Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 25, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
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 Corporation | ||
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 | Non-accelerated Filer | ||
Entity Shell Company | false | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 2,081,332 | ||
Entity Public Float | $ 22.3 | ||
Entity File Number | 1-13445 | ||
Entity Incorporation, State or Country Code | DE | ||
ICFR Auditor Attestation Flag | false | ||
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 2021 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, 2020 | Dec. 31, 2019 | |
Current assets: | |||
Cash and cash equivalents | $ 17,885 | $ 23,975 | |
Restricted cash | 4,982 | 13,088 | |
Accounts receivable, net | 5,820 | 8,143 | |
Federal and state income taxes receivable | 76 | 72 | |
Property tax and insurance deposits | 7,637 | 12,627 | |
Prepaid expenses and other | 7,028 | 5,308 | |
Total current assets | 43,428 | 63,213 | |
Property and equipment, net | 655,731 | 969,211 | |
Operating lease right-of-use assets, net | 536 | 224,523 | |
Deferred taxes, net | 76 | ||
Other assets, net | 3,138 | 10,673 | |
Total assets | 702,833 | 1,267,696 | |
Current liabilities: | |||
Accounts payable | 14,967 | 10,382 | |
Accrued expenses | 48,515 | 46,227 | |
Current portion of notes payable, net of deferred loan costs | 304,164 | 15,819 | |
Current portion of deferred income | 3,984 | 7,201 | |
Current portion of financing obligations | 1,741 | ||
Current portion of lease liabilities | 421 | 45,988 | |
Federal and state income taxes payable | 249 | 420 | |
Customer deposits | 822 | 1,247 | |
Total current liabilities | 373,122 | 129,025 | |
Financing obligations, net of current portion | 9,688 | ||
Lease liabilities, net of current portion | 533 | 208,967 | |
Other long-term liabilities | 3,714 | ||
Notes payable, net of deferred loan costs and current portion | 604,729 | 905,637 | |
Commitments and contingencies | |||
Shareholders’ equity (deficit): | |||
Preferred stock, $.01 par value: Authorized shares - 1,000; no shares issued or outstanding | |||
Common stock, $.01 par value: Authorized shares - 4,333; issued and outstanding shares 2,084 and 2,096 in 2020 and 2019, respectively | [1] | 21 | 319 |
Additional paid-in capital | 188,978 | 190,386 | |
Retained deficit | (468,264) | (172,896) | |
Treasury stock, at cost — 0 and 33 shares in 2020 and 2019, respectively | [1] | (3,430) | |
Total shareholders’ equity (deficit) | (279,265) | 14,379 | |
Total liabilities and shareholders’ equity (deficit) | $ 702,833 | $ 1,267,696 | |
[1] | Prior period share amounts have been adjusted to reflect the fifteen See Note 3- Summary of Significant Accounting Policies. |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2020$ / sharesshares | Dec. 31, 2019$ / sharesshares |
Statement Of Financial Position [Abstract] | ||
Preferred stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 1,000,000 | 1,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ / shares | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 4,333,000 | 4,333,000 |
Common stock, shares issued | 2,084,000 | 2,096,000 |
Common stock, shares outstanding | 2,084,000 | 2,096,000 |
Treasury stock, shares | 0 | 33,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues: | ||||
Total revenues | $ 383,864 | $ 447,100 | $ 460,018 | |
Expenses: | ||||
Operating expenses (exclusive of facility lease expense and depreciation and amortization expense shown below) | 254,630 | 310,551 | 297,651 | |
General and administrative expenses | 27,904 | 27,518 | 26,961 | |
Facility lease expense | 28,109 | 57,021 | 56,551 | |
Stock-based compensation expense | 1,724 | 2,509 | 8,428 | |
Depreciation and amortization expense | 60,302 | 64,190 | 62,824 | |
Long-lived asset impairment | 41,843 | 3,004 | ||
Community reimbursement expense | 24,942 | |||
Total expenses | 439,454 | 464,793 | 452,415 | |
Other income (expense): | ||||
Interest income | 193 | 221 | 165 | |
Interest expense | (44,564) | (49,802) | (50,543) | |
Write-off of deferred loan costs and prepayment premiums | (4,843) | (12,623) | ||
Gain on facility lease modification and termination, net | 10,659 | |||
Gain (loss) on disposition of assets, net | (205,476) | 36,528 | 28 | |
Other income (expense) | (201) | 7 | 3 | |
Loss before benefit (provision) for income taxes | (294,979) | (35,582) | (55,367) | |
Benefit (provision) for income taxes | (389) | (448) | 1,771 | |
Net loss | $ (295,368) | $ (36,030) | $ (53,596) | |
Per share data: | ||||
Basic net loss per share | [1] | $ (144.08) | $ (17.87) | $ (26.97) |
Diluted net loss per share | [1] | $ (144.08) | $ (17.87) | $ (26.97) |
Weighted average shares outstanding — basic | [1] | 2,050 | 2,016 | 1,987 |
Weighted average shares outstanding — diluted | [1] | 2,050 | 2,016 | 1,987 |
Comprehensive loss | $ (295,368) | $ (36,030) | $ (53,596) | |
Resident Revenue [Member] | ||||
Revenues: | ||||
Total revenues | 357,122 | 447,100 | $ 460,018 | |
Management Fees [Member] | ||||
Revenues: | ||||
Total revenues | 1,800 | 0 | ||
Community Reimbursement Revenue [Member] | ||||
Revenues: | ||||
Total revenues | $ 24,942 | $ 0 | ||
[1] | Prior period results fifteen See Note 3- Summary of Significant Accounting Policies. |
Consolidated Statements of Op_2
Consolidated Statements of Operations and Comprehensive Loss (Parenthetical) | Dec. 09, 2020 |
Income Statement [Abstract] | |
Stock split, conversion ratio | 0.067 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ in Thousands | Total | Cumulative Effect Period of Adoption Adjustment [Member] | Common Stock [Member] | Common Stock [Member]Cumulative Effect Period of Adoption Adjustment [Member] | [1] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]Cumulative Effect Period of Adoption Adjustment [Member] | Retained Deficit [Member] | Retained Deficit [Member]Cumulative Effect Period of Adoption Adjustment [Member] | Treasury Stock [Member] | Treasury Stock [Member]Cumulative Effect Period of Adoption Adjustment [Member] | |
Beginning Balance at Dec. 31, 2017 | $ 80,433 | $ 310 | $ 179,459 | $ (95,906) | $ (3,430) | |||||||
Beginning Balance, Shares at Dec. 31, 2017 | [1] | 2,034 | ||||||||||
Restricted stock awards | $ 8 | (8) | ||||||||||
Restricted stock awards, Shares | [1] | 51 | ||||||||||
Stock-based compensation | 8,428 | 8,428 | ||||||||||
Net loss | (53,596) | (53,596) | ||||||||||
Ending Balance at Dec. 31, 2018 | 35,265 | $ 12,636 | $ 318 | 187,879 | (149,502) | $ 12,636 | (3,430) | |||||
Ending Balance, Shares at Dec. 31, 2018 | [1] | 2,085 | ||||||||||
Accounting Standards Update Extensible List | ASC 842 [Member] | ASC 842 [Member] | ASC 842 [Member] | ASC 842 [Member] | ASC 842 [Member] | |||||||
Restricted stock awards | (1) | $ 1 | (2) | |||||||||
Restricted stock awards, Shares | [1] | 11 | ||||||||||
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 | [1] | 2,096 | ||||||||||
Reverse stock split | $ (298) | 298 | ||||||||||
Retirement of treasury stock | (3,430) | $ 3,430 | ||||||||||
Restricted stock awards, Shares | [1] | (12) | ||||||||||
Stock-based compensation | 1,724 | 1,724 | ||||||||||
Net loss | (295,368) | (295,368) | ||||||||||
Ending Balance at Dec. 31, 2020 | $ (279,265) | $ 21 | $ 188,978 | $ (468,264) | ||||||||
Ending Balance, Shares at Dec. 31, 2020 | [1] | 2,084 | ||||||||||
[1] | Prior period results fifteen See Note 3- Summary of Significant Accounting Policies. |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parenthetical) | Dec. 09, 2020 |
Statement Of Stockholders Equity [Abstract] | |
Stock split, conversion ratio | 0.067 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Activities | |||
Net loss | $ (295,368) | $ (36,030) | $ (53,596) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 60,302 | 64,190 | 62,824 |
Amortization of deferred financing charges | 1,720 | 1,612 | 1,709 |
Amortization of deferred lease costs and lease intangibles, net | 849 | ||
Amortization of lease incentives | (2,074) | ||
Deferred income | (1,450) | 1,078 | (1,391) |
Deferred taxes | 76 | 157 | (2,245) |
Operating lease expense adjustment | (23,899) | (5,243) | |
Lease incentives | 3,376 | ||
Gain on facility lease modification and termination, net | (10,659) | ||
Write-off of deferred loan costs and prepayment premiums | 4,843 | 12,623 | |
Loss (gain) on disposition of assets, net | 205,477 | (36,528) | (28) |
Long-lived asset impairment | 41,843 | 3,004 | |
Provision for bad debts | 2,883 | 3,765 | 2,990 |
Stock-based compensation expense | 1,724 | 2,509 | 8,428 |
Changes in operating assets and liabilities: | |||
Accounts receivable | (1,021) | (1,326) | (3,173) |
Property tax and insurance deposits | 2,316 | 545 | 1,213 |
Prepaid expenses and other | (1,887) | (1,013) | 1,100 |
Other assets | (2,358) | (500) | 1,350 |
Accounts payable | 6,124 | (715) | 1,294 |
Accrued expenses | 7,279 | 4,343 | 1,129 |
Federal and state income taxes receivable/payable | (175) | 14 | 23 |
Deferred resident revenue | 443 | 579 | 561 |
Customer deposits | (163) | (55) | (92) |
Net cash provided by (used in) operating activities | (6,793) | 5,229 | 36,870 |
Investing Activities | |||
Capital expenditures | (15,634) | (20,306) | (21,965) |
Proceeds from disposition of assets | 24,148 | 68,084 | 57 |
Net cash provided by (used in) investing activities | 8,514 | 47,778 | (21,908) |
Financing Activities | |||
Proceeds from notes payable | 7,640 | 37,499 | 208,841 |
Repayments of notes payable | (23,137) | (95,077) | (204,093) |
Cash payments for financing lease and financing obligations | (375) | (1,516) | (3,151) |
Deferred financing charges paid | (45) | (1,170) | (3,263) |
Net cash provided by (used in) financing activities | (15,917) | (60,264) | (1,666) |
Increase (decrease) in cash and cash equivalents | (14,196) | (7,257) | 13,296 |
Cash and cash equivalents and restricted cash at beginning of year | 37,063 | 44,320 | 31,024 |
Cash and cash equivalents and restricted cash at end of year | 22,867 | 37,063 | 44,320 |
Cash paid during the year for: | |||
Interest | 33,029 | 47,614 | 49,225 |
Lease modification and termination | 6,791 | ||
Income taxes | $ 513 | $ 505 | $ 555 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2020 | |
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 leading owner-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, 2020, the Company operated 101 senior housing communities in 22 states with an aggregate capacity of approximately 13,000 residents, including 60 senior housing communities which the Company owned, 17 properties that were in the process of transitioning legal ownership back to Fannie Mae, 12 senior housing communities that the Company leased and 12 communities that the Company managed on behalf of third parties. 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. |
Going Concern Uncertainty
Going Concern Uncertainty | 12 Months Ended |
Dec. 31, 2020 | |
Risks And Uncertainties [Abstract] | |
Going Concern Uncertainty | 2. Going Concern Uncertainty The United States broadly continues to experience the pandemic caused by COVID-19, which has significantly disrupted, and likely will continue to disrupt for some period, the nation’s economy, the senior living industry, and the Company’s business. In an effort to protect its residents and employees and slow the spread of COVID-19 and in response to recent quarantines, shelter-in-place orders and other limitations imposed by federal, state and local governments, the Company has restricted or limited access to its communities, including limitations on in-person prospective resident tours and, in certain cases, new resident admissions. As a result, the COVID-19 pandemic caused a decline in the occupancy levels at the Company’s communities, which negatively impacted the Company’s revenues and operating results, which depend significantly on such occupancy levels. Reduced controllable move-out activity during the COVID-19 pandemic may partially offset future adverse revenue impacts. In addition, the outbreak of COVID-19 has required the Company to incur significant additional operating costs and expenses in order to implement enhanced infection control protocols and otherwise care for its residents, including increased costs and expenses relating to supplies and personal protective equipment, testing of the Company’s residents and employees, labor and specialized disinfecting and cleaning services. Further, residents at certain of its senior housing communities have tested positive for COVID-19, which has increased the costs of caring for the residents and resulted in reduced occupancies at such communities. During the year ended December 31, 2020, the Company had incurred $9.4 million in COVID-19 related costs since the onset of the pandemic. Accounting Standards Codification (“ASC”) 205-40, “Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern,” requires an evaluation of whether there are conditions or events, considered in the aggregate, that raise substantial doubt about an entity’s ability to continue as a going concern within one year after the date the financial statements are issued. Initially, this evaluation does not consider the potential mitigating effect of management’s plans that have not been fully implemented. When substantial doubt exists, management evaluates the mitigating effect of its plans to determine if it is probable that (1) the plans will be effectively implemented within one year after the date the financial statements are issued, and (2) when implemented, the plans will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern. In complying with the requirements under ASC 205-40 to complete an evaluation without considering mitigating factors, the Company considered several conditions or events including (1) uncertainty around the continued impact of the COVID-19 pandemic on the Company’s operations and financial results, (2) $72.5 million of debt maturing and $16.8 million debt service payments due in the next 12 months, (3) recurring operating losses and projected operating losses for fiscal periods through March 31, 2022, (4) the Company’s working capital deficiency and (5) noncompliance with certain financial covenants of its loan agreements with Fifth Third Bank covering two properties and BBVA, USA (“BBVA”) covering three properties at December 31, 2020. The above conditions raise substantial doubt about the Company’s ability to continue as a going concern for the 12-month period following the date the fiscal year 2020 financial statements are issued. The Company has implemented plans as discussed below, which includes strategic and cash-preservation initiatives, designed to provide the Company with adequate liquidity to meet its obligations for at least the twelve- month period following the date its fiscal year 2020 financial statements are issued. The Company’s primary sources of near- and medium-term liquidity are (1) expected to be cash from operations that will be used in operations and d ebt forbearance, and (2) refinancings and extensions to the extent available on acceptable terms. Strategic and Cash Preservation Initiatives The Company has taken or intends to take the following actions, among others, to improve its liquidity position and to address uncertainty about its ability to operate as a going concern: • In the first quarter of 2019, the Company implemented a three-year operational improvement plan which began to show improved operating results during 2020, prior to the onset of the COVID-19 pandemic, and is expected to continue to drive incremental profitability improvements. • The Company is in active discussions with Fifth Third Bank and BBVA to resolve its noncompliance with financial covenants at December 31, 2020 for debt totaling $72.5 million, included in current portion of notes payable, net of deferred loan costs on the Consolidated Balance Sheets. As a result of the default, these loans are callable. • The Company has implemented additional proactive spending reductions to improve liquidity, including reduced discretionary spending and monitoring capital spending. • The Company has exited all master lease agreements in order to strengthen the Company’s balance sheet and allow the Company to strategically invest in certain existing communities (see “Note 5- Dispositions and Other Significant Transactions”). • In November 2020, the Company closed on the sale of one senior housing community located in Canton, Ohio, for a total purchase price of $18.0 million and received approximately $6.4 million in net proceeds after retiring outstanding mortgage debt of $10.8 million and paying customary transaction and closing costs. The Company recorded a $2.0 million gain on the sale of the property, which is included in gain (loss) on disposition of assets, net in the year ended December 31, 2020. In November 2020, the Company entered into a management agreement with the successor owner to manage the senior living community, subject to a management fee based on the gross revenues of the property. • In May 2020, the Company entered into short-term debt forbearance agreements with a number of its lenders (see “Note 9- Notes Payable”). In October 2020, the Company entered into an additional short-term forbearance agreement with Protective Life Insurance Company. • In November 2020, the Company accepted $8.1 million of Phase 2 Provider Relief funds under the Coronavirus Aid, Relief and Economic Security Act of 2020 (the “CARES Act”), which are intended to reimburse the Company for COVID-19 related costs and lost revenue. The $8.1 million Phase 2 Provider Relief Funds have been recorded as a reduction to operating expenses in the Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2020. The Company received an additional $8.7 million in the first quarter of 2021, subsequent to year-end under the CARES Act Phase 3 and expects to fully recognize Phase 3 funds in 2021. The CARES Act Phase 2 and Phase 3 funds are grants that do not have to be repaid provided the Company satisfies the terms and conditions of the CARES Act. In addition, the Company received approximately $1.9 million in relief from state agencies during the year ended December 31, 2020 under the CARES Act and has applied for additional federal and state funding. • The Company has elected to utilize the CARES Act payroll tax deferral program and delayed payment of a portion of payroll taxes incurred from April 2020 through December 2020. One-half of the deferral amount will become due on each of December 31, 2021 and December 31, 2022. At December 31, 2020, the Company had deferred $7.4 million in payroll taxes, of which, $3.7 million is included in accrued expenses and $3.7 million is included in other long-term liabilities in the Company’s Consolidated Balance Sheets. • In July 2020, the Company initiated a process that is intended to transfer the operations and ownership of 18 communities that are either underperforming or are in underperforming loan pools to Fannie Mae, the holder of nonrecourse debt on such communities. In conjunction with the agreement, the Company discontinued recognizing revenues and expenses on the properties as of August 1, 2020 , but continues to manage the communities on behalf of Fannie Mae. The Company earns a management fee for providing such services. As a result of events of default and the appointment of a receiver to take possession of the communities, the Company concluded that, in accordance with ASC 610-20, “Gains and Losses from the Derecognition of Nonfinancial Assets” a $ million loss should be taken due to the derecognition of the assets as a result of the loss of control of the assets, which occurred during the year ended December 31 , 2020. See “Note 9 - Notes Payable .” Once legal ownership of the properties transfer to Fannie Mae and the liabilities relating to such communities are extinguished, the Company expects to recognize a gain related to the extinguishment in accordance with ASC 470, “Debt.” At December 31 , 2020, the Company included $ million in outstanding debt in the current portion of notes payable, net of deferred loan costs, and $ 8.7 million of accrued interest in accrued expenses on the Company’s Consolidated Balance Sheets related to these properties. • The Company is evaluating possible debt and capital options. The Company’s plans are designed to provide the Company with adequate liquidity to meet its obligations for at least the 12-month period following the date its fiscal year 2020 financial statements are issued; however, the remediation plan is dependent on conditions and matters that may be outside of the Company’s control or may not be available on terms acceptable to the Company, if at all, many of which have been made worse or more unpredictable by the COVID-19 pandemic. Accordingly, management could not conclude that it was probable that the plans will mitigate the relevant conditions or events that raise substantial doubt about the Company’s ability to continue as a going concern. If the Company is unable to successfully execute all of these initiatives or if the plan does not fully mitigate the Company’s liquidity challenges, the Company’s operating plans and resulting cash flows along with its cash and cash equivalents and other sources of liquidity may not be sufficient to fund operations for the 12-month period following the date the Company’s fiscal year 2020 financial statements are issued. The accompanying consolidated financial statements have been prepared assuming the Company will continue as a going concern, which contemplates continuity of operations, realization of assets and the satisfaction of liabilities in the normal course of business for the 12-month period following the date the Company’s fiscal year 2020 financial statements are issued. As such, the accompanying consolidated financial statements do not include any adjustments relating to the recoverability and classification of assets and their carrying amounts, or the amount and classification of liabilities that may result should the Company be unable to continue as a going concern. