered into various joint ventures that were structured under RIDEA. Resident level rents and related operating expenses for these facilities are reported in the consolidated financial statements and are subject to federal and state income taxes as the operations of such facilities are included in a TRS. Certain net operating loss carryforwards could be utilized to offset taxable income in future years. | |
Our consolidated provision for income taxes for the nine months ended September 30, 2013 and 2012 was $7,055,000 and $3,754,000, respectively. Income tax expense reflected in the financial statements primarily represents U.S. federal and state and local income taxes as well as non-U.S. income taxes on certain investments located in jurisdictions outside the U.S. Net deferred tax liabilities with respect to our TRS entities totaled $10,388,000 and $1,419,000 as of September 30, 2013 and December 31, 2012, respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets and to net operating losses. | |
Generally, given current statutes of limitations, we are subject to audit by the Internal Revenue Service (“IRS”) for the year ended December 31, 2010 and subsequent years and by state taxing authorities for the year ended December 31, 2009 and subsequent years. We are also subject to audit by the Canada Revenue Agency (“CRA”) and provincial authorities generally for periods subsequent to our Chartwell investment in May 2012 related to entities acquired or formed in connection with the investments, and by HM Revenue & Customs for periods subsequent to our Sunrise-related acquisitions in August 2012 related to entities acquired or formed in connection with the acquisitions. | |
We apply the rules under ASC 740-10 “Accounting for Uncertainty in Income Taxes” for uncertain tax positions using a “more likely than not” recognition threshold for tax positions. Pursuant to these rules, we will initially recognize the financial statement effects of a tax position when it is more likely than not, based on the technical merits of the tax position, that such a position will be sustained upon examination by the relevant tax authorities. If the tax benefit meets the “more likely than not” threshold, the measurement of the tax benefit will be based on our estimate of the ultimate tax benefit to be sustained if audited by the taxing authority. | |
The balance of our unrecognized tax benefits as of September 30, 2013 and December 31, 2012 was $6,327,000 and $6,098,000, respectively. As of September 30, 2013, $5,916,000 (exclusive of accrued interest and penalties) relates to the April 1, 2011 Genesis HealthCare Corporation transaction (“Genesis Acquisition”) and is included in accrued expenses and other liabilities on the consolidated balance sheet. As a part of the Genesis Acquisition, we received a full indemnification from FC-GEN Operations Investment, LLC covering income taxes or other taxes as well as interest and penalties relating to tax positions taken by FC-GEN Operations Investment, LLC prior to the acquisition. Accordingly, an offsetting indemnification asset is recorded in receivables and other assets on the consolidated balance sheet. Such indemnification asset is reviewed for collectability periodically. Unrecognized tax benefits, as currently accrued for, have an immaterial impact on the effective tax rate to the extent that they would be recognized. There were insignificant uncertain tax positions as of September 30, 2013 for which it is reasonably possible that the amount of unrecognized tax benefits would decrease during 2013. Interest and penalties totaled $154,000 and $366,000 for the three and nine months ended September 30, 2013, respectively, and are included in income tax expense. |
Subsequent_Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2013 | |
Subsequent Events | ' |
Subsequent Events | ' |
19. Subsequent Events | |
Debt Activity. On October 7, 2013, we completed the issuance of $400 million of 4.5% senior unsecured notes due 2024, generating approximately $393 million in proceeds. |
Accounting_Policies_and_Relate1
Accounting Policies and Related Matters (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies and Related Matters (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 (“U.S. GAAP”) for interim financial information and with instructions to Quarterly Report on Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2013 are not necessarily an indication of the results that may be expected for the year ending December 31, 2013. For further information, refer to the financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2012, as updated by our Current Report on Form 8-K filed on August 6, 2013. | |
New Accounting Standards | ' |
New Accounting Standards | |
In February 2013, the Financial Accounting Standards Board issued Accounting Standards Update No. 2013-02, “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income,” which requires companies to provide information about the amounts that are reclassified out of accumulated other comprehensive income by component and by the respective line items of net income. The amendment to authoritative guidance associated with comprehensive income was effective for us on January 1, 2013. The adoption of this guidance did not have a material impact on our unaudited consolidated financial statements. |
Real_Property_Acquisitions_and1
Real Property Acquisitions and Development (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Real property acquisitions and development [Line Items] | ' | ||||||||||
Pro forma consolidated results of operations | ' | ||||||||||
Nine Months Ended | |||||||||||
September 30, | September 30, | ||||||||||
2013 | 2012 | ||||||||||
Revenues | $ | 2,268,062 | $ | 1,828,395 | |||||||
Income (loss) from continuing operations attributable to common stockholders | $ | -2,079 | $ | -59,769 | |||||||
Income (loss) from continuing operations attributable to common stockholders per share: | |||||||||||
Basic | $ | -0.01 | $ | -0.28 | |||||||
Diluted | $ | -0.01 | $ | -0.28 | |||||||
Estimated fair value of allocated updated purchase price calculation of asset and liabilities | ' | ||||||||||
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2013(1) | 30-Sep-12 | |||||||||
Land and land improvements | $ | 56,665 | $ | 79,325 | |||||||
Buildings and improvements | 211,903 | 935,036 | |||||||||
Total assets acquired | 268,568 | 1,014,361 | |||||||||
Secured debt | - | -86,186 | |||||||||
Accrued expenses and other liabilities | - | -3,340 | |||||||||
Total liabilities assumed | - | -89,526 | |||||||||
Capital in excess of par | - | 1,024 | |||||||||
Noncontrolling interests | - | -16,826 | |||||||||
Non-cash acquisition related activity | - | -310 | |||||||||
Cash disbursed for acquisitions | 268,568 | 908,723 | |||||||||
Construction in progress additions | 103,951 | 131,579 | |||||||||
Less: | Capitalized interest | -3,337 | -4,228 | ||||||||
Cash disbursed for construction in progress | 100,614 | 127,351 | |||||||||
Capital improvements to existing properties | 27,819 | 48,450 | |||||||||
Total cash invested in real property, net of cash acquired | $ | 397,001 | $ | 1,084,524 | |||||||
(1) Includes acquisitions with an aggregate purchase price of $268,568,000 for which the allocation of the purchase price consideration is preliminary and subject to change. | |||||||||||
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2013(1) | 30-Sep-12 | |||||||||
Land and land improvements | $ | 437,046 | $ | 46,391 | |||||||
Building and improvements | 4,214,254 | 450,255 | |||||||||
Acquired lease intangibles | 377,929 | 39,875 | |||||||||
Restricted cash | 41,524 | - | |||||||||
Receivables and other assets | 81,546 | 2,247 | |||||||||
Total assets acquired(2) | 5,152,299 | 538,768 | |||||||||
Secured debt | -1,261,093 | -8,684 | |||||||||
Accrued expenses and other liabilities | -86,412 | -5,480 | |||||||||
Total liabilities assumed | -1,347,505 | -14,164 | |||||||||
Noncontrolling interests | -230,441 | -2,054 | |||||||||
Non-cash acquisition related activity(3) | -856,103 | - | |||||||||
Cash disbursed for acquisitions | 2,718,250 | 522,550 | |||||||||
Construction in progress additions | 1,521 | - | |||||||||
Less: | Capitalized interest | -18 | - | ||||||||
Cash disbursed for construction in progress | 1,503 | - | |||||||||
Capital improvements to existing properties | 36,813 | 13,325 | |||||||||
Total cash invested in real property, net of cash acquired | $ | 2,756,566 | $ | 535,875 | |||||||
(1) Includes acquisitions with an aggregate purchase price of $5,152,299,000 for which the allocation of the purchase price consideration is preliminary and subject to change. | |||||||||||
(2) Excludes $87,406,000 and $4,369,000 of cash acquired during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||
(3) Represents Sunrise loan and noncontrolling interests acquisitions. | |||||||||||
Nine Months Ended | |||||||||||
(In thousands) | September 30, 2013(1) | 30-Sep-12 | |||||||||
Land and land improvements | $ | - | $ | 53,493 | |||||||
Buildings and improvements | 144,708 | 487,255 | |||||||||
Acquired lease intangibles | - | 93,392 | |||||||||
Restricted cash | 505 | 975 | |||||||||
Receivables and other assets | 151 | 4,311 | |||||||||
Total assets acquired | 145,364 | 639,426 | |||||||||
Secured debt | -26,300 | -238,589 | |||||||||
Accrued expenses and other liabilities | -479 | -18,075 | |||||||||
Total liabilities assumed | -26,779 | -256,664 | |||||||||
Non-cash acquisition activity | (12,056)(2) | -880 | |||||||||
Cash disbursed for acquisitions | 106,529 | 381,882 | |||||||||
Construction in progress additions | 87,882 | 94,462 | |||||||||
Less: | Capitalized interest | -1,343 | -2,885 | ||||||||
Accruals(3) | -9,806 | -4,567 | |||||||||
Cash disbursed for construction in progress | 76,733 | 87,010 | |||||||||
Capital improvements to existing properties | 17,887 | 30,505 | |||||||||
Total cash invested in real property | $ | 201,149 | $ | 499,397 | |||||||
(1) Includes acquisitions with an aggregate purchase price of $145,364,000 for which the allocation of purchase price consideration is preliminary and subject to change. | |||||||||||
(2) Represents non-cash consideration exchanged in an asset swap transaction. Please see Note 5 for additional information. | |||||||||||
(3) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above. | |||||||||||
Summary of construction projects placed into service and generating revenues | ' | ||||||||||
Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||
Development projects: | |||||||||||
Seniors housing triple-net | $ | 105,265 | $ | 84,271 | |||||||
Medical facilities | 78,839 | 111,327 | |||||||||
Total development projects | 184,104 | 195,598 | |||||||||
Expansion projects | 14,229 | 240 | |||||||||
Total construction in progress conversions | $ | 198,333 | $ | 195,838 | |||||||
Real_Estate_Intangibles_Tables
Real Estate Intangibles (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Real Estate Intangibles (Tables) [Abstract] | ' | ||||||||||||
