Welltower (WELL) 10-Q28 Jul 172017 Q2 Quarterly reportFinancial data

Company Profile

Document and Entity Information

Document and Entity Information - USD ($)	6 Months Ended
Document and Entity Information - USD ($)	Jun. 30, 2017	Jul. 14, 2017
Document And Entity Information [Abstract]
Entity Registrant Name	WELLTOWER INC. /DE/
Entity Central Index Key	766,704
Document Type	10-Q
Document Period End date	Jun. 30, 2017
Amendment Flag	false
Document Fiscal Year Focus	2,017
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	$ 27,562,002,967
Entity Common Stock Shares Outstanding		368,878,685

Consolidated Balance Sheets (Un

Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2017		Dec. 31, 2016
Real property owned:
Land and land improvements	$ 2,746,483		$ 2,591,071
Buildings and improvements	25,399,178		24,496,153
Acquired lease intangibles	1,436,041		1,402,884
Real property held for sale, net of accumulated depreciation	141,319		1,044,859
Construction in progress	321,655		506,091
Gross real property owned	30,044,676		30,041,058
Less accumulated depreciation and amortization	(4,568,408)		(4,093,494)
Net real property owned	25,476,268		25,947,564
Real estate loans receivable:
Real estate loans receivable	520,479		622,628
Allowance for losses on loans receivable	(5,811)		(6,563)
Net real estate loans receivable	514,668		616,065
Net real estate investments	25,990,936		26,563,629
Other assets:
Investments in unconsolidated entities	425,489		457,138
Goodwill	68,321		68,321
Cash and cash equivalents	442,284		419,378
Restricted cash	45,357		187,842
Straight-line rent receivable	370,819		342,578
Receivables and other assets	632,580		826,298
Total other assets	1,984,850		2,301,555
Total assets	27,975,786		28,865,184
Liabilities:
Borrowings under primary unsecured credit facilities, Carrying Value	385,000	[1]	645,000
Senior unsecured notes	8,250,940		8,161,619
Secured debt	2,670,914		3,477,699
Capital lease obligations	73,092		73,927
Accrued expenses and other liabilities	893,441		827,034
Total liabilities	12,273,387		13,185,279
Redeemable noncontrolling interests	388,876		398,433
Equity:
Preferred stock	718,750		1,006,250
Common stock	369,525		363,071
Capital in excess of par value	17,439,977		16,999,691
Treasury stock	(62,335)		(54,741)
Cumulative net income	5,330,702		4,803,575
Cumulative dividends	(8,805,336)		(8,144,981)
Accumulated other comprehensive income (loss)	(163,624)		(169,531)
Other equity	1,173		3,059
Total Welltower Inc. stockholders' equity	14,828,832		14,806,393
Noncontrolling interests	484,691		475,079
Total equity	15,313,523		15,281,472
Total liabilities and equity	$ 27,975,786		$ 28,865,184

[1]	As of June 30, 2017, letters of credit in the aggregate amount of $32,456,000 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Consolidated Statements of Inco

Consolidated Statements of Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental income	$ 355,599	$ 422,628	$ 722,741	$ 838,290
Resident fees and services	677,040	615,220	1,347,377	1,217,369
Interest income	20,901	24,007	41,649	49,195
Other income	5,062	14,802	9,133	18,851
Total revenues	1,058,602	1,076,657	2,120,900	2,123,705
Expenses:
Interest expense	116,231	132,326	234,827	265,285
Property operating expenses	501,855	458,832	1,012,024	908,468
Depreciation and amortization	224,847	226,569	453,124	455,265
General and administrative	32,632	39,914	63,733	85,606
Transaction costs	0	5,157	0	13,365
Loss (gain) on derivatives, net	736	0	1,960	0
Loss (gain) on extinguishment of debt, net	5,515	33	36,870	9
Impairment of Asset	13,631	0	24,662	14,314
Other expenses	6,339	3,161	18,014	3,161
Total expenses	901,786	865,992	1,845,214	1,745,473
Income (loss) from continuing operations before income taxes and income from unconsolidated entities, total	156,816	210,665	275,686	378,232
Income tax expense	8,448	513	6,203	2,239
(Loss) income from unconsolidated entities	(3,978)	(1,959)	(27,084)	(5,778)
Income from continuing operations	161,286	209,219	254,805	374,693
Gain (loss) on real estate dispositions, net	42,155	1,530	286,247	1,530
Net income	203,441	210,749	541,052	376,223
Less: Preferred stock dividends	11,680	16,352	26,059	32,703
Preferred stock redemption charge	0	0	9,769	0
Less: Net income (loss) attributable to noncontrolling interests	3,332	(1,077)	4,156	(924)
Net income (loss) attributable to common stockholders	$ 188,429	$ 195,474	$ 501,068	$ 344,444
Average number of common shares outstanding:
Basic	366,524	356,646	364,551	355,879
Diluted	368,149	358,891	366,423	357,489
Basic:
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions	$ 0.51	$ 0.55	$ 1.37	$ 0.97
Net income (loss) attributable to common stockholders, total	0.51	0.55	1.37	0.97
Diluted:
Income (loss) from continuing operations attributable to common stockholders, including real estate dispositions	0.51	0.54	1.37	0.96
Net income (loss) attributable to common stockholders, total	0.51	0.54	1.37	0.96
Dividends declared and paid per common share	$ 0.87	$ 0.86	$ 1.74	$ 1.72

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Statement of Comprehensive Income [Abstract]
Net income		$ 203,441	$ 210,749	$ 541,052	$ 376,223
Other comprehensive income (loss):
Unrecognized gain (loss) on equity investments		(5,908)	(3,611)	(16,477)	(11,160)
Unrecognized gain (loss) on cash flow hedges		0	487	0	970
Unrecognized actuarial gain/(loss)		0	0	0	2
Unrecognized gain (loss) on foreign currency translation		27,713	(50,384)	33,426	(49,012)
Total other comprehensive income (loss)		21,805	(53,508)	16,949	(59,200)
Total comprehensive income (loss), total		225,246	157,241	558,001	317,023
Total comprehensive income (loss) attributable to noncontrolling interests	[1]	11,562	(4,000)	15,198	11,271
Comprehensive income (loss) attributable to controlling interests		$ 213,684	$ 161,241	$ 542,803	$ 305,752

[1]	Includes amounts attributable to redeemable noncontrolling interests.

Consolidated Statements of Equi

Consolidated Statements of Equity (Unaudited) - USD ($) $ in Thousands	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, 2015	$ 15,175,885	$ 1,006,250	$ 354,811	$ 16,478,300	$ (44,372)	$ 3,725,772	$ (6,846,056)	$ (88,243)	$ 4,098	$ 585,325
Comprehensive income:
Net income (loss)	380,236					377,147				3,089
Other comprehensive income	(59,200)							(71,395)		12,195
Total comprehensive income	321,036
Decrease in noncontrolling interests	(167,073)			(41,658)						(125,415)
Amounts related to stock incentive plans, net of forfeitures	25,727		688	32,284	(6,916)				(329)
Proceeds from issuance of common stock	158,711		2,451	156,260
Option compensation expense	148								148
Cash dividends paid:
Common stock	(613,163)						(613,163)
Preferred Stock	(32,703)						(32,703)
Balances at end of period at Jun. 30, 2016	14,868,568	1,006,250	357,950	16,625,186	(51,288)	4,102,919	(7,491,922)	(159,638)	3,917	475,194
Balances at beginning of period at Dec. 31, 2016	15,281,472	1,006,250	363,071	16,999,691	(54,741)	4,803,575	(8,144,981)	(169,531)	3,059	475,079
Comprehensive income:
Net income (loss)	542,198					536,896				5,302
Other comprehensive income	16,949							5,907		11,042
Total comprehensive income	559,147
Decrease in noncontrolling interests	(10,979)			(4,247)						(6,732)
Amounts related to stock incentive plans, net of forfeitures	2,661		337	11,803	(7,583)				(1,896)
Proceeds from issuance of common stock	423,532		6,026	417,506
Redemption of preferred stock	(287,509)	(287,500)		9,760		(9,769)
Redemption of equity membership units	5,544		91	5,464	(11)
Option compensation expense	10								10
Cash dividends paid:
Common stock	(634,296)						(634,296)
Preferred Stock	(26,059)						(26,059)
Balances at end of period at Jun. 30, 2017	$ 15,313,523	$ 718,750	$ 369,525	$ 17,439,977	$ (62,335)	$ 5,330,702	$ (8,805,336)	$ (163,624)	$ 1,173	$ 484,691

Consolidated Statements of Cash

Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Operating activities
Net income (loss)		$ 541,052	$ 376,223
Adjustments to reconcile net income to net cash provided from (used in) operating activities:
Depreciation and amortization		453,124	455,265
Other amortization expenses		7,789	3,141
Asset Impairment Charges		24,662	14,314
Stock-based compensation expense		9,669	15,217
Loss (gain) on derivatives, net		1,960	0
Loss (gain) on extinguishment of debt, net		36,870	9
Income from unconsolidated entities		27,084	5,778
Rental income in excess of cash received		(41,325)	(54,055)
Amortization related to above (below) market leases, net		48	332
Net loss (gain) on sales of properties		(286,247)	(1,530)
Distributions by unconsolidated entities		3,225	351
Increase (decrease) in accrued expenses and other liabilities		70,005	43,621
Decrease (increase) in receivables and other assets		(3,807)	(3,009)
Net cash provided from (used in) operating activities		844,109	855,657
Investing activities
Cash disbursed for acquisitions		(237,119)	(287,455)
Cash disbursed for capital improvements to existing properties		(93,147)	(87,529)
Cash disbursed for construction in progress		(149,046)	(249,867)
Capitalized interest		(7,488)	(7,343)
Investment in real estate loans receivable		(50,717)	(51,059)
Other investments, net of payments		52,457	(16,664)
Principal collected on real estate loans receivable		36,500	168,343
Contributions to unconsolidated entities		(65,631)	(39,644)
Distributions by unconsolidated entities		47,384	19,301
Proceeds from (payments on) derivatives investing		19,665	56,842
Decrease (increase) in restricted cash		142,485	3,342
Proceeds from sales of real property		1,203,782	130,298
Net cash provided from (used in) investing activities		899,125	(361,435)
Financing activities
Net increase (decrease) under unsecured lines of credit arrangements		(260,000)	(90,000)
Proceeds from issuance of senior unsecured notes		0	693,560
Payments to extinguish senior unsecured notes		0	(400,000)
Secured debt issued		161,799	161,992
Payments on secured debt		(1,020,129)	(281,051)
Net proceeds from the issuance of common stock		424,451	159,032
Redemption of preferred stock		(287,500)	0
Decrease (increase) in deferred loan costs		(52,838)	(17,439)
Contributions by noncontrolling interests	[1]	9,663	138,458
Distributions to noncontrolling interests	[1]	(38,143)	(91,133)
Cash distributions to stockholders		(660,355)	(645,866)
Other financing activities		(8,925)	(7,646)
Net cash provided from (used in) financing activities		(1,731,977)	(380,093)
Effect of foreign currency translation on cash and cash equivalents		11,649	(8,452)
Increase (decrease) in cash and cash equivalents		22,906	105,677
Cash and cash equivalents at beginning of period		419,378	360,908
Cash and cash equivalents at end of period		442,284	466,585
Supplemental cash flow information:
Interest paid		210,184	236,861
Income taxes paid		$ 4,360	$ 3,889

[1]	(1) Includes amounts attributable to redeemable noncontrolling interests.

Business

Business	6 Months Ended
Business	Jun. 30, 2017
Business [Abstract]
Business	1 . Business Welltower Inc. , an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators , post-acute providers and health systems to fund the real estate and infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (“REIT”), own s interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties . Founded in 1970, we were the first real e state investment trust to invest exclusively in health care facilities.

Accounting Policies and Related

Accounting Policies and Related Matters	6 Months Ended
Accounting Policies and Related Matters	Jun. 30, 2017
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, 2017 are not necessarily an indication of the results that may be expected for the year ending December 31, 2017 . 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, 2016 . New Accounting Standards In May 2014, the Financial Accounting Standards Board (the “ FASB ”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an a mount 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, beginning after December 15, 2017, and early adoption is permitted be ginning after December 15, 2016. A reporting entity may apply the new standard using either a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or a full retrospective approach . We are currently evaluating the impact that the adoption of the standard will have on our consolidated financial statements and have not yet determined the method by which we will adopt the new standard. A significant source of our revenue is g enerated through leasing arrangements, which are specifically excluded from the new standard. We expect that the new standard will affect our accounting policies related to non-lease revenue, including certain fees in our RIDEA joint ventures, common area maintenance in our outpatient medical properties and real estate sales. Under ASU 2014-09, revenue recognition for real estate sales is mainly based on the transfer of control versus current guidance of continuing involvement. We expect that the new gui dance will result in more transactions qualifying as sales of real estate and being recognized at an earlier date than under the current guidance. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall: Recognition and Meas urement of Financial Assets and Financial Liabilities,” which will require entities to measure their investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The p racticability exception will be available for equity investments that do not have readily determinable fair values. ASU 2016-01 is effective for fiscal years and interim periods within those years, beginning after December 15, 2017. We are currently evalu ating the impact that the standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities on their balance sheet related t o the rights and obligations created by most leases, while continuing to recognize expenses on their income statements over the lease term. It will also require disclosures designed to give financial statement users information regarding amount, timing, a nd uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements. We believe that the adoption of this standard will likely have a material impact to our consolidated balance sheet for the recognition of certain operating leases as right-of-use assets and lease liabilities. We are in the process of analyzing our lease portfolio and evaluat ing systems to comply with the standard’s retrospective adoption requirements . In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 is effective for fiscal years, and interim periods w ithin those years, beginning after December 15, 2016, and early adoption is permitted. We adopted ASU 2016-09 on January 1, 2017. The standard allows companies to make a policy election as to whether they will include an estimate of awards expected to be forfeited or whether they will account for forfeitures as they occur. We have elected to account for forfeitures as they occur. This election had an immaterial impact on our consolidated financial statements. The standard also requires an employer to cl assify as a financing activity in the statement of cash flow the cash paid to a tax authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation. This standard is required to be applied on a retrospective basis and resulted in an increase in net cash provided by operating activities and a decrease in net cash used in financing activities of $6,916 ,000 for the six months ended June 30 , 2016. Upon adoption, no other provisions of ASU 2016-09 had an effect on ou r unaudited consolidated financial statements or related footnote disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”. This standard requires a new forward-looking “expected loss” model to be used for receivables, held-to-maturity debt, loans, and other instruments. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early a doption is permitted for fiscal years beginning af ter December 15, 2018. We are currently evaluating the impact that the standard will have on our consolidated financial statements . In January 2017, the FASB issued ASU No. 2017-01, “Clarifying the De finition of a Business”. This standard changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 is effective for fiscal years, and interim periods within those year s, beginning after December 15, 2017, and early adoption is permitted. A reporting entity must apply ASU 2017-01 using a prospective approach. We adopted ASU 2017-01 on January 1, 2017 and as a result, have classified our real estate acquisitions complet ed during the six months ended June 30, 2017 as asset acquisitions rather than business combinations due to the fact that substantially all of the fair value of the gross assets acquired were concentrated in a single asset or group of similar identifiable ass ets . We have recorded identifiable assets acquired, liabilities assumed and any noncontrolling interests associated with any asset acquisitions at cost on a relative fair value basis and have capitalized transaction costs incurred.