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3. 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 counterparties 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, 2020 2019 Cash and cash equivalents $ 17,885 $ 23,975 Restricted cash 4,982 13,088 $ 22,867 $ 37,063 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, 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 estimate fair value of the asset group and record an impairment loss when the carrying amount exceeds fair value. 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, 2020. Advertising Costs $1.9 million $3.9 million $3.3 million for the years ended December 31, 2020 2019 2018 Off-Balance Sheet Arrangements The Company had no material off-balance sheet arrangements at December 31, 2020 or 2019. 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. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES Act) was enacted which contained beneficial provisions to the Company, including the deferral of certain employer payroll taxes and the acceleration of the alternative minimum tax credit refunds. Additionally, on December 27, 2020, the Consolidated Appropriations Act was enacted providing that electing real property trades or business electing out of Section 163(j)(7)(B) will apply a 30 year ADS life to residential real property place in service before January 1, 2018. This property had historically been assigned a 40 year ADS life under the TCJA. The effects were reflected in the tax provision for the year ended December 31, 2020 through an adjustment to deferred temporary differences. 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. T he Company ’ s senior housing communities have residency agreements that generally require the resident to pay a community fee prior to moving into the community , which covers the cost of application processing, transition assistance provided to residents and their families, move-in preparations and new resident services. Community fees are recognized as a component of resident revenue over the twelve-month life of the resident contract . Revenues from the Medicaid program accounted for approximately 6.4% of the Company’s revenue in fiscal year 2020, 5.9% of the Company’s revenue in fiscal year 2019, and 5.4% of the Company’s revenue in fiscal year 2018. During fiscal years 2020, 2019, and 2018, 41 , 41, and 40, respectively, of the Company’s communities were providers of services under the Medicaid program. Accordingly, these communities were entitled to reimbursement under the Medicaid 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 years 2020, 2019, or 2018. 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 that would have a material effect on our Consolidated Financial Statements. 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. During the year ended December 31, 2020, the Company entered into management agreements whereby it manages certain communities on behalf of one of its former landlords under a contract that provides for periodic management fee payments to the Company and reimbursement for costs and expenses related to such communities. The Company has determined that all community management activities are a single performance obligation, which is satisfied over time as the services are rendered. The Company’s estimate of the transaction price for management services also includes the amount of reimbursement due from the owners of the communities for services provided and related costs incurred. Such revenue is included in “community reimbursement revenue” on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The related costs are included in “community reimbursement expense” on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company recognized revenue from management fees of $1.8 million during the year ended December 31, 2020, with no comparable amount in 2019. The Company recognized revenue from reimbursed costs incurred on behalf of managed communities of $24.9 million during the year ended December 31, 2020, with no comparable amount in 2019. 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 $6.1 million and $8.6 million at December 31, 2020 and 2019, 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 on that date of adoption. 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. Financing lease right-of-use assets are recognized within property and equipment, net on the Company’s Consolidated Balance Sheets. The Company recognizes interest expense on the financing lease liabilities utilizing the effective interest method. The right-of-use asset is generally amortized to depreciation and amortization expense on a straight-line basis over the lease term. Modifications to existing lease agreements, including changes to the lease term or payment amounts, are reviewed to determine whether they result in a separate contract. For modifications that do not result in a separate contract, management reviews the lease classification and re-measures the related right-of-use assets and liabilities at the effective date of the modification. 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. The Company’s 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, 2020; 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. On December 9, 2020, the Company’s Board of Directors approved and effected a reverse stock split (the “Reverse Stock Split”) of the Company’s common stock at a ratio of 1-for-15. The Reverse Stock Split reduced the number of issued and outstanding shares of common stock from approximately 31,268,943 shares to approximately 2,084,596 shares. The authorized number of shares of common stock was also proportionately reduced from 65,000,000 shares to 4,333,334 shares. All share amounts for the years ended December 31, 2019 and 2018 have been recast to give effect to the 1-for-15 Reverse Stock Split. 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, 2020 2019 2018 Net loss $ (295,368 ) $ (36,030 ) $ (53,596 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (295,368 ) $ (36,030 ) $ (53,596 ) Weighted average shares outstanding — basic 2,050 2,016 1,987 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 2,050 2,016 1,987 Basic net loss per share $ (144.08 ) $ (17.87 ) $ (26.97 ) Diluted net loss per share $ (144.08 ) $ (17.87 ) $ (26.97 ) Awards of unvested restricted stock representing approximately 33.5 thousand, 73.3 thousand, and 86.7 thousand shares were outstanding for the fiscal years ended December 31, 2020, 2019, and 2018, respectively, and are antidilutive as adjusted for the Reverse Stock Split. 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 years 2020 or 2019. In conjunction with the Reverse Stock Split in December 2020, the Company retired all of the Treasury stock to available for issuance and recorded a reduction to additional paid in capital of $3.4 million. 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 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 previous 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 150,000 shares of common stock plus reserved shares not issued or subject to outstanding awards under the previous plan, as adjusted for the Reverse Stock Split, 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 that 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 Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”). The provisions of this standard are available for election through December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by this update. Use of Estimates 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. Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. |
Impairment of Long-Lived Assets
Impairment of Long-Lived Assets | 12 Months Ended |
Dec. 31, 2020 | |
Asset Impairment Charges [Abstract] | |
Impairment of Long-Lived Assets | 4. Impairment of Long-Lived Assets During the first quarter of 2020, the Company determined that the modifications of certain of its Master Lease Agreements (see “Note 5- Dispositions and Other Significant Transactions”) and adverse impacts on the Company’s operating results resulting from the COVID-19 pandemic were indicators of potential impairment of its long-lived assets. As such, the Company evaluated its long-lived asset groups for impairment and identified communities with a carrying amount of the assets in excess of the estimated future undiscounted net cash flows expected to be generated by the assets. In March 2020, the Company entered into forbearance agreements with Ventas and Welltower, which, among other things, provide that the lease agreements covering the communities will be converted into property management agreements with the Company as manager on December 31, 2020 if the properties have not transitioned to a successor operator on or prior to such date (see “Note 5- Dispositions and Other Significant Transactions”). The Company’s leases with Ventas and Welltower were originally scheduled to mature during 2025 and 2026. Due to the modification of the lease term and the expected impacts of the COVID-19 pandemic, the Company evaluated certain owned communities and all leased communities for impairment and tested the recoverability of these assets by comparing projected undiscounted cash flows associated with these assets to their respective historical carrying values. For communities in which the historical carrying value was not recoverable, the Company compared the estimated fair value of the assets to their carrying amount and recorded an impairment charge for the excess of carrying amount over fair value. For the operating lease right-of-use assets, fair value was estimated utilizing a discounted cash flow approach based on historical and projected cash flows and market data, including management fees and a market supported lease coverage ratio. The fair values of the property and equipment, net of these communities, were primarily determined utilizing the cost approach, which determines the current replacement cost of the property being appraised and then deducts for the loss in value caused by physical deterioration, functional obsolescence, and economic obsolescence the amount required to replace the asset as if new and adjusts to reflect usage. These fair value measurements are considered Level 3 measurements within the valuation hierarchy. During the first quarter of 2020, the Company recorded non-cash impairment charges of $ 6.2 million and $ 29.8 million to operating lease right-of-use assets, net and property and equipment, net, respectively. During the third quarter of 2020, the Company recorded non-cash impairment charges of $1.3 million and $1.1 million to operating lease right-of-use assets, net and property and equipment, net, respectively, due to a change in the useful life of 15 of its communities, all of which transferred to new operators during the fourth quarter of 2020. Due to the changes in useful lives, the Company concluded the assets related to those properties had indicators of impairment and the carrying values were not fully recoverable. The fair values of the right-of-use assets were 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. In addition, during the third quarter of 2020, the Company recorded a non-cash impairment charge of $0.8 million to property and equipment, net of one owned community. The fair value of the property and equipment, net of this community was determined using the sales comparison approach, which utilizes the sales of comparable properties, and the income capitalization approach, which reflects the property’s income-producing capabilities. This impairment charge is primarily due to the COVID-19 pandemic and lower than expected operating performance at the community and reflects the amount by which the carrying amount of these assets exceeded their fair value. At December 31, 2020, the Company reviewed the carrying value of its property and equipment and determined that impairment indicators existed for one of its properties due to the challenged occupancy at the property driven by the impact of COVID-19. The fair value of the property and equipment, net of this community was determined using the sales comparison approach, which utilizes the sales of comparable properties, and the income capitalization approach, which reflects the property’s income-producing capabilities. The Company compared the carrying value of the community’s assets to the anticipated undiscounted cash flows and determined that the carrying value was not recoverable. The Company determined the fair value of the fixed assets using inputs classified as Level 3 in the fair value hierarchy, which are unobservable inputs based on the Company’s assumptions, and recorded a $2.6 million impairment to property and equipment, net in the fourth quarter of 2020. In total, the Company recognized non-cash impairment charges of property and equipment, net and operating lease right of use assets of $34.3 million and $7.5 million, respectively, for the year ended December 31, 2020. 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 operating lease right of use assets, respectively, due to a change in the useful life of its community located in Boca Raton, Florida, which transferred to a new operator in the first quarter of 2020. Due to the change in useful life, the Company concluded the assets related to that property were not recoverable. During the year ended December 31, 2020 and 2019, for long-lived assets where indicators of impairment were identified, tests of recoverability were performed and the Company has concluded its property and equipment is recoverable and does not warrant adjustment to the carrying value or remaining useful lives, except for the long-lived assets noted above. |
Dispositions and Other Signific
Dispositions and Other Significant Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Dispositions And Other Significant Transactions [Abstract] | |
Dispositions and Other Significant Transactions | 5. 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 the lessor, Healthpeak, a one-time $0.3 million termination payment as a prepayment against the remaining lease payments and was relieved of any additional obligation to Healthpeak with regard to that property and the lease was terminated as to this property. The Company recorded an approximate $1.8 million gain on the transaction, which is included in gain (loss) on facility lease modification and termination, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2020. 