Cover
Cover - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2023 | Mar. 07, 2024 | Jun. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Current Fiscal Year End Date | --12-31 | ||
Document Period End Date | Dec. 31, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-54685 | ||
Entity Registrant Name | CNL Healthcare Properties, Inc. | ||
Entity Incorporation, State or Country Code | MD | ||
Entity Tax Identification Number | 27-2876363 | ||
Entity Address, Address Line One | CNL Center at City Commons | ||
Entity Address, Address Line Two | 450 South Orange Avenue | ||
Entity Address, City or Town | Orlando | ||
Entity Address, State or Province | FL | ||
Entity Address, Postal Zip Code | 32801 | ||
City Area Code | 407 | ||
Local Phone Number | 650-1000 | ||
No Trading Symbol Flag | true | ||
Title of 12(g) Security | Common Stock, $0.01 par value per share | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction Flag | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 1.2 | ||
Entity Common Stock, Shares Outstanding | 175,274,045 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE None | ||
Entity Central Index Key | 0001496454 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2023 | |
Audit Information [Abstract] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Tampa, Florida |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Real estate investment properties, net (including VIEs $30,041 and $30,906, respectively) | $ 1,279,137 | $ 1,313,438 |
Cash (including VIEs $1,345 and $646, respectively) | 54,097 | 69,504 |
Restricted cash (including VIEs $8 and $9, respectively) | 1,791 | 4,070 |
Other assets (including VIEs $17 and $554, respectively) | 19,127 | 36,868 |
Deferred rent, lease incentives and intangibles, net | 11,386 | 13,423 |
Total assets | 1,365,538 | 1,437,303 |
Liabilities: | ||
Mortgages and other notes payable, net (including VIEs $20,622 and $21,142, respectively) | 36,569 | 61,773 |
Credit facilities | 541,840 | 546,100 |
Accounts payable and accrued liabilities (including VIEs $1,411 and $533, respectively) | 31,322 | 30,270 |
Total liabilities | 621,498 | 647,009 |
Commitments and contingencies (Note 16) | ||
Stockholders' equity: | ||
Preferred stock, $0.01 par value per share, 200,000 shares authorized; none issued or outstanding | 0 | 0 |
Excess shares, $0.01 par value per share, 300,000 shares authorized; none issued or outstanding | 0 | 0 |
Common stock, $0.01 par value per share, 1,120,000 shares authorized, 187,958 shares issued and 175,274 shares outstanding | 1,739 | 1,740 |
Capital in excess of par value | 1,516,806 | 1,516,926 |
Accumulated income | 74,710 | 100,408 |
Accumulated distributions | (847,120) | (829,307) |
Accumulated other comprehensive income | (2,572) | (16) |
Total stockholders' equity | 743,563 | 789,751 |
Noncontrolling interest | 477 | 543 |
Total equity | 744,040 | 790,294 |
Total liabilities and equity | 1,365,538 | 1,437,303 |
Nonrelated Party | ||
Liabilities: | ||
Other liabilities/Due to related parties | 10,475 | 7,469 |
Related Party | ||
Liabilities: | ||
Other liabilities/Due to related parties | $ 1,292 | $ 1,397 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real estate investment properties, net | $ 1,279,137 | $ 1,313,438 |
Cash | 54,097 | 69,504 |
Restricted cash | 1,791 | 4,070 |
Other assets | 19,127 | 36,868 |
Mortgages and other notes payable, net | 36,569 | 61,773 |
Accounts payable and accrued liabilities | $ 31,322 | $ 30,270 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 200,000,000 | 200,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Excess shares, par value ( in dollars per share) | $ 0.01 | $ 0.01 |
Excess shares, shares authorized( in shares) | 300,000,000 | 300,000,000 |
Excess shares, shares issued (in shares) | 0 | 0 |
Excess shares, shares outstanding (in shares) | 0 | 0 |
Common stock, par value ( in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 1,120,000,000 | 1,120,000,000 |
Common stock, shares issued (in shares) | 187,958,000 | 187,958,000 |
Common stock, shares outstanding (in shares) | 175,274,000 | 175,274,000 |
Variable Interest Entity, Primary Beneficiary | ||
Real estate investment properties, net | $ 30,041 | $ 30,906 |
Cash | 1,345 | 646 |
Restricted cash | 8 | 9 |
Other assets | 17 | 554 |
Mortgages and other notes payable, net | 20,622 | 21,142 |
Accounts payable and accrued liabilities | 1,411 | 533 |
Other liabilities | $ 216 | $ 91 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues: | |||
Rental income and related revenues | $ 26,920 | $ 26,862 | $ 30,101 |
Resident fees and services | 314,560 | 295,799 | 265,321 |
Total revenues | 341,480 | 322,661 | 295,422 |
Operating expenses: | |||
Property operating expenses | 235,524 | 226,845 | 197,562 |
General and administrative expenses | 9,101 | 10,209 | 9,116 |
Financing coordination fees | 2,671 | 0 | 0 |
Impairment provision | 0 | 0 | 9,790 |
Depreciation and amortization | 51,234 | 54,242 | 50,417 |
Total operating expenses | 327,824 | 320,073 | 295,599 |
Gain on sale of real estate | 0 | 6,282 | 0 |
Operating income (loss) | 13,656 | 8,870 | (177) |
Other income (expense): | |||
Interest and other income | 3,113 | 4,663 | 720 |
Interest expense and loan cost amortization | (41,873) | (21,781) | (19,696) |
Gain on change of control of a joint venture | 0 | 8,376 | 0 |
Equity in earnings of unconsolidated entity | 0 | 0 | 471 |
Total other expense | (38,760) | (8,742) | (18,505) |
(Loss) income before income taxes | (25,104) | 128 | (18,682) |
Income tax expense | (560) | (540) | (4,174) |
Loss from continuing operations | (25,664) | (412) | (22,856) |
Loss from discontinued operations | 0 | 0 | (10) |
Net loss | (25,664) | (412) | (22,866) |
Less: Amounts attributable to noncontrolling interests | |||
Net income from continuing operations | 34 | 1,041 | 16 |
Net loss attributable to common stockholders | $ (25,698) | $ (1,453) | $ (22,882) |
Net loss per share of common stock (basic and diluted) | |||
Continuing operations, basic (in dollars per share) | $ (0.15) | $ (0.01) | $ (0.13) |
Continuing operations, diluted (in dollars per share) | (0.15) | (0.01) | (0.13) |
Discontinued operations, basic (in dollars per share) | 0 | 0 | 0 |
Discontinued operations, diluted (in dollars per share) | $ 0 | $ 0 | $ 0 |
Weighted average number of shares of common stock outstanding, basic (in dollars per share) | 173,958 | 173,960 | 173,960 |
Weighted average number of shares of common stock outstanding, diluted (in dollars per share) | 173,958 | 173,960 | 173,960 |
Asset management fees | |||
Operating expenses: | |||
Asset management fees/Property management fees | $ 13,856 | $ 14,074 | $ 15,733 |
Property management fees | |||
Operating expenses: | |||
Asset management fees/Property management fees | $ 15,438 | $ 14,703 | $ 12,981 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Comprehensive Income [Abstract] | |||
Net loss | $ (25,664) | $ (412) | $ (22,866) |
Other comprehensive (loss) income: | |||
Unrealized (loss) gain on derivative financial instruments, net | (2,556) | (26) | 40 |
Unrealized gain on derivative financial instruments of equity method investments | 0 | 0 | 5 |
Total other comprehensive (loss) income | (2,556) | (26) | 45 |
Comprehensive loss | (28,220) | (438) | (22,821) |
Less: Comprehensive income attributable to noncontrolling interest | 34 | 1,041 | 16 |
Comprehensive loss attributable to common stockholders | $ (28,254) | $ (1,479) | $ (22,837) |
CONSOLIDATED STATEMENTS OF STOC
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST - USD ($) $ in Thousands | Total | Redeemable Noncontrolling Interest | Total Stockholders' Equity | Common Stock | Capital in Excess of Par Value | Accumulated Income (Loss) | Accumulated Distributions | Accumulated Other Comprehensive (Loss) Income | Non- controlling Interest |
Redeemable noncontrolling interest, beginning balance at Dec. 31, 2020 | $ 572 | ||||||||
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Net income (loss) | 22 | ||||||||
Distributions to noncontrolling interest | $ (160) | (89) | $ (71) | ||||||
Reclassification of redeemable noncontrolling interest | 0 | (505) | 505 | ||||||
Redeemable noncontrolling interest, ending balance at Dec. 31, 2021 | 0 | ||||||||
Beginning balance (in shares) at Dec. 31, 2020 | 173,960,000 | ||||||||
Beginning balance at Dec. 31, 2020 | 869,369 | $ 867,508 | $ 1,740 | $ 1,516,926 | $ 124,743 | $ (775,866) | $ (35) | 1,289 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (22,866) | (22,882) | (22,882) | (6) | |||||
Other comprehensive income (loss) | 45 | 45 | 45 | ||||||
Distribution to noncontrolling interest | (160) | $ (89) | (71) | ||||||
Cash distributions declared | (35,627) | (35,627) | (35,627) | ||||||
Ending balance (in shares) at Dec. 31, 2021 | 173,960,000 | ||||||||
Ending balance at Dec. 31, 2021 | 810,761 | 809,044 | $ 1,740 | 1,516,926 | 101,861 | (811,493) | 10 | 1,717 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Distributions to noncontrolling interest | (2,215) | (2,215) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (412) | (1,453) | (1,453) | 1,041 | |||||
Other comprehensive income (loss) | (26) | (26) | (26) | ||||||
Distribution to noncontrolling interest | (2,215) | (2,215) | |||||||
Cash distributions declared | $ (17,814) | (17,814) | (17,814) | ||||||
Ending balance (in shares) at Dec. 31, 2022 | 175,274,000 | 173,960,000 | |||||||
Ending balance at Dec. 31, 2022 | $ 790,294 | 789,751 | $ 1,740 | 1,516,926 | 100,408 | (829,307) | (16) | 543 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | |||||||||
Distributions to noncontrolling interest | (100) | (100) | |||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Redemptions of common stock (in shares) | (18,000) | ||||||||
Redemptions of common stock | (121) | (121) | $ (1) | (120) | |||||
Net income (loss) | (25,664) | (25,698) | (25,698) | 34 | |||||
Other comprehensive income (loss) | (2,556) | (2,556) | (2,556) | ||||||
Distribution to noncontrolling interest | (100) | (100) | |||||||
Cash distributions declared | $ (17,813) | (17,813) | (17,813) | ||||||
Ending balance (in shares) at Dec. 31, 2023 | 175,274,000 | 173,942,000 | |||||||
Ending balance at Dec. 31, 2023 | $ 744,040 | $ 743,563 | $ 1,739 | $ 1,516,806 | $ 74,710 | $ (847,120) | $ (2,572) | $ 477 |
CONSOLIDATED STATEMENTS OF ST_2
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY AND REDEEMABLE NONCONTROLLING INTEREST (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement of Stockholders' Equity [Abstract] | |||
Cash distributions, declared per share | $ 0.10240 | $ 0.10240 | $ 0.20480 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Net loss | $ (25,664) | $ (412) | $ (22,866) |
Net loss from discontinued operations | 0 | 0 | (10) |
Net loss from continuing operations | (25,664) | (412) | (22,856) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization | 51,234 | 54,242 | 50,417 |
Amortization of loan costs | 2,440 | 2,769 | 2,193 |
Amortization of premium for debt investments | (17) | (42) | (42) |
Amortization of discounts | (760) | (151) | 0 |
Straight-line rent adjustments | 1,737 | 1,209 | 1,231 |
Deferred income tax expense | 0 | 0 | 3,632 |
Loss on extinguishment of debt | 131 | 28 | 43 |
Impairment provision | 0 | 0 | 9,790 |
Gain on sale of real estate | 0 | (6,282) | 0 |
Gain on change of control of a joint venture | 0 | (8,376) | 0 |
Other non-cash operating activities | 4,140 | 984 | 1,304 |
Changes in operating assets and liabilities: | |||
Other assets | (1,933) | (640) | (1,326) |
Deferred rent and lease incentives | 0 | 0 | (250) |
Accounts payable and accrued liabilities | 1,143 | 76 | 4,718 |
Other liabilities | (392) | 450 | (2,108) |
Due to related parties | (105) | (9) | (374) |
Net cash flows provided by operating activities – continuing operations | 31,954 | 43,846 | 46,372 |
Net cash flows used in operating activities – discontinued operations | 0 | 0 | (10) |
Net cash flows provided by operating activities | 31,954 | 43,846 | 46,362 |
Investing activities: | |||
Acquisition of joint venture interest, net of cash acquired | 0 | (1,134) | 0 |
Net proceeds from sale of real estate | 0 | 36,655 | 0 |
Capital expenditures | (15,868) | (17,789) | (14,186) |
Purchase of held-to-maturity securities | (4,880) | (24,209) | 0 |
Proceeds from maturity of short-term securities | 30,000 | 0 | 0 |
Other investing activities | 0 | 291 | 35 |
Net cash provided by (used in) investing activities – continuing operations | 9,252 | (6,186) | (14,151) |
Net proceeds from sale of real estate | 0 | 0 | 7,402 |
Net cash provided by investing activities – discontinued operations | 0 | 0 | 7,402 |
Net cash provided by (used in) investing activities | 9,252 | (6,186) | (6,749) |
Financing activities: | |||
Distributions to stockholders | (17,813) | (17,814) | (35,627) |
Draws under credit facilities | 190,770 | 45,000 | 238,000 |
Repayments on credit facilities | (190,770) | 0 | 0 |
Principal payments on mortgages and other notes payable | (25,284) | (46,294) | (247,753) |
Purchase of interest rate caps | (3,285) | (116) | 0 |
Payment of loan costs | (12,449) | (328) | (2,404) |
Distributions to noncontrolling interests | (100) | (2,215) | (160) |
Other financing activities | 39 | 0 | 1 |
Net cash flows used in financing activities | (58,892) | (21,767) | (47,943) |
Net (decrease) increase in cash and restricted cash | (17,686) | 15,893 | (8,330) |
Cash and restricted cash at beginning of period, including assets held for sale | 73,574 | 57,681 | 66,011 |
Cash and restricted cash at end of period, including assets held for sale | 55,888 | 73,574 | 57,681 |
Supplemental disclosure of cash flow information (continuing operations): | |||
Cash paid for interest, net | 34,900 | 17,020 | 17,615 |
Cash paid for taxes, net | $ 687 | $ 801 | $ 690 |
Organization
Organization | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization | Organization CNL Healthcare Properties, Inc. (the “Company”) is a Maryland corporation that elected to be taxed as a real estate investment trust (“REIT”) for United States (“U.S.”) federal income tax purposes. The Company has been and intends to continue to be organized and operate in a manner that allows it to remain qualified as a REIT for U.S. federal income tax purposes. The Company conducts substantially all of its operations either directly or indirectly through: (1) an operating partnership, CHP Partners, LP (“Operating Partnership”), in which the Company is the sole limited partner and its wholly-owned subsidiary, CHP GP, LLC, is the sole general partner; (2) a wholly-owned taxable REIT subsidiary (“TRS”), CHP TRS Holding, Inc.; (3) property owner and lender subsidiaries, which are single purpose entities; and (4) investments in joint ventures. The Company is externally managed and advised by CNL Healthcare Corp. (“Advisor”), which is an affiliate of CNL Financial Group, LLC (“Sponsor”). The Sponsor is an affiliate of CNL Financial Group, Inc. (“CNL”). The Advisor is responsible for managing the Company’s day-to-day operations, serving as a consultant in connection with policy decisions to be made by the board of directors, and for identifying, recommending and executing on possible strategic alternatives and dispositions on the Company’s behalf pursuant to an advisory agreement among the Company, the Operating Partnership and the Advisor (as amended, the “Advisory Agreement”). Substantially all of the Company’s operating, administrative and certain property management services are provided by affiliates of the Advisor. In addition, certain property management services are provided by third-party property managers. In 2017, the Company began evaluating possible strategic alternatives to provide liquidity to the Company’s stockholders. As part of executing under possible strategic alternatives, the Company’s board of directors committed to a plan to sell 70 properties, which included medical office buildings, post-acute care facilities and acute care hospitals across the U.S., collectively (the “MOB/Healthcare Portfolio”), as well as several skilled nursing facilities. The Company completed the sale of the last of the 70 properties in April 2022. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Consolidation — The accompanying consolidated financial statements include the Company’s accounts, the accounts of wholly owned subsidiaries or subsidiaries for which the Company has a controlling interest, the accounts of variable interest entities (“VIEs”) in which the Company is the primary beneficiary, and the accounts of other subsidiaries over which the Company has a controlling financial interest. All material intercompany accounts and transactions have been eliminated in consolidation. In accordance with the guidance for the consolidation of a VIE, the Company is required to identify entities for which control is achieved through means other than voting rights and to determine the primary beneficiary of its VIEs. The Company qualitatively assesses whether it is the primary beneficiary of a VIE and considers various factors including, but not limited to, the design of the entity, its organizational structure including decision-making ability and financial agreements, its ability and the rights of others to participate in policy making decisions, as well as its ability to replace the VIE manager and/or liquidate the entity. 2. Summary of Significant Accounting Policies (Continued) Grant Income — In response to the coronavirus pandemic, the federal government and some states provided funds to providers of seniors housing communities. These funds were deemed federal/state governmental grants, provided that the recipients attested to and complied with certain terms and conditions. Grant income is recognized upon receipt of the funds and when all the conditions of the grant have been met. During the years ended December 31, 2023, 2022 and 2021, the Company recorded approximately $1.0 million, $4.3 million and $0.5 million respectively, as other income in the accompanying consolidated statements of operations as all conditions of the grant had been met. Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments (when such impairments exist), the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. Accordingly, actual results could differ from those estimates. Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are the lesser of 39 and 15 years, respectively. Amortization of intangible assets is computed using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to the unamortized lease-related costs not deemed to be recoverable. Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any impairment indicators. Management considers potential impairment indicators to primarily include (i) changes in a real estate asset’s operating performance, such as a current period net operating loss combined with a history of net operating losses, or a projection or forecast that demonstrates continuing losses associated with the use of a real estate asset or (ii) a current expectation that, more likely than not, a real estate asset will be sold or otherwise disposed of significantly before the end of its previously estimated holding period. To assess if an asset is potentially impaired, management compares the estimated current and projected undiscounted cash flows, including estimated net sales proceeds, of the asset group over its remaining useful life to the net carrying value of the asset group. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset group to the estimated fair value. When impairment indicators are present for real estate indirectly owned, through an investment in a joint venture or other similar investment structure accounted for under the equity method, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of the investment is less than the carrying value and the decline in value is determined to be other than a temporary decline. 2. Summary of Significant Accounting Policies (Continued) Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s credit facilities, which is allocated based on the value of the properties that are classified as discontinued operations if these properties are included in the credit facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties. Assets Reclassified from Held for Sale to Held and Used — Upon management’s determination to discontinue marketing properties for sale, the properties will no longer meet the held for sale criteria and are required to be reclassified as held and used at the lower of adjusted carrying value (carrying value of the properties prior to being classified as held for sale adjusted for any depreciation and/or amortization expense that would have been recognized had the properties been continuously classified as held and used) or its fair value at the date of the subsequent decision not to sell. If adjusted carrying value is determined to be lower, a catch-up depreciation and/or amortization adjustment will be recorded. The depreciation and/or amortization expenses that would have been recognized had the properties been continuously classified as held and used will be included as a component of depreciation and amortization expense in the accompanying consolidated statements of operations. If fair value is determined to be lower, the Company will record a loss on reclassification which will be included in income or loss from continuing operations in the accompanying consolidated statements of operations. Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less. As of December 31, 2023, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash, primarily with the goal of safeguarding principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash. Restricted Cash — Certain amounts of cash are escrowed to fund capital expenditures, property taxes and/or insurance as required by loan or lease terms, and certain security deposits represent restricted use funds. Held-to-Maturity Securities — From time to time, the Company may invest in U.S. Treasuries, which it has designated as held-to-maturity (“HTM”) securities, because the Company has both the ability and the intent to hold them until maturity. All assets classified as HTM are included within other assets in the consolidated balance sheets and reported at stated cost plus any premiums or discounts. Premiums or discounts are amortized or accreted as interest and other income in the consolidated statement of operations. The Company evaluates its HTM securities on a quarterly basis to assess whether a decline in the fair value of an HTM security below the Company’s amortized cost basis is an other-than-temporary impairment (“OTTI”). The presence of OTTI is based upon a fair value decline below a security’s amortized cost basis and a corresponding adverse change in expected cash flows due to credit related factors. Impairment is considered other-than-temporary if the Company does not expect to recover the security’s amortized cost basis. Loan Costs — Financing costs paid in connection with obtaining debt are deferred and amortized over the estimated life of the debt using the effective interest method. As of December 31, 2023 and 2022, the accumulated amortization of loan costs, after removal of fully amortized loan costs during 2023, was approximately $1.2 million and $8.9 million, respectively. 2. Summary of Significant Accounting Policies (Continued) Deferred Lease-Related Costs — The Company deferred lease-related costs that it incurred to obtain new or extend existing leases. The Company amortizes these costs using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to any unamortized deferred lease-related costs not deemed to be recoverable. Revenue Recognition — Rental income and related revenues for operating leases are recognized based on the assessment of collectability of lease payments. When collectability is probable at commencement of the lease, lease income is recognized on an accrual basis and includes rental income that is recorded on the straight-line basis over the term of the lease. Collectability is reassessed during the lease term. When collectability of lease payments is no longer probable, lease income is recorded on a cash basis and limited to the amount of lease payments collected. In addition, lease related costs (the deferred rent from prior GAAP straight-line adjustments, unamortized lease costs and other lease related intangibles) are written-off when the Company determines that these assets are no longer realizable. Rental income and related revenues recorded on an accrual basis include rental income that is recorded on the straight-line basis over the terms of the leases. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The Company records the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to deferred rent and lease incentives in the accompanying consolidated balance sheets. Rental income and related revenues also include amounts for which tenants are required to reimburse the Company related to expenses incurred on behalf of the tenants, in accordance with the terms of the leases. Tenant reimbursements are recognized in the period in which the related reimbursable expenses are incurred, such as real estate taxes, common area maintenance, and similar items. Some of the Company’s leases require the tenants to pay certain additional contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time such amounts are earned and are included in rental income and related revenues in the accompanying consolidated statements of operations. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Resident fees and services are operating revenues relating to the Company’s managed seniors housing properties, which are operated under RIDEA structures. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services are performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancellable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay. 2. Summary of Significant Accounting Policies (Continued) Derivative Financial Instruments — The Company, and through December 31, 2021, an unconsolidated equity method investment held by the Company, use or have used derivative financial instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. As described in Note 4. “Acquisition,” effective January 1, 2022, the Company acquired the remaining ownership interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. Upon entry into a derivative, the Company formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. The Company accounts for derivatives through the use of a fair value concept whereby the derivative positions are stated at fair value in other assets in the accompanying consolidated balance sheets. The fair value of derivatives used to hedge or modify risk fluctuates over time. As such, the fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged transaction and to the overall reduction in the exposure relating to adverse fluctuations in interest rates on the Company’s variable-rate debt. Realized and unrealized gain (loss) on derivative financial instruments designated by the Company as cash flow hedges are reported as a component of other comprehensive income (loss), a component of stockholders’ equity, in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective; reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Through December 31, 2021, realized and unrealized gain (loss) on derivative financial instruments designated as cash flow hedges that were entered into by the Company’s equity method investment were reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage in the investment, with reclassifications being included in equity in earnings (loss) of unconsolidated entity in the accompanying consolidated statements of operations. Fair Value Measurements — Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes the following fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of December 31, 2023 and 2022 because of the relatively short maturities of the obligations. Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition. 2. Summary of Significant Accounting Policies (Continued) Share-Based Payments to Non-Employees — In connection with the Expense Support Agreement described in Note 12. “Related Party Arrangements,” the Company previously agreed to issue restricted stock to the Advisor (“Restricted Stock”) on an annual basis in exchange for providing expense support in the event that cash distributions declared exceed MFFO as defined by the Expense Support Agreement. The Restricted Stock is forfeited if stockholders do not ultimately receive their original invested capital back with at least a 6% annualized return of investment upon a future liquidity or disposition event of the Company. Upon issuance of Restricted Stock, the Company measures the fair value at its then-current lowest aggregate fair value pursuant to ASC 505-50. On the date in which the Advisor satisfies the vesting criteria, the Company remeasures the fair value of the Restricted Stock pursuant to ASC 505-50 and records expense equal to the difference between the original fair value and that of the remeasurement date. In addition, given that performance is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the shares are treated as unissued for accounting purposes and the Company only includes the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date. Pursuant to the Expense Support Agreement, the Advisor shall be the record owner of the Restricted Stock until the shares of common stock are sold or otherwise disposed of, and shall be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares (to the extent permitted by the Company’s articles of incorporation) and receive all distributions paid with respect to such shares. All distributions actually paid to the Advisor in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. The Company recognizes expense related to the distributions on the Restricted Stock shares as declared. The Expense Support Agreement was terminated in June 2023. Net Income (Loss) per Share — Net income (loss) per share is calculated based upon the weighted average number of shares of common stock outstanding (and excludes the Restricted Stock shares issued to the Advisor under the Expense Support Agreement) during the period in which the Company was operational. Refer to Note 12. “Related Party Arrangements” for additional information on the Restricted Stock shares. Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one operating segment, real estate ownership. The Company’s chief operating decision maker evaluates the Company’s operations from a number of different operational perspectives including, but not limited to, a property-by-property basis, by tenant or by operator. The Company derives all significant revenues from a single reportable operating segment of business, healthcare real estate, regardless of the type (seniors housing, medical office, etc.) or ownership structure (leased or managed). Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business. Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2012. In order to be taxed as a REIT, the Company is subject to certain organizational and operational requirements, including the requirement to make distributions to its stockholders each year of at least 90% of its annual REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on income that the Company distributes as dividends. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the IRS grants the Company relief under certain statutory provisions. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. 2. Summary of Significant Accounting Policies (Continued) The Company has formed subsidiaries which elected to be taxed as a TRS for U.S. federal income tax purposes. Under the provisions of the Internal Revenue Code and applicable state laws, a TRS will be subject to tax on its taxable income from its operations. The Company will account for federal and state income taxes with respect to a TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities, the respective tax bases, operating losses and/or tax-credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. Investment in Unconsolidated Entity — Through December 31, 2021, the Company accounted for its investment in an unconsolidated joint venture under the equity method of accounting as the Company exercised significant influence, but did not maintain a controlling financial interest over this entity. The investment was recorded initially at cost and subsequently adjusted for cash contributions, distributions and equity in earnings (loss) of the unconsolidated entity. Based on the joint venture’s structure and any preference the Company received on distributions and liquidation, the Company recorded its equity in earnings (loss) of the unconsolidated entity under the hypothetical liquidation at book value (“HLBV”) method of accounting. Under this method, the Company recognized income or loss in each period as if the net book value of the assets in the venture were hypothetically liquidated at the end of each reporting period pursuant to the provisions of the joint venture agreement. In any given period, the Company could have recorded more or less equity in earnings (loss) than actual cash distributions received or an investment balance that was more or less than what the Company may have received in the event of an actual liquidation. The Company determined whether distributions were classified as returns on investment or returns of investment based on the nature of the distribution. As described in Note 4. “Acquisition,” effective January 1, 2022, the Company acquired the remaining ownership interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. As of December 31, 2023 and 2022, the Company did not have an investment in an unconsolidated entity. Reclassifications — Certain amounts in the prior years’ consolidated financial statements and schedules have been reclassified to conform to the current year’s presentation. Recent Accounting Pronouncements — In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740),” which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes as well as additional information about reconciling items if certain quantitative thresholds are met. This ASU will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. All entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The ASU is effective for fiscal years beginning after 15 December 2024, with early adoption permitted. The Company has determined it will adopt this ASU on January 1, 2025, the adoption of which is not expected to have a material impact on the Company’s consolidated results of operations or cash flows. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue The following table presents disaggregated revenue related to the Company’s resident fees and services during the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, Number of Units (Unaudited) Revenues (in millions) Percentage of Revenues 2023 2022 2021 2023 2022 2021 2023 2022 2021 Resident fees and services: Independent living 2,222 2,223 2,243 $ 80.7 $ 74.1 $ 69.6 25.7 % 25.0 % 26.2 % Assisted living 3,039 3,041 2,960 156.8 146.9 128.9 49.8 49.7 48.6 Memory care 932 932 904 61.5 60.6 53.2 19.5 20.5 20.1 Other revenues — — — 15.6 14.2 13.6 5.0 4.8 5.1 6,193 6,196 6,107 $ 314.6 $ 295.8 $ 265.3 100.0 % 100.0 % 100.0 % |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Acquisition | Acquisition As of December 31, 2021, the Company held an interest in five properties through a 75% interest in an unconsolidated joint venture (the “Windsor Manor Joint Venture”), which was accounted for as an equity method investment. Effective January 1, 2022, the Company acquired the remaining 25% interest in the Windsor Manor Joint Venture from its joint venture partner for approximately $3.3 million. As a result, the Company obtained a 100% controlling interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. The acquisition was accounted for as an asset acquisition. As such, no goodwill was recognized in the acquisition. As the Company previously held an equity method investment in the Windsor Manor Joint Venture, the acquisition resulted in a gain on change of control of a joint venture of approximately $8.4 million, representing the difference between the fair market value and the carrying value of the equity method investment on the acquisition date. The following table summarizes the fair market value of the assets and liabilities recorded as part of the acquisition, adjusted on a relative fair value basis for the difference between the consideration transferred and the fair market value of the net assets acquired, of the Windsor Manor Joint Venture as of the acquisition date (in thousands): Equity method investment in unconsolidated joint venture $ 4,737 Consideration paid for additional 25% interest in joint venture 3,310 Total equity method investment and consideration paid $ 8,047 Cash $ 2,097 Restricted cash 79 Prepaid and other assets 64 Real estate assets 29,384 Intangibles 4,281 Total assets acquired 35,905 Accounts payable and accrued expenses (953) Other liabilities (61) Mortgages and notes payable (18,468) Total liabilities assumed (19,482) Net assets acquired $ 16,423 |
Real Estate Assets, net
Real Estate Assets, net | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Real Estate Assets, net | Real Estate Assets, net The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 2022 Land and land improvements $ 137,393 $ 136,416 Building and building improvements 1,502,579 1,495,552 Furniture, fixtures and equipment 113,034 105,784 Less: accumulated depreciation (473,869) (424,314) Real estate investment properties, net $ 1,279,137 $ 1,313,438 In July 2022, the Company entered into a purchase and sale agreement (the “Fieldstone Sale Agreement”) for the sale of its Fieldstone Memory Care and Fieldstone at Pear Orchard properties (the “Fieldstone Properties”) with an unrelated third party buyer. The Fieldstone at Pear Orchard property was indirectly owned through a consolidated joint venture. The Company completed the sale of the Fieldstone Properties in August 2022 and recorded a gain of approximately $6.3 million, of which approximately $5.4 million was attributable to common stockholders. Additionally, the Company paid a disposition fee of approximately $0.1 million to the Advisor for the sale of these properties. The sale of the Fieldstone Properties did not cause a strategic shift in the Company’s operations, and was not considered significant; therefore, these properties did not qualify as discontinued operations. |
Intangibles, net
Intangibles, net | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles, net | Intangibles, net Effective January 1, 2022, as described in Note 4. “Acquisition,” the Company acquired the remaining 25% interest in the Windsor Manor Joint Venture from its joint venture partner. In-place lease intangibles of approximately $4.3 million were included in the net assets acquired. The weighted-average amortization period on the in-place lease intangibles was approximately 1.4 years. The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2023 and 2022 are as follows (in thousands): As of December 31, 2023 (1) 2022 (1) In-place lease intangibles $ 736 $ 5,017 Less: accumulated amortization (632) (3,769) Intangible assets, net $ 104 $ 1,248 _______________ FOOTNOTE: (1) Excludes approximately $4.3 million and $3.2 million of gross in-place lease intangibles and accumulated amortization related to fully amortized intangibles as of December 31, 2023 and 2022 , respectively. For the years ended December 31, 2023, 2022 and 2021, amortization on the Company’s intangible assets was approximately $1.1 million, $3.5 million and $0.4 million, respectively, all of which was included in depreciation and amortization in the Company's consolidated statements of operations. 6. Intangibles, net (Continued) The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2023 is as follows (in thousands): 2024 $ 74 2025 30 2026 — 2027 — 2028 — Thereafter — $ 104 |
Assets Held for Sale and Discon
Assets Held for Sale and Discontinued Operations | 12 Months Ended |
Dec. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations The Company received an unsolicited offer and entered into a purchase and sale agreement for a specialty hospital with an unrelated third party in March 2022 and classified this property as held for sale as of December 31, 2021. In conjunction therewith, the Company determined that the carrying value of this property was not recoverable and during the year ended December 31, 2021, recorded an impairment provision of approximately $9.8 million to write-down the carrying value of its specialty hospital to its estimated sales proceeds expected from the sale of the specialty hospital. As a result, the specialty hospital was carried at fair value as of December 31, 2021. The Level 3 unobservable inputs used in determining the fair value were based on estimated sales proceeds. In April 2022, the Company sold the specialty hospital, received net sales proceeds of $8.3 million and did not record a gain or loss on sale for financial reporting purposes. The sale of the specialty hospital did not cause a strategic shift in the Company's operations, and was not considered significant; therefore, this property did not qualify as discontinued operations and the Company recorded all operating results from the specialty hospital as income or loss from continuing operations for all periods presented. The Company did not record any impairment provisions during the years ended December 31, 2023 and 2022. Additionally, during the year ended December 31, 2021, the Company recorded loss from discontinued operations of approximately $(0.01) million, because it classified the revenues and expenses of an unrelated property as discontinued operations in the accompanying consolidated statements of operations. This property was sold in January 2021. This property was identified for sale as part of the plan to sell the MOB/Healthcare portfolio described in Note 1. “Organization,” and the Company determined that the sale of these properties represented a strategic shift in the Company’s operations. The Company did not have any properties for which it had classified the revenues and expenses as discontinued operations during the years ended December 31, 2023 and 2022. |
Held-to-Maturity Securities
Held-to-Maturity Securities | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Held-to-Maturity Securities | Held-to-Maturity Securities The following presents the face value and carrying value of investments in short term securities by collateral type as of December 31, 2023 and 2022 (in thousands): U.S. Treasuries As of December 31, 2023 2022 Amortized Cost Basis $ — $ 24,360 Gross unrealized losses — (27) Fair Value $ — $ 24,333 8. Held-to-Maturity Securities (Continued) In determining the fair value of the Company’s investments in short term securities, management’s judgment was used to arrive at fair value that considered prices obtained from third-party pricing providers or broker quotes received using the bid price, which were both deemed indicative of market activity, and other applicable market data. The third-party pricing providers and brokers used pricing models that generally incorporated such factors as coupons, rate reset period, issuer, prepayment speeds, credit enhancements and expected life of the security. The Company categorized the fair value measurement of these assets as Level 2. In evaluating investments in short term securities for other-than-temporary impairment, the Company determines whether there has been a significant adverse quarterly change in the cash flow expectations for a security. The Company compares the amortized cost of each security against the present value of expected future cash flows of the security. The Company also considers whether there has been a significant adverse change in the regulatory and/or economic environment as part of this analysis. If the amortized cost of the security is greater than the present value of expected future cash flows using the original yield as the discount rate, an other-than-temporary credit impairment has occurred and the credit loss is recognized in earnings. The Company did not record any other-than-temporary credit impairments during the years ended December 31, 2023 and 2022, as expected cash flows were greater than amortized cost for all short term securities held. As of December 31, 2022, the Company’s investments in short term securities had an estimated weighted average life remaining of approximately eight months. As of December 31, 2023, the Company did not have any investments in short term securities. |
Operating Leases
Operating Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Operating Leases | Operating Leases As of December 31, 2023, the Company owned 15 seniors housing properties that have been leased to two tenants under triple-net operating leases. Under the terms of the Company’s triple-net lease agreements, each tenant is responsible for the payment of property taxes, general liability insurance, utilities, repairs and maintenance, including structural and roof maintenance expenses. Each tenant is expected to pay real estate taxes directly to the taxing authorities and, therefore, such amounts are not included in the Company’s consolidated financial statements. However, if the tenant does not pay the real estate taxes, the Company will be liable for such amounts. As of December 31, 2023, the total annualized property tax assessed on these properties was approximately $3.3 million. As of December 31, 2023, the Company’s triple-net operating leases had a weighted average remaining lease term of 3.7 years based on annualized base rents expiring between 2025 and 2032. Our tenants hold options to extend the lease terms at certain properties for five-year periods, which are generally subject to similar terms and conditions provided under the initial lease term, including rent increases. The Company’s lease term is determined based on the non-cancellable lease term unless economic incentives make it reasonably certain that an extension option will be exercised, in which case the Company includes the extended lease term. The following are future minimum lease payments for the Company’s 15 senior housing properties to be received under non-cancellable operating leases for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 27,521 2025 20,892 2026 9,287 2027 9,556 2028 9,843 Thereafter 33,417 $ 110,516 The above future minimum lease payments to be received exclude straight-line rent adjustments and base rent attributable to any renewal options exercised by the tenants in the future. Several of our operating leases include options to extend the lease term. For purposes of determining the lease term, we exclude these extension periods unless it is reasonably certain at lease commencement that the extension options will be exercised. |
Variable Interest Entities
Variable Interest Entities | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities As of December 31, 2022, the Company had net assets in two subsidiaries classified as VIEs. The Company determined it was the primary beneficiary and held a controlling financial interest in the subsidiaries due to its power to direct the activities that most significantly impact the economic performance of these entities, as well as its obligation to absorb the losses and its right to receive benefits from these entities that could potentially be significant to these entities. As such, the transactions and accounts of these VIEs were included in the accompanying consolidated financial statements. The Company sold the property owned by one of these subsidiaries in August 2022, dissolved the subsidiary during the year ended December 31, 2023 and as of December 31, 2023, had one remaining subsidiary classified as a VIE. The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2023 and 2022, are as follows (in thousands): As of December 31, 2023 2022 Assets: Real estate investment properties, net $ 30,041 $ 30,906 Cash $ 1,345 $ 646 Restricted cash $ 8 $ 9 Other assets $ 17 $ 554 Liabilities: Mortgages and other notes payable, net $ 20,622 $ 21,142 Accounts payable and accrued liabilities $ 1,411 $ 533 Other liabilities $ 216 $ 91 |
Indebtedness
