Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 25, 2020 | Jun. 28, 2019 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CSU | ||
Title of 12(b) Security | Common Stock, $.01 par value per share | ||
Security Exchange Name | NYSE | ||
Entity Registrant Name | CAPITAL SENIOR LIVING CORP | ||
Entity Central Index Key | 0001043000 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 31,956,439 | ||
Entity Public Float | $ 127 | ||
Entity File Number | 1-13445 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 75-2678809 | ||
Entity Address, Address Line One | 14160 Dallas Parkway | ||
Entity Address, Address Line Two | Suite 300 | ||
Entity Address, City or Town | Dallas | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 75254 | ||
City Area Code | 972 | ||
Local Phone Number | 770-5600 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Portions of the Registrant’s definitive proxy statement pertaining to its 2020 Annual Meeting of Stockholders and filed or to be filed not later than 120 days after the end of the fiscal year pursuant to Regulation 14A are incorporated herein by reference into Part III of this report. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 23,975 | $ 31,309 |
Restricted cash | 13,088 | 13,011 |
Accounts receivable, net | 8,143 | 10,581 |
Federal and state income taxes receivable | 72 | 152 |
Property tax and insurance deposits | 12,627 | 13,173 |
Prepaid expenses and other | 5,308 | 5,232 |
Total current assets | 63,213 | 73,458 |
Property and equipment, net | 969,211 | 1,059,049 |
Operating lease right-of-use assets, net | 224,523 | |
Deferred taxes, net | 76 | 152 |
Other assets, net | 10,673 | 16,485 |
Total assets | 1,267,696 | 1,149,144 |
Current liabilities: | ||
Accounts payable | 10,382 | 9,095 |
Accrued expenses | 46,227 | 41,880 |
Current portion of notes payable, net of deferred loan costs | 15,819 | 14,342 |
Current portion of deferred income | 7,201 | 14,892 |
Current portion of financing obligations | 1,741 | 3,113 |
Current portion of lease liabilities | 45,988 | |
Federal and state income taxes payable | 420 | 406 |
Customer deposits | 1,247 | 1,302 |
Total current liabilities | 129,025 | 85,030 |
Deferred income, net of current portion | 8,151 | |
Financing obligations, net of current portion | 9,688 | 45,647 |
Lease liabilities, net of current portion | 208,967 | |
Other long-term liabilities | 15,643 | |
Notes payable, net of deferred loan costs and current portion | 905,637 | 959,408 |
Commitments and contingencies | ||
Shareholders’ equity: | ||
Preferred stock, $.01 par value: Authorized shares - 15,000; no shares issued or outstanding | ||
Common stock, $.01 par value: Authorized shares - 65,000; issued and outstanding shares 31,441 and 31,273 in 2019 and 2018, respectively | 319 | 318 |
Additional paid-in capital | 190,386 | 187,879 |
Retained deficit | (172,896) | (149,502) |
Treasury stock, at cost — 494 shares in 2019 and 2018 | (3,430) | (3,430) |
Total shareholders’ equity | 14,379 | 35,265 |
Total liabilities and shareholders’ equity | $ 1,267,696 | $ 1,149,144 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 65,000,000 | 65,000,000 |
Common stock, shares issued | 31,441,000 | 31,273,000 |
Common stock, shares outstanding | 31,441,000 | 31,273,000 |
Treasury stock, shares | 494,000 | 494,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenues: | |||
Resident revenue | $ 447,100 | $ 460,018 | $ 466,997 |
Type Of Revenue [Extensible List] | us-gaap:HealthCareResidentServiceMember | us-gaap:HealthCareResidentServiceMember | us-gaap:HealthCareResidentServiceMember |
Expenses: | |||
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below) | $ 306,786 | $ 294,661 | $ 290,662 |
General and administrative expenses | 27,518 | 26,961 | 23,574 |
Facility lease expense | 57,021 | 56,551 | 56,432 |
Loss on facility lease termination | 12,858 | ||
Provision for bad debts | 3,765 | 2,990 | 1,748 |
Stock-based compensation expense | 2,509 | 8,428 | 7,682 |
Depreciation and amortization expense | 64,190 | 62,824 | 66,199 |
Total expenses | 461,789 | 452,415 | 459,155 |
Income (Loss) from operations | (14,689) | 7,603 | 7,842 |
Other income (expense): | |||
Interest income | 221 | 165 | 73 |
Interest expense | (49,802) | (50,543) | (49,471) |
Write-off of deferred loan costs and prepayment premiums | (4,843) | (12,623) | |
Long-lived asset impairment | (3,004) | ||
Gain (Loss) on disposition of assets, net | 36,528 | 28 | (123) |
Other income | 7 | 3 | 7 |
Loss before benefit (provision) for income taxes | (35,582) | (55,367) | (41,672) |
Benefit (Provision) for income taxes | (448) | 1,771 | (2,496) |
Net loss | $ (36,030) | $ (53,596) | $ (44,168) |
Per share data: | |||
Basic net loss per share | $ (1.19) | $ (1.80) | $ (1.50) |
Diluted net loss per share | $ (1.19) | $ (1.80) | $ (1.50) |
Weighted average shares outstanding — basic | 30,263 | 29,812 | 29,453 |
Weighted average shares outstanding — diluted | 30,263 | 29,812 | 29,453 |
Comprehensive loss | $ (36,030) | $ (53,596) | $ (44,168) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Retained Deficit [Member] | Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2016 | $ 116,918 | $ 305 | $ 171,599 | $ (51,556) | $ (3,430) |
Beginning Balance, Shares at Dec. 31, 2016 | 30,012 | ||||
Restricted stock unit conversions | 0 | 0 | |||
Restricted stock unit conversions, Shares | 3 | ||||
Restricted stock awards | 1 | $ 5 | (4) | ||
Restricted stock awards, Shares | 490 | ||||
Stock-based compensation | 7,682 | 7,864 | (182) | ||
Net loss | (44,168) | (44,168) | |||
Ending Balance at Dec. 31, 2017 | 80,433 | $ 310 | 179,459 | (95,906) | (3,430) |
Ending Balance, Shares at Dec. 31, 2017 | 30,505 | ||||
Restricted stock awards | $ 8 | (8) | |||
Restricted stock awards, Shares | 768 | ||||
Stock-based compensation | 8,428 | 8,428 | |||
Net loss | (53,596) | (53,596) | |||
Ending Balance at Dec. 31, 2018 | 35,265 | $ 318 | 187,879 | (149,502) | (3,430) |
Ending Balance, Shares at Dec. 31, 2018 | 31,273 | ||||
Adoption of ASC 842 | 12,636 | 12,636 | |||
Restricted stock awards | (1) | $ 1 | (2) | ||
Restricted stock awards, Shares | 168 | ||||
Stock-based compensation | 2,509 | 2,509 | |||
Net loss | (36,030) | (36,030) | |||
Ending Balance at Dec. 31, 2019 | $ 14,379 | $ 319 | $ 190,386 | $ (172,896) | $ (3,430) |
Ending Balance, Shares at Dec. 31, 2019 | 31,441 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Activities | |||
Net loss | $ (36,030) | $ (53,596) | $ (44,168) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 64,190 | 62,824 | 66,199 |
Amortization of deferred financing charges | 1,612 | 1,709 | 1,626 |
Amortization of deferred lease costs and lease intangibles, net | 849 | 859 | |
Amortization of lease incentives | (2,074) | (1,336) | |
Deferred income | 1,078 | (1,391) | (1,397) |
Deferred taxes | 157 | (2,245) | 1,941 |
Operating lease expense adjustment | (5,243) | ||
Lease incentives | 3,376 | 5,673 | |
Loss on facility lease termination | 12,858 | ||
Write-off of deferred loan costs and prepayment premiums | 4,843 | 12,623 | |
(Gain) Loss on disposition of assets, net | (36,528) | (28) | 123 |
Long-lived asset impairment | 3,004 | ||
Provision for bad debts | 3,765 | 2,990 | 1,748 |
Stock-based compensation expense | 2,509 | 8,428 | 7,682 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (1,326) | (3,173) | (8,159) |
Property tax and insurance deposits | 545 | 1,213 | 279 |
Prepaid expenses and other | (1,013) | 1,100 | 33 |
Other assets | (500) | 1,350 | 4,061 |
Accounts payable | (715) | 1,294 | 2,750 |
Accrued expenses | 4,343 | 1,129 | 1,689 |
Other liabilities | 5,017 | ||
Federal and state income taxes receivable/payable | 14 | 23 | 165 |
Deferred resident revenue | 579 | 561 | (1,898) |
Customer deposits | (55) | (92) | (151) |
Net cash provided by operating activities | 5,229 | 36,870 | 55,594 |
Investing Activities | |||
Capital expenditures | (20,306) | (21,965) | (39,959) |
Cash paid for acquisitions | (85,000) | ||
Proceeds from disposition of assets | 68,084 | 57 | 19 |
Net cash provided by (used in) investing activities | 47,778 | (21,908) | (124,940) |
Financing Activities | |||
Proceeds from notes payable | 37,499 | 208,841 | 77,197 |
Repayments of notes payable | (95,077) | (204,093) | (20,099) |
Cash payments for financing lease and financing obligations | (1,516) | (3,151) | (2,869) |
Deferred financing charges paid | (1,170) | (3,263) | (1,182) |
Net cash provided by (used in) financing activities | (60,264) | (1,666) | 53,047 |
Increase (Decrease) in cash and cash equivalents | (7,257) | 13,296 | (16,299) |
Cash and cash equivalents and restricted cash at beginning of year | 44,320 | 31,024 | 47,323 |
Cash and cash equivalents and restricted cash at end of year | 37,063 | 44,320 | 31,024 |
Cash paid during the year for: | |||
Interest | 47,448 | 49,225 | 47,022 |
Income taxes | $ 505 | $ 555 | $ 543 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2019 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization | 1. Organization Capital Senior Living Corporation, a Delaware corporation (together with its subsidiaries, the “Company”), is one of the largest operators of senior housing communities in the United States in terms of resident capacity. The Company owns, operates, develops and manages senior housing communities throughout the United States. As of December 31, 2019, the Company operated 126 senior housing communities in 23 states with an aggregate capacity of approximately 16,000 residents, including 80 senior housing communities which the Company owned and 46 senior housing communities that the Company leased. The accompanying consolidated financial statements include the financial statements of Capital Senior Living Corporation and its wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company has deposits in banks that exceed Federal Deposit Insurance Corporation insurance limits. Management believes that credit risk related to these deposits is minimal. Restricted cash consists of deposits required by certain lenders as collateral pursuant to letters of credit. The deposit must remain so long as the letter of credit is outstanding which is subject to renewal annually. The following table sets forth our cash and cash equivalents and restricted cash (in thousands): Year Ended December 31, 2019 2018 Cash and cash equivalents $ 23,975 $ 31,309 Restricted cash 13,088 13,011 $ 37,063 $ 44,320 Long-Lived Assets and Impairment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. At each balance sheet date, the Company reviews the carrying value of its property and equipment to determine if facts and circumstances suggest that they may be impaired or that the depreciation period may need to be changed. The Company considers internal factors such as net operating losses along with external factors relating to each asset, including contract changes, local market developments, and other publicly available information to determine whether impairment indicators exist. If an indicator of impairment is identified, the carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flows from such asset is separately identifiable and is less than its carrying value. Recoverability of an asset group is assessed by comparing its carrying amount to the estimated future undiscounted net cash flows expected to be generated by the asset group through operation or disposition, calculated utilizing the lowest level of identifiable cash flows. If this comparison indicates that the carrying amount of an asset group is not recoverable, we are required to recognize an impairment loss. The Company determines the fair value of operating lease ROU assets by comparing the contractual rent payments to estimated market rental rates. Long-lived ROU and fixed assets are valued at fair value using inputs classified as Level 3 in the fair value hierarchy, which are unobservable inputs based on the Company’s assumptions. Impairment, if any, is recorded in the period in which the impairment occurred. Assets Held for Sale Assets are classified as held for sale when the Company has determined all of the held-for-sale criteria have been met. The Company determines the fair value, net of costs of disposal, of an asset on the date the asset is categorized as held for sale, and the asset is recorded at the lower of its fair value, net of cost of disposal, or carrying value on that date. The Company periodically reevaluates assets held for sale to determine if the assets are still recorded at the lower of fair value, net of cost of disposal, or carrying value. The fair values are generally determined based on market rates, industry trends and recent comparable sales transactions. During the year ended December 31, 2019, the Company determined a remeasurement write down of approximately $2.3 million was required to adjust the carrying value of a community classified as held for sale to its fair value, net of cost of disposal, which is included in gain (loss) on disposition of assets, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The community was sold prior to December 31, 2019. The Company did not recognize any expense related to assets held for sale during the year ended December 31, 2018. The fair values are generally determined based on market rates, industry trends, and recent comparable sales transactions. The actual sales price of these assets could differ significantly from the Company’s estimates. There were no senior housing communities classified as held for sale by the Company at December 31, 2019 or 2018. Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $3.9 million $3.3 million $2.8 million for the years ended December 31, 2019 2018 2017 Off-Balance Sheet Arrangements The Company had no material off-balance sheet arrangements at December 31, 2019 or 2018. Income Taxes Income taxes are computed using the asset and liability method and current income taxes are recorded based on amounts refundable or payable. Deferred income taxes are recorded based on the estimated future tax effects of loss carryforwards and temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which we expect those carryforwards and temporary differences to be recovered or settled. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. The Company evaluates uncertain tax positions through consideration of accounting and reporting guidance on criteria, measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial-statement comparability among different companies. The Company is required to recognize a tax benefit in its financial statements for an uncertain tax position only if management’s assessment is that its position is “more likely than not” (i.e., a greater than 50 percent likelihood) to be upheld on audit based only on the technical merits of the tax position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expense. Revenue Recognition Resident revenue consists of fees for basic housing and certain support services and fees associated with additional housing and expanded support requirements such as assisted living care, memory care, and ancillary services. Basic housing and certain support services revenue is recorded when services are rendered and amounts billed are Residency agreements are generally short term in nature with durations of one year or less and are typically terminable by either party, under certain circumstances, upon providing 30 days’ notice, unless state law provides otherwise, with resident fees billed monthly in advance. and were recognized as a component of resident revenue within the Company’s Consolidated Statements of Operations and Comprehensive Loss. Revenue for certain ancillary services is recognized as services are provided, and includes fees for services such as medication management, daily living activities, beautician/barber, laundry, television, guest meals, pets, and parking which are generally billed monthly in arrears. The Company's senior housing communities have residency agreements which generally require the resident to pay a community fee prior to moving into the community and are recorded initially by the Company as deferred revenue. At each of December 31, 2019 and 2018, the Company had contract liabilities for deferred community fees totaling approximately $2.2 million and $1.1 million, respectively, which are included as a component of deferred income within current liabilities of the Company’s Consolidated Balance Sheets. The Company recognized community fees as a component of resident revenue within the Company’s Consolidated Statements of Operations and Comprehensive Loss of approximately $2.9 million and $2.8 million, respectively, during the fiscal years ended December 31, 2019 and 2018. Revenues from the Medicaid program accounted for approximately 5.9% of the Company’s revenue in fiscal 2019, 5.4% of the Company’s revenue in fiscal 2018, and 5.6% of the Company’s revenue in fiscal 2017. During fiscal 2019, 2018, and 2017, 41, 40, and 41, respectively, of the Company’s communities were providers of services under the Medicaid program. Accordingly, these communities were entitled to reimbursement under the foregoing program at established rates that were lower than private pay rates. Patient service revenue for Medicaid patients was recorded at the reimbursement rates as the rates were set prospectively by the applicable state upon the filing of an annual cost report. None of the Company’s communities were providers of services under the Medicare program during fiscal 2019, 2018, or 2017. Laws and regulations governing the Medicaid program are complex and subject to interpretation. The Company believes that it is in compliance with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing. While no such regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicaid program. Purchase Accounting In determining the allocation of the purchase price of senior housing communities acquired to net tangible and identified intangible assets acquired and liabilities assumed, if any, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, leasing activities and/or independent appraisals. The Company assigns the purchase price for senior living communities to assets acquired and liabilities assumed based on their estimated fair values. The determination of fair value involves the use of significant judgments and estimates which is generally assessed as follows: The Company allocates the fair values of buildings acquired on an as-if-vacant basis and depreciates the building values over the estimated remaining lives of the buildings, not to exceed 40 years. The Company The fair value of acquired lease-related intangibles reflects the estimated fair value of existing resident in-place leases as represented by the cost to obtain residents and an estimated absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the property acquired was vacant. The Company amortizes any acquired resident in-place lease intangibles to depreciation and amortization expense over the estimated remaining useful life of the respective resident operating leases. Credit Risk and Allowance for Doubtful Accounts The Company’s resident receivables are generally due within 30 days from the date billed. Accounts receivable are reported net of an allowance for doubtful accounts of $8.6 million and $6.8 million at December 31, 2019 and 2018, respectively, and represent the Company’s estimate of the amount that ultimately will be collected. The adequacy of the Company’s allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary. Credit losses on resident receivables have historically been within management’s estimates, and management believes that the allowance for doubtful accounts adequately provides for expected losses. Lease Accounting Effective January 1, 2019, the Company adopted the new lease standard provisions of ASC 842. Due to the adoption of ASC 842, the unamortized balances of lease acquisition costs and lease incentives were reclassified as a component of the respective operating lease right-of-use asset. Additionally, the unamortized balance of deferred gains associated with sale leaseback transactions totaling approximately $10.0 million was written-off to retained deficit. Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. Operating lease right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term on the lease commencement date. When the implicit lease rate is not determinable, management uses the Company’s incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future minimum lease payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease terms. Certain of the Company’s lease arrangements have lease and non-lease components. The Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets. Leases with an expected lease term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. Self-Insurance Liability Accruals The Company offers full-time employees an option to participate in its health and dental plans. The Company is self-insured up to certain limits and is insured if claims in excess of these limits are incurred. The cost of employee health and dental benefits, net of employee contributions, is shared between the corporate office and the senior housing communities based on the respective number of plan participants. Funds collected are used to pay the actual program costs, including estimated annual claims, third-party administrative fees, network provider fees, communication costs, and other related administrative costs incurred by the plans. Claims are paid as they are submitted to the Company’s third-party administrator. The Company records a liability for outstanding claims and claims that have been incurred but not yet reported. This liability is based on the historical claim reporting lag and payment trends of health insurance claims. Management believes that the liability for outstanding losses and expenses is adequate to cover the ultimate cost of losses and expenses incurred at December 31, 2019; however, actual claims and expenses may differ. Any subsequent changes in estimates are recorded in the period in which they are determined. The Company uses a combination of insurance and self-insurance for workers’ compensation. Determining the reserve for workers’ compensation losses and costs that the Company has incurred as of the end of a reporting period involves significant judgments based on projected future events, including potential settlements for pending claims, known incidents which may result in claims, estimates of incurred but not yet reported claims, changes in insurance premiums, estimated litigation costs and other factors. The Company regularly adjusts these estimates to reflect changes in the foregoing factors. However, since this reserve is based on estimates, the actual expenses incurred may differ from the amounts reserved. Any subsequent changes in estimates are recorded in the period in which they are determined. Net Loss Per Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Potentially dilutive securities consist of unvested restricted shares and shares that could be issued under outstanding stock options. Potentially dilutive securities are excluded from the computation of net loss per common share if their effect is antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except for per share amounts): Year Ended December 31, 2019 2018 2017 Net loss $ (36,030 ) $ (53,596 ) $ (44,168 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (36,030 ) $ (53,596 ) $ (44,168 ) Weighted average shares outstanding — basic 30,263 29,812 29,453 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 30,263 29,812 29,453 Basic net loss per share $ (1.19 ) $ (1.80 ) $ (1.50 ) Diluted net loss per share $ (1.19 ) $ (1.80 ) $ (1.50 ) Awards of unvested restricted stock representing approximately 1.1 million, 1.3 million, and 0.9 million shares were outstanding for the fiscal years ended December 31, 2019, 2018, and 2017, respectively, and are antidilutive. Treasury Stock The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity until it is canceled. There were no repurchases of the Company’s common stock during fiscal 2019 or 2018. Stock-Based Compensation The Company recognizes compensation expense for share-based payment awards to certain employees and directors, including grants of stock options and awards of restricted stock, in the Consolidated Statements of Operations and Comprehensive Loss based on their fair values. On May 8, 2007, the Company’s stockholders approved the 2007 Omnibus Stock and Incentive Plan for Capital Senior Living Corporation (as amended, the “2007 Plan”) which provided for, among other things, the grant of restricted stock awards and stock options to purchase shares of the Company’s common stock. The 2007 Plan authorized the Company to issue up to 4.6 million shares of common stock, and the Company had reserved shares of common stock for future issuance pursuant to awards under the 2007 Plan. On May 14, 2019, the Company’s stockholders approved the 2019 Omnibus Stock and Incentive Plan for Capital Senior Living Corporation (the “2019 Plan”), which replaced the 2007 Plan. The 2019 Plan provides for, among other things, the grant of restricted stock awards, restricted stock units and stock options to purchase shares of the Company’s common stock. The 2019 Plan authorizes the Company to issue up to 2,250,000 shares of common stock plus reserved shares not issued or subject to outstanding awards under the 2007 Plan, and the Company has reserved shares of common stock for future issuance pursuant to awards under the 2019 Plan. Effective March 26, 2019, the 2007 Plan was terminated and no additional awards will be granted under the 2007 Plan. Segment Information The Company evaluates the performance and allocates resources of its senior living facilities based on current operations and market assessments on a property-by-property basis. The Company does not have a concentration of operations geographically or by product or service as its management functions are integrated at the property level. The Company has determined that all of its operating units meet the criteria in Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting Recently Issued Accounting Guidance In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which modifies certain disclosure requirements in Topic 820, such as the removal of the need to disclose the amount of and reason for transfers between Level 1 and Level 2 of the fair value hierarchy, and several changes related to Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases Leases, Targeted Improvements The fair value of the right-of-use assets was estimated, utilizing a discounted cash flow approach based upon historical and projected cash flows and market data, including management fees and a market supported lease coverage ratio. The estimated future cash flows were discounted at a rate that is consistent with a weighted average cost of capital from a market participant perspective. The adoption of ASC 842 resulted in the following adjustments to the Company’s Consolidated Balance Sheet at January 1, 2019: Assets Prepaid expenses and other $ (2,050) Property and equipment, net (15,569) Operating lease right-of-use assets, net 255,386 Other assets, net (4,715) Total assets $ 233,052 Liabilities and Shareholder’s Equity Deferred income $ (17,498) Financing obligations (35,956) Operating lease liabilities 289,513 Other long-term liabilities (15,643) Total liabilities $ 220,416 Total shareholder’s equity $ 12,636 Use of Estimates and Critical Accounting Policies The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and related footnotes. Management bases its estimates and assumptions on historical experience, observance of industry trends and various other sources of information and factors, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially could result in materially different results under different assumptions and conditions. The Company believes revenue recognition, long-lived asset impairment, and self-insurance liability accruals are its most critical accounting policies and/or require management’s most subjective judgments. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2019 | |
Asset Impairment Charges [Abstract] | |
Impairment of Long-Lived Assets | 3. Impairment of Long-Lived Assets During the year ended December 31, 2019. the Company recorded impairment charges of $1.6 million and $1.4 million related to fixed assets and lease ROU assets, respectively, due to a change in the useful life of its community located in Boca Raton, Florida, which transferred to a new operator subsequent to year-end (see Note 18, Subsequent Events, |
Dispositions and Other Signific
Dispositions and Other Significant Transactions | 12 Months Ended |
Dec. 31, 2019 | |
Dispositions And Other Significant Transactions [Abstract] | |
Dispositions and Other Significant Transactions | 4. On October 22, 2019, the Company entered into a lease amendment with Healthpeak, as lessors of certain of the Company’s leased properties, which was later amended, to transition one Healthpeak property to new operators on or around January 15, 2020, and to sell the remaining eight as soon as possible, with expected sale dates in or around the second quarter of 2020, to a buyer or buyers. Under the terms of the agreement, the Company will make a one-time payment of $250,000 for the transitioned property as a prepayment against the remaining lease payments. For the eight properties to be sold, Healthpeak is required to arrange, negotiate, and close the sale of these properties. The Company is entitled to 50% of the proceeds in excess of a specified selling price for one of the properties, up to $350,000. At December 31, 2019, none of the properties had been transitioned to a new operator or sold. Subsequent to year-end, the Company entered into an agreement with Healthpeak, providing for the early termination of its other Master Lease Agreement between it and Healthpeak. See discussion at Note 18- Subsequent Events Effective October 1, 2019, the Company sold two communities located in Springfield, Missouri and Peoria, Illinois, for $64.8 million. The properties were sold in order to monetize assets deemed at peak performance and resulted in net proceeds to the Company of approximately $14.8 million. The Company recognized a gain of $38.8 million on the disposition of the two communities, which is included in gain (loss) on disposition of assets, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss. At September 30, 2019, these properties were deemed as assets held for sale resulting in $24.4 million being reclassified to assets held for sale and $44.4 million of corresponding mortgage debt being reclassified to the current portion of notes payable within the Company’s Consolidated Balance Sheets. These communities comprised of 156 and 158 independent living units, respectively. Effective May 1, 2019, the Company closed on the sale of one senior housing community located in Kokomo, Indiana, for a total purchase price of $5.0 million and received approximately $1.4 million in net proceeds after retiring outstanding mortgage debt of $3.5 million and paying customary transaction and closing costs (the “Kokomo Sale Transaction”). The community was comprised of 96 assisted living units. The Company had reported these assets as held for sale at March 31, 2019 and recorded a remeasurement write-down of approximately $2.3 million to adjust the carrying values of these assets to the sales price, less costs to sell, which was included in Gain (loss) on disposition of assets, net, on the Company’s Consolidated Statements of Operations and Comprehensive Loss |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 5 . Property and Equipment As of December 31, 2019 and 2018, net property and equipment and leasehold improvements, which include assets under financing leases, consists of the following (in thousands): December 31, Asset Lives 2019 2018 Land $ 66,764 $ 69,842 Land improvements 5 to 20 years 25,718 25,373 Buildings and building improvements 10 to 40 years 1,096,386 1,158,577 Furniture and equipment 5 to 10 years 65,828 66,202 Automobiles 5 to 7 years 5,947 6,344 Assets under financing leases and leasehold improvements (1) 95,281 98,396 Construction in progress NA 1,491 421 1,357,415 1,425,155 Less accumulated depreciation and amortization (388,204 ) (366,106 ) Property and equipment, net $ 969,211 $ 1,059,049 (1) Leasehold improvements are amortized over the shorter of the useful life of the asset or the remaining lease term. Assets under financing leases and leasehold improvements include $0.6million of financing lease right-of-use assets, net of accumulated amortization, as of December 31, 2019. Refer to Note 16, Leases , for further information on the Company’s financing leases At December 31, 2019 and 2018, furniture and equipment included $4.1 million and $3.8 million of capitalized computer software development costs of which $3.3 million and $3.1 million, respectively, has been amortized and is included as a component of accumulated depreciation and amortization. At December 31, 2019 and 2018, property and equipment, net included $2.0 million and $0.8 million, respectively, of capital expenditures which had been incurred but not yet paid. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 6 . Other Assets Other assets consist of the following (in thousands): December 31, 2019 2018 Deferred lease costs, net $ - $ 4,715 Security and other deposits 9,915 9,889 Other 758 1,881 $ 10,673 $ 16,485 Prior to the adoption of ASC 842, lease acquisition and modification costs were classified as other assets and amortized over their respective lease terms. The unamortized portion of lease acquisition and modification costs were reclassified into operating right-of-use assets in conjunction with the Company’s adoption of ASC 842 on January 1, 2019. See Note 2, Summary of Significant Accounting Policies, |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Accrued Expenses | 7 . Accrued expenses consist of the following (in thousands): December 31, 2019 2018 Accrued salaries, bonuses and related expenses $ 14,733 $ 11,996 Accrued property taxes 15,186 14,079 Accrued interest 3,617 3,066 Accrued health claims and workers compensation 5,281 4,845 Accrued professional fees 1,265 1,012 Other 6,145 6,882 $ 46,227 $ 41,880 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Notes Payable | 8 . Notes Payable Notes payable consists of the following (in thousands): Average Monthly Net Book Value Notes Payable December 31, Lender Payment Of Collateral (1) Interest Rate Maturity Date 2019 2018 Fannie Mae $ 135 $ 24,980 4.69 April 2022 $ 22,592 $ 23,127 Fannie Mae 11 3,992 4.97 April 2022 1,958 1,991 Fannie Mae 60 14,170 4.48 May 2022 10,214 10,462 Fannie Mae 20 14,170 4.85 May 2022 3,579 3,640 Fannie Mae — — 4.32 January 2023 — 15,194 Fannie Mae — — 5.39 January 2023 — 8,327 Fannie Mae 39 7,756 4.58 January 2023 6,656 6,808 Fannie Mae 17 7,756 5.49 January 2023 2,950 2,990 Fannie Mae 45 7,810 5.93 October 2023 6,972 7,092 Fannie Mae 67 12,408 5.50 November 2023 10,792 10,992 Fannie Mae 67 11,598 5.38 November 2023 10,837 11,042 Fannie Mae 282 49,090 5.56 January 2024 45,077 45,892 Fannie Mae 632 103,848 4.24 July 2024 116,183 118,715 Fannie Mae 120 24,074 4.48 July 2024 21,513 21,963 Fannie Mae 81 19,081 4.30 July 2024 14,836 15,156 Fannie Mae 91 61,630 4.98 July 2024 16,053 16,322 Fannie Mae 11 8,817 6.30 July 2024 1,777 1,796 Fannie Mae 134 25,548 4.59 September 2024 23,856 24,342 Fannie Mae 22 12,916 5.72 September 2024 3,584 3,634 Fannie Mae 54 9,810 4.70 September 2024 9,494 9,683 Fannie Mae 53 11,293 4.50 January 2025 9,538 9,731 Fannie Mae 95 6,552 4.46 January 2025 17,333 17,686 Fannie Mae 70 14,605 4.35 February 2025 12,912 13,179 Fannie Mae — — 3.85 March 2025 — 21,633 Fannie Mae 102 22,879 3.84 April 2025 19,883 20,324 Fannie Mae 31 22,879 5.53 April 2025 5,223 5,300 Fannie Mae 81 14,732 5.30 June 2025 13,077 13,335 Fannie Mae 58 12,021 4.69 October 2025 10,402 10,595 Fannie Mae 44 8,878 4.70 October 2025 7,862 8,008 Fannie Mae 273 37,074 4.68 December 2025 49,385 50,295 Fannie Mae 9 8,787 5.81 December 2025 1,407 1,426 Fannie Mae 98 22,990 4.10 October 2026 19,127 19,498 Fannie Mae 108 23,515 4.24 December 2026 20,853 21,243 Fannie Mae 655 148,134 5.13 January 2029 150,782 150,782 Fannie Mae 163 148,134 (3 ) January 2029 50,261 50,261 Protective Life 96 23,558 3.55 April 2025 19,325 19,787 Protective Life 49 10,566 4.25 August 2025 9,157 9,350 Protective Life 78 16,938 4.25 September 2025 14,565 14,871 Protective Life 138 30,917 4.25 November 2025 25,940 26,478 Protective Life 57 12,901 4.50 February 2026 10,554 10,761 Protective Life 187 39,862 4.38 March 2026 32,099 32,920 Protective Life 70 14,620 4.13 October 2031 11,995 12,326 Berkadia 230 60,462 (4 ) December 2021 (4) 40,500 65,000 Berkadia — — — July 2020 — 3,500 Berkadia 96 16,953 (5 ) October 2021 10,992 11,255 Fifth Third 125 33,852 (6 ) December 2021 31,500 — HUD 16 4,572 4.48 September 2045 2,875 2,933 Insurance Financing — — 3.64 May 2019 — 799 Insurance Financing — — 4.40 November 2019 — 763 Insurance Financing 240 — 4.40 May 2020 1,187 — Insurance Financing 74 — 4.04 November 2020 730 — Insurance Financing 173 — 4.40 October 2020 1,698 — $ 5,357 4.65% (2) $ 930,085 $ 983,207 Less deferred loan costs, net 8,629 9,457 $ 921,456 $ 973,750 Less current portion 15,819 14,342 $ 905,637 $ 959,408 (1) 78 (2) Weighted average interest rate on current fixed interest rate debt outstanding. (3) Variable interest rate of LIBOR plus 2.14%, which was 3.87% at December 31, 2019. (4) Variable interest rate of LIBOR plus 4.50%, which was 6.23% at December 31, 2019. Effective December 23, 2019, the Company repaid $24.5 million of the loan and extended the maturity date with Berkadia to December 10, 2021. ( 5 ) Variable interest rate of LIBOR plus 5.00%, which was 6.73% at December 31, 2019. ( 6 ) Variable interest rate of LIBOR plus 3.25%, which was 4.98% at December 31, 2019. The aggregate scheduled maturities of notes payable at December 31, 2019 are as follows (in thousands): 2020 $ 17,793 2021 97,144 2022 53,293 2023 52,741 2024 240,493 Thereafter 468,621 $ 930,085 On December 23, 2019, the Company obtained $31.5 million of mortgage debt from Fifth Third Bank on its Autumn Glen and Cottonwood Village senior housing communities. The new mortgage loan is interest only and has a two-year term and an initial variable interest rate of LIBOR plus 3.25%. The Company incurred approximately $0.6 million in deferred financing costs related to this loan, which are being amortized over the term of the loan. On the same date, the Company amended and repaid $24.5 million in principal of the interest-only mortgage loan with BBVA USA on its Cottonwood Village, Georgetowne Place, Harrison at Eagle Valley, and Rose Arbor. As a result of the amendment, BBVA released the Cottonwood Village assets from collateral of the mortgage and extended the maturity date from July 11, 2020 to December 10, 2021. The amended mortgage has an interest-only variable rate of LIBOR plus 4.5%. On October 1, 2019, in conjunction with the sale of two of its senior housing communities, the Company repaid $44.4 million of associated mortgage debt and $4.4 million of prepayment penalties. Effective June 28, 2019, the Company exercised its option to extend its interest-only variable interest rate mortgage loan with BBVA USA (formerly Compass Bank) on four of its senior housing communities (Cottonwood Village, Georgetowne Place, Harrison at Eagle Valley, and Rose Arbor). The maturity date was extended from May 11, 2020 to July 11, 2020. On May 31, 2019, the Company renewed certain insurance policies and entered into two finance agreements totaling approximately $2.6 million and $2.7 million. The finance agreements each have a fixed interest rate of 4.4%, with the principal being repaid over an 11-month and 18-month term, respectively. The Company issued standby letters of credit with Wells Fargo Bank (“Wells Fargo”), totaling approximately $3.4 million, for the benefit of Hartford Financial Services (“Hartford”) associated with the administration of workers compensation which remain outstanding as of December 31, 2019. The Company issued standby letters of credit with JPMorgan Chase Bank (“Chase”), totaling approximately $6.5 million, for the benefit of Welltower, Inc. (“Welltower”), formerly Healthcare REIT, Inc. on certain leases between Welltower and the Company which remain outstanding as of December 31, 2019. The Company issued standby letters of credit with Chase, totaling approximately $2.9 million, for the benefit of Healthpeak Properties, Inc. (“Healthpeak”) on certain leases between Healthpeak and the Company which remain outstanding as of December 31, 2019. On December 18, 2018, the Company repaid certain mortgage loans associated with 21 of its senior living communities totaling approximately $170.6 million from Fannie Mae which were scheduled to mature on various dates beginning August 2021 through April 2026. The repayment of these mortgage loans facilitated the establishment of a Master Credit Facility (“MCF”) with Berkadia whereby the Company obtained approximately $201.0 million of new mortgage financing. The MCF will allow the Company to make future advances, should the Company decide to do so, assuming certain borrowing conditions are satisfied. The MCF consists of two separate loans which are cross-defaulted and cross-collateralized. Approximately $150.8 million of the new financing is long-term fixed interest rate debt at a fixed interest rate of 5.13% with a 10-year term and interest only for the first 36 months and the principal amortized over a 30-year term thereafter. Approximately $50.3 million of the new financing is long-term variable interest rate debt at a variable interest rate of LIBOR plus 2.14% with a 10-year term and interest only for the first 36 months and a fixed monthly principal component of $67,000 thereafter. The Company incurred approximately $3.0 million in deferred financing costs related to the MCF, which are being amortized over 10 years. As a result of the early repayment of the Fannie Mae mortgage debt, the Company accelerated the amortization of approximately $1.5 million in unamortized deferred financing costs and incurred prepayment premiums of approximately $11.1 million. The MCF was subsequently assigned to Fannie Mae on December 28, 2018, and is reported as such in preceding notes payable summary table. On December 18, 2018, the Company completed mortgage financing of $3.5 million from Berkadia at a variable interest rate of LIBOR plus 3.75% on one community located in Kokomo, Indiana. The mortgage loan is interest-only and has an 18-month term maturing in July 2020. The Company incurred approximately $91,000 in deferred financing costs related to this loan, which are being amortized over 18 months. On December 1, 2018, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $0.8 million. The finance agreement has a fixed interest rate of 4.40% with the principal being repaid over an 11-month term. On November 30, 2018, the Company completed supplemental mortgage financing of approximately $1.8 million from Fannie Mae at a fixed interest rate of 6.30% on one community located in Mesquite, Texas. The supplemental mortgage loan is coterminous, cross-collateralized and cross-defaulted with the original existing mortgage debt maturing in July 2024. The Company incurred approximately $0.1 million in deferred financing costs related to this loan, which are being amortized over the remaining initial loan term. Effective June 29, 2018, the Company extended its mortgage loan with Berkadia on one of its senior living communities located in Canton, Ohio. The maturity date was extended to October 10, 2021 with an initial variable interest rate of LIBOR plus 5.0% with principal amortized over 25 years. Effective May 31, 2018, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $1.7 million. The finance agreement has a fixed interest rate of 3.64% with the principal being repaid over an 11-month term. In connection with the Company’s loan commitments described above, the Company incurred financing charges that were deferred and amortized over the life of the notes. At December 31, 2019 and 2018, the Company had gross deferred loan costs of $14.3 million and $14.1 million, respectively. Accumulated amortization was $5.7 million and $4.7 million at December 31, 2019 and 2018, respectively. Amortization expense is expected to be approximately $1.6 million in each of the next five fiscal years. The Company was in compliance with all aspects of its outstanding indebtedness at December 31, 2019 and 2018. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Equity | 9 . Equity Preferred Stock The Company is authorized to issue preferred stock in series and to fix and state the voting powers and such designations, preferences and relative participating, optional or other special rights of the shares of each such series and the qualifications, limitations and restrictions thereof. Such action may be taken by the Board without stockholder approval. The rights, preferences and privileges of holders of common stock are subject to the rights of the holders of preferred stock. No preferred stock was outstanding as of December 31, 2019 and 2018. Share Repurchases On January 22, 2009, the Company’s board of directors approved a share repurchase program that authorized the Company to purchase up to $10.0 million of the Company’s common stock. Purchases may be made from time to time using a variety of methods, which may include open market purchases, privately negotiated transactions or block trades, or by any combination of such methods, in accordance with applicable insider trading and other securities laws and regulations. The size, scope and timing of any purchases will be based on business, market and other conditions and factors, including price, regulatory and contractual requirements or consents, and capital availability. The repurchase program does not obligate the Company to acquire any particular amount of common stock and the share repurchase authorization has no stated expiration date. Shares of stock repurchased under the program will be held as treasury shares. Pursuant to this authorization, during fiscal 2009, the Company purchased 349,800 shares at an average cost of $2.67 per share for a total cost to the Company of approximately $0.9 million. On January 14, 2016, the Company announced that its board of directors approved a continuation of the share repurchase program. Pursuant to this authorization, during fiscal 2016, the Company purchased 144,315 shares of its common stock at an average cost of $17.29 per share for a total cost to the Company of approximately $2.5 million. All such purchases were made in open market transactions. There were no repurchases of the Company’s common stock during fiscal 2019 or 2018. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 10 . Stock-Based Compensation The Company recognizes compensation expense for share-based stock awards to certain employees and directors, including grants of employee stock options and awards of restricted stock, in the Company’s Consolidated Statements of Operations and Comprehensive Loss based on their fair values. The Company’s Amended 2007 Omnibus Stock and Incentive Plan (the “2007 Plan”) provided for, among other things, the grant of restricted stock awards, restricted stock units and stock options to purchase shares of the Company’s common stock. The 2007 Plan authorized the Company to issue up to 4,600,000 million shares of common stock and the Company had reserved shares of common stock for future issuance pursuant to awards under the 2007 Plan. On May 14, 2019, the Company’s stockholders approved the 2019 Omnibus Stock and Incentive Plan for Capital Senior Living Corporation (the “2019 Plan”), which replaced the 2007 Plan. The 2019 Plan provides for, among other things, the grant of restricted stock awards, restricted stock units and stock options to purchase shares of the Company’s common stock. The 2019 Plan authorizes the Company to issue up to 2,250,000 shares of common stock plus reserved shares not issued or subject to outstanding awards under the 2007 Plan, and the Company has reserved shares of common stock for future issuance pursuant to awards under the 2019 Plan. Effective March 26, 2019, the 2007 Plan was terminated and no additional awards will be granted under the 2007 Plan. Stock Options The Company’s stock option program is a long-term retention program that is intended to attract, retain and provide incentives for employees, officers and directors and to more closely align stockholder and employee interests. The Company’s stock options generally vest over one to five years and the related expense is amortized on a straight-line basis over the vesting period. The fair value of stock options was estimated using the Black-Scholes option pricing model. The Black-Scholes model requires the input of certain assumptions including expected volatility, expected dividend yield, expected life of the option and the risk-free interest rate. The expected volatility used by the Company is based primarily on an analysis of historical prices of the Company’s common stock. The expected term of options granted is based primarily on historical exercise patterns on the Company’s outstanding stock options. The risk-free rate is based on zero-coupon U.S. Treasury yields in effect at the date of grant with the same period as the expected option life. The Company does not expect to pay dividends on its common stock and therefore has used a dividend yield of zero in determining the fair value of its awards. The option forfeiture rate assumption used by the Company is based primarily on the Company’s historical option forfeiture patterns. The fair value of stock options was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2019 Expected volatility 37.0% Expected dividend yield 0.0% Expected term in years 6.0 Risk free rate 2.55% Expected forfeiture rate 0.0% The options outstanding at December 31, 2019 had no intrinsic value, a weighted-average remaining contractual life of 9.0 years, and a weighted-average exercise price of $7.46. None of the options outstanding at December 31, 2019 were exercisable. No stock options were outstanding at December 31, 2018 and 2017, as all outstanding options had fully vested and have been exercised or forfeited. A summary of the Company’s stock option transactions for the years ended December 31, 2019, 2018, and 2017 is as follows: Outstanding Beginning of Year Granted Exercised Forfeited Outstanding End of Year Options Exercisable December 31, 2019 Shares — 147,239 — — 147,239 — Weighted average price $ — $ 7.46 $ — — $ 7.46 $ — December 31, 2018 Shares — — — — — — Weighted average price $ — — $ — — $ — $ — December 31, 2017 Shares — — — — — — Weighted average price $ — — $ — — $ — $ — At December 31, 2019, there was approximately $0.3 million of total unrecognized compensation expense related to unvested stock option awards, which is expected to be recognized over a weighted average period of 2.0 years. The fair value of the stock options is amortized as compensation expense over the vesting periods of the options. The Company recorded stock-based compensation expense related to stock options of approximately $0.1 million in 2019. No expense was recorded related to stock options in 2018 or 2017. Restricted Stock The Company may grant restricted stock awards and units to employees, officers, and directors in order to attract, retain, and provide incentives for such individuals and to more closely align stockholder and employee interests. For restricted stock awards and units without performance and market-based vesting conditions, the Company records compensation expense for the entire award on a straight-line basis over the requisite service period, which is generally a period of one to four years, unless the award is subject to certain accelerated vesting requirements. Restricted stock awards are considered outstanding at the time of grant since the holders thereof are entitled to dividends, upon vesting, and voting rights. For restricted stock awards with performance and market-based vesting conditions, total compensation expense is recognized over the requisite service period once the performance target is deemed probable of achievement. Performance goals are evaluated periodically and if such goals are not ultimately met or it is not probable the goals will be achieved, no compensation expense is recognized and any previously recognized compensation expense is reversed. If the achievement of a market condition varies from initial estimates on the date of grant, compensation expense will not be adjusted to reflect the difference since the grant date fair value of the performance award gave consideration to the probability of market condition achievement. The Company recognizes compensation expense of a restricted stock award over its respective vesting or performance period based on the fair value of the award on the grant date, net of actual forfeitures. A summary of the Company’s restricted common stock awards activity and related information for the years ended December 31, 2019, 2018, and 2017 is presented below: Outstanding Beginning of Year Issued Vested Forfeited Outstanding End of Year December 31, 2019 Shares 1,345,159 662,154 (424,556 ) (493,411 ) 1,089,346 December 31, 2018 Shares 964,484 830,794 (386,900 ) (63,219 ) 1,345,159 December 31, 2017 Shares 829,766 565,745 (355,400 ) (75,627 ) 964,484 The restricted stock outstanding at December 31, 2019, 2018, and 2017, had an aggregate intrinsic value of $3.4 million, $9.1 million, and $13.0 million, respectively. During fiscal 2019, the Company awarded 662,154 shares of restricted common stock to certain employees and directors of the Company, of which 325,415 shares were subject to performance and market-based vesting conditions. The average market value of the common stock on the date of grant was $4.50. These awards of restricted shares vest over a one to four-year period, unless the award is subject to certain accelerated vesting requirements, and had an intrinsic value of $3.0 million on the date of grant. Additionally, during fiscal 2019, the Company awarded 59,841 restricted stock units to certain directors of the Company with average market value of $3.76 on the date of grant. These awards of restricted units vest over a one-year period and had an intrinsic value of approximately $0.2 million on the date of grant. Stock Based Compensation The Company uses the Monte-Carlo simulation model to determine the fair value of performance awards which include market-based vesting conditions. The Monte-Carlo simulation model uses the same input assumptions as the Black-Scholes model; however, it also further incorporates into the fair-value determination the possibility that the market condition may not be satisfied. Compensation costs related to awards with a market-based condition are recognized regardless of whether the market condition is satisfied, provided that the requisite service has been provided. During fiscal 2019, in accordance with the Company’s long-term incentive compensation plan, the Company granted 325,415 shares of restricted common stock with performance and market-based vesting conditions to certain employees of the Company. These performance awards are subject to a market-based condition that may increase or decrease the number of shares vested if the Company’s 2021 Total Stockholder Return (“TSR”) exceeds or falls below certain achievement level parameters when ranked against the Company’s designated Peer Group. These restricted performance shares vest over a three-year period based on the Company’s Earnings before Interest, Taxes, Depreciation, Amortization, and Rent (“EBITDAR”) financial performance target set by the Company’s compensation committee for the fiscal year ending December 31, 2021. The number of shares of restricted common stock ultimately issued will be prorated between performance level targets achieved. The Company recognized $2.5 million, $8.4 million, and $7.7 million in stock-based compensation expense during fiscal 2019, 2018, and 2017, respectively, which primarily is associated with employees whose corresponding salaries and wages are included in general and administrative expenses within the Company’s Consolidated Statements of Operations and Comprehensive Loss. Unrecognized stock-based compensation expense is $3.7 million at December 31, 2019. The Company expects stock-based compensation expense to be recognized over a one to three-year period for performance restricted stock awards and a one to four-year period for nonperformance-based restricted stock awards and units. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 1 . The (benefit) provision for income taxes consists of the following (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ (71 ) $ (152 ) $ 6 State 443 474 550 Deferred: Federal 76 (2,093 ) 1,940 State — — — (Benefit) Provision for income taxes $ 448 $ (1,771 ) $ 2,496 The (benefit) provision for income taxes differed from the amounts of income tax (benefit) provision determined by applying the U.S. federal statutory income tax rate to income before (benefit) provision for income taxes as a result of the following (in thousands): Year Ended December 31, 2019 2018 2017 Tax benefit at federal statutory rates $ (7,472 ) $ (11,627 ) $ (14,168 ) State income tax benefit, net of federal effects (548 ) (665 ) (648 ) Change in deferred tax asset valuation allowance 7,478 9,543 7,857 Tax reform impact on deferred income taxes — — 13,959 Share based compensation ASU 2016-09 adoption — — (5,326 ) Other 990 978 822 (Benefit) Provision for income taxes $ 448 $ (1,771 ) $ 2,496 The effective tax rate for fiscal 2019 differs from the statutory tax rate primarily due to state income taxes, changes in the deferred tax asset valuation allowance, and other permanent tax differences. The Company is impacted by the Texas Margin Tax (“TMT”), which effectively imposes tax on modified gross revenues for communities within the State of Texas and accounts for the majority of the Company’s current state tax expense. The valuation allowance recorded as of Fiscal 2019 was $50.7 million, which had increased from the prior year by $4.4 million. Of the $4.4 million adjustment to the valuation allowance during fiscal 2019, a $3.0 million decrease in the valuation allowance was the result of retained earnings impact related to the adoption of ASC 842 and a $7.4 million increase to the valuation allowance was current year activity. The fiscal 2019 other permanent tax differences include $0.7 million of stock compensation shortfalls and $0.4 million of Section 162(m) compensation limitation. The effective tax rate for fiscal 2018 differs from the statutory tax rate primarily due to state income taxes, changes in the deferred tax asset valuation allowance, and other permanent tax differences. The fiscal 2018 other permanent tax differences include $0.5 million of stock compensation shortfalls and $0.3 million of Section 162(m) compensation limitation. The effective tax rate for fiscal 2017 differs from the statutory tax rate primarily due to state income taxes, changes in the deferred tax asset valuation allowance, tax reform impact on deferred income taxes, adoption of ASU 2016-09, and other permanent tax differences. The fiscal 2017 other permanent tax differences include $0.7 million of stock compensation shortfalls and $0.2 million of Section 162(m) compensation limitation. A summary of the Company’s deferred tax assets and liabilities, are as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Deferred gains on sale/leaseback transactions $ — $ 2,440 Lease liabilities 62,166 — Net operating loss carryforward 34,284 33,252 Compensation costs 2,134 3,087 Depreciation and amortization 3,525 5,323 Other 2,991 2,330 Total deferred tax assets 105,100 46,432 Deferred tax asset valuation allowance (50,699 ) (46,280 ) Total deferred tax assets, net 54,401 152 Deferred tax liabilities: Depreciation and amortization — — Operating lease right-of-use assets (54,325 ) — Total deferred tax liabilities $ (54,325 ) $ — Deferred taxes, net $ 76 $ 152 Income taxes are computed using the asset and liability method and current income taxes are recorded based on amounts refundable or payable. Deferred income taxes are recorded based on the estimated future tax effects of loss carryforwards and temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which we expect those carryforwards and temporary differences to be recovered or settled. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. Based upon this evaluation, a valuation allowance has been recorded to reduce the Company’s net deferred tax assets to the amount that is more likely than not to be realized. A significant component of objective evidence evaluated was the cumulative losses before income taxes incurred by the Company over the past several fiscal years. Such objective evidence severely limits the ability to consider other subjective evidence such as the Company’s ability to generate sufficient taxable income in future periods to fully recover the deferred tax assets. However, in the event that we were to determine that it would be more likely than not that the Company would realize the benefit of deferred tax assets in the future in excess of their net recorded amounts, adjustments to deferred tax assets would increase net income in the period we made such a determination . At December 31, 2017, the Company completed an analysis determining its best estimate for provisional tax adjustments based on the revised tax legislation associated with the Tax Cuts and Jobs Act (“TCJA”), which was enacted on December 22, 2017. Additionally, the Securities and Exchange Commission issued Staff Accounting Bulletin 118 (“SAB 118”), to address the accounting and reporting of the Act. SAB 118 allowed companies to take a reasonable period, which should not extent beyond one year from enactment of the TCJA, to measure and recognize the effects of the new tax law. Based upon the Company’s analysis of the TCJA and consideration of SAB 118, the Company remeasured its deferred income taxes on a provisional basis as of December 31, 2017, which resulted in a net $14.0 million reduction in the Company’s deferred tax assets and liabilities. The remeasurement consisted of a $15.9 million reduction to the Company’s deferred tax assets for the change in the corporate statutory tax rate from 34% to 21% and a $0.3 million reduction to the Company’s deferred tax asset valuation allowance for the repeal of the corporate Alternative Minimum Tax (“AMT”), partially offset by a $2.2 million increase to the Company’s deferred tax asset valuation allowance for maximum deduction limits for future net operating loss (“NOL”) carryforwards to 80% of taxable income for losses arising in tax years beginning after December 31, 2017. The Company completed its assessment of the TCJA under SAB 118 as of December 31, 2018, resulting in a net $2.2 million reduction to the Company’s deferred tax asset valuation allowance. The $2.2 million reduction was primarily related to guidance released in December 2018 for companies electing real property trade or business under Section 163(j)(7)(B) of the Internal Revenue Code to opt out of the interest expense limitation. This guidance requires residential rental property to be depreciated under the Alternative Depreciation System (“ADS”), including assets placed in service prior to 2018. As of December 31, 2019, the Company has federal and state NOL carryforwards of $160.5 million and $135.0 million and related deferred tax assets of $33.7 million and $7.2 million, respectively, and a federal AMT credit carryforward of $0.1 million. The federal and state NOL carryforwards in the income tax returns filed included unrecognized tax benefits. The deferred tax assets recognized for those NOLs are presented net of the unrecognized benefits. If not used, the federal NOL generated prior to fiscal 2018 will expire during fiscal 2033 to 2037 and non-conforming state NOL’s will expire during fiscal 2020 to 2039. Federal NOL’s generated in fiscal 2018 and beyond currently have no expiration due to changes to tax laws enacted with the TCJA. Some state jurisdictions conform to the unlimited net operating loss carryforward provisions as modified by the TCJA. However, some jurisdictions do not conform to the above-mentioned provisions. Utilization of the net operating loss carryforwards might be subject to a substantial annual limitation due to ownership change limitations that may have occurred or that could occur in the future, as required by Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”). These ownership changes may limit the amount of NOL carryforwards that can be utilized annually to offset future taxable income and tax, respectively. In general, an “ownership change” as defined by Section 382 of the Code results from a transaction or series of transactions over a three-year period resulting in an ownership change of more than 50 percentage points of the outstanding stock of a company by certain stockholders or public groups. Since the Company’s formation, the Company has raised capital through the issuance of capital stock on several occasions which, combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership change in the future upon subsequent disposition. As no utilization of the NOL carryforwards are being or are projected to be utilized in the near future, the Company has not currently completed a study to assess whether an ownership change has occurred. As the Company maintains a valuation allowance in all jurisdictions where the NOL carryovers are present, any potential Section 382 limitation would also be impacted by the valuation allowance. Any carryforwards that will expire prior to utilization as a result of a Section 382 limitations will be removed from deferred tax assets with a corresponding reduction of the valuation allowance A summary of the Company’s unrecognized tax benefits activity and related information for the years ended December 31, 2019, 2018, and 2017 is presented below (in thousands): 2019 2018 2017 Beginning balance, January 1 $ 4,644 $ 3,416 $ 3,786 Gross increases – tax positions in prior period 2,468 1,228 — Gross decreases – tax positions in prior period — — (370 ) Gross increases – tax positions in current period — — — Settlements — — — Lapse of statute of limitations (323 ) — — Ending balance, December 31 $ 6,789 $ 4,644 $ 3,416 The Company evaluates uncertain tax positions through consideration of accounting and reporting guidance on criteria, measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial-statement comparability among different companies. The Company is required to recognize a tax benefit in its financial statements for an uncertain tax position only if management’s assessment is that its position is “more likely than not” (i.e., a greater than 50 percent likelihood) to be upheld on audit based only on the technical merits of the tax position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expense. As of December 31, 2019, the Company has unrecognized tax benefits of $6.8 million for an uncertain tax position associated with a change in accounting method. The unrecognized tax benefits as of December 31, 2019 are timing-related uncertainties that if recognized would not impact the effective tax rate of the Company. Unrecognized tax benefit changes in the next 12 months will be a reduction of $1.7 million. The Company files income tax returns in the U.S. federal jurisdiction and U.S. state jurisdictions. As of December 31, 2019, the Company is generally no longer subject to U.S. federal and state income tax examinations for tax years prior to 2016. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2019 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 1 2 . Employee Benefit Plans The Company has a 401(k) salary deferral plan (the “Plan”) in which certain employees of the Company meeting minimum service and age requirements are eligible to participate. Contributions to the Plan are in the form of employee salary deferrals, which are subject to employer matching contributions of 50% of up to 4% of the employee’s annual salary. The Company’s contributions are funded semi-monthly to the Plan administrator. Matching contributions of $0.5 million were contributed to the Plan in each of fiscal 2019, 2018 and 2017. The Company incurred administrative expenses related to the Plan of $24,000, $25,000, and $21,300 in fiscal 2019, 2018, and 2017, respectively. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 1 3 . Contingencies The Company has claims incurred in the normal course of its business. Most of these claims are believed by management to be covered by insurance, subject to normal reservations of rights by the insurance companies and possibly subject to certain exclusions in the applicable insurance policies. Whether or not covered by insurance, these claims, in the opinion of management, based on advice of legal counsel, should not have a material effect on the consolidated financial statements of the Company if determined adversely to the Company. The Company had two of its senior housing communities located in southeast Texas impacted by Hurricane Harvey during the third quarter of fiscal 2017. We maintain insurance coverage on these communities which includes damage caused by flooding. The insurance claim for this incident required a deductible of $100,000 that was expensed as a component of operating expenses in the Company’s Consolidated Statement of Operations and Comprehensive Loss in the third quarter of fiscal 2017. Physical repairs have been completed to restore the communities to their condition prior to the incident and these communities reopened and began accepting residents in July 2018. We have incurred approximately $6.2 million in clean-up and physical repair costs, almost all of which have been recovered through insurance proceeds. At December 31, 2019 and 2018, the Company expected to receive an additional $0.3 million and $2.4 million, respectively, in insurance proceeds from our respective carrier, which was included in prepaid expenses and other on the Company’s Consolidated Balance Sheets. In addition to the repairs of physical damage to the buildings, the Company’s insurance coverage includes loss of business income (“Business Interruption”). Business Interruption includes reimbursement for lost revenue as well as incremental expenses incurred as a result of the hurricane. The Company received payments from our insurance underwriters during fiscal 2019 and 2018 totaling approximately $2.5 million and $5.1 million related to Business Interruption, respectively, which have been included as a reduction to operating expenses in the Company’s Consolidated Statement of Operations and Comprehensive Loss for each respective year. Business interruption payments ceased in accordance with our insurance policy in July 2019. In July 2018, the Company received notifications from the Internal Revenue Service (“IRS”) pursuant to the Affordable Care Act (“ACA”) that the Company may be liable for an Employer Shared Responsibility Payment (“ESRP”) in the amount of approximately $2.1 million for the year ended December 31, 2015. The ESRP is applicable to employers that had 50 or more full-time equivalent employees, did not offer minimum essential coverage (“MEC”) to at least 70% of full-time employees and their dependents, or did offer MEC to at least 70% of full-time employees and their dependents which did not meet the affordable or minimum value criteria and had one or more full-time employees certified as being allowed the premium tax credit (“PTC”). The IRS determines the amount of the proposed ESRP from information returns completed by employers and from income tax returns completed by employees. Based upon the Company’s review of the notifications provided by the IRS, the Company initially concluded it would be liable for approximately $0.2 million of the ESRP assessments which was accrued within certain employee benefit reserves. The Company formally responded to the notifications from the IRS and received favorable decisions revising the ESRP to $83,200 during the fourth quarter of fiscal 2018. The Company believes it has appropriate reserves as of December 31, 2019 and 2018. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 14. The carrying amounts and fair values of financial instruments at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 23,975 $ 23,975 $ 31,309 $ 31,309 Restricted cash 13,088 13,088 13,011 13,011 Notes payable, excluding deferred loan costs 930,085 899,326 983,207 945,318 The following methods and assumptions were used in estimating its fair value disclosures for financial instruments: Cash and cash equivalents and Restricted cash: The carrying amounts reported in the balance sheet for cash and cash equivalents and restricted cash equal fair value, which represent Level 1 inputs as defined in the accounting standards codification. Notes payable: The fair value of notes payable is estimated using discounted cash flow analysis, based on current incremental borrowing rates for similar types of borrowing arrangements, which represent Level 2 inputs as defined in the accounting standards codification. Assets Held for Sale During the first quarter of fiscal 2019, the Company classified one senior living community as held for sale and determined a remeasurement write-down of approximately $2.3 million was required to adjust the carrying value to its fair value, net of cost of disposal. The senior living community was sold during the second quarter of fiscal 2019 for its carrying value. During the third quarter of fiscal 2019, the Company classified two senior living communities as held for sale which required no remeasurement to adjust the carrying value to its fair value. The Company determines, using Level 2 inputs as defined in the accounting standards codification, the fair value, net of costs of disposal, of an asset on the date the asset is categorized as held for sale, and the asset is recorded at the lower of its fair value, net of cost of disposal, or carrying value on that date. The Company periodically reevaluates assets held for sale to determine if the assets are still recorded at the lower of fair value, net of cost of disposal, or carrying value. The fair values are generally determined based on market rates, industry trends and recent comparable sales transactions. Operating Lease Right-Of-Use Assets The Company’s adoption of ASC 842 on January 1, 2019, resulted in the recognition of operating lease right-of-use assets which were determined not fully recoverable and required impairment write-down adjustments of approximately $17.8 million recorded directly to retained deficit. The fair value of the right-of-use assets was estimated, using level 3 inputs as defined in the accounting standards codification, utilizing a discounted cash flow approach based upon historical and projected cash flows and market data, including management fees and a market supported lease coverage ratio. The estimated future cash flows were discounted at a rate that is consistent with a weighted average cost of capital from a market participant perspective. The estimated fair value of these assets and liabilities could be affected by market changes and this effect could be material. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Allowance for Doubtful Accounts | 1 5 . Allowance for Doubtful Accounts The components of the allowance for doubtful accounts are as follows (in thousands): December 31, 2019 2018 2017 Balance at beginning of year $ 6,793 $ 4,881 $ 4,253 Provision for bad debts, net of recoveries 3,765 2,990 1,748 Write-offs and other (1,915 ) (1,078 ) (1,120 ) Balance at end of year $ 8,643 $ 6,793 $ 4,881 Accounts receivable are reported net of an allowance for doubtful accounts to represent the Company’s estimate of inherent losses at the balance sheet date. The increase in the allowance for doubtful accounts is primarily due to an increase in Medicaid receivables, which is due to an increase in the number of residents for which Medicaid is the payor. The Company’s bad debt expense for Medicaid is higher than that for private pay residents. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | 1 6 . Leases The Company has operating leases for various real estate (primarily senior housing communities) and equipment as well as financing leases for certain vehicles. As of December 31, 2019, the Company leased 46 senior housing communities from certain real estate investment trusts (“REITs”). Under these facility lease agreements, the Company is responsible for all operating costs, maintenance and repairs, insurance and property taxes. Additionally, facility leases may include contingent rent increases when certain operational performance thresholds are surpassed, at which time the right-of-use assets and lease liability will be remeasured. Ventas As of December 31, 2019, the Company leased seven senior housing communities (collectively the “Ventas Lease Agreements”) from Ventas. Effective January 31, 2017, the Company acquired from Ventas the underlying real estate associated with four of its operating leases (the “Four Property Lease Transaction”) Prior to the Four Property Lease Transaction, the Company previously leased 11 senior housing communities from Ventas. During the second quarter of fiscal 2015, the Company executed amendments to the master lease agreements with Ventas to facilitate up to $24.5 million of leasehold improvements for 10 communities within the Ventas lease portfolio and extend the lease terms until September 30, 2025, with two five-year renewal extensions available at the Company’s option. During the second quarter of fiscal 2016, the Company executed amendments to the master lease agreements with Ventas to increase the funds budgeted for leasehold improvements (the “Special Project Funds”) from $24.5 million to $28.5 million and extend the date for completion of the leasehold improvements to June 30, 2017. During the second quarter of fiscal 2017, the Company executed amendments to the master lease agreements with Ventas to decrease the Special Project Funds for leasehold improvements from $28.5 million to approximately $17.0 million due to the Four Property Lease Transaction and extend the date for completion of the leasehold improvements to June 30, 2018. During the second quarter of fiscal 2019, the Company executed amendments to the master lease agreements with Ventas to increase the Special Project Funds for leasehold improvements from approximately $17.0 million to approximately $20.0 million and extend the date for completion of the leasehold improvements to June 30, 2021. The initial lease rates under each of the Ventas Lease Agreements ranged from 6.75% to 8% and are subject to contingent rent escalation clauses. When a contingency is resolved and an escalation occurs, the amount is included within lease payments and reflected in the ROU asset and lease liability Subsequent Events Healthpeak As of December 31, 2019, the Company leased 15 senior housing communities (collectively the “Healthpeak Lease Agreements”) from Healthpeak Properties, Inc., formerly HCP, Inc. (“Healthpeak”). During the fourth quarter of fiscal 2013, the Company executed an amendment to the master lease agreement with Healthpeak to facilitate up to $3.3 million of leasehold improvements for one community within the Healthpeak lease portfolio and extend the initial lease terms for nine communities until October 31, 2020. During the second quarter of fiscal 2015, the Company exercised its right to extend the lease term with Healthpeak for the remaining six communities in the Healthpeak lease portfolio until April 30, 2026. The initial lease rates under the Healthpeak Lease Agreements ranged from 7.25% to 8% and are subject to certain conditional escalation clauses. When a contingency is resolved and an escalation occurs, the amount is included within lease payments and reflected in the ROU asset and lease liability Subsequent Events Welltower As of December 31, 2019, the Company leased 24 senior housing communities (collectively the “Welltower Lease Agreements”) from Welltower. The Welltower Lease Agreements each have an initial term of 15 years. The initial lease rates under the Welltower Lease Agreements ranged from 7.25% to 8.5% and are subject to certain conditional escalation clauses. When a contingency is resolved and an escalation occurs, the amount is included within lease payments and reflected in the ROU asset and lease liability Subsequent Events The Company determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. The Company, as lessee, makes a determination with respect to each of its community and equipment leases as to whether each should be accounted for as an operating lease or financing lease. The classification criteria is based on estimates regarding the fair value of the leased asset, minimum lease payments, effective cost of funds, economic life of the asset, and certain other terms in each lease agreement. Operating lease right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term on the lease commencement date. When the implicit lease rate is not determinable, the Company’s incremental borrowing rate based on the information available at the lease commencement date is used in determining the present value of future minimum lease payments. As of December 31, 2019, the weighted average discount rate and average remaining lease terms of the Company's operating leases was 7.8% and 5.6 years, respectively. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease terms. Financing lease right-of-use assets are recognized within property, plant and equipment and leasehold improvements, net on the Company's consolidated balance sheets. The Company recognizes interest expense on the financing lease liabilities utilizing the effective interest method. As of December 31, 2019, the weighted average discount rate and average remaining lease term of the Company's financing leases was 7.1% and 3.9 years, respectively. The right-of-use asset is generally amortized to depreciation and amortization expense on a straight-line basis over the lease term. Certain of the Company’s lease arrangements have lease and non-lease components. The Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets. Leases with an expected lease term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. Most of the Company’s lease agreements include one or more options to renew, with renewal terms that can extend the lease term for an additional one to 20 years at the Company’s option. The recoverability of assets and depreciable life of leasehold improvements are limited by expected lease terms. There are various financial covenants and other restrictions in the Company’s lease agreements. The Company’s lease agreements do not contain any material residual value guarantees. The Company was in compliance with all of its lease covenants at December 31, 2018 and lease covenants with regard to its Healthpeak leases at December 31, 2019. A summary of operating and financing lease expense (including the respective presentation on the consolidated statement of operations) and cash flows from leasing transactions for the year ended December 31, 2019 is as follows: Operating Leases (in thousands) Year Ended December 31, 2019 Facility lease expense $ 57,022 General and administrative expenses 812 Operating expenses, including variable lease expense of $6,142 6,466 Total operating lease costs $ 64,300 Operating lease expense adjustment 5,243 Operating cash flows from operating leases $ 69,543 Financing Leases (in thousands) Year Ended December 31, 2019 Depreciation and amortization $ 11 Interest expense: financing lease obligations 3 Total financing lease costs $ 14 Operating cash flows from financing leases 11 Financing cash flows from financing leases 3 Total cash flows from financing leases $ 14 The aggregate amounts of future minimum lease payments recognized on the consolidated balance sheet as of December 31, 2019 are as follows (in thousands): Year Ending December 31, Operating Leases Financing Leases 2020 $ 63,549 $ 148 2021 51,401 148 2022 51,321 148 2023 51,274 138 2024 51,245 — Thereafter 44,762 — Total $ 313,552 $ 582 Less: Amount representing interest (present value discount) (59,107 ) (72 ) Present value of lease liabilities $ 254,445 $ 510 Less: Current portion of lease liabilities (45,871 ) (117 ) Lease liabilities, net of current portion $ 208,574 $ 393 The aggregate amounts of future minimum operating lease payments not recognized on the consolidated balance sheet under ASC 840 as of December 31, 2018 are as follows (in thousands): Year Ending December 31, Operating Leases 2019 $ 66,455 2020 63,929 2021 52,093 2022 52,062 2023 52,026 Thereafter 97,165 Total lease payments $ 383,730 |
Quarterly Financial Information
Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information (Unaudited) | 1 7 . Quarterly Financial Information (Unaudited) The following table presents certain unaudited quarterly financial information for each of the four quarters ended December 31, 2019 and 2018. This information has been prepared on the same basis as the audited consolidated financial statements of the Company and include, in the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the quarterly results when read in conjunction with the audited consolidated financial statements of the Company. 2019 Calendar Quarters First Second Third Fourth (1) (In thousands, except per share amounts) Total revenues $ 114,176 $ 113,126 $ 111,110 108,688 Income (Loss) from operations 1,970 203 (8,105 ) (8,757 ) Net income (loss) and comprehensive income (loss) (12,984 ) (12,534 ) (20,731 ) 10,219 Net income (loss) per share, basic $ (0.43 ) $ (0.41 ) $ (0.68 ) $ 0.34 Net income (loss) per share, diluted $ (0.43 ) $ (0.41 ) $ (0.68 ) $ 0.34 Weighted average shares outstanding, basic 30,102 30,279 30,324 30,342 Weighted average shares outstanding, fully diluted 30,102 30,279 30,324 30,412 (1) The fourth quarter of calendar 2019 was impacted by a $38.8 million gain the Company recognized due to the sale of two communities located in Springfield, Missouri and Peoria, Illinois on October 1, 2019. 2018 Calendar Quarters First Second Third Fourth (1) (In thousands, except per share amounts) Total revenues $ 114,643 $ 114,627 $ 115,650 $ 115,098 Income (Loss) from operations 5,386 3,643 1,696 (3,122 ) Net loss and comprehensive loss (7,156 ) (9,060 ) (11,089 ) (26,291 ) Net loss per share, basic $ (0.24 ) $ (0.30 ) $ (0.37 ) $ (0.88 ) Net loss per share, diluted $ (0.24 ) $ (0.30 ) $ (0.37 ) $ (0.88 ) Weighted average shares outstanding, basic 29,627 29,831 29,877 29,908 Weighted average shares outstanding, fully diluted 29,627 29,831 29,877 29,908 (1) The fourth quarter of calendar 2018 was impacted by $4.2 million of additional general and administrative expenses for separation and placement costs primarily associated with the retirement and replacement of the Company’s CEO and $12.6 million for write-off of deferred loan costs and prepayment premiums from the early repayment of certain mortgage debt on the Company’s owned properties due to the opportunity to establish an MCF with Berkadia and extend scheduled maturities. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Disposition of Boca Raton, Florida Community Effective January 15, 2020, the Company’s leased senior living community located in Boca Raton, Florida transitioned to a new operator. In conjunction with the transition, the Company paid Healthpeak a one-time $0.3 million payment as a prepayment against the remaining lease payments and was relieved of any additional obligation to Healthpeak with regard to that property. The transition was the first transaction under the Company’s October 22, 2019 agreement with Healthpeak. Early Termination of Master Lease Agreements Welltower On March 15, 2020, the Company entered into an agreement with Welltower, providing for the early termination of three Master Lease Agreements between it and Welltower covering 24 communities. Pursuant to such agreement, among other things, from February 1, 2020 through December 31, 2020, the Company agreed to pay Welltower rent of approximately $2.2 million per month for such communities as compared to approximately $2.8 million per month that would otherwise have been due and payable under the Master Lease Agreements. The Company will not be required to comply with certain financial covenants of the Master Lease Agreements during the forbearance period. In conjunction with the agreement, the Company agreed to release $6.5 million in security deposits held by Welltower. In addition, the agreement with Welltower provides for the conversion of the lease agreements covering the communities into property management agreements with the Company on December 31, 2020, if such communities have not been transitioned to a successor operator. Ventas On March 10, 2020, the Company entered into an agreement with Ventas, providing for the early termination of a Master Lease Agreement between it and Ventas covering seven communities. Pursuant to such agreement, among other things, from February 1, 2020 through December 31, 2020, the Company agreed to pay Ventas rent of approximately $1.0 million per month for such communities as compared to approximately $1.3 million per month that would otherwise have been due and payable under the Master Lease Agreements. The Company will not be required to comply with certain financial covenants of the Master Lease Agreements during the forbearance period. In conjunction with the agreement, the Company agreed to release $3.9 million in security deposits held by Ventas. In addition, the agreement with Ventas provides for the conversion of the lease agreements covering the communities into property management agreements with the Company on December 31, 2020 if Ventas has not transitioned such communities to a successor operator. Healthpeak On March 1, 2020, the Company entered into an agreement with Healthpeak, effective February 1, 2020, providing for the early termination of a Master Lease Agreement between it and Healthpeak, previously scheduled to mature in April 2026. The Master Lease Agreement was converted into a management agreement under a RIDEA structure pursuant to which the Company agreed to manage the six communities that were subject to such lease agreement until such communities are sold by Healthpeak. In conjunction with the agreement, the Company agreed to release approximately $1.9 million of security deposits held by Healthpeak. The Company expects that these agreements will result in lease modifications under ASC 842, which will significantly reduce the Company’s operating lease right-of-use assets, net and its operating lease liabilities. Additionally, the Company expects the lease modifications to advance the timing of recognition within the Company’s Consolidated Statements of Operations and Comprehensive Loss for certain assets and liabilities including $43.7 million of leasehold improvements and $11.4 million of lease related financing obligations as of December 31, 2019 as the modified leases are now expected to terminate by December 31, 2020. Coronavirus Since its discovery in December 2019, a new strain of coronavirus, which causes the viral disease known as COVID-19, has spread from China to many other countries, including the United States. The outbreak has been declared to be a pandemic by the World Health Organization, and the Health and Human Services Secretary has declared a public health emergency in the United States in response to the outbreak. Additionally, the Centers for Disease Control and Prevention has stated that older adults are at a higher risk for serious illness from the coronavirus. As a result of the outbreak, which effectively began impacting the United States in early March, the Company has taken necessary precautions to prevent and/or minimize spread of the virus at its communities. The Company is monitoring the potential impact on its revenues and expenses. The extent to which the coronavirus impacts our operations will depend on future developments, which are highly uncertain and cannot be predicted with confidence, including the duration of the outbreak, new information that may emerge concerning the severity of the coronavirus and the actions taken to contain the coronavirus or treat its impact, among others. Disposition of Merrillville, Indiana Community Effective March 31, 2020, the Company sold one community located in Merrillville, Indiana for a total purchase price of $7.0 million and received approximately $6.9 million in net proceeds after paying customary closing costs. The community was unencumbered. The community was comprised of 171 assisted living units and 42 memory care units. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents and Restricted Cash | Cash and Cash Equivalents and Restricted Cash The Company considers all highly liquid investments with original maturities of three months or less at the date of acquisition to be cash equivalents. The Company has deposits in banks that exceed Federal Deposit Insurance Corporation insurance limits. Management believes that credit risk related to these deposits is minimal. Restricted cash consists of deposits required by certain lenders as collateral pursuant to letters of credit. The deposit must remain so long as the letter of credit is outstanding which is subject to renewal annually. The following table sets forth our cash and cash equivalents and restricted cash (in thousands): Year Ended December 31, 2019 2018 Cash and cash equivalents $ 23,975 $ 31,309 Restricted cash 13,088 13,011 $ 37,063 $ 44,320 |