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 cash proceeds after paying customary closing costs. The community was unencumbered by any mortgage debt. The Company recognized a loss of $7.4 million on the disposition, which is included in loss on disposition of assets, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2020. The community was comprised of 171 assisted living units and 42 memory care units. Disposition of Canton, Ohio Community On November 24, 2020 the Company closed on the sale of one senior housing community located in Canton, Ohio, for a total purchase price of $18.0 million and received approximately $6.4 million in net proceeds after retiring outstanding mortgage debt of $10.8 million and paying customary transaction and closing costs. The Company recorded a $2.0 million gain on the sale of the property, which is included in gain (loss) on disposition of assets, net in the year ended December 31, 2020. In November 2020, the Company entered into a management agreement with the successor owner to manage the senior living community, pursuant to which the Company receives a management fee based on the gross revenues of the property. Early Termination of Master Lease Agreements As of December 31, 2019, the Company leased 46 senior housing communities from certain real estate investment trusts. During 2020, the Company exited all master lease agreements with its landlords (as further described below) and after giving effect to such transactions, as of December 31, 2020, the Company leased 12 senior living communities. All 12 remaining leases were subsequently converted to management agreements as of January 1, 2021. See “Note 18- Subsequent Events.” Ventas As of December 31, 2019, the Company leased seven senior housing communities from Ventas. The term of the Ventas lease agreement was previously scheduled to expire on September 30, 2025. On March 10, 2020, the Company entered into an agreement with Ventas (as amended, the “Ventas Agreement”), providing for the early termination of its Master Lease Agreement with Ventas covering all 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 Agreement. In addition, the Ventas Agreement provided that the Company would not be required to comply with certain financial covenants of the Master Lease Agreement during the forbearance period, which terminated on December 31, 2020. In conjunction with the Ventas Agreement, the Company released to Ventas $4.1 million in security deposits and $2.5 million in escrow deposits held by Ventas, and Ventas reduced the amounts and term of the Company’s lease payments, and effectively eliminated the Company’s lease termination obligation, which was $11.4 million at December 31, 2019. The Master Lease Agreement terminated on December 31, 2020. In accordance with ASC Topic 842, the reduction in the monthly minimum rent payable to Ventas and modification of the lease term pursuant to the Ventas Agreement was determined to be a modification of the Master Lease Agreement. As such, the Company reassessed the classification of the Master Lease Agreement with Ventas based on the modified terms and determined that the lease continued to be classified as an operating lease until the communities transitioned to a different operator or management agreement, at which time the lease would terminate. The modification resulted in a reduction to the lease termination obligation, lease liability and operating lease right-of-use asset recorded in the Company’s Consolidated Balance Sheets by approximately $11.4 million, $51.6 million, and $47.8 million, respectively, during the first quarter of 2020. The Company recognized a net gain of approximately $8.4 million on the transaction, which is included in gain (loss) on facility lease modification and termination, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2020 and was primarily due to the impact of the change in lease term on certain of the right-of-use asset balances. As a result of the lease modification, the Company assessed the operating lease right-of-use assets for impairment during the first quarter of 2020. See “Note 4- Impairment of Long-Lived Assets.” Under the terms of the Master Lease Agreement, on December 31, 2020, Ventas elected to enter into a property management agreement with the Company as manager for a management fee based on gross revenues of the applicable community payable to the Company and other customary terms and conditions. As a result of these transactions, the Company had no remaining lease transactions with Ventas on January 1, 2021. See “Note 18- Subsequent Events.” Welltower As of December 31, 2019, the Company leased 24 senior housing communities from Welltower. The initial terms of the Welltower lease agreements were previously scheduled to expire on various dates from April 2025 through April 2026. On March 15, 2020, the Company entered into an agreement with Welltower (the “Welltower Agreement”), providing for the early termination of three Master Lease Agreements between it and Welltower covering all 24 communities. Pursuant to the Welltower 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. In addition, the Welltower Agreement provided that the Company was not required to comply with certain financial covenants of the Master Lease Agreements during the forbearance period, which terminated on December 31, 2020. In conjunction with the Welltower Agreement, the Company agreed to release $6.5 million in letters of credit to Welltower, which were released during the second quarter of 2020. The Welltower Agreement provided that Welltower could terminate the agreement, with respect to any or all communities upon 30 days’ notice, but no later than December 31, 2020. Upon termination, Welltower could elect to enter into a property management agreement with the Company as manager or to transition the properties to a new operator. The Welltower Agreement also provided that the Company was not obligated to fund certain capital expenditures under the Master Lease Agreements during the applicable forbearance period and that Welltower would reimburse the Company for certain specified capital expenditures. In accordance with ASC Topic 842, the reduction in the monthly minimum rent payable to Welltower under the then- existing Master Lease Agreements with Welltower and modification to the lease terms pursuant to the Welltower Agreement was determined to be a modification of the Master Lease Agreements. As such, the Company reassessed the classification of the Master Lease Agreements based on the modified terms and determined that the each of the leases continued to be classified as an operating lease until the applicable communities transitioned to a different operator or management agreement, at which time such lease would terminate. The modification resulted in a reduction to the lease liability and operating lease right-of-use asset recorded in the Company’s Consolidated Balance Sheets by approximately $129.9 million, and $121.9 million, respectively, during the first quarter of 2020. The Company recognized a gain of approximately $8.0 million on the transaction, which is included in gain (loss) on facility lease modification and termination, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2020. As a result of the lease modification, the Company assessed the operating lease right-of-use assets for impairment during the first quarter of 2020. See “Note 4- Impairment of Long-Lived Assets.” During the third quarter of 2020, Welltower elected to terminate the Welltower Agreement with respect to five communities, all of which transferred to a different operator on September 10, 2020. During the fourth quarter 2020, Welltower elected to terminate the Welltower Agreement with respect to 14 communities. The Company recorded a loss on the transaction of $0.7 million, which is included in gain (loss) on facility lease modification and termination, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss for the year ended December 31, 2020. The Master Lease Agreements with respect to the remaining leased properties terminated on December 31, 2020, and Welltower elected to enter into a property management agreement with the Company as manager for a management fee based on gross revenues of the applicable community payable to the Company and other customary terms and conditions. As a result of these transactions, the Company had no remaining lease transactions with Welltower on January 1, 2021. See “Note 18- Subsequent Events.” Healthpeak On March 1, 2020, the Company entered into an agreement with Healthpeak (“the Healthpeak Agreement”), effective February 1, 2020, providing for the early termination of one of its Master Lease Agreements with Healthpeak, which was previously scheduled to mature in April 2026. Such Master Lease Agreement terminated and was converted into a Management Agreement under a Real Estate Investment Trust Investment Diversification and Empowerment Act structure (a “RIDEA structure”) pursuant to which the Company agreed to manage the six communities that were subject to the Master Lease Agreement until such communities are sold by Healthpeak. Pursuant to the Management Agreement, the Company will receive a management fee based on the gross revenues at the applicable senior living communities plus reimbursement for its direct costs and expenses related to such communities. In conjunction with the Healthpeak Agreement, the Company released to Healthpeak approximately $ 2.6 million of security deposits held by Healthpeak. The Company remeasured the lease liability and operating lease right-of-use asset recorded in the Company's Consolidated Balance Sheets at December 31, 2019 to zero, resulting in a net loss of $ 7.0 million on the transaction, which is included in gain (loss) on facility lease modification and termination, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss for year ended December 31 , 2020. On May 20, 2020, the Company entered into an additional agreement with Healthpeak, effective April 1, 2020 until the end of the lease term. Pursuant to such agreement, the Company began paying Healthpeak rent of approximately $0.7 million per month for eight senior housing communities subject to a Master Lease Agreement with Healthpeak in lieu of approximately $0.9 million of monthly rent due and payable under the Master Lease Agreement covering such communities. The rents paid to Healthpeak represent approximately 75% of their scheduled rates, with the remaining rent being subject to payment by the Company pursuant to a three-year Effective November 1, 2020, upon the expiration of the Master Lease agreement, the Company entered into a short-term excess cash flow lease pursuant to which the Company agreed to manage the seven communities that were subject to the Master Lease Agreement until such communities are sold by Healthpeak. Pursuant to such agreement, the Company began paying Healthpeak monthly rent of any excess cash flow of the communities and earning a management fee for continuing to manage the communities. In December 2020, Healthpeak sold two of the properties and in January 2021, subsequent to year-end, Healthpeak sold one additional property and terminated all agreements related to those three properties. See “Note 18- Subsequent Events.” Transactions Involving Certain Fannie Mae Loans As further described in “Note 9- Notes Payable,” As a result of the events of default and receivership order, the Company discontinued recognizing revenues and expenses related to the 18 properties effective August 1, 2020, which was the date of default. Management fees earned from the properties are recognized as revenue when earned. In addition, the Company concluded it was no longer entitled to receive any existing accounts receivable or revenue related to the properties, all amounts held in escrow by Fannie Mae had been forfeited, and that the Company no longer has control of the properties in accordance ASC 610-20. As such, the Company derecognized the assets and recorded a loss of $199.6 million on the transaction for the year ended December 31, 2020. Once legal ownership of the properties transfers to Fannie Mae and the liabilities relating to such communities have been extinguished, the Company expects to recognize a gain related to the extinguishment in accordance with ASC 470, which is expected to occur in 2021. For the year ended December 31, 2020, the Company included $218.4 million in outstanding debt and $8.7 million of accrued interest on the Company’s Consolidated Balance Sheets related to these properties, including in current portion of notes payable, net of deferred loan costs and accrued expenses, respectively. In the fourth quarter 2020, one property completed the transition to a successor operator, although the legal ownership has not yet transferred back to Fannie Mae for this community. At December 31, 2020, the Company continued to manage 17 communities on behalf of Fannie Mae. In the first quarter 2021, subsequent to year-end, management of multiple properties transitioned to a successor operator, and the legal ownership of four properties was transferred to Fannie Mae. See “Note 18 Subsequent Events.” Disposition of Springfield, Missouri and Peoria, Illinois Communities 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 for the year ended December 31, 2019 . Disposition of Kokomo, Indiana Community 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 for the year ended December 31, 2019 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | 6 . Property and Equipment As of December 31, 2020 and 2019, property and equipment, net and leasehold improvements, which include assets under financing leases, consists of the following (in thousands): December 31, Asset Lives 2020 2019 Land $ 46,896 $ 66,764 Land improvements 5 to 20 years 19,345 25,718 Buildings and building improvements 10 to 40 years 803,434 1,096,386 Furniture and equipment 5 to 10 years 48,694 65,828 Automobiles 5 to 7 years 2,824 5,947 Assets under financing leases and leasehold improvements (1) 10,576 95,281 Construction in progress NA 581 1,491 932,350 1,357,415 Less accumulated depreciation and amortization (276,619 ) (388,204 ) Property and equipment, net $ 655,731 $ 969,211 (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 $0.4 million and $0.6 million of financing lease right-of-use assets, net of accumulated amortization, as of December 31, 2020 and 2019, respectively. Refer to “Note 17- Leases” for further information on the Company’s financing leases At December 31, 2020 and 2019, furniture and equipment included $4.2 million and $4.1 million of capitalized computer software development costs of which $3.4 million and $3.3 million, respectively, has been amortized and is included as a component of accumulated depreciation and amortization. At December 31, 2020 and 2019, property and equipment, net included $0.5 million and $2.0 million, respectively, of capital expenditures which had been incurred but not yet paid. During the year ended December 31, 2020 and 2019, the Company recognized non-cash impairment of property and equipment charges of $34.3 million and $3.0 million. See “Note 4- Impairment of Long-Lived assets.” In July 2020, the Company initiated a process which is intended to transfer the operations and ownership of 18 communities that are either underperforming or are in underperforming loan pools to Fannie Mae, the holder of nonrecourse debt on such communities. As a result of events of default and the appointment of a receiver to take possession of the communities, the Company disposed of all long-lived assets for those respective properties. See “Note 9- Notes Payable.” |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Other Assets | 7 . Other Assets Other assets consist of the following (in thousands): December 31, 2020 2019 Security and other deposits 2,525 9,915 Other 613 758 $ 3,138 $ 10,673 In conjunction with the Healthpeak Agreement and the Ventas Agreement, the Company released $2.6 million and $4.1 million in security and other deposits to Healthpeak and Ventas, respectively. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Accrued Expenses | 8 . Accrued expenses consist of the following (in thousands): December 31, 2020 2019 Accrued salaries, bonuses and related expenses $ 11,170 $ 14,733 Accrued property taxes 9,122 15,186 Accrued interest 13,594 3,617 Accrued health claims and workers compensation 4,728 5,281 Accrued professional fees 2,599 1,265 Other 7,302 6,145 $ 48,515 $ 46,227 |
Notes Payable
Notes Payable | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Notes Payable | 9 . Notes Payable Notes payable consists of the following (in thousands): Weighted average Notes Payable December 31, Lender interest rate Maturity Date 2020 2019 Fixed mortgage notes payable 4.67 2021 to 2031 $ 787,029 $ 804,210 Variable mortgage notes 3.36 2021 to 2029 122,742 122,260 Notes payable - insurance 4.60 2021 3,887 3,615 Notes payable - other 4.85 2021 to 2023 2,121 — $ 915,779 $ 930,085 Deferred financing costs, net 6,886 8,629 Total long-term debt $ 908,893 $ 921,456 Less current portion 304,164 15,819 Total long-term debt, less current portion $ 604,729 $ 905,637 77 of the facilities owned by the Company are encumbered by mortgage debt and are provided as collateral under their respective loan agreements. The aggregate scheduled maturities of notes payable at December 31, 2020 are as follows (in thousands): 2021 (1) $ 304,164 2022 48,499 2023 24,863 2024 152,363 2025 108,185 Thereafter 277,705 $ 915,779 (1) At December 31, 2020, the Company included $218.4 million in outstanding debt in the current portion of notes payable, net of deferred loan costs for Fannie Mae as a result of the events of default as discussed below. Notes Payable The senior housing communities owned by the Company and encumbered by mortgage debt are provided as collateral under their respective loan agreements. At December 31, 2020 and 2019, these communities carried a total net book value of approximately $878.9 million and $898.0 million, respectively, with total mortgage loans outstanding, excluding deferred loan costs, of approximately $909.8 million and $926.5 million, respectively. Transactions Involving Certain Fannie Mae Loans The CARES Act, among other things, permitted borrowers with mortgages from Government Sponsored Enterprises who experienced a financial hardship related to COVID-19 for up to 90 days On May 7, 2020, the Company entered into forbearance agreements with Berkadia Commercial Mortgage LLC, as servicer of 23 of its Fannie Mae loans covering 20 properties. On May 9, 2020, the Company entered into a forbearance agreement with Wells Fargo Bank (“Wells Fargo”), as servicer of one Fannie Mae loan covering one property. On May 20, 2020, the Company entered into forbearance agreements with KeyBank, as servicer of three Fannie Mae loans covering two properties. On July 8, 2020, the Company entered into forbearance extension agreements with Fannie Mae, which provided for a one-month extension of the forbearance agreements between it and Fannie Mae covering 23 properties. The forbearance extension agreements extended the forbearance period until July 31, 2020, and Fannie Mae agreed to forbear in exercising its rights and remedies during such period. By July 31, 2020, the Company was required to repay to Fannie Mae the deferred payments, less payments made during the forbearance period. On July 31, 2020, the Company made required payments to Fannie Mae totaling $0.6 million, which included the deferred payments, less payments made during the forbearance period, for five properties with forbearance agreements. The Company elected not to pay $3.9 million on the loans for the remaining 18 properties as of that date as the Company initiated a process that is intended to transfer the operations and ownership of such properties to Fannie Mae. Therefore, the Company was in default on such loans. As a result of the default, Fannie Mae filed a motion with the United States District Court requesting that a receiver be appointed over the 18 properties, which was approved by the court. The Company agreed to continue to manage the 18 communities, subject to earning a management fee, until legal ownership of the properties is transferred to Fannie Mae. Management fees earned from the properties are recognized as revenue when earned. In conjunction with the receivership order, the Company must obtain approval from the receiver for all payments, but will receive reimbursements from Fannie Mae for reasonable operating expenses incurred on behalf of any of the 18 communities under the receivership order. As a result of the events of default and receivership order, the Company discontinued recognizing revenues and expenses related to the 18 properties effective August 1, 2020, which was the date of default. In addition, the Company concluded it was no longer entitled to receive any existing accounts receivable or revenue related to the properties, all amounts held in escrow by Fannie Mae had been forfeited, and that the Company no longer has control of the properties in accordance ASC 610-20. As such, the Company derecognized the assets and recorded a loss of $199.6 million on the transaction, which is included in loss on disposition of assets, net on the Company’s Consolidated Statements of Operations and Comprehensive Loss during the year ended December 31, 2020. Once legal ownership of the properties transfers to Fannie Mae and the liabilities relating to such communities have been extinguished, the Company expects to recognize a gain related to the extinguishment in accordance with ASC 470. At December 31, 2020, the Company included $218.4 million in outstanding debt in current portion of notes payable, net of deferred loan costs, and $8.7 million of accrued interest in accrued expenses on the Company’s Consolidated Balance Sheets related to these properties. BBVA Loan and Respective Debt Forbearance Agreement The Company also entered into a loan amendment with another lender, BBVA, USA, related to a loan covering three properties pursuant to which the Company deferred monthly debt service payments for April, May and June 2020, which deferred payments are added to principal and due in June 2021. At December 31, 2020, the Company had deferred payments of $0.9 million related to the BBVA loan, which were included in the current portion of notes payable, net of deferred loan costs Debt Forbearance Agreement on HUD Loan The Company also entered into a debt forbearance agreement with ORIX Real Estate Capital, LLC (“ORIX”), related to a U.S. Department of Housing and Urban Development (“HUD”) loan covering one property pursuant to which the Company deferred monthly debt service payments for April, May and June 2020, which deferred payments are added to the regularly scheduled payments in equal installments for one year following the forbearance period. At December 31, 2020, the Company had deferred payments of $0.1 million related to the ORIX loan, which were included in notes payable, net of deferred loan costs and current portion Protective Life Amendments to Loan Agreements and Loan Modification and Temporary Deferral Agreements On May 21, 2020, the Company entered into amendments to its loan agreements with one of its lenders, Protective Life Insurance Company (“Protective Life”), related to loans covering ten properties. These amendments allow the Company to defer principal and interest payments for April, May and June 2020 and to defer principal payments for July 2020 through March 2021. In the fourth quarter of 2020, the Company entered into amendments to its loan agreements with Protective Life Insurance Company, which allow the Company to defer principal and interest payments for October, November, and December 2020, and to continue to defer principal payments through September 30, 2021. All deferred amounts are being added to principal due at maturity in either 2025, 2026 or 2031, depending upon the loan. At December 31, 2020, the Company had deferred payments of $4.4 million related to the Protective Life loans, of which $2.2 million was included in accrued expenses in the Company’s Consolidated Balance Sheets. The remaining $2.2 million of which were included in notes payable, net of deferred loan costs and current portion Fifth Third Bank Loan On December 23, 2019, the Company obtained $31.5 million of mortgage debt from Fifth Third Bank on its senior housing communities. The mortgage loan is interest only and has a two-year Other Debt Related Transactions 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. 