Indebtedness | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Indebtedness | Indebtedness The following table provides details of the Company’s indebtedness as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Mortgages payable and other notes payable: Fixed rate debt (1) $ 20,668 $ 44,082 Variable rate debt (1)(2)(3)(7) 16,150 17,859 Premium (4) — 17 Loan costs, net (249) (185) Total mortgages and other notes payable, net 36,569 61,773 Credit facilities: Revolving Credit Facility (5)(6)(7) — 133,000 Term Loan Facility (5)(6)(7) — 265,000 2021 Term Loan Facility (5)(6)(7) — 150,000 2023 Revolving Credit Facility (5)(6)(7) 198,000 — 2023 Term Loan Facility (5)(6)(7) 350,000 — Loan costs, net related to Term Loan Facilities (6,160) (1,900) Total credit facilities, net 541,840 546,100 Total indebtedness, net $ 578,409 $ 607,873 _______________ FOOTNOTES: (1) As of December 31, 2023 and 2022, the Company’s mortgages and other notes payable were collateralized by six and seven properties, respectively, with total carrying value of approximately $51.0 million and $92.7 million, respectively. (2) In connection with the acquisition of the 25% interest in the Windsor Manor Joint Venture, the Company consolidated the net assets of the joint venture effective January 1, 2022, including the debt associated with the properties, at fair value. (3) As of December 31, 2023 and 2022, the Company had interest rate protection through an interest rate cap with a notional amount of $8.0 million and $15.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (4) Premium was reflective of recording mortgage note payables assumed at fair value on the respective acquisition dates. The associated loan was paid in full during the year ended December 31, 2023. (5) During the years ended December 31, 2023 and 2022, the Company had interest rate protection through interest rate swaps and caps which as of December 31, 2023 and 2022, had notional amounts of $367.0 million and $355.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (6) As of December 31, 2023 and 2022, the Company had undrawn availability under the applicable revolving credit facility of approximately $52.0 million and $117.0 million, respectively, based on the commitments from lenders and the value of the properties in the unencumbered pool of assets supporting the loan. The Company reduced the commitment size of its Credit Facilities from $665 million to $600 million as part of the refinancing its 2023 Credit Facilities. (7) Term SOFR (as defined in the respective agreements governing our credit facilities and one mortgage loan) was approximately 5.45% and 4.46% as of December 31, 2023 and 2022, respectively. 11. Indebtedness (Continued) The following table details the Company’s mortgages and other notes payable as of December 31, 2023 and 2022 (in thousands): Property and Loan Interest Rate at December 31, 2023 Payment Terms Maturity Date (1) December 31, 2023 2022 Watercrest at Mansfield; Mortgage Loan 4.68% per annum Monthly principal and interest payments based on a total payment of $143,330 6/1/2023 $ — $ 22,854 Watercrest at Katy; 3.25% per annum Monthly principal and interest payments based on a 25-year amortization schedule 11/15/2024 20,668 21,228 Total fixed rate debt 20,668 44,082 Windsor Manor Communities; Mortgage Loan (2) Term SOFR + 0.10% + 2.50% per annum Monthly principal and interest payments based on a 25-year amortization schedule 2/28/2026 16,150 17,859 Total variable rate debt 16,150 17,859 Total mortgages and other notes payable $ 36,818 $ 61,941 _______________ FOOTNOTES: (1) Represents the initial maturity date (or, as applicable, the maturity date as extended). (2) This loan has two one-year extension options. In January 2023, the Company used a portion of its cash on hand to make a $1.4 million unscheduled principal payment on a mortgage loan collateralized by five properties. In June 2023, the Company refinanced the remaining $16.1 million balance relating to this mortgage loan with the existing lender. This mortgage loan had a LIBOR based benchmark rate and was scheduled to mature in February 2024. In connection with the refinancing, the Company amended certain terms and transitioned its benchmark rate from LIBOR to Term SOFR effective June 30, 2023, extended the maturity date from February 2024 to February 2026 and obtained two one-year extension options. The Company paid the Advisor a financing coordination fee of approximately $0.2 million related to this transaction. Refer to Note 12. “Related Party Arrangements” for additional information. In March 2023, the Company used cash on hand and repaid a mortgage loan of approximately $22.8 million collateralized by one property in advance of its scheduled maturity of June 2023. In addition to the payments described above, during the year ended December 31, 2023, the Company repaid approximately $1.1 million of scheduled principal payments related to its secured mortgage notes. The $548 million outstanding under the unsecured credit facilities consisted of a Revolving Credit Facility, which had an original maturity date of May 2023 with a one-year extension option, the Term Loan Facility and the 2021 Term Loan Facility that matured in May 2024 (collectively, the “Credit Facilities”). In January 2023, the Company exercised its one-year extension option and extended the maturity date of the Revolving Credit Facility from May 2023 to May 2024. In December 2023, the Company refinanced the $548 million outstanding under the Credit Facilities in advance of their May 2024 maturity. Even though the Company reduced the total commitment size from $665 million to $600 million, the Company maintained the same $548 million outstanding as part of the refinancing. The new facility consists of a $350 million senior unsecured term loan (the “2023 Term Loan”) and a $250 million senior unsecured revolving credit facility (the 2023 Revolving Credit Facility”), collectively, the “2023 Credit Facilities”. The 2023 Credit Facilities require interest only payments through their maturity date of May 31, 2026, bear interest based on term SOFR plus 10 basis points plus an applicable margin of 225 basis points. Each of the 2023 Revolving Credit Facility and 2023 Term Loan Facility is pre-payable at any time in whole or part without fees or penalties. The Company paid the Advisor a financing coordination fee of approximately $6.0 million. Refer to Note 12. “Related Party Arrangements” for additional information. 11. Indebtedness (Continued) The Company is required to pay an unused fee of 0.20% of the unused portion of the commitment amount under the 2023 Revolving Credit Facility if usage is less than 50% and an unused fee of 0.15% if usage under such facility is greater than 50%. The Company is also required to enter into interest rate cap or swap agreements with respect to a portion of the aggregate outstanding principal amount under the 2023 Credit Facilities. In December 2023, the Company entered into a two-year interest swap agreement with a weighted average swap price of 4.4 % to hedge a portion of the unsecured 2023 Credit Facilities. As part of the Company’s hedging strategy, the Company entered into interest rate cap agreements to hedge a portion of its variable rate debt. During the year ended December 31, 2023, the Company paid approximately $3.2 million to purchase two short-term interest rate caps with a combined notional value of $428.0 million, a strike price of 3.5%, and maturity dates during the year ended December 31, 2023, to hedge the majority of its variable rate interest exposure relating to the Credit Facilities and $16.3 million of variable rate secured indebtedness that the Company refinanced in June 2023. During the year ended December 31, 2023, the Company collected a combined $3.2 million from the interest rate cap counterparties related to its two interest rate caps which are included in interest expense and loan costs amortization in the accompanying consolidated statements of operations. In December 2023, the Company paid approximately $0.1 million to purchase a short-term interest rate cap with a notional value of $8.0 million, a strike price of 3.5%, and a maturity date of July 2024 to hedge a portion of its interest rate exposure relating to $16.2 million of variable rate secured indebtedness. During the year ended December 31, 2022, the Company repaid approximately $46.3 million, which included $1.8 million of scheduled repayments on its mortgages and other notes payable and the June 2022 refinance of approximately $44.5 million of secured indebtedness, consisting of debt collateralized by five properties. The Company refinanced the debt maturity, added the five properties to the borrowing base of the unsecured Credit Facilities and used $45.0 million from amounts available under the unsecured Revolving Credit Facility to repay the secured indebtedness. The following is a schedule of future principal payments for the Company’s total indebtedness for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 20,968 2025 308 2026 563,542 2027 — 2028 — Thereafter — $ 584,818 The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of December 31, 2023 and 2022 (in millions): December 31, 2023 December 31, 2022 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 36.8 $ 36.6 $ 60.8 $ 61.8 Credit facilities, net $ 548.0 $ 541.8 $ 548.0 $ 546.1 These fair market values are based on current rates and spreads the Company would expect to obtain for similar borrowings. Since this methodology includes inputs that are less observable by the public and are not necessarily reflected in active markets, the measurement of the estimated fair values related to the Company’s mortgage notes payable is categorized as Level 3 on the three-level valuation hierarchy. 11. Indebtedness (Continued) The 2023 Credit Facilities contain affirmative, negative, and financial covenants which are customary for loans of this type, including (but not limited to): (i) maximum leverage, (ii) minimum fixed charge coverage ratio, (iii) minimum consolidated net worth, (iv) restrictions on payments of cash distributions except if required by REIT requirements, (v) maximum secured indebtedness, (vi) maximum secured recourse debt, (vii) minimum unsecured interest coverage, (viii) maximum unsecured indebtedness ratio, and (ix) limitations on certain types of investments and with respect to the pool of properties supporting borrowings under the 2023 Credit Facilities, minimum weighted average occupancy, and remaining lease terms, as well as property type, MSA, operator, and asset value concentration limits. The limitations on distributions generally include a limitation on the extent of allowable distributions, which are not to exceed the greater of 70% of adjusted FFO (as defined per the 2023 Credit Facilities) and the minimum amount of distributions required to maintain the Company’s REIT status. As of December 31, 2023, the Company was in compliance with all financial covenants related to its 2023 Credit Facilities. |
Related Party Arrangements
Related Party Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Arrangements | Related Party Arrangements The Company is externally advised and has no direct employees. Certain of the Company’s executive officers are executive officers of or are on the board of managers of the Advisor. In connection with services provided to the Company, affiliates are entitled to the following fees: Advisor — The Advisor and certain affiliates are entitled to receive fees and compensation in connection with the acquisition, management and sale of the Company’s assets, as well as the refinancing of debt obligations of the Company or its subsidiaries. In addition, the Advisor and its affiliates are entitled to reimbursement of actual costs incurred on behalf of the Company in connection with the Company’s organizational, offering, acquisition and operating activities. Pursuant to the Advisory Agreement, the Advisor receives investment services fees equal to 1.85% of the purchase price of properties (including its proportionate share of properties acquired through joint ventures) for services rendered in connection with the selection, evaluation, structure and purchase of assets. The Advisor will also receive a financing coordination fee for services rendered with respect to refinancing of any debt obligations of the Company or its subsidiaries equal to 1.0% of the gross amount of the refinancing. In addition, the Advisor is entitled to receive a monthly asset management fee equal to 0.8% per annum (which was reduced in May 2021 from 1.0% per annum), based on the average real estate asset value (as defined in the advisory agreement) of the Company’s properties, including its proportionate share of properties owned through joint ventures. In June 2023, the Company renewed its Advisory Agreement with the Advisor for an additional two years through June 2025 and amended the terms of its advisory agreement with the Advisor. The amendment (i) revised the defined term “real estate asset value” from the greater of to the lesser of cost basis or the current independent valuation (before non-cash reserves and depreciation), and (ii) subordinated 0.05% of the 0.80% per annum asset management fee paid by the Company to the Advisor (based on the monthly average of the sum of the Company’s and the Operating Partnership’s respective daily real estate asset value). The subordinated fee will be forfeited and not paid to the Advisor in the event the Company does not achieve certain performance thresholds during certain measurement periods. 12. Related Party Arrangements (Continued) The Company will pay the Advisor, if a substantial amount of services are provided as determined by the Company’s independent directors, a disposition fee in an amount equal to 0.8% of (a) the gross market capitalization of the Company upon the occurrence of a listing on a national securities exchange, (b) the gross consideration paid to the Company or its stockholders upon the occurrence of any other liquidity event of the Company (including the sale of the Company or a portion thereof), or (c) the gross sales price upon the sale or transfer of one or more of its properties. The disposition fee was decreased from 1.0% to 0.8% effective May 2021. The Company will not pay its Advisor a disposition fee in connection with the sale of investments that are securities. A disposition fee in the form of a usual and customary brokerage fee may be paid to an affiliate or related party of the Advisor, provided that when added to the sum of all brokerage and real estate fees and commissions paid to unaffiliated parties, the disposition fee to the Advisor may not exceed the lesser of (i) a competitive real estate or brokerage commission or (ii) an amount equal to 6% of the gross sales price. Under the advisory agreement and the Company’s articles of incorporation, the Advisor will be entitled to receive certain subordinated incentive fees upon (a) sales of assets and/or (b) a listing (which would also include the receipt by the Company’s stockholders of securities that are approved for trading on a national securities exchange in exchange for shares of the Company’s common stock as a result of a merger, share acquisition or similar transaction). However, once a listing occurs, the Advisor will not be entitled to receive an incentive fee on subsequent sales of assets. The incentive fees are calculated pursuant to formulas set forth in the advisory agreement and the Company’s articles of incorporation. All incentive fees payable to the Advisor are subordinated to the return to investors of their invested capital plus a 6% cumulative, non-compounded annual return on their invested capital. Upon termination or non-renewal of the advisory agreement by the Advisor for good reason (as defined in the advisory agreement) or by the Company other than for cause (as defined in the advisory agreement), a listing or sale of assets after such termination or non-renewal will entitle the Advisor to receive a pro-rated portion of the applicable subordinated incentive fee. Pursuant to the advisory agreement, the Advisor shall reimburse the Company the amount by which the total operating expenses paid or incurred by the Company exceed, in any four consecutive fiscal quarters commencing with the Expense Year ending June 30, 2013, the greater of 2% of average invested assets or 25% of net income (as defined in the advisory agreement) (“Limitation”), unless a majority of the Company’s independent directors determines that such excess expenses are justified based on unusual and non-recurring factors (“Expense Cap Test”). In performing the Expense Cap Test, the Company uses operating expenses on a GAAP basis after making adjustments. The Company did not incur operating expenses in excess of the Limitation during the Expense Years ended December 31, 2023, 2022 and 2021. Expense Support and Restricted Stock Agreement — Through June 8, 2023, pursuant to the expense support and restricted stock agreement by and between the Company and the Advisor (as amended, the “Expense Support Agreement”), the Company’s Advisor agreed to forgo the payment of fees in cash and accept Restricted Stock for services in an amount equal to the positive excess, if any, of (a) Aggregate Stockholder Cash Distributions declared for the applicable year, over (b) aggregate MFFO, each as defined in the Expense Support Agreement. The Restricted Stock is subordinated and forfeited to the extent that stockholders do not receive their invested capital plus a 6% cumulative non-compounded annual return upon ultimate liquidity of the Company. Any amounts settled, and for which restricted stock shares were issued pursuant to the Expense Support Agreement, have been permanently settled and the Company has no further obligation to pay such amounts. The Expense Support Agreement was terminated effective June 8, 2023. No expense support was received for the years ended December 31, 2023, 2022 and 2021. No amounts were settled or paid in the form of Restricted Stock in accordance with the expense support agreements for the years ended December 31, 2023, 2022 and 2021. As of December 31, 2023, approximately $13.6 million of asset management fees had been settled in exchange for approximately 1.3 million shares of Restricted Stock. The number of Restricted Stock shares granted to the Advisor in lieu of payment in cash was determined by dividing the expense support amount for the respective determination date by the then-current NAV per share. At grant date, no fair value was assigned to the Restricted Stock shares as the shares were valued at zero, which represented the lowest possible value estimated at vesting. In addition, the Restricted Stock shares were treated as unissued for financial reporting purposes because the vesting criteria had not been met as of December 31, 2023. 12. Related Party Arrangements (Continued) Cash distributions paid on Restricted Stock shares for the years ended December 31, 2023, 2022 and 2021 were $0.136 million, $0.136 million and $0.273 million, respectively. The cash distributions on Restricted Stock shares were recognized as compensation expense as declared and included in general and administrative expense in the accompanying consolidated statements of operations. The termination of the Expense Support Agreement in June 2023 does not impact the previously issued Restricted Stock. CNL Capital Markets LLC — CNL Capital Markets LLC, an affiliate of CNL, receives a sliding flat annual rate (payable monthly) based on the average number of investor accounts that will be open over the term of the agreement. For each of the years ended December 31, 2023, 2022 and 2021, the Company incurred approximately $0.9 million in such fees. These amounts are included in general and administrative expenses in the accompanying consolidated statements of operations. Co-Venture Partners —The Company incurs operating expenses which, in general, relate to administration of the Company and its subsidiaries on an ongoing basis. The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the years ended December 31, 2023, 2022 and 2021, and related amounts unpaid as of December 31, 2023 and 2022 are as follows (in thousands): Years Ended December 31, Unpaid amounts as of (1) 2023 2022 2021 December 31, December 31, Reimbursable expenses: Operating expenses (2) $ 2,721 $ 3,056 $ 2,972 $ 180 $ 238 2,721 3,056 2,972 180 238 Investment services fee (3) — 60 — — — Disposition fee (4) — 195 — — — Financing coordination fees (5) 6,163 — 1,500 — — Asset management fees 13,856 14,074 15,740 1,112 1,159 $ 22,740 $ 17,385 $ 20,212 $ 1,292 $ 1,397 _______________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying consolidated balance sheets. (3) For the year ended December 31, 2022, the Company incurred approximately $0.1 million in investment services fees, all of which was capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the years ended December 31, 2023 and 2021, the Company did not incur any investment services fees. (4) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations. (5) For the year ended December 31, 2023, the Company incurred financing coordination fees of approximately $6.2 million, related to the refinancing of the Credit Facilities and a loan associated with certain operating properties, of which approximately $2.7 million was expensed in the accompanying consolidated statement of operations, approximately $3.5 million were capitalized as loan costs and reflected in other assets or in credit facilities in the accompanying consolidated balance sheets. For the year ended December 31, 2021, the Company incurred financing coordination fees of approximately $1.5 million, all of which were capitalized as loan costs and reflected in credit facilities in the accompanying consolidated balance sheets. The Company did not incur any financing coordination fees for the year ended December 31, 2022. |
Derivative Financial Instrument
Derivative Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Derivative Financial Instruments The following summarizes the terms of the Company's interest rate caps and swaps and the corresponding asset (liability) as of December 31, 2023 and 2022 (in thousands): Notional Amount (1) Strike Credit Spread (2) Trade Forward Maturity Fair Value Asset (Liability) as of December 31, 2023 2022 Caps $ 15,000 3.50 % 2.60 % 12/28/2022 12/28/2022 7/1/2023 $ — $ 99 $ 8,000 3.50 % 2.60 % 6/29/2023 7/3/2023 1/1/2024 $ — $ — $ 8,000 3.50 % 2.60 % 12/20/2023 1/2/2024 7/1/2024 $ 63 $ — Swaps $ 267,000 4.40 % 2.35 % 12/7/2023 12/1/2023 12/1/2025 $ (1,678) $ — $ 80,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (706) $ — $ 20,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (177) $ — _______________ FOOTNOTE: (1) Amounts related to the interest rate caps and swaps held by the Company are recorded at fair value and included in other assets or other liabilities in the accompanying consolidated balance sheets. (2) The all-in rates are equal to the sum of the Strike and Credit Spread detailed above. The following summarizes the gross and net presentation of amounts related to the Company’s derivative financial instruments as of December 31, 2023 and 2022 (in thousands): Gross and net amounts of asset (liability) Gross amounts as of December 31, 2023 as of December 31, 2023 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Caps $ 8,000 $ — $ — $ — $ — $ — $ — $ 8,000 $ 63 $ — $ 63 $ 63 $ — $ 63 Swaps $ 267,000 $ (1,678) $ — $ (1,678) $ (1,678) $ — $ (1,678) $ 80,000 $ (706) $ — $ (706) $ (706) $ — $ (706) $ 20,000 $ (177) $ — $ (177) $ (177) $ — $ (177) Gross and net amounts of asset (liability) Gross amounts As of December 31, 2022 as of December 31, 2022 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Cap $ 15,000 $ 99 $ — $ 99 $ 99 $ — $ 99 13. Derivative Financial Instruments (Continued) Although the Company has determined that the majority of the inputs used to value its derivative financial instruments fall within Level 2 of the fair value hierarchy, the credit valuation adjustments associated with its derivatives utilize Level 3 inputs, such as estimates of current credit spreads, to evaluate the likelihood of default by the Company and its counterparties. The Company has assessed the significance of the impact of the credit valuation adjustments on the overall valuation of its derivative financial positions and has determined that the credit valuation adjustments on the overall valuation adjustments are not significant to the overall valuation of its derivative financial instruments. As a result, the Company determined that its derivative financial instruments valuation in its entirety is classified in Level 2 of the fair value hierarchy. Determining fair value requires management to make certain estimates and judgments. Changes in assumptions could have a positive or negative impact on the estimated fair values of such instruments which could, in turn, impact the Company’s results of operations. |
Equity
Equity | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Equity | Equity Stockholders’ Equity: Distributions — In March 2022, the Board approved a reduction in the quarterly distribution rate from $0.0512 per share to $0.0256 per share starting with the first quarter 2022 distribution. For the years ended December 31, 2023, 2022 and 2021, the Company declared cash distributions of $17.8 million, $17.8 million and $35.6 million, respectively, and all of which were paid in cash to stockholders. The tax composition of the Company’s distributions declared for the years ended December 31, 2023, 2022 and 2021 were as follows: Years Ended December 31, 2023 2022 2021 Ordinary income — % — % 43.82 % Return of capital 100.00 % 100.00 % 56.18 % Other comprehensive income (loss) — The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investment, and included in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 Interest rate swaps $ (2,561) $ — $ — Interest expense and loan cost amortization $ — $ — $ — Interest rate caps 5 (26) 40 Interest expense and loan cost amortization (3,325) (82) (32) Interest rate cap held by unconsolidated joint venture — — 5 Equity in earnings of unconsolidated entity — — (5) Total $ (2,556) $ (26) $ 45 $ (3,325) $ (82) $ (37) |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes For the years ended December 31, 2023, 2022 and 2021, the Company recorded net current tax expense and deferred tax assets related to deferred income at its TRS entities. The components of the income tax expense for the years ended December 31, 2023, 2022 and 2021, excluding amounts related to discontinued operations, were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ (12) $ (10) $ (10) State (548) (530) (532) Total current expense (560) (540) (542) Deferred: Federal — — (3,379) State — — (253) Total deferred expense — — (3,632) Income tax expense $ (560) $ (540) $ (4,174) Deferred income taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 are as follows: 2023 2022 Carryforwards of net operating loss $ 20,895 $ 18,647 Other 931 1,044 Valuation allowance (21,826) (19,691) Deferred tax assets, net $ — $ — A reconciliation of the income tax expense computed at the statutory U.S. federal tax rate on income before income taxes is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Tax (expense) benefit computed at federal statutory rate $ 5,272 21.00 % $ (27) (21.00) % $ 3,923 21.00 % Impact of REIT election (3,893) (15.50) 5,714 4,465.61 1,575 8.43 State income tax expense net of federal benefit 196 0.78 630 492.27 706 3.78 Effect of change in valuation allowance (2,135) (8.51) (6,857) (5,358.79) (10,378) (55.55) Income tax expense $ (560) (2.23) % $ (540) (421.91) % $ (4,174) (22.34) % |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies From time to time, the Company may be a party to legal proceedings in the ordinary course of, or incidental to the normal course of, its business, including proceedings to enforce its contractual or statutory rights. While the Company cannot predict the outcome of these legal proceedings with certainty, based upon currently available information, the Company does not believe the final outcome of any pending or threatened legal proceeding will have a material adverse effect on its results of operations or financial condition. The Company’s Advisor has approximately 1.3 million contingently issuable Restricted Stock shares for financial reporting purposes that were issued pursuant to the Advisor expense support agreement. Refer to Note 12. “Related Party Arrangements” for information on distributions declared related to these Restricted Stock shares. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk For the years ended December 31, 2023, 2022 and 2021, the Company had a geographical concentration accounting for 10% or more of its total revenues, as follows: Type of Years Ended December 31, 2023 2022 2021 State of Texas (1) Geographical 21.2 % 20.6 % 21.3 % _______________ FOOTNOTE: (1) Includes rental income and related revenues and resident fees and services. Adverse economic developments in this geographical area could significantly impact the Company’s results of operations and cash flows from operations, which in turn would impact its ability to pay debt service and make distributions to stockholders. |