Real Property Acquisitions and

Real Property Acquisitions and Development	6 Months Ended
Real Property Acquisitions and Development	Jun. 30, 2017
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 relative fair values in accordance with our accounting policies. The results of operations for these acquis itions have been included in our consolidated results of operations since the date of acquisition and are a component of the appropriate segments. Transacti on costs primarily represent costs incurred with acquisitions, including due diligence costs, fees for legal and valuation services and termination of pre-existing relationships computed based on the fair value of the assets acquired, lease termination fee s and other acquisition-rel ated costs. Effective January 1 , 2017 , with our adoption of ASU 2017- 01, transaction costs related to asset acquisitions are capitalized as a component of purchase price and all other non-capitalizable costs are reflected in “Ot her Expenses” on our Consolidated Statements of Comprehensive Income. Certain of our subsidiaries’ functional currencies are the local currencies of their respective countries. See Note 2 to the financial statements included in our Annual Report on Form 10 -K for the year ended December 31, 2016 for information regarding our foreign currency policies. Triple-n et Activity Six Months Ended (In thousands) June 30, 2017 June 30, 2016 Land and land improvements $ 30,440 $ 18,901 Buildings and improvements 188,569 160,209 Acquired lease intangibles - 2,876 Total assets acquired 219,009 181,986 Accrued expenses and other liabilities (20,855) (1,459) Total liabilities assumed (20,855) (1,459) Noncontrolling interests (7,284) - Non-cash acquisition related activity (1) (54,989) (37,703) Cash disbursed for acquisitions 135,881 142,824 Construction in progress additions 76,245 85,687 Less: Capitalized interest (3,215) (3,771) Foreign currency translation (3,044) (2,712) Cash disbursed for construction in progress 69,986 79,204 Capital improvements to existing properties 15,269 14,877 Total cash invested in real property, net of cash acquired $ 221,136 $ 236,905 (1) For the six months ended June 30, 2017, $54,989,000 is related to the acquisition of assets previously financed as real estate loans receivable. For the six months ended June 30, 2016, $31,014,000 is related to the acquisition of assets previously financed as real estate loans receivable and $6,630,000 is related to the acquisition of assets previously financed as an investment in an unconsolidated entity. Seniors Housing Operating Activity Six Months Ended (In thousands) June 30, 2017 June 30, 2016 Land and land improvements $ 10,590 $ 5,617 Building and improvements 69,056 128,200 Acquired lease intangibles 3,596 6,334 Receivables and other assets 296 894 Total assets acquired (1) 83,538 141,045 Accrued expenses and other liabilities (8,606) (4,853) Total liabilities assumed (8,606) (4,853) Noncontrolling interests (647) (549) Non-cash acquisition related activity (2) (31,546) (7,659) Cash disbursed for acquisitions 42,739 127,984 Construction in progress additions 42,787 134,019 Less: Capitalized interest (3,804) (2,011) Foreign currency translation 3,060 (5,344) Cash disbursed for construction in progress 42,043 126,664 Capital improvements to existing properties 60,129 47,553 Total cash invested in real property, net of cash acquired $ 144,911 $ 302,201 (1) Excludes $400,000 and $134,000 of cash acquired during the six months ended June 30, 2017 and 2016, respectively. (2) Includes $6,349,000 related to the acquisition of assets previously financed as real estate loans receivable during the six months ended June 30, 2017. Includes $25,197,000 and $7,659,000 for the six months ended June 30, 2017 and 2016 related to the acquisition of assets previously financed as an investments in an unconsolidated entity. Outpatient Medical Activity Six Months Ended (In thousands) June 30, 2017 June 30, 2016 Land and land improvements $ 25,060 $ - Buildings and improvements 62,038 32,650 Acquired lease intangibles 8,397 - Receivables and other assets 118 - Total assets acquired 95,613 32,650 Secured debt (25,824) - Accrued expenses and other liabilities (2,210) (990) Total liabilities assumed (28,034) (990) Noncontrolling interests (9,080) - Non-cash acquisition activity (1) - (15,013) Cash disbursed for acquisitions 58,499 16,647 Construction in progress additions 31,830 50,896 Less: Capitalized interest (1,343) (1,561) Accruals (2) 6,530 (5,336) Cash disbursed for construction in progress 37,017 43,999 Capital improvements to existing properties 17,409 25,099 Total cash invested in real property $ 112,925 $ 85,745 (1) Represents the acquisition of assets previously financed as real estate loans receivable. Please refer to Note 6 for additional information. (2) Represents the change in non-cash consideration accruals for amounts to be paid in periods other than the period in which the construction projects converted to operations. 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, 2017 June 30, 2016 Development projects: Triple-net $ 266,650 $ - Seniors housing operating 3,634 - Outpatient medical 63,036 35,363 Total development projects 333,320 35,363 Expansion projects 2,798 2,879 Total construction in progress conversions $ 336,118 $ 38,242

Real Estate Intangibles

Real Estate Intangibles	6 Months Ended
Real Estate Intangibles	Jun. 30, 2017
Real Estate Intangibles [Abstract]
Real Estate Intangibles	4 . Real Estate In tangibles 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, 2017 December 31, 2016 Assets: In place lease intangibles $ 1,278,755 $ 1,252,143 Above market tenant leases 64,408 61,700 Below market ground leases 62,224 61,628 Lease commissions 30,654 27,413 Gross historical cost 1,436,041 1,402,884 Accumulated amortization (1,053,353) (966,714) Net book value $ 382,688 $ 436,170 Weighted-average amortization period in years 15.1 13.7 Liabilities: Below market tenant leases $ 90,683 $ 89,468 Above market ground leases 8,540 8,107 Gross historical cost 99,223 97,575 Accumulated amortization (55,749) (52,134) Net book value $ 43,474 $ 45,441 Weighted-average amortization period in years 15.4 15.2 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, 2017 2016 2017 2016 Rental income related to above/below market tenant leases, net $ 267 $ 210 $ 571 $ 290 Property operating expenses related to above/below market ground leases, net (307) (311) (619) (622) Depreciation and amortization related to in place lease intangibles and lease commissions (35,439) (31,109) (74,741) (65,473) The future estimated aggregate amortization of intangible assets and liabilities is as follows for the periods presented (in thousands): Assets Liabilities 2017 $ 71,356 $ 3,337 2018 83,762 6,190 2019 35,095 5,731 2020 24,793 5,234 2021 20,695 4,746 Thereafter 146,987 18,236 Total $ 382,688 $ 43,474

Dispositions, Assets Held for S

Dispositions, Assets Held for Sale and Discontinued Operations	6 Months Ended
	Jun. 30, 2017
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 , the exer cise of tenant purchase options or reduction of concentrations (e.g., property type, operator or geography). During the six months ended June 30, 2017 and 2016 , we recorded impairment charges on certain held-for-sale seniors housing operating , triple-net, and outpatient medical properties for which the carrying values exceeded the fair values less estim ated costs to sell . The following is a summary of our real property disposition activity for the periods presented (in thousands): Six Months Ended June 30, 2017 June 30, 2016 Real estate dispositions: Triple-net $ 882,436 $ 128,768 Seniors housing operating 13,845 - Total dispositions 896,281 128,768 Gain (loss) on real estate dispositions, net 286,247 1,530 Net other assets/liabilities disposed 21,254 - Proceeds from real estate dispositions $ 1,203,782 $ 130,298 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” , 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 periods presented (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Revenues: Rental income $ 4,094 $ 19,990 $ 21,494 $ 38,552 Expenses: Interest expense 284 2,506 1,714 5,032 Property operating expenses 2,020 1,338 5,098 2,700 Provision for depreciation 475 3,071 1,121 7,022 Total expenses 2,779 6,915 7,933 14,754 Income (loss) from real estate dispositions, net $ 1,315 $ 13,075 $ 13,561 $ 23,798

Real Estate Loans Receivable

Real Estate Loans Receivable	6 Months Ended
Real Estate Loans Receivable	Jun. 30, 2017
Real Estate Loans Receivable [Abstract]
Real Estate Loans Receivable	6 . Real Estate Loans Receivable Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 for discussion of our accounting policies for real estate loans receivable and related interest income. The following is a summary of our real estate loan activity for the periods presented (in thousands): Six Months Ended June 30, 2017 June 30, 2016 Outpatient Outpatient Triple-net Medical Totals Triple-net Medical Totals Advances on real estate loans receivable: Investments in new loans $ 10,037 $ - $ 10,037 $ 8,223 $ - $ 8,223 Draws on existing loans 40,680 - 40,680 42,803 33 42,836 Net cash advances on real estate loans 50,717 - 50,717 51,026 33 51,059 Receipts on real estate loans receivable: Loan payoffs 97,039 60,500 157,539 182,613 27,303 209,916 Principal payments on loans 798 - 798 4,454 - 4,454 Sub-total 97,837 60,500 158,337 187,067 27,303 214,370 Less: Non-cash activity (1)(2) (61,337) (60,500) (121,837) (31,014) (15,013) (46,027) Net cash receipts on real estate loans 36,500 - 36,500 156,053 12,290 168,343 Net cash advances (receipts) on real estate loans 14,217 - 14,217 (105,027) (12,257) (117,284) Change in balance due to foreign currency translation 5,471 - 5,471 (8,504) - (8,504) Net change in real estate loans receivable $ (41,649) $ (60,500) $ (102,149) $ (144,545) $ (27,270) $ (171,815) (1) Triple-net and prior year outpatient medical represents acquisitions of assets previously financed as real estate loans. Please see Note 3 for additional information. (2) Current year outpatient medical represents a deed in lieu of foreclosure on a previously financed first mortgage property. In 2016, we restructured two existing real estate loans in the triple-net segment with Genesis Healthcare. The two existing loans, with a combined principal balance of $317,000,000, were scheduled to mature in 2017 and 2018. These loans were restructured into four separate loans effective October 1, 2016. Each loan has a five-year term, a 10% interest rate and 25 basis point annual escalator. In 2016, we recorded a loan loss charge in the amount of $6,935,000 on one of the loans as the prese nt value of expected future cash flows was less than the carrying value of the loan. We expect to collect all principal amounts due under the loans and, due to the passage of time, at June 30, 2017 , the allowance for loan losses related to these loans is $5,81 1,000. At June 30, 2017 , we had no real estate loans with outstanding balances on non-accrual status and recorded no provision for loan losses during the three months ended June 30, 2017 . Six Months Ended June 30, 2017 June 30, 2016 Balance of impaired loans at end of period $ 289,473 $ - Allowance for loan losses 5,811 - Balance of impaired loans not reserved $ 283,662 $ - Average impaired loans for the period $ 327,324 $ - Interest recognized on impaired loans 16,464 -

Investments in Unconsolidated E

Investments in Unconsolidated Entities	6 Months Ended
Investments in Unconsolidated Entities	Jun. 30, 2017
Investments In Unconsolidated Entities [Abstract]
Investments in Unconsolidated Entities	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 by the joint ventures and are reflected in our Consolidated Statements of Comprehensive Income 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, 2017 December 31, 2016 Triple-net 10% to 49% $ 23,978 $ 27,005 Seniors housing operating 10% to 50% 358,889 407,172 Outpatient medical 43% 42,622 22,961 Total $ 425,489 $ 457,138 (1) Excludes ownership of in-substance real estate. During the three months ended June 30, 2017 , we increased our ownership in the Sunrise Senior Living, Inc. management company from 24% to 34%. At June 30, 2017 , the aggregate unamortized basis difference of our joint venture investments of $84,451,000 is primarily attributable to the difference between the amount for which we purchase our interest in the entity, including transaction costs, and the historical carrying value of the net assets of the entity. This difference is being amortized over the rema ining useful life of the related properties and included in the reported amount of income from unconsolidated entities.

Credit Concentration

Credit Concentration	6 Months Ended
Credit Concentration	Jun. 30, 2017
Customer Concentration [Abstract]
Credit Concentration	8 . Credit Concentration We use consolidated net operating income (“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 months ended June 30, 2017 , 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 86 $ 98,225 9% Sunrise Senior Living (3) 153 155,331 14% Brookdale Senior Living 137 75,862 7% Revera (3) 98 75,937 7% Benchmark Senior Living 48 48,095 4% Remaining portfolio 752 655,426 59% Totals 1,274 $ 1,108,876 100% (1) Genesis Healthcare is in our triple-net segment. Sunrise Senior Living and Revera are in our seniors housing operating segment. Benchmark Senior Living and Brookdale Senior Living are in both our triple-net and seniors housing operating segments. (2) NOI with our top five relationships comprised 45% of total NOI for the year ending December 31, 2016. (3) Revera owns a controlling interest in Sunrise Senior Living.

Borrowings Under Credit Facilit

Borrowings Under Credit Facilities and Related Items	6 Months Ended
Borrowings Under Credit Facilities and Related Items	Jun. 30, 2017
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, 2017 , we had a primary unsecured credit facility with a consortium of 29 banks that includes a $3,0 00,000,000 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 by up to an additional $1,000,000,000 , in the aggregate, 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 $1,0 00,000,000 in alternate cu rrencies ( none outstanding at June 30, 2017 ). Borrowings under the unsecured revolving credit facility are subject to interest payable at the applicable margin over LIBOR interest rate ( 2.12% at June 30, 2017 ). The applicable margin is based on our d ebt ratings and was 0.90% at June 30, 2017 . In addition, we pay a facility fee quarterly to each bank based on the bank’s commitment amount. The facility fee depends on our debt ratings and was 0.15% at June 30, 2017 . The term credit facilities mature on May 13, 2021. The revolving credit facility i s scheduled to mature on May 13, 2020 and can be extended for two successive terms of six months each at our option. The following information relates to aggregate borrowings under the primary unsecured revolving credit facility for the periods presented (dollars in thousands): Three Months Ended June 30, Six Months Ended June 30, 2017 2016 2017 2016 Balance outstanding at quarter end (1) $ 385,000 $ 745,000 $ 385,000 $ 745,000 Maximum amount outstanding at any month end $ 640,000 $ 745,000 $ 1,010,000 $ 945,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 561,626 $ 623,077 $ 678,343 $ 647,060 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 1.94% 1.26% 1.87% 1.28% (1) As of June 30, 2017, letters of credit in the aggregate amount of $32,456,000 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
Senior Unsecured Notes and Secured Debt	Jun. 30, 2017
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 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 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, 2017 , 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 2017 $ - $ 173,105 $ 173,105 2018 450,000 405,834 855,834 2019 605,000 480,977 1,085,977 2020 (4) 681,089 156,585 837,674 2021 (5,6) 1,142,574 214,352 1,356,926 Thereafter (7,8,9,10) 5,464,476 1,243,836 6,708,312 Totals $ 8,343,139 $ 2,674,689 $ 11,017,828 (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the balance sheet. (2) Annual interest rates range from 1.8% to 6.5%. (3) Annual interest rates range from 1.42% to 7.98%. Carrying value of the properties securing the debt totaled $5,624,262,000 at June 30, 2017. (4) In November 2015, one of our wholly-owned subsidiaries issued and we guaranteed $300,000,000 of Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $231,089,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2017). (5) On May 13, 2016, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $192,574,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2017). The loan matures on May 13, 2021 and bears interest at the Canadian Dealer Offered Rate plus 95 basis points (1.79% at June 30, 2017). (6) On May 13, 2016, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on May 13, 2021 and bears interest at LIBOR plus 95 basis points (2.08% at June 30, 2017). (7) On November 20, 2013, we completed the sale of £ 550,000,000 (approximately $714,725,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2017) of 4.8% senior unsecured notes due 2028. (8) On November 25, 2014, we completed the sale of £ 500,000,000 (approximately $649,750,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2017) of 4.5% senior unsecured notes due 2034. (9) In May 2015, we issued $750,000,000 of 4.0% senior unsecured notes due 2025. In October 2015, we issued an additional $500,000,000 of these notes under a re-opening of the offer. (10) In March 2016, we issued $700,000,000 of 4.25% senior unsecured notes due 2026. The following is a summary of our senior unsecured notes principal activity during the periods presented (dollars in thousands) : Six Months Ended June 30, 2017 June 30, 2016 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 8,260,038 4.245% $ 8,645,758 4.237% Debt issued - 0.000% 705,000 4.228% Debt extinguished - 0.000% (400,000) 3.625% Foreign currency 83,101 4.320% (133,234) 4.417% Ending balance $ 8,343,139 4.276% $ 8,817,524 4.263% The following is a summary of our secured debt principal activity for the periods presented (dollars in thousands): Six Months Ended June 30, 2017 June 30, 2016 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 3,465,066 4.094% $ 3,478,207 4.440% Debt issued 161,799 2.331% 161,992 3.051% Debt assumed 23,094 6.670% - 0.000% Debt extinguished (987,923) 5.370% (243,314) 4.874% Principal payments (32,206) 4.378% (37,737) 4.579% Foreign currency 44,859 3.116% 62,118 3.652% Ending balance $ 2,674,689 3.669% $ 3,421,266 4.328% 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, 2017 , we were in compliance with all of the cove nants under our debt agreements.