Long-Lived Assets and Impairment | Long-Lived Assets and Impairment Property and equipment are stated at cost and depreciated on a straight-line basis over the estimated useful lives of the assets. At each balance sheet date, the Company reviews the carrying value of its property and equipment to determine if facts and circumstances suggest that they may be impaired or that the depreciation period may need to be changed. The Company considers internal factors such as net operating losses along with external factors relating to each asset, including contract changes, local market developments, and other publicly available information to determine whether impairment indicators exist. If an indicator of impairment is identified, the carrying value of a long-lived asset is considered impaired when the anticipated undiscounted cash flows from such asset is separately identifiable and is less than its carrying value. Recoverability of an asset group is assessed by comparing its carrying amount to the estimated future undiscounted net cash flows expected to be generated by the asset group through operation or disposition, calculated utilizing the lowest level of identifiable cash flows. If this comparison indicates that the carrying amount of an asset group is not recoverable, we are required to recognize an impairment loss. The Company determines the fair value of operating lease ROU assets by comparing the contractual rent payments to estimated market rental rates. Long-lived ROU and fixed assets are valued at fair value using inputs classified as Level 3 in the fair value hierarchy, which are unobservable inputs based on the Company’s assumptions. Impairment, if any, is recorded in the period in which the impairment occurred. |
Assets Held for Sale | Assets Held for Sale Assets are classified as held for sale when the Company has determined all of the held-for-sale criteria have been met. The Company determines the fair value, net of costs of disposal, of an asset on the date the asset is categorized as held for sale, and the asset is recorded at the lower of its fair value, net of cost of disposal, or carrying value on that date. The Company periodically reevaluates assets held for sale to determine if the assets are still recorded at the lower of fair value, net of cost of disposal, or carrying value. The fair values are generally determined based on market rates, industry trends and recent comparable sales transactions. During the year ended December 31, 2019, the Company determined a remeasurement write down of approximately $2.3 million was required to adjust the carrying value of a community classified as held for sale to its fair value, net of cost of disposal, which is included in gain (loss) on disposition of assets, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The community was sold prior to December 31, 2019. The Company did not recognize any expense related to assets held for sale during the year ended December 31, 2018. The fair values are generally determined based on market rates, industry trends, and recent comparable sales transactions. The actual sales price of these assets could differ significantly from the Company’s estimates. There were no senior housing communities classified as held for sale by the Company at December 31, 2019 or 2018. |
Advertising Costs | Advertising Costs The Company expenses advertising costs as incurred. Advertising expense was approximately $3.9 million $3.3 million $2.8 million for the years ended December 31, 2019 2018 2017 |
Off-Balance Sheet Arrangements | Off-Balance Sheet Arrangements The Company had no material off-balance sheet arrangements at December 31, 2019 or 2018. |
Income Taxes | Income Taxes Income taxes are computed using the asset and liability method and current income taxes are recorded based on amounts refundable or payable. Deferred income taxes are recorded based on the estimated future tax effects of loss carryforwards and temporary differences between financial statement carrying amounts of existing assets and liabilities and their respective tax basis. Deferred tax assets and liabilities are measured using enacted tax rates that are expected to apply to taxable income in the years in which we expect those carryforwards and temporary differences to be recovered or settled. Management regularly evaluates the future realization of deferred tax assets and provides a valuation allowance, if considered necessary, based on such evaluation. As part of the evaluation, management has evaluated taxable income in carryback years, future reversals of taxable temporary differences, feasible tax planning strategies, and future expectations of income. The Company evaluates uncertain tax positions through consideration of accounting and reporting guidance on criteria, measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure, and transition that is intended to provide better financial-statement comparability among different companies. The Company is required to recognize a tax benefit in its financial statements for an uncertain tax position only if management’s assessment is that its position is “more likely than not” (i.e., a greater than 50 percent likelihood) to be upheld on audit based only on the technical merits of the tax position. The Company’s policy is to recognize interest related to unrecognized tax benefits as interest expense and penalties as income tax expense. |
Revenue Recognition | Revenue Recognition Resident revenue consists of fees for basic housing and certain support services and fees associated with additional housing and expanded support requirements such as assisted living care, memory care, and ancillary services. Basic housing and certain support services revenue is recorded when services are rendered and amounts billed are Residency agreements are generally short term in nature with durations of one year or less and are typically terminable by either party, under certain circumstances, upon providing 30 days’ notice, unless state law provides otherwise, with resident fees billed monthly in advance. and were recognized as a component of resident revenue within the Company’s Consolidated Statements of Operations and Comprehensive Loss. Revenue for certain ancillary services is recognized as services are provided, and includes fees for services such as medication management, daily living activities, beautician/barber, laundry, television, guest meals, pets, and parking which are generally billed monthly in arrears. The Company's senior housing communities have residency agreements which generally require the resident to pay a community fee prior to moving into the community and are recorded initially by the Company as deferred revenue. At each of December 31, 2019 and 2018, the Company had contract liabilities for deferred community fees totaling approximately $2.2 million and $1.1 million, respectively, which are included as a component of deferred income within current liabilities of the Company’s Consolidated Balance Sheets. The Company recognized community fees as a component of resident revenue within the Company’s Consolidated Statements of Operations and Comprehensive Loss of approximately $2.9 million and $2.8 million, respectively, during the fiscal years ended December 31, 2019 and 2018. Revenues from the Medicaid program accounted for approximately 5.9% of the Company’s revenue in fiscal 2019, 5.4% of the Company’s revenue in fiscal 2018, and 5.6% of the Company’s revenue in fiscal 2017. During fiscal 2019, 2018, and 2017, 41, 40, and 41, respectively, of the Company’s communities were providers of services under the Medicaid program. Accordingly, these communities were entitled to reimbursement under the foregoing program at established rates that were lower than private pay rates. Patient service revenue for Medicaid patients was recorded at the reimbursement rates as the rates were set prospectively by the applicable state upon the filing of an annual cost report. None of the Company’s communities were providers of services under the Medicare program during fiscal 2019, 2018, or 2017. Laws and regulations governing the Medicaid program are complex and subject to interpretation. The Company believes that it is in compliance with all applicable laws and regulations and is not aware of any pending or threatened investigations involving allegations of potential wrongdoing. While no such regulatory inquiries have been made, compliance with such laws and regulations can be subject to future government review and interpretation as well as significant regulatory action including fines, penalties, and exclusion from the Medicaid program. |
Purchase Accounting | Purchase Accounting In determining the allocation of the purchase price of senior housing communities acquired to net tangible and identified intangible assets acquired and liabilities assumed, if any, the Company makes estimates of fair value using information obtained as a result of pre-acquisition due diligence, leasing activities and/or independent appraisals. The Company assigns the purchase price for senior living communities to assets acquired and liabilities assumed based on their estimated fair values. The determination of fair value involves the use of significant judgments and estimates which is generally assessed as follows: The Company allocates the fair values of buildings acquired on an as-if-vacant basis and depreciates the building values over the estimated remaining lives of the buildings, not to exceed 40 years. The Company The fair value of acquired lease-related intangibles reflects the estimated fair value of existing resident in-place leases as represented by the cost to obtain residents and an estimated absorption period to reflect the value of the rent and recovery costs foregone during a reasonable lease-up period as if the property acquired was vacant. The Company amortizes any acquired resident in-place lease intangibles to depreciation and amortization expense over the estimated remaining useful life of the respective resident operating leases. |
Credit Risk and Allowance for Doubtful Accounts | Credit Risk and Allowance for Doubtful Accounts The Company’s resident receivables are generally due within 30 days from the date billed. Accounts receivable are reported net of an allowance for doubtful accounts of $8.6 million and $6.8 million at December 31, 2019 and 2018, respectively, and represent the Company’s estimate of the amount that ultimately will be collected. The adequacy of the Company’s allowance for doubtful accounts is reviewed on an ongoing basis, using historical payment trends, write-off experience, analyses of receivable portfolios by payor source and aging of receivables, as well as a review of specific accounts, and adjustments are made to the allowance as necessary. Credit losses on resident receivables have historically been within management’s estimates, and management believes that the allowance for doubtful accounts adequately provides for expected losses. |
Lease Accounting | Lease Accounting Effective January 1, 2019, the Company adopted the new lease standard provisions of ASC 842. Due to the adoption of ASC 842, the unamortized balances of lease acquisition costs and lease incentives were reclassified as a component of the respective operating lease right-of-use asset. Additionally, the unamortized balance of deferred gains associated with sale leaseback transactions totaling approximately $10.0 million was written-off to retained deficit. Management determines if a contract is or contains a lease at inception or modification of a contract. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Control over the use of the identified asset means the lessee has both the right to obtain substantially all of the economic benefits from the use of the asset and the right to direct the use of the asset. Operating lease right-of-use assets and liabilities are recognized based on the present value of future minimum lease payments over the expected lease term on the lease commencement date. When the implicit lease rate is not determinable, management uses the Company’s incremental borrowing rate based on the information available at the lease commencement date in determining the present value of future minimum lease payments. The expected lease terms include options to extend or terminate the lease when it is reasonably certain the Company will exercise such options. Lease expense for minimum lease payments is recognized on a straight-line basis over the expected lease terms. Certain of the Company’s lease arrangements have lease and non-lease components. The Company accounts for the lease components and non-lease components as a single lease component for all classes of underlying assets. Leases with an expected lease term of 12 months or less are not recorded on the balance sheet and the related lease expense is recognized on a straight-line basis over the expected lease term. |
Self-Insurance Liability Accruals | Self-Insurance Liability Accruals The Company offers full-time employees an option to participate in its health and dental plans. The Company is self-insured up to certain limits and is insured if claims in excess of these limits are incurred. The cost of employee health and dental benefits, net of employee contributions, is shared between the corporate office and the senior housing communities based on the respective number of plan participants. Funds collected are used to pay the actual program costs, including estimated annual claims, third-party administrative fees, network provider fees, communication costs, and other related administrative costs incurred by the plans. Claims are paid as they are submitted to the Company’s third-party administrator. The Company records a liability for outstanding claims and claims that have been incurred but not yet reported. This liability is based on the historical claim reporting lag and payment trends of health insurance claims. Management believes that the liability for outstanding losses and expenses is adequate to cover the ultimate cost of losses and expenses incurred at December 31, 2019; however, actual claims and expenses may differ. Any subsequent changes in estimates are recorded in the period in which they are determined. The Company uses a combination of insurance and self-insurance for workers’ compensation. Determining the reserve for workers’ compensation losses and costs that the Company has incurred as of the end of a reporting period involves significant judgments based on projected future events, including potential settlements for pending claims, known incidents which may result in claims, estimates of incurred but not yet reported claims, changes in insurance premiums, estimated litigation costs and other factors. The Company regularly adjusts these estimates to reflect changes in the foregoing factors. However, since this reserve is based on estimates, the actual expenses incurred may differ from the amounts reserved. Any subsequent changes in estimates are recorded in the period in which they are determined. |
Net Loss Per Share | Net Loss Per Share Basic net loss per common share is computed by dividing net loss by the weighted average number of common shares outstanding for the period. Potentially dilutive securities consist of unvested restricted shares and shares that could be issued under outstanding stock options. Potentially dilutive securities are excluded from the computation of net loss per common share if their effect is antidilutive. The following table sets forth the computation of basic and diluted net loss per share (in thousands, except for per share amounts): Year Ended December 31, 2019 2018 2017 Net loss $ (36,030 ) $ (53,596 ) $ (44,168 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (36,030 ) $ (53,596 ) $ (44,168 ) Weighted average shares outstanding — basic 30,263 29,812 29,453 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 30,263 29,812 29,453 Basic net loss per share $ (1.19 ) $ (1.80 ) $ (1.50 ) Diluted net loss per share $ (1.19 ) $ (1.80 ) $ (1.50 ) Awards of unvested restricted stock representing approximately 1.1 million, 1.3 million, and 0.9 million shares were outstanding for the fiscal years ended December 31, 2019, 2018, and 2017, respectively, and are antidilutive. |
Treasury Stock | Treasury Stock The Company accounts for treasury stock under the cost method and includes treasury stock as a component of shareholders’ equity until it is canceled. There were no repurchases of the Company’s common stock during fiscal 2019 or 2018. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes compensation expense for share-based payment awards to certain employees and directors, including grants of stock options and awards of restricted stock, in the Consolidated Statements of Operations and Comprehensive Loss based on their fair values. On May 8, 2007, the Company’s stockholders approved the 2007 Omnibus Stock and Incentive Plan for Capital Senior Living Corporation (as amended, the “2007 Plan”) which provided for, among other things, the grant of restricted stock awards and stock options to purchase shares of the Company’s common stock. The 2007 Plan authorized the Company to issue up to 4.6 million shares of common stock, and the Company had reserved shares of common stock for future issuance pursuant to awards under the 2007 Plan. On May 14, 2019, the Company’s stockholders approved the 2019 Omnibus Stock and Incentive Plan for Capital Senior Living Corporation (the “2019 Plan”), which replaced the 2007 Plan. The 2019 Plan provides for, among other things, the grant of restricted stock awards, restricted stock units and stock options to purchase shares of the Company’s common stock. The 2019 Plan authorizes the Company to issue up to 2,250,000 shares of common stock plus reserved shares not issued or subject to outstanding awards under the 2007 Plan, and the Company has reserved shares of common stock for future issuance pursuant to awards under the 2019 Plan. Effective March 26, 2019, the 2007 Plan was terminated and no additional awards will be granted under the 2007 Plan. |
Segment Information | Segment Information The Company evaluates the performance and allocates resources of its senior living facilities based on current operations and market assessments on a property-by-property basis. The Company does not have a concentration of operations geographically or by product or service as its management functions are integrated at the property level. The Company has determined that all of its operating units meet the criteria in Accounting Standards Codification (“ASC”) Topic 280, Segment Reporting |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) , which modifies certain disclosure requirements in Topic 820, such as the removal of the need to disclose the amount of and reason for transfers between Level 1 and Level 2 of the fair value hierarchy, and several changes related to Level 3 fair value measurements. ASU 2018-13 is effective for fiscal years and interim periods within those fiscal years beginning after December 15, 2019. The Company does not expect the adoption of ASU 2018-13 to have a material impact on its consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments In February 2016, the FASB issued ASU 2016-02, Leases Leases, Targeted Improvements The fair value of the right-of-use assets was estimated, utilizing a discounted cash flow approach based upon historical and projected cash flows and market data, including management fees and a market supported lease coverage ratio. The estimated future cash flows were discounted at a rate that is consistent with a weighted average cost of capital from a market participant perspective. The adoption of ASC 842 resulted in the following adjustments to the Company’s Consolidated Balance Sheet at January 1, 2019: Assets Prepaid expenses and other $ (2,050) Property and equipment, net (15,569) Operating lease right-of-use assets, net 255,386 Other assets, net (4,715) Total assets $ 233,052 Liabilities and Shareholder’s Equity Deferred income $ (17,498) Financing obligations (35,956) Operating lease liabilities 289,513 Other long-term liabilities (15,643) Total liabilities $ 220,416 Total shareholder’s equity $ 12,636 |
Use of Estimates and Critical Accounting Policies | Use of Estimates and Critical Accounting Policies The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the accompanying financial statements and related footnotes. Management bases its estimates and assumptions on historical experience, observance of industry trends and various other sources of information and factors, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. Actual results could differ from these estimates. Critical accounting policies are defined as those that are reflective of significant judgments and uncertainties, and potentially could result in materially different results under different assumptions and conditions. The Company believes revenue recognition, long-lived asset impairment, and self-insurance liability accruals are its most critical accounting policies and/or require management’s most subjective judgments. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Cash and Cash Equivalents and Restricted Cash | The following table sets forth our cash and cash equivalents and restricted cash (in thousands): Year Ended December 31, 2019 2018 Cash and cash equivalents $ 23,975 $ 31,309 Restricted cash 13,088 13,011 $ 37,063 $ 44,320 |
Computation of Basic and Diluted Net Loss Per Share | The following table sets forth the computation of basic and diluted net loss per share (in thousands, except for per share amounts): Year Ended December 31, 2019 2018 2017 Net loss $ (36,030 ) $ (53,596 ) $ (44,168 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (36,030 ) $ (53,596 ) $ (44,168 ) Weighted average shares outstanding — basic 30,263 29,812 29,453 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 30,263 29,812 29,453 Basic net loss per share $ (1.19 ) $ (1.80 ) $ (1.50 ) Diluted net loss per share $ (1.19 ) $ (1.80 ) $ (1.50 ) |
Adjustments to Company's Consolidated Balance upon Adoption of ASC 842 | The adoption of ASC 842 resulted in the following adjustments to the Company’s Consolidated Balance Sheet at January 1, 2019: Assets Prepaid expenses and other $ (2,050) Property and equipment, net (15,569) Operating lease right-of-use assets, net 255,386 Other assets, net (4,715) Total assets $ 233,052 Liabilities and Shareholder’s Equity Deferred income $ (17,498) Financing obligations (35,956) Operating lease liabilities 289,513 Other long-term liabilities (15,643) Total liabilities $ 220,416 Total shareholder’s equity $ 12,636 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property Plant And Equipment [Abstract] | |