SCHEDULE II _ VALUATION AND QUA
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS | CNL HEALTHCARE PROPERTIES, INC. AND SUBSIDIARIES SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS YEARS ENDED DECEMBER 31, 2023, 2022 AND 2021 (in thousands) Year Description Balance at Charged to Charged to Balance at 2021 Deferred tax asset valuation allowance $ (1,464) $ (10,368) $ — $ (11,832) Allowance for credit losses (3,023) (1,278) 1,161 (3,140) $ (4,487) $ (11,646) $ 1,161 $ (14,972) 2022 Deferred tax asset valuation allowance $ (11,832) $ (6,870) $ (989) $ (19,691) Allowance for credit losses (3,140) (902) 2,439 (1,603) $ (14,972) $ (7,772) $ 1,450 $ (21,294) 2023 Deferred tax asset valuation allowance $ (19,691) $ (2,135) $ — $ (21,826) Allowance for credit losses (1,603) (814) 1,514 (903) $ (21,294) $ (2,949) $ 1,514 $ (22,729) |
SCHEDULE III _ REAL ESTATE AND
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2023 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION | Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Primrose Retirement Community of Casper Casper, Wyoming $ — $ 1,910 $ 16,310 $ 61 $ 364 $ — $ 1,971 $ 16,674 $ — $ 18,645 $ (5,278) 2004 2/16/2012 (1) Primrose Retirement Community of Grand Island Grand Island, Nebraska — 719 12,140 83 — — 802 12,140 — 12,942 (3,993) 2005 2/16/2012 (1) Primrose Retirement Community of Mansfield Mansfield, Ohio — 650 16,720 230 83 — 880 16,803 — 17,683 (5,562) 2007 2/16/2012 (1) Primrose Retirement Community of Marion Marion, Ohio — 889 16,305 126 18 — 1,015 16,323 — 17,338 (5,281) 2006 2/16/2012 (1) Sweetwater Retirement Community Billings, Montana — 1,578 14,205 20 34 — 1,598 14,239 — 15,837 (4,480) 2006 2/16/2012 (1) HarborChase of Villages Crossing Lady Lake, Florida ("The Villages") — 2,165 — 1,036 15,573 — 3,201 15,573 — 18,774 (4,248) 2013 8/29/2012 (1) Primrose Retirement Community Cottages Aberdeen, South Dakota — 311 3,794 — 6 — 311 3,800 — 4,111 (1,158) 2005 12/19/2012 (1) Primrose Retirement Community of Council Bluffs Council Bluffs, Iowa (“Omaha”) — 1,144 11,117 60 20 — 1,204 11,137 — 12,341 (3,497) 2008 12/19/2012 (1) Primrose Retirement Community of Decatur Decatur, Illinois — 513 16,706 105 188 — 618 16,894 — 17,512 (5,080) 2009 12/19/2012 (1) Primrose Retirement Community of Lima Lima, Ohio — 944 17,115 8 26 — 952 17,141 — 18,093 (5,130) 2006 12/19/2012 (1) Primrose Retirement Community of Zanesville Zanesville, Ohio — 1,184 17,292 — 95 — 1,184 17,387 — 18,571 (5,214) 2008 12/19/2012 (1) Capital Health of Symphony Manor Baltimore, Maryland — 2,319 19,444 7 323 — 2,326 19,767 — 22,093 (5,822) 2011 12/21/2012 (1) Curry House Assisted Living & Memory Care Cadillac, Michigan — 995 11,072 45 466 — 1,040 11,538 — 12,578 (3,342) 1966 12/21/2012 (1) Tranquillity at Fredericktowne Frederick, Maryland — 808 14,291 41 6,723 — 849 21,014 — 21,863 (6,714) 2000 12/21/2012 (1) Brookridge Heights Assisted Living & Memory Care Marquette, Michigan — 595 11,339 137 5,230 — 732 16,569 — 17,301 (5,462) 1998 12/21/2012 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Woodholme Gardens Assisted Living & Memory Care Pikesville, Maryland (“Baltimore”) $ — $ 1,603 $ 13,472 $ 65 $ 121 $ — $ 1,668 $ 13,593 $ — $ 15,261 $ (4,052) 2010 12/21/2012 (1) HarborChase of Jasper Jasper, Alabama — 355 6,358 23 96 — 378 6,454 — 6,832 (1,788) 1998 7/31/2013 (1) Raider Ranch Lubbock, Texas — 4,992 48,818 793 13,679 — 5,785 62,497 — 68,282 (16,368) 2009 8/29/2013 (1) Town Village Oklahoma City, Oklahoma — 1,020 19,847 185 1,863 — 1,205 21,710 — 22,915 (6,107) 2004 8/29/2013 (1) Prestige Senior Living Beaverton Hills Beaverton, Oregon — 1,387 10,324 13 91 — 1,400 10,415 — 11,815 (2,818) 2000 12/2/2013 (1) Prestige Senior Living High Desert Bend, Oregon — 835 11,252 17 430 — 852 11,682 — 12,534 (3,251) 2003 12/2/2013 (1) MorningStar of Billings Billings, Montana — 4,067 41,373 84 641 — 4,151 42,014 — 46,165 (11,994) 2009 12/2/2013 (1) MorningStar of Boise Boise, Idaho — 1,663 35,752 309 372 — 1,972 36,124 — 38,096 (9,791) 2007 12/2/2013 (1) Prestige Senior Living Huntington Terrace Gresham, Oregon (“Portland”) — 1,236 12,083 2 485 — 1,238 12,568 — 13,806 (3,378) 2000 12/2/2013 (1) MorningStar of Idaho Falls Idaho Falls, Idaho — 2,006 40,397 141 443 — 2,147 40,840 — 42,987 (11,260) 2009 12/2/2013 (1) Prestige Senior Living Arbor Place Medford, Oregon — 355 14,083 17 939 — 372 15,022 — 15,394 (3,930) 2003 12/2/2013 (1) Prestige Senior Living Orchard Hills Salem, Oregon — 545 15,544 134 288 — 679 15,832 — 16,511 (4,225) 2002 12/2/2013 (1) Prestige Senior Living Southern Hills Salem, Oregon — 653 10,753 55 193 — 708 10,946 — 11,654 (2,961) 2001 12/2/2013 (1) MorningStar of Sparks Sparks, Nevada — 3,986 47,968 16 1,194 — 4,002 49,162 — 53,164 (13,427) 2009 12/2/2013 (1) Prestige Senior Living Five Rivers Tillamook, Oregon — 1,298 14,064 18 575 — 1,316 14,639 — 15,955 (4,131) 2002 12/2/2013 (1) Prestige Senior Living Riverwood Tualatin, Oregon (“Portland”) — 1,028 7,429 12 238 — 1,040 7,667 — 8,707 (2,140) 1999 12/2/2013 (1) Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") — 2,537 17,261 214 1,626 — 2,751 18,887 — 21,638 (4,981) 2003/2010 2/3/2014 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Prestige Senior Living Bridgewood Vancouver, Washington ("Portland") $ — $ 1,603 $ 18,172 $ 10 $ 727 $ — $ 1,613 $ 18,899 $ — $ 20,512 $ (4,893) 2001 2/3/2014 (1) Prestige Senior Living Monticello Park Longview, Washington — 1,981 23,056 1 552 — 1,982 23,608 — 25,590 (6,111) 2001/2010 2/3/2014 (1) Prestige Senior Living Rosemont Yelm, Washington — 668 14,564 14 719 — 682 15,283 — 15,965 (3,881) 2004 2/3/2014 (1) Wellmore of Tega Cay Tega Cay, South Carolina ("Charlotte") — 2,445 — 2,760 23,497 — 5,205 23,497 — 28,702 (6,671) 2015 2/7/2014 (1) Isle at Cedar Ridge Cedar Park, Texas ("Austin") — 1,525 16,277 — 833 — 1,525 17,110 — 18,635 (4,663) 2011 2/28/2014 (1) Prestige Senior Living West Hills Corvallis, Oregon — 842 12,603 11 778 — 853 13,381 — 14,234 (3,535) 2002 3/3/2014 (1) HarborChase of Plainfield Plainfield, Illinois — 1,596 21,832 160 351 — 1,756 22,183 — 23,939 (5,844) 2010 3/28/2014 (1) Legacy Ranch Alzheimer's Special Care Center Midland, Texas — 917 9,982 34 219 — 951 10,201 — 11,152 (2,719) 2012 3/28/2014 (1) The Springs Alzheimer's Special Care Center San Angelo, Texas — 595 9,658 9 206 — 604 9,864 — 10,468 (2,650) 2012 3/28/2014 (1) Isle at Watercrest - Bryan Bryan, Texas — 3,223 40,581 70 3,037 — 3,293 43,618 — 46,911 (11,671) 2011 4/21/2014 (1) Isle at Watercrest - Mansfield Mansfield, Texas ("Dallas/Fort Worth") — 997 24,635 4 478 — 1,001 25,113 — 26,114 (6,398) 2011 5/5/2014 (1) Watercrest at Katy Katy, Texas ("Houston") 20,668 4,000 — 140 33,998 — 4,140 33,998 — 38,138 (6,507) 2016 6/27/2014 (1) Watercrest at Mansfield Mansfield, Texas ("Dallas/Fort Worth") — 2,191 42,740 49 1,009 — 2,240 43,749 — 45,989 (11,214) 2010 6/30/2014 (1) HarborChase of Shorewood Shorewood, Wisconsin ("Milwaukee") — 2,200 — 304 19,890 — 2,504 19,890 — 22,394 (4,280) 2015 7/8/2014 (1) Fairfield Village of Layton Layton, Utah ("Salt Lake City") — 5,217 54,167 374 761 — 5,591 54,928 — 60,519 (14,144) 2010 11/20/2014 (1) Primrose Retirement Center of Anderson Anderson, Indiana ("Muncie") — 1,342 19,083 4 33 — 1,346 19,116 — 20,462 (4,635) 2008 5/29/2015 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Primrose Retirement Center of Lancaster Lancaster, Ohio ("Columbus") $ — $ 2,840 $ 21,884 $ 51 $ 362 $ — $ 2,891 $ 22,246 $ — $ 25,137 $ (5,887) 2007 5/29/2015 (1) Primrose Retirement Center of Wausau Wausau, Wisconsin ("Green Bay") — 1,089 18,653 3 15 — 1,092 18,668 — 19,760 (4,344) 2008 5/29/2015 (1) Superior Residences of Panama City Panama City Beach, Florida — 2,099 19,367 14 971 — 2,113 20,338 — 22,451 (4,683) 2015 7/15/2015 (1) The Hampton at Meadows Place Fort Bend, Texas ("Houston") — 715 24,281 11 516 — 726 24,797 — 25,523 (5,459) 2007/2013/ 2014 7/31/2015 (1) The Pavilion at Great Hills Austin, Texas — 1,783 29,318 53 330 — 1,836 29,648 — 31,484 (6,605) 2010 7/31/2015 (1) The Beacon at Gulf Breeze Gulf Breeze, Florida ("Pensacola") — 824 24,106 96 418 — 920 24,524 — 25,444 (5,631) 2008 7/31/2015 (1) Parc at Piedmont Marietta, Georgia ("Atlanta") — 3,529 43,080 36 1,853 — 3,565 44,933 — 48,498 (10,167) 2001/2011 7/31/2015 (1) Parc at Duluth Duluth, Georgia ("Atlanta") — 5,951 42,458 70 2,933 — 6,021 45,391 — 51,412 (10,057) 2003/2012 7/31/2015 (1) Waterstone on Augusta Greenville, South Carolina — 2,253 — 2,117 20,923 — 4,370 20,923 — 25,293 (4,558) 2017 8/31/2015 (1) Wellmore of Lexington Lexington, South Carolina ("Columbia") — 2,300 — 3,210 43,149 — 5,510 43,149 — 48,659 (8,562) 2017 9/14/2015 (1) Palmilla Senior Living Albuquerque, New Mexico — 4,701 38,321 68 333 — 4,769 38,654 — 43,423 (8,723) 2013 9/30/2015 (1) Cedar Lake Assisted Living and Memory Care Lake Zurich, Illinois ("Chicago") — 2,412 25,126 49 148 — 2,461 25,274 — 27,735 (5,698) 2014 9/30/2015 (1) The Shores of Lake Phalen Maplewood, Minnesota ("St. Paul") — 2,724 25,093 18 113 — 2,742 25,206 — 27,948 (5,596) 2012 11/10/2015 (1) Dogwood Forest of Grayson Grayson, Georgia — 1,788 — 112 22,084 — 1,900 22,084 — 23,984 (3,754) 2017 11/24/2015 (1) Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") — 1,283 48,221 151 1,301 — 1,434 49,522 — 50,956 (10,625) 2006/2014 12/17/2015 (1) Hearthside Senior Living of Collierville Collierville, Tennessee ("Memphis") — 1,756 13,379 60 42 — 1,816 13,421 — 15,237 (3,012) 2014 12/29/2015 (1) Initial Costs Costs Capitalized Subsequent to Acquisition Gross Amounts at which Carried at Close of Period (2) Life on which depreciation in latest income statement is computed Property/Location Encum- Land & Land Improvements Building and Building Improvements Land & Land Improvements Building and Building Improvements Construction in Process Land & Land Improvements Building and Building Improvements Construction in Process Total Accumulated Depreciation Date of Construction Date Acquired Albuquerque, New Mexico – Vacant Land Albuquerque, New Mexico $ — $ 1,056 $ — $ — $ — $ — $ 1,056 $ — $ — $ 1,056 $ — — 9/7/2017 (1) Finton Assisted Living Vinton, Iowa 2,423 1,083 3,439 — 9 — 1,083 3,448 — 4,531 (268) 2007 8/31/2012 (1) Webster City Assisted Living Webster City, Iowa 2,202 912 3,794 84 1 — 996 3,795 — 4,791 (302) 2007 8/31/2012 (1) Nevada Assisted Living Nevada, Iowa 4,919 1,749 7,196 — — — 1,749 7,196 — 8,945 (355) 2011 8/31/2012 (1) Grinnell Assisted Living Grinnell, Iowa 4,698 1,690 4,454 28 21 — 1,718 4,475 — 6,193 (354) 2005 4/2/2013 (1) Indianola Assisted Living Indianola, Iowa 1,908 986 3,369 6 29 — 992 3,398 — 4,390 (251) 2004 4/2/2013 (1) $ 36,818 $ 123,155 $ 1,267,517 $ 14,238 $ 235,062 $ — $ 137,393 $ 1,502,579 $ — $ 1,639,972 $ (381,570) Transactions in real estate and accumulated depreciation as of December 31, 2023 are as follows: Balance December 31, 2020 $ 1,640,534 Balance December 31, 2020 $ (262,394) 2021 Improvements 6,385 2021 Depreciation (42,215) 2021 Dispositions (6,764) 2021 Accumulated depreciation on dispositions 842 2021 Impairments (9,673) Balance December 31, 2021 (303,767) Balance December 31, 2021 1,630,482 2022 Depreciation (43,781) 2022 Acquisitions (3) 28,672 2022 Accumulated depreciation on dispositions 9,198 2022 Improvements 11,339 Balance December 31, 2022 (338,350) 2022 Dispositions (38,525) 2023 Depreciation (43,220) Balance December 31, 2022 1,631,968 2023 Accumulated depreciation on dispositions — 2023 Improvements 8,004 Balance December 31, 2023 $ (381,570) Balance at December 31, 2023 $ 1,639,972 _______________ FOOTNOTES: (1) Buildings and building improvements are depreciated over 39 and 15 years, respectively. Tenant improvements are depreciated over the terms of their respective leases. (2) The aggregate cost for federal income tax purposes is approximately $1.8 billion. (3) Represents the consolidation of the five properties held by the Windsor Manor Joint Venture, effective January 1, 2022, as described in Note 4. “Acquisition.” |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation and Consolidation — |
Consolidation, Policy | All material intercompany accounts and transactions have been eliminated in consolidation. |
Grant Income | Grant Income — |
Use of Estimates | Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the consolidated financial statements, the reported amounts of revenues and expenses during the reporting periods and the disclosure of contingent liabilities. For example, significant assumptions are made in the analysis of real estate impairments (when such impairments exist), the valuation of contingent assets and liabilities, and the valuation of restricted common stock (“Restricted Stock”) shares issued to the Advisor. Accordingly, actual results could differ from those estimates. |
Depreciation and Amortization | Depreciation and Amortization — Real estate costs related to the acquisition and improvement of properties are capitalized. Repair and maintenance costs are charged to expense as incurred and significant replacements and improvements are capitalized. Repair and maintenance costs include all costs that do not extend the useful life of the real estate asset. The Company considers the period of future benefit of an asset to determine its appropriate useful life. Real estate assets are stated at cost less accumulated depreciation, which is computed using the straight-line method of accounting over the estimated useful lives of the related assets. Buildings and improvements are depreciated on the straight-line method over their estimated useful lives, which generally are the lesser of 39 and 15 years, respectively. Amortization of intangible assets is computed using the straight-line method of accounting over the shorter of the respective lease term or estimated useful life. If a lease is terminated or modified prior to its scheduled expiration, the Company recognizes a loss on lease termination related to the unamortized lease-related costs not deemed to be recoverable. |
Impairment of Real Estate Assets | Impairment of Real Estate Assets — Real estate assets are reviewed on an ongoing basis to determine whether there are any impairment indicators. Management considers potential impairment indicators to primarily include (i) changes in a real estate asset’s operating performance, such as a current period net operating loss combined with a history of net operating losses, or a projection or forecast that demonstrates continuing losses associated with the use of a real estate asset or (ii) a current expectation that, more likely than not, a real estate asset will be sold or otherwise disposed of significantly before the end of its previously estimated holding period. To assess if an asset is potentially impaired, management compares the estimated current and projected undiscounted cash flows, including estimated net sales proceeds, of the asset group over its remaining useful life to the net carrying value of the asset group. Such cash flow projections consider factors such as expected future operating income, trends and prospects, as well as the effects of demand, competition and other factors. In the event that the carrying value exceeds the undiscounted operating cash flows, the Company would recognize an impairment provision to adjust the carrying value of the asset group to the estimated fair value. When impairment indicators are present for real estate indirectly owned, through an investment in a joint venture or other similar investment structure accounted for under the equity method, the Company compares the estimated fair value of its investment to the carrying value. An impairment charge will be recorded to the extent the fair value of the investment is less than the carrying value and the decline in value is determined to be other than a temporary decline. |
Assets Held For Sale, net and Discontinued Operations | Assets Held For Sale, net and Discontinued Operations — The Company determines to classify a property as held for sale once management has the authority to approve and commits to a plan to sell the property, the property is available for immediate sale, there is an active program to locate a buyer, the sale of the property is probable and the transfer of the property is expected to occur within one year. Upon the determination to classify a property as held for sale, the Company ceases recording further depreciation and amortization relating to the associated assets and those assets are measured at the lower of its carrying amount or fair value less disposition costs and are presented separately in the consolidated balance sheets for all periods presented. In addition, the Company classifies assets held for sale as discontinued operations if the disposal represents a strategic shift that has (or will have) a major effect on the Company’s operations and financial results. For any disposal(s) qualifying as discontinued operations, the Company allocates interest expense and loan cost amortization that directly relates to either: (1) expense on mortgages and other notes payable collateralized by properties classified as discontinued operations; or (2) expense on the Company’s credit facilities, which is allocated based on the value of the properties that are classified as discontinued operations if these properties are included in the credit facilities’ unencumbered pool of assets and the related indebtedness is required to be repaid upon sale of the properties. |
Assets Reclassified from Held for Sale to Held and Used | Assets Reclassified from Held for Sale to Held and Used — |
Cash | Cash — Cash consists of demand deposits at commercial banks. The Company also invests in cash equivalents consisting of highly liquid investments in money market funds with original maturities of three months or less. As of December 31, 2023, certain of the Company’s cash deposits exceeded federally insured amounts. However, the Company continues to monitor the third-party depository institutions that hold the Company’s cash, primarily with the goal of safeguarding principal. The Company attempts to limit cash investments to financial institutions with high credit standing; therefore, the Company believes it is not exposed to any significant credit risk on cash. |
Restricted Cash | Restricted Cash — |
Held-to-Maturity Securities | Held-to-Maturity Securities — From time to time, the Company may invest in U.S. Treasuries, which it has designated as held-to-maturity (“HTM”) securities, because the Company has both the ability and the intent to hold them until maturity. All assets classified as HTM are included within other assets in the consolidated balance sheets and reported at stated cost plus any premiums or discounts. Premiums or discounts are amortized or accreted as interest and other income in the consolidated statement of operations. |
Loan Costs | Loan Costs — |
Deferred Lease-Related Costs | Deferred Lease-Related Costs — |
Revenue Recognition | Revenue Recognition — Rental income and related revenues for operating leases are recognized based on the assessment of collectability of lease payments. When collectability is probable at commencement of the lease, lease income is recognized on an accrual basis and includes rental income that is recorded on the straight-line basis over the term of the lease. Collectability is reassessed during the lease term. When collectability of lease payments is no longer probable, lease income is recorded on a cash basis and limited to the amount of lease payments collected. In addition, lease related costs (the deferred rent from prior GAAP straight-line adjustments, unamortized lease costs and other lease related intangibles) are written-off when the Company determines that these assets are no longer realizable. Rental income and related revenues recorded on an accrual basis include rental income that is recorded on the straight-line basis over the terms of the leases. The straight-line method records the periodic average amount of base rent earned over the term of a lease, taking into account contractual rent increases over the lease term. The Company records the difference between base rent revenues earned and amounts due per the respective lease agreements, as applicable, as an increase or decrease to deferred rent and lease incentives in the accompanying consolidated balance sheets. Rental income and related revenues also include amounts for which tenants are required to reimburse the Company related to expenses incurred on behalf of the tenants, in accordance with the terms of the leases. Tenant reimbursements are recognized in the period in which the related reimbursable expenses are incurred, such as real estate taxes, common area maintenance, and similar items. Some of the Company’s leases require the tenants to pay certain additional contractual amounts that are set aside by the Company for replacements of fixed assets and other improvements to the properties. These amounts are and will remain the property of the Company during and after the term of the lease. The amounts are recorded as capital improvement reserve income at the time such amounts are earned and are included in rental income and related revenues in the accompanying consolidated statements of operations. Additional percentage rent that is due contingent upon tenant performance thresholds, such as gross revenues, is deferred until the underlying performance thresholds have been achieved. Resident fees and services are operating revenues relating to the Company’s managed seniors housing properties, which are operated under RIDEA structures. Resident fees and services directly relate to the provision of monthly goods and services that are generally bundled together under a single resident agreement. The Company accounts for its resident agreements as a single performance obligation given the Company’s overall promise to provide a series of stand-ready goods and services to its residents each month. Resident fees and services are recorded in the period in which the goods are provided and the services are performed and generally consist of (1) monthly rent, which covers occupancy of the residents’ unit as well as basic services, such as utilities, meals and certain housekeeping services, and (2) service level charges, such as assisted living care, memory care and ancillary services. Resident agreements are generally short-term in nature, billed monthly in advance and cancellable by the residents with a 30-day notice. Resident agreements may require the payment of upfront fees prior to moving into the community with any non-refundable portion of such fees being recorded as deferred revenue and amortized over the estimated resident stay. |
Derivative Financial Instruments | Derivative Financial Instruments — The Company, and through December 31, 2021, an unconsolidated equity method investment held by the Company, use or have used derivative financial instruments to partially offset the effect of fluctuating interest rates on the cash flows associated with its variable-rate debt. As described in Note 4. “Acquisition,” effective January 1, 2022, the Company acquired the remaining ownership interest in the Windsor Manor Joint Venture and consolidated the Windsor Manor Joint Venture. Upon entry into a derivative, the Company formally designates and documents the financial instrument as a hedge of a specific underlying exposure, as well as the risk management objectives and strategies for undertaking the hedge transaction. The Company accounts for derivatives through the use of a fair value concept whereby the derivative positions are stated at fair value in other assets in the accompanying consolidated balance sheets. The fair value of derivatives used to hedge or modify risk fluctuates over time. As such, the fair value amounts should not be viewed in isolation, but rather in relation to the cash flows or fair value of the underlying hedged transaction and to the overall reduction in the exposure relating to adverse fluctuations in interest rates on the Company’s variable-rate debt. Realized and unrealized gain (loss) on derivative financial instruments designated by the Company as cash flow hedges are reported as a component of other comprehensive income (loss), a component of stockholders’ equity, in the accompanying consolidated statements of comprehensive income (loss) to the extent they are effective; reclassified into earnings on the same line item associated with the hedged transaction and in the same period the hedged transaction affects earnings. Through December 31, 2021, realized and unrealized gain (loss) on derivative financial instruments designated as cash flow hedges that were entered into by the Company’s equity method investment were reported as a component of the Company’s other comprehensive income (loss) in proportion to the Company’s ownership percentage in the investment, with reclassifications being included in equity in earnings (loss) of unconsolidated entity in the accompanying consolidated statements of operations. |