Derivative Instruments

Derivative Instruments	6 Months Ended
Derivative Instruments	Jun. 30, 2017
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 manage this risk through the use of forward contracts and issuing debt in foreign currencies. Interest Rate Swap Contracts and Foreign Currency Forward Contrac ts Designated as Cash Flow Hedges For instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative is reported as a component of other comprehensive income (“OCI”), and reclassified into earnings in the same period or periods, during which the hedged transaction affects earnings. Gains and losses on the derivative representing either hedge ineffectiveness or hedge components excluded from the assessment of effectiveness are recognized in earnings. Approximately $2 ,671 ,000 of gains , which are included in accumulated other comprehensive income (“AOCI”), are expected to be reclassified into earnings in the next 12 months. Foreign Currency Hedges For instruments that are designated and qualify as net investment hedges, the variability in the foreign currency to U.S. Dollar of the instrument is recorded as a cumulative translation adjustment component of OCI. During the six months ended June 30, 2017 and 2016 , we settled certa in net investment hedges generating cash proceeds of $19 ,665,000 and $56,842,000 , respectively . The balance of the cumulative translation adjustment will be reclassified to earnings when the hedged investment is sold or substantially liquidated. Th e following presents the notional amount of derivatives and other financial instruments as of the dates indicated (in thousands): June 30, 2017 December 31, 2016 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 875,000 $ 900,000 Denominated in Pounds Sterling £ 550,000 £ 550,000 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 Denominated in Canadian Dollars $ 54,000 $ 54,000 Denominated in Pounds Sterling £ 54,000 £ 48,000 Derivative instruments not designated: Denominated in Canadian Dollars $ 37,000 $ 37,000 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 2017 2016 2017 2016 Gain (loss) on interest rate swaps reclassified from AOCI into income (effective portion) Interest expense $ - $ (477) $ - $ (960) Gain (loss) on forward exchange contracts recognized in income Interest expense 1,732 2,697 4,189 1,369 Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI OCI (97,539) 178,575 (141,880) 175,836

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
Commitments and Contingencies	Jun. 30, 2017
Commitments and Contingencies [Abstract]
Commitments and Contingencies	12 . Commitments and Contingencies At June 30, 2017 , we had 14 outstanding letter of credit obligations totaling $170,131,000 and expiring between 2017 and 2024. At June 30, 2017 , we had outstanding construction in progress of $ 321,655,000 and were committed to providing additional funds of approximately $ 354,853,000 to complete construction. At June 30, 2017 , we had contingent purchase obligations totaling $ 13,170,000 . These contingent purchase obligations relate to unfunded capital improvement obligation s 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 lea se treatment in accordance with 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, 2017 , we had operating lease obligations of $ 1,078,526,000 relating to certain ground leases and c ompany office space and capital lease obligations of $ 91,471,000 relating primarily to certain investment properties. Regarding ground leases, we have sublease agreements with certain of our operators tha t require the operators to reimburse us for our monthly operating lease obligations. At June 30, 2017 , aggregate future minimum rentals to be received under these noncancelable subleases totaled $ 72,906,000 .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
Stockholders' Equity	Jun. 30, 2017
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, 2017 December 31, 2016 Preferred Stock: Authorized shares 50,000,000 50,000,000 Issued shares 14,375,000 25,875,000 Outstanding shares 14,375,000 25,875,000 Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 369,966,425 363,576,924 Outstanding shares 368,878,042 362,602,173 Preferred Stock. The following is a summary of our preferred stock activity during the periods indicated : Six Months Ended June 30, 2017 June 30, 2016 Weighted Avg. Weighted Avg. Shares Dividend Rate Shares Dividend Rate Beginning balance 25,875,000 6.500% 25,875,000 6.500% Shares redeemed (11,500,000) 6.500% - 0.000% Ending balance 14,375,000 6.500% 25,875,000 6.500% During the six months ended June 30, 2017 , we recognized a charge of $9,769 ,000 in connection with the redemption of the Series J preferred stock. Common Stock. The following is a summary of our common stock issuances during the six months ended June 30, 2017 and 2016 (dollars in thousands, except per share amounts): Shares Issued Average Price Gross Proceeds Net Proceeds 2016 Dividend reinvestment plan issuances 1,971,758 $ 64.65 $ 127,470 $ 127,470 2016 Option exercises 37,409 48.73 1,823 1,823 2016 Equity shelf program issuances 443,096 67.12 30,192 29,739 2016 Stock incentive plans, net of forfeitures 460,047 - - 2016 Totals 2,912,310 $ 159,485 $ 159,032 2017 Dividend reinvestment plan issuances 2,836,216 $ 70.55 $ 200,097 $ 199,757 2017 Option exercises 202,190 50.88 10,288 10,288 2017 Equity shelf program issuances 2,986,574 72.30 215,917 214,406 2017 Redemption of equity membership units 91,180 - - 2017 Stock incentive plans, net of forfeitures 159,709 - - 2017 Totals 6,275,869 $ 426,302 $ 424,451 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, 2017 June 30, 2016 Per Share Amount Per Share Amount Common Stock $ 1.7400 $ 634,296 $ 1.7200 $ 613,163 Series I Preferred Stock 1.6250 23,360 1.6250 23,359 Series J Preferred Stock 0.2347 2,699 0.8126 9,344 Totals $ 660,355 $ 645,866 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, 2016 $ (173,496) $ 5,120 $ (1,153) $ (2) $ (169,531) Other comprehensive income before reclassification adjustments 22,384 (16,477) - - 5,907 Net current-period other comprehensive income 22,384 (16,477) - - 5,907 Balance at June 30, 2017 $ (151,112) $ (11,357) $ (1,153) $ (2) $ (163,624) Balance at December 31, 2015 $ (85,484) $ - $ (1,343) $ (1,416) $ (88,243) Other comprehensive income before reclassification adjustments (61,207) (11,160) 2 10 (72,355) Reclassification amount to net income - - - 960 (1) 960 Net current-period other comprehensive income (61,207) (11,160) 2 970 (71,395) Balance at June 30, 2016 $ (146,691) $ (11,160) $ (1,341) $ (446) $ (159,638) (1) Please see Note 11 for additional information.

Stock Incentive Plans

Stock Incentive Plans	6 Months Ended
Stock Incentive Plans	Jun. 30, 2017
Stock Incentive Plans [Abstract]
Stock Incentive Plans	14 . Stock Incentive Plans Our 2016 Long-Term Incentive Plan (“2016 Plan”) authorizes up to 10,0 00,000 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 20 16 Plan. The 20 16 Plan allows for the issuance of, among other things, stock options, stock appreciation rights, restricted stock, deferred stock units and dividend equivalent rights. Vesting periods for options, deferred stock units and restricted shares generally range from three to five years. Options e xpire ten years from the date of grant. Stock-based compensation expense totaled $4,763 ,000 and $9,669,000 for the three and six months ended June 30, 2017 , respectively, and $ 7,031,000 and $15,217,000 for the same period s in 2016 .

Earnings Per Share

Earnings Per Share	6 Months Ended
Earnings Per Share	Jun. 30, 2017
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, 2017 2016 2017 2016 Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders $ 188,429 $ 195,474 $ 501,068 $ 344,444 Denominator for basic earnings per share - weighted average shares 366,524 356,646 364,551 355,879 Effect of dilutive securities: Employee stock options 50 129 60 115 Non-vested restricted shares 479 465 438 359 Redeemable shares 1,096 1,651 1,374 1,136 Dilutive potential common shares 1,625 2,245 1,872 1,610 Denominator for diluted earnings per share - adjusted weighted average shares 368,149 358,891 366,423 357,489 Basic earnings per share $ 0.51 $ 0.55 $ 1.37 $ 0.97 Diluted earnings per share $ 0.51 $ 0.54 $ 1.37 $ 0.96 The Series I Cumulative Convertible Perpetual Preferre d 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
Disclosure about Fair Value of Financial Instruments	Jun. 30, 2017
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 price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The guidance also establi shes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inp uts when measuring fair value. Please see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 for additional information. The guidance describes three levels of inputs that may be used to measure fair value: Lev el 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 a re observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. 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 borrowers with similar credit ratings and for the same remaining maturities. Cash and Cash Equivalents — The carrying amount approximates fair value. Available-for-sale Equity Investments — Available-for-sale equity investments are recorded at their fair value based on Level 1 publicly available trading prices. Borrowings Under Primary Unsecured Credit Facility — The c arrying amount of the primary unsecured credit facility approximates fair value because the borrowings are interest rate adjustable. Senior Unsecured Notes — The fair value of the senior unsecured notes payable was estimated based on Level 1 publicly avai lable trading prices. The carrying amount of the variable rate senior unsecured notes approximates fair value because they are interest rate adjustable. Secured Debt — The fair value of fixed rate secured deb t is estimated using Level 2 inputs by discounting the estimated future cash flows using the current rates at which similar loans would be made with similar credit ratings and for the same remaining maturities. The car rying amount of variable rate secured debt approximates fair value because the borrowings are interest rate adjustable. Foreign Currency Forward Contracts — Foreign currency forward contracts are recorded in other assets or other liabilities on the balanc e sheet at fair market value. Fair market value is determined using Level 2 inputs by estimating the future value of the currency pair based on existing exchange rates, comprised of current spot and traded forward points, and calculating a present value o f the net amount using a discount factor based on observable traded interest rates. Redeemable OP Unitholder Interests — 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 holder 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, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 369,141 $ 405,671 $ 485,735 $ 521,773 Other real estate loans receivable 151,338 156,266 136,893 138,050 Available-for-sale equity investments 11,422 11,422 27,899 27,899 Cash and cash equivalents 442,284 442,284 419,378 419,378 Foreign currency forward contracts 54,326 54,326 135,561 135,561 Financial liabilities: Borrowings under unsecured credit facilities $ 385,000 $ 385,000 $ 645,000 $ 645,000 Senior unsecured notes 8,250,940 9,088,276 8,161,619 8,879,176 Secured debt 2,670,914 2,718,333 3,477,699 3,558,378 Foreign currency forward contracts 10,426 10,426 4,342 4,342 Redeemable OP unitholder interests $ 111,149 $ 111,149 $ 110,502 $ 110,502 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, 2017 Total Level 1 Level 2 Level 3 Available-for-sale equity investments (1) $ 11,422 $ 11,422 $ - $ - Foreign currency forward contracts, net (2) 43,900 - 43,900 - Redeemable OP unitholder interests 111,149 - 111,149 - Totals $ 166,471 $ 11,422 $ 155,049 $ - (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. Asset impairments (if applicable, see Note 5 for impairments of real property and Note 6 for impairments of loans receivable) are also measured at fair value on a nonrecurring basis. We have determined that the fair value measurements included in each of t hese 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 measureme nts generally resides within Level 3 of the fair value hierarchy. We estimate the fair value of real estate and related intangibles using the income approach and unobservable data such as net operating income and estimated capitalization and discount rates . We also consider local and national industry market data including comparable sales, and commonly engage an external real estate appraiser to assist us in our estimation of fair value. We estimate the fair value of assets held for sale based on current sales price expectations or, in the absence of such price expectations, Level 3 inputs described above. We estimate the fair value of secured debt assumed in business combinations using current interest rates at which similar borrowings could be obtained on the transaction date .

Segment Reporting

Segment Reporting	6 Months Ended
Segment Reporting	Jun. 30, 2017
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 three operating segments: triple-net, seniors housing operating and outpatient medical . During the three months ended December 31, 2016, we reclassified interest expense on our foreign-denominated senior notes from the seniors housing operating segment to non-segment . Accordingly, the segmen t information provided in this N ote has been reclassified to c onform to the current presentation for all periods presented. Our triple-net properties include long-term/post-acute care facilities, 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 und er 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 Note 18). Our outpatient medical properties are typically leased to multiple tenants and generally require a certai n level of property management. We evaluate performan ce based upon consolidated net operating income (“ NOI ”) of each segment . We define NOI as tot al revenues, including tenant reimbursements, less pr operty operating expenses . We believe NOI provides investors relevant and useful information as it measures the operating performance of our properties at the property level on an unleveraged basis. We u se NOI to make decisions about resource allocations and to assess the property level performance of our properties. Non-segment revenue consists mainly of interest income on certain 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 se gments are the same as those described in the summary of significant accounting policies (see Note 2 to the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2016 ). The results of operations for all acquisit ions described in Note 3 are included in our consolidated results of operations from the acquisition dates and are components of the appropriate segments. There are no intersegment sales or transfers. Summary information for the reportable segments (which excludes unconsolidated entities) is as follows (in thousands): Three Months Ended June 30, 2017: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 217,889 $ - $ 137,710 $ - $ 355,599 Resident fees and services - 677,040 - - 677,040 Interest income 20,901 - - - 20,901 Other income 2,557 1,049 1,217 239 5,062 Total revenues 241,347 678,089 138,927 239 1,058,602 Property operating expenses - 459,111 42,744 - 501,855 Consolidated net operating income 241,347 218,978 96,183 239 556,747 Interest expense 2,515 15,403 2,122 96,191 116,231 Loss (gain) on derivatives, net 736 - - - 736 Depreciation and amortization 60,171 117,198 47,478 - 224,847 General and administrative - - - 32,632 32,632 Transaction costs Loss (gain) on extinguishment of debt, net - 2,524 2,991 - 5,515 Impairment of assets 4,846 8,785 - - 13,631 Other expenses 2,181 1,165 1,310 1,683 6,339 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 170,898 73,903 42,282 (130,267) 156,816 Income tax (expense) benefit (1,471) 10,247 (351) 23 8,448 Income (loss) from unconsolidated entities 3,867 (8,449) 604 - (3,978) Income (loss) from continuing operations 173,294 75,701 42,535 (130,244) 161,286 Gain (loss) on real estate dispositions, net 42,155 - - - 42,155 Net income (loss) $ 215,449 $ 75,701 $ 42,535 $ (130,244) $ 203,441 Total assets $ 9,990,063 $ 12,753,128 $ 5,008,067 $ 224,528 $ 27,975,786 Three Months Ended June 30, 2016: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 287,134 $ - $ 135,494 $ - $ 422,628 Resident fees and services - 615,220 - - 615,220 Interest income 21,971 1,042 994 - 24,007 Other income 1,206 8,989 4,153 454 14,802 Total revenues 310,311 625,251 140,641 454 1,076,657 Property operating expenses - 417,996 40,836 - 458,832 Consolidated net operating income 310,311 207,255 99,805 454 617,825 Interest expense 5,754 20,274 5,402 100,896 132,326 Depreciation and amortization 75,809 102,312 48,448 - 226,569 General and administrative - - - 39,914 39,914 Transaction costs 1,291 3,247 619 - 5,157 Loss (gain) on extinguishment of debt, net 121 (88) - - 33 Other expenses - - - 3,161 3,161 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 227,336 81,510 45,336 (143,517) 210,665 Income tax (expense) benefit (213) 2,023 (248) (1,049) 513 Income (loss) from unconsolidated entities 3,018 (4,887) (90) - (1,959) Income (loss) from continuing operations 230,141 78,646 44,998 (144,566) 209,219 Gain (loss) on real estate dispositions, net 1,530 - - - 1,530 Net income (loss) $ 231,671 $ 78,646 $ 44,998 $ (144,566) $ 210,749 Six Months Ended June 30, 2017: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 445,180 $ - $ 277,561 $ - $ 722,741 Resident fees and services - 1,347,377 - - 1,347,377 Interest income 41,580 69 - - 41,649 Other income 4,321 2,510 1,830 472 9,133 Total revenues 491,081 1,349,956 279,391 472 2,120,900 Property operating expenses - 921,536 90,488 - 1,012,024 Consolidated net operating income 491,081 428,420 188,903 472 1,108,876 Interest expense 8,025 31,219 4,413 191,170 234,827 Loss (gain) on derivatives, net 1,960 - - - 1,960 Depreciation and amortization 119,781 236,935 96,408 - 453,124 General and administrative - - - 63,733 63,733 Loss (gain) on extinguishment of debt, net 29,083 3,414 4,373 - 36,870 Impairment of assets 4,846 14,191 5,625 - 24,662 Other expenses 7,190 2,943 1,671 6,210 18,014 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 320,196 139,718 76,413 (260,641) 275,686 Income tax (expense) benefit (2,271) 9,160 (686) - 6,203 Income (loss) from unconsolidated entities 9,505 (37,640) 1,051 - (27,084) Income (loss) from continuing operations 327,430 111,238 76,778 (260,641) 254,805 Gain (loss) on real estate dispositions, net 273,236 13,011 - - 286,247 Net income (loss) $ 600,666 $ 124,249 $ 76,778 $ (260,641) $ 541,052 Six Months Ended June 30, 2016: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 570,958 $ - $ 267,332 $ - $ 838,290 Resident fees and services - 1,217,369 - - 1,217,369 Interest income 44,824 2,073 2,298 - 49,195 Other income 2,695 11,178 4,466 512 18,851 Total revenues 618,477 1,230,620 274,096 512 2,123,705 Property operating expenses - 826,890 81,578 - 908,468 Consolidated net operating income 618,477 403,730 192,518 512 1,215,237 Interest expense 12,117 40,797 11,146 201,225 265,285 Depreciation and amortization 155,609 204,144 95,512 - 455,265 General and administrative - - - 85,606 85,606 Transaction costs 4,143 7,180 2,042 - 13,365 Loss (gain) on extinguishment of debt, net 97 (88) - - 9 Impairment of assets 14,314 - - - 14,314 Other expenses - - - 3,161 3,161 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 432,197 151,697 83,818 (289,480) 378,232 Income tax expense (528) 4,789 (476) (1,546) 2,239 (Loss) income from unconsolidated entities 6,100 (11,822) (56) - (5,778) Income (loss) from continuing operations 437,769 144,664 83,286 (291,026) 374,693 Gain (loss) on real estate dispositions, net 1,530 - - - 1,530 Net income (loss) $ 439,299 $ 144,664 $ 83,286 $ (291,026) $ 376,223 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 the periods presented (dollars in thousands): Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Revenues: Amount % Amount % Amount % Amount % United States $ 851,943 80.5% $ 862,115 80.1% $ 1,710,611 80.7% $ 1,704,470 80.3% United Kingdom 99,747 9.4% 102,593 9.5% 193,590 9.1% 203,148 9.5% Canada 106,912 10.1% 111,949 10.4% 216,699 10.2% 216,087 10.2% Total $ 1,058,602 100.0% $ 1,076,657 100.0% $ 2,120,900 100.0% $ 2,123,705 100.0% As of June 30, 2017 December 31, 2016 Assets: Amount % Amount % United States $ 22,323,973 79.8% $ 23,572,459 81.7% United Kingdom 3,064,196 11.0% 2,782,489 9.6% Canada 2,587,617 9.2% 2,510,236 8.7% Total $ 27,975,786 100.0% $ 28,865,184 100.0%

Income Taxes and Distributions

Income Taxes and Distributions	6 Months Ended
Income Taxes and Distributions	Jun. 30, 2017
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 Diversification 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 taxes 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 jurisdictio ns outside the U.S. The provision for income taxes for the three and six months ended June 30, 2017 and 2016 , was primarily due to operating income or losses, offset by certain discrete items at our TRS entities. In 2014 , we established certain who lly-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 property 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 f or 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 consolidated financial statements. Generally, given current statute s of limitations, we are subject to audit by the Internal Revenue Service (“IRS”) for the year ended December 31, 2013 and subsequent years and by state taxing authorities for the year ended December 31, 2012 and subsequent years. The company and its subs idiaries 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 U nited Kingdom in August 2012 and by Luxembourg taxing authorities generally for periods subsequent to our establishment of certain Luxembourg-based subsidiaries during 2014.