Summary of real estate intangibles excluding those classified as held for sale | ' | ||||||||||||
30-Sep-13 | 31-Dec-12 | ||||||||||||
Assets: | |||||||||||||
In place lease intangibles | $ | 918,507 | $ | 541,729 | |||||||||
Above market tenant leases | 54,091 | 56,086 | |||||||||||
Below market ground leases | 61,461 | 61,450 | |||||||||||
Lease commissions | 16,483 | 14,419 | |||||||||||
Gross historical cost | 1,050,542 | 673,684 | |||||||||||
Accumulated amortization | -472,389 | -257,242 | |||||||||||
Net book value | $ | 578,153 | $ | 416,442 | |||||||||
Weighted-average amortization period in years | 17.1 | 16.4 | |||||||||||
Liabilities: | |||||||||||||
Below market tenant leases | $ | 76,239 | $ | 77,036 | |||||||||
Above market ground leases | 9,490 | 9,490 | |||||||||||
Gross historical cost | 85,729 | 86,526 | |||||||||||
Accumulated amortization | -32,894 | -27,753 | |||||||||||
Net book value | $ | 52,835 | $ | 58,773 | |||||||||
Weighted-average amortization period in years | 14.3 | 14.3 | |||||||||||
Schedule of Real Estate Intangible Amortization | ' | ||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Rental income related to above/below market tenant leases, net | $ | 235 | $ | -972 | $ | 596 | $ | 452 | |||||
Property operating expenses related to above/below market ground leases, net | -303 | -555 | -909 | -1,219 | |||||||||
Depreciation and amortization related to in place lease intangibles and lease commissions | -78,782 | -22,271 | -168,441 | -78,114 | |||||||||
Schedule of the future estimated aggregate amortization of intangible assets and liabilities | ' | ||||||||||||
Assets | Liabilities | ||||||||||||
2013 | $ | 93,415 | $ | 1,730 | |||||||||
2014 | 207,606 | 6,583 | |||||||||||
2015 | 58,816 | 5,623 | |||||||||||
2016 | 25,985 | 5,185 | |||||||||||
2017 | 26,825 | 4,894 | |||||||||||
Thereafter | 165,506 | 28,820 | |||||||||||
Totals | $ | 578,153 | $ | 52,835 | |||||||||
Dispositions_Assets_Held_for_S1
Dispositions, Assets Held for Sale and Discontinued Operations (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Dispositions, Assets Held for Sale and Discontinued Operations (Tables) [Abstract] | ' | |||||||||||||
Summary of real property disposition activity | ' | |||||||||||||
Nine Months Ended | ||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||
Real property dispositions: | ||||||||||||||
Seniors housing triple-net | $ | 138,650 | $ | 149,984 | ||||||||||
Medical facilities | 201,845 | 106,347 | ||||||||||||
Total dispositions | 340,495 | 256,331 | ||||||||||||
Gain (loss) on sales of real property, net | 57,202 | 46,046 | ||||||||||||
Non-cash disposition activity(1) | -12,204 | 0 | ||||||||||||
Proceeds from real property sales | $ | 385,493 | $ | 302,377 | ||||||||||
(1) Represents non-cash consideration surrendered in an asset swap transaction. Please see Note 3 for additional information. | ||||||||||||||
Reclassification impact as result of classifying properties as discontinued operations | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Revenues: | ||||||||||||||
Rental income | $ | 810 | $ | 20,747 | $ | 5,972 | $ | 70,166 | ||||||
Expenses: | ||||||||||||||
Interest expense | 12 | 4,328 | 1,535 | 15,504 | ||||||||||
Property operating expenses | 68 | 281 | 346 | 1,469 | ||||||||||
Provision for depreciation | 313 | 5,014 | 1,879 | 19,899 | ||||||||||
Total expenses | 393 | 9,623 | 3,760 | 36,872 | ||||||||||
Income (loss) from discontinued operations, net | $ | 417 | $ | 11,124 | $ | 2,212 | $ | 33,294 | ||||||
Real_Estate_Loans_Receivable_T
Real Estate Loans Receivable (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Real Estate Loans Receivable (Tables) [Abstract] | ' | |||||||||||||||||||
Summary of real estate loan activity | ' | |||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||||||
Seniors | Seniors | |||||||||||||||||||
Housing | Medical | Housing | Medical | |||||||||||||||||
Triple-net | Facilities | Totals | Triple-net | Facilities | Totals | |||||||||||||||
Advances on real estate loans receivable: | ||||||||||||||||||||
Investments in new loans | $ | 27,392 | $ | 4,095 | $ | 31,487 | $ | 1,154 | $ | 0 | $ | 1,154 | ||||||||
Draws on existing loans | 42,772 | 3,077 | 45,849 | 33,710 | 1,030 | 34,740 | ||||||||||||||
Net cash advances on real estate loans | 70,164 | 7,172 | 77,336 | 34,864 | 1,030 | 35,894 | ||||||||||||||
Receipts on real estate loans receivable: | ||||||||||||||||||||
Loan payoffs | 65,768 | 646 | 66,414 | 450 | 0 | 450 | ||||||||||||||
Principal payments on loans | 16,972 | 2,169 | 19,141 | 14,204 | 1,923 | 16,127 | ||||||||||||||
Total receipts on real estate loans | 82,740 | 2,815 | 85,555 | 14,654 | 1,923 | 16,577 | ||||||||||||||
Net cash advances (receipts) on real estate loans | -12,576 | 4,357 | -8,219 | 20,210 | -893 | 19,317 | ||||||||||||||
Change in balance due to foreign currency translation | 765 | 0 | 765 | 0 | 0 | 0 | ||||||||||||||
Net change in real estate loans receivable | $ | -11,811 | $ | 4,357 | $ | -7,454 | $ | 20,210 | $ | -893 | $ | 19,317 | ||||||||
Investments_in_Unconsolidated_1
Investments in Unconsolidated Entities (Tables) | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | |||||||||||||||||
Investments In Unconsolidated Entities (Tables) [Abstract] | ' | ||||||||||||||||
Summary Of Investments In Unconsolidated Entities [Text Block] | ' | ||||||||||||||||
30-Sep-13 | Nine Months Ended September 30, | Assets as of | |||||||||||||||
Percentage Ownership | Properties | 2013 Income (loss) | 2012 Income (loss) | 30-Sep-13 | 31-Dec-12 | ||||||||||||
Seniors housing triple-net(1) | 10% to 49% | - | $ | 3,680 | $ | 26 | $ | 29,107 | $ | 34,618 | |||||||
Seniors housing operating | 33% to 50% | 44 | -13,946 | -4,090 | 257,232 | 217,701 | |||||||||||
Medical facilities | 36% to 49% | 13 | 6,737 | 6,314 | 189,235 | 186,617 | |||||||||||
Total | $ | -3,529 | $ | 2,250 | $ | 475,574 | $ | 438,936 | |||||||||
(1) Asset amounts include an available-for-sale equity investment. See Note 16 for additional information. | |||||||||||||||||
Credit_Concentration_Tables
Credit Concentration (Tables) | 9 Months Ended | ||||||||
Sep. 30, 2013 | |||||||||
Customer Concentration (Tables) [Abstract] | ' | ||||||||
Summary of credit concentration | ' | ||||||||
Number of | Total | Percent of | |||||||
Concentration by investment:(1) | Properties(2) | Investment(2) | Investment(3) | ||||||
Sunrise Senior Living | 120 | $ | 4,060,818 | 19% | |||||
Genesis HealthCare | 177 | 2,662,196 | 12% | ||||||
Revera | 47 | 1,221,148 | 6% | ||||||
Belmont Village | 19 | 859,797 | 4% | ||||||
Benchmark | 37 | 852,960 | 4% | ||||||
Remaining portfolio | 740 | 11,949,624 | 55% | ||||||
Totals | 1,140 | $ | 21,606,543 | 100% | |||||
Genesis is in our seniors housing triple-net segment. Sunrise, Revera, and Belmont Village are in our seniors housing operating segment. Benchmark is in both our seniors housing triple-net and seniors housing operating segments. | |||||||||
Excludes our share of investments in unconsolidated entities. Please see Note 7 for additional information. | |||||||||
Investments with our top five relationships comprised 37% of total investments at December 31, 2012. | |||||||||
Borrowings_Under_Line_of_Credi1
Borrowings Under Line of Credit Arrangements and Related Items (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Borrowings Under Line of Credit Arrangement and Related Items (Tables) [Abstract] | ' | |||||||||||||
Aggregate borrowings under the unsecured line of credit arrangements | ' | |||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Balance outstanding at quarter end | $ | 847,670 | $ | 0 | $ | 847,670 | $ | 0 | ||||||
Maximum amount outstanding at any month end | $ | 1,019,050 | $ | 145,000 | $ | 1,019,050 | $ | 897,000 | ||||||
Average amount outstanding (total of daily | ||||||||||||||
principal balances divided by days in period) | $ | 562,978 | $ | 165,000 | $ | 527,890 | $ | 255,639 | ||||||
Weighted average interest rate (actual interest | ||||||||||||||
expense divided by average borrowings outstanding) | 1.51% | 2.30% | 1.43% | 1.79% | ||||||||||
Senior_Unsecured_Notes_and_Sec1
Senior Unsecured Notes and Secured Debt (Tables) | 9 Months Ended | ||||||||||
Sep. 30, 2013 | |||||||||||
Senior Unsecured Notes And Secured Debt (Tables) [Abstract] | ' | ||||||||||
Principal payments due on debt obligations | ' | ||||||||||
Senior | Secured | ||||||||||
Unsecured Notes(1,2) | Debt (1,3) | Totals | |||||||||
2013 | $ | 300,000 | $ | 75,866 | $ | 375,866 | |||||
2014 | 0 | 326,307 | 326,307 | ||||||||
2015(4) | 493,072 | 403,268 | 896,340 | ||||||||
2016 | 1,200,000 | 384,127 | 1,584,127 | ||||||||
2017 | 450,000 | 341,845 | 791,845 | ||||||||
Thereafter | 3,975,118 | 1,534,510 | 5,509,628 | ||||||||
Totals | $ | 6,418,190 | $ | 3,065,923 | $ | 9,484,113 | |||||
(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | |||||||||||
(2) Annual interest rates range from 2.25% to 6.5%, excluding the Canadian denominated unsecured term loan discussed in footnote 4 and the $500,000,000 unsecured term loan discussed below. | |||||||||||
(3) Annual interest rates range from 1.0% to 9.1%. Carrying value of the properties securing the debt totaled $6,336,955,000 at September 30, 2013. | |||||||||||
(4) On July 30, 2012, we completed funding on a $250,000,000 Canadian denominated unsecured term loan (approximately $243,072,000 USD at exchange rates on September 30, 2013). The loan matures July 27, 2015 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 145 basis points (2.67% at September 30, 2013). | |||||||||||
Summary of senior unsecured note activity excluding the Canadian denominated unsecured term loan | ' | ||||||||||
Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||
Weighted Avg. | Weighted Avg. | ||||||||||
Amount | Interest Rate | Amount | Interest Rate | ||||||||
Beginning balance | $ | 5,894,403 | 4.68% | $ | 4,464,927 | 5.13% | |||||
Debt issued | 500,000 | 1.55% | 600,000 | 4.13% | |||||||
Debt extinguished | - | 0.00% | -76,853 | 8.00% | |||||||
Debt redeemed | -219,285 | 3.00% | -293,671 | 4.75% | |||||||
Ending balance | $ | 6,175,118 | 4.48% | $ | 4,694,403 | 5.03% | |||||
Secured debt principal activity | ' | ||||||||||
Nine Months Ended | |||||||||||
30-Sep-13 | 30-Sep-12 | ||||||||||
Weighted Avg. | Weighted Avg. | ||||||||||
Amount | Interest Rate | Amount | Interest Rate | ||||||||
Beginning balance | $ | 2,311,586 | 5.14% | $ | 2,108,373 | 5.34% | |||||
Debt issued | 85,140 | 5.05% | 145,713 | 4.13% | |||||||
Debt assumed | 1,241,898 | 4.11% | 311,653 | 5.71% | |||||||
Debt extinguished | -535,367 | 3.52% | -237,259 | 4.29% | |||||||
Principal payments | -40,006 | 5.27% | -28,247 | 5.35% | |||||||
Foreign currency | 2,672 | 4.04% | 288 | 5.62% | |||||||
Ending balance | $ | 3,065,923 | 5.08% | $ | 2,300,521 | 5.42% | |||||
Derivative_Instruments_Tables
Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Derivative Instruments (Tables) [Abstract] | ' | |||||||||||||||
Impact of derivative instruments on the statement of operations and OCI | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