Schedule of Net Property and Equipment and Leasehold Improvements, include Assets Under Financing Leases | As of December 31, 2019 and 2018, net property and equipment and leasehold improvements, which include assets under financing leases, consists of the following (in thousands): December 31, Asset Lives 2019 2018 Land $ 66,764 $ 69,842 Land improvements 5 to 20 years 25,718 25,373 Buildings and building improvements 10 to 40 years 1,096,386 1,158,577 Furniture and equipment 5 to 10 years 65,828 66,202 Automobiles 5 to 7 years 5,947 6,344 Assets under financing leases and leasehold improvements (1) 95,281 98,396 Construction in progress NA 1,491 421 1,357,415 1,425,155 Less accumulated depreciation and amortization (388,204 ) (366,106 ) Property and equipment, net $ 969,211 $ 1,059,049 (1) Leasehold improvements are amortized over the shorter of the useful life of the asset or the remaining lease term. Assets under financing leases and leasehold improvements include $0.6million of financing lease right-of-use assets, net of accumulated amortization, as of December 31, 2019. Refer to Note 16, Leases , for further information on the Company’s financing leases |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2019 2018 Deferred lease costs, net $ - $ 4,715 Security and other deposits 9,915 9,889 Other 758 1,881 $ 10,673 $ 16,485 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): December 31, 2019 2018 Accrued salaries, bonuses and related expenses $ 14,733 $ 11,996 Accrued property taxes 15,186 14,079 Accrued interest 3,617 3,066 Accrued health claims and workers compensation 5,281 4,845 Accrued professional fees 1,265 1,012 Other 6,145 6,882 $ 46,227 $ 41,880 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable consists of the following (in thousands): Average Monthly Net Book Value Notes Payable December 31, Lender Payment Of Collateral (1) Interest Rate Maturity Date 2019 2018 Fannie Mae $ 135 $ 24,980 4.69 April 2022 $ 22,592 $ 23,127 Fannie Mae 11 3,992 4.97 April 2022 1,958 1,991 Fannie Mae 60 14,170 4.48 May 2022 10,214 10,462 Fannie Mae 20 14,170 4.85 May 2022 3,579 3,640 Fannie Mae — — 4.32 January 2023 — 15,194 Fannie Mae — — 5.39 January 2023 — 8,327 Fannie Mae 39 7,756 4.58 January 2023 6,656 6,808 Fannie Mae 17 7,756 5.49 January 2023 2,950 2,990 Fannie Mae 45 7,810 5.93 October 2023 6,972 7,092 Fannie Mae 67 12,408 5.50 November 2023 10,792 10,992 Fannie Mae 67 11,598 5.38 November 2023 10,837 11,042 Fannie Mae 282 49,090 5.56 January 2024 45,077 45,892 Fannie Mae 632 103,848 4.24 July 2024 116,183 118,715 Fannie Mae 120 24,074 4.48 July 2024 21,513 21,963 Fannie Mae 81 19,081 4.30 July 2024 14,836 15,156 Fannie Mae 91 61,630 4.98 July 2024 16,053 16,322 Fannie Mae 11 8,817 6.30 July 2024 1,777 1,796 Fannie Mae 134 25,548 4.59 September 2024 23,856 24,342 Fannie Mae 22 12,916 5.72 September 2024 3,584 3,634 Fannie Mae 54 9,810 4.70 September 2024 9,494 9,683 Fannie Mae 53 11,293 4.50 January 2025 9,538 9,731 Fannie Mae 95 6,552 4.46 January 2025 17,333 17,686 Fannie Mae 70 14,605 4.35 February 2025 12,912 13,179 Fannie Mae — — 3.85 March 2025 — 21,633 Fannie Mae 102 22,879 3.84 April 2025 19,883 20,324 Fannie Mae 31 22,879 5.53 April 2025 5,223 5,300 Fannie Mae 81 14,732 5.30 June 2025 13,077 13,335 Fannie Mae 58 12,021 4.69 October 2025 10,402 10,595 Fannie Mae 44 8,878 4.70 October 2025 7,862 8,008 Fannie Mae 273 37,074 4.68 December 2025 49,385 50,295 Fannie Mae 9 8,787 5.81 December 2025 1,407 1,426 Fannie Mae 98 22,990 4.10 October 2026 19,127 19,498 Fannie Mae 108 23,515 4.24 December 2026 20,853 21,243 Fannie Mae 655 148,134 5.13 January 2029 150,782 150,782 Fannie Mae 163 148,134 (3 ) January 2029 50,261 50,261 Protective Life 96 23,558 3.55 April 2025 19,325 19,787 Protective Life 49 10,566 4.25 August 2025 9,157 9,350 Protective Life 78 16,938 4.25 September 2025 14,565 14,871 Protective Life 138 30,917 4.25 November 2025 25,940 26,478 Protective Life 57 12,901 4.50 February 2026 10,554 10,761 Protective Life 187 39,862 4.38 March 2026 32,099 32,920 Protective Life 70 14,620 4.13 October 2031 11,995 12,326 Berkadia 230 60,462 (4 ) December 2021 (4) 40,500 65,000 Berkadia — — — July 2020 — 3,500 Berkadia 96 16,953 (5 ) October 2021 10,992 11,255 Fifth Third 125 33,852 (6 ) December 2021 31,500 — HUD 16 4,572 4.48 September 2045 2,875 2,933 Insurance Financing — — 3.64 May 2019 — 799 Insurance Financing — — 4.40 November 2019 — 763 Insurance Financing 240 — 4.40 May 2020 1,187 — Insurance Financing 74 — 4.04 November 2020 730 — Insurance Financing 173 — 4.40 October 2020 1,698 — $ 5,357 4.65% (2) $ 930,085 $ 983,207 Less deferred loan costs, net 8,629 9,457 $ 921,456 $ 973,750 Less current portion 15,819 14,342 $ 905,637 $ 959,408 (1) 78 (2) Weighted average interest rate on current fixed interest rate debt outstanding. (3) Variable interest rate of LIBOR plus 2.14%, which was 3.87% at December 31, 2019. (4) Variable interest rate of LIBOR plus 4.50%, which was 6.23% at December 31, 2019. Effective December 23, 2019, the Company repaid $24.5 million of the loan and extended the maturity date with Berkadia to December 10, 2021. ( 5 ) Variable interest rate of LIBOR plus 5.00%, which was 6.73% at December 31, 2019. ( 6 ) Variable interest rate of LIBOR plus 3.25%, which was 4.98% at December 31, 2019. |
Summary of Aggregate Scheduled Maturities of Notes Payable | The aggregate scheduled maturities of notes payable at December 31, 2019 are as follows (in thousands): 2020 $ 17,793 2021 97,144 2022 53,293 2023 52,741 2024 240,493 Thereafter 468,621 $ 930,085 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Summary of Weighted-Average Assumptions Utilized to Estimate Fair Value of Stock Options | The fair value of stock options was estimated using a Black-Scholes option pricing model with the following weighted-average assumptions: Year ended December 31, 2019 Expected volatility 37.0% Expected dividend yield 0.0% Expected term in years 6.0 Risk free rate 2.55% Expected forfeiture rate 0.0% |
Summary of Stock Option Transactions | A summary of the Company’s stock option transactions for the years ended December 31, 2019, 2018, and 2017 is as follows: Outstanding Beginning of Year Granted Exercised Forfeited Outstanding End of Year Options Exercisable December 31, 2019 Shares — 147,239 — — 147,239 — Weighted average price $ — $ 7.46 $ — — $ 7.46 $ — December 31, 2018 Shares — — — — — — Weighted average price $ — — $ — — $ — $ — December 31, 2017 Shares — — — — — — Weighted average price $ — — $ — — $ — $ — |
Restricted Common Stock Awards Activity and Related Information | A summary of the Company’s restricted common stock awards activity and related information for the years ended December 31, 2019, 2018, and 2017 is presented below: Outstanding Beginning of Year Issued Vested Forfeited Outstanding End of Year December 31, 2019 Shares 1,345,159 662,154 (424,556 ) (493,411 ) 1,089,346 December 31, 2018 Shares 964,484 830,794 (386,900 ) (63,219 ) 1,345,159 December 31, 2017 Shares 829,766 565,745 (355,400 ) (75,627 ) 964,484 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of (Benefit) Provision for Income Taxes | The (benefit) provision for income taxes consists of the following (in thousands): Year Ended December 31, 2019 2018 2017 Current: Federal $ (71 ) $ (152 ) $ 6 State 443 474 550 Deferred: Federal 76 (2,093 ) 1,940 State — — — (Benefit) Provision for income taxes $ 448 $ (1,771 ) $ 2,496 |
(Benefit) Provision for Income Taxes Differed from Amounts of Income Tax (Benefit) Provision Determined by Applying Federal Statutory Income Tax Rate to Income Before (Benefit) Provision for Income Taxes | The (benefit) provision for income taxes differed from the amounts of income tax (benefit) provision determined by applying the U.S. federal statutory income tax rate to income before (benefit) provision for income taxes as a result of the following (in thousands): Year Ended December 31, 2019 2018 2017 Tax benefit at federal statutory rates $ (7,472 ) $ (11,627 ) $ (14,168 ) State income tax benefit, net of federal effects (548 ) (665 ) (648 ) Change in deferred tax asset valuation allowance 7,478 9,543 7,857 Tax reform impact on deferred income taxes — — 13,959 Share based compensation ASU 2016-09 adoption — — (5,326 ) Other 990 978 822 (Benefit) Provision for income taxes $ 448 $ (1,771 ) $ 2,496 |
Summary of Deferred Tax Assets and Liabilities | A summary of the Company’s deferred tax assets and liabilities, are as follows (in thousands): December 31, 2019 2018 Deferred tax assets: Deferred gains on sale/leaseback transactions $ — $ 2,440 Lease liabilities 62,166 — Net operating loss carryforward 34,284 33,252 Compensation costs 2,134 3,087 Depreciation and amortization 3,525 5,323 Other 2,991 2,330 Total deferred tax assets 105,100 46,432 Deferred tax asset valuation allowance (50,699 ) (46,280 ) Total deferred tax assets, net 54,401 152 Deferred tax liabilities: Depreciation and amortization — — Operating lease right-of-use assets (54,325 ) — Total deferred tax liabilities $ (54,325 ) $ — Deferred taxes, net $ 76 $ 152 |
Schedule of Unrecognized Tax Benefits Activity and Related Information | A summary of the Company’s unrecognized tax benefits activity and related information for the years ended December 31, 2019, 2018, and 2017 is presented below (in thousands): 2019 2018 2017 Beginning balance, January 1 $ 4,644 $ 3,416 $ 3,786 Gross increases – tax positions in prior period 2,468 1,228 — Gross decreases – tax positions in prior period — — (370 ) Gross increases – tax positions in current period — — — Settlements — — — Lapse of statute of limitations (323 ) — — Ending balance, December 31 $ 6,789 $ 4,644 $ 3,416 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments at December 31, 2019 and 2018 are as follows (in thousands): 2019 2018 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 23,975 $ 23,975 $ 31,309 $ 31,309 Restricted cash 13,088 13,088 13,011 13,011 Notes payable, excluding deferred loan costs 930,085 899,326 983,207 945,318 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The components of the allowance for doubtful accounts are as follows (in thousands): December 31, 2019 2018 2017 Balance at beginning of year $ 6,793 $ 4,881 $ 4,253 Provision for bad debts, net of recoveries 3,765 2,990 1,748 Write-offs and other (1,915 ) (1,078 ) (1,120 ) Balance at end of year $ 8,643 $ 6,793 $ 4,881 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Summary of Operating and Financing Lease Expense and Cash Flows from Leasing Transactions | A summary of operating and financing lease expense (including the respective presentation on the consolidated statement of operations) and cash flows from leasing transactions for the year ended December 31, 2019 is as follows: Operating Leases (in thousands) Year Ended December 31, 2019 Facility lease expense $ 57,022 General and administrative expenses 812 Operating expenses, including variable lease expense of $6,142 6,466 Total operating lease costs $ 64,300 Operating lease expense adjustment 5,243 Operating cash flows from operating leases $ 69,543 Financing Leases (in thousands) Year Ended December 31, 2019 Depreciation and amortization $ 11 Interest expense: financing lease obligations 3 Total financing lease costs $ 14 Operating cash flows from financing leases 11 Financing cash flows from financing leases 3 Total cash flows from financing leases $ 14 |
Schedule of Aggregate Amounts of Future Minimum Lease Payments | The aggregate amounts of future minimum lease payments recognized on the consolidated balance sheet as of December 31, 2019 are as follows (in thousands): Year Ending December 31, Operating Leases Financing Leases 2020 $ 63,549 $ 148 2021 51,401 148 2022 51,321 148 2023 51,274 138 2024 51,245 — Thereafter 44,762 — Total $ 313,552 $ 582 Less: Amount representing interest (present value discount) (59,107 ) (72 ) Present value of lease liabilities $ 254,445 $ 510 Less: Current portion of lease liabilities (45,871 ) (117 ) Lease liabilities, net of current portion $ 208,574 $ 393 |
Summary of Future Minimum Operating Lease Payments Under ASC 840 | The aggregate amounts of future minimum operating lease payments not recognized on the consolidated balance sheet under ASC 840 as of December 31, 2018 are as follows (in thousands): Year Ending December 31, Operating Leases 2019 $ 66,455 2020 63,929 2021 52,093 2022 52,062 2023 52,026 Thereafter 97,165 Total lease payments $ 383,730 |
Quarterly Financial Informati_2
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | The following table presents certain unaudited quarterly financial information for each of the four quarters ended December 31, 2019 and 2018. This information has been prepared on the same basis as the audited consolidated financial statements of the Company and include, in the opinion of the Company’s management, all adjustments (consisting of normal recurring adjustments) necessary to present fairly the quarterly results when read in conjunction with the audited consolidated financial statements of the Company. 2019 Calendar Quarters First Second Third Fourth (1) (In thousands, except per share amounts) Total revenues $ 114,176 $ 113,126 $ 111,110 108,688 Income (Loss) from operations 1,970 203 (8,105 ) (8,757 ) Net income (loss) and comprehensive income (loss) (12,984 ) (12,534 ) (20,731 ) 10,219 Net income (loss) per share, basic $ (0.43 ) $ (0.41 ) $ (0.68 ) $ 0.34 Net income (loss) per share, diluted $ (0.43 ) $ (0.41 ) $ (0.68 ) $ 0.34 Weighted average shares outstanding, basic 30,102 30,279 30,324 30,342 Weighted average shares outstanding, fully diluted 30,102 30,279 30,324 30,412 (1) The fourth quarter of calendar 2019 was impacted by a $38.8 million gain the Company recognized due to the sale of two communities located in Springfield, Missouri and Peoria, Illinois on October 1, 2019. 2018 Calendar Quarters First Second Third Fourth (1) (In thousands, except per share amounts) Total revenues $ 114,643 $ 114,627 $ 115,650 $ 115,098 Income (Loss) from operations 5,386 3,643 1,696 (3,122 ) Net loss and comprehensive loss (7,156 ) (9,060 ) (11,089 ) (26,291 ) Net loss per share, basic $ (0.24 ) $ (0.30 ) $ (0.37 ) $ (0.88 ) Net loss per share, diluted $ (0.24 ) $ (0.30 ) $ (0.37 ) $ (0.88 ) Weighted average shares outstanding, basic 29,627 29,831 29,877 29,908 Weighted average shares outstanding, fully diluted 29,627 29,831 29,877 29,908 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Dec. 31, 2019CommunityStateResident | Dec. 18, 2018Community |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||
Senior housing communities operated by company | 126 | 21 |
Number of states in which senior housing communities operated | State | 23 | |
Aggregate capacity of residents in company operated senior housing communities | Resident | 16,000 | |
Senior housing communities owned by company | 80 | |
Senior housing communities on lease by company | 46 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Schedule of Cash and Cash Equivalents and Restricted Cash (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 23,975 | $ 31,309 | ||
Restricted cash | 13,088 | 13,011 | ||
Total Cash and cash equivalents and Restricted cash | $ 37,063 | $ 44,320 | $ 31,024 | $ 47,323 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | May 14, 2019shares | Mar. 31, 2019USD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2019USD ($)shares | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2018USD ($) | Jun. 30, 2018USD ($) | Mar. 31, 2018USD ($) | Dec. 31, 2019USD ($)CommunitySegmentshares | Dec. 31, 2018USD ($)Communityshares | Dec. 31, 2017USD ($)Communityshares | Dec. 31, 2016USD ($)shares | Dec. 31, 2009shares | May 08, 2007shares |
Accounting Policies [Line Items] | |||||||||||||||||
Number of assets held for sale | Community | 0 | 0 | |||||||||||||||
Expense recognized related to assets held for sale | $ 0 | ||||||||||||||||
Advertising expense | $ 3,900,000 | 3,300,000 | $ 2,800,000 | ||||||||||||||
Uncertain tax position maximum percentage | 50.00% | ||||||||||||||||
Resident revenue | $ 108,688,000 | $ 111,110,000 | $ 113,126,000 | $ 114,176,000 | $ 115,098,000 | $ 115,650,000 | $ 114,627,000 | $ 114,643,000 | $ 447,100,000 | 460,018,000 | $ 466,997,000 | ||||||
Contract liabilities for deferred fees recognized into revenue | 4,300,000 | 4,500,000 | |||||||||||||||
Contract liabilities for deferred fees included as deferred income | 4,500,000 | 3,900,000 | 4,500,000 | 3,900,000 | |||||||||||||
Contract liabilities for deferred community fees included in current liabilities | 1,247,000 | 1,302,000 | $ 1,247,000 | $ 1,302,000 | |||||||||||||
Percentage of revenue from Medicare and Medicaid programs | 5.90% | 5.40% | 5.60% | ||||||||||||||
Provider of services under Medicaid program, number of communities | Community | 41 | 40 | 41 | ||||||||||||||
Provider of services under Medicare program, number of communities | Community | 0 | 0 | 0 | ||||||||||||||
Resident receivables due period | 30 days | ||||||||||||||||
Allowance for doubtful accounts | 8,643,000 | 6,793,000 | $ 8,643,000 | $ 6,793,000 | $ 4,881,000 | $ 4,253,000 | |||||||||||
Outstanding unvested restricted stock | shares | 1,100,000 | 1,300,000 | 900,000 | ||||||||||||||
Repurchase of common stock | shares | 0 | 0 | 144,315 | 349,800 | |||||||||||||
Number of reporting segment | Segment | 1 | ||||||||||||||||
Number of operating segment | Segment | 1 | ||||||||||||||||
Operating lease right-of-use assets, net | 224,523,000 | $ 224,523,000 | |||||||||||||||
Operating lease liabilities | $ 254,445,000 | $ 254,445,000 | |||||||||||||||
2007 Omnibus Stock and Incentive Plan [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Authorized shares of common stock | shares | 4,600,000 | 4,600,000 | 4,600,000 | ||||||||||||||
Number of additional shares granted under the plan | shares | 0 | ||||||||||||||||
2019 Omnibus Stock and Incentive Plan [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Authorized shares of common stock | shares | 2,250,000 | ||||||||||||||||
ASC 842 [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Deferred gains associated with sale leaseback transactions | $ 10,000,000 | ||||||||||||||||
Operating lease right-of-use assets, net | 255,386,000 | ||||||||||||||||
Operating lease liabilities | 289,513,000 | ||||||||||||||||
Adoption of lease standards, description | The Company elected to utilize certain practical expedients permitted under the transition guidance within the new standard, which allowed the Company to carryforward the historical lease classification, not separate the lease and non-lease components for all classes of underlying assets in which it is the lessee, not reassess initial direct costs for existing leases, and make an accounting policy election not to account for leases with an initial term of 12 months or less on the balance sheet. | ||||||||||||||||
ASC 842 [Member] | Deferred Lease Costs and Lease Incentives [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Change in accounting principle, effect of change on retained deficit | (16,300,000) | ||||||||||||||||
ASC 842 [Member] | Impairment Write-down Adjustments [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Change in accounting principle, effect of change on retained deficit | $ (17,800,000) | ||||||||||||||||
Rental and Other Services [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Resident revenue | $ 440,100,000 | $ 452,500,000 | |||||||||||||||
Community Fees [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Resident revenue | 2,900,000 | 2,800,000 | |||||||||||||||
Contract liabilities for deferred community fees included in current liabilities | $ 2,200,000 | $ 1,100,000 | $ 2,200,000 | $ 1,100,000 | |||||||||||||
Maximum [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Residency agreements duration period | 1 year | ||||||||||||||||
Senior Housing Community [Member] | |||||||||||||||||
Accounting Policies [Line Items] | |||||||||||||||||
Remeasurement write-down of assets held for sale | $ 2,300,000 | $ 2,300,000 |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||||||||||
Net loss | $ 10,219 | $ (20,731) | $ (12,534) | $ (12,984) | $ (26,291) | $ (11,089) | $ (9,060) | $ (7,156) | $ (36,030) | $ (53,596) | $ (44,168) |
Net loss allocated to unvested restricted shares | 0 | 0 | 0 | ||||||||
Undistributed net loss allocated to common shares | $ (36,030) | $ (53,596) | $ (44,168) | ||||||||
Weighted average shares outstanding — basic | 30,342 | 30,324 | 30,279 | 30,102 | 29,908 | 29,877 | 29,831 | 29,627 | 30,263 | 29,812 | 29,453 |
Effects of dilutive securities: | |||||||||||
Employee equity compensation plans | 0 | 0 | 0 | ||||||||
Weighted average shares outstanding — diluted | 30,412 | 30,324 | 30,279 | 30,102 | 29,908 | 29,877 | 29,831 | 29,627 | 30,263 | 29,812 | 29,453 |
Basic net loss per share | $ 0.34 | $ (0.68) | $ (0.41) | $ (0.43) | $ (0.88) | $ (0.37) | $ (0.30) | $ (0.24) | $ (1.19) | $ (1.80) | $ (1.50) |
Diluted net loss per share | $ 0.34 | $ (0.68) | $ (0.41) | $ (0.43) | $ (0.88) | $ (0.37) | $ (0.30) | $ (0.24) | $ (1.19) | $ (1.80) | $ (1.50) |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Adjustments to Company's Consolidated Balance upon Adoption of ASC 842 (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | |||||
Prepaid expenses and other | $ 5,308 | $ 5,232 | |||
Property and equipment, net | 969,211 | 1,059,049 | |||
Operating lease right-of-use assets, net | 224,523 | ||||
Other assets, net | 10,673 | 16,485 | |||
Total assets | 1,267,696 | 1,149,144 | |||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Deferred income | 8,151 | ||||
Financing obligations | 510 | ||||
Operating lease liabilities | 254,445 | ||||
Other long-term liabilities | 15,643 | ||||
Total shareholder’s equity | $ 14,379 | $ 35,265 | $ 80,433 | $ 116,918 | |
ASC 842 [Member] | |||||
ASSETS | |||||
Prepaid expenses and other | $ (2,050) | ||||
Property and equipment, net | (15,569) | ||||
Operating lease right-of-use assets, net | 255,386 | ||||
Other assets, net | (4,715) | ||||
Total assets | 233,052 | ||||
LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
Deferred income | (17,498) | ||||
Financing obligations | (35,956) | ||||
Operating lease liabilities | 289,513 | ||||
Other long-term liabilities | (15,643) | ||||
Total liabilities | 220,416 | ||||
Total shareholder’s equity | $ 12,636 |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets - Additional Information (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Impaired Long Lived Assets Held And Used [Line Items] | |
Impairment charges | $ 3,004 |
Change in Useful Life [Member] | |
Impaired Long Lived Assets Held And Used [Line Items] | |
Impairment charges | 1,600 |
Asset impairment, lease ROU assets | $ 1,400 |
Dispositions and Other Signif_2
Dispositions and Other Significant Transactions - Additional Information (Details) | Jan. 15, 2020USD ($)Property | Oct. 22, 2019USD ($) | Oct. 01, 2019USD ($)Community | May 01, 2019USD ($)Property | Mar. 31, 2019USD ($) | Jun. 30, 2020Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2019USD ($)Property | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 30, 2019USD ($) |
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Number of communities sold | Community | 2 | ||||||||||
Assets held for sale | $ 64,800,000 | $ 24,400,000 | |||||||||
Net proceeds from sale of assets | 14,800,000 | ||||||||||
Gain (Loss) on disposition of assets, net | $ 38,800,000 | $ 38,800,000 | $ 36,528,000 | $ 28,000 | $ (123,000) | ||||||
Current portion of notes payable | $ 15,819,000 | 15,819,000 | $ 14,342,000 | ||||||||
Senior Housing Community [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Net proceeds from sale of assets | $ 1,400,000 | ||||||||||
Number of living units in a housing community sold | Property | 96 | ||||||||||
Purchase price for the sale of asset | $ 5,000,000 | ||||||||||
Remeasurement write-down of assets held for sale | $ 2,300,000 | $ 2,300,000 | |||||||||
Senior Housing Community One [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Number of living units in a housing community sold | Property | 156 | 156 | |||||||||
Senior Housing Community Two [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Number of living units in a housing community sold | Property | 158 | 158 | |||||||||
Mortgage Debt [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Current portion of notes payable | $ 44,400,000 | ||||||||||
Mortgage Debt [Member] | Senior Housing Community [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Outstanding mortgage debt retired | $ 3,500,000 | ||||||||||
Healthpeak Properties Inc [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Lease amendment period | Oct. 22, 2019 | ||||||||||
Number of leased properties transition to new operators | Property | 0 | ||||||||||
Transitioned property amount as a prepayment against the remaining lease payments | $ 250,000 | ||||||||||
Percentage of proceeds in excess of a specified selling price of lease property | 50.00% | ||||||||||
Number of leased properties sold | Property | 0 | ||||||||||
Healthpeak Properties Inc [Member] | Maximum [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Proceeds in excess of specified selling price of lease property | $ 350,000 | ||||||||||
Healthpeak Properties Inc [Member] | Subsequent Event [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Number of leased properties transition to new operators | Property | 1 | ||||||||||
