Welltower (WELL) 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
	Jun. 30, 2015	Jul. 28, 2015
Document And Entity Information [Abstract]
Entity Registrant Name	HEALTH CARE REIT INC /DE/
Entity Central Index Key	766,704
Document Type	10-Q
Document Period End date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
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	$ 23,029,716,957
Entity Common Stock Shares Outstanding		351,884,894

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($)	Jun. 30, 2015		Dec. 31, 2014
Real property owned:
Land and land improvements	$ 2,244,048,000		$ 2,046,541,000
Buildings and improvements	24,097,963,000		21,799,313,000
Acquired lease intangibles	1,214,628,000		1,135,936,000
Real property held for sale, net of accumulated depreciation	352,113,000		323,818,000
Construction in progress	159,352,000		186,327,000
Gross real property owned	28,068,104,000		25,491,935,000
Less accumulated depreciation and amortization	(3,363,834,000)		(3,020,908,000)
Net real property owned	24,704,270,000		22,471,027,000
Real estate loans receivable:
Real estate loans receivable	760,543,000		380,169,000
Less allowance for losses on loans receivable	0
Net real estate investments	25,464,813,000		22,851,196,000
Other assets:
Investments in unconsolidated entities	569,621,000		744,151,000
Goodwill	68,321,000		68,321,000
Deferred loan expenses	65,727,000		69,282,000
Cash and cash equivalents	217,942,000		473,726,000
Restricted cash	72,706,000		79,697,000
Straight-line rent receivable	336,853,000		279,806,000
Receivables and other assets	611,499,000		448,117,000
Total other assets	1,942,669,000		2,163,100,000
Total assets	27,407,482,000		25,014,296,000
Liabilities:
Borrowings under primary unsecured credit facilities, Carrying Value	350,000,000	[1]	0
Senior unsecured notes	8,060,493,000		7,766,251,000
Secured debt	3,066,633,000		2,977,713,000
Capital lease obligations	75,240,000		84,049,000
Accrued expenses and other liabilities	650,437,000		626,825,000
Total liabilities	12,202,803,000		11,454,838,000
Redeemable noncontrolling interests	159,400,000		86,409,000
Equity:
Preferred stock	1,006,250,000		1,006,250,000
Common stock	351,651,000		328,835,000
Capital in excess of par value	16,300,841,000		14,740,712,000
Treasury stock	(41,693,000)		(35,241,000)
Cumulative net income	3,378,096,000		2,842,022,000
Cumulative Dividends	(6,230,540,000)		(5,635,923,000)
Accumulated other comprehensive income (loss)	(81,670,000)		(77,009,000)
Other equity	4,238,000		5,507,000
Total Health Care REIT, Inc. stockholders' equity	14,687,173,000		13,175,153,000
Noncontrolling interests	358,106,000		297,896,000
Total equity	15,045,279,000		13,473,049,000
Total liabilities and equity	$ 27,407,482,000		$ 25,014,296,000
[1]	(1) As of June 30, 2015, letters of credit in the aggregate amount of $61,882,247 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Revenues:
Rental income		$ 396,626,000	$ 347,847,000	$ 776,213,000		$ 684,303,000
Resident fees and services		535,553,000	467,639,000	1,028,063,000		923,904,000
Interest income		20,576,000	8,933,000	37,570,000		17,527,000
Other income		4,414,000	2,027,000	9,500,000		2,520,000
Total revenues		957,169,000	826,446,000	1,851,346,000		1,628,254,000
Expenses:
Interest expense		118,861,000	121,065,000	239,942,000		241,898,000
Property operating expenses		398,354,000	343,754,000	774,815,000		685,185,000
Depreciation and amortization		208,802,000	214,449,000	397,631,000		447,766,000
General and administrative		38,474,000	51,660,000	73,612,000		84,524,000
Transaction costs		12,491,000	7,040,000	61,045,000		7,993,000
Loss (gain) on derivatives, net		0	351,000	(58,427,000)	[1]	351,000
Loss (gain) on extinguishment of debt, net		18,887,000	531,000	34,288,000		383,000
Impairment of Asset		0	0	2,220,000		0
Other expenses		10,583,000	0	10,583,000		0
Total expenses		806,452,000	738,850,000	1,535,709,000		1,468,100,000
Income (loss) from continuing operations before income taxes and income from unconsolidated entities, total		150,717,000	87,596,000	315,637,000		160,154,000
Income tax (expense) benefit		(7,417,000)	(1,569,000)	(7,113,000)		(3,830,000)
(Loss) income from unconsolidated entities		(2,952,000)	(11,516,000)	(15,600,000)		(17,073,000)
Income from continuing operations		140,348,000	74,511,000	292,924,000		139,251,000
Discontinued operations:
Gain (loss) on sales of properties, net		0	6,411,000	0		6,411,000
Income (loss) from discontinued operations, net		0	264,000	0		724,000
Discontinued operations, net		0	6,675,000	0		7,135,000
Gain (loss) on real estate dispositions, net		190,111,000	6,668,000	246,956,000		6,668,000
Net income		330,459,000	87,854,000	539,880,000		153,054,000
Less: Preferred stock dividends		16,352,000	16,352,000	32,703,000		32,705,000
Less: Net income (loss) attributable to noncontrolling interests	[2]	1,534,000	(327,000)	3,804,000		(1,502,000)
Net income (loss) attributable to common stockholders		$ 312,573,000	$ 71,829,000	$ 503,373,000		$ 121,851,000
Average number of common shares outstanding:
Basic		350,399,000	296,256,000	343,624,000		293,046,000
Diluted		351,366,000	297,995,000	344,623,000		294,590,000
Basic:
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions		$ 0.89	$ 0.22	$ 1.46		$ 0.39
Discontinued operations, net		0	0.02	0		0.02
Net income (loss) attributable to common stockholders, total		0.89	0.24	1.46		0.42
Diluted:
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions		0.89	0.22	1.46		0.39
Discontinued operations, net		0	0.02	0		0.02
Net income (loss) attributable to common stockholders, total		0.89	0.24	1.46		0.41
Dividends declared and paid per common share		$ 0.825	$ 0.795	$ 1.65		$ 1.59
[1]	(1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.
[2]	(1) Includes amounts attributable to redeemable noncontrolling interests.

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)		3 Months Ended		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income		$ 330,459,000	$ 87,854,000	$ 539,880,000	$ 153,054,000
Other comprehensive income (loss):
Unrecognized gain (loss) on equity investments		(3,413,000)	(160,000)	(15,100,000)	389,000
Unrecognized gain (loss) on cash flow hedges		462,000	432,000	(1,697,000)	872,000
Unrecognized gain (loss) on foreign currency translation		32,384,000	13,109,000	3,187,000	3,220,000
Total other comprehensive income (loss)		29,433,000	13,381,000	(13,610,000)	4,481,000
Total comprehensive income (loss), total		359,892,000	101,235,000	526,270,000	157,535,000
Total comprehensive income (loss) attributable to noncontrolling interests	[1]	5,140,000	6,277,000	(5,145,000)	(2,910,000)
Comprehensive income (loss) attributable to controlling interests		$ 354,752,000	$ 94,958,000	$ 531,415,000	$ 160,445,000
[1]	(1) Includes amounts attributable to redeemable noncontrolling interests.

Consolidated Statements of Equi

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, 2013	$ 11,756,331,000	$ 1,017,361,000	$ 289,461,000	$ 12,418,520,000	$ (21,263,000)	$ 2,329,869,000	$ (4,600,854,000)	$ (24,531,000)	$ 6,020,000	$ 341,748,000
Comprehensive income:
Net income (loss)	153,205,000					154,556,000				(1,351,000)
Other comprehensive income	4,481,000							5,889,000		(1,408,000)
Total comprehensive income	157,686,000
Net change in noncontrolling interests	(11,548,000)			(4,680,000)						(6,868,000)
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures	138,701,000		2,561,000	147,486,000	(11,026,000)				(320,000)
Proceeds from issuance of common stock	968,517,000		16,100,000	952,417,000
Conversion of preferred stock		(11,111,000)	233,000	10,878,000
Equity component of convertible debt	0
Option compensation expense	459,000								459,000
Cash dividends paid:
Common stock cash dividends	(462,551,000)						(462,551,000)
Preferred stock cash dividends	(32,705,000)						(32,705,000)
Balances at end of period at Jun. 30, 2014	12,514,890,000	1,006,250,000	308,355,000	13,524,621,000	(32,289,000)	2,484,425,000	(5,096,110,000)	(18,642,000)	6,159,000	332,121,000
Balances at beginning of period at Dec. 31, 2014	13,473,049,000	1,006,250,000	328,835,000	14,740,712,000	(35,241,000)	2,842,022,000	(5,635,923,000)	(77,009,000)	5,507,000	297,896,000
Comprehensive income:
Net income (loss)	540,049,000					536,074,000				3,975,000
Other comprehensive income	(13,610,000)							(4,661,000)		(8,949,000)
Total comprehensive income	526,439,000
Net change in noncontrolling interests	62,398,000			(2,786,000)						65,184,000
Amounts related to issuance of common stock from dividend reinvestment and stock incentive plans, net of forfeitures	148,479,000		2,189,000	154,463,000	(6,452,000)				(1,721,000)
Proceeds from issuance of common stock	1,423,264,000		19,550,000	1,403,714,000
Conversion of preferred stock	0
Equity component of convertible debt	5,815,000		1,077,000	4,738,000
Option compensation expense	452,000								452,000
Cash dividends paid:
Common stock cash dividends	(561,914,000)						(561,914,000)
Preferred stock cash dividends	(32,703,000)						(32,703,000)
Balances at end of period at Jun. 30, 2015	$ 15,045,279,000	$ 1,006,250,000	$ 351,651,000	$ 16,300,841,000	$ (41,693,000)	$ 3,378,096,000	$ (6,230,540,000)	$ (81,670,000)	$ 4,238,000	$ 358,106,000

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($)		6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014
Operating activities
Net income (loss)		$ 539,880,000		$ 153,054,000
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization		397,631,000		447,766,000
Other amortization expenses		2,458,000		3,065,000
Asset Impairment Charges		2,220,000		0
Stock-based compensation expense		20,178,000		21,837,000
Loss (gain) on derivatives, net		(58,427,000)	[1]	351,000
Loss (gain) on extinguishment of debt, net		34,288,000		383,000
Income from unconsolidated entities		15,600,000		17,073,000
Rental income in excess of cash received		(57,047,000)		(26,414,000)
Amortization related to above (below) market leases, net		870,000		365,000
Net loss (gain) on sales of properties		(246,956,000)		(13,079,000)
Distributions by unconsolidated entities		282,000		7,155,000
Increase (decrease) in accrued expenses and other liabilities		10,417,000		5,433,000
Decrease (increase) in receivables and other assets		(42,093,000)		(21,455,000)
Net cash provided from (used in) operating activities		619,301,000		595,534,000
Investing activities
Cash disbursed for acquisitions		(2,153,970,000)		(488,066,000)
Cash disbursed for capital improvements to existing properties		(67,086,000)		(54,688,000)
Cash disbursed for construction in progress		(114,477,000)		(95,201,000)
Capitalized interest		(4,446,000)		(3,305,000)
Investment in real estate loans receivable		(416,588,000)		(54,877,000)
Other investments, net of payments		(110,532,000)		(47,858,000)
Principal collected on real estate loans receivable		37,342,000		20,941,000
Contributions to unconsolidated entities		(117,047,000)		(246,794,000)
Distributions by unconsolidated entities		116,288,000		22,925,000
Proceeds from (payments on) derivatives investing		72,522,000		0
Decrease (increase) in restricted cash		12,422,000		7,682,000
Proceeds from sales of real property		523,175,000		140,819,000
Net cash provided from (used in) investing activities		(2,222,397,000)		(798,422,000)
Financing activities
Net increase (decrease) under unsecured lines of credit arrangements		350,000,000		(130,000,000)
Proceeds from issuance of senior unsecured notes		743,407,000		0
Payments to extinguish senior unsecured notes		(477,550,000)		(1,000)
Secured debt issued		136,801,000		10,690,000
Payments on secured debt		(323,950,000)		(219,980,000)
Net proceeds from the issuance of common stock		1,562,350,000		1,101,969,000
Decrease (increase) in deferred loan expenses		(5,285,000)		(3,395,000)
Contributions by noncontrolling interests	[2]	4,926,000		4,485,000
Distributions to noncontrolling interests	[2]	(19,371,000)		(14,208,000)
Acquisitions of noncontrolling interests		(4,741,000)		(1,175,000)
Cash distributions to stockholders		(594,617,000)		(495,256,000)
Other financing activities		(27,253,000)		(608,000)
Net cash provided from (used in) financing activities		1,344,717,000		252,521,000
Effect of foreign currency translation on cash and cash equivalents		2,595,000		(1,059,000)
Increase (decrease) in cash and cash equivalents		(255,784,000)		48,574,000
Cash and cash equivalents at beginning of period		473,726,000		158,780,000
Cash and cash equivalents at end of period		217,942,000		207,354,000
Supplemental cash flow information:
Interest paid		208,885,000		224,544,000
Income taxes paid		$ 10,140,000		$ 11,955,000
[1]	(1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.
[2]	(1) Includes amounts attributable to redeemable noncontrolling interests.

Business

Business	6 Months Ended
	Jun. 30, 2015
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 senior s housing and health care real estate. Our full service platform offers property management and development services to our customers. As of June 30, 2015 , our div ersified portfolio consisted of 1,411 properties in 46 states, the United Kingdom, and Ca nada. Founded in 1970, we were the first real estate investment trust to invest exclusively in health care facilities .

Accounting Policies and Related

Accounting Policies and Related Matters	6 Months Ended
	Jun. 30, 2015
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 six months ended June 30, 2015 are not necessarily an indication of the results that may be expected for the year ending December 31, 2015 . 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, 2014 . New Accounting Standards In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to d epict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, b eginning after December 15, 2017 , and e arly adoption is permitted beginning after December 15, 2016 . We are currently evaluating the impact that the standard will have on our consolidated financial statements and have not yet determined the method by which we will adopt the standard . In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 8 10): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or servic e provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective beginning January 1, 2016. We are continuing to evaluate this guidance; howe ver, we do not expect its adoption to have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs ” (“ASU 2015-03”), which requires that debt i ssuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption , we will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. The guidance is effective beginning January 1, 2016. We are co ntinuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements.