Location | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Gain (loss) on interest rate swap recognized in OCI (effective portion) | OCI | $ | -4 | $ | 797 | $ | -12 | $ | 2,342 | |||||||
Gain (loss) on interest rate swaps reclassified from AOCI into income (effective portion) | Interest expense | -477 | 383 | -1,428 | 1,204 | |||||||||||
Gain (loss) on interest rate swaps recognized in income | Gain (loss) on derivatives, net | 0 | 0 | 0 | -96 | |||||||||||
Gain (loss) on foreign exchange contracts recognized in income | Gain (loss) on derivatives, net | -4,872 | -409 | -4,465 | 1,808 | |||||||||||
Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI | OCI | -110,404 | -12,663 | -19,867 | -5,747 | |||||||||||
Stockholders_Equity_Tables
Stockholders' Equity (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Stockholders' Equity (Tables) [Abstract] | ' | |||||||||||||||
Summary of stockholder's equity capital accounts | ' | |||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Preferred Stock: | ||||||||||||||||
Authorized shares | 50,000,000 | 50,000,000 | ||||||||||||||
Issued shares | 26,224,854 | 26,224,854 | ||||||||||||||
Outstanding shares | 26,224,854 | 26,224,854 | ||||||||||||||
Common Stock, $1.00 par value: | ||||||||||||||||
Authorized shares | 400,000,000 | 400,000,000 | ||||||||||||||
Issued shares | 288,821,107 | 260,780,109 | ||||||||||||||
Outstanding shares | 288,360,031 | 260,373,754 | ||||||||||||||
Summary of preferred stock activity | ' | |||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Weighted Avg. | Weighted Avg. | |||||||||||||||
Shares | Dividend Rate | Shares | Dividend Rate | |||||||||||||
Beginning balance | 26,224,854 | 6.49% | 25,724,854 | 7.01% | ||||||||||||
Shares issued | - | 0.00% | 11,500,000 | 6.50% | ||||||||||||
Shares redeemed | - | 0.00% | -11,000,000 | 7.72% | ||||||||||||
Ending balance | 26,224,854 | 6.49% | 26,224,854 | 6.49% | ||||||||||||
Summary of common stock issuances | ' | |||||||||||||||
Shares Issued | Average Price | Gross Proceeds | Net Proceeds | |||||||||||||
February 2012 public issuance | 20,700,000 | $ | 53.5 | $ | 1,107,450 | $ | 1,062,256 | |||||||||
August 2012 public issuance | 13,800,000 | 58.75 | 810,750 | 778,011 | ||||||||||||
September 2012 public issuance | 29,900,000 | 56 | 1,674,400 | 1,607,140 | ||||||||||||
2012 Dividend reinvestment plan issuances | 1,485,598 | 55.65 | 82,678 | 82,678 | ||||||||||||
2012 Option exercises | 155,195 | 39.61 | 6,147 | 6,147 | ||||||||||||
2012 Senior note conversions | 1,039,721 | 0 | 0 | |||||||||||||
2012 Totals | 67,080,514 | $ | 3,681,425 | $ | 3,536,232 | |||||||||||
May 2013 public issuance | 23,000,000 | $ | 73.5 | $ | 1,690,500 | $ | 1,630,281 | |||||||||
2013 Dividend reinvestment plan issuances | 2,379,609 | 64.62 | 153,762 | 153,762 | ||||||||||||
2013 Option exercises | 200,467 | 42.45 | 8,509 | 8,509 | ||||||||||||
2013 Senior note conversions | 987,967 | 0 | 0 | |||||||||||||
2013 Equity issued in acquisition of noncontrolling interest | 1,108,917 | 0 | 0 | |||||||||||||
2013 Totals | 27,676,960 | $ | 1,852,771 | $ | 1,792,552 | |||||||||||
Summary of dividend payments | ' | |||||||||||||||
Nine Months Ended | ||||||||||||||||
30-Sep-13 | 30-Sep-12 | |||||||||||||||
Per Share | Amount | Per Share | Amount | |||||||||||||
Common Stock | $ | 2.295 | $ | 618,992 | $ | 2.22 | $ | 460,936 | ||||||||
Series D Preferred Stock | - | 0 | 0.503 | 2,012 | ||||||||||||
Series F Preferred Stock | - | 0 | 0.4872 | 3,410 | ||||||||||||
Series H Preferred Stock | 2.1438 | 750 | 2.1438 | 750 | ||||||||||||
Series I Preferred Stock | 2.4375 | 35,039 | 2.4375 | 35,039 | ||||||||||||
Series J Preferred Stock | 1.2189 | 14,016 | 0.9841 | 11,316 | ||||||||||||
Totals | $ | 668,797 | $ | 513,463 | ||||||||||||
Summary of accumulated other comprehensive income/(loss) | ' | |||||||||||||||
Unrecognized gains (losses) related to: | ||||||||||||||||
Foreign Currency Translation | Equity Investments | Actuarial losses | Cash Flow Hedges | Total | ||||||||||||
Balance at December 31, 2012 | $ | -881 | $ | -216 | $ | -2,974 | $ | -6,957 | $ | -11,028 | ||||||
Other comprehensive income before reclassification adjustments | -13,517 | -346 | 0 | -12 | -13,875 | |||||||||||
Reclassification amount to net income | 0 | 0 | 0 | 1,428(1) | 1,428 | |||||||||||
Net current-period other comprehensive income | -13,517 | -346 | 0 | 1,416 | -12,447 | |||||||||||
Balance at September 30, 2013 | $ | -14,398 | $ | -562 | $ | -2,974 | $ | -5,541 | $ | -23,475 | ||||||
Balance at December 31, 2011 | $ | 0 | $ | -619 | $ | -2,748 | $ | -8,561 | $ | -11,928 | ||||||
Other comprehensive income before reclassification adjustments | 166 | 192 | 0 | 2,342 | 2,700 | |||||||||||
Reclassification amount to net income | 0 | 0 | 0 | (1,204)(1) | -1,204 | |||||||||||
Net current-period other comprehensive income | 166 | 192 | 0 | 1,138 | 1,496 | |||||||||||
Balance at September 30, 2012 | $ | 166 | $ | -427 | $ | -2,748 | $ | -7,423 | $ | -10,432 | ||||||
(1) Please see Note 11 for additional information. | ||||||||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Earnings Per Share (Tables) [Abstract] | ' | |||||||||||||
Computation of basic and diluted earnings per share | ' | |||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||
September 30, | September 30, | |||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||
Numerator for basic and diluted earnings | ||||||||||||||
per share - net income (loss) attributable | ||||||||||||||
to common stockholders | $ | 20,691 | $ | 37,269 | $ | 67,245 | $ | 131,308 | ||||||
Denominator for basic earnings per | ||||||||||||||
share - weighted average shares | 286,020 | 224,391 | 273,148 | 212,592 | ||||||||||
Effect of dilutive securities: | ||||||||||||||
Employee stock options | 196 | 238 | 235 | 240 | ||||||||||
Non-vested restricted shares | 567 | 301 | 417 | 293 | ||||||||||
Convertible senior unsecured notes | 1,246 | 1,328 | 1,447 | 950 | ||||||||||
Dilutive potential common shares | 2,009 | 1,867 | 2,099 | 1,483 | ||||||||||
Denominator for diluted earnings per | ||||||||||||||
share - adjusted weighted average shares | 288,029 | 226,258 | 275,247 | 214,075 | ||||||||||
Basic earnings per share | $ | 0.07 | $ | 0.17 | $ | 0.25 | $ | 0.62 | ||||||
Diluted earnings per share | $ | 0.07 | $ | 0.16 | $ | 0.24 | $ | 0.61 | ||||||
Disclosure_about_Fair_Value_of1
Disclosure about Fair Value of Financial Instruments (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Disclosure about Fair Value of Financial Instruments (Tables) [Abstract] | ' | |||||||||||||
Carrying amounts and estimated fair values of financial instruments | ' | |||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | |||||||||||
Financial assets: | ||||||||||||||
Mortgage loans receivable | $ | 131,138 | $ | 133,554 | $ | 87,955 | $ | 88,975 | ||||||
Other real estate loans receivable | 176,239 | 182,153 | 807,710 | 820,195 | ||||||||||
Available-for-sale equity investments | 1,037 | 1,037 | 1,384 | 1,384 | ||||||||||
Cash and cash equivalents | 164,838 | 164,838 | 1,033,764 | 1,033,764 | ||||||||||
Foreign currency forward contracts | 7,669 | 7,669 | 0 | 0 | ||||||||||
Financial liabilities: | ||||||||||||||
Borrowings under unsecured line of credit arrangements | $ | 847,670 | $ | 847,670 | $ | 0 | $ | 0 | ||||||
Senior unsecured notes | 6,395,638 | 6,806,353 | 6,114,151 | 6,793,424 | ||||||||||
Secured debt | 3,115,862 | 3,262,955 | 2,336,196 | 2,515,145 | ||||||||||
Interest rate swap agreements | 68 | 68 | 264 | 264 | ||||||||||
Foreign currency forward contracts | 79,544 | 79,544 | 7,247 | 7,247 | ||||||||||
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis | ' | |||||||||||||
Fair Value Measurements as of September 30, 2013 | ||||||||||||||
Total | Level 1 | Level 2 | Level 3 | |||||||||||
Available-for-sale equity investments(1) | $ | 1,037 | $ | 1,037 | $ | 0 | $ | 0 | ||||||
Interest rate swap agreements(2) | -68 | 0 | -68 | 0 | ||||||||||
Foreign currency forward contracts(2) | -71,875 | 0 | -71,875 | 0 | ||||||||||
Totals | $ | -70,906 | $ | 1,037 | $ | -71,943 | $ | 0 | ||||||
(1) Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date. | ||||||||||||||
(2) Please see Note 11 for additional information. | ||||||||||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting (Tables) [Abstract] | ' | |||||||||||||||
Summary of information for reportable segments | ' | |||||||||||||||
Three Months Ended September 30, 2013: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 199,408 | $ | - | $ | 112,323 | $ | - | $ | 311,731 | ||||||
Resident fees and services | - | 466,127 | - | - | 466,127 | |||||||||||
Interest income | 5,035 | - | 2,594 | - | 7,629 | |||||||||||
Other income | 778 | 167 | 466 | 32 | 1,443 | |||||||||||
Total revenues | 205,221 | 466,294 | 115,383 | 32 | 786,930 | |||||||||||
Property operating expenses | - | -311,575 | -31,155 | - | -342,730 | |||||||||||
Net operating income from continuing operations | 205,221 | 154,719 | 84,228 | 32 | 444,200 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -5,968 | -24,693 | -9,143 | -76,726 | -116,530 | |||||||||||
(Loss) gain on derivatives, net | -4,872 | - | - | - | -4,872 | |||||||||||
Depreciation and amortization | -58,148 | -144,578 | -39,942 | - | -242,668 | |||||||||||
General and administrative | - | - | - | -28,718 | -28,718 | |||||||||||
Transaction costs | -4,026 | -18,882 | -683 | - | -23,591 | |||||||||||
(Loss) gain on extinguishment of debt, net | - | 5,252 | - | -1,184 | 4,068 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 132,207 | $ | -28,182 | $ | 34,460 | $ | -106,596 | $ | 31,889 | ||||||
Total assets | $ | 9,222,731 | $ | 9,031,224 | $ | 4,645,540 | $ | 150,310 | $ | 23,049,805 | ||||||
Three Months Ended September 30, 2012: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 178,193 | $ | - | $ | 99,726 | $ | - | $ | 277,919 | ||||||
Resident fees and services | - | 174,464 | - | - | 174,464 | |||||||||||
Interest income | 6,116 | - | 1,995 | - | 8,111 | |||||||||||
Other income | 662 | - | 400 | 277 | 1,339 | |||||||||||
Total revenues | 184,971 | 174,464 | 102,121 | 277 | 461,833 | |||||||||||
Property operating expenses | - | -118,369 | -26,048 | - | -144,417 | |||||||||||
Net operating income from continuing operations | 184,971 | 56,095 | 76,073 | 277 | 317,416 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -347 | -17,474 | -7,940 | -66,154 | -91,915 | |||||||||||
(Loss) gain on derivatives, net | - | -409 | - | - | -409 | |||||||||||
Depreciation and amortization | -52,294 | -39,591 | -35,959 | - | -127,844 | |||||||||||
General and administrative | - | - | - | -23,679 | -23,679 | |||||||||||
Transaction costs | -5,590 | -1,966 | -708 | - | -8,264 | |||||||||||
(Loss) gain on extinguishment of debt, net | -126 | -89 | - | - | -215 | |||||||||||
Provision for loan losses | -27,008 | - | - | - | -27,008 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 99,606 | $ | -3,434 | $ | 31,466 | $ | -89,556 | $ | 38,082 | ||||||