Fair Value Measurements | Fair Value Measurements — Fair value assumptions are based on the framework established in the fair value accounting guidance under GAAP. The framework specifies a hierarchy of valuation inputs which was established to increase consistency, clarity and comparability in fair value measurements and related disclosures. The guidance describes the following fair value hierarchy based upon three levels of inputs that may be used to measure fair value, two of which are considered observable and one that is considered unobservable: • Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to access. • Level 2 — Inputs, other than quoted prices included in Level 1, that are observable for the asset or liability either directly or indirectly; such as, quoted prices for similar assets or liabilities or other inputs that can be corroborated by observable market data. • Level 3 — Unobservable inputs for the asset or liability, which are typically based on the Company’s own assumptions, as there is little, if any, related market activity. When market data inputs are unobservable, the Company utilizes inputs that it believes reflects the Company’s best estimate of the assumptions market participants would use in pricing the asset or liability. When inputs used to measure fair value fall within different levels of the hierarchy, the level within which the fair value measurement is categorized is based on the lowest level input that is significant to the fair value measurement. The estimated fair value of accounts payable and accrued liabilities approximates the carrying value as of December 31, 2023 and 2022 because of the relatively short maturities of the obligations. |
Mortgages and Other Notes Payable | Mortgages and Other Notes Payable — Mortgages and other notes payable are recorded at the stated principal amount and are generally collateralized by the Company’s properties. Mortgages and other notes payable assumed in connection with an acquisition are recorded at fair market value as of the date of the acquisition. |
Share Based Payments to Non-Employees | Share-Based Payments to Non-Employees — In connection with the Expense Support Agreement described in Note 12. “Related Party Arrangements,” the Company previously agreed to issue restricted stock to the Advisor (“Restricted Stock”) on an annual basis in exchange for providing expense support in the event that cash distributions declared exceed MFFO as defined by the Expense Support Agreement. The Restricted Stock is forfeited if stockholders do not ultimately receive their original invested capital back with at least a 6% annualized return of investment upon a future liquidity or disposition event of the Company. Upon issuance of Restricted Stock, the Company measures the fair value at its then-current lowest aggregate fair value pursuant to ASC 505-50. On the date in which the Advisor satisfies the vesting criteria, the Company remeasures the fair value of the Restricted Stock pursuant to ASC 505-50 and records expense equal to the difference between the original fair value and that of the remeasurement date. In addition, given that performance is outside the control of the Advisor and involves both market conditions and counterparty performance conditions, the shares are treated as unissued for accounting purposes and the Company only includes the Restricted Stock in the calculation of diluted earnings per share to the extent their effect is dilutive and the vesting conditions have been satisfied as of the reporting date. Pursuant to the Expense Support Agreement, the Advisor shall be the record owner of the Restricted Stock until the shares of common stock are sold or otherwise disposed of, and shall be entitled to all of the rights of a stockholder of the Company including, without limitation, the right to vote such shares (to the extent permitted by the Company’s articles of incorporation) and receive all distributions paid with respect to such shares. All distributions actually paid to the Advisor in connection with the Restricted Stock shall vest immediately and will not be subject to forfeiture. The Company recognizes expense related to the distributions on the Restricted Stock shares as declared. The Expense Support Agreement was terminated in June 2023. |
Net Income (Loss) per Share | Net Income (Loss) per Share — Net income (loss) per share is calculated based upon the weighted average number of shares of common stock outstanding (and excludes the Restricted Stock shares issued to the Advisor under the Expense Support Agreement) during the period in which the Company was operational. Refer to Note 12. “Related Party Arrangements” for additional information on the Restricted Stock shares. |
Segment Information | Segment Information — Operating segments are components of an enterprise for which separate financial information is available and is evaluated regularly by the chief operating decision maker in deciding how to allocate resources and assess performance. The Company has determined that it operates in one operating segment, real estate ownership. The Company’s chief operating decision maker evaluates the Company’s operations from a number of different operational perspectives including, but not limited to, a property-by-property basis, by tenant or by operator. The Company derives all significant revenues from a single reportable operating segment of business, healthcare real estate, regardless of the type (seniors housing, medical office, etc.) or ownership structure (leased or managed). Accordingly, the Company does not report segment information; nevertheless, management periodically evaluates whether the Company continues to have one single reportable segment of business. |
Income Taxes | Income Taxes — The Company has elected to be taxed as a REIT under Sections 856 through 860 of the Internal Revenue Code of 1986, as amended and related regulations beginning with the year ended December 31, 2012. In order to be taxed as a REIT, the Company is subject to certain organizational and operational requirements, including the requirement to make distributions to its stockholders each year of at least 90% of its annual REIT taxable income (which is computed without regard to the dividends-paid deduction or net capital gain and which does not necessarily equal net income as calculated in accordance with GAAP). If the Company qualifies for taxation as a REIT, the Company generally will not be subject to U.S. federal income tax on income that the Company distributes as dividends. If the Company fails to qualify as a REIT in any taxable year, the Company will be subject to U.S. federal income tax on its taxable income at regular corporate income tax rates and generally will not be permitted to qualify for treatment as a REIT for federal income tax purposes for the four taxable years following the year during which qualification is lost, unless the IRS grants the Company relief under certain statutory provisions. Even if the Company qualifies for taxation as a REIT, it may be subject to certain state and local taxes on its income and property, and U.S. federal income and excise taxes on its undistributed income. 2. Summary of Significant Accounting Policies (Continued) The Company has formed subsidiaries which elected to be taxed as a TRS for U.S. federal income tax purposes. Under the provisions of the Internal Revenue Code and applicable state laws, a TRS will be subject to tax on its taxable income from its operations. The Company will account for federal and state income taxes with respect to a TRS using the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statement carrying amounts of existing assets and liabilities, the respective tax bases, operating losses and/or tax-credit carryforwards. A valuation allowance is provided if the Company believes it is more likely than not that all or some portion of the deferred tax asset will not be realized. Any increase or decrease in the valuation allowance that results from a change in circumstances, and that causes the Company to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. |
Investments in Unconsolidated Entities | Investment in Unconsolidated Entity |
Reclassifications | Reclassifications — Certain amounts in the prior years’ consolidated financial statements and schedules have been reclassified to conform to the current year’s presentation. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements — In December 2023, the FASB issued ASU No. 2023-09, “Improvements to Income Tax Disclosures (Topic 740),” which requires entities to disclose in their rate reconciliation table additional categories of information about federal, state and foreign income taxes as well as additional information about reconciling items if certain quantitative thresholds are met. This ASU will require all entities to disclose income taxes paid, net of refunds, disaggregated by federal (national), state and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold. All entities are required to apply the guidance prospectively, with the option to apply it retrospectively. The ASU is effective for fiscal years beginning after 15 December 2024, with early adoption permitted. The Company has determined it will adopt this ASU on January 1, 2025, the adoption of which is not expected to have a material impact on the Company’s consolidated results of operations or cash flows. |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table presents disaggregated revenue related to the Company’s resident fees and services during the years ended December 31, 2023, 2022 and 2021: Years Ended December 31, Number of Units (Unaudited) Revenues (in millions) Percentage of Revenues 2023 2022 2021 2023 2022 2021 2023 2022 2021 Resident fees and services: Independent living 2,222 2,223 2,243 $ 80.7 $ 74.1 $ 69.6 25.7 % 25.0 % 26.2 % Assisted living 3,039 3,041 2,960 156.8 146.9 128.9 49.8 49.7 48.6 Memory care 932 932 904 61.5 60.6 53.2 19.5 20.5 20.1 Other revenues — — — 15.6 14.2 13.6 5.0 4.8 5.1 6,193 6,196 6,107 $ 314.6 $ 295.8 $ 265.3 100.0 % 100.0 % 100.0 % |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Business Combination and Asset Acquisition [Abstract] | |
Schedule of Fair Market Value of the Assets and Liabilities Recorded as Part of the Acquisition, Adjusted on a Relative Fair Value Basis | The following table summarizes the fair market value of the assets and liabilities recorded as part of the acquisition, adjusted on a relative fair value basis for the difference between the consideration transferred and the fair market value of the net assets acquired, of the Windsor Manor Joint Venture as of the acquisition date (in thousands): Equity method investment in unconsolidated joint venture $ 4,737 Consideration paid for additional 25% interest in joint venture 3,310 Total equity method investment and consideration paid $ 8,047 Cash $ 2,097 Restricted cash 79 Prepaid and other assets 64 Real estate assets 29,384 Intangibles 4,281 Total assets acquired 35,905 Accounts payable and accrued expenses (953) Other liabilities (61) Mortgages and notes payable (18,468) Total liabilities assumed (19,482) Net assets acquired $ 16,423 |
Real Estate Assets, net (Tables
Real Estate Assets, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Real Estate [Abstract] | |
Schedule of Gross Carrying Amount and Accumulated Depreciation of Real Estate Assets | The gross carrying amount and accumulated depreciation of the Company’s real estate assets as of December 31, 2023 and 2022 are as follows (in thousands): December 31, 2023 2022 Land and land improvements $ 137,393 $ 136,416 Building and building improvements 1,502,579 1,495,552 Furniture, fixtures and equipment 113,034 105,784 Less: accumulated depreciation (473,869) (424,314) Real estate investment properties, net $ 1,279,137 $ 1,313,438 |
Intangibles, net (Tables)
Intangibles, net (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets | The gross carrying amount and accumulated amortization of the Company’s intangible assets as of December 31, 2023 and 2022 are as follows (in thousands): As of December 31, 2023 (1) 2022 (1) In-place lease intangibles $ 736 $ 5,017 Less: accumulated amortization (632) (3,769) Intangible assets, net $ 104 $ 1,248 _______________ FOOTNOTE: (1) Excludes approximately $4.3 million and $3.2 million of gross in-place lease intangibles and accumulated amortization related to fully amortized intangibles as of December 31, 2023 and 2022 |
Schedule of Estimated Future Amortization | The estimated future amortization on the Company’s intangibles for each of the next five years and thereafter, in the aggregate, as of December 31, 2023 is as follows (in thousands): 2024 $ 74 2025 30 2026 — 2027 — 2028 — Thereafter — $ 104 |
Held-to-Maturity Securities (Ta
Held-to-Maturity Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Face Value and Carrying Value of Investments in Short Term Securities by Collateral Type | The following presents the face value and carrying value of investments in short term securities by collateral type as of December 31, 2023 and 2022 (in thousands): U.S. Treasuries As of December 31, 2023 2022 Amortized Cost Basis $ — $ 24,360 Gross unrealized losses — (27) Fair Value $ — $ 24,333 |
Operating Leases (Tables)
Operating Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Lease Payments | The following are future minimum lease payments for the Company’s 15 senior housing properties to be received under non-cancellable operating leases for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 27,521 2025 20,892 2026 9,287 2027 9,556 2028 9,843 Thereafter 33,417 $ 110,516 |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities | The aggregate carrying amount and major classifications of the consolidated assets that can be used to settle obligations of the VIEs and liabilities of the consolidated VIEs that are non-recourse to the Company as of December 31, 2023 and 2022, are as follows (in thousands): As of December 31, 2023 2022 Assets: Real estate investment properties, net $ 30,041 $ 30,906 Cash $ 1,345 $ 646 Restricted cash $ 8 $ 9 Other assets $ 17 $ 554 Liabilities: Mortgages and other notes payable, net $ 20,622 $ 21,142 Accounts payable and accrued liabilities $ 1,411 $ 533 Other liabilities $ 216 $ 91 |
Indebtedness (Tables)
Indebtedness (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Debt Disclosure [Abstract] | |
Schedule of Details of Indebtedness | The following table provides details of the Company’s indebtedness as of December 31, 2023 and 2022 (in thousands): As of December 31, 2023 2022 Mortgages payable and other notes payable: Fixed rate debt (1) $ 20,668 $ 44,082 Variable rate debt (1)(2)(3)(7) 16,150 17,859 Premium (4) — 17 Loan costs, net (249) (185) Total mortgages and other notes payable, net 36,569 61,773 Credit facilities: Revolving Credit Facility (5)(6)(7) — 133,000 Term Loan Facility (5)(6)(7) — 265,000 2021 Term Loan Facility (5)(6)(7) — 150,000 2023 Revolving Credit Facility (5)(6)(7) 198,000 — 2023 Term Loan Facility (5)(6)(7) 350,000 — Loan costs, net related to Term Loan Facilities (6,160) (1,900) Total credit facilities, net 541,840 546,100 Total indebtedness, net $ 578,409 $ 607,873 _______________ FOOTNOTES: (1) As of December 31, 2023 and 2022, the Company’s mortgages and other notes payable were collateralized by six and seven properties, respectively, with total carrying value of approximately $51.0 million and $92.7 million, respectively. (2) In connection with the acquisition of the 25% interest in the Windsor Manor Joint Venture, the Company consolidated the net assets of the joint venture effective January 1, 2022, including the debt associated with the properties, at fair value. (3) As of December 31, 2023 and 2022, the Company had interest rate protection through an interest rate cap with a notional amount of $8.0 million and $15.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (4) Premium was reflective of recording mortgage note payables assumed at fair value on the respective acquisition dates. The associated loan was paid in full during the year ended December 31, 2023. (5) During the years ended December 31, 2023 and 2022, the Company had interest rate protection through interest rate swaps and caps which as of December 31, 2023 and 2022, had notional amounts of $367.0 million and $355.0 million, respectively. Refer to Note 13. “Derivative Financial Instruments” for additional information. (6) As of December 31, 2023 and 2022, the Company had undrawn availability under the applicable revolving credit facility of approximately $52.0 million and $117.0 million, respectively, based on the commitments from lenders and the value of the properties in the unencumbered pool of assets supporting the loan. The Company reduced the commitment size of its Credit Facilities from $665 million to $600 million as part of the refinancing its 2023 Credit Facilities. (7) Term SOFR (as defined in the respective agreements governing our credit facilities and one mortgage loan) was approximately 5.45% and 4.46% as of December 31, 2023 and 2022, respectively. |
Schedule of Mortgages and Other Notes Payable | The following table details the Company’s mortgages and other notes payable as of December 31, 2023 and 2022 (in thousands): Property and Loan Interest Rate at December 31, 2023 Payment Terms Maturity Date (1) December 31, 2023 2022 Watercrest at Mansfield; Mortgage Loan 4.68% per annum Monthly principal and interest payments based on a total payment of $143,330 6/1/2023 $ — $ 22,854 Watercrest at Katy; 3.25% per annum Monthly principal and interest payments based on a 25-year amortization schedule 11/15/2024 20,668 21,228 Total fixed rate debt 20,668 44,082 Windsor Manor Communities; Mortgage Loan (2) Term SOFR + 0.10% + 2.50% per annum Monthly principal and interest payments based on a 25-year amortization schedule 2/28/2026 16,150 17,859 Total variable rate debt 16,150 17,859 Total mortgages and other notes payable $ 36,818 $ 61,941 _______________ FOOTNOTES: (1) Represents the initial maturity date (or, as applicable, the maturity date as extended). (2) This loan has two one-year extension options. |
Schedule of Future Principal Payments | The following is a schedule of future principal payments for the Company’s total indebtedness for the next five years and thereafter, in the aggregate, as of December 31, 2023 (in thousands): 2024 $ 20,968 2025 308 2026 563,542 2027 — 2028 — Thereafter — $ 584,818 |
Schedule of Fair Market Value and Carrying Value of Indebtedness | The following table provides the details of the fair market value and carrying value of the Company’s indebtedness as of December 31, 2023 and 2022 (in millions): December 31, 2023 December 31, 2022 Fair Carrying Fair Carrying Mortgages and other notes payable, net $ 36.8 $ 36.6 $ 60.8 $ 61.8 Credit facilities, net $ 548.0 $ 541.8 $ 548.0 $ 546.1 |
Related Party Arrangements (Tab
Related Party Arrangements (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Schedule of Expenses and Fees Incurred by and Reimbursable to Related Parties | The expenses and fees incurred by and reimbursable to the Company’s related parties, including amounts included in income from discontinued operations, for the years ended December 31, 2023, 2022 and 2021, and related amounts unpaid as of December 31, 2023 and 2022 are as follows (in thousands): Years Ended December 31, Unpaid amounts as of (1) 2023 2022 2021 December 31, December 31, Reimbursable expenses: Operating expenses (2) $ 2,721 $ 3,056 $ 2,972 $ 180 $ 238 2,721 3,056 2,972 180 238 Investment services fee (3) — 60 — — — Disposition fee (4) — 195 — — — Financing coordination fees (5) 6,163 — 1,500 — — Asset management fees 13,856 14,074 15,740 1,112 1,159 $ 22,740 $ 17,385 $ 20,212 $ 1,292 $ 1,397 _______________ FOOTNOTES: (1) Amounts are recorded as due to related parties in the accompanying consolidated balance sheets. (2) Amounts are recorded as general and administrative expenses in the accompanying consolidated statements of operations unless such amounts represent prepaid expenses, which are capitalized in the accompanying consolidated balance sheets. (3) For the year ended December 31, 2022, the Company incurred approximately $0.1 million in investment services fees, all of which was capitalized and included in real estate assets, net in the accompanying consolidated balance sheets. For the years ended December 31, 2023 and 2021, the Company did not incur any investment services fees. (4) Amounts are recorded as a reduction to gain on sale of real estate in the accompanying consolidated statements of operations. (5) For the year ended December 31, 2023, the Company incurred financing coordination fees of approximately $6.2 million, related to the refinancing of the Credit Facilities and a loan associated with certain operating properties, of which approximately $2.7 million was expensed in the accompanying consolidated statement of operations, approximately $3.5 million were capitalized as loan costs and reflected in other assets or in credit facilities in the accompanying consolidated balance sheets. For the year ended December 31, 2021, the Company incurred financing coordination fees of approximately $1.5 million, all of which were capitalized as loan costs and reflected in credit facilities in the accompanying consolidated balance sheets. The Company did not incur any financing coordination fees for the year ended December 31, 2022. |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of Equity Method Investment's, Interest Rate Caps and Corresponding Asset (Liability) and Gross and Net Presentation of Amounts | The following summarizes the terms of the Company's interest rate caps and swaps and the corresponding asset (liability) as of December 31, 2023 and 2022 (in thousands): Notional Amount (1) Strike Credit Spread (2) Trade Forward Maturity Fair Value Asset (Liability) as of December 31, 2023 2022 Caps $ 15,000 3.50 % 2.60 % 12/28/2022 12/28/2022 7/1/2023 $ — $ 99 $ 8,000 3.50 % 2.60 % 6/29/2023 7/3/2023 1/1/2024 $ — $ — $ 8,000 3.50 % 2.60 % 12/20/2023 1/2/2024 7/1/2024 $ 63 $ — Swaps $ 267,000 4.40 % 2.35 % 12/7/2023 12/1/2023 12/1/2025 $ (1,678) $ — $ 80,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (706) $ — $ 20,000 4.54 % 2.35 % 12/8/2023 12/1/2023 12/1/2025 $ (177) $ — _______________ FOOTNOTE: (1) Amounts related to the interest rate caps and swaps held by the Company are recorded at fair value and included in other assets or other liabilities in the accompanying consolidated balance sheets. (2) The all-in rates are equal to the sum of the Strike and Credit Spread detailed above. The following summarizes the gross and net presentation of amounts related to the Company’s derivative financial instruments as of December 31, 2023 and 2022 (in thousands): Gross and net amounts of asset (liability) Gross amounts as of December 31, 2023 as of December 31, 2023 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Caps $ 8,000 $ — $ — $ — $ — $ — $ — $ 8,000 $ 63 $ — $ 63 $ 63 $ — $ 63 Swaps $ 267,000 $ (1,678) $ — $ (1,678) $ (1,678) $ — $ (1,678) $ 80,000 $ (706) $ — $ (706) $ (706) $ — $ (706) $ 20,000 $ (177) $ — $ (177) $ (177) $ — $ (177) Gross and net amounts of asset (liability) Gross amounts As of December 31, 2022 as of December 31, 2022 Notional Amount Gross Amount Offset Amount Net Amount Financial Instruments Cash Collateral Net Amount Cap $ 15,000 $ 99 $ — $ 99 $ 99 $ — $ 99 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity [Abstract] | |
Schedule of Tax Composition of Distributions Declared | The tax composition of the Company’s distributions declared for the years ended December 31, 2023, 2022 and 2021 were as follows: Years Ended December 31, 2023 2022 2021 Ordinary income — % — % 43.82 % Return of capital 100.00 % 100.00 % 56.18 % |
Schedule of Effect of Derivative Financial Instruments | The following table reflects the effect of derivative financial instruments held by the Company, or its equity method investment, and included in the consolidated statements of comprehensive income (loss) for the years ended December 31, 2023, 2022 and 2021 (in thousands): Derivative financial instruments Gain (loss) recognized in other comprehensive loss on derivative financial instruments Location of gain (loss) reclassified into earnings Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings Years Ended December 31, Years Ended December 31, 2023 2022 2021 2023 2022 2021 Interest rate swaps $ (2,561) $ — $ — Interest expense and loan cost amortization $ — $ — $ — Interest rate caps 5 (26) 40 Interest expense and loan cost amortization (3,325) (82) (32) Interest rate cap held by unconsolidated joint venture — — 5 Equity in earnings of unconsolidated entity — — (5) Total $ (2,556) $ (26) $ 45 $ (3,325) $ (82) $ (37) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense | The components of the income tax expense for the years ended December 31, 2023, 2022 and 2021, excluding amounts related to discontinued operations, were as follows (in thousands): Years Ended December 31, 2023 2022 2021 Current: Federal $ (12) $ (10) $ (10) State (548) (530) (532) Total current expense (560) (540) (542) Deferred: Federal — — (3,379) State — — (253) Total deferred expense — — (3,632) Income tax expense $ (560) $ (540) $ (4,174) |
Schedule of Significant Components of Deferred Tax Assets | Significant components of the Company’s deferred tax assets as of December 31, 2023 and 2022 are as follows: 2023 2022 Carryforwards of net operating loss $ 20,895 $ 18,647 Other 931 1,044 Valuation allowance (21,826) (19,691) Deferred tax assets, net $ — $ — |