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. O n June 15, 2020, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $ 2.2 million. The finance agreement has a fixed interest rate of 4.60 % with the principal being repaid over a 10-month term. In December 2020, the Company renewed certain insurance policies and entered into a finance agreement totaling approximately $3.8 million. The finance agreement has a fixed interest rate of 4.60% with the principal being repaid over a 10-month term. On May 20, 2020, the Company entered into an agreement with Healthpeak (the “Healthpeak Forbearance”), effective from April 1, 2020 through the lease term ending October 31, 2020, to defer a percentage of rent payments. At December 31, 2020, the Company had deferred $2.1 million in rent payments, which is included in notes payable, net of deferred loan costs and current portion on the Company’s Consolidated Balance Sheets. See “Note 5- Dispositions and Other Significant Transactions.” Deferred Financing Charges In connection with the Company’s loan commitments described above, the Company incurred financing charges that were deferred and amortized over the terms of the respective notes. At December 31, 2020 and 2019, the Company had gross deferred loan costs of approximately $14.0 million and $14.3 million, respectively. Accumulated amortization was approximately $7.1 million and $5.7 million at December 31, 2020 and 2019, respectively. Debt Covenant Compliance Pursuant to the forbearance agreements described above under “Transactions Involving Certain Fannie Mae Loans,” the Company withheld loan payments due under loan agreements with Fannie Mae covering certain of the Company’s communities for the months of April through December 2020. Additionally, the Company was not in compliance with a certain financial covenant of its loan agreement with Fifth Third Bank, on the Company’s Autumn Glen and Cottonwood Village properties, as of December 31, 2020, in which a minimum debt service coverage ratio must be maintained, which constitutes a default. As a result of default, the loan has become callable. The Company is in active discussions with Fifth Third Bank to resolve this noncompliance, but cannot give any assurance that a mutually agreed resolution will be reached. The Company included $31.5 million in outstanding debt related to those properties in current portion of notes payable, net of deferred loan costs, on the Company’s Consolidated Balance Sheets at December 31, 2020. The Company was not in compliance with a certain financial covenant of its loan agreement with BBVA covering three properties as of December 31, 2020, in which a minimum debt service coverage ratio must be maintained, which constitutes a default. As a result of default, the loan has become callable. The Company is in active discussions with BBVA to resolve this noncompliance, but cannot give any assurance that a mutually agreed resolution will be reached. The Company included $41.0 million in outstanding debt related to those properties in current portion of notes payable, net of deferred loan costs, on the Company’s Consolidated Balance Sheets at December 31, 2020 Except as noted above, the Company was in compliance with all aspects of its outstanding indebtedness at December 31, 2020. Letters of Credit The Company previously issued standby letters of credit with Wells Fargo, totaling approximately $3.4 million, for the benefit of Hartford Financial Services (“Hartford”) in connection with the administration of workers’ compensation. On August 27, 2020, the available letters of credit were increased to $4.0 million, all of which remained outstanding as of December 31, 2020. The Company issued standby letters of credit with Wells Fargo, totaling approximately $1.0 million, for the benefit of Calpine Corporation in connection with certain of its energy provider agreements which remained outstanding at December 31, 2020. The Company previously issued standby letters of credit with JP Morgan Chase Bank (“Chase”), totaling approximately $ 6.5 million, for the benefit of Welltower, in connection with certain leases between Welltower and the Company. The letters of credit were surrendered and paid to Welltower in conjunction with the Welltower Agreement during the quarter ended June 30, 2020. The Company previously issued standby letters of credit with Chase, totaling approximately $2.9 million, for the benefit of Healthpeak in connection with certain leases between Healthpeak and the Company. The letters of credit were released to the Company during the first quarter of 2020 and were included in cash and cash equivalents on the Company’s Consolidated Balance Sheets. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Equity | 10 . 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 Company’s Board of Directors 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, 2020 and 2019. Reverse Stock Split On December 9, 2020, the Company’s Board of Directors approved and effected a Reverse Stock Split of the Company’s common stock at a ratio of 1-for-15. The Reverse Stock Split reduced the number of issued and outstanding shares of common stock from approximately 31,268,943 shares to approximately 2,084,596 shares. The authorized number of shares of common stock was also proportionately reduced from 65,000,000 shares to 4,333,334 shares. All share amounts for the years ended December 31, 2019 and 2018 have been recast to give effect to the 1-for15 Reverse Stock Split. 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, as adjusted for the Reverse Stock Split. 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 year 2009, the Company purchased 23,320 shares, as adjusted for the Reverse Stock Split, at an average cost of $40.05 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 year 2016, the Company purchased 9,621 shares, as adjusted for the Reverse Stock Split, of its common stock at an average cost of $259.35 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 years 2020 or 2019. In conjunction with the Reverse Stock Split in December 2020, the Company retired all of the Treasury shares outstanding and recorded an entry to reduce additional paid in capital for $3.4 million. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 1 1 . 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. 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 previous 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 shares of common stock , as adjusted for the Reverse Stock Split , plus reserved shares not issued or subject to outstanding awards under the previous 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 that 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. There were no stock options granted during the year ended December 31, 2020. The fair value of the 2019 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, 2020 and 2019 had no intrinsic value, a weighted-average remaining contractual life of 8.0 years A summary of the Company’s stock option transactions for the years ended December 31, 2020, 2019, and 2018 is as follows, as adjusted for the Reverse Stock Split: Outstanding Beginning of Year Granted Exercised Forfeited Outstanding End of Year Options Exercisable December 31, 2020 Shares 9,816 — — — 9,816 3,272 Weighted average price $ 111.90 $ — $ — — $ 111.90 $ 111.90 December 31, 2019 Shares (1) — 9,816 — — 9,816 — Weighted average price $ — $ 111.90 $ — — $ 111.90 $ — December 31, 2018 Shares (1) — — — — — — Weighted average price $ — — $ — — $ — $ — (1) Prior period share fifteen See Note 3- Summary of Significant Accounting Policies. At December 31, 2020, there was approximately $0.1 million of total unrecognized compensation expense related to unvested stock option awards, which is expected to be recognized over a weighted average period of 1.0 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 and $0.1 million in the year ended December 31, 2020 and 2019, respectively. No expense was recorded related to stock options in 2018. 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, 2020, 2019, and 2018, as adjusted for the Reverse Stock Split, is presented below: Outstanding Beginning of Year Issued Vested Forfeited Outstanding End of Year December 31, 2020 Shares 72,623 — (20,388 ) (18,731 ) 33,504 December 31, 2019 Shares (1) 89,677 44,144 (28,304 ) (32,894 ) 72,623 December 31, 2018 Shares (1) 64,299 55,386 (25,793 ) (4,215 ) 89,677 (1) Prior period share fifteen See Note 3- Summary of Significant Accounting Policies. The restricted stock outstanding at December 31, 2020, 2019, and 2018, had an aggregate intrinsic value of $0.4 million, $3.4 million, and $9.1 million, respectively. During fiscal year 2020, the Company did not award any shares of restricted common stock. During fiscal year 2019, the Company awarded 44,144 shares of restricted common stock, as adjusted for the Reverse Stock Split, to certain employees and directors of the Company, of which 21,694 shares, as adjusted for the Reverse Stock Split, were subject to performance and market-based vesting conditions. The average market value of the common stock on the date of grant was $67.50, as adjusted for the Reverse Stock Split. These awards of restricted shares vest over a one to four-year one-year 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. In accordance with the Company’s long-term incentive compensation plan, the Company granted zero and 21,694 shares of restricted common stock, as adjusted for the Reverse Stock Split, with performance and market-based vesting conditions to certain employees of the Company during the year ended December 31, 2020 and 2019, respectively. 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 The Company recognized $1.7 million, $2.5 million, and $8.4 million in stock-based compensation expense during fiscal years 2020, 2019, and 2018, 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 $0.9 million at December 31, 2020. The Company expects stock-based compensation expense to be recognized over a one to three-year one to four-year |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 1 2 . The (benefit) provision for income taxes consists of the following (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ 3 $ (71 ) $ (152 ) State 386 443 474 Deferred: Federal — 76 (2,093 ) State — — — (Benefit) Provision for income taxes $ 389 $ 448 $ (1,771 ) The provision (benefit) for income taxes differed from the amounts of income tax provision (benefit) 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, 2020 2019 2018 Tax benefit at federal statutory rates $ (61,946 ) $ (7,472 ) $ (11,627 ) State income tax benefit, net of federal effects (7,592 ) (548 ) (665 ) Change in deferred tax asset valuation allowance 69,139 7,478 9,543 Other 788 990 978 (Benefit) Provision for income taxes $ 389 $ 448 $ (1,771 ) The effective tax rate for fiscal year 2020 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 fiscal year 2020 other permanent tax differences include $0.4 million of stock compensation shortfalls and $0.3 million of Section 162(m) compensation limitation. The valuation allowance recorded as of fiscal year 2020 was $119.8 million, which had increased from the prior year by $69.1 million due to current year activity. The effective tax rate for fiscal year 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 fiscal year 2019 other permanent tax differences include $0.7 million of stock compensation shortfalls and $0.4 million of Section 162(m) compensation limitation. The valuation allowance recorded as of December 31, 2019 was $50.7 million, which was an increase from the prior year of $4.4 million. Of the $4.4 million adjustment to the valuation allowance during fiscal year 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 effective tax rate for fiscal year 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 year 2018 other permanent tax differences include $0.5 million of stock compensation shortfalls and $0.3 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, 2020 2019 Deferred tax assets: Lease liabilities $ 200 $ 62,166 Net operating loss carryforward 66,369 34,284 Compensation costs 2,888 2,134 Depreciation and amortization 42,999 3,525 Other 8,338 2,991 Total deferred tax assets 120,794 105,100 Deferred tax asset valuation allowance (119,838 ) (50,699 ) Total deferred tax assets, net 956 54,401 Deferred tax liabilities: Operating lease right-of-use assets (956 ) (54,325 ) Total deferred tax liabilities (956 ) (54,325 ) Deferred taxes, net $ — $ 76 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 . The CARES Act contains beneficial provisions to the Company, including the deferral of certain employer payroll taxes and the acceleration of the alternative minimum tax credit refunds. Additionally, on December 27, 2020, the Consolidated Appropriations Act was enacted providing that electing real property trades or business electing out of Section 163(j)(7)(B) will apply a 30 year ADS life to residential real property place in service before January 1, 2018. This property had historically been assigned a 40 year ADS life under the TCJA. The effects were reflected in the tax provision for the year ended December 31, 2020 through an adjustment to deferred temporary differences. As of December 31, 2020, the Company has federal and state NOL carryforwards of $288.3 million and $227.0 million and related deferred tax assets of $60.5 million and $11.2 million, respectively. 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 year 2018 will expire during fiscal years 2033 to 2037 and non-conforming state NOLs will expire during fiscal years 2020 to 2040. Federal NOLs 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, 2020, 2019, and 2018 is presented below (in thousands): 2020 2019 2018 Beginning balance, January 1 $ 6,789 $ 4,644 $ 3,416 Gross increases – tax positions in prior period 388 2,468 1,228 Gross decreases – tax positions in prior period (1,744 ) — — Lapse of statute of limitations — (323 ) — Ending balance, December 31 $ 5,433 $ 6,789 $ 4,644 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 consolidated 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, 2020, the Company has unrecognized tax benefits of $5.4 million for an uncertain tax position associated with a change in accounting method. The unrecognized tax benefits as of December 31, 2020 are timing-related uncertainties that if recognized would not impact the effective tax rate of the Company. The Company files income tax returns in the U.S. federal jurisdiction and U.S. state jurisdictions. As of December 31, 2020, the Company is generally no longer subject to U.S. federal and state income tax examinations for tax years prior to 2017 with limited exceptions for net operating losses from 2013 forward. |
Employee Benefit Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2020 | |
Compensation And Retirement Disclosure [Abstract] | |
Employee Benefit Plans | 1 3 . 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. During the year ended December 31, 2020, in response to the impact of COVID-19, the Company suspended all 401(k) employer matching contributions. Matching contributions were $0.1 million for the year ended December 31, 2020 and $0.5 million in each of fiscal years 2019 and 2018. |
Contingencies
Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Contingencies | 1 4 . 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 year 2017. We maintain insurance coverage on these communities which includes damage caused by flooding. 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, the Company expected to receive an additional $0.3 million, which was included in prepaid expenses and other on the Company’s Consolidated Balance Sheets. No amount was receivable at December 31, 2020. 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 years 2020, 2019 and 2018 totaling approximately $0.3 million, $2.5 million and $5.1 million, respectively, which have been included as a reduction to operating expenses in the Company’s Consolidated Statements of Operations and Comprehensive Loss for each respective year. Business interruption payments ceased in accordance with our insurance policy in July 2019. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 15. The carrying amounts and fair values of financial instruments at December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 17,885 $ 17,885 $ 23,975 $ 23,975 Restricted cash 4,982 4,982 13,088 13,088 Notes payable, excluding deferred loan costs 915,779 846,134 930,085 899,326 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 Company’s Consolidated Balance Sheets for cash and cash equivalents and restricted cash approximate fair value, which represent level 1 inputs as defined in the accounting standards codification. Notes payable, excluding deferred loan costs: The fair value of notes payable, excluding deferred loan costs, 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 year 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 year 2019 for its carrying value. During the third quarter of fiscal year 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 recorded non-cash impairment charges to operating lease right-of-use assets, net of $7.5 million for the year ended December 31, 2020. The fair values of the right-of-use assets were 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 of 1.1. The range of discount rates utilized was 7.7% to 10.3%, depending upon the property type and geographical location of the respective community. See “Note 4- Impairment of Long-Lived Assets.” Property and Equipment, Net: During the year ended December 31, 2020, the Company recorded non-cash impairment charges of $34.3 million to property and equipment, net. The fair value of the impaired assets was $10.5 million, $12.5 million and $2.8 million at March 31, 2020, September 30, 2020, and December 31, 2020 respectively. At March 31, 2020, the fair values of the property and equipment, net of these communities were primarily determined utilizing the cost approach, which determines the current replacement cost of the property being appraised and then deducts for the loss in value caused by physical deterioration, functional obsolescence, and economic obsolescence the amount required to replace the asset as if new and adjusts to reflect usage. At September 30, 2020 and December 31, 2020, the fair value of the property and equipment, net were primarily determined utilizing a discounted cash flow approach considering stabilized facility operating income and market capitalization rates of 7.25% and 8.5%. All of the aforementioned fair value measurements are considered Level 3 measurements within the valuation hierarchy. The estimated fair value of these assets and liabilities could be affected by market changes and this effect could be material. As of December 31, 2020, there was a wide range of possible outcomes as a result of the COVID-19 pandemic, as there was a high degree of uncertainty about its ultimate impact. Management’s estimates of the impact of the pandemic are highly dependent on variables that are difficult to predict, including the duration, severity, and geographic concentrations of the pandemic and any resurgence of the disease, the duration and degree to which visitors are restricted from the Company's communities, the effect of the pandemic on the demand for senior living communities, the degree to which the Company may receive government financial relief and the timing thereof, and the duration and costs of the Company’s response efforts. Future events may indicate differences from management's current judgments and estimates which could, in turn, result in future impairments. |
Allowance for Doubtful Accounts
Allowance for Doubtful Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Allowance for Doubtful Accounts | 1 6 . Allowance for Doubtful Accounts The components of the allowance for doubtful accounts are as follows (in thousands): December 31, 2020 2019 2018 Balance at beginning of year $ 8,643 $ 6,793 $ 4,881 Provision for bad debts, net of recoveries 2,883 3,765 2,990 Write-offs and other (1) (5,413 ) (1,915 ) (1,078 ) Balance at end of year $ 6,113 $ 8,643 $ 6,793 (1) Write-offs and other includes $1.7 million for the 18 properties in the process of transitioning legal ownership back to Fannie Mae for the year ended December 31, 2020, $0.1 million for the termination of the Welltower Master Lease Agreement and $0.5 million for the termination of the Healthpeak Master Lease Agreement. 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. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 1 7 . 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, 2020, the Company leased 12 senior housing communities from certain real estate investment trusts (“REITs”) all of which the applicable master lease agreements terminated on that date. 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. In the first quarter of 2021, subsequent to year-end, the Company exited all of the Company’s lease agreements for senior housing communities. See “Note 5- Dispositions and Other Significant Transactions.” Ventas As of December 31, 2020, the Company leased seven senior housing communities (collectively the “Ventas Lease Agreements”) from Ventas. Upon termination of the agreement on December 31, 2020, under the terms of the Master Lease Agreement, Ventas elected to enter into a property management agreement with the Company as manager, subject to a management fee and other customary terms and conditions. On January 1, 2021, the Company entered into an operations transfer agreement for seven of the Company’s senior living communities leased from Ventas and simultaneously entered into a management agreement. See “Note 5- Dispositions and Other Significant Transactions.” Healthpeak On March 1, 2020, the Company entered into an agreement with Healthpeak (“the Healthpeak Agreement”), effective February 1, 2020, providing for the early termination of one of its Master Lease Agreements with Healthpeak, which was previously scheduled to mature in April 2026. Such Master Lease Agreement terminated and 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 the Master Lease Agreement until such communities are sold by Healthpeak. Effective November 1, 2020, upon the expiration of the Master Lease agreement, the Company entered into a short-term excess cash flow lease pursuant to which the Company agreed to manage the seven communities that were subject to the Master Lease Agreement until such communities are sold by Healthpeak. Pursuant to such agreement, the Company began paying Healthpeak monthly rent of any excess cash flow of the communities and earning a management fee for continuing to manage the communities. In December 2020, Healthpeak sold two properties and in January 2021, subsequent to year-end, Healthpeak sold one additional property and terminated all agreements related to those three properties. See “Note 5- Dispositions and Other Significant Transactions.” Welltower As of December 31, 2020, the Company leased five senior housing communities (collectively the “Welltower Lease Agreements”) from Welltower. At December 31, 2020, the Master lease agreement terminated and Welltower elected to enter into a property management agreement with the Company as manager that provides for a management fee based on gross revenues of the applicable community. See “Note 5- Dispositions and Other Significant Transactions.” Accounting for leases 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, determines 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, 2020, the weighted average discount rate and average remaining lease terms of the Company's operating leases was 6.2 % and 2.4 years , respectively. As of December 31, 2019, the weighted average discount rate and average remaining lease terms of the Company's operating leases was % 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, 2020 the weighted average discount rate and average remaining lease term of the Company's financing leases was 7.0% and 3.0 years, respectively. 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. A summary of operating and financing lease expense (including the respective presentation on the Consolidated Statements of Operations and Comprehensive Loss) and cash flows from leasing transactions for the year ended December 31, 2020 and 2019 is as follows: Year ended December 31, Operating Leases 2020 2019 Facility lease expense $ 28,109 $ 57,022 General and administrative expenses 541 812 Operating expenses, including variable lease expense of $5,992 and $6,142, respectively 7,097 6,466 Total operating lease costs 35,747 64,300 Operating lease expense adjustment 23,899 5,243 Operating cash flows from operating leases $ 59,646 $ 69,543 Year Ended December 31, Financing Leases 2020 2019 Depreciation and amortization $ 134 $ 11 Interest expense: financing lease obligations 32 3 Total financing lease costs 166 14 Operating cash flows from financing leases 134 11 Financing cash flows from financing leases 32 3 Total cash flows from financing leases $ 166 $ 14 The aggregate amounts of future minimum lease payments recognized on the Consolidated Balance Sheet as of December 31, 2020 are as follows (in thousands): Year Ending December 31, Operating Leases Financing Leases 2021 $ 292 $ 131 2022 148 179 2023 85 145 2024 47 7 2025 3 2 Thereafter — — Total $ 575 $ 464 Less: Amount representing interest (present value discount) (40 ) (43 ) Present value of lease liabilities $ 535 $ 421 Less: Current portion of lease liabilities (292 ) (131 ) Lease liabilities, net of current portion $ 243 $ 290 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 18. Ventas As discussed in “Note 5- Dispositions and Other Significant Transactions,” on December 31, 2020, the Master Lease agreement with Ventas was terminated. On January 1, 2021, the Company entered into an operations transfer agreement for seven of the Company’s senior living communities leased from Ventas and simultaneously entered into a management agreement whereby it will continue to manage the communities subject to a management fee in accordance with the agreement. Healthpeak As discussed in “Note 5- Dispositions and Other Significant Transactions,” in January 2021, subsequent to year end, Healthpeak sold eight properties and terminated the related management agreements. Welltower The Master Lease Agreements with respect to the remaining leased properties terminated on December 31, 2020, and Welltower elected to enter into a property management agreement with the Company as manager for a management fee based on gross revenues of the applicable community payable to the Company and other customary terms and conditions. As a result of these transactions, the Company had no remaining lease transactions with Welltower on January 1, 2021. Acceptance of Provider Relief Fund Grant On January 27, 2021, the Company accepted $8.7 million of cash for grants from the Provider Relief Fund’s Phase 3 General Distribution, which was expanded by the CARES Act to provide grants or other funding mechanisms to eligible healthcare providers for healthcare related expenses or lost revenues attributable to COVID-19. The CARES Act Phase 3 funds are grants that do not have to be repaid provided the Company satisfies the terms and conditions of the CARES Act. Transactions Involving Certain Fannie Mae Loans In the first quarter of 2021, Fannie Mae completed the transfer of ownership on four properties. As discussed in the “Note 4- Impairment of Long-Lived Assets,” transfer or legal ownership of these properties was probable at December 31, 2020 and accordingly, the Company had already disposed of all assets related to this property. As a result of the change in legal ownership, the Company will de-recognize all of the debt for these properties in 2021. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 counterparties 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, 2020 2019 Cash and cash equivalents $ 17,885 $ 23,975 Restricted cash 4,982 13,088 $ 22,867 $ 37,063 |
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, 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 estimate fair value of the asset group and record an impairment loss when the carrying amount exceeds fair value. |
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, 2020. |
Advertising Costs | Advertising Costs $1.9 million $3.9 million $3.3 million for the years ended December 31, 2020 2019 2018 |
Off-Balance Sheet Arrangements | Off-Balance Sheet Arrangements The Company had no material off-balance sheet arrangements at December 31, 2020 or 2019. |
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. On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (CARES Act) was enacted which contained beneficial provisions to the Company, including the deferral of certain employer payroll taxes and the acceleration of the alternative minimum tax credit refunds. Additionally, on December 27, 2020, the Consolidated Appropriations Act was enacted providing that electing real property trades or business electing out of Section 163(j)(7)(B) will apply a 30 year ADS life to residential real property place in service before January 1, 2018. This property had historically been assigned a 40 year ADS life under the TCJA. The effects were reflected in the tax provision for the year ended December 31, 2020 through an adjustment to deferred temporary differences. |
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. T he Company ’ s senior housing communities have residency agreements that generally require the resident to pay a community fee prior to moving into the community , which covers the cost of application processing, transition assistance provided to residents and their families, move-in preparations and new resident services. Community fees are recognized as a component of resident revenue over the twelve-month life of the resident contract . Revenues from the Medicaid program accounted for approximately 6.4% of the Company’s revenue in fiscal year 2020, 5.9% of the Company’s revenue in fiscal year 2019, and 5.4% of the Company’s revenue in fiscal year 2018. During fiscal years 2020, 2019, and 2018, 41 , 41, and 40, respectively, of the Company’s communities were providers of services under the Medicaid program. Accordingly, these communities were entitled to reimbursement under the Medicaid 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 years 2020, 2019, or 2018. 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 that would have a material effect on our Consolidated Financial Statements. 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. During the year ended December 31, 2020, the Company entered into management agreements whereby it manages certain communities on behalf of one of its former landlords under a contract that provides for periodic management fee payments to the Company and reimbursement for costs and expenses related to such communities. The Company has determined that all community management activities are a single performance obligation, which is satisfied over time as the services are rendered. The Company’s estimate of the transaction price for management services also includes the amount of reimbursement due from the owners of the communities for services provided and related costs incurred. Such revenue is included in “community reimbursement revenue” on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The related costs are included in “community reimbursement expense” on the Company’s Consolidated Statements of Operations and Comprehensive Loss. The Company recognized revenue from management fees of $1.8 million during the year ended December 31, 2020, with no comparable amount in 2019. The Company recognized revenue from reimbursed costs incurred on behalf of managed communities of $24.9 million during the year ended December 31, 2020, with no comparable amount in 2019. |
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 $6.1 million and $8.6 million at December 31, 2020 and 2019, 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 on that date of adoption. 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. Financing lease right-of-use assets are recognized within property and equipment, net on the Company’s Consolidated Balance Sheets. The Company recognizes interest expense on the financing lease liabilities utilizing the effective interest method. The right-of-use asset is generally amortized to depreciation and amortization expense on a straight-line basis over the lease term. Modifications to existing lease agreements, including changes to the lease term or payment amounts, are reviewed to determine whether they result in a separate contract. For modifications that do not result in a separate contract, management reviews the lease classification and re-measures the related right-of-use assets and liabilities at the effective date of the modification. |
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. The Company’s 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, 2020; 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. On December 9, 2020, the Company’s Board of Directors approved and effected a reverse stock split (the “Reverse Stock Split”) of the Company’s common stock at a ratio of 1-for-15. The Reverse Stock Split reduced the number of issued and outstanding shares of common stock from approximately 31,268,943 shares to approximately 2,084,596 shares. The authorized number of shares of common stock was also proportionately reduced from 65,000,000 shares to 4,333,334 shares. All share amounts for the years ended December 31, 2019 and 2018 have been recast to give effect to the 1-for-15 Reverse Stock Split. 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, 2020 2019 2018 Net loss $ (295,368 ) $ (36,030 ) $ (53,596 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (295,368 ) $ (36,030 ) $ (53,596 ) Weighted average shares outstanding — basic 2,050 2,016 1,987 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 2,050 2,016 1,987 Basic net loss per share $ (144.08 ) $ (17.87 ) $ (26.97 ) Diluted net loss per share $ (144.08 ) $ (17.87 ) $ (26.97 ) Awards of unvested restricted stock representing approximately 33.5 thousand, 73.3 thousand, and 86.7 thousand shares were outstanding for the fiscal years ended December 31, 2020, 2019, and 2018, respectively, and are antidilutive as adjusted for the Reverse Stock Split. |
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 years 2020 or 2019. In conjunction with the Reverse Stock Split in December 2020, the Company retired all of the Treasury stock to available for issuance and recorded a reduction to additional paid in capital of $3.4 million. |
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 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 previous 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 150,000 shares of common stock plus reserved shares not issued or subject to outstanding awards under the previous plan, as adjusted for the Reverse Stock Split, 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 that 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 Adopted and Not Yet Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements In August 2018, the FASB issued ASU No. 2018-13, Fair Value Measurement (Topic 820) Recently Issued Accounting Pronouncements Not Yet Adopted In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments In March 2020, the FASB issued ASU 2020-04, Facilitation of the Effects of Reference Rate Reform on Financial Reporting, which provides optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on contracts, hedging relationships, and other transactions that reference the London Inter-Bank Offered Rate (“LIBOR”). The provisions of this standard are available for election through December 31, 2022. The Company is currently evaluating its contracts and the optional expedients provided by this update. |
Use of Estimates | Use of Estimates 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. |
Reclassifications | Reclassifications Certain reclassifications have been made to prior period amounts to conform to current period presentation. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Cash and cash equivalents $ 17,885 $ 23,975 Restricted cash 4,982 13,088 $ 22,867 $ 37,063 |