Nine Months Ended September 30, 2013: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 573,112 | $ | - | $ | 336,547 | $ | - | $ | 909,659 | ||||||
Resident fees and services | - | 1,164,446 | - | - | 1,164,446 | |||||||||||
Interest income | 16,311 | 757 | 7,257 | - | 24,325 | |||||||||||
Other income | 1,183 | 169 | 1,539 | 277 | 3,168 | |||||||||||
Total revenues | 590,606 | 1,165,372 | 345,343 | 277 | 2,101,598 | |||||||||||
Property operating expenses | - | -785,050 | -89,910 | - | -874,960 | |||||||||||
Net operating income from continuing operations | 590,606 | 380,322 | 255,433 | 277 | 1,226,638 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -15,841 | -63,175 | -28,441 | -229,128 | -336,585 | |||||||||||
(Loss) gain on derivatives, net | -4,872 | 407 | - | - | -4,465 | |||||||||||
Depreciation and amortization | -169,603 | -338,099 | -120,998 | - | -628,700 | |||||||||||
General and administrative | - | - | - | -79,799 | -79,799 | |||||||||||
Transaction costs | -15,730 | -101,006 | -971 | - | -117,707 | |||||||||||
(Loss) gain on extinguishment of debt, net | - | 5,560 | - | -1,184 | 4,376 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 384,560 | $ | -115,991 | $ | 105,023 | $ | -309,834 | $ | 63,758 | ||||||
Nine Months Ended September 30, 2012: | Seniors Housing Triple-net | Seniors Housing Operating | Medical Facilities | Non-segment / Corporate | Total | |||||||||||
Rental income | $ | 508,004 | $ | - | $ | 281,744 | $ | - | $ | 789,748 | ||||||
Resident fees and services | - | 498,295 | - | - | 498,295 | |||||||||||
Interest income | 17,977 | - | 6,154 | - | 24,131 | |||||||||||
Other income | 2,268 | - | 1,482 | 755 | 4,505 | |||||||||||
Total revenues | 528,249 | 498,295 | 289,380 | 755 | 1,316,679 | |||||||||||
Property operating expenses | - | -336,952 | -72,284 | - | -409,236 | |||||||||||
Net operating income from continuing operations | 528,249 | 161,343 | 217,096 | 755 | 907,443 | |||||||||||
Reconciling items: | ||||||||||||||||
Interest expense | -602 | -49,537 | -22,338 | -198,746 | -271,223 | |||||||||||
(Loss) gain on derivatives, net | -96 | 1,808 | - | - | 1,712 | |||||||||||
Depreciation and amortization | -147,074 | -123,820 | -102,450 | - | -373,344 | |||||||||||
General and administrative | - | - | - | -77,302 | -77,302 | |||||||||||
Transaction costs | -30,796 | -6,365 | -5,374 | - | -42,535 | |||||||||||
(Loss) gain on extinguishment of debt, net | -2,363 | 1,089 | 483 | - | -791 | |||||||||||
Provision for loan losses | -27,008 | - | - | - | -27,008 | |||||||||||
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | $ | 320,310 | $ | -15,482 | $ | 87,417 | $ | -275,293 | $ | 116,952 | ||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
30-Sep-13 | 30-Sep-12 | 30-Sep-13 | 30-Sep-12 | |||||||||||||
Revenues: | Amount | % | Amount | % | Amount | % | Amount | % | ||||||||
United States | $ | 669,968 | 85.10% | $ | 454,742 | 98.50% | $ | 1,837,068 | 87.40% | $ | 1,307,533 | 99.30% | ||||
International | 116,962 | 14.90% | 7,091 | 1.50% | 264,530 | 12.60% | 9,146 | 0.70% | ||||||||
Total | $ | 786,930 | 100.00% | $ | 461,833 | 100.00% | $ | 2,101,598 | 100.00% | $ | 1,316,679 | 100.00% | ||||
As of | ||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||
Assets: | Amount | % | Amount | % | ||||||||||||
United States | $ | 19,622,576 | 85.10% | $ | 18,692,214 | 95.60% | ||||||||||
International | 3,427,229 | 14.90% | 856,895 | 4.40% | ||||||||||||
Total | $ | 23,049,805 | 100.00% | $ | 19,549,109 | 100.00% | ||||||||||
Business_Details
Business (Details) | Sep. 30, 2013 | |
Number | ||
properties | ||
Business [Line Items] | ' | |
Number of properties in diversified portfolio | 1,140 | [1],[2] |
Number of states in diversified portfolio | 46 | |
Controlling [Member] | ' | |
Business [Line Items] | ' | |
Number of properties in diversified portfolio | 1,197 | |
[1] | Excludes our share of investments in unconsolidated entities. Please see Note 7 for additional information. | |
[2] | Genesis is in our seniors housing triple-net segment. Sunrise, Revera, and Belmont Village are in our seniors housing operating segment. Benchmark is in both our seniors housing triple-net and seniors housing operating segments. |
Real_Property_Acquisitions_and2
Real Property Acquisitions and Development (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Pro forma consolidated results of operations | ' | ' |
Revenues | $2,268,062,000 | $1,828,395,000 |
Income from continuing operations attributable to common stockholders | ($2,079,000) | ($59,769,000) |
Income from continuing operations attributable to common stockholders per share: | ' | ' |
Basic | ($0.01) | ($0.28) |
Diluted | ($0.01) | ($0.28) |
Real_Property_Acquisitions_and3
Real Property Acquisitions and Development (Details 1) (USD $) | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | |||
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities | ' | ' | ||
Purchase price, preliminary | $91,000,000 | ' | ||
Senior housing - triple net [Member] | ' | ' | ||
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities | ' | ' | ||
Land and land improvements | 56,665,000 | [1] | 79,325,000 | |
Buildings and improvements | 211,903,000 | [1] | 935,036,000 | |
Total assets acquired | 268,568,000 | [1] | 1,014,361,000 | |
Secured debt | 0 | -86,186,000 | ||
Accrued expenses and other liabilities | 0 | -3,340,000 | ||
Total liabilities assumed | 0 | -89,526,000 | ||
Capital in excess of par | 0 | 1,024,000 | ||
Noncontrolling interests | 0 | -16,826,000 | ||
Non-cash acquisition related activity | 0 | -310,000 | ||
Cash disbursed for acquisitions | 268,568,000 | [1] | 908,723,000 | |
Construction in progress additions | 103,951,000 | 131,579,000 | ||
Less: Capitalized Interest | -3,337,000 | [1] | -4,228,000 | |
Cash disbursed for construction in progress | 100,614,000 | [1] | 127,351,000 | |
Capital improvements to existing properties | 27,819,000 | [1] | 48,450,000 | |
Total cash invested in real property | 397,001,000 | [1] | 1,084,524,000 | |
Purchase price, preliminary | 268,568,000 | ' | ||
Senior housing - operating [Member] | ' | ' | ||
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities | ' | ' | ||
Land and land improvements | 437,046,000 | [2] | 46,391,000 | |
Buildings and improvements | 4,214,254,000 | [2] | 450,255,000 | |
Acquired lease intangibles | 377,929,000 | [2] | 39,875,000 | |
Restricted cash | 41,524,000 | [2] | 0 | |
Receivables and other assets | 81,546,000 | [2] | 2,247,000 | |
Total assets acquired | 5,152,299,000 | [2],[3] | 538,768,000 | [3] |
Secured debt | -1,261,093,000 | [2] | -8,684,000 | |
Accrued expenses and other liabilities | -86,412,000 | [2] | -5,480,000 | |
Total liabilities assumed | -1,347,505,000 | [2] | -14,164,000 | |
Noncontrolling interests | -230,441,000 | [2] | -2,054,000 | |
Non-cash acquisition related activity | -856,103,000 | [2],[4] | 0 | |
Cash disbursed for acquisitions | 2,718,250,000 | [2] | 522,550,000 | |
Construction in progress additions | 1,521,000 | 0 | ||
Less: Capitalized Interest | -18,000 | [2] | 0 | |
Cash disbursed for construction in progress | 1,503,000 | [2] | 0 | |
Capital improvements to existing properties | 36,813,000 | [2] | 13,325,000 | |
Total cash invested in real property | 2,756,566,000 | [2] | 535,875,000 | |
Cash Acquired from Acquisition | 87,406,000 | 4,369,000 | ||
Purchase price, preliminary | 5,152,299,000 | ' | ||
Medical facilities [Member] | ' | ' | ||
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities | ' | ' | ||
Land and land improvements | 0 | [5] | 53,493,000 | |
Buildings and improvements | 144,708,000 | [5] | 487,255,000 | |
Acquired lease intangibles | 0 | [5] | 93,392,000 | |
Restricted cash | 505,000 | [5] | 975,000 | |
Receivables and other assets | 151,000 | [5] | 4,311,000 | |
Total assets acquired | 145,364,000 | [5] | 639,426,000 | |
Secured debt | -26,300,000 | [5] | -238,589,000 | |
Accrued expenses and other liabilities | -479,000 | [5] | -18,075,000 | |
Total liabilities assumed | -26,779,000 | [5] | -256,664,000 | |
Non-cash acquisition related activity | -12,056,000 | [5],[6] | -880,000 | |
Cash disbursed for acquisitions | 106,529,000 | [5] | 381,882,000 | |
Construction in progress additions | 87,882,000 | 94,462,000 | ||
Less: Capitalized Interest | -1,343,000 | [5] | -2,885,000 | |
Less: Accruals | -9,806,000 | [5],[7] | -4,567,000 | [7] |
Cash disbursed for construction in progress | 76,733,000 | [5] | 87,010,000 | |
Capital improvements to existing properties | 17,887,000 | [5] | 30,505,000 | |
Total cash invested in real property | 201,149,000 | [5] | 499,397,000 | |
Purchase price, preliminary | $145,364,000 | ' | ||
[1] | (1) Includes acquisitions with an aggregate purchase price of $268,568,000 for which the allocation of the purchase price consideration is preliminary and subject to change. | |||
[2] | (1) Includes acquisitions with an aggregate purchase price of $5,152,299,000 for which the allocation of the purchase price consideration is preliminary and subject to change. | |||
[3] | (2) Excludes $87,406,000 and $4,369,000 of cash acquired during the nine months ended September 30, 2013 and 2012, respectively. | |||
[4] | (3) Represents Sunrise loan and noncontrolling interests acquisitions. | |||
[5] | (1) Includes acquisitions with an aggregate purchase price of $145,364,000 for which the allocation of purchase price consideration is preliminary and subject to change. | |||
[6] | (2) Represents non-cash consideration exchanged in an asset swap transaction. Please see Note 5 for additional information. | |||
[7] | (3) Represents non-cash accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above. |
Real_Property_Acquisitions_and4
Real Property Acquisitions and Development (Details 2) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Development projects: | ' | ' |
Total development projects | $184,104,000 | $195,598,000 |
Expansion projects | 14,229,000 | 240,000 |
Total construction in progress conversions | 198,333,000 | 195,838,000 |
Medical facilities [Member] | ' | ' |
Development projects: | ' | ' |
Total development projects | 78,839,000 | 111,327,000 |
Seniors Housing Facilities Triple Net [Member] | ' | ' |
Development projects: | ' | ' |
Total development projects | $105,265,000 | $84,271,000 |
Real_Property_Acquisitions_and5
Real Property Acquisitions and Development (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 7 Months Ended | |||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Aug. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | |
Medical facilities [Member] | Sunrise [Member] | Sunrise [Member] | Sunrise [Member] | Sunrise [Member] | Sunrise [Member] | Sunrise [Member] | |||||
Controlling [Member] | Non Controlling [Member] | Non Controlling [Member] | |||||||||
properties | properties | properties | |||||||||
Real Property Acquisitions and Development (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Properties acquired | ' | ' | ' | ' | ' | ' | ' | ' | 120 | 5 | 49 |
Total purchase price | $91,000,000 | ' | $91,000,000 | ' | $145,364,000 | $4,155,052,000 | $4,155,052,000 | ' | ' | ' | ' |