Real Property Acquisitions and

Real Property Acquisitions and Development	6 Months Ended
	Jun. 30, 2015
Real Property Acquisitions and Development [Abstract]
Real Property Acquisitions and Development	3. Real Property Acquisition s 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 o f 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 valu e of the assets acquired, lease termination fees and other acquisition-related costs . Triple-net Activity Six Months Ended (In thousands) June 30, 2015 (1) June 30, 2014 Land and land improvements $ 92,287 $ 18,530 Buildings and improvements 744,515 230,126 Acquired lease intangibles 2,817 - Restricted cash 6 - Receivables and other assets 60 - Total assets acquired 839,685 248,656 Accrued expenses and other liabilities (1,845) - Total liabilities assumed (1,845) - Non-cash acquisition related activity (936) (1,839) Cash disbursed for acquisitions 836,904 246,817 Construction in progress additions 74,694 55,535 Less: Capitalized interest (3,303) (2,332) Foreign currency translation 240 (116) Cash disbursed for construction in progress 71,631 53,087 Capital improvements to existing properties 19,029 10,381 Total cash invested in real property, net of cash acquired $ 927,564 $ 310,285 (1) Includes acquisitions with an aggregate purchase price of $688,288,000 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 C onsolidated S tatements of C omprehensive I ncome. Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. See Note 2 to the fina ncial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 for information regarding our foreign currency policies. Six Months Ended (In thousands) June 30, 2015 (1) June 30, 2014 Land and land improvements $ 94,294 $ 3,546 Building and improvements 1,174,465 37,274 Acquired lease intangibles 71,089 5,569 Restricted cash 5,425 - Receivables and other assets 23,645 33 Total assets acquired (2) 1,368,918 46,422 Secured debt (208,960) (12,846) Accrued expenses and other liabilities (19,011) (853) Total liabilities assumed (227,971) (13,699) Noncontrolling interests (86,842) - Cash disbursed for acquisitions 1,054,105 32,723 Construction in progress additions 19,926 2,348 Less: Capitalized interest (715) (75) Foreign currency translation (40) - Cash disbursed for construction in progress 19,171 2,273 Capital improvements to existing properties 32,766 32,171 Total cash invested in real property, net of cash acquired $ 1,106,042 $ 67,167 (1) Includes acquisitions with an aggregate purchase price of $1,344,831,000 for which the allocation of the purchase price consideration is preliminary and subject to change. (2) Excludes $3,390,000 and $245,000 of cash acquired during the six months ended June 30, 2015 and 2014, respectively. Outpatient Medical Activity Six Months Ended (In thousands) June 30, 2015 (1) June 30, 2014 Land and land improvements $ 737 $ 1,655 Buildings and improvements 426,130 212,572 Acquired lease intangibles 19,371 1,525 Cash and cash equivalents 4,373 - Receivables and other assets - 249 Total assets acquired 450,611 216,001 Secured debt (112,000) - Accrued expenses and other liabilities (2,743) (7,475) Total liabilities assumed (114,743) (7,475) Noncontrolling interests (68,535) - Cash disbursed for acquisitions 267,333 208,526 Construction in progress additions 26,025 49,805 Less: Capitalized interest (428) (898) Accruals (2) (1,921) (9,584) Cash disbursed for construction in progress 23,676 39,323 Capital improvements to existing properties 15,291 12,654 Total cash invested in real property $ 301,927 $ 260,503 (1) Includes acquisitions with an aggregate purchase price of $440,220,000 for which the allocation of the purchase price consideration is preliminary and subject to change. (2) Represents non-cash consideration 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) : Six Months Ended June 30, 2015 June 30, 2014 Development projects: Triple-net $ 72,775 $ 71,570 Senior housing - operating 19,869 - Outpatient medical 16,592 42,799 Total development projects 109,236 114,369 Expansion projects 38,808 10,849 Total construction in progress conversions $ 148,044 $ 125,218

Real Estate Intangibles

Real Estate Intangibles	6 Months Ended
	Jun. 30, 2015
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): June 30, 2015 December 31, 2014 Assets: In place lease intangibles $ 1,049,407 $ 988,290 Above market tenant leases 82,298 65,684 Below market ground leases 61,159 62,426 Lease commissions 21,764 19,536 Gross historical cost 1,214,628 1,135,936 Accumulated amortization (814,084) (776,501) Net book value $ 400,544 $ 359,435 Weighted-average amortization period in years 16.2 17.8 Liabilities: Below market tenant leases $ 89,909 $ 91,168 Above market ground leases 7,860 7,859 Gross historical cost 97,769 99,027 Accumulated amortization (42,940) (40,891) Net book value $ 54,829 $ 58,136 Weighted-average amortization period in years 15.5 14.5 The following is a summary of real estate intangible amortization for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Rental income related to above/below market tenant leases, net $ (424) $ 290 $ (217) $ 245 Property operating expenses related to above/below market ground leases, net (334) (299) (653) (610) Depreciation and amortization related to in place lease intangibles and lease commissions (31,973) (59,603) (56,297) (138,996) The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): Assets Liabilities 2015 $ 58,072 $ $3,364 2016 72,338 6,512 2017 43,880 6,052 2018 29,943 5,583 2019 23,946 5,325 Thereafter 172,365 27,993 Total $ 400,544 $ 54,829

Dispositions, Assets Held for S

Dispositions, Assets Held for Sale and Discontinued Operations	6 Months Ended
	Jun. 30, 2015
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 We periodically sell properties for various reasons, including favorable market conditions or the exercise of tenant purchase options. The following is a summary of our real property disposition activity for the periods presented (in thousands): Six Months Ended June 30, 2015 June 30, 2014 Real estate dispositions: Triple-net $ 105,274 $ 41,124 Outpatient medical (1) 165,221 86,616 Land parcels 5,724 - Total dispositions 276,219 127,740 Gain (loss) on real estate dispositions, net 246,956 13,079 Proceeds from real estate dispositions $ 523,175 $ 140,819 (1) Primarily related to the disposition of an unconsolidated equity investment with Forest City Enterprises. Dispositions and Assets Held for Sale Pursuant to our adoption of ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” (“ASU 2014-08”), operating results attributable to properties sold subsequent to or classified as held for sale after January 1, 2014 and which do not meet the definition of discontinued operations are no longer reclassified on our Consolidated Statements of Comprehensive Income. The following represents the activity related to these properties for the pe riods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenues: Rental income $ 7,463 $ 30,857 $ 15,944 $ 62,817 Expenses: Interest expense 1,463 6,020 2,744 13,875 Property operating expenses 1,482 2,257 3,009 4,422 Provision for depreciation 2,394 9,316 4,277 19,059 Total expenses 5,339 17,593 10,030 37,356 Income (loss) from real estate dispositions, net $ 2,124 $ 13,264 $ 5,914 $ 25,461 Discontinued Operations We have reclassified the income and expenses attributable to all properties sold prior to or held for sale at January 1, 2014 to discontinued operations in accordance with ASU 2014-08. The following illustrates the reclassification impact as reported in our C onsolidated Statements of Comprehensive Income as a result of classifying these properties as discontinued operations for the periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenues: Rental income $ - $ 298 $ - $ 881 Expenses: Interest expense - 34 - 157 Total expenses - 34 - 157 Income (loss) from discontinued operations, net $ - $ 264 $ - $ 724

Real Estate Loans Receivable

Real Estate Loans Receivable	6 Months Ended
	Jun. 30, 2015
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): Six Months Ended June 30, 2015 June 30, 2014 Outpatient Outpatient Triple-net Medical Totals Triple-net Medical Totals Advances on real estate loans receivable: Investments in new loans $ 379,604 $ - $ 379,604 $ 3,493 $ - $ 3,493 Draws on existing loans 34,699 2,285 36,984 38,602 12,782 51,384 Net cash advances on real estate loans 414,303 2,285 416,588 42,095 12,782 54,877 Receipts on real estate loans receivable: Loan payoffs 25,656 - 25,656 3,950 - 3,950 Principal payments on loans 11,686 - 11,686 16,951 40 16,991 Net cash receipts on real estate loans 37,342 - 37,342 20,901 40 20,941 Net cash advances (receipts) on real estate loans 376,961 2,285 379,246 21,194 12,742 33,936 Change in balance due to foreign currency translation 1,127 - 1,127 1,104 - 1,104 Net change in real estate loans receivable $ 378,088 $ 2,285 $ 380,373 $ 22,298 $ 12,742 $ 35,040 We recorded no provision for loan losses during the six months ended June 30, 2015 . At June 30, 2015 , we had real estate loans with outstanding balances of $ 21,000,000 on non -accrual status with an allowance for loan losses of $ 0 .

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
	Jun. 30, 2015
Investments In Unconsolidated Entities [Abstract]
Equity Method Investments Disclosure [Text Block]	7 . Investments in Unconsolidated Entities We participate in a number of joint ventures, which generally invest in seniors housing and health care real estate. The results of operations for these properties have been included in our consolidated results of operations from the date of acquisition b y the joint ventures and are reflected in our C onsolidated S tatements of C omprehensive I ncome as income or loss from unconsolidated entities. The following is a summary of our investments in unconsolidated entities (dollars in thousands): Percentage Ownership (1) June 30, 2015 December 31, 2014 Triple-net 10% to 49% $ 26,243 $ 31,511 Seniors housing operating 10% to 50% 506,091 539,147 Outpatient medical 36% to 49% 37,286 173,493 Total $ 569,620 $ 744,151 (1) Excludes ownership of in-substance real estate. At June 30, 2015, the aggregate unamortized basis difference of our joint venture investments of $166,000 ,000 is primarily attributable to appreciation of the underlying properties and transaction costs. This difference will be amortized over the remaining useful life of the related properties and included in the reported amount of income from unconsolidated entities.

Credit Concentration

Credit Concentration	6 Months Ended
	Jun. 30, 2015
Customer Concentration [Abstract]
Credit Concentration	8 . Credit Concentration We use net operating income from continuing operations (“NOI”) as our credit concentration metric. See Note 17 for additional information and reconciliation. The following table summarizes certain information about our credit concentration for the six month period ending June 30, 2015 , excluding our share of NOI in unconsolidated entities (dollars in thousands): Number of Total Percent of Concentration by relationship: (1) Properties NOI NOI (2) Genesis Healthcare 180 $ 179,790 17% Sunrise Senior Living (3) 144 148,317 14% Brookdale Senior Living 146 83,547 8% Revera (3) 71 47,995 4% Benchmark Senior Living 50 47,406 4% Remaining portfolio 759 569,476 53% Totals 1,350 $ 1,076,531 100% Genesis Healthcare is in our triple-net segment . Sunrise Senior Living and Revera are in our se niors housing operating segment. Benchmark Senior Living and Brookdale Senior Living are in both our triple-net and seniors housing operating segments . NOI with our top five relationships comprised 49 % of total NOI for the year ending December 31, 2014 . Revera owns a controlling interest in Sunrise.

Borrowings Under Credit Facilit

Borrowings Under Credit Facilities and Related Items	6 Months Ended
	Jun. 30, 2015
Borrowings Under Credit Facilities and Related Items [Abstract]
Borrowings Under Credit Facilities and Related Items	9 . Borrowings Under Credit Facilities and Related Items At June 30, 2015, we had a primary unsecured credit facility with a consortium of 28 banks that includes a $2,500,000,000 unsecured revolving credit facility , a $500,000,000 unsecured term credit facility and a $250,000,000 Canadian- denominated unsecured term credit facility . We have an option , through an accordion feature, to upsize the unsecured revolving credit facility and the $500,000,000 unsecured term credit facility b y up to an additional $1,000,000,000 and the $250,000,000 Canadian-denominated unsecured term credit facility by up to an additional $250,000,000 . The primary unsecured credit facility also allows us to borrow up to $500,000,000 in alternate currencies (n one outstanding at June 30, 2015 ). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate ( 1.112% at June 30, 2015 ). The applicable margin is based on certain of our debt ratings and was 0.925% at June 30, 2015 . In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on certain of our debt ratings and was 0.15% at June 30, 2015 . The primary unsecured credit facility is scheduled to expire October 31, 2018 and can be extended for an additional year at our option. The following information relates to aggregate borrowings under the unsecured revolving credit facility for the periods presented (dollars in thousands) : Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance outstanding at quarter end (1) $ 350,000 $ - $ 350,000 $ - Maximum amount outstanding at any month end $ 535,000 $ 637,000 $ 535,000 $ 637,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 501,758 $ 375,824 $ 455,608 $ 331,602 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 1.13% 1.37% 1.17% 1.36% (1) As of June 30, 2015, letters of credit in the aggregate amount of $61,882,247 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Senior Unsecured Notes and Secu

Senior Unsecured Notes and Secured Debt	6 Months Ended
	Jun. 30, 2015
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 June 30, 2015 , the annual principal payments due on the se debt obligations were as follows (in thousands): Senior Secured Unsecured Notes (1,2) Debt (1,3) Totals 2015 (4) $ 56,975 $ 227,775 $ 284,750 2016 400,000 486,908 886,908 2017 450,000 400,621 850,621 2018 450,000 557,849 1,007,849 2019 (5,6) 1,300,417 373,126 1,673,543 Thereafter (7,8) 5,452,070 987,592 6,439,662 Totals $ 8,109,462 $ 3,033,871 $ 11,143,333 (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 1.162% to 6.5%. (3) Annual interest rates range from 1.0% to 7.98%. Carrying value of the properties securing the debt totaled $5,405,240,000 at June 30, 2015. (4) Senior unsecured notes amount represents our 3.00% Convertible Senior Notes due 2029. On July 17, 2015, we announced that we will redeem all outstanding notes ($22,415,000, which amount does not include notes surrendered for conversion prior to July 17, 2015) on August 17, 2015. (5) On July 25, 2014, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $200,417,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2015). The loan matures on October 31, 2018 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 97.5 basis points (2.0% at June 30, 2015). (6) On July 25, 2014, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on October 31, 2018 (with an option to extend for one additional year at our discretion) and bears interest at LIBOR plus 97.5 basis points (1.15% at June 30, 2015). (7) On November 20, 2013, we completed the sale of £ 550,000,000 (approximately $865,370,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.8% senior unsecured notes due 2028. (8) On November 25, 2014, we completed the sale of £ 500,000,000 (approximately $786,700,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.5% senior unsecured notes due 2034. The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands) : Six Months Ended June 30, 2015 June 30, 2014 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 7,817,154 4.385% $ 7,421,707 4.400% Debt issued 750,000 4.000% - 0.000% Debt extinguished (300,000) 6.200% - 0.000% Debt redeemed (158,990) 3.000% (1) 3.000% Foreign currency 1,298 3.601% 28,401 4.865% Ending balance $ 8,109,462 4.252% $ 7,450,107 4.402% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Six Months Ended June 30, 2015 June 30, 2014 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,941,765 4.94% $ 3,010,711 5.10% Debt issued 136,801 2.84% 10,690 3.54% Debt assumed 317,897 3.22% 12,005 4.15% Debt extinguished (290,984) 4.21% (188,722) 5.73% Foreign currency (38,642) 3.99% (31,258) 4.98% Principal payments (32,966) 4.77% (1,200) 3.94% Ending balance $ 3,033,871 4.75% $ 2,812,226 5.04% 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 June 30, 2015 , we were in compliance with all of the cove nants under our debt agreements.