Schedule of Reconciliation of the Income Tax Expense Computed at the Statutory U.S. Federal Tax Rate on Income Before Income Taxes | A reconciliation of the income tax expense computed at the statutory U.S. federal tax rate on income before income taxes is as follows (in thousands): Years Ended December 31, 2023 2022 2021 Tax (expense) benefit computed at federal statutory rate $ 5,272 21.00 % $ (27) (21.00) % $ 3,923 21.00 % Impact of REIT election (3,893) (15.50) 5,714 4,465.61 1,575 8.43 State income tax expense net of federal benefit 196 0.78 630 492.27 706 3.78 Effect of change in valuation allowance (2,135) (8.51) (6,857) (5,358.79) (10,378) (55.55) Income tax expense $ (560) (2.23) % $ (540) (421.91) % $ (4,174) (22.34) % |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Risks and Uncertainties [Abstract] | |
Schedule of Geographical Concentration Accounting | For the years ended December 31, 2023, 2022 and 2021, the Company had a geographical concentration accounting for 10% or more of its total revenues, as follows: Type of Years Ended December 31, 2023 2022 2021 State of Texas (1) Geographical 21.2 % 20.6 % 21.3 % _______________ FOOTNOTE: (1) Includes rental income and related revenues and resident fees and services. Adverse economic developments in this geographical area could significantly impact the Company’s results of operations and cash flows from operations, which in turn would impact its ability to pay debt service and make distributions to stockholders. |
Organization (Details)
Organization (Details) | 12 Months Ended | |
Dec. 31, 2023 property State agreement | Dec. 31, 2017 property | |
MOB/Healthcare Portfolio | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Number of properties | 70 | |
Investment Portfolio | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Number of properties | 70 | |
Number of states | State | 26 | |
Number of seniors housing properties | 69 | |
Investment Portfolio | Vacant Land Parcel | ||
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items] | ||
Number of properties | agreement | 1 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2023 USD ($) reportable_segment segment | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Summary Of Significant Accounting Policies [Line Items] | |||
Accumulated amortization of loan costs | $ 1.2 | $ 8.9 | |
Annualized return of investment | 6% | ||
Number of operating segment | segment | 1 | ||
Number of reportable segment | reportable_segment | 1 | ||
Building | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Real estate assets, estimated useful life | 39 years | ||
Building Improvements | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Real estate assets, estimated useful life | 15 years | ||
Provider Relief Fund | COVID Nineteen | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Grant income received | $ 1 | $ 4.3 | $ 0.5 |
Revenue (Details)
Revenue (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) Facility | Dec. 31, 2022 USD ($) Facility | Dec. 31, 2021 USD ($) Facility | |
Disaggregation Of Revenue [Line Items] | |||
Number of units | Facility | 6,193 | 6,196 | 6,107 |
Revenues | $ | $ 314,560 | $ 295,799 | $ 265,321 |
Percentage of revenues (as a percent) | 100% | 100% | 100% |
Independent living | |||
Disaggregation Of Revenue [Line Items] | |||
Number of units | Facility | 2,222 | 2,223 | 2,243 |
Revenues | $ | $ 80,700 | $ 74,100 | $ 69,600 |
Percentage of revenues (as a percent) | 25.70% | 25% | 26.20% |
Assisted living | |||
Disaggregation Of Revenue [Line Items] | |||
Number of units | Facility | 3,039 | 3,041 | 2,960 |
Revenues | $ | $ 156,800 | $ 146,900 | $ 128,900 |
Percentage of revenues (as a percent) | 49.80% | 49.70% | 48.60% |
Memory care | |||
Disaggregation Of Revenue [Line Items] | |||
Number of units | Facility | 932 | 932 | 904 |
Revenues | $ | $ 61,500 | $ 60,600 | $ 53,200 |
Percentage of revenues (as a percent) | 19.50% | 20.50% | 20.10% |
Other revenues | |||
Disaggregation Of Revenue [Line Items] | |||
Number of units | Facility | 0 | 0 | 0 |
Revenues | $ | $ 15,600 | $ 14,200 | $ 13,600 |
Percentage of revenues (as a percent) | 5% | 4.80% | 5.10% |
Acquisition - Narrative (Detail
Acquisition - Narrative (Details) | 12 Months Ended | |||
Jan. 01, 2022 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) property | |
Asset Acquisition [Line Items] | ||||
Gain on change of control of a joint venture | $ 8,400,000 | $ 0 | $ 8,376,000 | $ 0 |
Windsor Manor Joint Venture | ||||
Asset Acquisition [Line Items] | ||||
Number of properties | property | 5 | |||
Percentage of ownership acquired | 25% | 75% | ||
Payments to acquire business | $ 3,300,000 | |||
Controlling interest in joint venture | 100% | |||
Goodwill | $ 0 |
Acquisition - Schedule of Fair
Acquisition - Schedule of Fair Market Value of the Assets and Liabilities Recorded as Part of the Acquisition, Adjusted on a Relative Fair Value Basis (Details) - Windsor Manor Joint Venture - USD ($) $ in Thousands | Jan. 01, 2022 | Dec. 31, 2021 |
Business Acquisition [Line Items] | ||
Equity method investment in unconsolidated joint venture | $ 4,737 | |
Percentage of ownership acquired | 25% | 75% |
Consideration paid for additional 25% interest in joint venture | $ 3,310 | |
Total equity method investment and consideration paid | 8,047 | |
Cash | 2,097 | |
Restricted cash | 79 | |
Prepaid and other assets | 64 | |
Real estate assets | 29,384 | |
Intangibles | 4,281 | |
Total assets acquired | 35,905 | |
Accounts payable and accrued expenses | (953) | |
Other liabilities | (61) | |
Mortgages and notes payable | (18,468) | |
Total liabilities assumed | (19,482) | |
Net assets acquired | $ 16,423 |
Real Estate Assets, net - Sched
Real Estate Assets, net - Schedule of Gross Carrying Amount and Accumulated Depreciation of Real Estate Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Real Estate [Abstract] | ||
Land and land improvements | $ 137,393 | $ 136,416 |
Building and building improvements | 1,502,579 | 1,495,552 |
Furniture, fixtures and equipment | 113,034 | 105,784 |
Less: accumulated depreciation | (473,869) | (424,314) |
Real estate investment properties, net | $ 1,279,137 | $ 1,313,438 |
Real Estate Assets, net - Narra
Real Estate Assets, net - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Real Estate [Line Items] | ||||
Gain on sale of property | $ 0 | $ 6,282 | $ 0 | |
Depreciation expense | $ 50,100 | $ 50,700 | $ 50,000 | |
Fieldstone Sale | ||||
Real Estate [Line Items] | ||||
Gain on sale of property | $ 6,300 | |||
Gain (loss) on sale of properties, attributable to stakeholders | 5,400 | |||
Disposition expense | $ 100 |
Intangibles, net - Narrative (D
Intangibles, net - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Jan. 01, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||||
Amortization expense on intangible assets | $ 1.1 | $ 3.5 | $ 0.4 | |
Windsor Manor Joint Venture | ||||
Finite-Lived Intangible Assets [Line Items] | ||||
Percentage of ownership acquired | 25% | 75% | ||
Finite-lived intangible asset, acquired-in-place leases | $ 4.3 | |||
Acquired finite-lived intangible assets, weighted average amortization period | 1 year 4 months 24 days |
Intangibles, net - Schedule of
Intangibles, net - Schedule of Gross Carrying Amount and Accumulated Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
In-place lease intangibles | $ 736 | $ 5,017 |
Less: accumulated amortization | (632) | (3,769) |
Intangible assets, net | 104 | 1,248 |
Fully amortized intangibles | $ 4,300 | $ 3,200 |
Intangibles, net - Schedule o_2
Intangibles, net - Schedule of Estimated Future Amortization (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 74 | |
2025 | 30 | |
2026 | 0 | |
2027 | 0 | |
2028 | 0 | |
Thereafter | 0 | |
Intangible assets, net | $ 104 | $ 1,248 |
Assets Held for Sale and Disc_2
Assets Held for Sale and Discontinued Operations (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Apr. 30, 2022 | Dec. 31, 2021 | |
Long Lived Assets Held For Sale [Line Items] | ||
Net sale proceeds | $ 8,300 | |
MOB/Healthcare Portfolio | ||
Long Lived Assets Held For Sale [Line Items] | ||
(Loss) income from discontinued operations | $ (10) | |
Hurst Specialty Hospital | ||
Long Lived Assets Held For Sale [Line Items] | ||
Impairments | $ 9,800 |
Held-to-Maturity Securities - S
Held-to-Maturity Securities - Schedule of Face Value and Carrying Value of Investments in Short Term Securities by Collateral Type (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Investments, Debt and Equity Securities [Abstract] | ||
Amortized Cost Basis | $ 0 | $ 24,360 |
Gross unrealized losses | 0 | (27) |
Fair Value | $ 0 | $ 24,333 |
Held-to-Maturity Securities - N
Held-to-Maturity Securities - Narrative (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Weighted average life remaining | 8 months |
Operating Leases - Narrative (D
Operating Leases - Narrative (Details) - Triple Net Lease Agreements $ in Millions | 12 Months Ended |
Dec. 31, 2023 USD ($) property tenant | |
Operating Leased Assets [Line Items] | |
Number of seniors housing properties | property | 15 |
Number of tenants | tenant | 2 |
Total annualized property tax | $ | $ 3.3 |
Weighted average remaining lease term | 3 years 8 months 12 days |
Extended lease period | 5 years |
Operating Leases - Schedule of
Operating Leases - Schedule of Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 27,521 |
2025 | 20,892 |
2026 | 9,287 |
2027 | 9,556 |
2028 | 9,843 |
Thereafter | 33,417 |
Operating leases future minimum payments receivable | $ 110,516 |
Variable Interest Entities - Na
Variable Interest Entities - Narrative (Details) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 USD ($) entity subsidiary | Dec. 31, 2022 subsidiary | |
Variable Interest Entity [Line Items] | ||
Number of VIEs with loss exposure | entity | 1 | |
Maximum exposure to loss VIEs limits | $ | $ 8.7 | |
Variable Interest Entity, Primary Beneficiary | Joint Ventures Real Estate Under Development Entities | ||
Variable Interest Entity [Line Items] | ||
Number of subsidiaries | subsidiary | 1 | 2 |
Variable Interest Entities - Sc
Variable Interest Entities - Schedule of Aggregate Carrying Amount and Major Classifications of Consolidated Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Assets: | ||
Real estate investment properties, net | $ 1,279,137 | $ 1,313,438 |
Cash | 54,097 | 69,504 |
Restricted cash | 1,791 | 4,070 |
Other assets | 19,127 | 36,868 |
Liabilities: | ||
Mortgages and other notes payable, net | 36,569 | 61,773 |
Accounts payable and accrued liabilities | 31,322 | 30,270 |
Variable Interest Entity | ||
Assets: | ||
Real estate investment properties, net | 30,041 | 30,906 |
Cash | 1,345 | 646 |
Restricted cash | 8 | 9 |
Other assets | 17 | 554 |
Liabilities: | ||
Mortgages and other notes payable, net | 20,622 | 21,142 |
Accounts payable and accrued liabilities | 1,411 | 533 |
Other liabilities | $ 216 | $ 91 |
Indebtedness - Schedule of Deta
Indebtedness - Schedule of Details of Indebtedness (Details) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 USD ($) property | Dec. 31, 2022 USD ($) property | Jan. 01, 2022 | Dec. 31, 2021 | |
Debt Instrument [Line Items] | ||||
Premium | $ 0 | $ 17 | ||
Total mortgages and other notes payable, net | 36,569 | 61,773 | ||
Credit facilities | 541,840 | 546,100 | ||
Total credit facilities, net | 541,840 | 546,100 | ||
Total indebtedness, net | $ 578,409 | $ 607,873 | ||
Number of collateralized properties owned | property | 6 | 7 | ||
Interest rate cap agreement | ||||
Debt Instrument [Line Items] | ||||
Notional Amount | $ 8,000 | $ 15,000 | ||
Interest Rate Contract | ||||
Debt Instrument [Line Items] | ||||
Notional Amount | $ 367,000 | $ 355,000 | ||
Secured Overnight Financing Rate (SOFR) | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate during period | 5.45% | 4.46% | ||
Windsor Manor Joint Venture | ||||
Debt Instrument [Line Items] | ||||
Percentage of ownership acquired | 25% | 75% | ||
Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facilities | $ 0 | $ 133,000 | ||
Current borrowing capacity | 52,000 | 117,000 | ||
Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Loan costs, net | (6,160) | (1,900) | ||
Credit facilities | 0 | 265,000 | ||
2021 Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facilities | 0 | 150,000 | ||
2023 Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facilities | 198,000 | 0 | ||
Aggregate maximum principal amount available for borrowing | 600,000 | 665,000 | ||
2023 Term Loan Facility | ||||
Debt Instrument [Line Items] | ||||
Credit facilities | 350,000 | 0 | ||
Fixed Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | 20,668 | 44,082 | ||
Variable Rate Debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages payable and other notes payable | 16,150 | 17,859 | ||
Mortgages payable and other notes payable | ||||
Debt Instrument [Line Items] | ||||
Loan costs, net | (249) | (185) | ||
Secured Debt | ||||
Debt Instrument [Line Items] | ||||
Mortgages and other notes payable carrying value of collateral | $ 51,000 | $ 92,700 |
Indebtedness - Schedule of Mort
Indebtedness - Schedule of Mortgages and Other Notes Payable (Details) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2023 USD ($) extensionOption | Dec. 31, 2023 USD ($) extensionOption | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | |||
Carrying Value | $ 584,818,000 | ||
Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | 20,668,000 | $ 44,082,000 | |
Variable Interest Rate Debt | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | 16,150,000 | 17,859,000 | |
Mortgages | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 16,100,000 | 36,818,000 | 61,941,000 |
Number of extension options | extensionOption | 2 | ||
Debt instrument, extension option | 1 year | ||
Mortgages | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Carrying Value | 20,668,000 | 44,082,000 | |
Mortgages | Variable Interest Rate Debt | |||
Debt Instrument [Line Items] | |||
Carrying Value | $ 16,150,000 | 17,859,000 | |
Mortgages | Watercrest at Mansfield; Mortgage Loan | |||
Debt Instrument [Line Items] | |||
Interest on loan accrues - fixed rate | 4.68% | ||
Periodic payment | $ 143,330 | ||
Maturity date | Jun. 01, 2023 | ||
Mortgages | Watercrest at Mansfield; Mortgage Loan | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | $ 0 | 22,854,000 | |
Mortgages | Watercrest at Katy; Mortgage Loan | |||
Debt Instrument [Line Items] | |||
Interest on loan accrues - fixed rate | 3.25% | ||
Principal and interest payments amortizable period | 25 years | ||
Maturity date | Nov. 15, 2024 | ||
Mortgages | Watercrest at Katy; Mortgage Loan | Fixed Rate Debt | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | $ 20,668,000 | 21,228,000 | |
Mortgages | Windsor Manor Communities | |||
Debt Instrument [Line Items] | |||
Interest on loan accrues - fixed rate | 250% | ||
Principal and interest payments amortizable period | 25 years | ||
Maturity date | Feb. 28, 2026 | ||
Number of extension options | extensionOption | 2 | ||
Debt instrument, extension option | 1 year | ||
Mortgages | Windsor Manor Communities | Variable Interest Rate Debt | |||
Debt Instrument [Line Items] | |||
Mortgages payable and other notes payable | $ 16,150,000 | $ 17,859,000 | |
(SOFR) | Mortgages | Windsor Manor Communities | |||
Debt Instrument [Line Items] | |||
Interest on loan accrues - variable rate | 10% |
Indebtedness - Narrative (Detai
Indebtedness - Narrative (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2023 USD ($) instrument | Jun. 30, 2023 USD ($) extensionOption | Mar. 31, 2023 USD ($) property | Jan. 31, 2023 USD ($) property | Dec. 31, 2023 USD ($) instrument | Dec. 31, 2022 USD ($) property | Dec. 31, 2021 USD ($) | Nov. 30, 2023 USD ($) | |
Debt Instrument [Line Items] | ||||||||
Principal payments | $ 25,284 | $ 46,294 | $ 247,753 | |||||
Carrying Value | $ 584,818 | 584,818 | ||||||
Credit facilities | $ 541,840 | 541,840 | 546,100 | |||||
Purchase of interest rate cap | $ 3,285 | 116 | $ 0 | |||||
Number of interest rate derivatives held | instrument | 2 | 2 | ||||||
Proceeds from interest rate cap | $ 3,200 | |||||||
Maximum allowable distributions as a percentage of adjusted FFO | 70% | |||||||
Interest Rate Cap Maturing December 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase of interest rate cap | $ 3,200 | |||||||
Number of interest rate derivatives held | instrument | 2 | 2 | ||||||
Notional Amount | $ 428,000 | $ 428,000 | ||||||
Strike rate (as a percent) | 3.50% | 3.50% | ||||||
Interest Rate Cap Maturing July 2024 | ||||||||
Debt Instrument [Line Items] | ||||||||
Purchase of interest rate cap | $ 100 | |||||||
Notional Amount | $ 8,000 | $ 8,000 | ||||||
Strike rate (as a percent) | 3.50% | 3.50% | ||||||
Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | $ 0 | $ 0 | 133,000 | |||||
2023 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | 350,000 | 350,000 | 0 | |||||
2023 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | 198,000 | 198,000 | 0 | |||||
Aggregate maximum principal amount available for borrowing | 600,000 | 600,000 | 665,000 | |||||
Unsecured Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Principal payments | 45,000 | |||||||
Mortgages | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 22,800 | |||||||
Number of properties | property | 1 | |||||||
Carrying Value | 36,818 | $ 16,100 | 36,818 | 61,941 | ||||
Number of extension options | extensionOption | 2 | |||||||
Debt instrument, extension option | 1 year | |||||||
Mortgages | Advisor | ||||||||
Debt Instrument [Line Items] | ||||||||
Financing coordination fee | 200 | |||||||
Mortgages | Scheduled Principal Payments | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | 1,100 | $ 1,800 | ||||||
Mortgages | Unscheduled Principal Payments | ||||||||
Debt Instrument [Line Items] | ||||||||
Repayments of debt | $ 1,400 | |||||||
Number of properties | property | 5 | |||||||
Secured Debt | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties | property | 5 | |||||||
Fair Value | 16,200 | 16,200 | ||||||
Refinanced amount | $ 44,500 | |||||||
Secured Debt | Interest Rate Cap Maturing December 2023 | ||||||||
Debt Instrument [Line Items] | ||||||||
Fair Value | $ 16,300 | |||||||
Credit Facilities | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of properties | property | 5 | |||||||
Credit Facilities | Advisor | ||||||||
Debt Instrument [Line Items] | ||||||||
Financing coordination fee | 6,000 | |||||||
Credit Facilities | Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Credit facilities | 548,000 | $ 548,000 | ||||||
Line of credit facility, extension term | 1 year | 1 year | ||||||
Aggregate maximum principal amount available for borrowing | 600,000 | $ 600,000 | $ 665,000 | |||||
Credit Facilities | Revolving Credit Facility | Secured Overnight Financing Rate (SOFR) | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest on loan accrues - variable rate | 1,000% | |||||||
Credit Facilities | Revolving Credit Facility | SOFR Applicable Margin | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest on loan accrues - variable rate | 22,500% | |||||||
Credit Facilities | 2023 Term Loan Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, face amount | 350,000 | $ 350,000 | ||||||
Credit Facilities | 2023 Revolving Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Aggregate maximum principal amount available for borrowing | $ 250,000 | $ 250,000 | ||||||
Line of credit, usage, threshold | 50% | 50% | ||||||
Credit Facilities | 2023 Revolving Credit Facility | Triggering Event One | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused portion of the commitment amount (as a percent) | 0.20% | |||||||
Credit Facilities | 2023 Revolving Credit Facility | Triggering Event Two | ||||||||
Debt Instrument [Line Items] | ||||||||
Unused portion of the commitment amount (as a percent) | 0.15% | |||||||
Credit Facilities | Unsecured Credit Facility | ||||||||
Debt Instrument [Line Items] | ||||||||
Swap agreement term | 2 years | |||||||
Weighted average swap price (as a percent) | 440% | 440% |
Indebtedness - Schedule of Futu
Indebtedness - Schedule of Future Principal Payments (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
Debt Disclosure [Abstract] | |
2024 | $ 20,968 |
2025 | 308 |
2026 | 563,542 |
2027 | 0 |
2028 | 0 |
Thereafter | 0 |
Long-term debt | $ 584,818 |
Indebtedness - Schedule of Fair
Indebtedness - Schedule of Fair Market Value and Carrying Value of Indebtedness (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Debt Instrument [Line Items] | ||
Carrying Value | $ 584,818 | |
Credit facilities, net | ||
Debt Instrument [Line Items] | ||
Fair Value | 548,000 | $ 548,000 |
Carrying Value | 541,800 | 546,100 |
Mortgages and other notes payable, net | ||
Debt Instrument [Line Items] | ||
Fair Value | 36,800 | 60,800 |
Carrying Value | $ 36,600 | $ 61,800 |
Related Party Arrangements - Na
Related Party Arrangements - Narrative (Details) shares in Millions | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2023 | May 31, 2021 | Apr. 30, 2021 | Dec. 31, 2023 USD ($) shares | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Related Party Transaction [Line Items] | ||||||
Annualized return of investment | 6% | |||||
Investment services fees | $ 0 | $ 0 | $ 0 | |||
Cash paid to stockholders | 17,813,000 | 17,814,000 | 35,627,000 | |||
Restricted Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Cash paid to stockholders | 136,000 | 136,000 | 273,000 | |||
CNL Capital Markets Corp | ||||||
Related Party Transaction [Line Items] | ||||||
Investment services fees | $ 900,000 | $ 900,000 | $ 900,000 | |||
Related Party | ||||||
Related Party Transaction [Line Items] | ||||||
Investment service fee as percentage of purchase price of properties | 1.85% | |||||
Financing coordination fee as percentage of gross amount of refinancing | 1% | |||||
Percentage of asset management fee | 0.80% | 1% | ||||
Advisory agreement, term | 2 years | |||||
Percentage of asset management fee, subordinated | 0.0005 | |||||
Property disposition fee payable as percentage equals to gross market capitalization upon listing on national securities exchange | 0.80% | 1% | ||||
Property disposition fee payable as percentage equals to gross sales price | 6% | |||||
Annualized return of investment | 6% | |||||
Operating expenses reimbursement percentage of average investment in assets | 2% | |||||
Operating expenses reimbursement percentage of net income | 25% | |||||
Annualized return of investment | 6% | |||||
Expense Support Agreements | Restricted Stock | ||||||
Related Party Transaction [Line Items] | ||||||
Restricted stock fair value | $ 13,600,000 | |||||
Restricted Stock shares | shares | 1.3 |
Related Party Arrangements - Sc
Related Party Arrangements - Schedule of Expenses and Fees Incurred by and Reimbursable to Related Parties (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Line of Credit Facility [Line Items] | |||
Financing coordination fees | $ 2,671,000 | $ 0 | $ 0 |
Total reimbursable expenses, net | 22,740,000 | 17,385,000 | 20,212,000 |
Asset management fees | |||
Line of Credit Facility [Line Items] | |||
Asset management fees | 13,856,000 | 14,074,000 | 15,733,000 |
Related Party | |||
Line of Credit Facility [Line Items] | |||
Operating expenses | 2,721,000 | 3,056,000 | 2,972,000 |
Total reimbursable expenses | 2,721,000 | 3,056,000 | 2,972,000 |
Investment services fees | 0 | 60,000 | 0 |
Disposition fee | 0 | 195,000 | 0 |
Financing coordination fees | 6,163,000 | 0 | 1,500,000 |
Other liabilities/Due to related parties | 1,292,000 | 1,397,000 | |
Investment services fees | 0 | 100,000 | 0 |
Financing coordination fees, capitalized | 3,500,000 | 1,500,000 | |
Related Party | Reimbursable Operating Expenses | |||
Line of Credit Facility [Line Items] | |||
Other liabilities/Due to related parties | 180,000 | 238,000 | |
Related Party | Reimbursable Expenses | |||
Line of Credit Facility [Line Items] | |||
Other liabilities/Due to related parties | 180,000 | 238,000 | |
Related Party | Investment Services Fee | |||
Line of Credit Facility [Line Items] | |||
Other liabilities/Due to related parties | 0 | 0 | |
Related Party | Disposition Fee | |||
Line of Credit Facility [Line Items] | |||
Other liabilities/Due to related parties | 0 | 0 | |
Related Party | Financing Coodination Fee | |||
Line of Credit Facility [Line Items] | |||
Other liabilities/Due to related parties | 0 | 0 | |
Related Party | Asset Management Fee | |||
Line of Credit Facility [Line Items] | |||
Other liabilities/Due to related parties | 1,112,000 | 1,159,000 | |
Related Party | Asset management fees | |||
Line of Credit Facility [Line Items] | |||
Asset management fees | $ 13,856,000 | $ 14,074,000 | $ 15,740,000 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Schedule of Equity Method Investment's, Interest Rate Caps and Corresponding Asset (Liability) (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Interest Rate Cap One | ||
Derivative [Line Items] | ||
Notional Amount | $ 15,000 | $ 15,000 |
Strike | 3.50% | |
Credit spread | 2.60% | |
Trade | Dec. 28, 2022 | |
Forward | Dec. 28, 2022 | |
Maturity Date | Jul. 01, 2023 | |
Fair value asset (liability) | $ 0 | 99 |
Interest Rate Cap Two | ||
Derivative [Line Items] | ||
Notional Amount | $ 8,000 | |
Strike | 3.50% | |
Credit spread | 2.60% | |
Trade | Jun. 29, 2023 | |
Forward | Jul. 03, 2023 | |
Maturity Date | Jan. 01, 2024 | |
Fair value asset (liability) | $ 0 | 0 |
Interest Rate Cap Three | ||
Derivative [Line Items] | ||
Notional Amount | $ 8,000 | |
Strike | 3.50% | |
Credit spread | 2.60% | |
Trade | Dec. 20, 2023 | |
Forward | Jan. 02, 2024 | |
Maturity Date | Jul. 01, 2024 | |
Fair value asset (liability) | $ 63 | 0 |
Interest Rate Swap One | ||
Derivative [Line Items] | ||
Notional Amount | $ 267,000 | |
Strike | 4.40% | |
Credit spread | 2.35% | |
Trade | Dec. 07, 2023 | |