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, 2020 2019 2018 Net loss $ (295,368 ) $ (36,030 ) $ (53,596 ) Net loss allocated to unvested restricted shares — — — Undistributed net loss allocated to common shares $ (295,368 ) $ (36,030 ) $ (53,596 ) Weighted average shares outstanding — basic 2,050 2,016 1,987 Effects of dilutive securities: Employee equity compensation plans — — — Weighted average shares outstanding — diluted 2,050 2,016 1,987 Basic net loss per share $ (144.08 ) $ (17.87 ) $ (26.97 ) Diluted net loss per share $ (144.08 ) $ (17.87 ) $ (26.97 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Schedule of Net Property and Equipment and Leasehold Improvements, include Assets Under Financing Leases | As of December 31, 2020 and 2019, property and equipment, net and leasehold improvements, which include assets under financing leases, consists of the following (in thousands): December 31, Asset Lives 2020 2019 Land $ 46,896 $ 66,764 Land improvements 5 to 20 years 19,345 25,718 Buildings and building improvements 10 to 40 years 803,434 1,096,386 Furniture and equipment 5 to 10 years 48,694 65,828 Automobiles 5 to 7 years 2,824 5,947 Assets under financing leases and leasehold improvements (1) 10,576 95,281 Construction in progress NA 581 1,491 932,350 1,357,415 Less accumulated depreciation and amortization (276,619 ) (388,204 ) Property and equipment, net $ 655,731 $ 969,211 (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 $0.4 million and $0.6 million of financing lease right-of-use assets, net of accumulated amortization, as of December 31, 2020 and 2019, respectively. Refer to “Note 17- Leases” for further information on the Company’s financing leases |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | |
Schedule of Other Assets | Other assets consist of the following (in thousands): December 31, 2020 2019 Security and other deposits 2,525 9,915 Other 613 758 $ 3,138 $ 10,673 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): December 31, 2020 2019 Accrued salaries, bonuses and related expenses $ 11,170 $ 14,733 Accrued property taxes 9,122 15,186 Accrued interest 13,594 3,617 Accrued health claims and workers compensation 4,728 5,281 Accrued professional fees 2,599 1,265 Other 7,302 6,145 $ 48,515 $ 46,227 |
Notes Payable (Tables)
Notes Payable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Notes Payable | Notes payable consists of the following (in thousands): Weighted average Notes Payable December 31, Lender interest rate Maturity Date 2020 2019 Fixed mortgage notes payable 4.67 2021 to 2031 $ 787,029 $ 804,210 Variable mortgage notes 3.36 2021 to 2029 122,742 122,260 Notes payable - insurance 4.60 2021 3,887 3,615 Notes payable - other 4.85 2021 to 2023 2,121 — $ 915,779 $ 930,085 Deferred financing costs, net 6,886 8,629 Total long-term debt $ 908,893 $ 921,456 Less current portion 304,164 15,819 Total long-term debt, less current portion $ 604,729 $ 905,637 77 of the facilities owned by the Company are encumbered by mortgage debt and are provided as collateral under their respective loan agreements. |
Summary of Aggregate Scheduled Maturities of Notes Payable | The aggregate scheduled maturities of notes payable at December 31, 2020 are as follows (in thousands): 2021 (1) $ 304,164 2022 48,499 2023 24,863 2024 152,363 2025 108,185 Thereafter 277,705 $ 915,779 (1) At December 31, 2020, the Company included $218.4 million in outstanding debt in the current portion of notes payable, net of deferred loan costs for Fannie Mae as a result of the events of default as discussed below. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020, 2019, and 2018 is as follows, as adjusted for the Reverse Stock Split: Outstanding Beginning of Year Granted Exercised Forfeited Outstanding End of Year Options Exercisable December 31, 2020 Shares 9,816 — — — 9,816 3,272 Weighted average price $ 111.90 $ — $ — — $ 111.90 $ 111.90 December 31, 2019 Shares (1) — 9,816 — — 9,816 — Weighted average price $ — $ 111.90 $ — — $ 111.90 $ — December 31, 2018 Shares (1) — — — — — — Weighted average price $ — — $ — — $ — $ — (1) Prior period share fifteen See Note 3- Summary of Significant Accounting Policies. |
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, 2020, 2019, and 2018, as adjusted for the Reverse Stock Split, is presented below: Outstanding Beginning of Year Issued Vested Forfeited Outstanding End of Year December 31, 2020 Shares 72,623 — (20,388 ) (18,731 ) 33,504 December 31, 2019 Shares (1) 89,677 44,144 (28,304 ) (32,894 ) 72,623 December 31, 2018 Shares (1) 64,299 55,386 (25,793 ) (4,215 ) 89,677 (1) Prior period share fifteen See Note 3- Summary of Significant Accounting Policies. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 2018 Current: Federal $ 3 $ (71 ) $ (152 ) State 386 443 474 Deferred: Federal — 76 (2,093 ) State — — — (Benefit) Provision for income taxes $ 389 $ 448 $ (1,771 ) |
(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 provision (benefit) for income taxes differed from the amounts of income tax provision (benefit) 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, 2020 2019 2018 Tax benefit at federal statutory rates $ (61,946 ) $ (7,472 ) $ (11,627 ) State income tax benefit, net of federal effects (7,592 ) (548 ) (665 ) Change in deferred tax asset valuation allowance 69,139 7,478 9,543 Other 788 990 978 (Benefit) Provision for income taxes $ 389 $ 448 $ (1,771 ) |
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, 2020 2019 Deferred tax assets: Lease liabilities $ 200 $ 62,166 Net operating loss carryforward 66,369 34,284 Compensation costs 2,888 2,134 Depreciation and amortization 42,999 3,525 Other 8,338 2,991 Total deferred tax assets 120,794 105,100 Deferred tax asset valuation allowance (119,838 ) (50,699 ) Total deferred tax assets, net 956 54,401 Deferred tax liabilities: Operating lease right-of-use assets (956 ) (54,325 ) Total deferred tax liabilities (956 ) (54,325 ) Deferred taxes, net $ — $ 76 |
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, 2020, 2019, and 2018 is presented below (in thousands): 2020 2019 2018 Beginning balance, January 1 $ 6,789 $ 4,644 $ 3,416 Gross increases – tax positions in prior period 388 2,468 1,228 Gross decreases – tax positions in prior period (1,744 ) — — Lapse of statute of limitations — (323 ) — Ending balance, December 31 $ 5,433 $ 6,789 $ 4,644 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of financial instruments at December 31, 2020 and 2019 are as follows (in thousands): 2020 2019 Carrying Amount Fair Value Carrying Amount Fair Value Cash and cash equivalents $ 17,885 $ 17,885 $ 23,975 $ 23,975 Restricted cash 4,982 4,982 13,088 13,088 Notes payable, excluding deferred loan costs 915,779 846,134 930,085 899,326 |
Allowance for Doubtful Accoun_2
Allowance for Doubtful Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Allowance for Doubtful Accounts | The components of the allowance for doubtful accounts are as follows (in thousands): December 31, 2020 2019 2018 Balance at beginning of year $ 8,643 $ 6,793 $ 4,881 Provision for bad debts, net of recoveries 2,883 3,765 2,990 Write-offs and other (1) (5,413 ) (1,915 ) (1,078 ) Balance at end of year $ 6,113 $ 8,643 $ 6,793 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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 Statements of Operations and Comprehensive Loss) and cash flows from leasing transactions for the year ended December 31, 2020 and 2019 is as follows: Year ended December 31, Operating Leases 2020 2019 Facility lease expense $ 28,109 $ 57,022 General and administrative expenses 541 812 Operating expenses, including variable lease expense of $5,992 and $6,142, respectively 7,097 6,466 Total operating lease costs 35,747 64,300 Operating lease expense adjustment 23,899 5,243 Operating cash flows from operating leases $ 59,646 $ 69,543 Year Ended December 31, Financing Leases 2020 2019 Depreciation and amortization $ 134 $ 11 Interest expense: financing lease obligations 32 3 Total financing lease costs 166 14 Operating cash flows from financing leases 134 11 Financing cash flows from financing leases 32 3 Total cash flows from financing leases $ 166 $ 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, 2020 are as follows (in thousands): Year Ending December 31, Operating Leases Financing Leases 2021 $ 292 $ 131 2022 148 179 2023 85 145 2024 47 7 2025 3 2 Thereafter — — Total $ 575 $ 464 Less: Amount representing interest (present value discount) (40 ) (43 ) Present value of lease liabilities $ 535 $ 421 Less: Current portion of lease liabilities (292 ) (131 ) Lease liabilities, net of current portion $ 243 $ 290 |
Organization - Additional Infor
Organization - Additional Information (Detail) | Dec. 31, 2020CommunityStateResidentProperty |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Senior housing communities operated by company | 101 |
Number of states in which senior housing communities operated | State | 22 |
Aggregate capacity of residents in company operated senior housing communities | Resident | 13,000 |
Senior housing communities owned by company | 60 |
Number of properties were in process of transitional legal ownership | Property | 17 |
Senior housing communities on lease by company | 12 |
Senior housing communities managed by company | 12 |
Going Concern Uncertainty - Add
Going Concern Uncertainty - Additional Information (Details) $ in Thousands | May 01, 2019USD ($) | Nov. 30, 2020USD ($)Community | Jul. 31, 2020Community | Mar. 31, 2021USD ($) | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jan. 27, 2021USD ($) |
Going Concern Uncertainty [Line Items] | ||||||||
Long-term debt | $ 72,500 | |||||||
Gain (loss) on disposition of assets, net | (205,476) | $ 36,528 | $ 28 | |||||
CARES Act cash for grants from provider relief fund | $ 8,100 | |||||||
CARES Act relief received from state agencies | $ 1,900 | |||||||
Deferred payroll taxes, CARES Act | 7,400 | |||||||
Current portion of notes payable | 304,164 | 15,819 | ||||||
Accrued interest | 13,594 | $ 3,617 | ||||||
Fannie Mae Loan [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Number of communities | Community | 18 | |||||||
Loss on the derecognition of assets | 199,600 | |||||||
Current portion of notes payable | 218,400 | |||||||
Accrued interest | 8,700 | |||||||
Accrued Expenses [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Deferred payroll taxes, CARES Act | 3,700 | |||||||
Other Long-term Liabilities [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Deferred payroll taxes, CARES Act | 3,700 | |||||||
Operating Expense [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
CARES Act cash for grants from provider relief fund | 8,100 | |||||||
Subsequent Event [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
CARES Act cash for grants from provider relief fund | $ 8,700 | |||||||
CARES Act additional grants received pursuant to provider relief fund | $ 8,700 | |||||||
Senior Housing Community [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Number of senior housing communities closed on sale | Community | 1 | |||||||
Purchase price for the sale of asset | $ 5,000 | $ 18,000 | ||||||
Cash proceeds from sale of assets | 1,400 | 6,400 | ||||||
Gain (loss) on disposition of assets, net | 2,000 | |||||||
Senior Housing Community [Member] | Mortgage Debt [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Outstanding mortgage debt retired | $ 3,500 | $ 10,800 | ||||||
COVID-19 [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Other nonrecurring costs | 9,400 | |||||||
Long-term debt | 72,500 | |||||||
Debt service payments | $ 16,800 | |||||||
Long-term debt maturing period | 12 months | |||||||
COVID-19 [Member] | BBVA USA [Member] | Financial Covenants [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Number of properties covered under loan | Property | 3 | |||||||
COVID-19 [Member] | Fifth Third Bank [Member] | Financial Covenants [Member] | ||||||||
Going Concern Uncertainty [Line Items] | ||||||||
Number of properties covered under loan | Property | 2 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 17,885 | $ 23,975 | ||
Restricted cash | 4,982 | 13,088 | ||
Total Cash and cash equivalents and Restricted cash | $ 22,867 | $ 37,063 | $ 44,320 | $ 31,024 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Additional Information (Detail) | Dec. 09, 2020shares | May 14, 2019shares | Jan. 01, 2019USD ($) | Dec. 31, 2020USD ($)CommunitySegmentshares | Dec. 31, 2019USD ($)Communityshares | Dec. 31, 2018USD ($)Communityshares | Dec. 31, 2016shares | Dec. 31, 2009shares | Dec. 08, 2020shares | Dec. 31, 2017USD ($) |
Accounting Policies [Line Items] | ||||||||||
Number of assets held for sale | Community | 0 | 0 | ||||||||
Expense recognized related to assets held for sale | $ 0 | |||||||||
Advertising expense | $ 1,900,000 | $ 3,900,000 | $ 3,300,000 | |||||||
Uncertain tax position maximum percentage | 50.00% | |||||||||
Resident revenue | $ 383,864,000 | 447,100,000 | $ 460,018,000 | |||||||
Contract liabilities for deferred fees recognized into revenue | 3,300,000 | 4,300,000 | ||||||||
Contract liabilities for deferred fees included as deferred income | $ 4,300,000 | $ 4,500,000 | ||||||||
Percentage of revenue from Medicare and Medicaid programs | 6.40% | 5.90% | 5.40% | |||||||
Provider of services under Medicaid program, number of communities | Community | 41 | 41 | 40 | |||||||
Provider of services under Medicare program, number of communities | Community | 0 | 0 | 0 | |||||||
Resident receivables due period | 30 days | |||||||||
Allowance for doubtful accounts | $ 6,113,000 | $ 8,643,000 | $ 6,793,000 | $ 4,881,000 | ||||||
Common stock, reverse stock split ratio | 1-for-15 | |||||||||
Stock split, conversion ratio | 0.067 | |||||||||
Common stock, shares issued | shares | 2,084,596 | 2,084,000 | 2,096,000 | 31,268,943 | ||||||
Common stock, shares outstanding | shares | 2,084,596 | 2,084,000 | 2,096,000 | 31,268,943 | ||||||
Common stock, shares authorized | shares | 4,333,334 | 4,333,000 | 4,333,000 | 65,000,000 | ||||||
Outstanding unvested restricted stock | shares | 33,500,000 | 73,300,000 | 86,700,000 | |||||||
Repurchase of common stock | shares | 0 | 0 | 9,621 | 23,320 | ||||||
Number of reporting segment | Segment | 1 | |||||||||
Number of operating segment | Segment | 1 | |||||||||
2019 Omnibus Stock and Incentive Plan [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Authorized shares of common stock | shares | 150,000 | |||||||||
2007 Omnibus Stock and Incentive Plan [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Number of additional shares granted under the plan | shares | 0 | |||||||||
Treasury Stock [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Repurchase of common stock | shares | 0 | 0 | ||||||||
Additional paid in capital | $ 3,400,000 | |||||||||
ASC 842 [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Deferred gains associated with sale leaseback transactions | $ 10,000,000 | |||||||||
Rental and Other Services [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Resident revenue | 350,600,000 | $ 440,100,000 | ||||||||
Management Fees [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Resident revenue | 1,800,000 | 0 | ||||||||
Community Reimbursement Revenue [Member] | ||||||||||
Accounting Policies [Line Items] | ||||||||||
Resident revenue | $ 24,942,000 | 0 | ||||||||
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 |
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 | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Accounting Policies [Abstract] | ||||
Net loss | $ (295,368) | $ (36,030) | $ (53,596) | |
Net loss allocated to unvested restricted shares | 0 | 0 | 0 | |
Undistributed net loss allocated to common shares | $ (295,368) | $ (36,030) | $ (53,596) | |
Weighted average shares outstanding — basic | [1] | 2,050 | 2,016 | 1,987 |
Effects of dilutive securities: | ||||
Employee equity compensation plans | 0 | 0 | 0 | |
Weighted average shares outstanding — diluted | [1] | 2,050 | 2,016 | 1,987 |
Basic net loss per share | [1] | $ (144.08) | $ (17.87) | $ (26.97) |
Diluted net loss per share | [1] | $ (144.08) | $ (17.87) | $ (26.97) |
[1] | Prior period results fifteen See Note 3- Summary of Significant Accounting Policies. |
Impairment of Long-Lived Asse_2
Impairment of Long-Lived Assets - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2020USD ($)Property | Sep. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | |
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Impairment charge on operating lease right-of-use assets | $ 6,200 | $ 7,500 | |||
Non-cash impairment charge on property and equipment | $ 2,600 | $ 41,843 | $ 3,004 | ||
Number of properties subject to impairment | Property | 1 | 1 | |||
Change in Useful Life of 15 Communities [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Impairment charge on operating lease right-of-use assets | $ 1,300 | ||||
Non-cash impairment charge on property and equipment | 1,100 | ||||
One Community [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Non-cash impairment charge on property and equipment | $ 800 | ||||
Change in Useful Life [Member] | |||||
Impaired Long Lived Assets Held And Used [Line Items] | |||||
Impairment charge on operating lease right-of-use assets | 1,400 | ||||
Non-cash impairment charge on property and equipment | $ 29,800 | $ 34,300 | 3,000 | ||
Non-cash impairment charge on property and equipment | $ 1,600 |
Dispositions and Other Signif_2
Dispositions and Other Significant Transactions - Additional Information (Details) $ in Thousands | Nov. 24, 2020USD ($) | Nov. 01, 2020Community | Apr. 01, 2020USD ($)Community | Mar. 31, 2020USD ($)Community | Mar. 15, 2020USD ($) | Mar. 10, 2020USD ($)Community | Mar. 01, 2020USD ($)Community | Jan. 15, 2020USD ($) | Oct. 01, 2019USD ($)Community | May 01, 2019USD ($)Property | Jan. 31, 2021CommunityProperty | Dec. 31, 2020USD ($)CommunityProperty | Nov. 30, 2020USD ($) | Mar. 31, 2021Property | Dec. 31, 2020USD ($)CommunityProperty | Sep. 30, 2020Community | Dec. 31, 2020USD ($)CommunityProperty | Dec. 31, 2019USD ($)Community | Dec. 31, 2018USD ($) | Jan. 01, 2021Community |
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of senior living communities sold | Community | 2 | |||||||||||||||||||
Gain (Loss) on disposition of assets, net | $ (205,476) | $ 36,528 | $ 28 | |||||||||||||||||
Senior housing communities operated by company | Community | 101 | 101 | 101 | |||||||||||||||||
Number of leased senior housing communities | Community | 12 | 12 | 12 | |||||||||||||||||
Rent expense | $ 7,097 | 6,466 | ||||||||||||||||||
Lease liability | $ 535 | $ 535 | 535 | |||||||||||||||||
Operating lease right-of-use assets, net | 536 | 536 | 536 | 224,523 | ||||||||||||||||
Current portion of notes payable | 304,164 | 304,164 | 304,164 | 15,819 | ||||||||||||||||
Accrued interest | $ 13,594 | $ 13,594 | $ 13,594 | 3,617 | ||||||||||||||||
Springfield, Missouri and Peoria, Illinois Communities [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of senior living communities sold | Community | 2 | |||||||||||||||||||
Cash proceeds from sale of assets | $ 14,800 | |||||||||||||||||||
Gain (Loss) on disposition of assets, net | $ 38,800 | |||||||||||||||||||
Assets held for sale | 64,800 | |||||||||||||||||||
Net proceeds from sale of assets | $ 14,800 | |||||||||||||||||||