Variable Interest Entity Disclo

Variable Interest Entity Disclosure	6 Months Ended
Variable Interest Entity Disclosure	Jun. 30, 2017
Variable Interest Entity Disclosure [Abstract]
Variable Interest Entity Disclosure [Text Block]	19 . Variable Interest Entities We have entered into joint ventures to own certain seniors housing and outpatient medical assets which are deemed to be variable interest entities (“VIE”). We have concluded that we are the primary beneficiary of these VIE’s based on a combination of operational control of the joint venture and the rights to receive residual returns or the obligation to absorb losses arising from the joint ventures. Except for capital contributions associated with the initial joint venture formations , the joint ventures have been a nd are expected to be funded from the ongoing operations of the underlying properties. Accordingly, such joint ventures have been consolidated, and the table below summarizes the balance sheets of consolidated VIE’s in the aggregate (in thousands): June 30, 2017 December 31, 2016 Assets Net real property owned $ 1,019,154 $ 989,596 Cash and cash equivalents 10,180 10,501 Receivables and other assets 16,284 12,102 Total assets (1) $ 1,045,618 $ 1,012,199 Liabilities and equity Secured debt $ 473,781 $ 450,255 Accrued expenses and other liabilities 15,396 13,803 Redeemable noncontrolling interests 180,690 185,556 Total equity 375,751 362,585 Total liabilities and equity $ 1,045,618 $ 1,012,199 (1) Note that assets of the consolidated variable interest entities can only be used to settle obligations relating to such variable interest entities. Liabilities of the consolidated variable interest entities represent claims against the specific assets of the variable interest entities.

Accounting Policies and Relat26

Accounting Policies and Related Matters (Policies)	6 Months Ended
Accounting Policies and Related Matters (Policies)	Jun. 30, 2017
Accounting Policies and Related Matters (Policies) [Abstract]
Basis of Presentation	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, 2017 are not necessarily an indication of the results that may be expected for the year ending December 31, 2017 . 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, 2016 .
New Accounting Standards	New Accounting Standards In May 2014, the Financial Accounting Standards Board (the “ FASB ”) issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)”. The standard is a comprehensive new revenue recognition model that requires revenue to be recognized in a manner to depict the transfer of goods or services to a customer at an a mount 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, beginning after December 15, 2017, and early adoption is permitted be ginning after December 15, 2016. A reporting entity may apply the new standard using either a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the fiscal year of adoption or a full retrospective approach . We are currently evaluating the impact that the adoption of the standard will have on our consolidated financial statements and have not yet determined the method by which we will adopt the new standard. A significant source of our revenue is g enerated through leasing arrangements, which are specifically excluded from the new standard. We expect that the new standard will affect our accounting policies related to non-lease revenue, including certain fees in our RIDEA joint ventures, common area maintenance in our outpatient medical properties and real estate sales. Under ASU 2014-09, revenue recognition for real estate sales is mainly based on the transfer of control versus current guidance of continuing involvement. We expect that the new gui dance will result in more transactions qualifying as sales of real estate and being recognized at an earlier date than under the current guidance. In January 2016, the FASB issued ASU No. 2016-01, “Financial Instruments – Overall: Recognition and Meas urement of Financial Assets and Financial Liabilities,” which will require entities to measure their investments at fair value and recognize any changes in fair value in net income unless the investments qualify for the new practicability exception. The p racticability exception will be available for equity investments that do not have readily determinable fair values. ASU 2016-01 is effective for fiscal years and interim periods within those years, beginning after December 15, 2017. We are currently evalu ating the impact that the standard will have on our consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842),” which requires lessees to recognize assets and liabilities on their balance sheet related t o the rights and obligations created by most leases, while continuing to recognize expenses on their income statements over the lease term. It will also require disclosures designed to give financial statement users information regarding amount, timing, a nd uncertainty of cash flows arising from leases. ASU 2016-02 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2018, and early adoption is permitted. Entities are required to use a modified retrospective approach for leases that exist or are entered into after the beginning of the earliest comparative period in the financial statements. We are currently evaluating the impact of this standard on our consolidated financial statements. We believe that the adoption of this standard will likely have a material impact to our consolidated balance sheet for the recognition of certain operating leases as right-of-use assets and lease liabilities. We are in the process of analyzing our lease portfolio and evaluat ing systems to comply with the standard’s retrospective adoption requirements . In March 2016, the FASB issued ASU No. 2016-09, “Improvements to Employee Share-Based Payment Accounting”. ASU 2016-09 is effective for fiscal years, and interim periods w ithin those years, beginning after December 15, 2016, and early adoption is permitted. We adopted ASU 2016-09 on January 1, 2017. The standard allows companies to make a policy election as to whether they will include an estimate of awards expected to be forfeited or whether they will account for forfeitures as they occur. We have elected to account for forfeitures as they occur. This election had an immaterial impact on our consolidated financial statements. The standard also requires an employer to cl assify as a financing activity in the statement of cash flow the cash paid to a tax authority when shares are withheld to satisfy the employer’s statutory income tax withholding obligation. This standard is required to be applied on a retrospective basis and resulted in an increase in net cash provided by operating activities and a decrease in net cash used in financing activities of $6,916 ,000 for the six months ended June 30 , 2016. Upon adoption, no other provisions of ASU 2016-09 had an effect on ou r unaudited consolidated financial statements or related footnote disclosures. In June 2016, the FASB issued ASU No. 2016-13, “Measurement of Credit Losses on Financial Instruments”. This standard requires a new forward-looking “expected loss” model to be used for receivables, held-to-maturity debt, loans, and other instruments. ASU 2016-13 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2019, and early a doption is permitted for fiscal years beginning af ter December 15, 2018. We are currently evaluating the impact that the standard will have on our consolidated financial statements . In January 2017, the FASB issued ASU No. 2017-01, “Clarifying the De finition of a Business”. This standard changes the definition of a business to assist entities with evaluating when a set of transferred assets and activities is a business. ASU 2017-01 is effective for fiscal years, and interim periods within those year s, beginning after December 15, 2017, and early adoption is permitted. A reporting entity must apply ASU 2017-01 using a prospective approach. We adopted ASU 2017-01 on January 1, 2017 and as a result, have classified our real estate acquisitions complet ed during the six months ended June 30, 2017 as asset acquisitions rather than business combinations due to the fact that substantially all of the fair value of the gross assets acquired were concentrated in a single asset or group of similar identifiable ass ets . We have recorded identifiable assets acquired, liabilities assumed and any noncontrolling interests associated with any asset acquisitions at cost on a relative fair value basis and have capitalized transaction costs incurred.

Real Property Acquisitions an27

Real Property Acquisitions and Development (Tables)	6 Months Ended
Real Property Acquisitions and Development (Tables)	Jun. 30, 2017
Real property acquisitions and development [Line Items]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities	Triple-n et Activity Six Months Ended (In thousands) June 30, 2017 June 30, 2016 Land and land improvements $ 30,440 $ 18,901 Buildings and improvements 188,569 160,209 Acquired lease intangibles - 2,876 Total assets acquired 219,009 181,986 Accrued expenses and other liabilities (20,855) (1,459) Total liabilities assumed (20,855) (1,459) Noncontrolling interests (7,284) - Non-cash acquisition related activity (1) (54,989) (37,703) Cash disbursed for acquisitions 135,881 142,824 Construction in progress additions 76,245 85,687 Less: Capitalized interest (3,215) (3,771) Foreign currency translation (3,044) (2,712) Cash disbursed for construction in progress 69,986 79,204 Capital improvements to existing properties 15,269 14,877 Total cash invested in real property, net of cash acquired $ 221,136 $ 236,905 (1) For the six months ended June 30, 2017, $54,989,000 is related to the acquisition of assets previously financed as real estate loans receivable. For the six months ended June 30, 2016, $31,014,000 is related to the acquisition of assets previously financed as real estate loans receivable and $6,630,000 is related to the acquisition of assets previously financed as an investment in an unconsolidated entity. Seniors Housing Operating Activity Six Months Ended (In thousands) June 30, 2017 June 30, 2016 Land and land improvements $ 10,590 $ 5,617 Building and improvements 69,056 128,200 Acquired lease intangibles 3,596 6,334 Receivables and other assets 296 894 Total assets acquired (1) 83,538 141,045 Accrued expenses and other liabilities (8,606) (4,853) Total liabilities assumed (8,606) (4,853) Noncontrolling interests (647) (549) Non-cash acquisition related activity (2) (31,546) (7,659) Cash disbursed for acquisitions 42,739 127,984 Construction in progress additions 42,787 134,019 Less: Capitalized interest (3,804) (2,011) Foreign currency translation 3,060 (5,344) Cash disbursed for construction in progress 42,043 126,664 Capital improvements to existing properties 60,129 47,553 Total cash invested in real property, net of cash acquired $ 144,911 $ 302,201 (1) Excludes $400,000 and $134,000 of cash acquired during the six months ended June 30, 2017 and 2016, respectively. (2) Includes $6,349,000 related to the acquisition of assets previously financed as real estate loans receivable during the six months ended June 30, 2017. Includes $25,197,000 and $7,659,000 for the six months ended June 30, 2017 and 2016 related to the acquisition of assets previously financed as an investments in an unconsolidated entity. Outpatient Medical Activity Six Months Ended (In thousands) June 30, 2017 June 30, 2016 Land and land improvements $ 25,060 $ - Buildings and improvements 62,038 32,650 Acquired lease intangibles 8,397 - Receivables and other assets 118 - Total assets acquired 95,613 32,650 Secured debt (25,824) - Accrued expenses and other liabilities (2,210) (990) Total liabilities assumed (28,034) (990) Noncontrolling interests (9,080) - Non-cash acquisition activity (1) - (15,013) Cash disbursed for acquisitions 58,499 16,647 Construction in progress additions 31,830 50,896 Less: Capitalized interest (1,343) (1,561) Accruals (2) 6,530 (5,336) Cash disbursed for construction in progress 37,017 43,999 Capital improvements to existing properties 17,409 25,099 Total cash invested in real property $ 112,925 $ 85,745 (1) Represents the acquisition of assets previously financed as real estate loans receivable. Please refer to Note 6 for additional information. (2) Represents the change in non-cash consideration accruals for amounts to be paid in periods other than the period in which the construction projects converted to operations. Construction Activity Six Months Ended June 30, 2017 June 30, 2016 Development projects: Triple-net $ 266,650 $ - Seniors housing operating 3,634 - Outpatient medical 63,036 35,363 Total development projects 333,320 35,363 Expansion projects 2,798 2,879 Total construction in progress conversions $ 336,118 $ 38,242

Real Estate Intangibles (Tables

Real Estate Intangibles (Tables)	6 Months Ended
Real Estate Intangibles (Tables)	Jun. 30, 2017
Real Estate Intangibles (Tables) [Abstract]
Summary of real estate intangibles excluding those classified as held for sale	June 30, 2017 December 31, 2016 Assets: In place lease intangibles $ 1,278,755 $ 1,252,143 Above market tenant leases 64,408 61,700 Below market ground leases 62,224 61,628 Lease commissions 30,654 27,413 Gross historical cost 1,436,041 1,402,884 Accumulated amortization (1,053,353) (966,714) Net book value $ 382,688 $ 436,170 Weighted-average amortization period in years 15.1 13.7 Liabilities: Below market tenant leases $ 90,683 $ 89,468 Above market ground leases 8,540 8,107 Gross historical cost 99,223 97,575 Accumulated amortization (55,749) (52,134) Net book value $ 43,474 $ 45,441 Weighted-average amortization period in years 15.4 15.2
Schedule of Real Estate Intangible Amortization	Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Rental income related to above/below market tenant leases, net $ 267 $ 210 $ 571 $ 290 Property operating expenses related to above/below market ground leases, net (307) (311) (619) (622) Depreciation and amortization related to in place lease intangibles and lease commissions (35,439) (31,109) (74,741) (65,473)
Schedule of the future estimated aggregate amortization of intangible assets and liabilities	Assets Liabilities 2017 $ 71,356 $ 3,337 2018 83,762 6,190 2019 35,095 5,731 2020 24,793 5,234 2021 20,695 4,746 Thereafter 146,987 18,236 Total $ 382,688 $ 43,474

Dispositions, Assets Held for29

Dispositions, Assets Held for Sale and Discontinued Operations (Tables)	6 Months Ended
	Jun. 30, 2017
Dispositions, Assets Held for Sale and Discontinued Operations (Tables) [Abstract]
Summary of real property disposition activity	Six Months Ended June 30, 2017 June 30, 2016 Real estate dispositions: Triple-net $ 882,436 $ 128,768 Seniors housing operating 13,845 - Total dispositions 896,281 128,768 Gain (loss) on real estate dispositions, net 286,247 1,530 Net other assets/liabilities disposed 21,254 - Proceeds from real estate dispositions $ 1,203,782 $ 130,298
Summary of disposed properties.	Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Revenues: Rental income $ 4,094 $ 19,990 $ 21,494 $ 38,552 Expenses: Interest expense 284 2,506 1,714 5,032 Property operating expenses 2,020 1,338 5,098 2,700 Provision for depreciation 475 3,071 1,121 7,022 Total expenses 2,779 6,915 7,933 14,754 Income (loss) from real estate dispositions, net $ 1,315 $ 13,075 $ 13,561 $ 23,798

Real Estate Loans Receivable (T

Real Estate Loans Receivable (Tables)	6 Months Ended
Real Estate Loans Receivable (Tables)	Jun. 30, 2017
Real Estate Loans Receivable (Tables) [Abstract]
Summary of real estate loan activity	Six Months Ended June 30, 2017 June 30, 2016 Outpatient Outpatient Triple-net Medical Totals Triple-net Medical Totals Advances on real estate loans receivable: Investments in new loans $ 10,037 $ - $ 10,037 $ 8,223 $ - $ 8,223 Draws on existing loans 40,680 - 40,680 42,803 33 42,836 Net cash advances on real estate loans 50,717 - 50,717 51,026 33 51,059 Receipts on real estate loans receivable: Loan payoffs 97,039 60,500 157,539 182,613 27,303 209,916 Principal payments on loans 798 - 798 4,454 - 4,454 Sub-total 97,837 60,500 158,337 187,067 27,303 214,370 Less: Non-cash activity (1)(2) (61,337) (60,500) (121,837) (31,014) (15,013) (46,027) Net cash receipts on real estate loans 36,500 - 36,500 156,053 12,290 168,343 Net cash advances (receipts) on real estate loans 14,217 - 14,217 (105,027) (12,257) (117,284) Change in balance due to foreign currency translation 5,471 - 5,471 (8,504) - (8,504) Net change in real estate loans receivable $ (41,649) $ (60,500) $ (102,149) $ (144,545) $ (27,270) $ (171,815) (1) Triple-net and prior year outpatient medical represents acquisitions of assets previously financed as real estate loans. Please see Note 3 for additional information. (2) Current year outpatient medical represents a deed in lieu of foreclosure on a previously financed first mortgage property. Six Months Ended June 30, 2017 June 30, 2016 Balance of impaired loans at end of period $ 289,473 $ - Allowance for loan losses 5,811 - Balance of impaired loans not reserved $ 283,662 $ - Average impaired loans for the period $ 327,324 $ - Interest recognized on impaired loans 16,464 -

Investments in Unconsolidated31

Investments in Unconsolidated Entities (Tables)	6 Months Ended
Investments in Unconsolidated Entities (Tables)	Jun. 30, 2017
Investments In Unconsolidated Entities [Abstract]
Summary Of Investments In Unconsolidated Entities [Text Block]	Percentage Ownership (1) June 30, 2017 December 31, 2016 Triple-net 10% to 49% $ 23,978 $ 27,005 Seniors housing operating 10% to 50% 358,889 407,172 Outpatient medical 43% 42,622 22,961 Total $ 425,489 $ 457,138 (1) Excludes ownership of in-substance real estate.