Derivative Instruments

Derivative Instruments	6 Months Ended
	Jun. 30, 2015
Summary of 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 associat ed with adverse changes in foreign currency to U.S. Dollar exchange rates. We may elect to manag e this risk through the use of forward contract s and issuing debt in foreign currencies. I nterest Rate Swap Contracts and Foreign Currency Forward 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 earni ngs. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Approximately $441,000 of gains, which are included in accumulated other compr ehensive 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 i n the foreign currency to U.S. D olla r of the instrument is recorded as a cumulative translation adjustment component of OCI. During the six months ended June 30, 2015, we settled certain net investment hedges generating cash proceeds of $72,477,000 . The balance of the cumulative translatio n adjustment will be reclassified to earnings when the hedged investment is sold or substantially liquidated. The following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): June 30, 2015 December 31, 2014 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 1,175,000 $ 900,000 Denominated in Pounds Sterling £ 550,000 £ 350,000 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 250,000 $ 250,000 Denominated in Pounds Sterling £ 1,050,000 £ 1,050,000 Derivatives designated as cash flow hedges Denominated in U.S. Dollars $ 57,000 $ 57,000 Denominated in Canadian Dollars $ 61,000 $ 58,000 Denominated in Pounds Sterling £ 60,000 £ 40,000 Derivative instruments not designated: (1) Denominated in Canadian Dollars $ 700,000 $ 12,000 (1) These non-designated instruments represent off-setting forward exchange contracts to manage against adverse movements in exchange rates with regards to the purchase price on pending foreign acquisitions. The following presents the impact of derivative instruments on the Consolidated S tatement s of C omprehensive I ncome for the periods presented (in thousands) : Three Months Ended Six Months Ended June 30, June 30, Location 2015 2014 2015 2014 Gain (loss) on interest rate swap recognized in OCI (effective portion) OCI $ (1) $ (4) $ (1) $ (7) Gain (loss) on interest rate swaps reclassified from AOCI into income (effective portion) Interest expense (462) (436) (928) (879) Gain (loss) on forward exchange contracts recognized in income Interest expense 1,191 - 3,938 - Gain (loss) on forward exchange contracts recognized in income Loss (gain) on derivatives, net - (351) - (351) Loss (gain) on option exercise (1) Loss (gain) on derivatives, net - - (58,427) - Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI OCI (149,436) (67,899) 34,615 (49,410) (1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12 . Commitments and Contingencies At June 30, 2015 , we had eight outstanding letter of credit obligations totaling $75,553,000 and expiring between 2015 and 2018. At June 30, 2015 , we had outstanding constr uction in progress of $ 159,352,000 and were committed to providing additional funds of approximately $ 402,894,000 to complete construction. Purchase obligations include contingent purchase obligations totaling $ 39,941,000 . These contingent purchase obligations relate to unfunded capital improvement ob ligations 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 Stan dards 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 June 30, 2015 , we had operating lease obligations of $ 944,824,000 relating to certain ground leases and company office space and capital lease obligations of $ 100,935,000 relating primarily to certain investment properties. Regarding ground leases, we have subleas e agreements with certain of our operators that require the operators to reimburse us for our monthly operating lease obligations. At June 30, 2015 , aggregate future minimum rentals to be received under these noncancelable subleases totaled $ 43,299,000 .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity [Abstract]
Stockholders' Equity	13. Stockholders’ Equity The following is a summary of our stockholders’ equity capital accounts as of the dates indicated: June 30, 2015 December 31, 2014 Preferred Stock: Authorized shares 50,000,000 50,000,000 Issued shares 25,875,000 25,875,000 Outstanding shares 25,875,000 25,875,000 Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 352,350,728 329,487,615 Outstanding shares 351,573,700 328,790,066 Preferred Stock. The following is a summary of our preferred stock activity during the periods indicated : Six Months Ended June 30, 2015 June 30, 2014 Weighted Avg. Weighted Avg. Shares Dividend Rate Shares Dividend Rate Beginning balance 25,875,000 6.500% 26,108,236 6.496% Shares converted - 0.000% (233,236) 6.000% Ending balance 25,875,000 6.500% 25,875,000 6.500% Common Stock. The following is a summary of our common stock issuances during the six months ended June 30, 2015 and 2014 (dollars in thousands, except per share amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2014 Public issuance 16,100,000 $ 62.35 $ 1,003,835 $ 968,517 2014 Dividend reinvestment plan issuances 2,132,427 $ 58.73 $ 125,232 $ 125,232 2014 Option exercises 175,699 46.78 8,220 8,220 2014 Stock incentive plans, net of forfeitures 124,723 - - 2014 Senior note conversions 1 - - 2014 Preferred stock conversions 233,236 - - 2014 Totals 18,766,086 $ 1,137,287 $ 1,101,969 February 2015 public issuance 19,550,000 $ 75.50 $ 1,476,025 $ 1,423,935 2015 Dividend reinvestment plan issuances 1,766,585 72.83 128,653 128,653 2015 Option exercises 211,041 46.26 9,762 9,762 2015 Stock incentive plans, net of forfeitures 179,037 - - 2015 Senior note conversions 1,076,971 - - 2015 Totals 22,783,634 $ 1,614,440 $ 1,562,350 Dividends . The increase in dividends is primarily attributable to increases in our common shares outstanding as described above and an increase in common dividends per share. The following is a summary of our dividend payments (in thousands, except per share amounts): Six Months Ended June 30, 2015 June 30, 2014 Per Share Amount Per Share Amount Common Stock $ 1.6500 $ 561,914 $ 1.5900 $ 462,551 Series H Preferred Stock - - 0.0079 1 Series I Preferred Stock 1.6250 23,359 1.6250 23,360 Series J Preferred Stock 0.8126 9,344 0.8126 9,344 Totals $ 594,617 $ 495,256 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 Available for Sale Securities Actuarial Losses Cash Flow Hedges Total Balance at December 31, 2014 $ (74,770) $ - $ (1,589) $ (650) $ (77,009) Other comprehensive income before reclassification adjustments 12,136 (15,100) - (2,625) (5,589) Reclassification amount to net income - - - 928 (1) 928 Net current-period other comprehensive income 12,136 (15,100) - (1,697) (4,661) Balance at June 30, 2015 $ (62,634) $ (15,100) $ (1,589) $ (2,347) $ (81,670) Balance at December 31, 2013 $ (17,631) $ (389) $ (1,452) $ (5,059) $ (24,531) Other comprehensive income before reclassification adjustments 4,628 389 - (7) 5,010 Reclassification amount to net income - - - 879 (1) 879 Net current-period other comprehensive income 4,628 389 - 872 5,889 Balance at June 30, 2014 $ (13,003) $ - $ (1,452) $ (4,187) $ (18,642) (1) Please see note 11 for additional information.

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
	Jun. 30, 2015
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 comm o n stock to be issued at the discretion of the Compensation Committee of the Board of Directors. 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 per iods for options, deferred stock units and restricted shares generally range from three to five years. Options expire ten years from the date of grant. Stock-based compensation expense totaled $ 11 , 124 ,000 and $ 20,178 ,000 for the three and six months ended June 30, 2015 , respectively, and $ 14,170,000 and $21,837,000 for the same period s in 201 4.

Earnings Per Share

Earnings Per Share	6 Months Ended
	Jun. 30, 2015
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 Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders $ 312,573 $ 71,829 $ 503,373 $ 121,851 Denominator for basic earnings per share - weighted average shares 350,399 296,256 343,624 293,046 Effect of dilutive securities: Employee stock options 153 191 176 170 Non-vested restricted shares 471 472 444 506 Convertible senior unsecured notes 343 1,076 379 868 Dilutive potential common shares 967 1,739 999 1,544 Denominator for diluted earnings per share - adjusted weighted average shares 351,366 297,995 344,623 294,590 Basic earnings per share $ 0.89 $ 0.24 $ 1.46 $ 0.42 Diluted earnings per share $ 0.89 $ 0.24 $ 1.46 $ 0.41 The Series I Cumulative Convertibl e Perpetual Preferred Stock was 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	6 Months Ended
	Jun. 30, 2015
Disclosure About Fair Value of Financial Instruments [Abstract]
Disclosure about Fair Value of Financial Instruments	16. Disclosure about Fair Value of Financial Instruments 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 pr ice) 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 o f 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 substan tially 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, 2014 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. 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 borrow ers 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 val ue based on Level 1 publicly available trading prices . Borrowings Under Primary Unsecured Credit Facility — The carrying amount of the primary unsecured credit facility approximates fair value because the borrowings are interest rate adjustable. Senior U nsecured Notes — T he fair value of the fixed rate senior unsecured notes payable was estimated based on Level 1 publicly available trading prices. The carrying amount of variable rate senior unsecured notes payable approximates fair value because the borrowings are interest rate adjustable. 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 simila r 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. Foreign Currency Forward Contracts — Foreign currency f orward 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 valu e of the net amount using a discount factor based on observable traded interest rates. Redeemable OP Unitholder Inte rests — The fair value of our redeemable unitholder interests are recorded on the balance sheet at fair value using Level 2 inputs. The fair value is measured using the closing price of our common stock, as units may be redeemed at the election of the hol der for cash or, at our option, one share of our common stock per unit, subject to adjustment in certain circumstances. The carrying amounts and estimated fair values of our financial instruments are as follows (in thousands): June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 564,056 $ 592,280 $ 188,651 $ 194,935 Other real estate loans receivable 196,487 196,793 191,518 195,375 Available-for-sale equity investments 43,326 43,326 - - Cash and cash equivalents 217,942 217,942 473,726 473,726 Foreign currency forward contracts 35,377 35,377 57,087 57,087 Financial liabilities: Borrowings under unsecured credit facilities $ 350,000 $ 350,000 $ - $ - Senior unsecured notes 8,060,493 8,639,898 7,766,251 8,613,702 Secured debt 3,066,633 3,117,499 2,977,713 3,053,067 Foreign currency forward contracts 16,465 16,465 1,495 1,495 Redeemable OP unitholder interests 114,886 114,886 46,722 46,722 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 June 30, 2015 Total Level 1 Level 2 Level 3 Available-for-sale equity investments (1) $ 43,326 $ 43,326 $ - $ - Foreign currency forward contracts, net (2) 18,912 - 18,912 - Redeemable OP unitholder interests 114,886 - 114,886 - Totals $ 177,124 43,326 $ 133,798 $ - (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 i n business combinations (see Note 3) and asset impai rments (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 r eside 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 consi der 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 exp ectations 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 transact ion date .

Segment Reporting

Segment Reporting	6 Months Ended
	Jun. 30, 2015
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 four operating segments: triple-net, seniors housing operating, outpatient medical and life science. During the quarter ended March 31, 2015, we changed the names of our seniors housing triple-net segment to triple-net and our medical facilities segment to outpatient medical. Our triple-net properties include long-term/post-acute care facilities, hos pitals, assisted living facilities, independent living/continuing care retirement communities, care homes (United Kingdom), independent support living facilities (Canada), care homes with nursing (United Kingdom) and combinations thereof. Under the 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 the seniors housing communities referenced above that are owned and/or operated through RIDEA structures (see Notes 3 and 18). Our outpatient medical properties in clude medical office buildin gs and life science buildings which are aggregated into our outpatient medical reportable segment. Our medical office buildings are typically leased to multiple tenants and generally require a certain level of property management. Our life science investm ent represents an investment in an unconsolidated entity (see Note 7). We evaluate performan ce based upon NOI by segment . We define NOI as total revenues, including tenant reimbursements, less pr operty level operating exp enses . 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 decision s about resource allocations and to assess th e 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. The accounting policies of the segments are the same as those described in the summary of significan t accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2014 ). The results of operations for all acquisitions described in Note 3 are included in our consolidated results o f operations from the acquisition dates and are components of the appropriate segments. There are no intersegment sales or transfers. Summary information for the reportable segments is as follows for the periods presented (in thousands): Three Months Ended June 30, 2015: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 279,990 $ - $ 116,636 $ - $ 396,626 Resident fees and services - 535,553 - - 535,553 Interest income 18,189 1,042 1,345 - 20,576 Other income 970 3,210 195 39 4,414 Total revenues 299,149 539,805 118,176 39 957,169 Property operating expenses - 360,569 37,785 - 398,354 Net operating income from continuing operations 299,149 179,236 80,391 39 558,815 Reconciling items: Interest expense 2,679 38,796 7,184 70,202 118,861 Depreciation and amortization 72,402 88,844 47,556 - 208,802 General and administrative - - - 38,474 38,474 Transaction costs 7,579 3,937 975 - 12,491 Loss (gain) on extinguishment of debt, net (102) - - 18,989 18,887 Other expenses - - 10,583 (1) 10,583 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 216,591 47,659 24,676 (138,209) 150,717 Income tax expense (3,121) (3,449) (161) (686) (7,417) (Loss) income from unconsolidated entities 1,453 (6,083) 1,678 - (2,952) Income (loss) from continuing operations 214,923 38,127 26,193 (138,895) 140,348 Gain (loss) on real estate dispositions, net - - 190,111 - 190,111 Net income (loss) $ 214,923 $ 38,127 $ 216,304 $ (138,895) $ 330,459 Total assets $ 12,191,264 $ 10,432,990 $ 4,701,830 $ 81,398 $ 27,407,482 (1) Due to termination of our investment in a strategic medical office partnership and costs associated with the retirement of an executive officer. Three Months Ended June 30, 2014: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 248,134 $ - $ 99,713 $ - $ 347,847 Resident fees and services - 467,639 - - 467,639 Interest income 7,980 11 942 - 8,933 Other income 325 1,264 362 76 2,027 Total revenues 256,439 468,914 101,017 76 826,446 Property operating expenses 447 310,029 33,278 - 343,754 Net operating income from continuing operations 255,992 158,885 67,739 76 482,692 Reconciling items: Interest expense 8,655 28,833 8,346 75,231 121,065 Loss (gain) on derivatives, net 73 278 - - 351 Depreciation and amortization 67,372 109,644 37,433 - 214,449 General and administrative - - - 51,660 51,660 Transaction costs 4,007 1,660 1,373 - 7,040 Loss (gain) on extinguishment of debt, net - 531 - - 531 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 175,885 17,939 20,587 (126,815) 87,596 Income tax expense (438) (801) (330) - (1,569) (Loss) income from unconsolidated entities 1,423 (15,496) 2,557 - (11,516) Income (loss) from continuing operations 176,870 1,642 22,814 (126,815) 74,511 Income (loss) from discontinued operations 6,675 - - - 6,675 Gain (loss) on real estate dispositions, net 5,762 - 906 - 6,668 Net income (loss) $ 189,307 $ 1,642 $ 23,720 $ (126,815) $ 87,854 Six Months Ended June 30, 2015: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 544,396 $ - $ 231,817 $ - $ 776,213 Resident fees and services - 1,028,063 - - 1,028,063 Interest income 32,888 2,073 2,609 - 37,570 Other income 4,853 4,229 356 62 9,500 Total revenues 582,137 1,034,365 234,782 62 1,851,346 Property operating expenses - 699,076 75,739 - 774,815 Net operating income from continuing operations 582,137 335,289 159,043 62 1,076,531 Reconciling items: Interest expense 12,706 73,255 14,809 139,172 239,942 Loss (gain) on derivatives, net (58,427) - - - (58,427) Depreciation and amortization 142,434 165,479 89,718 - 397,631 General and administrative - - - 73,612 73,612 Transaction costs 43,750 15,979 1,316 - 61,045 Loss (gain) on extinguishment of debt, net 10,235 - - 24,053 34,288 Impairment of assets 2,220 - - - 2,220 Other expenses - - - 10,583 10,583 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 429,219 80,576 53,200 (247,358) 315,637 Income tax expense (2,703) (3,982) 305 (733) (7,113) (Loss) income from unconsolidated entities 2,846 (21,156) 2,710 - (15,600) Income (loss) from continuing operations 429,362 55,438 56,215 (248,091) 292,924 Gain (loss) on real estate dispositions, net 54,097 - 192,859 - 246,956 Net income (loss) $ 483,459 $ 55,438 $ 249,074 $ (248,091) $ 539,880 Six Months Ended June 30, 2014: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 485,852 $ - $ 198,451 $ - $ 684,303 Resident fees and services - 923,904 - - 923,904 Interest income 15,700 11 1,816 - 17,527 Other income 468 1,318 643 91 2,520 Total revenues 502,020 925,233 200,910 91 1,628,254 Property operating expenses 690 618,213 66,282 - 685,185 Net operating income from continuing operations 501,330 307,020 134,628 91 943,069 Reconciling items: Interest expense 17,769 56,312 17,730 150,087 241,898 Loss (gain) on derivatives, net 73 278 - - 351 Depreciation and amortization 134,640 238,806 74,320 - 447,766 General and administrative - - - 84,524 84,524 Transaction costs 4,283 2,290 1,420 - 7,993 Loss (gain) on extinguishment of debt, net - 383 - - 383 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 344,565 8,951 41,158 (234,520) 160,154 Income tax expense (793) (2,444) (593) - (3,830) (Loss) income from unconsolidated entities 2,804 (23,457) 3,580 - (17,073) Income (loss) from continuing operations 346,576 (16,950) 44,145 (234,520) 139,251 Income (loss) from discontinued operations 7,135 - - - 7,135 Gain (loss) on real estate dispositions, net 5,762 - 906 - 6,668 Net income (loss) $ 359,473 $ (16,950) $ 45,051 $ (234,520) $ 153,054 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 Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Revenues: Amount % Amount % Amount % Amount % United States $ 771,031 80.6% $ 695,922 84.2% $ 1,516,168 81.9% $ 1,371,021 84.2% International 186,138 19.4% 130,524 15.8% 335,178 18.1% 257,233 15.8% Total $ 957,169 100.0% $ 826,446 100.0% $ 1,851,346 100.0% $ 1,628,254 100.0% As of June 30, 2015 December 31, 2014 Assets: Amount % Amount % United States $ 22,273,463 81.3% $ 20,728,477 82.9% International 5,134,019 18.7% 4,285,819 17.1% Total $ 27,407,482 100.0% $ 25,014,296 100.0%