Early Termination Agreement [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Senior housing communities operated by company | Community | 12 | 12 | 12 | 46 | ||||||||||||||||
Early Termination Agreement [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Remaining leases of senior housing communities converted to management agreement | Community | 12 | |||||||||||||||||||
Healthpeak Properties Inc [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Lease expiration date | Oct. 31, 2020 | |||||||||||||||||||
Number of communities to be managed | Community | 7 | |||||||||||||||||||
Number of senior housing communities started rent payment | Community | 8 | |||||||||||||||||||
Number of properties sold | Property | 2 | 2 | 2 | |||||||||||||||||
Healthpeak Properties Inc [Member] | Current Portion of Notes Payable, Net of Deferred Loan Costs [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Deferred rent payments | $ 2,100 | $ 2,100 | $ 2,100 | |||||||||||||||||
Healthpeak Properties Inc [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of properties sold | Property | 8 | |||||||||||||||||||
Number of additional property sold | Property | 1 | |||||||||||||||||||
Healthpeak Properties Inc [Member] | Early Termination Agreement [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Gain (Loss) on disposition of assets, net | $ (7,000) | |||||||||||||||||||
Security deposits released | $ 2,600 | |||||||||||||||||||
Previously scheduled, lease maturity month year | 2026-04 | |||||||||||||||||||
Number of communities to be managed | Community | 6 | |||||||||||||||||||
Ventas [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Lease termination date | Dec. 31, 2020 | |||||||||||||||||||
Ventas [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of leased senior housing communities | Community | 7 | |||||||||||||||||||
Ventas [Member] | Early Termination Agreement [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of leased senior housing communities | Community | 7 | |||||||||||||||||||
Lease expiration date | Sep. 30, 2025 | |||||||||||||||||||
Rent expense due to early termination of lease | $ 1,000 | |||||||||||||||||||
Rent expense | 1,300 | |||||||||||||||||||
Security deposits released | 4,100 | |||||||||||||||||||
Escrow deposits held | $ 2,500 | |||||||||||||||||||
Lease termination obligation | $ 11,400 | |||||||||||||||||||
Lease termination date | Dec. 31, 2020 | |||||||||||||||||||
Ventas [Member] | ASC 842 [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Gain (loss) on facility lease modification and termination | $ 8,400 | |||||||||||||||||||
Lease termination obligation | $ 11,400 | |||||||||||||||||||
Lease liability | 51,600 | |||||||||||||||||||
Operating lease right-of-use assets, net | 47,800 | |||||||||||||||||||
Welltower, Inc. [Member] | Early Termination Agreement [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of leased senior housing communities | Community | 24 | |||||||||||||||||||
Rent expense due to early termination of lease | $ 2,200 | |||||||||||||||||||
Rent expense | $ 2,800 | |||||||||||||||||||
Lease expiration description | April 2025 through April 2026 | |||||||||||||||||||
Lease termination period | 30 days | |||||||||||||||||||
Welltower, Inc. [Member] | Early Termination Agreement [Member] | Letter of Credit [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Letter of credit released | $ 6,500 | $ 6,500 | $ 6,500 | |||||||||||||||||
Welltower, Inc. [Member] | ASC 842 [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Gain (loss) on facility lease modification and termination | 8,000 | |||||||||||||||||||
Lease liability | 129,900 | |||||||||||||||||||
Operating lease right-of-use assets, net | $ 121,900 | |||||||||||||||||||
Welltower, Inc. [Member] | Termination Agreement [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Gain (loss) on facility lease modification and termination | $ 700 | |||||||||||||||||||
Number of leased senior housing communities | Community | 14 | 14 | 14 | |||||||||||||||||
Number of leased senior housing communities transferred to different operator | Community | 5 | |||||||||||||||||||
Fannie Mae Loan [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Loss on the derecognition of assets | $ 199,600 | |||||||||||||||||||
Current portion of notes payable | $ 218,400 | $ 218,400 | 218,400 | |||||||||||||||||
Number of property transition to successor operator | Property | 1 | |||||||||||||||||||
Number of communities managed | Community | 17 | |||||||||||||||||||
Fannie Mae Loan [Member] | Accrued Expenses [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Accrued interest | $ 8,700 | $ 8,700 | 8,700 | |||||||||||||||||
Fannie Mae Loan [Member] | Subsequent Event [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of property ownership transferred | Property | 4 | |||||||||||||||||||
Senior Living Boca Raton, Florida Community [Member] | Healthpeak Properties Inc [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Transitioned property amount as a prepayment against the remaining lease payments | $ 300 | |||||||||||||||||||
Gain (loss) on facility lease modification and termination | 1,800 | |||||||||||||||||||
Senior Housing Community Merrillville, Indiana Community [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of senior living communities sold | Community | 1 | |||||||||||||||||||
Purchase price for the sale of asset | $ 7,000 | |||||||||||||||||||
Cash proceeds from sale of assets | 6,900 | |||||||||||||||||||
Gain (Loss) on disposition of assets, net | $ (7,400) | |||||||||||||||||||
Net proceeds from sale of assets | $ 6,900 | |||||||||||||||||||
Senior Housing Community Merrillville, Indiana Community [Member] | Assisted Living Unit [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of living units in a housing community sold | Property | 171 | 171 | 171 | |||||||||||||||||
Senior Housing Community Merrillville, Indiana Community [Member] | Memory Care Units [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Number of living units in a housing community sold | Property | 42 | 42 | 42 | |||||||||||||||||
Senior Housing Community Canton, Ohio Community [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Purchase price for the sale of asset | $ 18,000 | |||||||||||||||||||
Cash proceeds from sale of assets | 6,400 | |||||||||||||||||||
Gain (Loss) on disposition of assets, net | $ 2,000 | |||||||||||||||||||
Net proceeds from sale of assets | 6,400 | |||||||||||||||||||
Senior Housing Community Canton, Ohio Community [Member] | Mortgage Debt [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Outstanding mortgage debt retired | $ 10,800 | |||||||||||||||||||
Senior Housing Community [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Purchase price for the sale of asset | $ 5,000 | $ 18,000 | ||||||||||||||||||
Cash proceeds from sale of assets | $ 1,400 | 6,400 | ||||||||||||||||||
Gain (Loss) on disposition of assets, net | $ 2,000 | |||||||||||||||||||
Number of living units in a housing community sold | Property | 96 | |||||||||||||||||||
Net proceeds from sale of assets | $ 1,400 | 6,400 | ||||||||||||||||||
Remeasurement write-down of assets held for sale | $ 2,300 | |||||||||||||||||||
Senior Housing Community [Member] | Mortgage Debt [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Outstanding mortgage debt retired | $ 3,500 | $ 10,800 | ||||||||||||||||||
Senior Housing Community [Member] | Healthpeak Properties Inc [Member] | ||||||||||||||||||||
Dispositions And Other Significant Transactions [Line Items] | ||||||||||||||||||||
Monthly rental payments | $ 700 | |||||||||||||||||||
Monthly rent due and payable | $ 900 | |||||||||||||||||||
Percentage of scheduled rates of rent | 75.00% | |||||||||||||||||||
Remaining rent payment period | 3 years |
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, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 932,350 | $ 1,357,415 |
Less accumulated depreciation and amortization | (276,619) | (388,204) |
Property and equipment, net | 655,731 | 969,211 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | 46,896 | 66,764 |
Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 19,345 | 25,718 |
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 | $ 803,434 | 1,096,386 |
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 | $ 48,694 | 65,828 |
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 | $ 2,824 | 5,947 |
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 | $ 10,576 | 95,281 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, gross | $ 581 | $ 1,491 |
Property and Equipment - Sche_2
Property and Equipment - Schedule of Net Property and Equipment and Leasehold Improvements, Include Assets Under Financing Leases (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Financing lease right-of-use assets, net of accumulated amortization | $ 134 | $ 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 | $ 400 | $ 600 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Line Items] | ||||
Capitalized computer software development costs | $ 4,200 | $ 4,200 | $ 4,100 | |
Capitalized computer software development costs, accumulated depreciation and amortization | 3,400 | 3,400 | 3,300 | |
Capital expenditure incurred but not yet paid | 500 | 2,000 | ||
Non-cash impairment charge on property and equipment | $ 2,600 | 41,843 | 3,004 | |
Change in Useful Life [Member] | ||||
Property, Plant and Equipment [Line Items] | ||||
Non-cash impairment charge on property and equipment | $ 29,800 | $ 34,300 | $ 3,000 |
Other Assets - Schedule of Othe
Other Assets - Schedule of Other Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets Disclosure [Abstract] | ||
Security and other deposits | $ 2,525 | $ 9,915 |
Other | 613 | 758 |
Other assets, net | $ 3,138 | $ 10,673 |
Other Assets - Additional Infor
Other Assets - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred Costs Capitalized Prepaid And Other Assets [Line Items] | ||
Security and other deposits | $ 2,525 | $ 9,915 |
Healthpeak Properties Inc [Member] | ||
Deferred Costs Capitalized Prepaid And Other Assets [Line Items] | ||
Security and other deposits | 2,600 | |
Ventas [Member] | ||
Deferred Costs Capitalized Prepaid And Other Assets [Line Items] | ||
Security and other deposits | $ 4,100 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Other Income And Expenses [Abstract] | ||
Accrued salaries, bonuses and related expenses | $ 11,170 | $ 14,733 |
Accrued property taxes | 9,122 | 15,186 |
Accrued interest | 13,594 | 3,617 |
Accrued health claims and workers compensation | 4,728 | 5,281 |
Accrued professional fees | 2,599 | 1,265 |
Other | 7,302 | 6,145 |
Accrued Expenses, Current, Total | $ 48,515 | $ 46,227 |
Notes Payable - Schedule of Not
Notes Payable - Schedule of Notes Payable (Detail) - Notes Payable - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Notes Payable | $ 915,779 | $ 930,085 |
Deferred financing costs, net | 6,886 | 8,629 |
Total long-term debt | 908,893 | 921,456 |
Less current portion | 304,164 | 15,819 |
Total long-term debt, less current portion | $ 604,729 | 905,637 |
Fixed Mortgage Notes Payable [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.67% | |
Maturity date range, start | 2021 | |
Maturity date range, end | 2031 | |
Notes Payable | $ 787,029 | 804,210 |
Variable Mortgage Notes [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 3.36% | |
Maturity date range, start | 2021 | |
Maturity date range, end | 2029 | |
Notes Payable | $ 122,742 | 122,260 |
Notes Payable - Insurance [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.60% | |
Maturity Date | 2021 | |
Notes Payable | $ 3,887 | $ 3,615 |
Notes Payable - Other [Member] | ||
Debt Instrument [Line Items] | ||
Weighted average interest rate | 4.85% | |
Maturity date range, start | 2021 | |
Maturity date range, end | 2023 | |
Notes Payable | $ 2,121 |
Notes Payable - Additional Info
Notes Payable - Additional Information (Detail) $ in Thousands | Jul. 31, 2020USD ($)Property | Jul. 08, 2020Property | Jun. 15, 2020USD ($) | May 21, 2020Property | May 20, 2020PropertyLoan | May 09, 2020PropertyLoan | May 07, 2020PropertyLoan | Apr. 01, 2020 | Dec. 23, 2019USD ($) | Dec. 22, 2019 | Oct. 01, 2019USD ($)Community | Dec. 31, 2020USD ($) | Jul. 31, 2020CommunityProperty | May 31, 2019USD ($) | Dec. 31, 2020USD ($)PropertyFacility | Aug. 27, 2020USD ($) | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | |||||||||||||||||
Number of facilities owned | Facility | 77 | ||||||||||||||||
Net book value of housing communities | $ 878,900 | $ 878,900 | $ 898,000 | ||||||||||||||
Mortgage debt | 909,800 | 909,800 | 926,500 | ||||||||||||||
Current portion of notes payable, net of deferred loan costs | 304,164 | 304,164 | 15,819 | ||||||||||||||
Accrued interest | 13,594 | 13,594 | 3,617 | ||||||||||||||
Deferred financing cost | 14,000 | 14,000 | 14,300 | ||||||||||||||
Number of communities sold | Community | 2 | ||||||||||||||||
Repayment of mortgage debt | $ 44,400 | ||||||||||||||||
Prepayment penalties | $ 4,400 | ||||||||||||||||
Accumulated amortization | 7,100 | 7,100 | $ 5,700 | ||||||||||||||
Healthpeak Properties Inc [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Lease expiration date | Oct. 31, 2020 | ||||||||||||||||
Outstanding debt | 2,900 | 2,900 | |||||||||||||||
Hartford Financial Services [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of credit remain outstanding | 3,400 | 3,400 | |||||||||||||||
Available letters of credit | $ 4,000 | ||||||||||||||||
Calpine Corporation [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of credit remain outstanding | $ 1,000 | 1,000 | |||||||||||||||
Welltower, Inc. [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Letters of credit amount surrendered and paid | 6,500 | ||||||||||||||||
4.4% Insurance Financing Agreement One [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, repayment term | 11 months | ||||||||||||||||
Insurance finance agreement, outstanding amount | $ 2,600 | ||||||||||||||||
Debt instrument, fixed interest rate | 4.40% | ||||||||||||||||
4.4% Insurance Financing Agreement Two [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, repayment term | 18 months | ||||||||||||||||
Insurance finance agreement, outstanding amount | $ 2,700 | ||||||||||||||||
Debt instrument, fixed interest rate | 4.40% | ||||||||||||||||
4.60%,10-Month Term Financing Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Debt instrument, repayment term | 10 months | 10 months | |||||||||||||||
Insurance finance agreement, outstanding amount | $ 2,200 | $ 3,800 | $ 3,800 | ||||||||||||||
Debt instrument, fixed interest rate | 4.60% | 4.60% | 4.60% | ||||||||||||||
Current Portion of Notes Payable, Net of Deferred Loan Costs [Member] | Healthpeak Properties Inc [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred rent payments | $ 2,100 | $ 2,100 | |||||||||||||||
Fannie Mae Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Loss on the derecognition of assets | 199,600 | ||||||||||||||||
Current portion of notes payable, net of deferred loan costs | 218,400 | 218,400 | |||||||||||||||
Accrued interest | 8,700 | $ 8,700 | |||||||||||||||
Forbearance Agreements [Member] | Fannie Mae Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties covered under loan | Property | 5 | ||||||||||||||||
Loan payment terms | During this three-month loan payment forbearance, the Company agreed to pay to Fannie Mae monthly all net operating income, if any, as defined in the forbearance agreement, for the properties receiving forbearance. | ||||||||||||||||
Number of properties covered under loan | Property | 23 | ||||||||||||||||
Deferred payments | $ 600 | ||||||||||||||||
Unpaid loans | $ 3,900 | ||||||||||||||||
Number of properties under loan default | Property | 18 | 18 | |||||||||||||||
Number of communities managed | Community | 18 | ||||||||||||||||
Loss on the derecognition of assets | $ 199,600 | ||||||||||||||||
Current portion of notes payable, net of deferred loan costs | 218,400 | 218,400 | |||||||||||||||
Forbearance Agreements [Member] | Fannie Mae Loan [Member] | Accrued Expenses [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Accrued interest | 8,700 | 8,700 | |||||||||||||||
Berkadia [Member] | Forbearance Agreements [Member] | Fannie Mae Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of mortgage loans | Loan | 23 | ||||||||||||||||
Number of properties covered under loan | Property | 20 | ||||||||||||||||
Wells Fargo [Member] | Forbearance Agreements [Member] | Fannie Mae Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of mortgage loans | Loan | 1 | ||||||||||||||||
Number of properties covered under loan | Property | 1 | ||||||||||||||||
KeyBank [Member] | Forbearance Agreements [Member] | Fannie Mae Loan [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of mortgage loans | Loan | 3 | ||||||||||||||||
Number of properties covered under loan | Property | 2 | ||||||||||||||||
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 | ||||||||||||||||
BBVA USA [Member] | Current Portion of Notes Payable, Net of Deferred Loan Costs [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Outstanding debt | 41,000 | $ 41,000 | |||||||||||||||
BBVA USA [Member] | Forbearance Agreements [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties covered under loan | Property | 3 | ||||||||||||||||
Loan payment terms | the Company deferred monthly debt service payments for April, May and June 2020, which deferred payments are added to principal and due in June 2021. | ||||||||||||||||
BBVA USA [Member] | Forbearance Agreements [Member] | Current Portion of Notes Payable, Net of Deferred Loan Costs [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred payments | $ 900 | ||||||||||||||||
ORIX Real Estate Capital, LLC [Member] | Forbearance Agreements [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties covered under loan | Property | 1 | ||||||||||||||||
Loan payment terms | the Company deferred monthly debt service payments for April, May and June 2020, which deferred payments are added to the regularly scheduled payments in equal installments for one year following the forbearance period. | ||||||||||||||||
ORIX Real Estate Capital, LLC [Member] | Forbearance Agreements [Member] | Current Portion of Notes Payable, Net of Deferred Loan Costs [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred payments | $ 100 | ||||||||||||||||
Protective Life Insurance Company [Member] | Protective Life Amendments to Loan Agreements and Loan Modification and Temporary Deferral Agreement [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Number of properties covered under loan | Property | 10 | ||||||||||||||||
Loan payment terms | These amendments allow the Company to defer principal and interest payments for April, May and June 2020 and to defer principal payments for July 2020 through March 2021. In the fourth quarter of 2020, the Company entered into amendments to its loan agreements with Protective Life Insurance Company, which allow the Company to defer principal and interest payments for October, November, and December 2020, and to continue to defer principal payments through September 30, 2021. All deferred amounts are being added to principal due at maturity in either 2025, 2026 or 2031, depending upon the loan. | ||||||||||||||||
Deferred payments | $ 4,400 | ||||||||||||||||
Protective Life Insurance Company [Member] | Protective Life Amendments to Loan Agreements and Loan Modification and Temporary Deferral Agreement [Member] | Accrued Expenses [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred payments | 2,200 | ||||||||||||||||