Credit Concentration (Tables)

Credit Concentration (Tables)	6 Months Ended
Credit Concentration (Tables)	Jun. 30, 2017
Customer Concentration (Tables) [Abstract]
Summary of credit concentration	Number of Total Percent of Concentration by relationship: (1) Properties NOI NOI (2) Genesis Healthcare 86 $ 98,225 9% Sunrise Senior Living (3) 153 155,331 14% Brookdale Senior Living 137 75,862 7% Revera (3) 98 75,937 7% Benchmark Senior Living 48 48,095 4% Remaining portfolio 752 655,426 59% Totals 1,274 $ 1,108,876 100% (1) Genesis Healthcare is in our triple-net segment. Sunrise Senior Living and Revera are in our seniors housing operating segment. Benchmark Senior Living and Brookdale Senior Living are in both our triple-net and seniors housing operating segments. (2) NOI with our top five relationships comprised 45% of total NOI for the year ending December 31, 2016. (3) Revera owns a controlling interest in Sunrise Senior Living.

Borrowings Under Credit Facil33

Borrowings Under Credit Facilities and Related Items (Tables)	6 Months Ended
	Jun. 30, 2017
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, 2017 2016 2017 2016 Balance outstanding at quarter end (1) $ 385,000 $ 745,000 $ 385,000 $ 745,000 Maximum amount outstanding at any month end $ 640,000 $ 745,000 $ 1,010,000 $ 945,000 Average amount outstanding (total of daily principal balances divided by days in period) $ 561,626 $ 623,077 $ 678,343 $ 647,060 Weighted average interest rate (actual interest expense divided by average borrowings outstanding) 1.94% 1.26% 1.87% 1.28% (1) As of June 30, 2017, letters of credit in the aggregate amount of $32,456,000 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Senior Unsecured Notes and Se34

Senior Unsecured Notes and Secured Debt (Tables)	6 Months Ended
Senior Unsecured Notes and Secured Debt (Tables)	Jun. 30, 2017
Senior Unsecured Notes And Secured Debt (Tables) [Abstract]
Principal payments due on debt obligations	Senior Secured Unsecured Notes (1,2) Debt (1,3) Totals 2017 $ - $ 173,105 $ 173,105 2018 450,000 405,834 855,834 2019 605,000 480,977 1,085,977 2020 (4) 681,089 156,585 837,674 2021 (5,6) 1,142,574 214,352 1,356,926 Thereafter (7,8,9,10) 5,464,476 1,243,836 6,708,312 Totals $ 8,343,139 $ 2,674,689 $ 11,017,828 (1) Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the balance sheet. (2) Annual interest rates range from 1.8% to 6.5%. (3) Annual interest rates range from 1.42% to 7.98%. Carrying value of the properties securing the debt totaled $5,624,262,000 at June 30, 2017. (4) In November 2015, one of our wholly-owned subsidiaries issued and we guaranteed $300,000,000 of Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $231,089,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2017). (5) On May 13, 2016, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $192,574,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2017). The loan matures on May 13, 2021 and bears interest at the Canadian Dealer Offered Rate plus 95 basis points (1.79% at June 30, 2017). (6) On May 13, 2016, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on May 13, 2021 and bears interest at LIBOR plus 95 basis points (2.08% at June 30, 2017). (7) On November 20, 2013, we completed the sale of £ 550,000,000 (approximately $714,725,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2017) of 4.8% senior unsecured notes due 2028. (8) On November 25, 2014, we completed the sale of £ 500,000,000 (approximately $649,750,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2017) of 4.5% senior unsecured notes due 2034. (9) In May 2015, we issued $750,000,000 of 4.0% senior unsecured notes due 2025. In October 2015, we issued an additional $500,000,000 of these notes under a re-opening of the offer. (10) In March 2016, we issued $700,000,000 of 4.25% senior unsecured notes due 2026.
Summary of senior unsecured note activity	Six Months Ended June 30, 2017 June 30, 2016 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 8,260,038 4.245% $ 8,645,758 4.237% Debt issued - 0.000% 705,000 4.228% Debt extinguished - 0.000% (400,000) 3.625% Foreign currency 83,101 4.320% (133,234) 4.417% Ending balance $ 8,343,139 4.276% $ 8,817,524 4.263%
Secured debt principal activity	Six Months Ended June 30, 2017 June 30, 2016 Weighted Avg. Weighted Avg. Amount Interest Rate Amount Interest Rate Beginning balance $ 3,465,066 4.094% $ 3,478,207 4.440% Debt issued 161,799 2.331% 161,992 3.051% Debt assumed 23,094 6.670% - 0.000% Debt extinguished (987,923) 5.370% (243,314) 4.874% Principal payments (32,206) 4.378% (37,737) 4.579% Foreign currency 44,859 3.116% 62,118 3.652% Ending balance $ 2,674,689 3.669% $ 3,421,266 4.328%

Derivative Instruments (Tables)

Derivative Instruments (Tables)	6 Months Ended
Derivative Instruments (Tables)	Jun. 30, 2017
Derivative Instruments (Tables) [Abstract]
Impact of derivative instruments on the statement of operations and OCI	June 30, 2017 December 31, 2016 Derivatives designated as net investment hedges: Denominated in Canadian Dollars $ 875,000 $ 900,000 Denominated in Pounds Sterling £ 550,000 £ 550,000 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 Denominated in Canadian Dollars $ 54,000 $ 54,000 Denominated in Pounds Sterling £ 54,000 £ 48,000 Derivative instruments not designated: Denominated in Canadian Dollars $ 37,000 $ 37,000 Three Months Ended Six Months Ended June 30, June 30, Location 2017 2016 2017 2016 Gain (loss) on interest rate swaps reclassified from AOCI into income (effective portion) Interest expense $ - $ (477) $ - $ (960) Gain (loss) on forward exchange contracts recognized in income Interest expense 1,732 2,697 4,189 1,369 Gain (loss) on foreign exchange contracts and term loans designated as net investment hedge recognized in OCI OCI (97,539) 178,575 (141,880) 175,836

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
Stockholders' Equity (Tables)	Jun. 30, 2017
Stockholders' Equity (Tables) [Abstract]
Summary of stockholder's equity capital accounts	June 30, 2017 December 31, 2016 Preferred Stock: Authorized shares 50,000,000 50,000,000 Issued shares 14,375,000 25,875,000 Outstanding shares 14,375,000 25,875,000 Common Stock, $1.00 par value: Authorized shares 700,000,000 700,000,000 Issued shares 369,966,425 363,576,924 Outstanding shares 368,878,042 362,602,173
Summary of preferred stock activity	Six Months Ended June 30, 2017 June 30, 2016 Weighted Avg. Weighted Avg. Shares Dividend Rate Shares Dividend Rate Beginning balance 25,875,000 6.500% 25,875,000 6.500% Shares redeemed (11,500,000) 6.500% - 0.000% Ending balance 14,375,000 6.500% 25,875,000 6.500%
Summary of common stock issuances	Shares Issued Average Price Gross Proceeds Net Proceeds 2016 Dividend reinvestment plan issuances 1,971,758 $ 64.65 $ 127,470 $ 127,470 2016 Option exercises 37,409 48.73 1,823 1,823 2016 Equity shelf program issuances 443,096 67.12 30,192 29,739 2016 Stock incentive plans, net of forfeitures 460,047 - - 2016 Totals 2,912,310 $ 159,485 $ 159,032 2017 Dividend reinvestment plan issuances 2,836,216 $ 70.55 $ 200,097 $ 199,757 2017 Option exercises 202,190 50.88 10,288 10,288 2017 Equity shelf program issuances 2,986,574 72.30 215,917 214,406 2017 Redemption of equity membership units 91,180 - - 2017 Stock incentive plans, net of forfeitures 159,709 - - 2017 Totals 6,275,869 $ 426,302 $ 424,451
Summary of dividend payments	Six Months Ended June 30, 2017 June 30, 2016 Per Share Amount Per Share Amount Common Stock $ 1.7400 $ 634,296 $ 1.7200 $ 613,163 Series I Preferred Stock 1.6250 23,360 1.6250 23,359 Series J Preferred Stock 0.2347 2,699 0.8126 9,344 Totals $ 660,355 $ 645,866
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, 2016 $ (173,496) $ 5,120 $ (1,153) $ (2) $ (169,531) Other comprehensive income before reclassification adjustments 22,384 (16,477) - - 5,907 Net current-period other comprehensive income 22,384 (16,477) - - 5,907 Balance at June 30, 2017 $ (151,112) $ (11,357) $ (1,153) $ (2) $ (163,624) Balance at December 31, 2015 $ (85,484) $ - $ (1,343) $ (1,416) $ (88,243) Other comprehensive income before reclassification adjustments (61,207) (11,160) 2 10 (72,355) Reclassification amount to net income - - - 960 (1) 960 Net current-period other comprehensive income (61,207) (11,160) 2 970 (71,395) Balance at June 30, 2016 $ (146,691) $ (11,160) $ (1,341) $ (446) $ (159,638) (1) Please see Note 11 for additional information.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	6 Months Ended
Earnings Per Share (Tables)	Jun. 30, 2017
Earnings Per Share (Tables) [Abstract]
Computation of basic and diluted earnings per share	Three Months Ended Six Months Ended June 30, June 30, 2017 2016 2017 2016 Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders $ 188,429 $ 195,474 $ 501,068 $ 344,444 Denominator for basic earnings per share - weighted average shares 366,524 356,646 364,551 355,879 Effect of dilutive securities: Employee stock options 50 129 60 115 Non-vested restricted shares 479 465 438 359 Redeemable shares 1,096 1,651 1,374 1,136 Dilutive potential common shares 1,625 2,245 1,872 1,610 Denominator for diluted earnings per share - adjusted weighted average shares 368,149 358,891 366,423 357,489 Basic earnings per share $ 0.51 $ 0.55 $ 1.37 $ 0.97 Diluted earnings per share $ 0.51 $ 0.54 $ 1.37 $ 0.96

Disclosure about Fair Value o38

Disclosure about Fair Value of Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2017
Disclosure about Fair Value of Financial Instruments (Tables) [Abstract]
Carrying amounts and estimated fair values of financial instruments	June 30, 2017 December 31, 2016 Carrying Amount Fair Value Carrying Amount Fair Value Financial assets: Mortgage loans receivable $ 369,141 $ 405,671 $ 485,735 $ 521,773 Other real estate loans receivable 151,338 156,266 136,893 138,050 Available-for-sale equity investments 11,422 11,422 27,899 27,899 Cash and cash equivalents 442,284 442,284 419,378 419,378 Foreign currency forward contracts 54,326 54,326 135,561 135,561 Financial liabilities: Borrowings under unsecured credit facilities $ 385,000 $ 385,000 $ 645,000 $ 645,000 Senior unsecured notes 8,250,940 9,088,276 8,161,619 8,879,176 Secured debt 2,670,914 2,718,333 3,477,699 3,558,378 Foreign currency forward contracts 10,426 10,426 4,342 4,342 Redeemable OP unitholder interests $ 111,149 $ 111,149 $ 110,502 $ 110,502
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis	Fair Value Measurements as of June 30, 2017 Total Level 1 Level 2 Level 3 Available-for-sale equity investments (1) $ 11,422 $ 11,422 $ - $ - Foreign currency forward contracts, net (2) 43,900 - 43,900 - Redeemable OP unitholder interests 111,149 - 111,149 - Totals $ 166,471 $ 11,422 $ 155,049 $ - (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
Segment Reporting (Tables)	Jun. 30, 2017
Segment Reporting (Tables) [Abstract]
Summary of information for reportable segments	Three Months Ended June 30, 2017: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 217,889 $ - $ 137,710 $ - $ 355,599 Resident fees and services - 677,040 - - 677,040 Interest income 20,901 - - - 20,901 Other income 2,557 1,049 1,217 239 5,062 Total revenues 241,347 678,089 138,927 239 1,058,602 Property operating expenses - 459,111 42,744 - 501,855 Consolidated net operating income 241,347 218,978 96,183 239 556,747 Interest expense 2,515 15,403 2,122 96,191 116,231 Loss (gain) on derivatives, net 736 - - - 736 Depreciation and amortization 60,171 117,198 47,478 - 224,847 General and administrative - - - 32,632 32,632 Transaction costs Loss (gain) on extinguishment of debt, net - 2,524 2,991 - 5,515 Impairment of assets 4,846 8,785 - - 13,631 Other expenses 2,181 1,165 1,310 1,683 6,339 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 170,898 73,903 42,282 (130,267) 156,816 Income tax (expense) benefit (1,471) 10,247 (351) 23 8,448 Income (loss) from unconsolidated entities 3,867 (8,449) 604 - (3,978) Income (loss) from continuing operations 173,294 75,701 42,535 (130,244) 161,286 Gain (loss) on real estate dispositions, net 42,155 - - - 42,155 Net income (loss) $ 215,449 $ 75,701 $ 42,535 $ (130,244) $ 203,441 Total assets $ 9,990,063 $ 12,753,128 $ 5,008,067 $ 224,528 $ 27,975,786 Three Months Ended June 30, 2016: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 287,134 $ - $ 135,494 $ - $ 422,628 Resident fees and services - 615,220 - - 615,220 Interest income 21,971 1,042 994 - 24,007 Other income 1,206 8,989 4,153 454 14,802 Total revenues 310,311 625,251 140,641 454 1,076,657 Property operating expenses - 417,996 40,836 - 458,832 Consolidated net operating income 310,311 207,255 99,805 454 617,825 Interest expense 5,754 20,274 5,402 100,896 132,326 Depreciation and amortization 75,809 102,312 48,448 - 226,569 General and administrative - - - 39,914 39,914 Transaction costs 1,291 3,247 619 - 5,157 Loss (gain) on extinguishment of debt, net 121 (88) - - 33 Other expenses - - - 3,161 3,161 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 227,336 81,510 45,336 (143,517) 210,665 Income tax (expense) benefit (213) 2,023 (248) (1,049) 513 Income (loss) from unconsolidated entities 3,018 (4,887) (90) - (1,959) Income (loss) from continuing operations 230,141 78,646 44,998 (144,566) 209,219 Gain (loss) on real estate dispositions, net 1,530 - - - 1,530 Net income (loss) $ 231,671 $ 78,646 $ 44,998 $ (144,566) $ 210,749 Six Months Ended June 30, 2017: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 445,180 $ - $ 277,561 $ - $ 722,741 Resident fees and services - 1,347,377 - - 1,347,377 Interest income 41,580 69 - - 41,649 Other income 4,321 2,510 1,830 472 9,133 Total revenues 491,081 1,349,956 279,391 472 2,120,900 Property operating expenses - 921,536 90,488 - 1,012,024 Consolidated net operating income 491,081 428,420 188,903 472 1,108,876 Interest expense 8,025 31,219 4,413 191,170 234,827 Loss (gain) on derivatives, net 1,960 - - - 1,960 Depreciation and amortization 119,781 236,935 96,408 - 453,124 General and administrative - - - 63,733 63,733 Loss (gain) on extinguishment of debt, net 29,083 3,414 4,373 - 36,870 Impairment of assets 4,846 14,191 5,625 - 24,662 Other expenses 7,190 2,943 1,671 6,210 18,014 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 320,196 139,718 76,413 (260,641) 275,686 Income tax (expense) benefit (2,271) 9,160 (686) - 6,203 Income (loss) from unconsolidated entities 9,505 (37,640) 1,051 - (27,084) Income (loss) from continuing operations 327,430 111,238 76,778 (260,641) 254,805 Gain (loss) on real estate dispositions, net 273,236 13,011 - - 286,247 Net income (loss) $ 600,666 $ 124,249 $ 76,778 $ (260,641) $ 541,052 Six Months Ended June 30, 2016: Triple-net Seniors Housing Operating Outpatient Medical Non-segment / Corporate Total Rental income $ 570,958 $ - $ 267,332 $ - $ 838,290 Resident fees and services - 1,217,369 - - 1,217,369 Interest income 44,824 2,073 2,298 - 49,195 Other income 2,695 11,178 4,466 512 18,851 Total revenues 618,477 1,230,620 274,096 512 2,123,705 Property operating expenses - 826,890 81,578 - 908,468 Consolidated net operating income 618,477 403,730 192,518 512 1,215,237 Interest expense 12,117 40,797 11,146 201,225 265,285 Depreciation and amortization 155,609 204,144 95,512 - 455,265 General and administrative - - - 85,606 85,606 Transaction costs 4,143 7,180 2,042 - 13,365 Loss (gain) on extinguishment of debt, net 97 (88) - - 9 Impairment of assets 14,314 - - - 14,314 Other expenses - - - 3,161 3,161 Income (loss) from continuing operations before income taxes and income from unconsolidated entities 432,197 151,697 83,818 (289,480) 378,232 Income tax expense (528) 4,789 (476) (1,546) 2,239 (Loss) income from unconsolidated entities 6,100 (11,822) (56) - (5,778) Income (loss) from continuing operations 437,769 144,664 83,286 (291,026) 374,693 Gain (loss) on real estate dispositions, net 1,530 - - - 1,530 Net income (loss) $ 439,299 $ 144,664 $ 83,286 $ (291,026) $ 376,223 Three Months Ended Six Months Ended June 30, 2017 June 30, 2016 June 30, 2017 June 30, 2016 Revenues: Amount % Amount % Amount % Amount % United States $ 851,943 80.5% $ 862,115 80.1% $ 1,710,611 80.7% $ 1,704,470 80.3% United Kingdom 99,747 9.4% 102,593 9.5% 193,590 9.1% 203,148 9.5% Canada 106,912 10.1% 111,949 10.4% 216,699 10.2% 216,087 10.2% Total $ 1,058,602 100.0% $ 1,076,657 100.0% $ 2,120,900 100.0% $ 2,123,705 100.0% As of June 30, 2017 December 31, 2016 Assets: Amount % Amount % United States $ 22,323,973 79.8% $ 23,572,459 81.7% United Kingdom 3,064,196 11.0% 2,782,489 9.6% Canada 2,587,617 9.2% 2,510,236 8.7% Total $ 27,975,786 100.0% $ 28,865,184 100.0%