Income Taxes and Distributions

Income Taxes and Distributions	6 Months Ended
	Jun. 30, 2015
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 prov ision for loan losses for reporting purp o ses versus bad debt expense for tax purposes. Under the provisions of the REIT Investment Diversificatio n and Empowerment Act of 2007 ( “RIDEA”), for taxable years beginning after July 30, 2008, a 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 TRS 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 continuin g 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 faci lities are reported in the unaudited consolidated financial statements and are subject to federal and state income taxes as the operations of such facilities are included in TRS entities. Certain net operating loss carryforwards could be utilized to offset taxable income in future years. 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 based or withholding taxes on certain investments located in juris dictions outside the U.S. In 2014, we established certain wholly-owned direct and indirect subsidiaries in Luxembourg and Jersey and transferred interests in certain foreign investments into this holding company structure. The structure includes a proper ty holding company that is tax resident in the United Kingdom. No material adverse current tax consequences in Luxembourg, Jersey or the United Kingdom resulted from the creation of this holding company structure and all of the subsidiary entities in the structure are treated as disregarded entities of the company for U.S. federal income tax purposes. The company reflects current and deferred tax liabilities for any such withholding taxes incurred as a result of this holding company structure in its conso lidated financial statements. The income tax benefit for the three and six month periods ended June 30 , 2015 and 2014 is due primarily to operating income or losses at our TRS entities. Net deferred tax liabilities with respect to our TRS entities totaled $ 13,516,000 and $ 12,451,000 as of June 30, 2015 and December 31, 2014, respectively, and related primarily to differences between the financial reporting and tax bases of fixed and intangible assets. Generally, given current statutes of limita tions, we are subject to audit by the Internal Revenue Service (“IRS”) for the year ended December 31, 2011 and subsequent years and by state taxing authorities for the year ended December 31, 2 010 and subsequent years. The c ompany and its subsidiaries are also subject to audit by the Canada Revenue Agency and provincial authorities generally for periods subsequent to our initial investments in Canada in May 2012, by HM Revenue & Customs for periods subsequent to our initial investments in the Unite d Kingdom in August 2012 and by Luxembourg taxing authorities generally for periods subsequent to our esta blishment of certain Luxembourg- based subsidiaries during 2014. The balance of our unrecognized tax benefits as of June 30, 2015 and December 3 1, 2014 was $857,000. The unrecognized tax benefits and related penalties, as currently accrued for, have an immaterial impact on the effective tax rate to the extent that they would be rec ognized.

Accounting Policies and Relat25

Accounting Policies and Related Matters (Policies)	6 Months Ended
	Jun. 30, 2015
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 six months ended June 30, 2015 are not necessarily an indication of the results that may be expected for the year ending December 31, 2015 . 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, 2014 .
New Accounting Standards	New Accounting Standards In May 2014, the Financial Accounting Standards Board (“ FASB ”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” (“ASU 2014-09”). The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to d epict the transfer of goods or services to a customer at an amount that reflects the consideration expected to be received in exchange for those goods or services. ASU 2014-09 is effective for fiscal years, and interim periods within those years, b eginning after December 15, 2017 , and e arly adoption is permitted beginning after December 15, 2016 . We are currently evaluating the impact that the standard will have on our consolidated financial statements and have not yet determined the method by which we will adopt the standard . In February 2015, the FASB issued ASU No. 2015-02, “Consolidation (Topic 8 10): Amendments to the Consolidation Analysis” (“ASU 2015-02”), which makes certain changes to both the variable interest model and the voting model, including changes to (1) the identification of variable interests (fees paid to a decision maker or servic e provider), (2) the variable interest entity characteristics for a limited partnership or similar entity and (3) the primary beneficiary determination. ASU 2015-02 is effective beginning January 1, 2016. We are continuing to evaluate this guidance; howe ver, we do not expect its adoption to have a significant impact on our consolidated financial statements. In April 2015, the FASB issued ASU No. 2015-03, “ Simplifying the Presentation of Debt Issuance Costs ” (“ASU 2015-03”), which requires that debt i ssuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability. The recognition and measurement guidance for debt issuance costs are not affected. Upon adoption , we will apply the new guidance on a retrospective basis and adjust the balance sheet of each individual period presented to reflect the period-specific effects of applying the new guidance. The guidance is effective beginning January 1, 2016. We are co ntinuing to evaluate this guidance; however, we do not expect its adoption to have a significant impact on our consolidated financial statements.

Real Property Acquisitions an26

Real Property Acquisitions and Development (Tables)	6 Months Ended
	Jun. 30, 2015
Real property acquisitions and development [Line Items]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities	Triple-net Activity Six Months Ended (In thousands) June 30, 2015 (1) June 30, 2014 Land and land improvements $ 92,287 $ 18,530 Buildings and improvements 744,515 230,126 Acquired lease intangibles 2,817 - Restricted cash 6 - Receivables and other assets 60 - Total assets acquired 839,685 248,656 Accrued expenses and other liabilities (1,845) - Total liabilities assumed (1,845) - Non-cash acquisition related activity (936) (1,839) Cash disbursed for acquisitions 836,904 246,817 Construction in progress additions 74,694 55,535 Less: Capitalized interest (3,303) (2,332) Foreign currency translation 240 (116) Cash disbursed for construction in progress 71,631 53,087 Capital improvements to existing properties 19,029 10,381 Total cash invested in real property, net of cash acquired $ 927,564 $ 310,285 (1) Includes acquisitions with an aggregate purchase price of $688,288,000 for which the allocation of the purchase price consideration is preliminary and subject to change. Seniors Housing Operating Activity Six Months Ended (In thousands) June 30, 2015 (1) June 30, 2014 Land and land improvements $ 94,294 $ 3,546 Building and improvements 1,174,465 37,274 Acquired lease intangibles 71,089 5,569 Restricted cash 5,425 - Receivables and other assets 23,645 33 Total assets acquired (2) 1,368,918 46,422 Secured debt (208,960) (12,846) Accrued expenses and other liabilities (19,011) (853) Total liabilities assumed (227,971) (13,699) Noncontrolling interests (86,842) - Cash disbursed for acquisitions 1,054,105 32,723 Construction in progress additions 19,926 2,348 Less: Capitalized interest (715) (75) Foreign currency translation (40) - Cash disbursed for construction in progress 19,171 2,273 Capital improvements to existing properties 32,766 32,171 Total cash invested in real property, net of cash acquired $ 1,106,042 $ 67,167 (1) Includes acquisitions with an aggregate purchase price of $1,344,831,000 for which the allocation of the purchase price consideration is preliminary and subject to change. (2) Excludes $3,390,000 and $245,000 of cash acquired during the six months ended June 30, 2015 and 2014, respectively. Outpatient Medical Activity Six Months Ended (In thousands) June 30, 2015 (1) June 30, 2014 Land and land improvements $ 737 $ 1,655 Buildings and improvements 426,130 212,572 Acquired lease intangibles 19,371 1,525 Cash and cash equivalents 4,373 - Receivables and other assets - 249 Total assets acquired 450,611 216,001 Secured debt (112,000) - Accrued expenses and other liabilities (2,743) (7,475) Total liabilities assumed (114,743) (7,475) Noncontrolling interests (68,535) - Cash disbursed for acquisitions 267,333 208,526 Construction in progress additions 26,025 49,805 Less: Capitalized interest (428) (898) Accruals (2) (1,921) (9,584) Cash disbursed for construction in progress 23,676 39,323 Capital improvements to existing properties 15,291 12,654 Total cash invested in real property $ 301,927 $ 260,503 (1) Includes acquisitions with an aggregate purchase price of $440,220,000 for which the allocation of the purchase price consideration is preliminary and subject to change. (2) Represents non-cash consideration 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	Six Months Ended June 30, 2015 June 30, 2014 Development projects: Triple-net $ 72,775 $ 71,570 Senior housing - operating 19,869 - Outpatient medical 16,592 42,799 Total development projects 109,236 114,369 Expansion projects 38,808 10,849 Total construction in progress conversions $ 148,044 $ 125,218

Real Estate Intangibles (Tables

Real Estate Intangibles (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Intangibles (Tables) [Abstract]
Summary of real estate intangibles excluding those classified as held for sale	June 30, 2015 December 31, 2014 Assets: In place lease intangibles $ 1,049,407 $ 988,290 Above market tenant leases 82,298 65,684 Below market ground leases 61,159 62,426 Lease commissions 21,764 19,536 Gross historical cost 1,214,628 1,135,936 Accumulated amortization (814,084) (776,501) Net book value $ 400,544 $ 359,435 Weighted-average amortization period in years 16.2 17.8 Liabilities: Below market tenant leases $ 89,909 $ 91,168 Above market ground leases 7,860 7,859 Gross historical cost 97,769 99,027 Accumulated amortization (42,940) (40,891) Net book value $ 54,829 $ 58,136 Weighted-average amortization period in years 15.5 14.5
Schedule of Real Estate Intangible Amortization	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Rental income related to above/below market tenant leases, net $ (424) $ 290 $ (217) $ 245 Property operating expenses related to above/below market ground leases, net (334) (299) (653) (610) Depreciation and amortization related to in place lease intangibles and lease commissions (31,973) (59,603) (56,297) (138,996)
Schedule of the future estimated aggregate amortization of intangible assets and liabilities	Assets Liabilities 2015 $ 58,072 $ $3,364 2016 72,338 6,512 2017 43,880 6,052 2018 29,943 5,583 2019 23,946 5,325 Thereafter 172,365 27,993 Total $ 400,544 $ 54,829

Dispositions, Assets Held for28

Dispositions, Assets Held for Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2015
Dispositions, Assets Held for Sale and Discontinued Operations (Tables) [Abstract]
Summary of real property disposition activity	Six Months Ended June 30, 2015 June 30, 2014 Real estate dispositions: Triple-net $ 105,274 $ 41,124 Outpatient medical (1) 165,221 86,616 Land parcels 5,724 - Total dispositions 276,219 127,740 Gain (loss) on real estate dispositions, net 246,956 13,079 Proceeds from real estate dispositions $ 523,175 $ 140,819 (1) Primarily related to the disposition of an unconsolidated equity investment with Forest City Enterprises.
Reclassification impact as result of classifying properties as discontinued operations	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenues: Rental income $ 7,463 $ 30,857 $ 15,944 $ 62,817 Expenses: Interest expense 1,463 6,020 2,744 13,875 Property operating expenses 1,482 2,257 3,009 4,422 Provision for depreciation 2,394 9,316 4,277 19,059 Total expenses 5,339 17,593 10,030 37,356 Income (loss) from real estate dispositions, net $ 2,124 $ 13,264 $ 5,914 $ 25,461
Summary of disposed properties.	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenues: Rental income $ - $ 298 $ - $ 881 Expenses: Interest expense - 34 - 157 Total expenses - 34 - 157 Income (loss) from discontinued operations, net $ - $ 264 $ - $ 724

Real Estate Loans Receivable (T

Real Estate Loans Receivable (Tables)	6 Months Ended
	Jun. 30, 2015
Real Estate Loans Receivable (Tables) [Abstract]
Summary of real estate loan activity	Six Months Ended June 30, 2015 June 30, 2014 Outpatient Outpatient Triple-net Medical Totals Triple-net Medical Totals Advances on real estate loans receivable: Investments in new loans $ 379,604 $ - $ 379,604 $ 3,493 $ - $ 3,493 Draws on existing loans 34,699 2,285 36,984 38,602 12,782 51,384 Net cash advances on real estate loans 414,303 2,285 416,588 42,095 12,782 54,877 Receipts on real estate loans receivable: Loan payoffs 25,656 - 25,656 3,950 - 3,950 Principal payments on loans 11,686 - 11,686 16,951 40 16,991 Net cash receipts on real estate loans 37,342 - 37,342 20,901 40 20,941 Net cash advances (receipts) on real estate loans 376,961 2,285 379,246 21,194 12,742 33,936 Change in balance due to foreign currency translation 1,127 - 1,127 1,104 - 1,104 Net change in real estate loans receivable $ 378,088 $ 2,285 $ 380,373 $ 22,298 $ 12,742 $ 35,040

Investments in Unconsolidated30

Investments in Unconsolidated Entities (Tables)	6 Months Ended
	Jun. 30, 2015
Investments In Unconsolidated Entities [Abstract]
Summary Of Investments In Unconsolidated Entities [Text Block]	Percentage Ownership (1) June 30, 2015 December 31, 2014 Triple-net 10% to 49% $ 26,243 $ 31,511 Seniors housing operating 10% to 50% 506,091 539,147 Outpatient medical 36% to 49% 37,286 173,493 Total $ 569,620 $ 744,151 (1) Excludes ownership of in-substance real estate.

Credit Concentration (Tables)

Credit Concentration (Tables)	6 Months Ended
	Jun. 30, 2015
Customer Concentration (Tables) [Abstract]
Summary of credit concentration	Number of Total Percent of Concentration by relationship: (1) Properties NOI NOI (2) Genesis Healthcare 180 $ 179,790 17% Sunrise Senior Living (3) 144 148,317 14% Brookdale Senior Living 146 83,547 8% Revera (3) 71 47,995 4% Benchmark Senior Living 50 47,406 4% Remaining portfolio 759 569,476 53% Totals 1,350 $ 1,076,531 100% Genesis Healthcare is in our triple-net segment . Sunrise Senior Living and Revera are in our se niors housing operating segment. Benchmark Senior Living and Brookdale Senior Living are in both our triple-net and seniors housing operating segments . NOI with our top five relationships comprised 49 % of total NOI for the year ending December 31, 2014 . Revera owns a controlling interest in Sunrise.