Protective Life Insurance Company [Member] | Protective Life Amendments to Loan Agreements and Loan Modification and Temporary Deferral Agreement [Member] | Current Portion of Notes Payable, Net of Deferred Loan Costs [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred payments | 2,200 | ||||||||||||||||
Fifth Third Bank [Member] | Long-term Variable Interest Rate [Member] | Mortgage Loans [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Deferred financing cost | 600 | ||||||||||||||||
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 | ||||||||||||||||
Debt instrument, repayment term | 2 years | ||||||||||||||||
Acquisition price at a variable rate | LIBOR plus 3.25% | ||||||||||||||||
Debt instrument variable interest rate | 3.25% | ||||||||||||||||
Fifth Third Bank [Member] | Current Portion of Notes Payable, Net of Deferred Loan Costs [Member] | |||||||||||||||||
Debt Instrument [Line Items] | |||||||||||||||||
Outstanding debt | $ 31,500 | $ 31,500 |
Notes Payable - Summary of Aggr
Notes Payable - Summary of Aggregate Scheduled Maturities of Notes (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Total | $ 72,500 |
Notes Payable | |
Debt Instrument [Line Items] | |
2021 | 304,164 |
2022 | 48,499 |
2023 | 24,863 |
2024 | 152,363 |
2025 | 108,185 |
Thereafter | 277,705 |
Total | $ 915,779 |
Notes Payable - Summary of Ag_2
Notes Payable - Summary of Aggregate Scheduled Maturities of Notes (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Instrument [Line Items] | ||
Current portion of notes payable, net of deferred loan costs | $ 304,164 | $ 15,819 |
Fannie Mae Loan [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of notes payable, net of deferred loan costs | 218,400 | |
Forbearance Agreements [Member] | Fannie Mae Loan [Member] | ||
Debt Instrument [Line Items] | ||
Current portion of notes payable, net of deferred loan costs | $ 218,400 |
Equity - Additional Information
Equity - Additional Information (Detail) | Dec. 09, 2020shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares | Dec. 31, 2016USD ($)$ / sharesshares | Dec. 31, 2009USD ($)$ / sharesshares | Dec. 08, 2020shares | Jan. 22, 2009USD ($) |
Equity [Line Items] | ||||||||
Preferred stock, shares outstanding | 0 | 0 | 0 | |||||
Common stock, reverse stock split ratio | 1-for-15 | |||||||
Stock split, conversion ratio | 0.067 | |||||||
Common stock, shares issued | 2,084,596 | 2,084,000 | 2,084,000 | 2,096,000 | 31,268,943 | |||
Common stock, shares outstanding | 2,084,596 | 2,084,000 | 2,084,000 | 2,096,000 | 31,268,943 | |||
Common stock, shares authorized | 4,333,334 | 4,333,000 | 4,333,000 | 4,333,000 | 65,000,000 | |||
Authorization for purchase of company's common stock | $ | $ 10,000,000 | |||||||
Purchase common stock shares | 0 | 0 | 9,621 | 23,320 | ||||
Average cost of per share | $ / shares | $ 259.35 | $ 40.05 | ||||||
Purchase common stock value | $ | $ 2,500,000 | $ 900,000 | ||||||
Additional Paid-In Capital [Member] | ||||||||
Equity [Line Items] | ||||||||
Retirement of treasury stock | $ | $ (3,400,000) | $ 3,430,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | May 14, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
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 | ||||||
Number of stock options granted during period | 0 | 9,816 | [1] | 0 | [1] | ||
Stock options outstanding, intrinsic value | $ 0 | $ 0 | |||||
Stock options outstanding, weighted-average remaining contractual life | 8 years | 8 years | |||||
Stock options outstanding, weighted average exercise price | $ 111.90 | $ 111.90 | $ 0 | $ 0 | |||
Stock options outstanding, exercisable | 3,272 | 0 | [1] | 0 | [1] | ||
Number of stock options outstanding | 0 | ||||||
Total unrecognized compensation expense | $ 100,000 | ||||||
Compensation expense recognized | $ 1,700,000 | $ 2,500,000 | $ 8,400,000 | ||||
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 | $ 900,000 | ||||||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Expected period of expenses | 1 year | ||||||
Compensation expense recognized | $ 100,000 | 0.1 | 0 | ||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Compensation expense recognized | 0 | ||||||
Restricted stock outstanding, intrinsic value | $ 400,000 | $ 3,400,000 | $ 9,100,000 | ||||
Restricted common stock, Granted | 0 | 44,144 | [1] | 55,386 | [1] | ||
Performance and market based restricted stock, Granted | 0 | 21,694 | |||||
Average market value of common stock awarded to certain employees and directors of company | $ 67.50 | ||||||
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 | 3,990 | ||||||
Average market value of common stock awarded to certain employees and directors of company | $ 56.40 | ||||||
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 | ||||||
2019 Omnibus Stock and Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Authorized shares of common stock | 150,000 | ||||||
2007 Omnibus Stock and Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of additional shares granted under the plan | 0 | ||||||
[1] | Prior period share fifteen See Note 3- Summary of Significant Accounting Policies. |
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 as Adjusted for Reverse Stock Split (Detail) - $ / shares | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ||||||
Shares, Outstanding Beginning of Year | [1] | 9,816 | 0 | 0 | ||
Number of stock options granted during period | 0 | 9,816 | [1] | 0 | [1] | |
Shares, Exercised | 0 | 0 | [1] | 0 | [1] | |
Shares, Forfeited | 0 | 0 | [1] | 0 | [1] | |
Shares, Outstanding End of Year | 9,816 | 9,816 | [1] | 0 | [1] | |
Shares, Options Exercisable | 3,272 | 0 | [1] | 0 | [1] | |
Weighted average price, Outstanding Beginning of Year | $ 111.90 | $ 0 | $ 0 | |||
Weighted average price, Granted | 0 | 111.90 | 0 | |||
Weighted average price, Exercised | 0 | 0 | 0 | |||
Weighted average price, Forfeited | 0 | 0 | 0 | |||
Weighted average price, Outstanding End of Year | 111.90 | $ 111.90 | $ 0 | |||
Weighted average exercise price per share, Options Exercisable | $ 111.90 | |||||
[1] | Prior period share fifteen See Note 3- Summary of Significant Accounting Policies. |
Stock-Based Compensation - Su_3
Stock-Based Compensation - Summary of Stock Option Transactions as Adjusted for Reverse Stock Split (Parenthetical) (Detail) | Dec. 09, 2020 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock split, conversion ratio | 0.067 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Awards Activity and Related Information as Adjusted for Reverse Stock Split (Detail) - Restricted Stock [Member] - shares | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares, Outstanding Beginning of Year | [1] | 72,623 | 89,677 | 64,299 | ||
Shares, Issued | 0 | 44,144 | [1] | 55,386 | [1] | |
Shares, Vested | (20,388) | (28,304) | [1] | (25,793) | [1] | |
Shares, Forfeited | (18,731) | (32,894) | [1] | (4,215) | [1] | |
Shares, Outstanding End of Year | 33,504 | 72,623 | [1] | 89,677 | [1] | |
[1] | Prior period share fifteen See Note 3- Summary of Significant Accounting Policies. |
Stock-Based Compensation - Re_2
Stock-Based Compensation - Restricted Stock Awards Activity and Related Information as Adjusted for Reverse Stock Split (Parenthetical) (Detail) | Dec. 09, 2020 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock split, conversion ratio | 0.067 |
Income Taxes - Schedule of (Ben
Income Taxes - Schedule of (Benefit) Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current: | |||
Federal | $ 3 | $ (71) | $ (152) |
State | 386 | 443 | 474 |
Deferred: | |||
Federal | 0 | 76 | (2,093) |
State | 0 | 0 | 0 |
(Benefit) Provision for income taxes | $ 389 | $ 448 | $ (1,771) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Tax benefit at federal statutory rates | $ (61,946) | $ (7,472) | $ (11,627) |
State income tax benefit, net of federal effects | (7,592) | (548) | (665) |
Change in deferred tax asset valuation allowance | 69,139 | 7,478 | 9,543 |
Other | 788 | 990 | 978 |
(Benefit) Provision for income taxes | $ 389 | $ 448 | $ (1,771) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Taxes [Line Items] | ||||
Permanent tax differences shortfall from stock compensation | $ 400 | $ 700 | $ 500 | |
Permanent tax differences, Section 162(m) compensation limitation | 300 | 400 | 300 | |
Valuation allowance recorded | 119,838 | 50,699 | ||
Adjustments to valuation allowance | 69,100 | 4,400 | ||
Increase to valuation allowance | 7,400 | |||
Deferred tax assets related to federal Net operating loss carry forwards | 60,500 | |||
Deferred tax assets related to state Net operating loss carry forwards | $ 11,200 | |||
Uncertain tax position maximum percentage | 50.00% | |||
Unrecognized tax benefits | $ 5,433 | 6,789 | $ 4,644 | $ 3,416 |
Domestic Tax Authority [Member] | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry forwards | $ 288,300 | |||
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 | $ 227,000 | |||
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 | 2040 | |||
ASC 842 [Member] | Retained Deficit [Member] | ||||
Income Taxes [Line Items] | ||||
Adjustments to valuation allowance | $ (3,000) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Lease liabilities | $ 200 | $ 62,166 |
Net operating loss carryforward | 66,369 | 34,284 |
Compensation costs | 2,888 | 2,134 |
Depreciation and amortization | 42,999 | 3,525 |
Other | 8,338 | 2,991 |
Total deferred tax assets | 120,794 | 105,100 |
Deferred tax asset valuation allowance | (119,838) | (50,699) |
Total deferred tax assets, net | 956 | 54,401 |
Deferred tax liabilities: | ||
Operating lease right-of-use assets | (956) | (54,325) |
Total deferred tax liabilities | $ (956) | (54,325) |
Deferred taxes, net | $ 76 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Beginning balance, January 1 | $ 6,789 | $ 4,644 | $ 3,416 |
Gross increases – tax positions in prior period | 388 | 2,468 | 1,228 |
Gross decreases – tax positions in prior period | (1,744) | ||
Lapse of statute of limitations | (323) | ||
Ending balance, December 31 | $ 5,433 | $ 6,789 | $ 4,644 |
Employee Benefit Plans - Additi
Employee Benefit Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Compensation Related Costs [Abstract] | |||
Employer matching contributions from annual salary | 4.00% | ||
Percentage of employer match | 50.00% | ||
Contributed to the Plan annually | $ 0.1 | $ 0.5 | $ 0.5 |
Contingencies - Additional Info
Contingencies - Additional Information (Detail) | 12 Months Ended | 30 Months Ended | |||
Dec. 31, 2020USD ($)Community | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020USD ($)Community | Sep. 30, 2017Community | |
Loss Contingencies [Line Items] | |||||
Senior housing communities owned by company | Community | 60 | 60 | |||
Clean-up and physical repair costs | $ 6,200,000 | ||||
Payments expected to receive from respective carrier | $ 0 | $ 300,000 | $ 0 | ||
Payments received from insurance underwriters | $ 300,000 | $ 2,500,000 | $ 5,100,000 | ||
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, 2020 | Dec. 31, 2019 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Restricted cash | $ 4,982 | $ 13,088 |
Notes payable, excluding deferred loan costs | 72,500 | |
Carrying Amount [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,885 | 23,975 |
Restricted cash | 4,982 | 13,088 |
Notes payable, excluding deferred loan costs | 915,779 | 930,085 |
Fair Value [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash and cash equivalents | 17,885 | 23,975 |
Restricted cash | 4,982 | 13,088 |
Notes payable, excluding deferred loan costs | $ 846,134 | $ 899,326 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020USD ($) | Mar. 31, 2020USD ($) | Sep. 30, 2019USD ($)Community | Mar. 31, 2019USD ($)Community | Dec. 31, 2020USD ($)Community | Dec. 31, 2019USD ($)Community | Sep. 30, 2020USD ($) | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Number of assets held for sale | Community | 0 | 0 | |||||
Impairment charge on operating lease right-of-use assets | $ 6,200,000 | $ 7,500,000 | |||||
Management fees and a market supported lease coverage ratio | 110.00% | ||||||
Non-cash impairment charge on property and equipment | $ 2,600,000 | $ 41,843,000 | $ 3,004,000 | ||||
Fair value of impaired property and equipment | $ 2,800,000 | 10,500,000 | 2,800,000 | $ 12,500,000 | |||
Change in Useful Life [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Impairment charge on operating lease right-of-use assets | 1,400,000 | ||||||
Non-cash impairment charge on property and equipment | $ 29,800,000 | $ 34,300,000 | $ 3,000,000 | ||||
Discount Rate [Member] | Minimum [Member] | Level 3 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Range of discount rates utilized | 7.7 | 7.7 | |||||
Discount Rate [Member] | Maximum [Member] | Level 3 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Range of discount rates utilized | 10.3 | 10.3 | |||||
Market Capitalization Rate [Member] | Minimum [Member] | Level 3 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Range of discount rates utilized | 7.25 | 7.25 | |||||
Market Capitalization Rate [Member] | Maximum [Member] | Level 3 [Member] | |||||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||||
Range of discount rates utilized | 8.5 | 8.5 | |||||
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 | $ 0 | $ 2,300,000 |
Allowance for Doubtful Accoun_3
Allowance for Doubtful Accounts - Schedule of Allowance for Doubtful Accounts (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Receivables [Abstract] | |||
Balance at beginning of year | $ 8,643 | $ 6,793 | $ 4,881 |
Provision for bad debts, net of recoveries | 2,883 | 3,765 | 2,990 |
Write-offs and other | (5,413) | (1,915) | (1,078) |
Balance at end of year | $ 6,113 | $ 8,643 | $ 6,793 |
Allowance for Doubtful Accoun_4
Allowance for Doubtful Accounts - Schedule of Allowance for Doubtful Accounts (Parenthetical) (Detail) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($)Property | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Accounts Notes And Loans Receivable [Line Items] | |||
Write-offs and other | $ 5,413 | $ 1,915 | $ 1,078 |
Number of properties were in process of transitional legal ownership | Property | 17 | ||
Welltower Master Agreement [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Write-offs and other | $ 100 | ||
Healthpeak Master Lease Agreement [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Write-offs and other | 500 | ||
Fannie Mae Loan [Member] | |||
Accounts Notes And Loans Receivable [Line Items] | |||
Write-offs and other | $ 1,700 | ||
Number of properties were in process of transitional legal ownership | Property | 18 |
Leases - Additional Information
Leases - Additional Information (Detail) | Jan. 01, 2021Community | Mar. 01, 2020Community | Dec. 31, 2020CommunityProperty | Jan. 31, 2021Property | Dec. 31, 2019 |
Lessee Lease Description [Line Items] | |||||
Number of leased senior housing communities | 12 | ||||
Weighted-average discount rate, operating leases | 6.20% | 7.80% | |||
Average remaining lease terms, operating leases | 2 years 4 months 24 days | 5 years 7 months 6 days | |||
Weighted-average discount rate, financing leases | 7.00% | 7.10% | |||
Average remaining lease terms, financing leases | 3 years | 3 years 10 months 24 days | |||
Ventas [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Number of leased senior housing communities | 7 | ||||
Ventas [Member] | Subsequent Event [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Number of operations transfer agreement of senior living communities leased | 7 | ||||
Healthpeak Properties Inc [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Number of properties sold | Property | 2 | ||||
Healthpeak Properties Inc [Member] | Early Termination Agreement [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Previously scheduled, lease maturity month year | 2026-04 | ||||
Number of communities to be managed | 6 | 7 | |||
Healthpeak Properties Inc [Member] | Subsequent Event [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Number of properties sold | Property | 1 | ||||
Welltower Master Agreement [Member] | |||||
Lessee Lease Description [Line Items] | |||||
Number of leased senior housing communities | 5 |
Leases - Summary of Operating a
Leases - Summary of Operating and Financing Lease Expense and Cash Flows from Leasing Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost [Abstract] | ||
Facility lease expense | $ 28,109 | $ 57,022 |
General and administrative expenses | 541 | 812 |
Operating expenses, including variable lease expense of $5,992 and $6,142, respectively | 7,097 | 6,466 |
Total operating lease costs | 35,747 | 64,300 |
Operating lease expense adjustment | 23,899 | 5,243 |
Operating cash flows from operating leases | 59,646 | 69,543 |
Depreciation and amortization | 134 | 11 |
Interest expense: financing lease obligations | 32 | 3 |
Total financing lease costs | 166 | 14 |
Operating cash flows from financing leases | 134 | 11 |
Financing cash flows from financing leases | 32 | 3 |
Total cash flows from financing leases | $ 166 | $ 14 |
Leases - Summary of Operating_2
Leases - Summary of Operating and Financing Lease Expense and Cash Flows from Leasing Transactions (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lease Cost [Abstract] | ||
Variable lease expense | $ 5,992 | $ 6,142 |
Leases - Schedule of Aggregate
Leases - Schedule of Aggregate Amounts of Future Minimum Lease Payments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Operating Lease Liabilities Payments Due [Abstract] | |
2021 | $ 292 |
2022 | 148 |
2023 | 85 |
2024 | 47 |
2025 | 3 |
Total | 575 |
Less: Amount representing interest (present value discount) | (40) |
Present value of lease liabilities | 535 |
Less: Current portion of lease liabilities | $ (292) |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | csu:LeaseLiabilitiesNetOfCurrentPortionMember |
Lease liabilities, net of current portion | $ 243 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | csu:LeaseLiabilitiesNetOfNonCurrentPortionMember |
Finance Lease Liabilities Payments Due [Abstract] | |
2021 | $ 131 |
2022 | 179 |
2023 | 145 |
2024 | 7 |
2025 | 2 |
Total | 464 |
Less: Amount representing interest (present value discount) | (43) |
Present value of lease liabilities | 421 |
Less: Current portion of lease liabilities | (131) |
Lease liabilities, net of current portion | $ 290 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2021Property | Dec. 31, 2020CommunityProperty | Jan. 31, 2021CommunityProperty | Jan. 27, 2021USD ($) | Nov. 30, 2020USD ($) | |
Subsequent Event [Line Items] | |||||
Number of senior living communities leased | Community | 12 | ||||
CARES Act cash for grants from provider relief fund | $ | $ 8.1 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
CARES Act cash for grants from provider relief fund | $ | $ 8.7 | ||||
Ventas [Member] | |||||
Subsequent Event [Line Items] | |||||
Lease termination date | Dec. 31, 2020 | ||||
Ventas [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of senior living communities leased | Community | 7 | ||||
Healthpeak Properties Inc [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of properties sold | 2 | ||||
Healthpeak Properties Inc [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of properties sold | 8 | ||||
Fannie Mae [Member] | Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Number of property ownership transfer completed | 4 |