Variable Interest Entity Disc40

Variable Interest Entity Disclosure (Tables)	6 Months Ended
Variable Interest Entity Disclosure (Tables)	Jun. 30, 2017
Variable Interest Entity Disclosure [Abstract]
Schedule of Variable Interest Entities [Table Text Block]	June 30, 2017 December 31, 2016 Assets Net real property owned $ 1,019,154 $ 989,596 Cash and cash equivalents 10,180 10,501 Receivables and other assets 16,284 12,102 Total assets (1) $ 1,045,618 $ 1,012,199 Liabilities and equity Secured debt $ 473,781 $ 450,255 Accrued expenses and other liabilities 15,396 13,803 Redeemable noncontrolling interests 180,690 185,556 Total equity 375,751 362,585 Total liabilities and equity $ 1,045,618 $ 1,012,199 (1) Note that assets of the consolidated variable interest entities can only be used to settle obligations relating to such variable interest entities. Liabilities of the consolidated variable interest entities represent claims against the specific assets of the variable interest entities.

Accounting Policies and Relat41

Accounting Policies and Related Matters (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2016USD ($)
Accounting Policies and Related Matters [Abstract]
Payments Related to Tax Withholding for Share-based Compensation	$ 6,916

Real Property Acquisitions an42

Real Property Acquisitions and Development (Details 1) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Triple Net [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements		$ 30,440	$ 18,901
Buildings and improvements		188,569	160,209
Acquired lease intangibles		0	2,876
Total assets acquired		219,009	181,986
Accrued expenses and other liabilities		(20,855)	(1,459)
Total liabilities assumed		(20,855)	(1,459)
Noncontrolling interests		(7,284)	0
Non-cash acquisition related activity	[1]	(54,989)	(37,703)
Cash disbursed for acquisitions		135,881	142,824
Construction in progress additions		76,245	85,687
Less: Capitalized Interest		(3,215)	(3,771)
Less: Foreign currency translation		(3,044)	(2,712)
Cash disbursed for construction in progress		69,986	79,204
Capital improvements to existing properties		15,269	14,877
Total cash invested in real property		221,136	236,905
Non Cash Acquisition Financed As Real Estate Loan Receivable		54,989	31,014
Non cash acquisition financed as equity investments			6,630
Senior housing - operating [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements		10,590	5,617
Buildings and improvements		69,056	128,200
Acquired lease intangibles		3,596	6,334
Receivables and other assets		296	894
Total assets acquired	[2]	83,538	141,045
Accrued expenses and other liabilities		(8,606)	(4,853)
Total liabilities assumed		(8,606)	(4,853)
Noncontrolling interests		(647)	(549)
Non-cash acquisition related activity	[3]	(31,546)	(7,659)
Cash disbursed for acquisitions		42,739	127,984
Construction in progress additions		42,787	134,019
Less: Capitalized Interest		(3,804)	(2,011)
Less: Foreign currency translation		3,060	(5,344)
Cash disbursed for construction in progress		42,043	126,664
Capital improvements to existing properties		60,129	47,553
Total cash invested in real property		144,911	302,201
Cash Acquired from Acquisition		400	134
Non Cash Acquisition Financed As Real Estate Loan Receivable		6,349
Non cash acquisition financed as equity investments		25,197	7,659
Outpatient Medical [Member]
Estimated Fair Value of Allocated Purchase Price of Asset and Liabilities
Land and land improvements		25,060	0
Buildings and improvements		62,038	32,650
Acquired lease intangibles		8,397	0
Receivables and other assets		118	0
Total assets acquired		95,613	32,650
Secured debt		(25,824)	0
Accrued expenses and other liabilities		(2,210)	(990)
Total liabilities assumed		(28,034)	(990)
Noncontrolling interests		(9,080)	0
Non-cash acquisition related activity	[4]	0	(15,013)
Cash disbursed for acquisitions		58,499	16,647
Construction in progress additions		31,830	50,896
Less: Capitalized Interest		(1,343)	(1,561)
Less: Accruals	[5]	6,530	(5,336)
Cash disbursed for construction in progress		37,017	43,999
Capital improvements to existing properties		17,409	25,099
Total cash invested in real property		$ 112,925	$ 85,745

[1]	For the six months ended June 30, 2017, $54,989,000 is related to the acquisition of assets previously financed as real estate loans receivable. For the six months ended June 30, 2016, $31,014,000 is related to the acquisition of assets previously financed as real estate loans receivable and $6,630,000 is related to the acquisition of assets previously financed as an investment in an unconsolidated entity.
[2]	Excludes $400,000 and $134,000 of cash acquired during the six months ended June 30, 2017 and 2016, respectively.
[3]	Includes $6,349,000 related to the acquisition of assets previously financed as real estate loans receivable during the six months ended June 30, 2017. Includes $25,197,000 and $7,659,000 for the six months ended June 30, 2017 and 2016 related to the acquisition of assets previously financed as an investments in an unconsolidated entity.
[4]	Represents the acquisition of assets previously financed as real estate loans receivable. Please refer to Note 6 for additional information.
[5]	Represents the change in non-cash consideration accruals for amounts to be paid in periods other than the period in which the construction projects converted to operations.

Real Property Acquisitions an43

Real Property Acquisitions and Development (Details 2) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Development projects:
Total development projects	$ 333,320	$ 35,363
Expansion projects	2,798	2,879
Total construction in progress conversions	336,118	38,242
Triple Net [Member]
Development projects:
Total development projects	266,650	0
Seniors housing operating [Member]
Development projects:
Total development projects	3,634	0
Outpatient Medical [Member]
Development projects:
Total development projects	$ 63,036	$ 35,363

Real Estate Intangibles (Detail

Real Estate Intangibles (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
Real Estate Intangibles (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Intangible Assets:
Gross historical cost	$ 1,436,041	$ 1,402,884
Accumulated amortization	(1,053,353)	(966,714)
Net book value	$ 382,688	$ 436,170
Weighted-average amortization period in years	15 years 1 month	13 years 8 months
Intangible Liabilities:
Gross historical cost	$ 99,223	$ 97,575
Accumulated amortization	(55,749)	(52,134)
Net book value	$ 43,474	$ 45,441
Weighted-average amortization period in years	15 years 5 months	15 years 2 months
In place lease intangibles [Member]
Intangible Assets:
Gross historical cost	$ 1,278,755	$ 1,252,143
Above market tenant leases [Member]
Intangible Assets:
Gross historical cost	64,408	61,700
Below market ground leases [Member]
Intangible Assets:
Gross historical cost	62,224	61,628
Lease commissions [Member]
Intangible Assets:
Gross historical cost	30,654	27,413
Below market tenant leases [Member]
Intangible Liabilities:
Gross historical cost	90,683	89,468
Above market ground leases [Member]
Intangible Liabilities:
Gross historical cost	$ 8,540	$ 8,107

Real Estate Intangibles (Real E

Real Estate Intangibles (Real Estate Intangible Maturity Schedule) (Details) - USD ($) $ in Thousands	Jun. 30, 2017	Dec. 31, 2016
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items]
Totals	$ 382,688	$ 436,170
Intangible Liability [Member]
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items]
2,017	3,337
2,018	6,190
2,019	5,731
2,020	5,234
2,021	4,746
Thereafter	18,236
Totals	43,474
Intangible Asset [Member]
Estimated Aggregate Amortization Expense For Acquired Lease Intangibles Expected To Be Recognized [Line Items]
2,017	71,356
2,018	83,762
2,019	35,095
2,020	24,793
2,021	20,695
Thereafter	146,987
Totals	$ 382,688

Real Estate Intangibles (Deta46

Real Estate Intangibles (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Real Estate Intangible Amortization [Abstract]
Rental income related to above/below market tenant leases, net	$ 267	$ 210	$ 571	$ 290
Property operating expenses related to above/below market ground leases, net	(307)	(311)	(619)	(622)
Depreciation and amortization related to in place lease intangibles and lease commissions	$ (35,439)	$ (31,109)	$ (74,741)	$ (65,473)

Dispositions, Assets Held for47

Dispositions, Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Real property dispositions:
Total dispositions	$ 896,281	$ 128,768
Gain Loss On Sale Of Properties	286,247	1,530
Net other assets/liabilities disposed	21,254	0
Proceeds from sales of real property	1,203,782	130,298
Triple Net [Member]
Real property dispositions:
Total dispositions	882,436	128,768
Senior housing - operating [Member]
Real property dispositions:
Total dispositions	$ 13,845	$ 0

Dispositions, Assets Held for48

Dispositions, Assets Held for Sale and Discontinued Operations (Details 2) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Revenues:
Rental income, disposed	$ 4,094	$ 19,990	$ 21,494	$ 38,552
Expenses:
Interest expense, disposed	284	2,506	1,714	5,032
Property operating expenses, disposed	2,020	1,338	5,098	2,700
Depreciation expense, disposed	475	3,071	1,121	7,022
Expenses, disposed	2,779	6,915	7,933	14,754
Income (loss) from disposed properties	$ 1,315	$ 13,075	$ 13,561	$ 23,798

Real Estate Loans Receivable (D

Real Estate Loans Receivable (Details) - USD ($) $ in Thousands		6 Months Ended
		Jun. 30, 2017	Jun. 30, 2016
Advances on real estate loans receivable:
Investments in new loans		$ 10,037	$ 8,223
Draws on existing loans		40,680	42,836
Net cash advances on real estate loans		50,717	51,059
Receipts on real estate loans receivable:
Loan payoffs		157,539	209,916
Principal payments on loans		798	4,454
Sub-total		158,337	214,370
Less : Non-cash activity	[1],[2]	(121,837)	(46,027)
Total receipts on real estate loans		36,500	168,343
Net advances (receipts) on real estate loans		14,217	(117,284)
Change in balance due to foreign currency translation		5,471	(8,504)
Net change Real Estate Loans Receivable		(102,149)	(171,815)
Triple Net [Member]
Advances on real estate loans receivable:
Investments in new loans		10,037	8,223
Draws on existing loans		40,680	42,803
Net cash advances on real estate loans		50,717	51,026
Receipts on real estate loans receivable:
Loan payoffs		97,039	182,613
Principal payments on loans		798	4,454
Sub-total		97,837	187,067
Less : Non-cash activity	[1],[2]	(61,337)	(31,014)
Total receipts on real estate loans		36,500	156,053
Net advances (receipts) on real estate loans		14,217	(105,027)
Change in balance due to foreign currency translation		5,471	(8,504)
Net change Real Estate Loans Receivable		(41,649)	(144,545)
Outpatient Medical [Member]
Advances on real estate loans receivable:
Investments in new loans		0	0
Draws on existing loans		0	33
Net cash advances on real estate loans		0	33
Receipts on real estate loans receivable:
Loan payoffs		60,500	27,303
Principal payments on loans		0	0
Sub-total		60,500	27,303
Less : Non-cash activity	[1],[2]	(60,500)	(15,013)
Total receipts on real estate loans		0	12,290
Net advances (receipts) on real estate loans		0	(12,257)
Change in balance due to foreign currency translation		0	0
Net change Real Estate Loans Receivable		$ (60,500)	$ (27,270)

[1]	Current year outpatient medical represents a deed in lieu of foreclosure on a previously financed first mortgage property.
[2]	Triple-net and prior year outpatient medical represents acquisitions of assets previously financed as real estate loans. Please see Note 3 for additional information.

Real Estate Loans Receivable 50

Real Estate Loans Receivable (Details 1) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Summary of loan impairments
Balance of impaired loans at end of period	$ 289,473	$ 0
Allowance for loan losses	5,811	0
Balance of impaired loans not reserved	283,662	0
Average impaired loans for the period	327,324	0
Interest recognized on impaired loans	$ 16,464	$ 0

Real Estate Loans Receivable 51

Real Estate Loans Receivable (Textuals) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016
Financing Receivable, Modifications [Line Items]
Maturity Date	May 13, 2021
Allowance for loan losses	$ 5,811	$ 6,563	$ 0
Genesis Healthcare Loans [Member] \| Triple Net [Member]
Financing Receivable, Modifications [Line Items]
Long-term Debt, Gross	$ 317,000
Provision For Loan And Lease Losses Real Estate Excluding Write Off		$ 6,935
Gensis Healthcare Loan Maturing In 2017 [Member] \| Triple Net [Member]
Financing Receivable, Modifications [Line Items]
Maturity Date	Feb. 28, 2017
Gensis Healthcare Loan Maturing In 2018 [Member] \| Triple Net [Member]
Financing Receivable, Modifications [Line Items]
Maturity Date	Sep. 30, 2018
Genesis Healthcare Four Restructured Loans [Member] \| Triple Net [Member]
Financing Receivable, Modifications [Line Items]
Debt Instrument Restructured Loan Effective Date	Oct. 1, 2016
Debt Instrument, Term	5 years
Debt Instrument Interest Rate Stated Percentage	10.00%
Debt Instrument Basis Spread On Variable Rate1	0.25%

Investments in Unconsolidated52

Investments in Unconsolidated Entities (Summary of Investments in Unconsolidated Entities) (Details) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 425,489	$ 457,138
Triple Net [Member]
Schedule of Equity Method Investments [Line Items]
Investments in unconsolidated entities		$ 23,978	$ 27,005
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		$ 358,889	$ 407,172
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]
Equity Method Investment, Ownership Percentage	[1]	43.00%	43.00%
Investments in unconsolidated entities		$ 42,622	$ 22,961

[1]	Excludes ownership of in-substance real estate.