Transitioned property amount as a prepayment against the remaining lease payments | $ 300,000 | ||||||||||
Scenario Forecast [Member] | Healthpeak Properties Inc [Member] | |||||||||||
Dispositions And Other Significant Transactions [Line Items] | |||||||||||
Number of leased properties to be sold | Property | 8 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Net Property and Equipment and Leasehold Improvements, Include Assets Under Financing Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,357,415 | $ 1,425,155 |
Less accumulated depreciation and amortization | (388,204) | (366,106) |
Property and equipment, net | 969,211 | 1,059,049 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 66,764 | 69,842 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 25,718 | 25,373 |
Land Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 5 years | |
Land Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 20 years | |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,096,386 | 1,158,577 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 10 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 40 years | |
Furniture and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 65,828 | 66,202 |
Furniture and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 5 years | |
Furniture and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 10 years | |
Automobiles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 5,947 | 6,344 |
Automobiles [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 5 years | |
Automobiles [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Asset Lives | 7 years | |
Assets Under Financing Leases and Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 95,281 | 98,396 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 1,491 | $ 421 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Net Property and Equipment and Leasehold Improvements, Include Assets Under Financing Leases (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Property, Plant and Equipment [Line Items] | |
Financing lease right-of-use assets, net of accumulated amortization | $ 11 |
Assets Under Financing Leases and Leasehold Improvements [Member] | |
Property, Plant and Equipment [Line Items] | |
Financing lease right-of-use assets, net of accumulated amortization | $ 600 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment Capitalized Interest Costs [Abstract] | ||
Capitalized computer software development costs | $ 4.1 | $ 3.8 |
Capitalized computer software development costs, accumulated depreciation and amortization | 3.3 | 3.1 |
Capital expenditure incurred but not yet paid | $ 2 | $ 0.8 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Deferred lease costs, net | $ 4,715 | |
Security and other deposits | $ 9,915 | 9,889 |
Other | 758 | 1,881 |
Other assets, net | $ 10,673 | $ 16,485 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Other Income And Expenses [Abstract] | ||
Accrued salaries, bonuses and related expenses | $ 14,733 | $ 11,996 |
Accrued property taxes | 15,186 | 14,079 |
Accrued interest | 3,617 | 3,066 |
Accrued health claims and workers compensation | 5,281 | 4,845 |
Accrued professional fees | 1,265 | 1,012 |
Other | 6,145 | 6,882 |
Accrued Expenses, Current, Total | $ 46,227 | $ 41,880 |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Detail) - Notes Payable [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 5,357 | |
Interest rate | 4.65% | |
Notes Payable | $ 930,085 | $ 983,207 |
Less deferred loan costs, net | 8,629 | 9,457 |
Deferred loan costs, Total | 921,456 | 973,750 |
Less current portion | 15,819 | 14,342 |
Notes payable, Noncurrent, Total | 905,637 | 959,408 |
Fannie Mae Maturing on April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 135 | |
Net Book Value Of Collateral | $ 24,980 | |
Interest rate | 4.69% | |
Maturity Date | 2022-04 | |
Notes Payable | $ 22,592 | 23,127 |
Fannie Mae Two Maturing on April 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 11 | |
Net Book Value Of Collateral | $ 3,992 | |
Interest rate | 4.97% | |
Maturity Date | 2022-04 | |
Notes Payable | $ 1,958 | 1,991 |
Fannie Mae Maturing on May 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 60 | |
Net Book Value Of Collateral | $ 14,170 | |
Interest rate | 4.48% | |
Maturity Date | 2022-05 | |
Notes Payable | $ 10,214 | 10,462 |
Fannie Mae Two Maturing on May 2022 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 20 | |
Net Book Value Of Collateral | $ 14,170 | |
Interest rate | 4.85% | |
Maturity Date | 2022-05 | |
Notes Payable | $ 3,579 | 3,640 |
Fannie Mae Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.32% | |
Maturity Date | 2023-01 | |
Notes Payable | 15,194 | |
Fannie Mae Two Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 5.39% | |
Maturity Date | 2023-01 | |
Notes Payable | 8,327 | |
Fannie Mae Three Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 39 | |
Net Book Value Of Collateral | $ 7,756 | |
Interest rate | 4.58% | |
Maturity Date | 2023-01 | |
Notes Payable | $ 6,656 | 6,808 |
Fannie Mae Four Maturing on January 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 17 | |
Net Book Value Of Collateral | $ 7,756 | |
Interest rate | 5.49% | |
Maturity Date | 2023-01 | |
Notes Payable | $ 2,950 | 2,990 |
Fannie Mae Maturing on October 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 45 | |
Net Book Value Of Collateral | $ 7,810 | |
Interest rate | 5.93% | |
Maturity Date | 2023-10 | |
Notes Payable | $ 6,972 | 7,092 |
Fannie Mae Maturing on November 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 67 | |
Net Book Value Of Collateral | $ 12,408 | |
Interest rate | 5.50% | |
Maturity Date | 2023-11 | |
Notes Payable | $ 10,792 | 10,992 |
Fannie Mae Two Maturing on November 2023 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 67 | |
Net Book Value Of Collateral | $ 11,598 | |
Interest rate | 5.38% | |
Maturity Date | 2023-11 | |
Notes Payable | $ 10,837 | 11,042 |
Fannie Mae Maturing on January 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 282 | |
Net Book Value Of Collateral | $ 49,090 | |
Interest rate | 5.56% | |
Maturity Date | 2024-01 | |
Notes Payable | $ 45,077 | 45,892 |
Fannie Mae Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 632 | |
Net Book Value Of Collateral | $ 103,848 | |
Interest rate | 4.24% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 116,183 | 118,715 |
Fannie Mae Two Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 120 | |
Net Book Value Of Collateral | $ 24,074 | |
Interest rate | 4.48% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 21,513 | 21,963 |
Fannie Mae Three Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 81 | |
Net Book Value Of Collateral | $ 19,081 | |
Interest rate | 4.30% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 14,836 | 15,156 |
Fannie Mae Four Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 91 | |
Net Book Value Of Collateral | $ 61,630 | |
Interest rate | 4.98% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 16,053 | 16,322 |
Fannie Mae Five Maturing on July 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 11 | |
Net Book Value Of Collateral | $ 8,817 | |
Interest rate | 6.30% | |
Maturity Date | 2024-07 | |
Notes Payable | $ 1,777 | 1,796 |
Fannie Mae Maturing on September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 134 | |
Net Book Value Of Collateral | $ 25,548 | |
Interest rate | 4.59% | |
Maturity Date | 2024-09 | |
Notes Payable | $ 23,856 | 24,342 |
Fannie Mae Two Maturing on September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 22 | |
Net Book Value Of Collateral | $ 12,916 | |
Interest rate | 5.72% | |
Maturity Date | 2024-09 | |
Notes Payable | $ 3,584 | 3,634 |
Fannie Mae Three Maturing on September 2024 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 54 | |
Net Book Value Of Collateral | $ 9,810 | |
Interest rate | 4.70% | |
Maturity Date | 2024-09 | |
Notes Payable | $ 9,494 | 9,683 |
Fannie Mae Maturing on January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 53 | |
Net Book Value Of Collateral | $ 11,293 | |
Interest rate | 4.50% | |
Maturity Date | 2025-01 | |
Notes Payable | $ 9,538 | 9,731 |
Fannie Mae Two Maturing on January 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 95 | |
Net Book Value Of Collateral | $ 6,552 | |
Interest rate | 4.46% | |
Maturity Date | 2025-01 | |
Notes Payable | $ 17,333 | 17,686 |
Fannie Mae Maturing on February 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 70 | |
Net Book Value Of Collateral | $ 14,605 | |
Interest rate | 4.35% | |
Maturity Date | 2025-02 | |
Notes Payable | $ 12,912 | 13,179 |
Fannie Mae Maturing on March 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.85% | |
Maturity Date | 2025-03 | |
Notes Payable | 21,633 | |
Fannie Mae Maturing on April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 102 | |
Net Book Value Of Collateral | $ 22,879 | |
Interest rate | 3.84% | |
Maturity Date | 2025-04 | |
Notes Payable | $ 19,883 | 20,324 |
Fannie Mae Two Maturing on April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 31 | |
Net Book Value Of Collateral | $ 22,879 | |
Interest rate | 5.53% | |
Maturity Date | 2025-04 | |
Notes Payable | $ 5,223 | 5,300 |
Fannie Mae Maturing on June 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 81 | |
Net Book Value Of Collateral | $ 14,732 | |
Interest rate | 5.30% | |
Maturity Date | 2025-06 | |
Notes Payable | $ 13,077 | 13,335 |
Fannie Mae Maturing on October 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 58 | |
Net Book Value Of Collateral | $ 12,021 | |
Interest rate | 4.69% | |
Maturity Date | 2025-10 | |
Notes Payable | $ 10,402 | 10,595 |
Fannie Mae Two Maturing on October 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 44 | |
Net Book Value Of Collateral | $ 8,878 | |
Interest rate | 4.70% | |
Maturity Date | 2025-10 | |
Notes Payable | $ 7,862 | 8,008 |
Fannie Mae Maturing on December 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 273 | |
Net Book Value Of Collateral | $ 37,074 | |
Interest rate | 4.68% | |
Maturity Date | 2025-12 | |
Notes Payable | $ 49,385 | 50,295 |
Fannie Mae Two Maturing on December 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 9 | |
Net Book Value Of Collateral | $ 8,787 | |
Interest rate | 5.81% | |
Maturity Date | 2025-12 | |
Notes Payable | $ 1,407 | 1,426 |
Fannie Mae Maturing on October 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 98 | |
Net Book Value Of Collateral | $ 22,990 | |
Interest rate | 4.10% | |
Maturity Date | 2026-10 | |
Notes Payable | $ 19,127 | 19,498 |
Fannie Mae Maturing on December 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 108 | |
Net Book Value Of Collateral | $ 23,515 | |
Interest rate | 4.24% | |
Maturity Date | 2026-12 | |
Notes Payable | $ 20,853 | 21,243 |
Fannie Mae Maturing on January 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 655 | |
Net Book Value Of Collateral | $ 148,134 | |
Interest rate | 5.13% | |
Maturity Date | 2029-01 | |
Notes Payable | $ 150,782 | 150,782 |
Fannie Mae Two Maturing on January 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 163 | |
Net Book Value Of Collateral | $ 148,134 | |
Maturity Date | 2029-01 | |
Notes Payable | $ 50,261 | 50,261 |
Protective Life Maturing on April 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 96 | |
Net Book Value Of Collateral | $ 23,558 | |
Interest rate | 3.55% | |
Maturity Date | 2025-04 | |
Notes Payable | $ 19,325 | 19,787 |
Protective Life Maturing on August 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 49 | |
Net Book Value Of Collateral | $ 10,566 | |
Interest rate | 4.25% | |
Maturity Date | 2025-08 | |
Notes Payable | $ 9,157 | 9,350 |
Protective Life Maturing on September 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 78 | |
Net Book Value Of Collateral | $ 16,938 | |
Interest rate | 4.25% | |
Maturity Date | 2025-09 | |
Notes Payable | $ 14,565 | 14,871 |
Protective Life Maturing on March 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 187 | |
Net Book Value Of Collateral | $ 39,862 | |
Interest rate | 4.38% | |
Maturity Date | 2026-03 | |
Notes Payable | $ 32,099 | 32,920 |
Protective Life Maturing on November 2025 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 138 | |
Net Book Value Of Collateral | $ 30,917 | |
Interest rate | 4.25% | |
Maturity Date | 2025-11 | |
Notes Payable | $ 25,940 | 26,478 |
Protective Life Maturing on February 2026 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 57 | |
Net Book Value Of Collateral | $ 12,901 | |
Interest rate | 4.50% | |
Maturity Date | 2026-02 | |
Notes Payable | $ 10,554 | 10,761 |
Protective Life Maturing on October 2031 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 70 | |
Net Book Value Of Collateral | $ 14,620 | |
Interest rate | 4.13% | |
Maturity Date | 2031-10 | |
Notes Payable | $ 11,995 | 12,326 |
Berkadia Maturing on December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 230 | |
Net Book Value Of Collateral | $ 60,462 | |
Maturity Date | 2021-12 | |
Notes Payable | $ 40,500 | 65,000 |
Berkadia Maturing on July 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Maturity Date | 2020-07 | |
Notes Payable | 3,500 | |
Berkadia Maturing on October 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 96 | |
Net Book Value Of Collateral | $ 16,953 | |
Maturity Date | 2021-10 | |
Notes Payable | $ 10,992 | 11,255 |
Fifth Third Maturing on December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 125 | |
Net Book Value Of Collateral | $ 33,852 | |
Maturity Date | 2021-12 | |
Notes Payable | $ 31,500 | |
HUD Maturing on September 2045 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | 16 | |
Net Book Value Of Collateral | $ 4,572 | |
Interest rate | 4.48% | |
Maturity Date | 2045-09 | |
Notes Payable | $ 2,875 | 2,933 |
Insurance Financing Maturing on May 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.64% | |
Maturity Date | 2019-05 | |
Notes Payable | 799 | |
Insurance Financing Maturing on November 2019 [Member] | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.40% | |
Maturity Date | 2019-11 | |
Notes Payable | $ 763 | |
Insurance Financing Maturing on May 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 240 | |
Interest rate | 4.40% | |
Maturity Date | 2020-05 | |
Notes Payable | $ 1,187 | |
Insurance Financing Maturing on November 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 74 | |
Interest rate | 4.04% | |
Maturity Date | 2020-11 | |
Notes Payable | $ 730 | |
Insurance Financing Maturing on October 2020 [Member] | ||
Debt Instrument [Line Items] | ||
Average Monthly Payment | $ 173 | |
Interest rate | 4.40% | |
Maturity Date | 2020-10 | |
Notes Payable | $ 1,698 |
Notes Payable - Schedule of N_2
Notes Payable - Schedule of Notes Payable (Parenthetical) (Detail) $ in Millions | Dec. 23, 2019USD ($) | Dec. 31, 2019Facility |
Debt Instrument [Line Items] | ||
Number of facilities owned | Facility | 78 | |
Notes Payable [Member] | Fannie Mae Two Maturing on January 2029 [Member] | ||
Debt Instrument [Line Items] | ||
Basis on variable rate | 2.14% | |
Interest Rate | 3.87% | |
Notes Payable [Member] | Berkadia Maturing on December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Basis on variable rate | 4.50% | |
Interest Rate | 6.23% | |
Repayment of mortgage loans | $ | $ 24.5 | |
Notes Payable [Member] | Berkadia Maturing on October 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Basis on variable rate | 5.00% | |
Interest Rate | 6.73% | |
Notes Payable [Member] | Fifth Third Maturing on December 2021 [Member] | ||
Debt Instrument [Line Items] | ||
Basis on variable rate | 3.25% | |
Interest Rate | 4.98% |
Notes Payable - Summary of Aggr
Notes Payable - Summary of Aggregate Scheduled Maturities of Notes (Detail) - Notes Payable [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |
2020 | $ 17,793 |
2021 | 97,144 |
2022 | 53,293 |
2023 | 52,741 |
2024 | 240,493 |
Thereafter | 468,621 |
Total | $ 930,085 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) | Dec. 23, 2019USD ($) | Dec. 22, 2019 | Oct. 01, 2019USD ($)Community | Jun. 28, 2019Community | Jun. 27, 2019 | Dec. 18, 2018USD ($)CommunityLoan | Dec. 01, 2018USD ($) | Nov. 30, 2018USD ($)Community | Jun. 29, 2018Community | May 31, 2019USD ($) | May 31, 2018USD ($) | Dec. 31, 2019USD ($)Community | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Deferred financing cost | $ 14,300,000 | $ 14,100,000 | |||||||||||
Number of communities sold | Community | 2 | ||||||||||||
Repayment of mortgage debt | $ 44,400,000 | ||||||||||||
Prepayment penalties | $ 4,400,000 | ||||||||||||
Senior housing communities operated by company | Community | 21 | 126 | |||||||||||
Accumulated amortization | $ 5,700,000 | $ 4,700,000 | |||||||||||
Amortization expense | 1,600,000 | ||||||||||||
Hartford Financial Services [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit remain outstanding | 3,400,000 | ||||||||||||
Welltower, Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit remain outstanding | 6,500,000 | ||||||||||||
Healthpeak Properties Inc [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Letters of credit remain outstanding | $ 2,900,000 | ||||||||||||
Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mortgage debt | $ 201,000,000 | ||||||||||||
Number of mortgage loans | Loan | 2 | ||||||||||||
Deferred financing costs amortization period | 10 years | ||||||||||||
Deferred financing costs | $ 3,000,000 | ||||||||||||
Unamortized deferred financing cost | 1,500,000 | ||||||||||||
Prepayment premiums | 11,100,000 | ||||||||||||
4.4% Insurance Financing Agreement One [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, repayment term | 11 months | ||||||||||||
Notes Payable | $ 2,600,000 | ||||||||||||
Debt instrument, fixed interest rate | 4.40% | ||||||||||||
Insurance finance agreement, outstanding amount | $ 2,600,000 | ||||||||||||
4.4% Insurance Financing Agreement Two [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, repayment term | 18 months | ||||||||||||
Notes Payable | $ 2,700,000 | ||||||||||||
Debt instrument, fixed interest rate | 4.40% | ||||||||||||
Insurance finance agreement, outstanding amount | $ 2,700,000 | ||||||||||||
Fannie Mae [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt repaid | 170,600,000 | ||||||||||||
Repayment of mortgage loans | 170,600,000 | ||||||||||||
Fannie Mae [Member] | 6.30% [Member] | Texas [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mortgage debt | $ 1,800,000 | ||||||||||||
Deferred financing cost | $ 100,000 | ||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||
Fixed interest rate | 6.30% | ||||||||||||
Mortgage debt maturity | 2024-07 | ||||||||||||
4.40%,11-Month Term Financing Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, repayment term | 11 months | ||||||||||||
Notes Payable | $ 800,000 | ||||||||||||
Debt instrument, fixed interest rate | 4.40% | ||||||||||||
Insurance finance agreement, outstanding amount | $ 800,000 | ||||||||||||
3.64%,11-Month Term Financing Agreement [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, repayment term | 11 months | ||||||||||||
Notes Payable | $ 1,700,000 | ||||||||||||
Debt instrument, fixed interest rate | 3.64% | ||||||||||||
Insurance finance agreement, outstanding amount | $ 1,700,000 | ||||||||||||
Long-term Variable Interest Rate [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mortgage debt | $ 50,300,000 | ||||||||||||
Debt instrument, repayment term | 10 years | ||||||||||||
Acquisition price at a variable rate | LIBOR plus 2.14% | ||||||||||||
Debt instrument variable interest rate | 2.14% | ||||||||||||
Fixed monthly principal component | $ 67,000,000 | ||||||||||||
Long-term Variable Interest Rate [Member] | Interest Only Period [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, repayment term | 36 months | ||||||||||||
Long-term Fixed Interest Rate Debt [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mortgage debt | $ 150,800,000 | ||||||||||||
Debt instrument, repayment term | 10 years | ||||||||||||
Debt instrument, fixed interest rate | 5.13% | ||||||||||||
Deferred financing costs amortization period | 30 years | ||||||||||||
Long-term Fixed Interest Rate Debt [Member] | Interest Only Period [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument, repayment term | 36 months | ||||||||||||
Fifth Third Bank [Member] | Long-term Variable Interest Rate [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Deferred financing cost | $ 600,000 | ||||||||||||
Fifth Third Bank [Member] | Long-term Variable Interest Rate [Member] | Interest Only Period [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mortgage debt | $ 31,500,000 | ||||||||||||
Debt instrument, repayment term | 2 years | ||||||||||||
Acquisition price at a variable rate | LIBOR plus 3.25% | ||||||||||||
Debt instrument variable interest rate | 3.25% | ||||||||||||
BBVA USA [Member] | Long-term Variable Interest Rate [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument maturity date | Dec. 10, 2021 | Jul. 11, 2020 | |||||||||||
BBVA USA [Member] | Long-term Variable Interest Rate [Member] | Interest Only Period [Member] | Mortgage Loans [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Acquisition price at a variable rate | LIBOR plus 4.5%. | ||||||||||||
Debt instrument variable interest rate | 4.50% | ||||||||||||
Debt repaid | $ 24,500,000 | ||||||||||||
Repayment of mortgage loans | $ 24,500,000 | ||||||||||||
Compass Bank [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument maturity date | Jul. 11, 2020 | May 11, 2020 | |||||||||||
Senior housing communities operated by company | Community | 4 | ||||||||||||
Berkadia Commercial Mortgage LLC [Member] | Variable Interest Rate LIBOR Plus 3.75% Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Mortgage debt | $ 3,500,000 | ||||||||||||
Debt instrument, repayment term | 18 months | ||||||||||||
Acquisition price at a variable rate | LIBOR plus 3.75% | ||||||||||||
Debt instrument variable interest rate | 3.75% | ||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||
Deferred financing costs amortization period | 18 months | ||||||||||||
Deferred financing costs | $ 91,000 | ||||||||||||
Berkadia Commercial Mortgage LLC [Member] | Variable Interest Rate LIBOR Plus 5.0% Loan [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Acquisition price at a variable rate | LIBOR plus 5.0% | ||||||||||||
Debt instrument variable interest rate | 5.00% | ||||||||||||
Debt instrument maturity date | Oct. 10, 2021 | ||||||||||||
Senior housing communities operated by company | Community | 1 | ||||||||||||
Deferred financing costs amortization period | 25 years |
Equity - Additional Information
Equity - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2016 | Dec. 31, 2009 | Jan. 22, 2009 | |
Equity [Abstract] | |||||
Preferred stock, shares outstanding | 0 | 0 | |||
Authorization for purchase of company's common stock | $ 10,000,000 | ||||
Purchase common stock shares | 0 | 0 | 144,315 | 349,800 | |
Average cost of per share | $ 17.29 | $ 2.67 | |||
Purchase common stock value | $ 2,500,000 | $ 900,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | May 14, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | May 08, 2007 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock options vesting period, Minimum | 1 year | |||||
Stock options vesting period, Maximum | 5 years | |||||
Stock options outstanding, intrinsic value | $ 0 | |||||
Stock options outstanding, weighted-average remaining contractual life | 9 years | |||||
Stock options outstanding, weighted average exercise price | $ 7.46 | $ 0 | $ 0 | $ 0 | ||
Stock options outstanding, exercisable | 0 | 0 | 0 | |||
Number of stock options outstanding | 0 | 0 | ||||
Total unrecognized compensation expense | $ 300,000 | |||||