Cash paid for acquisition | ' | ' | ' | ' | ' | 2,456,011,000 | 2,456,011,000 | ' | ' | ' | ' |
Purchase price per share | ' | ' | ' | ' | ' | ' | ' | $14.50 | ' | ' | ' |
Revenues | 786,930,000 | 461,833,000 | 2,101,598,000 | 1,316,679,000 | ' | 201,941,000 | 443,221,000 | ' | ' | ' | ' |
Net Operating Income | 444,200,000 | 317,416,000 | 1,226,638,000 | 907,443,000 | ' | 65,942,000 | 145,264,000 | ' | ' | ' | ' |
Transaction costs | $23,591,000 | $8,264,000 | $117,707,000 | $42,535,000 | ' | ' | $72,337,000 | ' | ' | ' | ' |
Real_Estate_Intangibles_Detail
Real Estate Intangibles (Details) (USD $) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2013 | Dec. 31, 2012 | |
Assets: | ' | ' |
Gross historical cost | $1,050,542,000 | $673,684,000 |
Accumulated amortization | -472,389,000 | -257,242,000 |
Net book value | 578,153,000 | 416,442,000 |
Weighted-average amortization period in years | '17 years 1 month | '16 years 4 months |
Liabilities: | ' | ' |
Gross historical cost | 85,729,000 | 86,526,000 |
Accumulated amortization | -32,894,000 | -27,753,000 |
Net book value | 52,835,000 | 58,773,000 |
Weighted-average amortization period in years | '14 years 3 months | '14 years 3 months |
Intangible Liability [Member] | ' | ' |
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items] | ' | ' |
2013 | 1,730,000 | ' |
2014 | 6,583,000 | ' |
2015 | 5,623,000 | ' |
2016 | 5,185,000 | ' |
2017 | 4,894,000 | ' |
Thereafter | 28,820,000 | ' |
Totals | 52,835,000 | ' |
Intangible Asset [Member] | ' | ' |
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items] | ' | ' |
2013 | 93,415,000 | ' |
2014 | 207,606,000 | ' |
2015 | 58,816,000 | ' |
2016 | 25,985,000 | ' |
2017 | 26,825,000 | ' |
Thereafter | 165,506,000 | ' |
Totals | 578,153,000 | ' |
In place lease intangibles [Member] | ' | ' |
Assets: | ' | ' |
Gross historical cost | 918,507,000 | 541,729,000 |
Above market tenant leases [Member] | ' | ' |
Assets: | ' | ' |
Gross historical cost | 54,091,000 | 56,086,000 |
Below market ground leases [Member] | ' | ' |
Assets: | ' | ' |
Gross historical cost | 61,461,000 | 61,450,000 |
Lease commissions [Member] | ' | ' |
Assets: | ' | ' |
Gross historical cost | 16,483,000 | 14,419,000 |
Below market tenant leases [Member] | ' | ' |
Liabilities: | ' | ' |
Gross historical cost | 76,239,000 | 77,036,000 |
Above market ground leases [Member] | ' | ' |
Liabilities: | ' | ' |
Gross historical cost | $9,490,000 | $9,490,000 |
Real_Estate_Intangibles_Detail1
Real Estate Intangibles (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Real Estate Intangible Amortization [Abstract] | ' | ' | ' | ' |
Rental income related to above/below market tenant leases, net | $235,000 | ($972,000) | $596,000 | $452,000 |
Property operating expenses related to above/below market ground leases, net | -303,000 | -555,000 | -909,000 | -1,219,000 |
Depreciation and amortization related to in place lease intangibles and lease commissions | ($78,782,000) | ($22,271,000) | ($168,441,000) | ($78,114,000) |
Dispositions_Assets_Held_for_S2
Dispositions, Assets Held for Sale and Discontinued Operations (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | ||
Real property dispositions: | ' | ' | ' | ' | |
Total dispositions | ' | ' | $340,495,000 | $256,331,000 | |
Gain (loss) on sales of properties, net | 4,707,000 | 12,827,000 | 57,202,000 | 46,046,000 | |
Noncash disposition activity | ' | ' | -12,204,000 | [1] | 0 |
Proceeds from sales of real property | ' | ' | 385,493,000 | 302,377,000 | |
Revenues: | ' | ' | ' | ' | |
Rental income | 810,000 | 20,747,000 | 5,972,000 | 70,166,000 | |
Expenses: | ' | ' | ' | ' | |
Interest expense | 12,000 | 4,328,000 | 1,535,000 | 15,504,000 | |
Property operating expenses | 68,000 | 281,000 | 346,000 | 1,469,000 | |
Provision for depreciation | 313,000 | 5,014,000 | 1,879,000 | 19,899,000 | |
Expenses | 393,000 | 9,623,000 | 3,760,000 | 36,872,000 | |
Income (loss) from discontinued operations, net | 417,000 | 11,124,000 | 2,212,000 | 33,294,000 | |
Seniors Housing Facilities Triple Net [Member] | ' | ' | ' | ' | |
Real property dispositions: | ' | ' | ' | ' | |
Total dispositions | ' | ' | 138,650,000 | 149,984,000 | |
Medical facilities [Member] | ' | ' | ' | ' | |
Real property dispositions: | ' | ' | ' | ' | |
Total dispositions | ' | ' | $201,845,000 | $106,347,000 | |
[1] | (1) Represents non-cash consideration surrendered in an asset swap transaction. Please see Note 3 for additional information. |
Real_Estate_Loans_Receivable_D
Real Estate Loans Receivable (Details) (USD $) | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2012 | |
Advances on real estate loans receivable: | ' | ' |
Investments in new loans | $31,487,000 | $1,154,000 |
Draws on existing loans | 45,849,000 | 34,740,000 |
Net cash advances on real estate loans | 77,336,000 | 35,894,000 |
Receipts on real estate loans receivable: | ' | ' |
Loan payoffs | 66,414,000 | 450,000 |
Principal payments on loans | 19,141,000 | 16,127,000 |
Total receipts on real estate loans | 85,555,000 | 16,577,000 |
Net advances (receipts) on real estate loans | -8,219,000 | 19,317,000 |
Change in balance due to foreign currency translation | 765,000 | 0 |
Net Change Real Estate Loans Receivable | -7,454,000 | 19,317,000 |
Seniors Housing Facilities Triple Net [Member] | ' | ' |
Advances on real estate loans receivable: | ' | ' |
Investments in new loans | 27,392,000 | 1,154,000 |
Draws on existing loans | 42,772,000 | 33,710,000 |
Net cash advances on real estate loans | 70,164,000 | 34,864,000 |
Receipts on real estate loans receivable: | ' | ' |
Loan payoffs | 65,768,000 | 450,000 |
Principal payments on loans | 16,972,000 | 14,204,000 |
Total receipts on real estate loans | 82,740,000 | 14,654,000 |
Net advances (receipts) on real estate loans | -12,576,000 | 20,210,000 |
Change in balance due to foreign currency translation | 765,000 | 0 |
Net Change Real Estate Loans Receivable | -11,811,000 | 20,210,000 |
Medical facilities [Member] | ' | ' |
Advances on real estate loans receivable: | ' | ' |
Investments in new loans | 4,095,000 | 0 |
Draws on existing loans | 3,077,000 | 1,030,000 |
Net cash advances on real estate loans | 7,172,000 | 1,030,000 |
Receipts on real estate loans receivable: | ' | ' |
Loan payoffs | 646,000 | 0 |
Principal payments on loans | 2,169,000 | 1,923,000 |
Total receipts on real estate loans | 2,815,000 | 1,923,000 |
Net advances (receipts) on real estate loans | 4,357,000 | -893,000 |
Change in balance due to foreign currency translation | 0 | 0 |
Net Change Real Estate Loans Receivable | $4,357,000 | ($893,000) |
Real_Estate_Loans_Receivable_D1
Real Estate Loans Receivable (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Real Estate Loans Receivable (Textual) [Abstract] | ' | ' | ' | ' |
Provision for loan losses | $0 | $27,008,000 | $0 | $27,008,000 |
Real estate loans with outstanding balances | $2,650,000 | ' | $2,650,000 | ' |
Investments_in_Unconsolidated_2
Investments in Unconsolidated Entities (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 7 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Sep. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2012 | Dec. 31, 2010 | Sep. 30, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |||
Senior housing - triple net [Member] | Senior housing - triple net [Member] | Senior housing - triple net [Member] | Senior housing - operating [Member] | Senior housing - operating [Member] | Senior housing - operating [Member] | Medical facilities [Member] | Medical facilities [Member] | Medical facilities [Member] | Strategic Medical Office Partnership [Member] | Strategic Medical Office Partnership [Member] | Strategic Medical Office Partnership [Member] | Chartwell [Member] | Chartwell [Member] | Chartwell [Member] | Chartwell [Member] | Chartwell [Member] | Forest City [Member] | Sunrise [Member] | Sunrise [Member] | Sunrise [Member] | Management Buyer [Member] | ||||||||
properties | properties | properties | properties | Controlling [Member] | Non Controlling [Member] | properties | Controlling [Member] | Non Controlling [Member] | Non Controlling [Member] | properties | Controlling [Member] | Non Controlling [Member] | |||||||||||||||||
properties | properties | properties | properties | properties | properties | properties | |||||||||||||||||||||||
Schedule of Equity Method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Income from unconsolidated entities | ($331,000) | ($739,000) | ($3,529,000) | $2,250,000 | ' | $3,680,000 | $26,000 | ' | ($13,946,000) | ($4,090,000) | ' | $6,737,000 | $6,314,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Equity Investments | 475,574,000 | ' | 475,574,000 | ' | 438,936,000 | 29,107,000 | [1] | ' | 34,618,000 | [1] | 257,232,000 | ' | 217,701,000 | 189,235,000 | ' | 186,617,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49,759,000 | ' | ' | ' |
Investment Percentage Range | ' | ' | ' | ' | ' | '10% to 49% | ' | ' | '33% to 50% | ' | ' | '36% to 49% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of properties in portfolio | ' | ' | ' | ' | ' | 0 | ' | ' | 44 | ' | ' | 13 | ' | ' | 17 | 11 | 6 | ' | 42 | 3 | 39 | 39 | 7 | ' | ' | 54 | ' | ||
Percentage of partnership owned | 20.00% | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | 49.00% | ' | ' | ' | 20.00% | ||
Unamortized investment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9,488,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||
Number of Real Property Acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 49 | ' | ' | ||
[1] | (1) Asset amounts include an available-for-sale equity investment. See Note 16 for additional information. |
Credit_Concentration_Details
Credit Concentration (Details) (USD $) | 9 Months Ended | ||
Sep. 30, 2013 | Dec. 31, 2012 | ||
properties | |||
Concentration by investment: | ' | ' | |
Number of properties in diversified portfolio | 1,140 | [1],[2] | ' |
Net real estate investments | $21,606,543,000 | [1],[2] | $17,423,009,000 |
Percent of Investment | 100.00% | [2],[3] | ' |
Credit Concentration (Textual) [Abstract] | ' | ' | |
Percentage total investments with top five customers | ' | 37.00% | |
Genesis HealthCare [Member] | ' | ' | |
Concentration by investment: | ' | ' | |
Number of properties in diversified portfolio | 177 | [1],[2] | ' |
Net real estate investments | 2,662,196,000 | [1],[2] | ' |
Percent of Investment | 12.00% | [2],[3] | ' |
Benchmark Senior Living [Member] | ' | ' | |
Concentration by investment: | ' | ' | |
Number of properties in diversified portfolio | 37 | [1],[2] | ' |
Net real estate investments | 852,960,000 | [1],[2] | ' |
Percent of Investment | 4.00% | [2],[3] | ' |
Remaining Portfolio [Member] | ' | ' | |
Concentration by investment: | ' | ' | |
Number of properties in diversified portfolio | 740 | [1],[2] | ' |
Net real estate investments | 11,949,624,000 | [1],[2] | ' |
Percent of Investment | 55.00% | [2],[3] | ' |
Belmont Village [Member] | ' | ' | |
Concentration by investment: | ' | ' | |
Number of properties in diversified portfolio | 19 | [1],[2] | ' |