Borrowings Under Credit Facil32

Borrowings Under Credit Facilities and Related Items (Tables)	6 Months Ended
	Jun. 30, 2015
Borrowings Under Credit Facilities and Related Items (Tables) [Abstract]
Aggregate borrowings under the unsecured line of credit arrangements	Three Months Ended June 30, Six Months Ended June 30, 2015 2014 2015 2014 Balance outstanding at quarter end (1) $ 350,000 $ - $ 350,000 $ - Maximum amount outstanding at any month end $ 535,000 $ 637,000 $ 535,000 $ 637,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 501,758 $ 375,824 $ 455,608 $ 331,602 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 1.13% 1.37% 1.17% 1.36% (1) As of June 30, 2015, letters of credit in the aggregate amount of $61,882,247 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Senior Unsecured Notes and Se33

Senior Unsecured Notes and Secured Debt (Tables)	6 Months Ended
	Jun. 30, 2015
Senior Unsecured Notes And Secured Debt (Tables) [Abstract]
Principal payments due on debt obligations	Senior Secured Unsecured Notes (1,2) Debt (1,3) Totals 2015 (4) $ 56,975 $ 227,775 $ 284,750 2016 400,000 486,908 886,908 2017 450,000 400,621 850,621 2018 450,000 557,849 1,007,849 2019 (5,6) 1,300,417 373,126 1,673,543 Thereafter (7,8) 5,452,070 987,592 6,439,662 Totals $ 8,109,462 $ 3,033,871 $ 11,143,333 (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 1.162% to 6.5%. (3) Annual interest rates range from 1.0% to 7.98%. Carrying value of the properties securing the debt totaled $5,405,240,000 at June 30, 2015. (4) Senior unsecured notes amount represents our 3.00% Convertible Senior Notes due 2029. On July 17, 2015, we announced that we will redeem all outstanding notes ($22,415,000, which amount does not include notes surrendered for conversion prior to July 17, 2015) on August 17, 2015. (5) On July 25, 2014, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $200,417,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2015). The loan matures on October 31, 2018 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 97.5 basis points (2.0% at June 30, 2015). (6) On July 25, 2014, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on October 31, 2018 (with an option to extend for one additional year at our discretion) and bears interest at LIBOR plus 97.5 basis points (1.15% at June 30, 2015). (7) On November 20, 2013, we completed the sale of £ 550,000,000 (approximately $865,370,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.8% senior unsecured notes due 2028. (8) On November 25, 2014, we completed the sale of £ 500,000,000 (approximately $786,700,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.5% senior unsecured notes due 2034.
Summary of senior unsecured note activity	Six Months Ended June 30, 2015 June 30, 2014 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 7,817,154 4.385% $ 7,421,707 4.400% Debt issued 750,000 4.000% - 0.000% Debt extinguished (300,000) 6.200% - 0.000% Debt redeemed (158,990) 3.000% (1) 3.000% Foreign currency 1,298 3.601% 28,401 4.865% Ending balance $ 8,109,462 4.252% $ 7,450,107 4.402%
Secured debt principal activity	Six Months Ended June 30, 2015 June 30, 2014 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 2,941,765 4.94% $ 3,010,711 5.10% Debt issued 136,801 2.84% 10,690 3.54% Debt assumed 317,897 3.22% 12,005 4.15% Debt extinguished (290,984) 4.21% (188,722) 5.73% Foreign currency (38,642) 3.99% (31,258) 4.98% Principal payments (32,966) 4.77% (1,200) 3.94% Ending balance $ 3,033,871 4.75% $ 2,812,226 5.04%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Derivative Instruments (Tables) [Abstract]
Impact of derivative instruments on the statement of operations and OCI	June 30, 2015 December 31, 2014 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 1,175,000 $ 900,000 Denominated in Pounds Sterling £ 550,000 £ 350,000 Financial instruments designated as net investment hedges: Denominated in Canadian Dollars $ 250,000 $ 250,000 Denominated in Pounds Sterling £ 1,050,000 £ 1,050,000 Derivatives designated as cash flow hedges Denominated in U.S. Dollars $ 57,000 $ 57,000 Denominated in Canadian Dollars $ 61,000 $ 58,000 Denominated in Pounds Sterling £ 60,000 £ 40,000 Derivative instruments not designated: (1) Denominated in Canadian Dollars $ 700,000 $ 12,000 (1) These non-designated instruments represent off-setting forward exchange contracts to manage against adverse movements in exchange rates with regards to the purchase price on pending foreign acquisitions. Three Months Ended Six Months Ended June 30, June 30, Location 2015 2014 2015 2014 Gain (loss) on interest rate swap recognized in OCI (effective portion) OCI $ (1) $ (4) $ (1) $ (7) Gain (loss) on interest rate swaps reclassified from AOCI into income (effective portion) Interest expense (462) (436) (928) (879) Gain (loss) on forward exchange contracts recognized in income Interest expense 1,191 - 3,938 - Gain (loss) on forward exchange contracts recognized in income Loss (gain) on derivatives, net - (351) - (351) Loss (gain) on option exercise (1) Loss (gain) on derivatives, net - - (58,427) - Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI OCI (149,436) (67,899) 34,615 (49,410) (1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2015
Stockholders' Equity (Tables) [Abstract]
Summary of stockholder's equity capital accounts	June 30, 2015 December 31, 2014 Preferred Stock: Authorized shares 50,000,000 50,000,000 Issued shares 25,875,000 25,875,000 Outstanding shares 25,875,000 25,875,000 Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 352,350,728 329,487,615 Outstanding shares 351,573,700 328,790,066
Summary of preferred stock activity	Six Months Ended June 30, 2015 June 30, 2014 Weighted Avg. Weighted Avg. Shares Dividend Rate Shares Dividend Rate Beginning balance 25,875,000 6.500% 26,108,236 6.496% Shares converted - 0.000% (233,236) 6.000% Ending balance 25,875,000 6.500% 25,875,000 6.500%
Summary of common stock issuances	Shares Issued Average Price Gross Proceeds Net Proceeds 2014 Public issuance 16,100,000 $ 62.35 $ 1,003,835 $ 968,517 2014 Dividend reinvestment plan issuances 2,132,427 $ 58.73 $ 125,232 $ 125,232 2014 Option exercises 175,699 46.78 8,220 8,220 2014 Stock incentive plans, net of forfeitures 124,723 - - 2014 Senior note conversions 1 - - 2014 Preferred stock conversions 233,236 - - 2014 Totals 18,766,086 $ 1,137,287 $ 1,101,969 February 2015 public issuance 19,550,000 $ 75.50 $ 1,476,025 $ 1,423,935 2015 Dividend reinvestment plan issuances 1,766,585 72.83 128,653 128,653 2015 Option exercises 211,041 46.26 9,762 9,762 2015 Stock incentive plans, net of forfeitures 179,037 - - 2015 Senior note conversions 1,076,971 - - 2015 Totals 22,783,634 $ 1,614,440 $ 1,562,350
Summary of dividend payments	Six Months Ended June 30, 2015 June 30, 2014 Per Share Amount Per Share Amount Common Stock $ 1.6500 $ 561,914 $ 1.5900 $ 462,551 Series H Preferred Stock - - 0.0079 1 Series I Preferred Stock 1.6250 23,359 1.6250 23,360 Series J Preferred Stock 0.8126 9,344 0.8126 9,344 Totals $ 594,617 $ 495,256
Summary of accumulated other comprehensive income/(loss)	Unrecognized gains (losses) related to: Foreign Currency Translation Available for Sale Securities Actuarial Losses Cash Flow Hedges Total Balance at December 31, 2014 $ (74,770) $ - $ (1,589) $ (650) $ (77,009) Other comprehensive income before reclassification adjustments 12,136 (15,100) - (2,625) (5,589) Reclassification amount to net income - - - 928 (1) 928 Net current-period other comprehensive income 12,136 (15,100) - (1,697) (4,661) Balance at June 30, 2015 $ (62,634) $ (15,100) $ (1,589) $ (2,347) $ (81,670) Balance at December 31, 2013 $ (17,631) $ (389) $ (1,452) $ (5,059) $ (24,531) Other comprehensive income before reclassification adjustments 4,628 389 - (7) 5,010 Reclassification amount to net income - - - 879 (1) 879 Net current-period other comprehensive income 4,628 389 - 872 5,889 Balance at June 30, 2014 $ (13,003) $ - $ (1,452) $ (4,187) $ (18,642) (1) Please see note 11 for additional information.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share (Tables) [Abstract]
Computation of basic and diluted earnings per share	Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders $ 312,573 $ 71,829 $ 503,373 $ 121,851 Denominator for basic earnings per share - weighted average shares 350,399 296,256 343,624 293,046 Effect of dilutive securities: Employee stock options 153 191 176 170 Non-vested restricted shares 471 472 444 506 Convertible senior unsecured notes 343 1,076 379 868 Dilutive potential common shares 967 1,739 999 1,544 Denominator for diluted earnings per share - adjusted weighted average shares 351,366 297,995 344,623 294,590 Basic earnings per share $ 0.89 $ 0.24 $ 1.46 $ 0.42 Diluted earnings per share $ 0.89 $ 0.24 $ 1.46 $ 0.41

Disclosure about Fair Value o37

Disclosure about Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Disclosure about Fair Value of Financial Instruments (Tables) [Abstract]
Carrying amounts and estimated fair values of financial instruments	June 30, 2015 December 31, 2014 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 564,056 $ 592,280 $ 188,651 $ 194,935 Other real estate loans receivable 196,487 196,793 191,518 195,375 Available-for-sale equity investments 43,326 43,326 - - Cash and cash equivalents 217,942 217,942 473,726 473,726 Foreign currency forward contracts 35,377 35,377 57,087 57,087 Financial liabilities: Borrowings under unsecured credit facilities $ 350,000 $ 350,000 $ - $ - Senior unsecured notes 8,060,493 8,639,898 7,766,251 8,613,702 Secured debt 3,066,633 3,117,499 2,977,713 3,053,067 Foreign currency forward contracts 16,465 16,465 1,495 1,495 Redeemable OP unitholder interests 114,886 114,886 46,722 46,722
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis	Fair Value Measurements as of June 30, 2015 Total Level 1 Level 2 Level 3 Available-for-sale equity investments (1) $ 43,326 $ 43,326 $ - $ - Foreign currency forward contracts, net (2) 18,912 - 18,912 - Redeemable OP unitholder interests 114,886 - 114,886 - Totals $ 177,124 43,326 $ 133,798 $ - (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)	6 Months Ended
	Jun. 30, 2015
Segment Reporting (Tables) [Abstract]
Summary of information for reportable segments	Three Months Ended June 30, 2015: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 279,990 $ - $ 116,636 $ - $ 396,626 Resident fees and services - 535,553 - - 535,553 Interest income 18,189 1,042 1,345 - 20,576 Other income 970 3,210 195 39 4,414 Total revenues 299,149 539,805 118,176 39 957,169 Property operating expenses - 360,569 37,785 - 398,354 Net operating income from continuing operations 299,149 179,236 80,391 39 558,815 Reconciling items: Interest expense 2,679 38,796 7,184 70,202 118,861 Depreciation and amortization 72,402 88,844 47,556 - 208,802 General and administrative - - - 38,474 38,474 Transaction costs 7,579 3,937 975 - 12,491 Loss (gain) on extinguishment of debt, net (102) - - 18,989 18,887 Other expenses - - 10,583 (1) 10,583 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 216,591 47,659 24,676 (138,209) 150,717 Income tax expense (3,121) (3,449) (161) (686) (7,417) (Loss) income from unconsolidated entities 1,453 (6,083) 1,678 - (2,952) Income (loss) from continuing operations 214,923 38,127 26,193 (138,895) 140,348 Gain (loss) on real estate dispositions, net - - 190,111 - 190,111 Net income (loss) $ 214,923 $ 38,127 $ 216,304 $ (138,895) $ 330,459 Total assets $ 12,191,264 $ 10,432,990 $ 4,701,830 $ 81,398 $ 27,407,482 (1) Due to termination of our investment in a strategic medical office partnership and costs associated with the retirement of an executive officer. Three Months Ended June 30, 2014: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 248,134 $ - $ 99,713 $ - $ 347,847 Resident fees and services - 467,639 - - 467,639 Interest income 7,980 11 942 - 8,933 Other income 325 1,264 362 76 2,027 Total revenues 256,439 468,914 101,017 76 826,446 Property operating expenses 447 310,029 33,278 - 343,754 Net operating income from continuing operations 255,992 158,885 67,739 76 482,692 Reconciling items: Interest expense 8,655 28,833 8,346 75,231 121,065 Loss (gain) on derivatives, net 73 278 - - 351 Depreciation and amortization 67,372 109,644 37,433 - 214,449 General and administrative - - - 51,660 51,660 Transaction costs 4,007 1,660 1,373 - 7,040 Loss (gain) on extinguishment of debt, net - 531 - - 531 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 175,885 17,939 20,587 (126,815) 87,596 Income tax expense (438) (801) (330) - (1,569) (Loss) income from unconsolidated entities 1,423 (15,496) 2,557 - (11,516) Income (loss) from continuing operations 176,870 1,642 22,814 (126,815) 74,511 Income (loss) from discontinued operations 6,675 - - - 6,675 Gain (loss) on real estate dispositions, net 5,762 - 906 - 6,668 Net income (loss) $ 189,307 $ 1,642 $ 23,720 $ (126,815) $ 87,854 Six Months Ended June 30, 2015: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 544,396 $ - $ 231,817 $ - $ 776,213 Resident fees and services - 1,028,063 - - 1,028,063 Interest income 32,888 2,073 2,609 - 37,570 Other income 4,853 4,229 356 62 9,500 Total revenues 582,137 1,034,365 234,782 62 1,851,346 Property operating expenses - 699,076 75,739 - 774,815 Net operating income from continuing operations 582,137 335,289 159,043 62 1,076,531 Reconciling items: Interest expense 12,706 73,255 14,809 139,172 239,942 Loss (gain) on derivatives, net (58,427) - - - (58,427) Depreciation and amortization 142,434 165,479 89,718 - 397,631 General and administrative - - - 73,612 73,612 Transaction costs 43,750 15,979 1,316 - 61,045 Loss (gain) on extinguishment of debt, net 10,235 - - 24,053 34,288 Impairment of assets 2,220 - - - 2,220 Other expenses - - - 10,583 10,583 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 429,219 80,576 53,200 (247,358) 315,637 Income tax expense (2,703) (3,982) 305 (733) (7,113) (Loss) income from unconsolidated entities 2,846 (21,156) 2,710 - (15,600) Income (loss) from continuing operations 429,362 55,438 56,215 (248,091) 292,924 Gain (loss) on real estate dispositions, net 54,097 - 192,859 - 246,956 Net income (loss) $ 483,459 $ 55,438 $ 249,074 $ (248,091) $ 539,880 Six Months Ended June 30, 2014: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 485,852 $ - $ 198,451 $ - $ 684,303 Resident fees and services - 923,904 - - 923,904 Interest income 15,700 11 1,816 - 17,527 Other income 468 1,318 643 91 2,520 Total revenues 502,020 925,233 200,910 91 1,628,254 Property operating expenses 690 618,213 66,282 - 685,185 Net operating income from continuing operations 501,330 307,020 134,628 91 943,069 Reconciling items: Interest expense 17,769 56,312 17,730 150,087 241,898 Loss (gain) on derivatives, net 73 278 - - 351 Depreciation and amortization 134,640 238,806 74,320 - 447,766 General and administrative - - - 84,524 84,524 Transaction costs 4,283 2,290 1,420 - 7,993 Loss (gain) on extinguishment of debt, net - 383 - - 383 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 344,565 8,951 41,158 (234,520) 160,154 Income tax expense (793) (2,444) (593) - (3,830) (Loss) income from unconsolidated entities 2,804 (23,457) 3,580 - (17,073) Income (loss) from continuing operations 346,576 (16,950) 44,145 (234,520) 139,251 Income (loss) from discontinued operations 7,135 - - - 7,135 Gain (loss) on real estate dispositions, net 5,762 - 906 - 6,668 Net income (loss) $ 359,473 $ (16,950) $ 45,051 $ (234,520) $ 153,054 Three Months Ended Six Months Ended June 30, 2015 June 30, 2014 June 30, 2015 June 30, 2014 Revenues: Amount % Amount % Amount % Amount % United States $ 771,031 80.6% $ 695,922 84.2% $ 1,516,168 81.9% $ 1,371,021 84.2% International 186,138 19.4% 130,524 15.8% 335,178 18.1% 257,233 15.8% Total $ 957,169 100.0% $ 826,446 100.0% $ 1,851,346 100.0% $ 1,628,254 100.0% As of June 30, 2015 December 31, 2014 Assets: Amount % Amount % United States $ 22,273,463 81.3% $ 20,728,477 82.9% International 5,134,019 18.7% 4,285,819 17.1% Total $ 27,407,482 100.0% $ 25,014,296 100.0%

Business (Details)

Business (Details) - Jun. 30, 2015		propertiesNumber
Business [Line Items]
Number of properties in diversified portfolio	[1]	1,350
Number of states in diversified portfolio | Number		46
Controlling [Member]
Business [Line Items]
Number of properties in diversified portfolio		1,411
[1]	(1)     Genesis Healthcare is in our triple-net segment. Sunrise Senior Living and Revera are in our seniors housing operating segment. Brookdale Senior Living and Benchmark Senior Living are in both our triple-net and seniors housing operating segments.