Investments in Unconsolidated53

Investments in Unconsolidated Entities (Details)	Jun. 30, 2017USD ($)
Schedule of Equity Method Investments [Line Items]
Unamortized Investment In Joint Venture Primarily Attributable To Real Estate And Related Intangible Assets	$ 84,451,000
Sunrise Senior Living Inc. [Member]
Schedule of Equity Method Investments [Line Items]
Unamortized Investment In Joint Venture Primarily Attributable To Real Estate And Related Intangible Assets	$ 84,451,000
Percentage of partnership owned	24.00%
New ownership including new acquisitions	34.00%

Credit Concentration (Details)

Credit Concentration (Details) $ in Thousands		3 Months Ended		6 Months Ended
Credit Concentration (Details) $ in Thousands		Jun. 30, 2017USD ($)properties	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)properties	Jun. 30, 2016USD ($)	Dec. 31, 2016
Concentration by investment:
Number of properties in diversified portfolio \| properties	[1]	1,274		1,274
Percent of NOI	[1],[2]			100.00%
Net Operating Income \| $		$ 556,747	$ 617,825	$ 1,108,876	$ 1,215,237
Credit Concentration (Textual) [Abstract]
Percentage total investments with top five customers						45.00%
Genesis HealthCare [Member]
Concentration by investment:
Number of properties in diversified portfolio \| properties	[1]	86		86
Genesis HealthCare [Member] \| Net Operating Income [Member]
Concentration by investment:
Percent of NOI	[1],[2]			9.00%
Net Operating Income \| $	[1]			$ 98,225
Sunrise Senior Living Inc. [Member]
Concentration by investment:
Number of properties in diversified portfolio \| properties	[1],[3]	153		153
Sunrise Senior Living Inc. [Member] \| Net Operating Income [Member]
Concentration by investment:
Percent of NOI	[1],[2],[3]			14.00%
Net Operating Income \| $	[1],[3]			$ 155,331
Brookdale [Member]
Concentration by investment:
Number of properties in diversified portfolio \| properties	[1]	137		137
Brookdale [Member] \| Net Operating Income [Member]
Concentration by investment:
Percent of NOI	[1],[2]			7.00%
Net Operating Income \| $	[1]			$ 75,862
Revera [Member]
Concentration by investment:
Number of properties in diversified portfolio \| properties	[1],[3]	98		98
Revera [Member] \| Net Operating Income [Member]
Concentration by investment:
Percent of NOI	[1],[2],[3]			7.00%
Net Operating Income \| $	[1],[3]			$ 75,937
Benchmark Senior Living [Member]
Concentration by investment:
Number of properties in diversified portfolio \| properties	[1]	48		48
Benchmark Senior Living [Member] \| Net Operating Income [Member]
Concentration by investment:
Percent of NOI	[1],[2]			4.00%
Net Operating Income \| $	[1]			$ 48,095
Remaining Portfolio [Member]
Concentration by investment:
Number of properties in diversified portfolio \| properties	[1]	752		752
Remaining Portfolio [Member] \| Net Operating Income [Member]
Concentration by investment:
Percent of NOI	[1],[2]			59.00%
Net Operating Income \| $	[1]			$ 655,426

[1]	Genesis Healthcare is in our triple-net segment. Sunrise Senior Living and Revera are in our seniors housing operating segment. Benchmark Senior Living and Brookdale Senior Living are in both our triple-net and seniors housing operating segments.
[2]	NOI with our top five relationships comprised 45% of total NOI for the year ending December 31, 2016.
[3]	Revera owns a controlling interest in Sunrise Senior Living.

Borrowings Under Credit Facil55

Borrowings Under Credit Facilities and Related Items (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2017		Jun. 30, 2016		Jun. 30, 2017		Jun. 30, 2016		Dec. 31, 2016
Aggregate borrowings under the unsecured line of credit arrangements
Balance outstanding at quarter end	$ 385,000	[1]	$ 745,000	[1]	$ 385,000	[1]	$ 745,000	[1]	$ 645,000
Maximum amount outstanding at any month end	640,000		745,000		1,010,000		945,000
Average amount outstanding (total of daily principal balances divided by days in period)	$ 561,626		$ 623,077		$ 678,343		$ 647,060
Weighted average interest rate (actual interest expense divided by average borrowings outstanding)	1.94%		1.26%		1.87%		1.28%

[1]	As of June 30, 2017, letters of credit in the aggregate amount of $32,456,000 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Borrowings Under Credit Facil56

Borrowings Under Credit Facilities and Related Items (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Number
Line Of Credit Facility [Line Items]
Unsecured line of credit arrangement	$ 3,000,000
Number of banks in consortium \| Number	29
Available to borrow in alternate currencies	$ 1,000,000
Annual facility fee for each bank based on commitment amount	0.15%
Maturity Date	May 13, 2021
HCN Term Loan	$ 500,000
HCN Canadian Denomiated Term Loan	250,000
Accordion Feature [Member]
Line Of Credit Facility [Line Items]
HCN Term Loan	1,000,000
HCN Canadian Denomiated Term Loan	$ 250,000
Revolving Credit Facility [Member]
Line Of Credit Facility [Line Items]
Agent bank's prime rate of interest	2.12%
Debt Instrument Basis Spread On Variable Rate1	0.90%
Maturity Date	May 13, 2020
Letter of credit that reduces the borrowing capacity	$ 32,456

Senior Unsecured Notes and Se57

Senior Unsecured Notes and Secured Debt (Details) £ in Thousands, CAD in Thousands, $ in Thousands		6 Months Ended
		Jun. 30, 2017CAD	Jun. 30, 2017GBP (£)	Jun. 30, 2017USD ($)	Dec. 31, 2016USD ($)	Oct. 01, 2015USD ($)
Principal payments due on debt obligations
2,017				$ 173,105
2,018				855,834
2,019				1,085,977
2,020	[1]			837,674
2,021	[2],[3]			1,356,926
Thereafter	[4],[5],[6],[7]			6,708,312
Totals				11,017,828
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes				8,250,940	$ 8,161,619
Secured debt				2,670,914	$ 3,477,699
Maturity Date		May 13, 2021
Senior Unsecured Notes [Member]
Principal payments due on debt obligations
2,017	[8],[9]			0
2,018	[8],[9]			450,000
2,019	[8],[9]			605,000
2,020	[1],[8],[9]			681,089
2,021	[2],[3],[8],[9]			1,142,574
Thereafter	[4],[5],[6],[7],[8],[9]			5,464,476
Totals	[8],[9]			$ 8,343,139
Senior Unsecured Notes [Member] \| Maximum [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest rate		6.50%	6.50%	6.50%
Senior Unsecured Notes [Member] \| Minimum [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest rate		1.80%	1.80%	1.80%
Secured Debt [Member]
Principal payments due on debt obligations
2,017	[8],[10]			$ 173,105
2,018	[8],[10]			405,834
2,019	[8],[10]			480,977
2,020	[1],[8],[10]			156,585
2,021	[2],[3],[8],[10]			214,352
Thereafter	[4],[5],[6],[7],[8],[10]			1,243,836
Totals	[8],[10]			2,674,689
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Carrying values of properties securing the debt				$ 5,624,262
Secured Debt [Member] \| Maximum [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest rate		7.98%	7.98%	7.98%
Secured Debt [Member] \| Minimum [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Interest rate		1.42%	1.42%	1.42%
3.35% senior unsecured note due 2020
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes issued amount		CAD 300,000		$ 231,089
Debt Instrument, Issuance Date		Nov. 1, 2015
Canadian Denominated Unsecured Term Loan [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes		CAD 250,000		192,574
Debt Instrument Basis Spread On Variable Rate1		1.79%
Debt Instrument, Issuance Date		May 13, 2016
Maturity Date		May 13, 2021
Canadian Denominated Unsecured Term Loan [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Debt Instrument Basis Spread On Variable Rate1		0.95%
Unsecured term credit facility [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes				$ 500,000
Debt Instrument Basis Spread On Variable Rate1		2.08%
Debt Instrument, Issuance Date		May 13, 2016
Maturity Date		May 13, 2021
Unsecured term credit facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Debt Instrument Basis Spread On Variable Rate1		0.95%
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	$ 714,725
Debt Instrument, Issuance Date		Nov. 20, 2013
Maturity Date		Nov. 20, 2028
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	$ 649,750
Debt Instrument, Issuance Date		Nov. 25, 2014
Maturity Date		Nov. 24, 2034
4.00% Senior Unsecured Notes Due 2025 [Member]
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes issued amount				750,000
Debt Instrument, Issuance Date		May 1, 2015
Senior Unsecured Notes Additional Issued Amount						$ 500,000
4.25% Senior Unsecured Notes Due 2026
Senior Unsecured Notes and Secured Debt (Textual) [Abstract]
Senior unsecured notes issued amount				$ 700,000
Debt Instrument, Issuance Date		Mar. 1, 2016
Maturity Date		Mar. 1, 2026

[1]	In November 2015, one of our wholly-owned subsidiaries issued and we guaranteed $300,000,000 of Canadian-denominated 3.35% senior unsecured notes due 2020 (approximately $231,089,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2017).
[2]	On May 13, 2016, we refinanced the funding on a $250,000,000 Canadian-denominated unsecured term credit facility (approximately $192,574,000 based on the Canadian/U.S. Dollar exchange rate on June 30, 2017). The loan matures on May 13, 2021 and bears interest at the Canadian Dealer Offered Rate plus 95 basis points (1.79% at June 30, 2017).
[3]	On May 13, 2016, we refinanced the funding on a $500,000,000 unsecured term credit facility. The loan matures on May 13, 2021 and bears interest at LIBOR plus 95 basis points (2.08% at June 30, 2017).
[4]	In March 2016, we issued $700,000,000 of 4.25% senior unsecured notes due 2026.
[5]	In May 2015, we issued $750,000,000 of 4.0% senior unsecured notes due 2025. In October 2015, we issued an additional $500,000,000 of these notes under a re-opening of the offer.
[6]	On November 20, 2013, we completed the sale of £550,000,000 (approximately $714,725,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2017) of 4.8% senior unsecured notes due 2028.
[7]	On November 25, 2014, we completed the sale of £500,000,000 (approximately $649,750,000 based on the Sterling/U.S. Dollar exchange rate in effect on June 30, 2017) of 4.5% senior unsecured notes due 2034.
[8]	Amounts represent principal amounts due and do not include unamortized premiums/discounts, debt issuance costs, or other fair value adjustments as reflected on the balance sheet.
[9]	Annual interest rates range from 1.8% to 6.5%.
[10]	Annual interest rates range from 1.42% to 7.98%. Carrying value of the properties securing the debt totaled $5,624,262,000 at June 30, 2017.

Senior Unsecured Notes and Se58

Senior Unsecured Notes and Secured Debt (Details 1) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Unsecured note issuances
Senior unsecured debt issued	$ 0	$ 693,560
Senior unsecured debt redeemed	0	400,000
Excluding Fair Value Adjustments [Member]
Unsecured note issuances
Senior unsecured debt balance	8,343,139	8,817,524	$ 8,260,038	$ 8,645,758
Senior unsecured debt issued	0	705,000
Senior unsecured debt extinguished	0	(400,000)
Senior unsecured debt foreign currency	$ 83,101	$ (133,234)
Senior unsecured debt balance average rate	0.04276	0.04263	0.04245	0.04237
Senior unsecured debt issued average rate	0	0.04228
Senior unsecured debt extinguished average rate	0	0.03625
Senior unsecured debt foreign currency average rate	0.0432	0.04417

Senior Unsecured Notes and Se59

Senior Unsecured Notes and Secured Debt (Details 2) $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)	Dec. 31, 2015USD ($)
Secured debt principal activity
Secured debt issued	$ 161,799	$ 161,992
Secured debt extinguished	1,020,129	281,051
Excluding Fair Value Adjustments [Member]
Secured debt principal activity
Secured debt principal balance	2,674,689	3,421,266	$ 3,465,066	$ 3,478,207
Secured debt issued	161,799	161,992
Secured debt assumed	23,094	0
Secured debt extinguished	(987,923)	(243,314)
Secured debt principal payments	(32,206)	(37,737)
Secured debt foreign currency	$ 44,859	$ 62,118
Secured debt principal balance average rate	0.03669	0.04328	0.04094	0.0444
Secured debt principal issued average rate	0.02331	0.03051
Secured debt principal assumed average rate	0.0667	0
Secured debt principal extinguished average rate	0.0537	0.04874
Secured debt principal payment average rate	0.04378	0.04579
Secured debt principal foreign currency average rate	0.03116	0.03652

Derivative Instrument (Notional

Derivative Instrument (Notional Table) (Details) - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2017	Dec. 31, 2016
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| USD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount	$ 0	$ 57,000
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| CAD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount	54,000	54,000
Designated as Hedging Instrument [Member] \| Cash Flow Hedging [Member] \| GBP
Derivatives Fair Value [Line Items]
Derivative, Notional Amount	54,000	48,000
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| CAD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount	875,000	900,000
Notional Amount Of Nonderivative Instruments	250,000	250,000
Designated as Hedging Instrument [Member] \| Net Investment Hedging [Member] \| GBP
Derivatives Fair Value [Line Items]
Derivative, Notional Amount	550,000	550,000
Notional Amount Of Nonderivative Instruments	1,050,000	1,050,000
Not Designated as Hedging Instrument [Member] \| CAD
Derivatives Fair Value [Line Items]
Derivative, Notional Amount	$ 37,000	$ 37,000

Derivative Instruments (Details

Derivative Instruments (Details 1) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Derivative Instruments (Details 1) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Interest Rate Swap [Member]
Derivative [Line Items]
Gain (loss) on interest rate swaps recalssified from AOCI into income (effective portion)	$ 0	$ (477)	$ 0	$ (960)
Gain (loss) on forward exchange contracts recognized in income.	1,732	2,697	4,189	1,369
Foreign Exchange Contract [Member]
Derivative [Line Items]
Gain (loss) recognized in OCI	$ (97,539)	$ 178,575	$ (141,880)	$ 175,836

Derivative Instruments (Textual

Derivative Instruments (Textual) (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016
Derivative Instruments [Abstract]
Cash Flow Hedge Gain Loss To Be Reclassified Within Twelve Months	$ 2,671
Derivative Cash Received On Hedge	$ 19,665	$ 56,842

Commitments and Contingencies (

Commitments and Contingencies (Details Textual) $ in Thousands	6 Months Ended
	Jun. 30, 2017USD ($)Number	Dec. 31, 2016USD ($)
Commitments and Contingencies (Textual) [Abstract]
Number of outstanding letters of credit \| Number	14
Letter of credit obligation	$ 170,131
Line Of Credit Facility [Line Items]
Outstanding construction financings for leased properties	321,655	$ 506,091
Additional financing to complete construction	354,853
Total contingent purchase obligations	$ 13,170
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	$ 1,078,526
Operating Leases, Future Minimum Payments Due, Future Minimum Sublease Rentals	72,906
Capital Leases, Future Minimum Payments Due	$ 91,471
Letter Of Credit Expiration Date Maximum	Dec. 31, 2024
Letter Of Credit Expiration Date Minimum	Jan. 1, 2017

Stockholder's Equity (Details)

Stockholder's Equity (Details) - shares	Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Preferred Stock:
Authorized shares	50,000,000	50,000,000
Issued shares	14,375,000	25,875,000
Outstanding shares	14,375,000	25,875,000	25,875,000	25,875,000
Common Stock, $1.00 par value:
Authorized shares	700,000,000	700,000,000
Issued shares	369,966,425	363,576,924
Outstanding shares	368,878,042	362,602,173

Stockholder's Equity (Details 1

Stockholder's Equity (Details 1)	6 Months Ended
Stockholder's Equity (Details 1)	Jun. 30, 2017USD ($)$ / sharesshares	Jun. 30, 2016USD ($)$ / sharesshares
Summary of common stock issuances
Equity shelf plan issuances, Shares Issued \| shares	2,986,574	443,096
Equity shelf plan issuances, average price \| $ / shares	72.3	67.12
Equity Shelf Plan Issuances Gross Proceeds	$ 215,917,000	$ 30,192,000
Equity Shelf Plan Issuances Net Proceeds	$ 214,406,000	$ 29,739,000
Redemption of OP units \| shares	91,180
Dividend reinvestment plan issuances, Shares Issued \| shares	2,836,216	1,971,758
Dividend reinvestment plan issuances, Average Price	70.55	64.65
Dividend reinvestment plan issuances, Net Proceeds	$ 199,757,000	$ 127,470,000
Dividend reinvestment plan issuances, Gross Proceeds	$ 200,097,000	$ 127,470,000
Option exercises, Shares \| shares	202,190	37,409
Option exercises, Average Price	50.88	48.73
Option exercises, Gross Proceeds	$ 10,288,000	$ 1,823,000
Option exercises, Net Proceeds	$ 10,288,000	$ 1,823,000
Stock incentive plans, net of forfeitures, Shares Issued \| shares	159,709	460,047
Issuance of Common Stock, Shares \| shares	6,275,869	2,912,310
Gross Proceeds From Issuance of Common Stock	$ 426,302,000	$ 159,485,000
Net proceeds from the issuance of common stock	$ 424,451,000	$ 159,032,000

Stockholder's Equity (Details 2

Stockholder's Equity (Details 2) - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016	Jun. 30, 2016	Dec. 31, 2015
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges		$ (2)	$ (2)	$ (446)	$ (1,416)
Unrecognized losses on equity investments		(11,357)	5,120	(11,160)	0
Unrecognized gains (losses) on foreign currency translation		(151,112)	(173,496)	(146,691)	(85,484)
Unrecognized actuarial losses		(1,153)	(1,153)	(1,341)	(1,343)
Totals		(163,624)	$ (169,531)	(159,638)	$ (88,243)
Other comprehensive income before reclassification adjustments
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges		0		10
Unrecognized losses on equity investments		(16,477)		(11,160)
Unrecognized gains (losses) on foreign currency translation		22,384		(61,207)
Unrecognized actuarial losses		0		2
Totals		5,907		(72,355)
Reclassification amount to net income
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges	[1]			960
Unrecognized losses on equity investments				0
Unrecognized gains (losses) on foreign currency translation				0
Unrecognized actuarial losses				0
Totals				960
Net current period other comprehensive income
Summary of accumulated other comprehensive income/(loss) [Line Items]
Unrecognized losses on cash flow hedges		0		970
Unrecognized losses on equity investments		(16,477)		(11,160)
Unrecognized gains (losses) on foreign currency translation		22,384		(61,207)
Unrecognized actuarial losses		0		2
Totals		$ 5,907		$ (71,395)

[1]	Please see Note 11 for additional information.