Net real estate investments | 859,797,000 | [1],[2] | ' |
Percent of Investment | 4.00% | [2],[3] | ' |
Sunrise Senior Living [Member] | ' | ' | |
Concentration by investment: | ' | ' | |
Number of properties in diversified portfolio | 120 | [1],[2] | ' |
Net real estate investments | 4,060,818,000 | [1],[2] | ' |
Percent of Investment | 19.00% | [2],[3] | ' |
Revera [Member] | ' | ' | |
Concentration by investment: | ' | ' | |
Number of properties in diversified portfolio | 47 | [1],[2] | ' |
Net real estate investments | $1,221,148,000 | [1],[2] | ' |
Percent of Investment | 6.00% | [2],[3] | ' |
[1] | Excludes our share of investments in unconsolidated entities. Please see Note 7 for additional information. | ||
[2] | Genesis is in our seniors housing triple-net segment. Sunrise, Revera, and Belmont Village are in our seniors housing operating segment. Benchmark is in both our seniors housing triple-net and seniors housing operating segments. | ||
[3] | Investments with our top five relationships comprised 37% of total investments at December 31, 2012. |
Borrowings_Under_Line_of_Credi2
Borrowings Under Line of Credit Arrangements and Related Items (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Aggregate borrowings under the unsecured line of credit arrangements | ' | ' | ' | ' | ' |
Balance outstanding at quarter end | $847,670,000 | ' | $847,670,000 | ' | $0 |
Maximum amount outstanding at any month end | 1,019,050,000 | 145,000,000 | 1,019,050,000 | 897,000,000 | ' |
Average amount outstanding (total of daily principal balances divided by days in period) | $562,978,000 | $165,000,000 | $527,890,000 | $255,639,000 | ' |
Weighted average interest rate (actual interest expense divided by average borrowings outstanding) | 1.51% | 2.30% | 1.43% | 1.79% | ' |
Borrowings_Under_Line_of_Credi3
Borrowings Under Line of Credit Arrangements and Related Items (Details Textual) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Number | |
Line Of Credit Facility [Line Items] | ' |
Unsecured line of credit arrangement | $2,250,000,000 |
Additional unsecured line of credit arrangement | 1,000,000,000 |
Maximum aggregate commitment | 3,250,000,000 |
Number of banks in consortium | 29 |
Maximum Interest payable period in months | '3 |
Available to borrow in alternate currencies | 500,000,000 |
Agent bank's prime rate of interest | 1.35% |
Interest Rate margin | 1.18% |
Annual facility fee for each bank based on commitment amount | 0.23% |
Unsecured Revolving Demand Note | 10,000,000 |
Unsecured Revolving Demand Note Rate | 1.11% |
Debt instrument maturity date | 31-Mar-17 |
Balance outstanding at quarter end | 847,670,000 |
United States [Member] | ' |
Line Of Credit Facility [Line Items] | ' |
Agent bank's prime rate of interest | 1.36% |
Balance outstanding at quarter end | 595,000,000 |
United Kingdom [Member] | ' |
Line Of Credit Facility [Line Items] | ' |
Agent bank's prime rate of interest | 1.67% |
Balance outstanding at quarter end | $242,670,000 |
Senior_Unsecured_Notes_and_Sec2
Senior Unsecured Notes and Secured Debt (Details) | 9 Months Ended | 9 Months Ended | |||||||||
Sep. 30, 2013 | Oct. 07, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | ||||
USD ($) | USD ($) | USD ($) | Senior Unsecured Notes [Member] | Secured Debt [Member] | Canadian Denominated Unsecured Term Loan [Member] | Canadian Denominated Unsecured Term Loan [Member] | Unsecured Line of Credit Term Loan [Member] | ||||
USD ($) | USD ($) | USD ($) | CAD | USD ($) | |||||||
Principal payments due on debt obligations | ' | ' | ' | ' | ' | ' | ' | ' | |||
2013 | $375,866,000 | ' | ' | $300,000,000 | [1],[2] | $75,866,000 | [1],[3] | ' | ' | ' | |
2014 | 326,307,000 | ' | ' | 0 | [1],[2] | 326,307,000 | [1],[3] | ' | ' | ' | |
2015 | 896,340,000 | [4] | ' | ' | 493,072,000 | [1],[2],[4] | 403,268,000 | [1],[3],[4] | ' | ' | ' |
2016 | 1,584,127,000 | ' | ' | 1,200,000,000 | [1],[2] | 384,127,000 | [1],[3] | ' | ' | ' | |
2017 | 791,845,000 | ' | ' | 450,000,000 | [1],[2] | 341,845,000 | [1],[3] | ' | ' | ' | |
Thereafter | 5,509,628,000 | ' | ' | 3,975,118,000 | [1],[2] | 1,534,510,000 | [1],[3] | ' | ' | ' | |
Totals | 9,484,113,000 | ' | ' | 6,418,190,000 | [1],[2] | 3,065,923,000 | [1],[3] | ' | ' | ' | |
Senior Unsecured Notes and Secured Debt (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | |||
Notes, annual stated interest rates, Minimum | ' | ' | ' | 2.25% | 1.00% | ' | ' | ' | |||
Notes, annual stated interest rates, Maximum | ' | ' | ' | 6.50% | 9.10% | ' | ' | ' | |||
Interest rate | ' | 4.50% | ' | ' | ' | 2.67% | 2.67% | 1.53% | |||
Senior unsecured notes issued amount | ' | 400,000,000 | ' | ' | ' | ' | ' | ' | |||
Senior unsecured notes | 6,395,638,000 | ' | 6,114,151,000 | ' | ' | 243,072,000 | 250,000,000 | 500,000,000 | |||
Secured debt | 3,115,862,000 | ' | 2,336,196,000 | ' | ' | ' | ' | ' | |||
Carrying values of properties securing the debt | $6,336,955,000 | ' | ' | ' | ' | ' | ' | ' | |||
Interest Rate margin | 1.18% | ' | ' | ' | ' | 1.45% | 1.45% | 1.35% | |||
Debt instrument maturity date | 31-Mar-17 | ' | ' | ' | ' | 27-Jul-15 | 27-Jul-15 | 31-Mar-16 | |||
Loan Extension Period | '2 years 0 months | ' | ' | ' | ' | ' | ' | ' | |||
[1] | (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet. | ||||||||||
[2] | (2) Annual interest rates range from 2.25% to 6.5%, excluding the Canadian denominated unsecured term loan discussed in footnote 4 and the $500,000,000 unsecured term loan discussed below. | ||||||||||
[3] | (3) Annual interest rates range from 1.0% to 9.1%. Carrying value of the properties securing the debt totaled $6,336,955,000 at September 30, 2013. | ||||||||||
[4] | (4) On July 30, 2012, we completed funding on a $250,000,000 Canadian denominated unsecured term loan (approximately $243,072,000 USD at exchange rates on September 30, 2013). The loan matures July 27, 2015 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 145 basis points (2.67% at September 30, 2013). |
Senior_Unsecured_Notes_and_Sec3
Senior Unsecured Notes and Secured Debt (Details 1) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Unsecured note issuances | ' | ' | ' | ' |
Senior unsecured debt issued | $497,862,000 | $842,323,000 | ' | ' |
Senior unsecured debt redeemed | 217,615,000 | 370,524,000 | ' | ' |
Excluding Fair Value Adjustments [Member] | ' | ' | ' | ' |
Unsecured note issuances | ' | ' | ' | ' |
Senior unsecured debt balance | 6,175,118,000 | 4,694,403,000 | 5,894,403,000 | 4,464,927,000 |
Senior unsecured debt issued | 500,000,000 | 600,000,000 | ' | ' |
Senior unsecured debt extinguished | 0 | -76,853,000 | ' | ' |
Senior unsecured debt redeemed | ($219,285,000) | ($293,671,000) | ' | ' |
Senior unsecured debt balance average rate | 0.0448 | 0.0503 | 0.04675 | 0.05133 |
Senior unsecured debt issued average rate | 0.01552 | 0.04125 | ' | ' |
Senior unsecured debt extinguished average rate | 0 | 0.08 | ' | ' |
Senior unsecured debt redeemed average rate | 0.03 | 0.0475 | ' | ' |
Senior_Unsecured_Notes_and_Sec4
Senior Unsecured Notes and Secured Debt (Details 2) (USD $) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Secured debt principal activity | ' | ' | ' | ' |
Secured debt issued | $85,140,000 | $145,713,000 | ' | ' |
Secured debt extinguished | 575,373,000 | 272,399,000 | ' | ' |
Excluding Fair Value Adjustments [Member] | ' | ' | ' | ' |
Secured debt principal activity | ' | ' | ' | ' |
Secured debt principal balance | 3,065,923,000 | 2,300,520,800 | 2,311,586,000 | 2,108,373,000 |
Secured debt issued | 85,140,000 | 145,713,000 | ' | ' |
Secured debt assumed | 1,241,898,000 | 311,653,000 | ' | ' |
Secured debt extinguished | -535,367,000 | -237,259,000 | ' | ' |
Secured debt principal payments | -40,006,000 | -28,247,000 | ' | ' |
Secured debt foreign currency | $2,672,000 | $287,800 | ' | ' |
Secured debt principal balance average rate | 0.0508 | 0.0542 | 0.0514 | 0.0534 |
Secured debt principal issued average rate | 0.0505 | 0.0413 | ' | ' |
Secured debt principal assumed average rate | 0.0411 | 0.0571 | ' | ' |
Secured debt principal extinguished average rate | 0.0352 | 0.0429 | ' | ' |
Secured debt principal payment average rate | 0.0527 | 0.0535 | ' | ' |
Secured debt principal foreign currency average rate | 0.0404 | 0.0562 | ' | ' |
Derivative_Instruments_Details
Derivative Instruments (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in income | $4,872,000 | $409,000 | $4,465,000 | ($1,712,000) |
Interest Rate Swap [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in OCI | -4,000 | 797,000 | -12,000 | 2,342,000 |
Gain (loss) reclassified from AOCI into income | -477,000 | 383,000 | -1,428,000 | 1,204,000 |
Gain (loss) recognized in income | 0 | 0 | 0 | -96,000 |
Foreign Exchange Contract [Member] | ' | ' | ' | ' |
Derivative [Line Items] | ' | ' | ' | ' |
Gain (loss) recognized in OCI | -110,404,000 | -12,663,000 | -19,867,000 | -5,747,000 |
Gain (loss) recognized in income | ($4,872,000) | ($409,000) | ($4,465,000) | $1,808,000 |
Derivative_Instruments_Details1
Derivative Instruments (Details Textual) | 3 Months Ended | 4 Months Ended | 5 Months Ended | 6 Months Ended | 7 Months Ended | 9 Months Ended | ||||||||||||
Mar. 22, 2013 | Mar. 30, 2013 | 3-May-12 | 22-May-13 | Jul. 12, 2013 | Jul. 31, 2013 | Sep. 30, 2013 | Jul. 31, 2013 | Jul. 12, 2013 | 22-May-13 | Apr. 04, 2013 | Jan. 15, 2013 | Sep. 17, 2012 | Sep. 17, 2012 | Aug. 30, 2012 | Jul. 30, 2012 | 3-May-12 | Feb. 15, 2012 | |
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | GBP (£) | GBP (£) | CAD | CAD | GBP (£) | CAD | GBP (£) | GBP (£) | CAD | CAD | CAD | |
Number | Number | Number | Number | Number | Number | Number | ||||||||||||
Derivative Instruments (Textual) [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of foreign currency derivatives held | ' | ' | ' | ' | ' | ' | ' | 2 | 3 | 3 | 3 | 3 | 2 | 2 | ' | ' | ' | ' |
Number of interest rate derivatives held | ' | ' | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Notional amount of foreign currency derivatives | ' | ' | ' | ' | ' | ' | ' | £ 144,411,000 | £ 675,000,000 | 600,000,000 | 600,000,000 | £ 675,000,000 | 14,000,000 | £ 23,000,000 | £ 125,000,000 | 250,000,000 | 250,000,000 | 250,000,000 |
Notional amount of interest rate swap | ' | ' | ' | ' | ' | ' | 11,692,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification period of cash flow hedges | ' | ' | ' | ' | ' | ' | '0 years 12 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Swap Maturity Date | ' | ' | 31-Jul-12 | ' | 31-Dec-13 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Hedging losses included in accumulated other comprehensive income | ($2,309,000) | $13,071,000 | $2,772,000 | ($10,355,000) | $63,514,000 | ($4,872,000) | ($1,910,000) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Number | Number | ||||
Commitments and Contingencies (Textual) [Abstract] | ' | ' | ' | ' | ' |
Number of outstanding letters of credit | 6 | ' | 6 | ' | ' |
Letter of credit obligation | $5,658,000 | ' | $5,658,000 | ' | ' |