Real Property Acquisitions an40

Real Property Acquisitions and Development (Details 1) - USD ($)		6 Months Ended
		Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014	Dec. 31, 2013
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Cash And Cash Equivalents At Carrying Value		$ 217,942,000		$ 207,354,000	$ 473,726,000	$ 158,780,000
Triple Net [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements		92,287,000	[1]	18,530,000
Buildings and improvements		744,515,000	[1]	230,126,000
Acquired lease intangibles	[1]	2,817,000
Restricted cash	[1]	6,000
Receivables and other assets	[1]	60,000
Total assets acquired		839,685,000	[1]	248,656,000
Accrued expenses and other liabilities	[1]	(1,845,000)
Total liabilities assumed	[1]	(1,845,000)
Noncontrolling interests		0
Non-cash acquisition related activity		(936,000)	[1]	(1,839,000)
Cash disbursed for acquisitions		836,904,000	[1]	246,817,000
Construction in progress additions		74,694,000	[1]	55,535,000
Less: Capitalized Interest		(3,303,000)	[1]	(2,332,000)
Less: Foreign currency translation		240,000	[1]	(116,000)
Cash disbursed for construction in progress		71,631,000	[1]	53,087,000
Capital improvements to existing properties		19,029,000	[1]	10,381,000
Total cash invested in real property		927,564,000	[1]	310,285,000
Triple Net [Member] | Preliminary [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Total cash invested in real property		727,673,000
Senior housing - operating [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements		94,294,000	[2]	3,546,000
Buildings and improvements		1,174,465,000	[2]	37,274,000
Acquired lease intangibles		71,089,000	[2]	5,569,000
Acquired Construction in Progress	[2]	0
Restricted cash		5,425,000	[2]	0
Receivables and other assets		23,645,000	[2]	33,000
Total assets acquired	[3]	1,368,918,000	[2]	46,422,000
Secured debt		(208,960,000)	[2]	(12,846,000)
Accrued expenses and other liabilities		(19,011,000)	[2]	(853,000)
Total liabilities assumed		(227,971,000)	[2]	(13,699,000)
Noncontrolling interests		(86,842,000)	[2]	0
Non-cash acquisition related activity		0	[2]	0
Cash disbursed for acquisitions		1,054,105,000	[2]	32,723,000
Construction in progress additions		19,926,000	[2]	2,348,000
Less: Capitalized Interest		(715,000)	[2]	(75,000)
Less: Foreign currency translation	[2]	(40,000)
Cash disbursed for construction in progress		19,171,000	[2]	2,273,000
Capital improvements to existing properties		32,766,000	[2]	32,171,000
Total cash invested in real property		1,106,042,000	[2]	67,167,000
Cash Acquired from Acquisition		3,390,000		245,000
Senior housing - operating [Member] | Preliminary [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Total cash invested in real property		1,344,831,000
Outpatient Medical [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements	[4]	737,000		1,655,000
Buildings and improvements	[4]	426,130,000		212,572,000
Acquired lease intangibles	[4]	19,371,000		1,525,000
Cash And Cash Equivalents At Carrying Value	[4]	4,373,000
Restricted cash				0
Receivables and other assets				249,000
Total assets acquired	[4]	450,611,000		216,001,000
Secured debt		(112,000,000)	[4]	0
Accrued expenses and other liabilities		(2,743,000)	[4]	(7,475,000)
Total liabilities assumed		(114,743,000)	[4]	(7,475,000)
Capital in excess of par	[4]	0
Noncontrolling interests	[4]	(68,535,000)
Non-cash acquisition related activity				0
Cash disbursed for acquisitions		267,333,000	[4]	208,526,000
Construction in progress additions		26,025,000	[4]	49,805,000
Less: Capitalized Interest		(428,000)	[4]	(898,000)
Less: Accruals	[5]	(1,921,000)	[4]	(9,584,000)
Cash disbursed for construction in progress		23,676,000	[4]	39,323,000
Capital improvements to existing properties		15,291,000	[4]	12,654,000
Total cash invested in real property		301,927,000	[4]	$ 260,503,000
Outpatient Medical [Member] | Preliminary [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Total cash invested in real property		$ 440,220,000
[1]	(1) Includes acquisitions with an aggregate purchase price of $688,288,000 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 $1,344,831,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
[3]	(2) Excludes $3,390,000 and $245,000 of cash acquired during the six months ended June 30, 2015 and 2014, respectively.
[4]	(1) Includes acquisitions with an aggregate purchase price of $440,220,000 for which the allocation of the purchase price consideration is preliminary and subject to change.
[5]	(2) Represents non-cash consideration accruals for amounts to be paid in future periods relating to properties that converted in the periods noted above.

Real Property Acquisitions an41

Real Property Acquisitions and Development (Details 2) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Development projects:
Total development projects	$ 109,236,000	$ 114,369,000
Expansion projects	38,808,000	10,849,000
Total construction in progress conversions	148,044,000	125,218,000
Outpatient Medical [Member]
Development projects:
Total development projects	16,592,000	42,799,000
Seniors Housing Facilities Operating [Member]
Development projects:
Total development projects	19,869,000
Triple Net [Member]
Development projects:
Total development projects	$ 72,775,000	$ 71,570,000

Real Estate Intangibles (Detail

Real Estate Intangibles (Details) - USD ($)	6 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Intangible Assets:
Gross historical cost	$ 1,214,628,000	$ 1,135,936,000
Accumulated amortization	814,084,000	776,501,000
Net book value	$ 400,544,000	$ 359,435,000
Weighted-average amortization period in years	16 years 2 months	17 years 8 months
Intangible Liabilities:
Gross historical cost	$ 97,769,000	$ 99,027,000
Accumulated amortization	42,940,000	40,891,000
Net book value	$ 54,829,000	$ 58,136,000
Weighted-average amortization period in years	15 years 5 months	14 years 5 months
In place lease intangibles [Member]
Intangible Assets:
Gross historical cost	$ 1,049,407,000	$ 988,290,000
Above market tenant leases [Member]
Intangible Assets:
Gross historical cost	82,298,000	65,684,000
Below market ground leases [Member]
Intangible Assets:
Gross historical cost	61,159,000	62,426,000
Lease commissions [Member]
Intangible Assets:
Gross historical cost	21,764,000	19,536,000
Below market tenant leases [Member]
Intangible Liabilities:
Gross historical cost	89,909,000	91,168,000
Above market ground leases [Member]
Intangible Liabilities:
Gross historical cost	$ 7,860,000	$ 7,859,000

Real Estate Intangibles (Real E

Real Estate Intangibles (Real Estate Intangible Maturity Schedule) (Details) - USD ($)	Jun. 30, 2015	Dec. 31, 2014
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items]
Totals	$ 400,544,000	$ 359,435,000
Intangible Liability [Member]
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items]
2,015	3,364,000
2,016	6,512,000
2,017	6,052,000
2,018	5,583,000
2,019	5,325,000
Thereafter	27,993,000
Totals	54,829,000
Intangible Asset [Member]
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items]
2,015	58,072,000
2,016	72,338,000
2,017	43,880,000
2,018	29,943,000
2,019	23,946,000
Thereafter	172,365,000
Totals	$ 400,544,000

Real Estate Intangibles (Deta44

Real Estate Intangibles (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Real Estate Intangible Amortization [Abstract]
Rental income related to above/below market tenant leases, net	$ (424,000)	$ 290,000	$ (217,000)	$ 245,000
Property operating expenses related to above/below market ground leases, net	(334,000)	(299,000)	(653,000)	(610,000)
Depreciation and amortization related to in place lease intangibles and lease commissions	$ (31,973,000)	$ (59,603,000)	$ (56,297,000)	$ (138,996,000)

Dispositions, Assets Held for45

Dispositions, Assets Held for Sale and Discontinued Operations (Details) - USD ($)		6 Months Ended
		Jun. 30, 2015	Jun. 30, 2014
Real property dispositions:
Total dispositions		$ 276,219,000	$ 127,740,000
Net loss (gain) on sales of properties		(246,956,000)	(13,079,000)
Noncash disposition activity			0
Proceeds from sales of real property		523,175,000	140,819,000
Triple Net [Member]
Real property dispositions:
Total dispositions		105,274,000	41,124,000
Outpatient Medical [Member]
Real property dispositions:
Total dispositions	[1]	165,221,000	$ 86,616,000
Land parcels [Member]
Real property dispositions:
Total dispositions		$ 5,724,000
[1]	(1) Primarily related to the disposition of an unconsolidated equity investment with Forest City Enterprises.

Dispositions, Assets Held for46

Dispositions, Assets Held for Sale and Discontinued Operations (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income, discontinued	$ 0	$ 298,000	$ 0	$ 881,000
Expenses:
Interest expense, discontinued	0	34,000	0	157,000
Property operating expenses, discontinued	0	0	0	0
Provision for depreciation, discontinued	0	0	0	0
Expenses, discontinued	0	34,000	0	157,000
Income (loss) from discontinued operations, net	$ 0	$ 264,000	$ 0	$ 724,000

Dispositions, Assets Held for47

Dispositions, Assets Held for Sale and Discontinued Operations (Details 2) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenues:
Rental income, disposed	$ 7,463,000	$ 30,857,000	$ 15,944,000	$ 62,817,000
Expenses:
Interest expense, disposed	1,463,000	6,020,000	2,744,000	13,875,000
Property operating expenses, disposed	1,482,000	2,257,000	3,009,000	4,422,000
Depreciation expense, disposed	2,394,000	9,316,000	4,277,000	19,059,000
Expenses, disposed	5,339,000	17,593,000	10,030,000	37,356,000
Income (loss) from disposed properties	$ 2,124,000	$ 13,264,000	$ 5,914,000	$ 25,461,000

Real Estate Loans Receivable (D

Real Estate Loans Receivable (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Advances on real estate loans receivable:
Investments in new loans	$ 379,604,000	$ 3,493,000
Draws on existing loans	36,984,000	51,384,000
Net cash advances on real estate loans	416,588,000	54,877,000
Receipts on real estate loans receivable:
Loan payoffs	25,656,000	3,950,000
Principal payments on loans	11,686,000	16,991,000
Total receipts on real estate loans	37,342,000	20,941,000
Net advances (receipts) on real estate loans	379,246,000	33,936,000
Change in balance due to foreign currency translation	1,127,000	1,104,000
Net change Real Estate Loans Receivable	380,373,000	35,040,000
Triple Net [Member]
Advances on real estate loans receivable:
Investments in new loans	379,604,000	3,493,000
Draws on existing loans	34,699,000	38,602,000
Net cash advances on real estate loans	414,303,000	42,095,000
Receipts on real estate loans receivable:
Loan payoffs	25,656,000	3,950,000
Principal payments on loans	11,686,000	16,951,000
Total receipts on real estate loans	37,342,000	20,901,000
Net advances (receipts) on real estate loans	376,961,000	21,194,000
Change in balance due to foreign currency translation	1,127,000	1,104,000
Net change Real Estate Loans Receivable	378,088,000	22,298,000
Outpatient Medical [Member]
Advances on real estate loans receivable:
Investments in new loans	0	0
Draws on existing loans	2,285,000	12,782,000
Net cash advances on real estate loans	2,285,000	12,782,000
Receipts on real estate loans receivable:
Loan payoffs	0	0
Principal payments on loans	0	40,000
Total receipts on real estate loans	0	40,000
Net advances (receipts) on real estate loans	2,285,000	12,742,000
Change in balance due to foreign currency translation	0	0
Net change Real Estate Loans Receivable	$ 2,285,000	$ 12,742,000

Real Estate Loans Receivable 49

Real Estate Loans Receivable (Textuals) (Details)	Jun. 30, 2015USD ($)
Real Estate Loans Receivable (Textual) [Abstract]
Allowance for loan losses	$ 0
Real estate loans with outstanding balances	$ 21,000,000

Investments in Unconsolidated50

Investments in Unconsolidated Entities (Summary of Investments in Unconsolidated Entities) (Details) - USD ($)		Jun. 30, 2015	Dec. 31, 2014
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 569,621,000	$ 744,151,000
Triple Net [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 26,243,000	$ 31,511,000
Triple Net [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	10.00%	10.00%
Triple Net [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	49.00%	49.00%
Seniors Housing Facilities Operating [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 506,091,000	$ 539,147,000
Seniors Housing Facilities Operating [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	10.00%	10.00%
Seniors Housing Facilities Operating [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	50.00%	50.00%
Outpatient Medical [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 37,286,000	$ 173,493,000
Outpatient Medical [Member] | Minimum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	36.00%	36.00%
Outpatient Medical [Member] | Maximum [Member]
Schedule of Equity Method Investments [Line Items]
Equity Method Investment, Ownership Percentage	[1]	49.00%	49.00%
[1]	(1) Excludes ownership of in-substance real estate.

Investments in Unconsolidated51

Investments in Unconsolidated Entities (Details)	Jun. 30, 2015USD ($)
Schedule of Equity Method Investments [Line Items]
Unamortized Investment In Joint Venture Primarily Attributable To Real Estate And Related Intangible Assets	$ 166,000,000

Credit Concentration (Details)

Credit Concentration (Details)		3 Months Ended			6 Months Ended
		Jun. 30, 2015USD ($)properties		Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)properties	Jun. 30, 2014USD ($)	Dec. 31, 2014
Concentration by investment:
Number of properties in diversified portfolio	[1]	1,350			1,350
Percent of NOI	[1],[2]	100.00%
Net Operating Income | $		$ 558,815,000	[1]	$ 482,692,000	$ 1,076,531,000	$ 943,069,000
Credit Concentration (Textual) [Abstract]
Percentage total investments with top five customers							49.00%
Genesis HealthCare [Member]
Concentration by investment:
Number of properties in diversified portfolio	[1]	180			180
Percent of NOI	[1],[2]	17.00%
Net Operating Income | $	[1]	$ 179,790,000
Sunrise Senior Living [Member]
Concentration by investment:
Number of properties in diversified portfolio	[1],[3]	144			144
Percent of NOI	[1],[2],[3]	14.00%
Net Operating Income | $	[1],[3]	$ 148,317,000
Brookdale [Member]
Concentration by investment:
Number of properties in diversified portfolio	[1]	146			146
Percent of NOI	[1],[2]	8.00%
Net Operating Income | $	[1]	$ 83,547,000
Benchmark Senior Living [Member]
Concentration by investment:
Number of properties in diversified portfolio	[1]	50			50
Percent of NOI	[1],[2]	4.00%
Net Operating Income | $	[1]	$ 47,406,000
Revera [Member]
Concentration by investment:
Number of properties in diversified portfolio	[1],[3]	71			71
Percent of NOI	[1],[2],[3]	4.00%
Net Operating Income | $	[1],[3]	$ 47,995,000
Remaining Portfolio [Member]
Concentration by investment:
Number of properties in diversified portfolio	[1]	759			759
Percent of NOI	[1],[2]	53.00%
Net Operating Income | $	[1]	$ 569,476,000
[1]	(1)     Genesis Healthcare is in our triple-net segment. Sunrise Senior Living and Revera are in our seniors housing operating segment. Brookdale Senior Living and Benchmark Senior Living are in both our triple-net and seniors housing operating segments.
[2]	(2)     NOI with our top five relationships comprised 49% of total NOI for the year ending December 31, 2014
[3]	(3)     Revera owns a controlling interest in Sunrise.