Forward | Dec. 01, 2023 | |
Maturity Date | Dec. 01, 2025 | |
Fair value asset (liability) | $ (1,678) | 0 |
Interest Rate Swap Two | ||
Derivative [Line Items] | ||
Notional Amount | $ 80,000 | |
Strike | 4.54% | |
Credit spread | 2.35% | |
Trade | Dec. 08, 2023 | |
Forward | Dec. 01, 2023 | |
Maturity Date | Dec. 01, 2025 | |
Fair value asset (liability) | $ (706) | 0 |
Interest Rate Swap Three | ||
Derivative [Line Items] | ||
Notional Amount | $ 20,000 | |
Strike | 4.54% | |
Credit spread | 2.35% | |
Trade | Dec. 08, 2023 | |
Forward | Dec. 01, 2023 | |
Maturity Date | Dec. 01, 2025 | |
Fair value asset (liability) | $ (177) | $ 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Schedule of Gross and Net Presentation of Amounts (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Derivative Financial Instruments One | ||
Derivative [Line Items] | ||
Notional Amount | $ 15,000 | $ 15,000 |
Derivative Asset [Abstract] | ||
Gross Amount | 99 | |
Offset Amount | 0 | |
Net Amount | 99 | |
Financial Instruments | 99 | |
Cash Collateral | 0 | |
Net Amount | $ 99 | |
Derivative Financial Instruments Two | ||
Derivative [Line Items] | ||
Notional Amount | 8,000 | |
Derivative Asset [Abstract] | ||
Gross Amount | 0 | |
Offset Amount | 0 | |
Net Amount | 0 | |
Financial Instruments | 0 | |
Cash Collateral | 0 | |
Net Amount | 0 | |
Derivative Financial Instruments Three | ||
Derivative [Line Items] | ||
Notional Amount | 267,000 | |
Derivative Liability [Abstract] | ||
Gross Amount | (1,678) | |
Offset Amount | 0 | |
Net Amount | (1,678) | |
Financial Instruments | (1,678) | |
Cash Collateral | 0 | |
Net Amount | (1,678) | |
Derivative Financial Instruments Four | ||
Derivative [Line Items] | ||
Notional Amount | 80,000 | |
Derivative Liability [Abstract] | ||
Gross Amount | (706) | |
Offset Amount | 0 | |
Net Amount | (706) | |
Financial Instruments | (706) | |
Cash Collateral | 0 | |
Net Amount | (706) | |
Derivative Financial Instruments Five | ||
Derivative [Line Items] | ||
Notional Amount | 20,000 | |
Derivative Liability [Abstract] | ||
Gross Amount | (177) | |
Offset Amount | 0 | |
Net Amount | (177) | |
Financial Instruments | (177) | |
Cash Collateral | 0 | |
Net Amount | (177) | |
Interest Rate Cap Three | ||
Derivative [Line Items] | ||
Notional Amount | 8,000 | |
Derivative Asset [Abstract] | ||
Gross Amount | 63 | |
Offset Amount | 0 | |
Net Amount | 63 | |
Financial Instruments | 63 | |
Cash Collateral | 0 | |
Net Amount | $ 63 |
Equity - Narrative (Details)
Equity - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Mar. 31, 2022 | Feb. 28, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||||
Distribution rate (in dollars per share) | $ 0.0256 | $ 0.0512 | |||
Cash distribution declared | $ 17,813 | $ 17,814 | $ 35,627 |
Equity - Schedule of Tax Compos
Equity - Schedule of Tax Composition of Distributions Declared (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | |||
Ordinary income | 0% | 0% | 43.82% |
Return of capital | 100% | 100% | 56.18% |
Equity - Schedule of Effect of
Equity - Schedule of Effect of Derivative Financial Instruments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | $ (2,556) | $ (26) | $ 45 |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | (3,325) | (82) | (37) |
Interest rate swaps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | (2,561) | 0 | 0 |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | 0 | 0 | 0 |
Interest rate caps | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | 5 | (26) | 40 |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | (3,325) | (82) | (32) |
Interest rate cap held by unconsolidated joint venture | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (loss) recognized in other comprehensive loss on derivative financial instruments | 0 | 0 | 5 |
Gain (loss) reclassified from accumulated other comprehensive income (loss) into earnings | $ 0 | $ 0 | $ (5) |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current: | |||
Federal | $ (12) | $ (10) | $ (10) |
State | (548) | (530) | (532) |
Total current expense | (560) | (540) | (542) |
Deferred: | |||
Federal | 0 | 0 | (3,379) |
State | 0 | 0 | (253) |
Total deferred expense | 0 | 0 | (3,632) |
Income tax expense | $ (560) | $ (540) | $ (4,174) |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Income Tax Disclosure [Abstract] | ||
Carryforwards of net operating loss | $ 20,895 | $ 18,647 |
Other | 931 | 1,044 |
Valuation allowance | (21,826) | (19,691) |
Deferred tax assets, net | $ 0 | $ 0 |
Income Taxes - Schedule of Reco
Income Taxes - Schedule of Reconciliation of the Income Tax Expense Computed at the Statutory U.S. Federal Tax Rate on Income Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Tax (expense) benefit computed at federal statutory rate | $ 5,272 | $ (27) | $ 3,923 |
Impact of REIT election | (3,893) | 5,714 | 1,575 |
State income tax expense net of federal benefit | 196 | 630 | 706 |
Effect of change in valuation allowance | (2,135) | (6,857) | (10,378) |
Income tax expense | $ (560) | $ (540) | $ (4,174) |
Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
Tax (expense) benefit computed at federal statutory rate | 21% | 21% | 21% |
Impact of REIT election | (15.50%) | (4465.61%) | 8.43% |
State income tax expense net of federal benefit | 0.78% | (492.27%) | 3.78% |
Effect of change in valuation allowance | (8.51%) | 5,358.79% | (55.55%) |
Income tax expense | (2.23%) | 421.91% | (22.34%) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Examination [Line Items] | ||
Net operating loss carryforwards for federal and state | $ 78.3 | $ 70.8 |
Operating loss carry forwards indefinite carry forward | $ 64.4 | |
Tax year subject to examination | 2020 | |
Domestic Tax Authority | ||
Income Tax Examination [Line Items] | ||
Net operating loss carryforwards, beginning of expiration year | 2032 |
Commitments and Contingencies (
Commitments and Contingencies (Details) shares in Millions | 12 Months Ended |
Dec. 31, 2023 shares | |
Advisor Expense Support Agreement | Restricted Stock | |
Commitments And Contingencies [Line Items] | |
Contingently issuable restricted stock shares | 1.3 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Geographical | Total Revenue | State of Texas | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 21.20% | 20.60% | 21.30% |
SCHEDULE II _ VALUATION AND Q_2
SCHEDULE II – VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ (21,294) | $ (14,972) | $ (4,487) |
Charged to Costs and Expenses | (2,949) | (7,772) | (11,646) |
Charged to Other Accounts | 1,514 | 1,450 | 1,161 |
Balance at End of Year | (22,729) | (21,294) | (14,972) |
Deferred tax asset valuation allowance | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | (19,691) | (11,832) | (1,464) |
Charged to Costs and Expenses | (2,135) | (6,870) | (10,368) |
Charged to Other Accounts | 0 | (989) | 0 |
Balance at End of Year | (21,826) | (19,691) | (11,832) |
Allowance for credit losses | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | (1,603) | (3,140) | (3,023) |
Charged to Costs and Expenses | (814) | (902) | (1,278) |
Charged to Other Accounts | 1,514 | 2,439 | 1,161 |
Balance at End of Year | $ (903) | $ (1,603) | $ (3,140) |
SCHEDULE III _ REAL ESTATE AN_2
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 36,818 | |||
Initial Costs, Land & Land Improvements | 123,155 | |||
Initial Costs, Building and Building Improvements | 1,267,517 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 14,238 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 235,062 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 137,393 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 1,502,579 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 1,639,972 | $ 1,631,968 | $ 1,630,482 | $ 1,640,534 |
Accumulated Depreciation | (381,570) | $ (338,350) | $ (303,767) | $ (262,394) |
Primrose Retirement Community of Casper Casper, Wyoming | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | 0 | |||
Initial Costs, Land & Land Improvements | 1,910 | |||
Initial Costs, Building and Building Improvements | 16,310 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 61 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 364 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,971 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 16,674 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 18,645 | |||
Accumulated Depreciation | $ (5,278) | |||
Date of Construction | 2004 | |||
Date Acquired | Feb. 16, 2012 | |||
Primrose Retirement Community of Grand Island Grand Island, Nebraska | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 719 | |||
Initial Costs, Building and Building Improvements | 12,140 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 83 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 802 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 12,140 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,942 | |||
Accumulated Depreciation | $ (3,993) | |||
Date of Construction | 2005 | |||
Date Acquired | Feb. 16, 2012 | |||
Primrose Retirement Community of Mansfield Mansfield, Ohio | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 650 | |||
Initial Costs, Building and Building Improvements | 16,720 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 230 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 83 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 880 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 16,803 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,683 | |||
Accumulated Depreciation | $ (5,562) | |||
Date of Construction | 2007 | |||
Date Acquired | Feb. 16, 2012 | |||
Primrose Retirement Community of Marion Marion, Ohio | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 889 | |||
Initial Costs, Building and Building Improvements | 16,305 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 126 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 18 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,015 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 16,323 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,338 | |||
Accumulated Depreciation | $ (5,281) | |||
Date of Construction | 2006 | |||
Date Acquired | Feb. 16, 2012 | |||
Sweetwater Retirement Community Billings, Montana | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,578 | |||
Initial Costs, Building and Building Improvements | 14,205 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 20 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 34 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,598 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 14,239 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,837 | |||
Accumulated Depreciation | $ (4,480) | |||
Date of Construction | 2006 | |||
Date Acquired | Feb. 16, 2012 | |||
HarborChase of Villages Crossing Lady Lake, Florida ("The Villages") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,165 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 1,036 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 15,573 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 3,201 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 15,573 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 18,774 | |||
Accumulated Depreciation | $ (4,248) | |||
Date of Construction | 2013 | |||
Date Acquired | Aug. 29, 2012 | |||
Primrose Retirement Community Cottages Aberdeen, South Dakota | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 311 | |||
Initial Costs, Building and Building Improvements | 3,794 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 6 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 311 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 3,800 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 4,111 | |||
Accumulated Depreciation | $ (1,158) | |||
Date of Construction | 2005 | |||
Date Acquired | Dec. 19, 2012 | |||
Primrose Retirement Community of Council Bluffs Council Bluffs, Iowa (“Omaha”) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,144 | |||
Initial Costs, Building and Building Improvements | 11,117 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 60 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 20 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,204 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 11,137 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,341 | |||
Accumulated Depreciation | $ (3,497) | |||
Date of Construction | 2008 | |||
Date Acquired | Dec. 19, 2012 | |||
Primrose Retirement Community of Decatur Decatur, Illinois | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 513 | |||
Initial Costs, Building and Building Improvements | 16,706 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 105 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 188 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 618 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 16,894 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,512 | |||
Accumulated Depreciation | $ (5,080) | |||
Date of Construction | 2009 | |||
Date Acquired | Dec. 19, 2012 | |||
Primrose Retirement Community of Lima Lima, Ohio | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 944 | |||
Initial Costs, Building and Building Improvements | 17,115 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 8 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 26 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 952 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 17,141 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 18,093 | |||
Accumulated Depreciation | $ (5,130) | |||
Date of Construction | 2006 | |||
Date Acquired | Dec. 19, 2012 | |||
Primrose Retirement Community of Zanesville Zanesville, Ohio | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,184 | |||
Initial Costs, Building and Building Improvements | 17,292 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 95 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,184 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 17,387 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 18,571 | |||
Accumulated Depreciation | $ (5,214) | |||
Date of Construction | 2008 | |||
Date Acquired | Dec. 19, 2012 | |||
Capital Health of Symphony Manor Baltimore, Maryland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,319 | |||
Initial Costs, Building and Building Improvements | 19,444 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 7 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 323 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,326 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 19,767 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,093 | |||
Accumulated Depreciation | $ (5,822) | |||
Date of Construction | 2011 | |||
Date Acquired | Dec. 21, 2012 | |||
Curry House Assisted Living & Memory Care Cadillac, Michigan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 995 | |||
Initial Costs, Building and Building Improvements | 11,072 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 45 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 466 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,040 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 11,538 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,578 | |||
Accumulated Depreciation | $ (3,342) | |||
Date of Construction | 1966 | |||
Date Acquired | Dec. 21, 2012 | |||
Tranquillity at Fredericktowne Frederick, Maryland | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 808 | |||
Initial Costs, Building and Building Improvements | 14,291 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 41 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 6,723 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 849 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 21,014 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,863 | |||
Accumulated Depreciation | $ (6,714) | |||
Date of Construction | 2000 | |||
Date Acquired | Dec. 21, 2012 | |||
Brookridge Heights Assisted Living & Memory Care Marquette, Michigan | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 595 | |||
Initial Costs, Building and Building Improvements | 11,339 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 137 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 5,230 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 732 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 16,569 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 17,301 | |||
Accumulated Depreciation | $ (5,462) | |||
Date of Construction | 1998 | |||
Date Acquired | Dec. 21, 2012 | |||
Woodholme Gardens Assisted Living & Memory Care Pikesville, Maryland (“Baltimore”) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,603 | |||
Initial Costs, Building and Building Improvements | 13,472 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 65 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 121 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,668 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 13,593 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,261 | |||
Accumulated Depreciation | $ (4,052) | |||
Date of Construction | 2010 | |||
Date Acquired | Dec. 21, 2012 | |||
HarborChase of Jasper Jasper, Alabama | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 355 | |||
Initial Costs, Building and Building Improvements | 6,358 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 23 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 96 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 378 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 6,454 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 6,832 | |||
Accumulated Depreciation | $ (1,788) | |||
Date of Construction | 1998 | |||
Date Acquired | Jul. 31, 2013 | |||
Raider Ranch Lubbock, Texas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 4,992 | |||
Initial Costs, Building and Building Improvements | 48,818 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 793 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 13,679 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 5,785 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 62,497 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 68,282 | |||
Accumulated Depreciation | $ (16,368) | |||
Date of Construction | 2009 | |||
Date Acquired | Aug. 29, 2013 | |||
Town Village Oklahoma City, Oklahoma | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,020 | |||
Initial Costs, Building and Building Improvements | 19,847 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 185 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 1,863 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,205 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 21,710 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,915 | |||
Accumulated Depreciation | $ (6,107) | |||
Date of Construction | 2004 | |||
Date Acquired | Aug. 29, 2013 | |||
Prestige Senior Living Beaverton Hills Beaverton, Oregon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,387 | |||
Initial Costs, Building and Building Improvements | 10,324 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 13 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 91 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,400 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 10,415 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 11,815 | |||
Accumulated Depreciation | $ (2,818) | |||
Date of Construction | 2000 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living High Desert Bend, Oregon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 835 | |||
Initial Costs, Building and Building Improvements | 11,252 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 17 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 430 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 852 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 11,682 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 12,534 | |||
Accumulated Depreciation | $ (3,251) | |||
Date of Construction | 2003 | |||
Date Acquired | Dec. 02, 2013 | |||
MorningStar of Billings Billings, Montana | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 4,067 | |||
Initial Costs, Building and Building Improvements | 41,373 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 84 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 641 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 4,151 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 42,014 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 46,165 | |||
Accumulated Depreciation | $ (11,994) | |||
Date of Construction | 2009 | |||
Date Acquired | Dec. 02, 2013 | |||
MorningStar of Boise Boise, Idaho | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,663 | |||
Initial Costs, Building and Building Improvements | 35,752 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 309 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 372 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,972 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 36,124 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 38,096 | |||
Accumulated Depreciation | $ (9,791) | |||
Date of Construction | 2007 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living Huntington Terrace Gresham, Oregon (“Portland”) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,236 | |||
Initial Costs, Building and Building Improvements | 12,083 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 2 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 485 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,238 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 12,568 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 13,806 | |||
Accumulated Depreciation | $ (3,378) | |||
Date of Construction | 2000 | |||
Date Acquired | Dec. 02, 2013 | |||
MorningStar of Idaho Falls Idaho Falls, Idaho | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,006 | |||
Initial Costs, Building and Building Improvements | 40,397 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 141 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 443 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,147 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 40,840 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 42,987 | |||
Accumulated Depreciation | $ (11,260) | |||
Date of Construction | 2009 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living Arbor Place Medford, Oregon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 355 | |||
Initial Costs, Building and Building Improvements | 14,083 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 17 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 939 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 372 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 15,022 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,394 | |||
Accumulated Depreciation | $ (3,930) | |||
Date of Construction | 2003 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living Orchard Hills Salem, Oregon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 545 | |||
Initial Costs, Building and Building Improvements | 15,544 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 134 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 288 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 679 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 15,832 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 16,511 | |||
Accumulated Depreciation | $ (4,225) | |||
Date of Construction | 2002 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living Southern Hills Salem, Oregon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 653 | |||
Initial Costs, Building and Building Improvements | 10,753 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 55 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 193 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 708 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 10,946 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 11,654 | |||
Accumulated Depreciation | $ (2,961) | |||
Date of Construction | 2001 | |||
Date Acquired | Dec. 02, 2013 | |||
MorningStar of Sparks Sparks, Nevada | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 3,986 | |||
Initial Costs, Building and Building Improvements | 47,968 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 16 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 1,194 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 4,002 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 49,162 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 53,164 | |||
Accumulated Depreciation | $ (13,427) | |||
Date of Construction | 2009 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living Five Rivers Tillamook, Oregon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,298 | |||
Initial Costs, Building and Building Improvements | 14,064 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 18 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 575 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,316 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 14,639 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,955 | |||
Accumulated Depreciation | $ (4,131) | |||
Date of Construction | 2002 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living Riverwood Tualatin, Oregon (“Portland”) | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,028 | |||
Initial Costs, Building and Building Improvements | 7,429 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 12 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 238 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,040 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 7,667 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 8,707 | |||