Outstanding construction financings for leased properties | 158,006,000 | ' | 158,006,000 | ' | 162,984,000 |
Additional financing to complete construction | 261,625,000 | ' | 261,625,000 | ' | ' |
Total contingent purchase obligations | 59,561,000 | ' | 59,561,000 | ' | ' |
Minimum part of economic life of the leased asset to be classified as capital lease | ' | ' | 75.00% | ' | ' |
Minimum net present value of the future minimum lease payments to be classified as capital lease. | 90.00% | ' | 90.00% | ' | ' |
Operating lease obligations relating to certain ground leases | 882,088,000 | ' | 882,088,000 | ' | ' |
Rental expense related to company office space | 410,000 | 330,000 | 1,217,000 | 931,000 | ' |
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals | 44,987,000 | ' | 44,987,000 | ' | ' |
Capital Leases, Future Minimum Payments Due | $118,463,000 | ' | $118,463,000 | ' | ' |
Stockholders_Equity_Details
Stockholder's Equity (Details) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
Preferred Stock: | ' | ' | ' | ' |
Authorized shares | 50,000,000 | 50,000,000 | ' | ' |
Issued shares | 26,224,854 | 26,224,854 | ' | ' |
Outstanding shares | 26,224,854 | 26,224,854 | 26,224,854 | 25,724,854 |
Common Stock, $1.00 par value: | ' | ' | ' | ' |
Authorized shares | 400,000,000 | 400,000,000 | ' | ' |
Issued shares | 288,821,107 | 260,780,109 | ' | ' |
Outstanding shares | 288,360,031 | 260,373,754 | ' | ' |
Stockholders_Equity_Details_1
Stockholder's Equity (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | |
Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | |
Summary of common stock issuances | ' | ' | ' |
Dividend reinvestment plan issuances, Shares Issued | ' | 2,379,609 | 1,485,598 |
Dividend reinvestment plan issuances, Average Price | ' | $64.62 | $55.65 |
Dividend reinvestment plan issuances, Net Proceeds | ' | 153,762,000 | 82,678,000 |
Dividend reinvestment plan issuances, Gross Proceeds | ' | 153,762,000 | 82,678,000 |
Option exercises, Shares | ' | 200,467 | 155,195 |
Option exercises, Average Price | ' | 42.45 | 39.61 |
Option exercises, Gross Proceeds | ' | 8,509,000 | 6,147,000 |
Option exercises, Net Proceeds | ' | 8,509,000 | 6,147,000 |
Issuance of Common Stock, Shares | ' | 27,676,960 | 67,080,514 |
Senior note conversions | ' | 987,967 | 1,039,721 |
Equity issued in acquisition of noncontrolling interest | 1,108,917 | 1,108,917 | ' |
Gross Proceeds From Issuance of Common Stock | ' | 1,852,771,000 | 3,681,425,000 |
Net proceeds from the issuance of common stock | ' | 1,792,552,000 | 3,536,232,000 |
February 2012 Public Issuance [Member] | ' | ' | ' |
Summary of common stock issuances | ' | ' | ' |
Public issuance, Shares Issued | ' | ' | 20,700,000 |
Public issuance, Average Price | ' | ' | 53.5 |
Public issuance, Gross Proceeds | ' | ' | 1,107,450,000 |
Public issuance, Net Proceeds | ' | ' | 1,062,256,000 |
August 2012 Public Issuance [Member] | ' | ' | ' |
Summary of common stock issuances | ' | ' | ' |
Public issuance, Shares Issued | ' | ' | 13,800,000 |
Public issuance, Average Price | ' | ' | 58.75 |
Public issuance, Gross Proceeds | ' | ' | 810,750,000 |
Public issuance, Net Proceeds | ' | ' | 778,011,000 |
September 2012 Public Issuance [Member] | ' | ' | ' |
Summary of common stock issuances | ' | ' | ' |
Public issuance, Shares Issued | ' | ' | 29,900,000 |
Public issuance, Average Price | ' | ' | 56 |
Public issuance, Gross Proceeds | ' | ' | 1,674,400,000 |
Public issuance, Net Proceeds | ' | ' | 1,607,140,000 |
May 2013 Public Issuance [Member] | ' | ' | ' |
Summary of common stock issuances | ' | ' | ' |
Public issuance, Shares Issued | ' | 23,000,000 | ' |
Public issuance, Average Price | ' | 73.5 | ' |
Public issuance, Gross Proceeds | ' | 1,690,500,000 | ' |
Public issuance, Net Proceeds | ' | $1,630,281,000 | ' |
Stockholders_Equity_Details_2
Stockholder's Equity (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | |
Unrecognized losses on cash flow hedges | ($5,541,000) | ($6,957,000) | ($7,423,000) | ($8,561,000) | |
Unrecognized losses on equity investments | -562,000 | -216,000 | -427,000 | -619,000 | |
Unrecognized gains (losses) on foreign currency translation | -14,398,000 | -881,000 | 166,000 | 0 | |
Unrecognized actuarial losses | -2,974,000 | -2,974,000 | -2,748,000 | -2,748,000 | |
Totals | -23,475,000 | -11,028,000 | -10,432,000 | -11,928,000 | |
Other comprehensive income before reclassification adjustments | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | |
Unrecognized losses on cash flow hedges | -12,000 | ' | 2,342,000 | ' | |
Unrecognized losses on equity investments | -346,000 | ' | 192,000 | ' | |
Unrecognized gains (losses) on foreign currency translation | -13,517,000 | ' | 166,000 | ' | |
Unrecognized actuarial losses | 0 | ' | 0 | ' | |
Totals | -13,875,000 | ' | 2,700,000 | ' | |
Reclassification amount to net income | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | |
Unrecognized losses on cash flow hedges | 1,428,000 | ' | -1,204,000 | [1] | ' |
Unrecognized losses on equity investments | 0 | ' | 0 | ' | |
Unrecognized gains (losses) on foreign currency translation | 0 | ' | 0 | ' | |
Unrecognized actuarial losses | 0 | ' | 0 | ' | |
Totals | 1,428,000 | ' | -1,204,000 | ' | |
Net current period other comprehensive income | ' | ' | ' | ' | |
Accumulated Other Comprehensive Income Loss [Line Items] | ' | ' | ' | ' | |
Unrecognized losses on cash flow hedges | 1,416,000 | ' | 1,138,000 | ' | |
Unrecognized losses on equity investments | -346,000 | ' | 192,000 | ' | |
Unrecognized gains (losses) on foreign currency translation | -13,517,000 | ' | 166,000 | ' | |
Unrecognized actuarial losses | 0 | ' | 0 | ' | |
Totals | ($12,447,000) | ' | $1,496,000 | ' | |
[1] | (1) Please see Note 11 for additional information. |
Stockholders_Equity_Details_4
Stockholder's Equity (Details 4) | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | |
Stockholders' Equity [Line Items] | ' | ' | ' | ' |
Preferred Stock, Shares Outstanding | 26,224,854 | 26,224,854 | 26,224,854 | 25,724,854 |
Preferred stock, shares issued during period | 0 | 11,500,000 | ' | ' |
Preferred stock redeemed, shares | 0 | -11,000,000 | ' | ' |
Preferred stock balance average rate | 0.06493 | 0.06493 | 0.06493 | 0.07013 |
Preferred stock balance issued average rate | 0 | 0.065 | ' | ' |
Preferred stock balance redeemed average rate | 0 | 0.07716 | ' | ' |
Stockholders_Equity_Details_5
Stockholder's Equity (Details 5) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Summary of dividend payments | ' | ' | ' | ' |
Dividends declared and paid per common share | $0.77 | $0.74 | $2.29 | $2.22 |
Common stock cash dividends | ' | ' | $618,992,000 | $460,936,000 |
Total dividend paid | ' | ' | 668,797,000 | 513,463,000 |
Series D Preferred Stock [Member] | ' | ' | ' | ' |
Summary of dividend payments | ' | ' | ' | ' |
Dividends declared and paid per preferred share | ' | ' | $0 | $0.50 |
Preferred stock cash dividends | ' | ' | 0 | 2,012,000 |
Series F Preferred Stock [Member] | ' | ' | ' | ' |
Summary of dividend payments | ' | ' | ' | ' |
Dividends declared and paid per preferred share | ' | ' | $0 | $0.49 |
Preferred stock cash dividends | ' | ' | 0 | 3,410,000 |
Series H Preferred Stock [Member] | ' | ' | ' | ' |
Summary of dividend payments | ' | ' | ' | ' |
Dividends declared and paid per preferred share | ' | ' | $2.14 | $2.14 |
Preferred stock cash dividends | ' | ' | 750,000 | 750,000 |
Series I Preferred Stock [Member] | ' | ' | ' | ' |
Summary of dividend payments | ' | ' | ' | ' |
Dividends declared and paid per preferred share | ' | ' | $2.44 | $2.44 |
Preferred stock cash dividends | ' | ' | 35,039,000 | 35,039,000 |
Series J Preferred Stock [Member] | ' | ' | ' | ' |
Summary of dividend payments | ' | ' | ' | ' |
Dividends declared and paid per preferred share | ' | ' | $1.22 | $0.98 |
Preferred stock cash dividends | ' | ' | $14,016,000 | $11,316,000 |
Stockholders_Equity_Details_Te
Stockholder's Equity (Details Textual) (USD $) | 3 Months Ended |
Sep. 30, 2013 | |
Stockholders' Equity (Details) [Abstract] | ' |
Transaction costs | $23,591,000 |
Acquisitions of noncontrolling interests | -23,247,000 |
Equity issued in acquisition of noncontrolling interest | 1,108,917 |
Percentage of partnership owned | 20.00% |
Total purchase price | 91,000,000 |
Transaction Costs Existing Partnership | $2,732,000 |
Stock_Incentive_Plans_Details_
Stock Incentive Plans (Details Textual) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Incentive Plans [Line Items] | ' | ' | ' | ' |
Number of common stock authorized for Long-Term Incentive Plan | 6,200,000 | ' | 6,200,000 | ' |
Stock-based compensation expense | $3,956,000 | $2,592,000 | $16,650,000 | $16,229,000 |
Option expiration period | '10 years | ' | ' | ' |
Director [Member] | ' | ' | ' | ' |
Stock Incentive Plans [Line Items] | ' | ' | ' | ' |
Vesting period | '3 years | ' | ' | ' |
Officer [Member] | ' | ' | ' | ' |
Stock Incentive Plans [Line Items] | ' | ' | ' | ' |
Vesting period | '5 years | ' | ' | ' |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Computation of basic and diluted earnings per share | ' | ' | ' | ' |
Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders | $20,691,000 | $37,269,000 | $67,245,000 | $131,308,000 |
Denominator for basic earnings per share - weighted average shares | 286,020,000 | 224,391,000 | 273,148,000 | 212,592,000 |
Effect of dilutive securities: | ' | ' | ' | ' |
Employee stock options | 196,000 | 238,000 | 235,000 | 240,000 |
Non-vested restricted shares | 567,000 | 301,000 | 417,000 | 293,000 |
Convertible senior unsecured notes | 1,246,000 | 1,328,000 | 1,447,000 | 950,000 |
Dilutive potential common shares | 2,009,000 | 1,867,000 | 2,099,000 | 1,483,000 |
Denominator for diluted earnings per share - adjusted weighted average shares | 288,029,000 | 226,258,000 | 275,247,000 | 214,075,000 |
Basic earnings per share | $0.07 | $0.17 | $0.25 | $0.62 |
Diluted earnings per share | $0.07 | $0.16 | $0.24 | $0.61 |
Earnings Per Share (Textual) [Abstract] | ' | ' | ' | ' |
Securities Excluded From Computation Of Diluted Earnings Per Share | 0 | 237,000 | 0 | 0 |
Disclosure_about_Fair_Value_of2
Disclosure about Fair Value of Financial Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 | |
Financial Assets: | ' | ' | ' | ' | |
Loans receivable, Carrying Amount | $307,377,000 | $895,665,000 | ' | ' | |
Available-for-sale equity investments, Carrying Amount | 1,037,000 | 1,384,000 | ' | ' | |
Available-for-sale equity investments, Fair Value | 1,037,000 | [1] | 1,384,000 | ' | ' |
Cash and cash equivalents, Carrying Amount | 164,838,000 | 1,033,764,000 | 1,382,252,000 | 163,482,000 | |
Cash and cash equivalents, Fair Value | 164,838,000 | 1,033,764,000 | ' | ' | |
Foreign currency forward contract, asset | 7,669,000 | 0 | ' | ' | |
Financial Liabilities: | ' | ' | ' | ' | |
Borrowings under unsecured line of credit arrangement | 847,670,000 | 0 | ' | ' | |
Borrowings under unsecured lines of credit arrangements, Fair Value | 847,670,000 | 0 | ' | ' | |