Borrowings Under Credit Facil53

Borrowings Under Credit Facilities and Related Items (Details) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2015		Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014	Dec. 31, 2014
Aggregate borrowings under the unsecured line of credit arrangements
Balance outstanding at quarter end	$ 350,000,000	[1]	$ 0	$ 350,000,000	[1]	$ 0	$ 0
Maximum amount outstanding at any month end	535,000,000		637,000,000	535,000,000		637,000,000
Average amount outstanding (total of daily principal balances divided by days in period)	$ 501,758,000		$ 375,824,000	$ 455,608,000		$ 331,602,000
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)	1.13%		1.37%	1.17%		1.36%
[1]	(1) As of June 30, 2015, letters of credit in the aggregate amount of $61,882,247 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Borrowings Under Credit Facil54

Borrowings Under Credit Facilities and Related Items (Details Textual)	6 Months Ended
	Jun. 30, 2015USD ($)Number		Dec. 31, 2014USD ($)	Jun. 30, 2014USD ($)
Line Of Credit Facility [Line Items]
Unsecured line of credit arrangement	$ 2,500,000,000
Additional unsecured line of credit arrangement	1,000,000,000
Maximum aggregate commitment	$ 3,500,000,000
Number of banks in consortium | Number	28
Available to borrow in alternate currencies	$ 500,000,000
Agent bank's prime rate of interest	1.112%
Interest Rate margin	0.925%
Annual facility fee for each bank based on commitment amount	0.15%
Debt instrument maturity date	Oct. 31, 2018
Balance outstanding at quarter end	$ 350,000,000	[1]	$ 0	$ 0
Term Loan Interest Rate Margin	1.15%
HCN Term Loan	$ 500,000,000
HCN Canadian Denomiated Term Loan	250,000,000
Accordion Feature [Member]
Line Of Credit Facility [Line Items]
HCN Canadian Denomiated Term Loan	250,000,000
Financial Stand by Letter Of Credit [Member]
Line Of Credit Facility [Line Items]
Balance outstanding at quarter end	$ 61,882,247
[1]	(1) As of June 30, 2015, letters of credit in the aggregate amount of $61,882,247 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Senior Unsecured Notes and Se55

Senior Unsecured Notes and Secured Debt (Details)		6 Months Ended
		Jun. 30, 2015CAD	Jun. 30, 2015GBP (£)	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Principal payments due on debt obligations
2,015	[1]			$ 284,750,000
2,016				886,908,000
2,017				850,621,000
2,018				1,007,849,000
2,019				1,673,543,000
Thereafter				6,439,662,000
Totals				11,143,333,000
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes				8,060,493,000	$ 7,766,251,000
Secured debt				3,066,633,000	$ 2,977,713,000
Interest Rate margin		0.925%
Debt instrument maturity date		Oct. 31, 2018
Senior Unsecured Notes [Member]
Principal payments due on debt obligations
2,015	[1],[2],[3]			56,975,000
2,016	[2],[3]			400,000,000
2,017	[2],[3]			450,000,000
2,018	[2],[3]			450,000,000
2,019	[2],[3],[4],[5]			1,300,417,000
Thereafter	[2],[3],[6],[7]			5,452,070,000
Totals	[2],[3]			8,109,462,000
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Notes, annual stated interest rates, Minimum		1.162%
Notes, annual stated interest rates, Maximum		6.50%
Secured Debt [Member]
Principal payments due on debt obligations
2,015	[1],[2],[8]			227,775,000
2,016	[2],[8]			486,908,000
2,017	[2],[8]			400,621,000
2,018	[2],[8]			557,849,000
2,019	[2],[8]			373,126,000
Thereafter	[2],[8]			987,592,000
Totals	[2],[8]			3,033,871,000
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Notes, annual stated interest rates, Minimum		1.00%
Notes, annual stated interest rates, Maximum		7.98%
Carrying values of properties securing the debt				5,405,240,000
Canadian Denominated Unsecured Term Loan [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes		CAD 250,000,000		200,417,000
Interest Rate margin		2.00%
Debt Instrument, Issuance Date		Jul. 25, 2014
Debt instrument maturity date		Oct. 31, 2018
Canadian Denominated Unsecured Term Loan [Member] | London Interbank Offered Rate (LIBOR) [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest Rate margin		0.975%
Unsecured Line of Credit Term Loan [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes				$ 350,000,000
UK Debt Due 2034 [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest rate		4.50%	4.50%	4.50%
Senior unsecured notes issued amount			£ 500,000,000	$ 786,700,000
Debt Instrument, Issuance Date		Nov. 25, 2014
Debt instrument maturity date		Nov. 24, 2034
UK Debt Due 2028 [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest rate		4.80%	4.80%	4.80%
Senior unsecured notes issued amount			£ 550,000,000	$ 865,370,000
Debt Instrument, Issuance Date		Nov. 20, 2013
Debt instrument maturity date		Nov. 20, 2028
Unsecured term credit facility [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes				500,000,000
Interest Rate margin		1.15%
Debt Instrument, Issuance Date		Jul. 25, 2014
Debt instrument maturity date		Oct. 31, 2018
Unsecured term credit facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest Rate margin		0.975%
3.00% Senior Unsecured Convertible Notes due 2029 | Redemption 2015
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Debt Instrument, Redemption, Principle Amount Redeemed				$ 22,415,000
Debt Instrument, Redemption Period, End Date		Jul. 17, 2015
Debt Redemption Announcement Date		Aug. 17, 2015
[1]	(4) Senior unsecured notes amount represents our 3.00% Convertible Senior Notes due 2029. On July 17, 2015, we announced that we will redeem all outstanding notes ($22,415,000, which amount does not include notes surrendered for conversion prior to July 17, 2015) on August 17, 2015.
[2]	(1) Amounts represent principal amounts due and do not include unamortized premiums/discounts or other fair value adjustments as reflected on the balance sheet.
[3]	(2) Annual interest rates range from 1.162% to 6.5%.
[4]	(5) On July 25, 2014, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $200,417,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2015). The loan matures on October 31, 2018 (with an option to extend for an additional year at our discretion) and bears interest at the Canadian Dealer Offered Rate plus 97.5 basis points (2.0% at June 30, 2015).
[5]	(6) On July 25, 2014, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on October 31, 2018 (with an option to extend for one additional year at our discretion) and bears interest at LIBOR plus 97.5 basis points (1.15% at June 30, 2015).
[6]	(7) On November 20, 2013, we completed the sale of £550,000,000 (approximately $865,370,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.8% senior unsecured notes due 2028.
[7]	(8) On November 25, 2014, we completed the sale of £500,000,000 (approximately $786,700,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2015) of 4.5% senior unsecured notes due 2034.
[8]	(3) Annual interest rates range from 1.0% to 7.98%. Carrying value of the properties securing the debt totaled $5,405,240,000 at June 30, 2015.

Senior Unsecured Notes and Se56

Senior Unsecured Notes and Secured Debt (Details 1)	6 Months Ended		12 Months Ended
	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)
Unsecured note issuances
Senior unsecured debt issued	$ 743,407,000	$ 0
Senior unsecured debt redeemed	(477,550,000)	(1,000)
Excluding Fair Value Adjustments [Member]
Unsecured note issuances
Senior unsecured debt balance	8,109,461,739	7,450,107,000	$ 7,817,154,000	$ 7,421,707,000
Senior unsecured debt issued	750,000,000	0
Senior unsecured debt extinguished	(300,000,000)
Senior unsecured debt redeemed	(158,990,000)	(1,000)
Senior unsecured debt foreign currency	$ 1,297,739	$ 28,401,000
Senior unsecured debt balance average rate	0.04252	0.04402	0.04385	0.044
Senior unsecured debt issued average rate	0.04	0
Senior unsecured debt extinguished average rate	0.062	0
Senior unsecured debt redeemed average rate	0.03	0.03
Senior unsecured debt foreign currency average rate	0.03601	0.04865

Senior Unsecured Notes and Se57

Senior Unsecured Notes and Secured Debt (Details 2)	3 Months Ended		6 Months Ended
	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jun. 30, 2015USD ($)	Jun. 30, 2014USD ($)
Secured debt principal activity
Secured debt issued			$ 136,801,000	$ 10,690,000
Secured debt extinguished			323,950,000	219,980,000
Excluding Fair Value Adjustments [Member]
Secured debt principal activity
Secured debt principal balance	$ 2,941,765,000	$ 3,010,711,000	3,033,871,000	2,812,226,000
Secured debt transferred			0
Secured debt issued			136,801,000	10,690,000
Secured debt assumed			317,897,000	12,005,000
Secured debt extinguished			(290,984,000)	(188,722,000)
Secured debt principal payments			(32,966,000)	(1,200,000)
Secured debt foreign currency			$ (38,642,000)	$ (31,258,000)
Secured debt principal balance average rate	0.0494	0.051	0.0475	0.0504
Secured debt principal transferred average rate			0	0
Secured debt principal issued average rate			0.0284	0.0354
Secured debt principal assumed average rate			0.0322	0.0415
Secured debt principal extinguished average rate			0.0421	0.0573
Secured debt principal payment average rate			0.0477	0.0394
Secured debt principal foreign currency average rate			0.0399	0.0498

Derivative Instrument (Notional

Derivative Instrument (Notional Table) (Details) - USD ($)		3 Months Ended	6 Months Ended
		Dec. 31, 2014	Jun. 30, 2015
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | USD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount		$ 57,000,000	$ 57,000,000
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | CAD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount		58,000,000	61,000,000
Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | GBP
Derivatives Fair Value [Line Items]
Derivative, Notional Amount		40,000,000	60,000,000
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | CAD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount		900,000,000	1,175,000,000
Notional Amount Of Nonderivative Instruments		250,000,000	250,000,000
Designated as Hedging Instrument [Member] | Net Investment Hedging [Member] | GBP
Derivatives Fair Value [Line Items]
Derivative, Notional Amount		350,000,000	550,000,000
Notional Amount Of Nonderivative Instruments		1,050,000,000	1,050,000,000
Not Designated as Hedging Instrument [Member] | CAD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount	[1]	$ 12,000,000	$ 700,000,000
[1]	(1) These non-designated instruments represent off-setting forward exchange contracts to manage against adverse movements in exchange rates with regards to the purchase price on pending foreign acquisitions.

Derivative Instruments (Details

Derivative Instruments (Details 1) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015		Jun. 30, 2014
Derivative [Line Items]
Derivative Gain Loss On Derivative Net	$ 0	$ (351,000)	$ 58,427,000	[1]	$ (351,000)
Interest Rate Swap [Member]
Derivative [Line Items]
Gain (loss) recognized in OCI	(1,000)	(4,000)	(1,000)		(7,000)
Gain (loss) on interest rate swaps recalssified from AOCI into income (effective portion)	(462,000)	(436,000)	(928,000)		(879,000)
Gain (loss) on forward exchange contracts recognized in income.	1,191,000	0	3,938,000		0
Foreign Exchange Contract [Member]
Derivative [Line Items]
Gain (loss) recognized in OCI	(149,436,000)	(67,899,000)	34,615,000		(49,410,000)
Derivative Gain Loss On Derivative Net	0	(351,000)	0		(351,000)
Gain on Release of cumulative translation adjustment related to net investment hedge of an equity investment	0
Foreign Exchange Option Member
Derivative [Line Items]
Derivative Gain Loss On Derivative Net	$ 0	$ 0	$ (58,427,000)		$ 0
[1]	(1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.

Derivative Instruments (Textual

Derivative Instruments (Textual) (Details)	6 Months Ended
	Jun. 30, 2015USD ($)
Derivative Instruments [Abstract]
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months 2	$ 441,000
Derivative Cash Received On Hedge	$ 72,477,000

Commitments and Contingencies (

Commitments and Contingencies (Details Textual)	6 Months Ended
	Jun. 30, 2015USD ($)Number	Dec. 31, 2014USD ($)
Commitments and Contingencies (Textual) [Abstract]
Number of outstanding letters of credit | Number	8
Letter of credit obligation	$ 75,553,000
Outstanding construction financings for leased properties	159,352,000	$ 186,327,000
Additional financing to complete construction	402,894,000
Total contingent purchase obligations	$ 39,941,000
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%
Operating lease obligations relating to certain ground leases	$ 944,824,000
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals	43,299,000
Capital Leases, Future Minimum Payments Due	$ 100,935,000

Stockholder's Equity (Details)

Stockholder's Equity (Details) - shares	Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Preferred Stock:
Authorized shares	50,000,000	50,000,000
Issued shares	25,875,000	25,875,000
Outstanding shares	25,875,000	25,875,000	25,875,000	26,108,236
Common Stock, $1.00 par value:
Authorized shares	700,000,000	700,000,000
Issued shares	352,350,728	329,487,615
Outstanding shares	351,573,700	328,790,066

Stockholder's Equity (Details 1

Stockholder's Equity (Details 1)	6 Months Ended
	Jun. 30, 2015USD ($)$ / sharesshares	Jun. 30, 2014USD ($)shares
Summary of common stock issuances
Dividend reinvestment plan issuances, Shares Issued | shares	1,766,585	2,132,427
Dividend reinvestment plan issuances, Average Price	72.83	58.73
Dividend reinvestment plan issuances, Net Proceeds	$ 128,653,000	$ 125,232,000
Dividend reinvestment plan issuances, Gross Proceeds	$ 128,653,000	$ 125,232,000
Option exercises, Shares | shares	211,041	175,699
Option exercises, Average Price	46.26	46.78
Option exercises, Gross Proceeds	$ 9,762,000	$ 8,220,000
Option exercises, Net Proceeds	$ 9,762,000	$ 8,220,000
Stock incentive plans, net of forfeitures, Shares Issued | shares	179,037
Issuance of Common Stock, Shares | shares	22,783,634	18,766,086
Senior note conversions | shares	1,076,971	1
Equity issued in acquisition of noncontrolling interest | shares		233,236
Gross Proceeds From Issuance of Common Stock	$ 1,614,440,000	$ 1,137,287,000
Net proceeds from the issuance of common stock	$ 1,562,350,000	$ 1,101,969,000
February 2015 Public Issuance [Member]
Summary of common stock issuances
Public issuance, Shares Issued | shares	19,550,000
Public issuance, Average Price | $ / shares	75.5
Public issuance, Gross Proceeds	$ 1,476,025,000
Public issuance, Net Proceeds	$ 1,423,935,000

Stockholder's Equity (Details 2

Stockholder's Equity (Details 2) - USD ($)		Jun. 30, 2015	Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges		$ (2,347,000)	$ (650,000)	$ (4,187,000)	$ (5,059,000)
Unrecognized losses on equity investments		(15,100,000)	0	0	(389,000)
Unrecognized gains (losses) on foreign currency translation		(62,634,000)	(74,770,000)	(13,003,000)	(17,631,000)
Unrecognized actuarial losses		(1,589,000)	(1,589,000)	(1,452,000)	(1,452,000)
Totals		(81,670,000)	$ (77,009,000)	(18,642,000)	$ (24,531,000)
Other comprehensive income before reclassification adjustments
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges		(2,625,000)		(7,000)
Unrecognized losses on equity investments		(15,100,000)		389,000
Unrecognized gains (losses) on foreign currency translation		12,136,000		4,628,000
Unrecognized actuarial losses		0		0
Totals		(5,589,000)		5,010,000
Reclassification amount to net income
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges	[1]	928,000		879,000
Unrecognized losses on equity investments		0		0
Unrecognized gains (losses) on foreign currency translation	[1]	0		0
Unrecognized actuarial losses		0		0
Totals		928,000		879,000
Net current period other comprehensive income
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges		(1,697,000)		872,000
Unrecognized losses on equity investments		(15,100,000)		389,000
Unrecognized gains (losses) on foreign currency translation		12,136,000		4,628,000
Unrecognized actuarial losses		0		0
Totals		$ (4,661,000)		$ 5,889,000
[1]	(1) Please see note 11 for additional information.

