Set forth below is our selected financial data as of and for each of the years in the five-year period ended December 31, 2014 (dollars in thousands, except per share data):
Year Ended December 31,(1)
2014
2013
2012
2011(2)
2010
Income statement data:
Total revenues
$
2,266,279
$
2,099,878
$
1,879,970
$
1,694,418
$
1,224,717
Income from continuing operations
906,845
910,633
801,190
536,130
303,869
Net income applicable to common shares
919,796
969,103
812,289
515,302
307,498
Income from continuing operations applicable to common shares:
Basic earnings per common share
1.94
1.97
1.80
1.25
0.87
Diluted earnings per common share
1.94
1.97
1.80
1.25
0.87
Net income applicable to common shares:
Basic earnings per common share
2.01
2.13
1.90
1.29
1.01
Diluted earnings per common share
2.00
2.13
1.90
1.29
1.00
Balance sheet data:
Total assets
21,369,940
20,075,870
19,915,555
17,408,475
13,331,923
Debt obligations(3)
9,759,773
8,661,627
8,695,549
7,731,137
4,656,241
Total equity
10,997,099
10,931,134
10,753,777
9,220,622
8,146,047
Other data:
Dividends paid
1,001,559
956,685
865,306
787,689
590,735
Dividends paid per common share
2.18
2.10
2.00
1.92
1.86
Funds from operations (“FFO”)(4)
1,381,634
1,349,264
1,166,508
877,907
690,637
Diluted FFO per common share(4)
3.00
2.95
2.72
2.19
2.25
FFO as adjusted(4)
1,398,691
1,382,699
1,195,799
1,052,692
689,740
Diluted FFO as adjusted per common share(4)
3.04
3.02
2.79
2.71
2.25
Funds available for distribution (“FAD”)(4)
1,178,822
1,158,082
954,645
838,440
585,116
Diluted FAD per common share(4)
2.57
2.54
2.23
2.16
1.92
(1)
The following are acquisitions that had a meaningful impact on our financial position and results of operations in the years in which they closed and thereafter:
·
During the third quarter of 2014, we completed the Brookdale Transaction in which, among other things, we contributed 48 properties that were triple-net leased into a RIDEA structure, with Brookdale managing the communities (see Note 3 to the Consolidated Financial Statements regarding the Brookdale Transaction). An additional property was contributed on January 1, 2015.
·
During the fourth quarter of 2012, we acquired 129 senior housing communities from a joint venture between Emeritus and Blackstone Real Estate Partners VI, an affiliate of the Blackstone Group (the “Blackstone JV”).
·
On April 7, 2011, we completed our acquisition of substantially all of the real estate assets of HCRMC, which included the settlement of our HCRMC debt investments.
·
On January 14, 2011, we acquired our partner’s 65% interest in HCP Ventures II, a joint venture that owned 25 senior housing facilities, becoming the sole owner of the portfolio.
(2)
On November 9, 2011, we entered into an agreement with Ventas, Inc. (“Ventas”) to settle all remaining claims relating to Ventas’s litigation against HCP arising out of Ventas’s 2007 acquisition of Sunrise Senior Living REIT. We paid $125 million to Ventas, which was recorded as litigation settlement expense for the year ended December 31, 2011.
(3)
Includes bank line of credit, bridge and term loans, senior unsecured notes, mortgage and other secured debt, and other debt.
(4)
For a more detailed discussion and reconciliation of Funds From Operations (“FFO”), FFO as adjusted and Funds Available for Distribution (“FAD”), see “Non-GAAP Financial Measures—FFO and FAD” in Item 7.
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