Senior unsecured notes, Carrying Amount | 6,395,638,000 | 6,114,151,000 | ' | ' | |
Senior unsecured notes, Fair Value | 6,806,353,000 | 6,793,424,000 | ' | ' | |
Secured debt, Carrying Amount | 3,115,862,000 | 2,336,196,000 | ' | ' | |
Secured debt, Fair Value | 3,262,955,000 | 2,515,145,000 | ' | ' | |
Interest rate swap agreements, Carrying Amount | 68,000 | 264,000 | ' | ' | |
Interest rate swap agreements, Fair Value | 68,000 | 264,000 | ' | ' | |
Foreign currency forward contact, liability | 79,544,000 | 7,247,000 | ' | ' | |
Mortgage Loans on Real Estate [Member] | ' | ' | ' | ' | |
Financial Assets: | ' | ' | ' | ' | |
Loans receivable, Carrying Amount | 131,138,000 | 87,955,000 | ' | ' | |
Loans receivable, Fair value | 133,554,000 | 88,975,000 | ' | ' | |
Other Real Estate Loans Receivable [Member] | ' | ' | ' | ' | |
Financial Assets: | ' | ' | ' | ' | |
Loans receivable, Carrying Amount | 176,239,000 | 807,710,000 | ' | ' | |
Loans receivable, Fair value | $182,153,000 | $820,195,000 | ' | ' | |
[1] | (1) Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date. |
Disclosure_about_Fair_Value_of3
Disclosure about Fair Value of Financial Instruments (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | |
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis | ' | ' | |
Available-for-sale equity investments | $1,037,000 | [1] | $1,384,000 |
Interest rate swap agreements | -68,000 | [2] | ' |
Foreign currency forward contracts | -71,875,000 | [2] | ' |
Totals | -70,906,000 | ' | |
Level 1 [Member] | ' | ' | |
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis | ' | ' | |
Available-for-sale equity investments | 1,037,000 | [1] | ' |
Interest rate swap agreements | 0 | [2] | ' |
Foreign currency forward contracts | 0 | [2] | ' |
Totals | 1,037,000 | ' | |
Level 2 [Member] | ' | ' | |
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis | ' | ' | |
Available-for-sale equity investments | 0 | [1] | ' |
Interest rate swap agreements | -68,000 | [2] | ' |
Foreign currency forward contracts | -71,875,000 | [2] | ' |
Totals | -71,943,000 | ' | |
Level 3 [Member] | ' | ' | |
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis | ' | ' | |
Available-for-sale equity investments | 0 | [1] | ' |
Interest rate swap agreements | 0 | [2] | ' |
Foreign currency forward contracts | 0 | [2] | ' |
Totals | $0 | ' | |
[1] | (1) Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date. | ||
[2] | (2) Please see Note 11 for additional information. |
Segment_Reporting_Details
Segment Reporting (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Summary of information for reportable segments | ' | ' | ' | ' | ' |
Rental income | $311,731,000 | $277,919,000 | $909,659,000 | $789,748,000 | ' |
Resident fees and services | 466,127,000 | 174,464,000 | 1,164,446,000 | 498,295,000 | ' |
Interest income | 7,629,000 | 8,111,000 | 24,325,000 | 24,131,000 | ' |
Other income | 1,443,000 | 1,339,000 | 3,168,000 | 4,505,000 | ' |
Revenues | 786,930,000 | 461,833,000 | 2,101,598,000 | 1,316,679,000 | ' |
Property operating expenses | 342,730,000 | 144,417,000 | 874,960,000 | 409,236,000 | ' |
Net Operating Income from Continuing Operations | 444,200,000 | 317,416,000 | 1,226,638,000 | 907,443,000 | ' |
Interest expense | 116,530,000 | 91,915,000 | 336,585,000 | 271,223,000 | ' |
Loss (gain) on derivatives, net | 4,872,000 | 409,000 | 4,465,000 | -1,712,000 | ' |
Depreciation and amortization | 242,668,000 | 127,844,000 | 628,700,000 | 373,344,000 | ' |
General and administrative | 28,718,000 | 23,679,000 | 79,799,000 | 77,302,000 | ' |
Transaction costs | 23,591,000 | 8,264,000 | 117,707,000 | 42,535,000 | ' |
Loss (gain) on extinguishment of debt, net | 4,068,000 | -215,000 | 4,376,000 | -791,000 | ' |
Provision for loan losses | 0 | 27,008,000 | 0 | 27,008,000 | ' |
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 31,889,000 | 38,082,000 | 63,758,000 | 116,952,000 | ' |
Total assets | 23,049,805,000 | ' | 23,049,805,000 | ' | 19,549,109,000 |
Percent Of Assets | 1 | ' | 1 | ' | 1 |
Percent Of Revenues | 1 | 1 | 1 | 1 | ' |
Senior housing - triple net [Member] | ' | ' | ' | ' | ' |
Summary of information for reportable segments | ' | ' | ' | ' | ' |
Rental income | 199,408,000 | 178,193,000 | 573,112,000 | 508,004,000 | ' |
Resident fees and services | 0 | 0 | 0 | 0 | ' |
Interest income | 5,035,000 | 6,116,000 | 16,311,000 | 17,977,000 | ' |
Other income | 778,000 | 662,000 | 1,183,000 | 2,268,000 | ' |
Revenues | 205,221,000 | 184,971,000 | 590,606,000 | 528,249,000 | ' |
Property operating expenses | 0 | 0 | 0 | 0 | ' |
Net Operating Income from Continuing Operations | 205,221,000 | 184,971,000 | 590,606,000 | 528,249,000 | ' |
Interest expense | -5,968,000 | -347,000 | -15,841,000 | -602,000 | ' |
Loss (gain) on derivatives, net | -4,872,000 | 0 | -4,872,000 | -96,000 | ' |
Depreciation and amortization | -58,148,000 | -52,294,000 | -169,603,000 | -147,074,000 | ' |
General and administrative | 0 | 0 | 0 | 0 | ' |
Transaction costs | -4,026,000 | -5,590,000 | -15,730,000 | -30,796,000 | ' |
Loss (gain) on extinguishment of debt, net | 0 | -126,000 | 0 | -2,363,000 | ' |
Provision for loan losses | 0 | -27,008,000 | 0 | -27,008,000 | ' |
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 132,207,000 | 99,606,000 | 384,560,000 | 320,310,000 | ' |
Total assets | 9,222,731,000 | ' | 9,222,731,000 | ' | ' |
Senior housing - operating [Member] | ' | ' | ' | ' | ' |
Summary of information for reportable segments | ' | ' | ' | ' | ' |
Rental income | 0 | 0 | 0 | 0 | ' |
Resident fees and services | 466,127,000 | 174,464,000 | 1,164,446,000 | 498,295,000 | ' |
Interest income | 0 | 0 | 757,000 | 0 | ' |
Other income | 167,000 | 0 | 169,000 | 0 | ' |
Revenues | 466,294,000 | 174,464,000 | 1,165,372,000 | 498,295,000 | ' |
Property operating expenses | -311,575,000 | -118,369,000 | -785,050,000 | -336,952,000 | ' |
Net Operating Income from Continuing Operations | 154,719,000 | 56,095,000 | 380,322,000 | 161,343,000 | ' |
Interest expense | -24,693,000 | -17,474,000 | -63,175,000 | -49,537,000 | ' |
Loss (gain) on derivatives, net | 0 | -409,000 | 407,000 | 1,808,000 | ' |
Depreciation and amortization | -144,578,000 | -39,591,000 | -338,099,000 | -123,820,000 | ' |
General and administrative | 0 | 0 | 0 | 0 | ' |
Transaction costs | -18,882,000 | -1,966,000 | -101,006,000 | -6,365,000 | ' |
Loss (gain) on extinguishment of debt, net | 5,252,000 | -89,000 | 5,560,000 | 1,089,000 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | -28,182,000 | -3,434,000 | -115,991,000 | -15,482,000 | ' |
Total assets | 9,031,224,000 | ' | 9,031,224,000 | ' | ' |
Medical facilities [Member] | ' | ' | ' | ' | ' |
Summary of information for reportable segments | ' | ' | ' | ' | ' |
Rental income | 112,323,000 | 99,726,000 | 336,547,000 | 281,744,000 | ' |
Resident fees and services | 0 | 0 | 0 | 0 | ' |
Interest income | 2,594,000 | 1,995,000 | 7,257,000 | 6,154,000 | ' |
Other income | 466,000 | 400,000 | 1,539,000 | 1,482,000 | ' |
Revenues | 115,383,000 | 102,121,000 | 345,343,000 | 289,380,000 | ' |
Property operating expenses | -31,155,000 | -26,048,000 | -89,910,000 | -72,284,000 | ' |
Net Operating Income from Continuing Operations | 84,228,000 | 76,073,000 | 255,433,000 | 217,096,000 | ' |
Interest expense | -9,143,000 | -7,940,000 | -28,441,000 | -22,338,000 | ' |
Loss (gain) on derivatives, net | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | -39,942,000 | -35,959,000 | -120,998,000 | -102,450,000 | ' |
General and administrative | 0 | 0 | 0 | 0 | ' |
Transaction costs | -683,000 | -708,000 | -971,000 | -5,374,000 | ' |
Loss (gain) on extinguishment of debt, net | 0 | 0 | 0 | 483,000 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | 34,460,000 | 31,466,000 | 105,023,000 | 87,417,000 | ' |
Total assets | 4,645,540,000 | ' | 4,645,540,000 | ' | ' |
Non Segment Corporate [Member] | ' | ' | ' | ' | ' |
Summary of information for reportable segments | ' | ' | ' | ' | ' |
Rental income | 0 | 0 | 0 | 0 | ' |
Resident fees and services | 0 | 0 | 0 | 0 | ' |
Interest income | 0 | 0 | 0 | 0 | ' |
Other income | 32,000 | 277,000 | 277,000 | 755,000 | ' |
Revenues | 32,000 | 277,000 | 277,000 | 755,000 | ' |
Property operating expenses | 0 | 0 | 0 | 0 | ' |
Net Operating Income from Continuing Operations | 32,000 | 277,000 | 277,000 | 755,000 | ' |
Interest expense | -76,726,000 | -66,154,000 | -229,128,000 | -198,746,000 | ' |
Loss (gain) on derivatives, net | 0 | 0 | 0 | 0 | ' |
Depreciation and amortization | 0 | 0 | 0 | 0 | ' |
General and administrative | -28,718,000 | -23,679,000 | -79,799,000 | -77,302,000 | ' |
Transaction costs | 0 | 0 | 0 | 0 | ' |
Loss (gain) on extinguishment of debt, net | -1,184,000 | 0 | -1,184,000 | 0 | ' |
Provision for loan losses | 0 | 0 | 0 | 0 | ' |
Income (loss) from continuing operations before income taxes and income from unconsolidated entities | -106,596,000 | -89,556,000 | -309,834,000 | -275,293,000 | ' |
Total assets | 150,310,000 | ' | 150,310,000 | ' | ' |
International [Member] | ' | ' | ' | ' | ' |
Summary of information for reportable segments | ' | ' | ' | ' | ' |
Revenues | 116,962,000 | 7,091,000 | 264,530,000 | 9,146,000 | ' |
Total assets | 3,427,229,000 | ' | 3,427,229,000 | ' | 856,895,000 |
Percent Of Assets | 0.149 | ' | 0.149 | ' | 0.044 |
Percent Of Revenues | 0.149 | 0.015 | 0.126 | 0.007 | ' |
United States [Member] | ' | ' | ' | ' | ' |
Summary of information for reportable segments | ' | ' | ' | ' | ' |
Revenues | 669,968,000 | 454,742,000 | 1,837,068,000 | 1,307,533,000 | ' |
Total assets | $19,622,576,000 | ' | $19,622,576,000 | ' | $18,692,214,000 |
Percent Of Assets | 0.851 | ' | 0.851 | ' | 0.956 |
Percent Of Revenues | 0.851 | 0.985 | 0.874 | 0.993 | ' |
Income_Taxes_and_Distributions1
Income Taxes and Distributions (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | |
Income Taxes And Distributions (Textuals) [Abstract] | ' | ' | ' | ' | ' |
Percentage of taxable income to be distributed to stockholders for federal tax purposes | 90.00% | ' | ' | ' | ' |
Percentage of net capital gains on taxable income distributed to stockholders | 100.00% | ' | ' | ' | ' |
Percentage of federal excise tax on real estate investment trusts that do not distribute income | 4.00% | ' | ' | ' | ' |
Income tax provision | $3,077,000 | $836,000 | $7,055,000 | $3,754,000 | ' |
Deferred Tax Liabilities | 10,388,000 | ' | 10,388,000 | ' | 1,419,000 |
Additional Income Taxes and Distributions (Textuals) [Abstract] | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits | 6,327,000 | ' | 6,327,000 | ' | 6,098,000 |
Expensed tax interest and penalties | 154,000 | ' | 366,000 | ' | ' |
Genesis Acquisition [Member] | ' | ' | ' | ' | ' |
Additional Income Taxes and Distributions (Textuals) [Abstract] | ' | ' | ' | ' | ' |
Unrecognized Tax Benefits | $5,916,000 | ' | $5,916,000 | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 0 Months Ended |
Oct. 07, 2013 | |
Subsequent Event [Line Items] | ' |
Senior Unsecured Notes Issued | $400,000,000 |
Interest rate | 4.50% |
Debt issuance proceeds | $393,000,000 |