Stockholder's Equity (Details 3

Stockholder's Equity (Details 3) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended		12 Months Ended
Stockholder's Equity (Details 3) - USD ($) $ in Thousands	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016	Dec. 31, 2016	Dec. 31, 2015
Stockholders' Equity (Details) [Abstract]
Preferred Stock, Shares Outstanding	14,375,000	25,875,000	14,375,000	25,875,000	25,875,000	25,875,000
Preferred stock, shares redeemed			(11,500,000)	0
Preferred stock balance weighted average rate			6.50%	6.50%	6.50%	6.50%
Preferred stock balance redeemed weighted average rate			6.50%	0.00%
Preferred stock redemption charge	$ 0	$ 0	$ 9,769	$ 0

Stockholder's Equity (Details 5

Stockholder's Equity (Details 5) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Summary of dividend payments
Dividends declared and paid per common share	$ 0.87	$ 0.86	$ 1.74	$ 1.72
Common stock cash dividends			$ 634,296	$ 613,163
Total dividends paid			$ 660,355	$ 645,866
Series I Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per preferred share			$ 1.625	$ 1.625
Preferred stock cash dividends			$ 23,360	$ 23,359
Series J Preferred Stock [Member]
Summary of dividend payments
Dividends declared and paid per preferred share			$ 0.2347	$ 0.8126
Preferred stock cash dividends			$ 2,699	$ 9,344

Stock Incentive Plans (Details

Stock Incentive Plans (Details Textual) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Stock Incentive Plans [Line Items]
Number of common stock authorized for 2016 Long-Term Incentive Plan	10,000		10,000
Stock-based compensation expense	$ 4,763	$ 7,031	$ 9,669	$ 15,217
Maximum [Member]
Stock Incentive Plans [Line Items]
Vesting period			5 years
Minimum [Member]
Stock Incentive Plans [Line Items]
Vesting period			3 years
Stock Incentive Plan [Member]
Stock Incentive Plans [Line Items]
Option expiration period			10 years

Earnings Per Share (Details)

Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2017	Jun. 30, 2016
Computation of basic and diluted earnings per share
Numerator for basic and diluted earnings per share - net income (loss) attributable to common stockholders	$ 188,429	$ 195,474	$ 501,068	$ 344,444
Denominator for basic earnings per share - weighted average shares	366,524	356,646	364,551	355,879
Effect of dilutive securities:
Employee stock options	50	129	60	115
Non-vested restricted shares	479	465	438	359
Redeemable shares	1,096	1,651	1,374	1,136
Dilutive potential common shares	1,625	2,245	1,872	1,610
Denominator for diluted earnings per share - adjusted weighted average shares	368,149	358,891	366,423	357,489
Basic earnings per share	$ 0.51	$ 0.55	$ 1.37	$ 0.97
Diluted earnings per share	$ 0.51	$ 0.54	$ 1.37	$ 0.96

Disclosure about Fair Value o71

Disclosure about Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2017		Dec. 31, 2016	Jun. 30, 2016		Dec. 31, 2015
Financial Assets:
Loans receivable, Carrying Amount	$ 520,479		$ 622,628
Loans receivable, Fair value	405,671		521,773
Available-for-sale equity investments, Carrying Amount	11,422		27,899
Available-for-sale equity investments, Fair Value	11,422	[1]	27,899
Cash and cash equivalents, Carrying Amount	442,284		419,378	$ 466,585		$ 360,908
Cash and cash equivalents, Fair Value	442,284		419,378
Foreign Currency Forward Contracts Carrying Value	54,326		135,561
Foreign Currency Forward Contracts Fair Value	54,326		135,561
Financial Liabilities:
Borrowings under primary unsecured credit facilities, Carrying Value	385,000	[2]	645,000	$ 745,000	[2]
Borrowings under primary unsecured credit facilities, Fair Value	385,000		645,000
Senior unsecured notes, Carrying Amount	8,250,940		8,161,619
Senior unsecured notes, Fair Value	9,088,276		8,879,176
Secured debt, Carrying Amount	2,670,914		3,477,699
Secured debt, Fair Value	2,718,333		3,558,378
Foreign Currency Forward Contracts Carrying Value	10,426		4,342
Foreign Currency Forward Contracts, Fair Value	10,426		4,342
Redeemable OP unitholder interests carrying value	111,149		110,502
Redeemable OP unitholder interests fair value	111,149		110,502
Mortgage Loans on Real Estate [Member]
Financial Assets:
Loans receivable, Carrying Amount	369,141		485,735
Loans receivable, Fair value	405,671		521,773
Other Real Estate Loans Receivable [Member]
Financial Assets:
Loans receivable, Carrying Amount	151,338		136,893
Loans receivable, Fair value	$ 156,266		$ 138,050

[1]	Unrealized gains or losses on equity investments are recorded in accumulated other comprehensive income (loss) at each measurement date.
[2]	As of June 30, 2017, letters of credit in the aggregate amount of $32,456,000 have been issued, which reduces the borrowing capacity on the unsecured revolving credit facility.

Disclosure about Fair Value o72

Disclosure about Fair Value of Financial Instruments (Details 1) - USD ($) $ in Thousands		Jun. 30, 2017		Dec. 31, 2016
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Available-for-sale equity investments		$ 11,422	[1]	$ 27,899
Foreign currency forward contracts	[2]	43,900
Redeemable OP unitholder interests		111,149
Totals		166,471
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]	11,422
Totals		11,422
Level 2 [Member]
The Market approach utilized to measure fair value of financial assets and liabilities on recurring basis
Foreign currency forward contracts	[2]	43,900
Redeemable OP unitholder interests		111,149
Totals		$ 155,049

[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 (Details)

Segment Reporting (Details) $ in Thousands	3 Months Ended		6 Months Ended
Segment Reporting (Details) $ in Thousands	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Jun. 30, 2017USD ($)	Jun. 30, 2016USD ($)	Dec. 31, 2016USD ($)
Summary of information for reportable segments
Rental income	$ 355,599	$ 422,628	$ 722,741	$ 838,290
Resident fees and services	677,040	615,220	1,347,377	1,217,369
Interest income	20,901	24,007	41,649	49,195
Other income	5,062	14,802	9,133	18,851
Total revenues	1,058,602	1,076,657	2,120,900	2,123,705
Property operating expenses	501,855	458,832	1,012,024	908,468
Net Operating Income from Continuing Operations	556,747	617,825	1,108,876	1,215,237
Interest expense	116,231	132,326	234,827	265,285
Loss (gain) on derivatives, net	736	0	1,960	0
Depreciation and amortization	224,847	226,569	453,124	455,265
General and administrative	32,632	39,914	63,733	85,606
Transaction costs	0	5,157	0	13,365
Loss (gain) on extinguishment of debt, net	5,515	33	36,870	9
Impairment of Asset	13,631	0	24,662	14,314
Other expenses	6,339	3,161	18,014	3,161
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	156,816	210,665	275,686	378,232
Income tax expense	8,448	513	6,203	2,239
(Loss) income from unconsolidated entities	(3,978)	(1,959)	(27,084)	(5,778)
Income (loss) from continuing operations	161,286	209,219	254,805	374,693
Gain (loss) on real estate dispositions, net	42,155	1,530	286,247	1,530
Net income	203,441	$ 210,749	541,052	$ 376,223
Total assets	$ 27,975,786		$ 27,975,786		$ 28,865,184
Percent Of Assets	1		1		1
Percent Of Revenues	1	1	1	1
United States
Summary of information for reportable segments
Total revenues	$ 851,943	$ 862,115	$ 1,710,611	$ 1,704,470
Total assets	$ 22,323,973		$ 22,323,973		$ 23,572,459
Percent Of Assets	0.798		0.798		0.817
Percent Of Revenues	0.805	0.801	0.807	0.803
United Kingdom
Summary of information for reportable segments
Total revenues	$ 99,747	$ 102,593	$ 193,590	$ 203,148
Total assets	$ 3,064,196		$ 3,064,196		$ 2,782,489
Percent Of Assets	0.11		0.11		0.096
Percent Of Revenues	0.094	0.095	0.091	0.095
Canada
Summary of information for reportable segments
Total revenues	$ 106,912	$ 111,949	$ 216,699	$ 216,087
Total assets	$ 2,587,617		$ 2,587,617		$ 2,510,236
Percent Of Assets	0.092		0.092		0.087
Percent Of Revenues	0.101	0.104	0.102	0.102
Triple Net [Member]
Summary of information for reportable segments
Rental income	$ 217,889	$ 287,134	$ 445,180	$ 570,958
Resident fees and services	0	0	0	0
Interest income	20,901	21,971	41,580	44,824
Other income	2,557	1,206	4,321	2,695
Total revenues	241,347	310,311	491,081	618,477
Property operating expenses	0	0	0	0
Net Operating Income from Continuing Operations	241,347	310,311	491,081	618,477
Interest expense	2,515	5,754	8,025	12,117
Loss (gain) on derivatives, net	736		1,960	0
Depreciation and amortization	60,171	75,809	119,781	155,609
General and administrative	0	0	0	0
Transaction costs		1,291		4,143
Loss (gain) on extinguishment of debt, net	0	121	29,083	97
Impairment of Asset	4,846	0	4,846	14,314
Other expenses	2,181		7,190	0
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	170,898	227,336	320,196	432,197
Income tax expense	(1,471)	(213)	(2,271)	(528)
(Loss) income from unconsolidated entities	3,867	3,018	9,505	6,100
Income (loss) from continuing operations	173,294	230,141	327,430	437,769
Gain (loss) on real estate dispositions, net	42,155	1,530	273,236	1,530
Net income	215,449	231,671	600,666	439,299
Total assets	9,990,063		9,990,063
Senior housing - operating [Member]
Summary of information for reportable segments
Rental income	0	0	0	0
Resident fees and services	677,040	615,220	1,347,377	1,217,369
Interest income	0	1,042	69	2,073
Other income	1,049	8,989	2,510	11,178
Total revenues	678,089	625,251	1,349,956	1,230,620
Property operating expenses	459,111	417,996	921,536	826,890
Net Operating Income from Continuing Operations	218,978	207,255	428,420	403,730
Interest expense	15,403	20,274	31,219	40,797
Loss (gain) on derivatives, net	0		0	0
Depreciation and amortization	117,198	102,312	236,935	204,144
General and administrative	0	0	0	0
Transaction costs		3,247		7,180
Loss (gain) on extinguishment of debt, net	2,524	(88)	3,414	(88)
Impairment of Asset	8,785	0	14,191	0
Other expenses	1,165		2,943	0
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	73,903	81,510	139,718	151,697
Income tax expense	10,247	2,023	9,160	4,789
(Loss) income from unconsolidated entities	(8,449)	(4,887)	(37,640)	(11,822)
Income (loss) from continuing operations	75,701	78,646	111,238	144,664
Gain (loss) on real estate dispositions, net	0	0	13,011	0
Net income	75,701	78,646	124,249	144,664
Total assets	12,753,128		12,753,128
Outpatient Medical [Member]
Summary of information for reportable segments
Rental income	137,710	135,494	277,561	267,332
Resident fees and services	0	0	0	0
Interest income	0	994	0	2,298
Other income	1,217	4,153	1,830	4,466
Total revenues	138,927	140,641	279,391	274,096
Property operating expenses	42,744	40,836	90,488	81,578
Net Operating Income from Continuing Operations	96,183	99,805	188,903	192,518
Interest expense	2,122	5,402	4,413	11,146
Loss (gain) on derivatives, net	0		0	0
Depreciation and amortization	47,478	48,448	96,408	95,512
General and administrative	0	0	0	0
Transaction costs		619		2,042
Loss (gain) on extinguishment of debt, net	2,991	0	4,373	0
Impairment of Asset	0	0	5,625	0
Other expenses	1,310		1,671	0
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	42,282	45,336	76,413	83,818
Income tax expense	(351)	(248)	(686)	(476)
(Loss) income from unconsolidated entities	604	(90)	1,051	(56)
Income (loss) from continuing operations	42,535	44,998	76,778	83,286
Gain (loss) on real estate dispositions, net	0	0	0	0
Net income	42,535	44,998	76,778	83,286
Total assets	5,008,067		5,008,067
Corporate, Non-Segment [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	239	454	472	512
Total revenues	239	454	472	512
Property operating expenses	0	0	0	0
Net Operating Income from Continuing Operations	239	454	472	512
Interest expense	96,191	100,896	191,170	201,225
Loss (gain) on derivatives, net	0		0	0
Depreciation and amortization	0	0	0	0
General and administrative	32,632	39,914	63,733	85,606
Transaction costs		0		0
Loss (gain) on extinguishment of debt, net	0	0	0	0
Impairment of Asset	0	0	0	0
Other expenses	1,683	3,161	6,210	3,161
Income (loss) from continuing operations before income taxes and income from unconsolidated entities	(130,267)	(143,517)	(260,641)	(289,480)
Income tax expense	23	(1,049)	0	(1,546)
(Loss) income from unconsolidated entities	0	0	0	0
Income (loss) from continuing operations	(130,244)	(144,566)	(260,641)	(291,026)
Gain (loss) on real estate dispositions, net	0	0	0	0
Net income	(130,244)	$ (144,566)	(260,641)	$ (291,026)
Total assets	$ 224,528		$ 224,528

Income Taxes and Distributions

Income Taxes and Distributions (Details)	6 Months Ended
Income Taxes and Distributions (Details)	Jun. 30, 2017
Additional Income Taxes and Distributions (Textuals) [Abstract]
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%

Variable Interest Entity Disc75

Variable Interest Entity Disclosure (Details) - Variable Interest Entity, Primary Beneficiary [Member] - USD ($) $ in Thousands		Jun. 30, 2017	Dec. 31, 2016
Variable Interest Entity [Line Items]
Total assets	[1]	$ 1,045,618	$ 1,012,199
Total equity		375,751	362,585
Total liabilities and equity		1,045,618	1,012,199
Net real property owned [Member]
Variable Interest Entity [Line Items]
Total assets		1,019,154	989,596
Cash and cash equivalents [Member]
Variable Interest Entity [Line Items]
Total assets		10,180	10,501
Receivables and other assets [Member]
Variable Interest Entity [Line Items]
Total assets		16,284	12,102
Secured Debt [Member]
Variable Interest Entity [Line Items]
Liabilities		473,781	450,255
Accrued expenses and other liabilities [Member]
Variable Interest Entity [Line Items]
Liabilities		15,396	13,803
Redeemable noncontrolling interests [Member]
Variable Interest Entity [Line Items]
Liabilities		$ 180,690	$ 185,556

[1]	Note that assets of the consolidated variable interest entities can only be used to settle obligations relating to such variable interest entities. Liabilities of the consolidated variable interest entities represent claims against the specific assets of the variable interest entities.