Compensation expense recognized | $ 2,500,000 | $ 8,400,000 | $ 7,700,000 | |||
Period of recognition for compensation expense, Minimum | 1 year | |||||
Period of recognition for compensation expense, Maximum | 4 years | |||||
Unrecognized stock based compensation expense, net of estimated forfeitures | $ 3,700,000 | |||||
Stock Options [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected period of expenses | 2 years | |||||
Compensation expense recognized | $ 100,000 | 0 | 0 | |||
Restricted Stock [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Compensation expense recognized | 0 | |||||
Restricted stock outstanding, intrinsic value | $ 3,400,000 | $ 9,100,000 | $ 13,000,000 | |||
Restricted common stock, Granted | 662,154 | 830,794 | 565,745 | |||
Performance and market based restricted stock, Granted | 325,415 | |||||
Average market value of common stock awarded to certain employees and directors of company | $ 4.50 | |||||
Restricted stock award vesting period, Minimum | 1 year | |||||
Restricted stock award vesting period, Maximum | 4 years | |||||
Restricted stock outstanding | $ 3,000,000 | |||||
Restricted Stock Units [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted common stock, Granted | 59,841 | |||||
Average market value of common stock awarded to certain employees and directors of company | $ 3.76 | |||||
Restricted stock award vesting period, Minimum | 1 year | |||||
Restricted stock outstanding | $ 200,000 | |||||
Performance and Market Based Stock Awards [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Restricted stock award vesting period | 3 years | |||||
Performance and Market Based Stock Awards [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected period of expenses | 1 year | |||||
Performance and Market Based Stock Awards [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected period of expenses | 3 years | |||||
Nonperformance Based Stock Awards [Member] | Minimum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected period of expenses | 1 year | |||||
Nonperformance Based Stock Awards [Member] | Maximum [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Expected period of expenses | 4 years | |||||
2007 Omnibus Stock and Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized shares of common stock | 4,600,000 | 4,600,000 | ||||
Number of additional shares granted under the plan | 0 | |||||
2019 Omnibus Stock and Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Authorized shares of common stock | 2,250,000 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Weighted-Average Assumptions Utilized to Estimate Fair Value of Stock Options (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Expected volatility | 37.00% |
Expected dividend yield | 0.00% |
Expected term in years | 6 years |
Risk free rate | 2.55% |
Expected forfeiture rate | 0.00% |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Stock Option Transactions (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |||
Shares, Outstanding Beginning of Year | 0 | 0 | 0 |
Shares, Granted | 147,239 | 0 | 0 |
Shares, Exercised | 0 | 0 | 0 |
Shares, Forfeited | 0 | 0 | 0 |
Shares, Outstanding End of Year | 147,239 | 0 | 0 |
Shares, Options Exercisable | 0 | 0 | 0 |
Weighted average price, Outstanding Beginning of Year | $ 0 | $ 0 | $ 0 |
Weighted average price, Granted | 7.46 | 0 | 0 |
Weighted average price, Exercised | 0 | 0 | 0 |
Weighted average price, Forfeited | 0 | 0 | 0 |
Weighted average price, Outstanding End of Year | $ 7.46 | $ 0 | $ 0 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Awards Activity and Related Information (Detail) - Restricted Stock [Member] - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares, Outstanding Beginning of Year | 1,345,159 | 964,484 | 829,766 |
Shares, Issued | 662,154 | 830,794 | 565,745 |
Shares, Vested | (424,556) | (386,900) | (355,400) |
Shares, Forfeited | (493,411) | (63,219) | (75,627) |
Shares, Outstanding End of Year | 1,089,346 | 1,345,159 | 964,484 |
Income Taxes - Schedule of (Ben
Income Taxes - Schedule of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ (71) | $ (152) | $ 6 |
State | 443 | 474 | 550 |
Deferred: | |||
Federal | 76 | (2,093) | 1,940 |
State | 0 | 0 | 0 |
(Benefit) Provision for income taxes | $ 448 | $ (1,771) | $ 2,496 |
Income Taxes - (Benefit) Provis
Income Taxes - (Benefit) Provision for Income Taxes Differed from Amounts of Income Tax (Benefit) Provision Determined by Applying Federal Statutory Income Tax Rate to Income Before (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Tax benefit at federal statutory rates | $ (7,472) | $ (11,627) | $ (14,168) |
State income tax benefit, net of federal effects | (548) | (665) | (648) |
Change in deferred tax asset valuation allowance | 7,478 | 9,543 | 7,857 |
Tax reform impact on deferred income taxes | 13,959 | ||
Share based compensation ASU 2016-09 adoption | (5,326) | ||
Other | 990 | 978 | 822 |
(Benefit) Provision for income taxes | $ 448 | $ (1,771) | $ 2,496 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||||
Valuation allowance recorded | $ 50,699,000 | $ 46,280,000 | ||
Adjustments to valuation allowance | 4,400,000 | (2,200,000) | $ 2,200,000 | |
Increase to valuation allowance | 7,400,000 | |||
Permanent tax differences shortfall from stock compensation | 700,000 | 500,000 | 700,000 | |
Permanent tax differences, Section 162(m) compensation limitation | $ 400,000 | $ 300,000 | $ 200,000 | |
Corporate statutory tax rate | 21.00% | 34.00% | ||
TCJA, provisional remeasurement, net reduction in value of deferred tax assets and liabilities | $ 14,000,000 | |||
TCJA, remeasurement, net reduction in value of deferred tax assets | 15,900,000 | |||
TCJA, Alternative Minimum Tax, provisional income tax benefit | $ 300,000 | |||
TCJA, reduction of maximum deduction for net operating loss carryforwards, percentage of taxable income for losses arising in future tax years | 80.00% | |||
Deferred tax assets related to federal Net operating loss carry forwards | $ 33,700,000 | |||
Deferred tax assets related to state Net operating loss carry forwards | 7,200,000 | |||
Uncertain tax position maximum percentage | 50.00% | |||
Unrecognized tax benefits | $ 6,789,000 | 4,644,000 | $ 3,416,000 | $ 3,786,000 |
Unrecognized tax benefit changes | $ 1,700,000 | |||
Domestic Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry forwards | 160,500,000 | |||
AMT credit carryforward | 100,000 | |||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | Prior Fiscal Year | ||||
Income Taxes [Line Items] | ||||
NOL expiration year | 2033 | |||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | Prior Fiscal Year | ||||
Income Taxes [Line Items] | ||||
NOL expiration year | 2037 | |||
State and Local Jurisdiction [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry forwards | $ 135,000,000 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | Prior Fiscal Year | ||||
Income Taxes [Line Items] | ||||
NOL expiration year | 2020 | |||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | Prior Fiscal Year | ||||
Income Taxes [Line Items] | ||||
NOL expiration year | 2039 | |||
ASC 842 [Member] | Retained Deficit [Member] | ||||
Income Taxes [Line Items] | ||||
Adjustments to valuation allowance | $ (3,000,000) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Deferred gains on sale/leaseback transactions | $ 2,440 | |
Lease liabilities | $ 62,166 | |
Net operating loss carryforward | 34,284 | 33,252 |
Compensation costs | 2,134 | 3,087 |
Depreciation and amortization | 3,525 | 5,323 |
Other | 2,991 | 2,330 |
Total deferred tax assets | 105,100 | 46,432 |
Deferred tax asset valuation allowance | (50,699) | (46,280) |
Total deferred tax assets, net | 54,401 | 152 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | (54,325) | |
Total deferred tax liabilities | (54,325) | |
Deferred taxes, net | $ 76 | $ 152 |
Income Taxes - Schedule of Unre
Income Taxes - Schedule of Unrecognized Tax Benefits Activity and Related Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance, January 1 | $ 4,644 | $ 3,416 | $ 3,786 |
Gross increases – tax positions in prior period | 2,468 | 1,228 | |
Gross decreases – tax positions in prior period | (370) | ||
Settlements | 0 | ||
Lapse of statute of limitations | (323) | 0 | |
Ending balance, December 31 | $ 6,789 | $ 4,644 | $ 3,416 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Compensation Related Costs [Abstract] | |||
Employer matching contributions from annual salary | 4.00% | ||
Percentage of employer match | 50.00% | ||
Contributed to the Plan annually | $ 500,000 | $ 500,000 | $ 500,000 |
Administrative expenses | $ 24,000 | $ 25,000 | $ 21,300 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | 18 Months Ended | ||
Sep. 30, 2017USD ($)Community | Dec. 31, 2019USD ($)Community | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($)Community | Dec. 31, 2015USD ($) | |
Loss Contingencies [Line Items] | |||||
Senior housing communities owned by company | Community | 80 | 80 | |||
Hurricane related expenses deductible for insurance claim | $ 100,000 | ||||
Clean-up and physical repair costs | $ 6,200,000 | ||||
Payments expected to receive from respective carrier | $ 300,000 | $ 2,400,000 | 300,000 | ||
Payments received from insurance underwriters | $ 2,500,000 | 5,100,000 | |||
Condition for employer shared responsibility payment | The ESRP is applicable to employers that had 50 or more full-time equivalent employees, did not offer minimum essential coverage (“MEC”) to at least 70% of full-time employees and their dependents, or did offer MEC to at least 70% of full-time employees and their dependents which did not meet the affordable or minimum value criteria and had one or more full-time employees certified as being allowed the premium tax credit (“PTC”). | ||||
Employer Shared Responsibility Payment accrued in employee benefit reserves | $ 14,733,000 | 11,996,000 | 14,733,000 | ||
Internal Revenue Service [Member] | |||||
Loss Contingencies [Line Items] | |||||
Employer shared responsibility payment contingent liability | $ 83,200,000 | $ 2,100,000 | |||
Internal Revenue Service [Member] | ESRP Penalties [Member] | |||||
Loss Contingencies [Line Items] | |||||
Employer Shared Responsibility Payment accrued in employee benefit reserves | $ 200,000 | $ 200,000 | |||
Texas [Member] | |||||
Loss Contingencies [Line Items] | |||||
Senior housing communities owned by company | Community | 2 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Carrying Amounts and Fair Values of Financial Instruments (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ 13,088 | $ 13,011 |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 23,975 | 31,309 |
Restricted cash | 13,088 | 13,011 |
Notes payable, excluding deferred loan costs | 930,085 | 983,207 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 23,975 | 31,309 |
Restricted cash | 13,088 | 13,011 |
Notes payable, excluding deferred loan costs | $ 899,326 | $ 945,318 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2019Community | Mar. 31, 2019USD ($)Community | Dec. 31, 2019Community | Dec. 31, 2018Community | Jan. 01, 2019USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Number of assets held for sale | Community | 0 | 0 | |||
ASC 842 [Member] | Impairment Write-down Adjustments [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Change in accounting principle, effect of change on retained deficit | $ | $ (17.8) | ||||
Senior Living Community [Member] | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Number of assets held for sale | Community | 2 | 1 | |||
Remeasurement write-down of assets held for sale | $ | $ 2.3 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Schedule of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 6,793 | $ 4,881 | $ 4,253 |
Provision for bad debts, net of recoveries | 3,765 | 2,990 | 1,748 |
Write-offs and other | (1,915) | (1,078) | (1,120) |
Balance at end of year | $ 8,643 | $ 6,793 | $ 4,881 |
Leases - Additional Information
Leases - Additional Information (Detail) $ in Thousands | Oct. 22, 2019Community | Jan. 31, 2017USD ($)Community | Jun. 30, 2019USD ($) | Jun. 30, 2017USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2013USD ($) | Dec. 31, 2019USD ($)CommunityProperty | Mar. 15, 2020Community | Oct. 01, 2019Community | Dec. 31, 2018USD ($) | Dec. 31, 2016Community |
Lessee Lease Description [Line Items] | ||||||||||||
Number of leased senior housing communities | 46 | |||||||||||
Number of remaining lease communities | 7 | |||||||||||
Number of communities sold | 2 | |||||||||||
Lease termination fee | $ | $ 6,466 | |||||||||||
Weighted-average discount rate, operating leases | 7.80% | |||||||||||
Average remaining lease terms, operating leases | 5 years 7 months 6 days | |||||||||||
Weighted-average discount rate, financing leases | 7.10% | |||||||||||
Average remaining lease terms, financing leases | 3 years 10 months 24 days | |||||||||||
Operating lease, existence of option to extend | true | |||||||||||
Operating lease, options to extend | Most of the Company’s lease agreements include one or more options to renew, with renewal terms that can extend the lease term for an additional one to 20 years at the Company’s option. | |||||||||||
Minimum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Operating lease, renewal term | 1 year | |||||||||||
Maximum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Operating lease, renewal term | 20 years | |||||||||||
Ventas [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Number of leased senior housing communities | 7 | 11 | ||||||||||
Acquisition of senior housing community | 4 | |||||||||||
Acquisition cost | $ | $ 85,000 | |||||||||||
Number of senior housing communities closed | 4 | |||||||||||
Payments for rent | $ | $ 2,300 | |||||||||||
Lease termination obligation | $ | $ 11,400 | $ 12,900 | ||||||||||
Capital improvement project | $ | $ 17,000 | $ 28,500 | $ 24,500 | $ 24,500 | ||||||||
Lease expiration date | Sep. 30, 2025 | |||||||||||
Number of Lease Extension Available | Property | 2 | |||||||||||
Lease agreements initial terms | 5 years | |||||||||||
Available renewal extension period | 5 years | |||||||||||
Capital improvement project, amended amount | $ | $ 20,000 | $ 28,500 | ||||||||||
Capital improvement project, decrease in amount | $ | $ 17,000 | |||||||||||
Lease expiration extended date | Jun. 30, 2021 | Jun. 30, 2018 | ||||||||||
Number of senior housing communities under early termination | 7 | |||||||||||
Ventas [Member] | Minimum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Lease agreements range | 6.75% | |||||||||||
Ventas [Member] | Maximum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Lease agreements range | 8.00% | |||||||||||
Ventas [Member] | Bridge Loan [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Acquisition cost | $ | $ 65,000 | |||||||||||
Bridge loan period | 36 months | |||||||||||
Bridge loan extend period | 6 months | |||||||||||
Ventas [Member] | Bridge Loan [Member] | London Interbank Offered Rate (LIBOR) | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Initial variable interest rate | 4.00% | |||||||||||
Interim financing variable rate description | LIBOR plus 4.0% | |||||||||||
Healthpeak Properties Inc [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Number of leased senior housing communities | 15 | |||||||||||
Capital improvement project | $ | $ 3,300 | |||||||||||
Lease expiration date | Apr. 30, 2026 | Oct. 31, 2020 | ||||||||||
Number of senior housing communities available for sale | 8 | |||||||||||
Lease termination fee | $ | $ 300 | |||||||||||
Healthpeak Properties Inc [Member] | Subsequent Event [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Number of communities sold | 1 | |||||||||||
Healthpeak Properties Inc [Member] | Minimum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Lease agreements range | 7.25% | |||||||||||
Healthpeak Properties Inc [Member] | Maximum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Lease agreements range | 8.00% | |||||||||||
Welltower [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Number of leased senior housing communities | 24 | |||||||||||
Lease agreements initial terms | 15 years | |||||||||||
Number of senior housing communities under early termination | 24 | |||||||||||
Welltower [Member] | Minimum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Interim financing variable rate | 7.25% | |||||||||||
Lease expiration year and month | 2025-04 | |||||||||||
Welltower [Member] | Maximum [Member] | ||||||||||||
Lessee Lease Description [Line Items] | ||||||||||||
Interim financing variable rate | 8.50% | |||||||||||
Lease expiration year and month | 2026-04 |
Leases - Summary of Operating a
Leases - Summary of Operating and Financing Lease Expense and Cash Flows from Leasing Transactions (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease Cost [Abstract] | |
Facility lease expense | $ 57,022 |
General and administrative expenses | 812 |
Operating expenses, including variable lease expense of $6,142 | 6,466 |
Total operating lease costs | 64,300 |
Operating lease expense adjustment | 5,243 |
Operating cash flows from operating leases | 69,543 |
Depreciation and amortization | 11 |
Interest expense: financing lease obligations | 3 |
Total financing lease costs | 14 |
Operating cash flows from financing leases | 11 |
Financing cash flows from financing leases | 3 |
Total cash flows from financing leases | $ 14 |
Leases - Summary of Operating_2
Leases - Summary of Operating and Financing Lease Expense and Cash Flows from Leasing Transactions (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Lease Cost [Abstract] | |
Variable lease expense | $ 6,142 |
Leases - Schedule of Aggregate
Leases - Schedule of Aggregate Amounts of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2020 | $ 63,549 |
2021 | 51,401 |
2022 | 51,321 |
2023 | 51,274 |
2024 | 51,245 |
Thereafter | 44,762 |
Total | 313,552 |
Less: Amount representing interest (present value discount) | (59,107) |
Present value of lease liabilities | 254,445 |
Less: Current portion of lease liabilities | (45,871) |
Lease liabilities, net of current portion | 208,574 |
Finance Lease Liabilities Payments Due [Abstract] | |
2020 | 148 |
2021 | 148 |
2022 | 148 |
2023 | 138 |
Total | 582 |
Less: Amount representing interest (present value discount) | (72) |
Present value of lease liabilities | 510 |
Less: Current portion of lease liabilities | (117) |
Lease liabilities, net of current portion | $ 393 |
Leases - Summary of Future Mini
Leases - Summary of Future Minimum Operating Lease Payments Under ASC 840 (Detail) $ in Thousands | Dec. 31, 2018USD ($) |
Leases [Abstract] | |
2019 | $ 66,455 |
2020 | 63,929 |
2021 | 52,093 |
2022 | 52,062 |
2023 | 52,026 |
Thereafter | 97,165 |
Total lease payments | $ 383,730 |
Quarterly Financial Informati_3
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Total revenues | $ 108,688 | $ 111,110 | $ 113,126 | $ 114,176 | $ 115,098 | $ 115,650 | $ 114,627 | $ 114,643 | $ 447,100 | $ 460,018 | $ 466,997 |
Income (Loss) from operations | (8,757) | (8,105) | 203 | 1,970 | (3,122) | 1,696 | 3,643 | 5,386 | |||
Net income (loss) and comprehensive income (loss) | $ 10,219 | $ (20,731) | $ (12,534) | $ (12,984) | $ (26,291) | $ (11,089) | $ (9,060) | $ (7,156) | $ (36,030) | $ (53,596) | $ (44,168) |
Net income (loss) per share, basic | $ 0.34 | $ (0.68) | $ (0.41) | $ (0.43) | $ (0.88) | $ (0.37) | $ (0.30) | $ (0.24) | $ (1.19) | $ (1.80) | $ (1.50) |
Net income (loss) per share, diluted | $ 0.34 | $ (0.68) | $ (0.41) | $ (0.43) | $ (0.88) | $ (0.37) | $ (0.30) | $ (0.24) | $ (1.19) | $ (1.80) | $ (1.50) |
Weighted average shares outstanding, basic | 30,342 | 30,324 | 30,279 | 30,102 | 29,908 | 29,877 | 29,831 | 29,627 | 30,263 | 29,812 | 29,453 |
Weighted average shares outstanding, fully diluted | 30,412 | 30,324 | 30,279 | 30,102 | 29,908 | 29,877 | 29,831 | 29,627 | 30,263 | 29,812 | 29,453 |
Quarterly Financial Informati_4
Quarterly Financial Information (Unaudited) - Schedule of Quarterly Financial Information (Parenthetical) (Detail) $ in Thousands | Oct. 01, 2019USD ($)Community | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) |
Quarterly Financial Information [Line Items] | ||||||
Gain (Loss) on disposition of assets, net | $ 38,800 | $ 38,800 | $ 36,528 | $ 28 | $ (123) | |
Number of communities sold | Community | 2 | |||||
General and administrative expenses related to retirement and replacement | 27,518 | 26,961 | $ 23,574 | |||
Write-off of deferred loan costs and prepayment premiums | $ 12,600 | $ 4,843 | $ 12,623 | |||
CEO | ||||||
Quarterly Financial Information [Line Items] | ||||||
General and administrative expenses related to retirement and replacement | $ 4,200 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) | Mar. 31, 2020USD ($)CommunityProperty | Mar. 15, 2020USD ($)Community | Mar. 10, 2020USD ($)Community | Mar. 01, 2020USD ($)Community | Jan. 15, 2020USD ($) | Oct. 22, 2019USD ($) | Oct. 01, 2019USD ($)Community | Dec. 31, 2019USD ($)Community |
Subsequent Event [Line Items] | ||||||||
Number of leased senior housing communities | Community | 46 | |||||||
Rent expense | $ 6,466,000 | |||||||
Financing obligations | 510,000 | |||||||
Number of communities sold | Community | 2 | |||||||
Net proceeds from sale of assets | $ 14,800,000 | |||||||
Healthpeak Properties Inc [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Transitioned property amount as a prepayment against the remaining lease payments | $ 250,000 | |||||||
Healthpeak Properties Inc [Member] | ASC 842 [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Leasehold improvements | 43,700,000 | |||||||
Financing obligations | $ 11,400,000 | |||||||
Subsequent Event [Member] | Senior Housing Community Merrillville, Indiana Community [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of communities sold | Community | 1 | |||||||
Purchase price for the sale of asset | $ 7,000,000 | |||||||
Net proceeds from sale of assets | $ 6,900,000 | |||||||
Subsequent Event [Member] | Senior Housing Community Merrillville, Indiana Community [Member] | Assisted Living Unit [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of living units in a housing community sold | Property | 171 | |||||||
Subsequent Event [Member] | Senior Housing Community Merrillville, Indiana Community [Member] | Memory Care Units [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of living units in a housing community sold | Property | 42 | |||||||
Subsequent Event [Member] | Healthpeak Properties Inc [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Transitioned property amount as a prepayment against the remaining lease payments | $ 300,000 | |||||||
Subsequent Event [Member] | Healthpeak Properties Inc [Member] | Early Termination Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Security deposits yet to be released | $ 1,900,000 | |||||||
Previously scheduled, lease maturity month year | 2026-04 | |||||||
Number of communities to be managed | Community | 6 | |||||||
Subsequent Event [Member] | Welltower, Inc. [Member] | Early Termination Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of leased senior housing communities | Community | 24 | |||||||
Rent expense due to early termination of lease | $ 2,200,000 | |||||||
Rent expense | 2,800,000 | |||||||
Security deposits yet to be released | $ 6,500,000 | |||||||
Subsequent Event [Member] | Ventas [Member] | Early Termination Agreement [Member] | ||||||||
Subsequent Event [Line Items] | ||||||||
Number of leased senior housing communities | Community | 7 | |||||||
Rent expense due to early termination of lease | $ 1,000,000 | |||||||
Rent expense | 1,300,000 | |||||||
Security deposits yet to be released | $ 3,900,000 |