Accumulated Depreciation | $ (2,140) | |||
Date of Construction | 1999 | |||
Date Acquired | Dec. 02, 2013 | |||
Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,537 | |||
Initial Costs, Building and Building Improvements | 17,261 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 214 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 1,626 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,751 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 18,887 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 21,638 | |||
Accumulated Depreciation | $ (4,981) | |||
Date Acquired | Feb. 03, 2014 | |||
Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2003 | |||
Prestige Senior Living Auburn Meadows Auburn, Washington ("Seattle") | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2010 | |||
Prestige Senior Living Bridgewood Vancouver, Washington ("Portland") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,603 | |||
Initial Costs, Building and Building Improvements | 18,172 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 10 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 727 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,613 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 18,899 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,512 | |||
Accumulated Depreciation | $ (4,893) | |||
Date of Construction | 2001 | |||
Date Acquired | Feb. 03, 2014 | |||
Prestige Senior Living Monticello Park Longview, Washington | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,981 | |||
Initial Costs, Building and Building Improvements | 23,056 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 1 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 552 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,982 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 23,608 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,590 | |||
Accumulated Depreciation | $ (6,111) | |||
Date Acquired | Feb. 03, 2014 | |||
Prestige Senior Living Monticello Park Longview, Washington | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2001 | |||
Prestige Senior Living Monticello Park Longview, Washington | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2010 | |||
Prestige Senior Living Rosemont Yelm, Washington | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 668 | |||
Initial Costs, Building and Building Improvements | 14,564 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 14 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 719 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 682 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 15,283 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,965 | |||
Accumulated Depreciation | $ (3,881) | |||
Date of Construction | 2004 | |||
Date Acquired | Feb. 03, 2014 | |||
Wellmore of Tega Cay Tega Cay, South Carolina ("Charlotte") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,445 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 2,760 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 23,497 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 5,205 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 23,497 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 28,702 | |||
Accumulated Depreciation | $ (6,671) | |||
Date of Construction | 2015 | |||
Date Acquired | Feb. 07, 2014 | |||
Isle at Cedar Ridge Cedar Park, Texas ("Austin") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,525 | |||
Initial Costs, Building and Building Improvements | 16,277 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 833 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,525 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 17,110 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 18,635 | |||
Accumulated Depreciation | $ (4,663) | |||
Date of Construction | 2011 | |||
Date Acquired | Feb. 28, 2014 | |||
Prestige Senior Living West Hills Corvallis, Oregon | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 842 | |||
Initial Costs, Building and Building Improvements | 12,603 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 11 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 778 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 853 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 13,381 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 14,234 | |||
Accumulated Depreciation | $ (3,535) | |||
Date of Construction | 2002 | |||
Date Acquired | Mar. 03, 2014 | |||
HarborChase of Plainfield Plainfield, Illinois | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,596 | |||
Initial Costs, Building and Building Improvements | 21,832 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 160 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 351 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,756 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 22,183 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,939 | |||
Accumulated Depreciation | $ (5,844) | |||
Date of Construction | 2010 | |||
Date Acquired | Mar. 28, 2014 | |||
Legacy Ranch Alzheimer's Special Care Center Midland, Texas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 917 | |||
Initial Costs, Building and Building Improvements | 9,982 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 34 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 219 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 951 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 10,201 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 11,152 | |||
Accumulated Depreciation | $ (2,719) | |||
Date of Construction | 2012 | |||
Date Acquired | Mar. 28, 2014 | |||
The Springs Alzheimer's Special Care Center San Angelo, Texas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 595 | |||
Initial Costs, Building and Building Improvements | 9,658 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 9 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 206 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 604 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 9,864 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 10,468 | |||
Accumulated Depreciation | $ (2,650) | |||
Date of Construction | 2012 | |||
Date Acquired | Mar. 28, 2014 | |||
Isle at Watercrest - Bryan Bryan, Texas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 3,223 | |||
Initial Costs, Building and Building Improvements | 40,581 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 70 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 3,037 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 3,293 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 43,618 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 46,911 | |||
Accumulated Depreciation | $ (11,671) | |||
Date of Construction | 2011 | |||
Date Acquired | Apr. 21, 2014 | |||
Isle at Watercrest - Mansfield Mansfield, Texas ("Dallas/Fort Worth") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 997 | |||
Initial Costs, Building and Building Improvements | 24,635 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 4 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 478 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,001 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 25,113 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 26,114 | |||
Accumulated Depreciation | $ (6,398) | |||
Date of Construction | 2011 | |||
Date Acquired | May 05, 2014 | |||
Watercrest at Katy Katy, Texas ("Houston") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 20,668 | |||
Initial Costs, Land & Land Improvements | 4,000 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 140 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 33,998 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 4,140 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 33,998 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 38,138 | |||
Accumulated Depreciation | $ (6,507) | |||
Date of Construction | 2016 | |||
Date Acquired | Jun. 27, 2014 | |||
Watercrest at Mansfield Mansfield, Texas ("Dallas/Fort Worth") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,191 | |||
Initial Costs, Building and Building Improvements | 42,740 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 49 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 1,009 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,240 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 43,749 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 45,989 | |||
Accumulated Depreciation | $ (11,214) | |||
Date of Construction | 2010 | |||
Date Acquired | Jun. 30, 2014 | |||
HarborChase of Shorewood Shorewood, Wisconsin ("Milwaukee") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,200 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 304 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 19,890 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,504 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 19,890 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,394 | |||
Accumulated Depreciation | $ (4,280) | |||
Date of Construction | 2015 | |||
Date Acquired | Jul. 08, 2014 | |||
Fairfield Village of Layton Layton, Utah ("Salt Lake City") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 5,217 | |||
Initial Costs, Building and Building Improvements | 54,167 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 374 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 761 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 5,591 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 54,928 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 60,519 | |||
Accumulated Depreciation | $ (14,144) | |||
Date of Construction | 2010 | |||
Date Acquired | Nov. 20, 2014 | |||
Primrose Retirement Center of Anderson Anderson, Indiana ("Muncie") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,342 | |||
Initial Costs, Building and Building Improvements | 19,083 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 4 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 33 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,346 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 19,116 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 20,462 | |||
Accumulated Depreciation | $ (4,635) | |||
Date of Construction | 2008 | |||
Date Acquired | May 29, 2015 | |||
Primrose Retirement Center of Lancaster Lancaster, Ohio ("Columbus") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,840 | |||
Initial Costs, Building and Building Improvements | 21,884 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 51 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 362 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,891 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 22,246 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,137 | |||
Accumulated Depreciation | $ (5,887) | |||
Date of Construction | 2007 | |||
Date Acquired | May 29, 2015 | |||
Primrose Retirement Center of Wausau Wausau, Wisconsin ("Green Bay") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,089 | |||
Initial Costs, Building and Building Improvements | 18,653 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 3 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 15 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,092 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 18,668 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 19,760 | |||
Accumulated Depreciation | $ (4,344) | |||
Date of Construction | 2008 | |||
Date Acquired | May 29, 2015 | |||
Superior Residences of Panama City Panama City Beach, Florida | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,099 | |||
Initial Costs, Building and Building Improvements | 19,367 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 14 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 971 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,113 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 20,338 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 22,451 | |||
Accumulated Depreciation | $ (4,683) | |||
Date of Construction | 2015 | |||
Date Acquired | Jul. 15, 2015 | |||
The Hampton at Meadows Place Fort Bend, Texas ("Houston") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 715 | |||
Initial Costs, Building and Building Improvements | 24,281 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 11 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 516 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 726 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 24,797 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,523 | |||
Accumulated Depreciation | $ (5,459) | |||
Date of Construction | 2007 | |||
Date Acquired | Jul. 31, 2015 | |||
The Hampton at Meadows Place Fort Bend, Texas ("Houston") | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2013 | |||
The Hampton at Meadows Place Fort Bend, Texas ("Houston") | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2014 | |||
The Pavilion at Great Hills Austin, Texas | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,783 | |||
Initial Costs, Building and Building Improvements | 29,318 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 53 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 330 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,836 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 29,648 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 31,484 | |||
Accumulated Depreciation | $ (6,605) | |||
Date of Construction | 2010 | |||
Date Acquired | Jul. 31, 2015 | |||
The Beacon at Gulf Breeze Gulf Breeze, Florida ("Pensacola") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 824 | |||
Initial Costs, Building and Building Improvements | 24,106 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 96 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 418 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 920 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 24,524 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,444 | |||
Accumulated Depreciation | $ (5,631) | |||
Date of Construction | 2008 | |||
Date Acquired | Jul. 31, 2015 | |||
Parc at Piedmont Marietta, Georgia ("Atlanta") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 3,529 | |||
Initial Costs, Building and Building Improvements | 43,080 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 36 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 1,853 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 3,565 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 44,933 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 48,498 | |||
Accumulated Depreciation | $ (10,167) | |||
Date Acquired | Jul. 31, 2015 | |||
Parc at Piedmont Marietta, Georgia ("Atlanta") | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2001 | |||
Parc at Piedmont Marietta, Georgia ("Atlanta") | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2011 | |||
Parc at Duluth Duluth, Georgia ("Atlanta") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 5,951 | |||
Initial Costs, Building and Building Improvements | 42,458 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 70 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 2,933 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 6,021 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 45,391 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 51,412 | |||
Accumulated Depreciation | $ (10,057) | |||
Date Acquired | Jul. 31, 2015 | |||
Parc at Duluth Duluth, Georgia ("Atlanta") | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2003 | |||
Parc at Duluth Duluth, Georgia ("Atlanta") | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2012 | |||
Waterstone on Augusta Greenville, South Carolina | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,253 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 2,117 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 20,923 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 4,370 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 20,923 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 25,293 | |||
Accumulated Depreciation | $ (4,558) | |||
Date of Construction | 2017 | |||
Date Acquired | Aug. 31, 2015 | |||
Wellmore of Lexington Lexington, South Carolina ("Columbia") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,300 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 3,210 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 43,149 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 5,510 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 43,149 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 48,659 | |||
Accumulated Depreciation | $ (8,562) | |||
Date of Construction | 2017 | |||
Date Acquired | Sep. 14, 2015 | |||
Palmilla Senior Living Albuquerque, New Mexico | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 4,701 | |||
Initial Costs, Building and Building Improvements | 38,321 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 68 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 333 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 4,769 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 38,654 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 43,423 | |||
Accumulated Depreciation | $ (8,723) | |||
Date of Construction | 2013 | |||
Date Acquired | Sep. 30, 2015 | |||
Cedar Lake Assisted Living and Memory Care Lake Zurich, Illinois ("Chicago") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,412 | |||
Initial Costs, Building and Building Improvements | 25,126 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 49 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 148 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,461 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 25,274 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 27,735 | |||
Accumulated Depreciation | $ (5,698) | |||
Date of Construction | 2014 | |||
Date Acquired | Sep. 30, 2015 | |||
The Shores of Lake Phalen Maplewood, Minnesota ("St. Paul") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 2,724 | |||
Initial Costs, Building and Building Improvements | 25,093 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 18 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 113 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 2,742 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 25,206 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 27,948 | |||
Accumulated Depreciation | $ (5,596) | |||
Date of Construction | 2012 | |||
Date Acquired | Nov. 10, 2015 | |||
Dogwood Forest of Grayson Grayson, Georgia | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,788 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 112 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 22,084 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,900 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 22,084 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 23,984 | |||
Accumulated Depreciation | $ (3,754) | |||
Date of Construction | 2017 | |||
Date Acquired | Nov. 24, 2015 | |||
Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,283 | |||
Initial Costs, Building and Building Improvements | 48,221 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 151 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 1,301 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,434 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 49,522 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 50,956 | |||
Accumulated Depreciation | $ (10,625) | |||
Date Acquired | Dec. 17, 2015 | |||
Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") | Minimum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2006 | |||
Park Place Senior Living at WingHaven O'Fallon, Missouri ("St. Louis") | Maximum | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Date of Construction | 2014 | |||
Hearthside Senior Living of Collierville Collierville, Tennessee ("Memphis") | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,756 | |||
Initial Costs, Building and Building Improvements | 13,379 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 60 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 42 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,816 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 13,421 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 15,237 | |||
Accumulated Depreciation | $ (3,012) | |||
Date of Construction | 2014 | |||
Date Acquired | Dec. 29, 2015 | |||
Albuquerque, New Mexico – Vacant Land Albuquerque, New Mexico | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 0 | |||
Initial Costs, Land & Land Improvements | 1,056 | |||
Initial Costs, Building and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,056 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 0 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 1,056 | |||
Accumulated Depreciation | $ 0 | |||
Date Acquired | Sep. 07, 2017 | |||
Finton Assisted Living Vinton, Iowa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 2,423 | |||
Initial Costs, Land & Land Improvements | 1,083 | |||
Initial Costs, Building and Building Improvements | 3,439 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 9 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,083 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 3,448 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 4,531 | |||
Accumulated Depreciation | $ (268) | |||
Date of Construction | 2007 | |||
Date Acquired | Aug. 31, 2012 | |||
Webster City Assisted Living Webster City, Iowa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 2,202 | |||
Initial Costs, Land & Land Improvements | 912 | |||
Initial Costs, Building and Building Improvements | 3,794 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 84 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 1 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 996 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 3,795 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 4,791 | |||
Accumulated Depreciation | $ (302) | |||
Date of Construction | 2007 | |||
Date Acquired | Aug. 31, 2012 | |||
Nevada Assisted Living Nevada, Iowa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 4,919 | |||
Initial Costs, Land & Land Improvements | 1,749 | |||
Initial Costs, Building and Building Improvements | 7,196 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 0 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,749 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 7,196 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 8,945 | |||
Accumulated Depreciation | $ (355) | |||
Date of Construction | 2011 | |||
Date Acquired | Aug. 31, 2012 | |||
Grinnell Assisted Living Grinnell, Iowa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 4,698 | |||
Initial Costs, Land & Land Improvements | 1,690 | |||
Initial Costs, Building and Building Improvements | 4,454 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 28 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 21 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 1,718 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 4,475 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 6,193 | |||
Accumulated Depreciation | $ (354) | |||
Date of Construction | 2005 | |||
Date Acquired | Apr. 02, 2013 | |||
Indianola Assisted Living Indianola, Iowa | ||||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||||
Encum- brances | $ 1,908 | |||
Initial Costs, Land & Land Improvements | 986 | |||
Initial Costs, Building and Building Improvements | 3,369 | |||
Costs Capitalized Subsequent to Acquisition, Land & Land Improvements | 6 | |||
Costs Capitalized Subsequent to Acquisition, Buildings and Building Improvements | 29 | |||
Costs Capitalized Subsequent to Acquisition, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Land & Land Improvements | 992 | |||
Gross Amounts at which Carried at Close of Period, Building and Building Improvements | 3,398 | |||
Gross Amounts at which Carried at Close of Period, Construction in Process | 0 | |||
Gross Amounts at which Carried at Close of Period, Total | 4,390 | |||
Accumulated Depreciation | $ (251) | |||
Date of Construction | 2004 | |||
Date Acquired | Apr. 02, 2013 |
SCHEDULE III _ REAL ESTATE AN_3
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION (Transactions in Real Estate and Accumulated Depreciation) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate [Roll Forward] | |||
Investment in real estate, beginning balance | $ 1,631,968 | $ 1,630,482 | $ 1,640,534 |
Improvements | 8,004 | 11,339 | 6,385 |
Dispositions | (38,525) | (6,764) | |
Impairments | (9,673) | ||
Acquisitions | 28,672 | ||
Investment in real estate, ending balance | 1,639,972 | 1,631,968 | 1,630,482 |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate, Accumulated Depreciation [Roll Forward] | |||
Accumulated depreciation, beginning balance | (338,350) | (303,767) | (262,394) |
Depreciation | (43,220) | (43,781) | (42,215) |
Accumulated depreciation on dispositions | 0 | 9,198 | 842 |
Accumulated depreciation, ending balance | $ (381,570) | $ (338,350) | $ (303,767) |
SCHEDULE III _ REAL ESTATE AN_4
SCHEDULE III – REAL ESTATE AND ACCUMULATED DEPRECIATION - Footnotes (Details) $ in Billions | 12 Months Ended | |
Dec. 31, 2021 property | Dec. 31, 2023 USD ($) | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Aggregate cost for federal income tax purpose | $ | $ 1.8 | |
Windsor Manor Joint Venture | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Number of properties | property | 5 | |
Building | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings and improvements useful life | 39 years | |
Building Improvements | ||
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation [Line Items] | ||
Buildings and improvements useful life | 15 years |