Stockholder's Equity (Details 4

Stockholder's Equity (Details 4)	3 Months Ended		6 Months Ended
	Dec. 31, 2014shares	Dec. 31, 2013shares	Jun. 30, 2015shares	Jun. 30, 2014shares
Stockholders' Equity [Line Items]
Preferred stock conversions			0	(233,236)
Preferred Stock, Shares Outstanding	25,875,000	26,108,236	25,875,000	25,875,000
Preferred stock balance weighted average rate	0.065	0.06496	0.065	0.065
Preferred stock balance issued weighted average rate			0	0
Preferred stock balance redeemed weighted average rate			0	0
Preferred stock converted weighted average rate			0	0.06

Stockholder's Equity (Details 5

Stockholder's Equity (Details 5) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of dividend payments
Dividends declared and paid per common share	$ 0.825	$ 0.795	$ 1.65	$ 1.59
Common stock cash dividends			$ 561,914,000	$ 462,551,000
Total dividends paid			$ 594,617,000	$ 495,256,000
Series H Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per preferred share				$ 0.0079
Preferred stock cash dividends				$ 1,000
Series I Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per preferred share			$ 1.625	$ 1.625
Preferred stock cash dividends			$ 23,359,000	$ 23,360,000
Series J Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per preferred share			$ 0.8126	$ 0.8126
Preferred stock cash dividends			$ 9,344,000	$ 9,344,000

Stock Incentive Plans (Details

Stock Incentive Plans (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
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	$ 11,124,000	$ 14,170,000	$ 20,178,000	$ 21,837,000
Maximum [Member]
Stock Incentive Plans [Line Items]
Vesting period			5 years
Minimum [Member]
Stock Incentive Plans [Line Items]
Vesting period			3 years
Employee Stock Option [Member] | Employee Stock Option [Member]
Stock Incentive Plans [Line Items]
Vesting period			10 years
Employee Stock Option [Member] | Employee Stock Option [Member] | Director [Member]
Stock Incentive Plans [Line Items]
Vesting period			3 years
Employee Stock Option [Member] | Employee Stock Option [Member] | Officer [Member]
Stock Incentive Plans [Line Items]
Vesting period			5 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Computation of basic and diluted earnings per share
Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders	$ 312,573,000	$ 71,829,000	$ 503,373,000	$ 121,851,000
Denominator for basic earnings per share - weighted average shares	350,399,000	296,256,000	343,624,000	293,046,000
Effect of dilutive securities:
Employee stock options	153,000	191,000	176,000	170,000
Non-vested restricted shares	471,000	472,000	444,000	506,000
Convertible senior unsecured notes	343,000	1,076,000	379,000	868,000
Dilutive potential common shares	967,000	1,739,000	999,000	1,544,000
Denominator for diluted earnings per share - adjusted weighted average shares	351,366,000	297,995,000	344,623,000	294,590,000
Basic earnings per share	$ 0.89	$ 0.24	$ 1.46	$ 0.42
Diluted earnings per share	$ 0.89	$ 0.24	$ 1.46	$ 0.41
Earnings Per Share (Textual) [Abstract]
Securities Excluded From Computation Of Diluted Earnings Per Share	0	0	0

Disclosure about Fair Value o69

Disclosure about Fair Value of Financial Instruments (Details) - USD ($)	Jun. 30, 2015		Dec. 31, 2014	Jun. 30, 2014	Dec. 31, 2013
Financial Assets:
Loans receivable, Carrying Amount	$ 760,543,000		$ 380,169,000
Available-for-sale equity investments, Carrying Amount	43,326,000		0
Available-for-sale equity investments, Fair Value	43,326,000	[1]	0
Cash and cash equivalents, Carrying Amount	217,942,000		473,726,000	$ 207,354,000	$ 158,780,000
Cash and cash equivalents, Fair Value	217,942,000		473,726,000
Foreign currency forward contract, asset	35,377,000		57,087,000
Financial Liabilities:
Borrowings under primary unsecured credit facilities, Carrying Value	350,000,000	[2]	0	$ 0
Borrowings under primary unsecured credit facilities, Fair Value	350,000,000		0
Senior unsecured notes, Carrying Amount	8,060,493,000		7,766,251,000
Senior unsecured notes, Fair Value	8,639,898,000		8,613,702,000
Secured debt, Carrying Amount	3,066,633,000		2,977,713,000
Secured debt, Fair Value	3,117,499,000		3,053,067,000
Foreign currency forward contact, liability	16,465,000		1,495,000
Redeemable OP unitholder interests	114,886,000		46,722,000
Mortgage Loans on Real Estate [Member]
Financial Assets:
Loans receivable, Carrying Amount	564,056,000		188,651,000
Loans receivable, Fair value	592,280,000		194,935,000
Other Real Estate Loans Receivable [Member]
Financial Assets:
Loans receivable, Carrying Amount	196,487,000		191,518,000
Loans receivable, Fair value	$ 196,793,000		$ 195,375,000
[1]	(1) Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
[2]	(1) As of June 30, 2015, letters of credit in the aggregate amount of $61,882,247 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Disclosure about Fair Value o70

Disclosure about Fair Value of Financial Instruments (Details 1) - USD ($)		Jun. 30, 2015		Dec. 31, 2014
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Available-for-sale equity investments		$ 43,326,000	[1]	$ 0
Foreign currency forward contracts	[2]	18,912,000
Redeemable OP unitholder interests		114,886,000		$ 46,722,000
Totals		177,124,000
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]	43,326,000
Totals		43,326,000
Level 2 [Member]
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Foreign currency forward contracts	[2]	18,912,000
Redeemable OP unitholder interests		114,886,000
Totals		$ 133,798,000
[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)	3 Months Ended			6 Months Ended
	Jun. 30, 2015USD ($)		Jun. 30, 2014USD ($)	Jun. 30, 2015USD ($)		Jun. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Summary of information for reportable segments
Rental income	$ 396,626,000		$ 347,847,000	$ 776,213,000		$ 684,303,000
Resident fees and services	535,553,000		467,639,000	1,028,063,000		923,904,000
Interest income	20,576,000		8,933,000	37,570,000		17,527,000
Other income	4,414,000		2,027,000	9,500,000		2,520,000
Total revenues	957,169,000		826,446,000	1,851,346,000		1,628,254,000
Property operating expenses	398,354,000		343,754,000	774,815,000		685,185,000
Net Operating Income from Continuing Operations	558,815,000	[1]	482,692,000	1,076,531,000		943,069,000
Interest expense	118,861,000		121,065,000	239,942,000		241,898,000
Loss (gain) on derivatives, net	0		(351,000)	58,427,000	[2]	(351,000)
Depreciation and amortization	208,802,000		214,449,000	397,631,000		447,766,000
General and administrative	38,474,000		51,660,000	73,612,000		84,524,000
Transaction costs	12,491,000		7,040,000	61,045,000		7,993,000
Loss (gain) on extinguishment of debt, net	(18,887,000)		(531,000)	(34,288,000)		(383,000)
Impairment of Asset	0		0	2,220,000		0
Other expenses	10,583,000		0	10,583,000		0
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	150,717,000		87,596,000	315,637,000		160,154,000
Income tax (expense) benefit	(7,417,000)		(1,569,000)	(7,113,000)		(3,830,000)
(Loss) income from unconsolidated entities	(2,952,000)		(11,516,000)	(15,600,000)		(17,073,000)
Income (loss) from continuing operations	140,348,000		74,511,000	292,924,000		139,251,000
Discontinued Operation, Amount of Other Income (Loss) from Disposition of Discontinued Operation, Net of Tax	0		264,000	0		724,000
Discontinued operations, net	0		6,675,000	0		7,135,000
Gain (loss) on real estate dispositions, net	190,111,000		6,668,000	246,956,000		6,668,000
Net income	330,459,000		$ 87,854,000	539,880,000		$ 153,054,000
Total assets	$ 27,407,482,000			$ 27,407,482,000			$ 25,014,296,000
Percent Of Assets	1			1
Percent Of Revenues	1		1	1		1
Triple Net [Member]
Summary of information for reportable segments
Rental income	$ 279,990,000		$ 248,134,000	$ 544,396,000		$ 485,852,000
Resident fees and services	0		0	0		0
Interest income	18,189,000		7,980,000	32,888,000		15,700,000
Other income	970,000		325,000	4,853,000		468,000
Total revenues	299,149,000		256,439,000	582,137,000		502,020,000
Property operating expenses			447,000	0		690,000
Net Operating Income from Continuing Operations	299,149,000		255,992,000	582,137,000		501,330,000
Interest expense	2,679,000		8,655,000	12,706,000		17,769,000
Loss (gain) on derivatives, net	0		73,000	(58,427,000)		73,000
Depreciation and amortization	72,402,000		67,372,000	142,434,000		134,640,000
General and administrative	0		0	0		0
Transaction costs	7,579,000		4,007,000	43,750,000		4,283,000
Loss (gain) on extinguishment of debt, net	(102,000)		0	10,235,000		0
Provision for loan losses			0
Impairment of Asset				2,220,000
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	216,591,000		175,885,000	429,219,000		344,565,000
Income tax (expense) benefit	(3,121,000)		(438,000)	(2,703,000)		(793,000)
(Loss) income from unconsolidated entities	1,453,000		1,423,000	2,846,000		2,804,000
Income (loss) from continuing operations	214,923,000		176,870,000	429,362,000		346,576,000
Discontinued Operation, Amount of Other Income (Loss) from Disposition of Discontinued Operation, Net of Tax			6,675,000
Discontinued operations, net				0		7,135,000
Gain (loss) on real estate dispositions, net	0		5,762,000	54,097,000		5,762,000
Net income	214,923,000		189,307,000	483,459,000		359,473,000
Total assets	12,191,264,000			12,191,264,000
Senior housing - operating [Member]
Summary of information for reportable segments
Rental income	0		0	0		0
Resident fees and services	535,553,000		467,639,000	1,028,063,000		923,904,000
Interest income	1,042,000		11,000	2,073,000		11,000
Other income	3,210,000		1,264,000	4,229,000		1,318,000
Total revenues	539,805,000		468,914,000	1,034,365,000		925,233,000
Property operating expenses	360,569,000		310,029,000	699,076,000		618,213,000
Net Operating Income from Continuing Operations	179,236,000		158,885,000	335,289,000		307,020,000
Interest expense	38,796,000		28,833,000	73,255,000		56,312,000
Loss (gain) on derivatives, net	0		278,000	0		278,000
Depreciation and amortization	88,844,000		109,644,000	165,479,000		238,806,000
General and administrative	0		0	0		0
Transaction costs	3,937,000		1,660,000	15,979,000		2,290,000
Loss (gain) on extinguishment of debt, net	0		531,000	0		383,000
Other expenses	0			0
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	47,659,000		17,939,000	80,576,000		8,951,000
Income tax (expense) benefit	(3,449,000)		(801,000)	(3,982,000)		(2,444,000)
(Loss) income from unconsolidated entities	(6,083,000)		(15,496,000)	(21,156,000)		(23,457,000)
Income (loss) from continuing operations	38,127,000		1,642,000	55,438,000		(16,950,000)
Net income	38,127,000		1,642,000	55,438,000		(16,950,000)
Total assets	10,432,990,000			10,432,990,000
Outpatient Medical [Member]
Summary of information for reportable segments
Rental income	116,636,000		99,713,000	231,817,000		198,451,000
Resident fees and services	0		0	0		0
Interest income	1,345,000		942,000	2,609,000		1,816,000
Other income	195,000		362,000	356,000		643,000
Total revenues	118,176,000		101,017,000	234,782,000		200,910,000
Property operating expenses	37,785,000		33,278,000	75,739,000		66,282,000
Net Operating Income from Continuing Operations	80,391,000		67,739,000	159,043,000		134,628,000
Interest expense	7,184,000		8,346,000	14,809,000		17,730,000
Loss (gain) on derivatives, net	0		0	0		0
Depreciation and amortization	47,556,000		37,433,000	89,718,000		74,320,000
General and administrative	0		0	0		0
Transaction costs	975,000		1,373,000	1,316,000		1,420,000
Loss (gain) on extinguishment of debt, net	0			0		0
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	24,676,000		20,587,000	53,200,000		41,158,000
Income tax (expense) benefit	(161,000)		(330,000)	305,000		(593,000)
(Loss) income from unconsolidated entities	1,678,000		2,557,000	2,710,000		3,580,000
Income (loss) from continuing operations	26,193,000		22,814,000	56,215,000		44,145,000
Discontinued operations, net				0
Gain (loss) on real estate dispositions, net	190,111,000		906,000	192,859,000		906,000
Net income	216,304,000		23,720,000	249,074,000		45,051,000
Total assets	4,701,830,000			4,701,830,000
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	39,000		76,000	62,000		91,000
Total revenues	39,000		76,000	62,000		91,000
Property operating expenses	0		0	0		0
Net Operating Income from Continuing Operations	39,000		76,000	62,000		91,000
Interest expense	70,202,000		75,231,000	139,172,000		150,087,000
Loss (gain) on derivatives, net	0		0	0		0
Depreciation and amortization	0		0	0		0
General and administrative	38,474,000		51,660,000	73,612,000		84,524,000
Transaction costs	0		0	0		0
Loss (gain) on extinguishment of debt, net	18,989,000		0	24,053,000		0
Other expenses	10,583,000	[3]		10,583,000
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	(138,209,000)		(126,815,000)	(247,358,000)		(234,520,000)
Income tax (expense) benefit	(686,000)		0	(733,000)		0
(Loss) income from unconsolidated entities	0		0	0		0
Income (loss) from continuing operations	(138,895,000)		(126,815,000)	(248,091,000)		(234,520,000)
Net income	(138,895,000)		(126,815,000)	(248,091,000)		(234,520,000)
Total assets	81,398,000			81,398,000
International [Member]
Summary of information for reportable segments
Total revenues	186,138,000		$ 130,524,000	335,178,000		$ 257,233,000
Total assets	$ 5,134,019,000			$ 5,134,019,000			$ 4,285,819,000
Percent Of Assets	0.187			0.187			0.171
Percent Of Revenues	0.194		0.158	0.181		0.158
United States [Member]
Summary of information for reportable segments
Total revenues	$ 771,031,000		$ 695,922,000	$ 1,516,168,000		$ 1,371,021,000
Total assets	$ 22,273,463,000			$ 22,273,463,000			$ 20,728,477,000
Percent Of Assets	0.813			0.813			0.829
Percent Of Revenues	0.806		0.842	0.819		0.842
[1]	(1)     Genesis Healthcare is in our triple-net segment. Sunrise Senior Living and Revera are in our seniors housing operating segment. Brookdale Senior Living and Benchmark Senior Living are in both our triple-net and seniors housing operating segments.
[2]	(1) In April 2011, we completed the acquisition of substantially all of the real estate assets of privately-owned Genesis Healthcare Corporation. In conjunction with this transaction, we received the option to acquire an ownership interest in Genesis Healthcare. In February 2015, Genesis Healthcare closed on a transaction to merge with Skilled Healthcare Group to become a publicly traded company which required us to record the value of the derivative asset due to the net settlement feature.
[3]	Due to termination of our investment in a strategic medical office partnership and costs associated with a retiring executive officer.

Income Taxes and Distributions

Income Taxes and Distributions (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015	Dec. 31, 2014
Income Taxes And Distributions (Textuals) [Abstract]
Deferred Tax Liabilities	$ 13,516,000	$ 12,451,000
Additional Income Taxes and Distributions (Textuals) [Abstract]
Unrecognized Tax Benefits	$ 857,000	$ 857,000
Percentage of Taxable income to be distributed to stockholders for federal tax purposes	90.00%
Percentage of capital gains excluded from taxable income distributed to shareholders	100.00%
Percentage of federal excise tax on real estate investment trusts that do not distribute income.	4.00%