Cover
Cover - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 19, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 001-36499 | ||
Entity Registrant Name | New Senior Investment Group Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 80-0912734 | ||
Entity Address, Address Line One | 55 West 46th Street, Suite 2204 | ||
Entity Address, City or Town | New York | ||
Entity Address, State or Province | NY | ||
Entity Address, Postal Zip Code | 10036 | ||
City Area Code | (646) | ||
Local Phone Number | 822-3700 | ||
Title of 12(b) Security | Common stock, par value $0.01 per share | ||
Trading Symbol | SNR | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 300 | ||
Entity Common Stock, Shares Outstanding | 82,986,838 | ||
Documents Incorporated by Reference | Portions of the Definitive Proxy Statement for New Senior’s 2021 Annual Meeting of Stockholders, to be filed with the Securities and Exchange Commission within 120 days after the close of the fiscal year ended December 31, 2020, are incorporated by reference in Part III of this Annual Report on Form 10-K | ||
Entity Central Index Key | 0001610114 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investments: | ||
Land | $ 134,643 | $ 134,643 |
Buildings, improvements and other | 1,983,363 | 1,970,036 |
Accumulated depreciation | (417,455) | (351,555) |
Net real estate property | 1,700,551 | 1,753,124 |
Acquired lease and other intangible assets | 7,642 | 7,642 |
Accumulated amortization | (2,595) | (2,238) |
Net real estate intangibles | 5,047 | 5,404 |
Net real estate investments | 1,705,598 | 1,758,528 |
Assets from discontinued operations | 0 | 363,489 |
Cash and cash equivalents | 33,046 | 39,614 |
Receivables and other assets, net | 34,892 | 33,078 |
Total Assets | 1,773,536 | 2,194,709 |
Liabilities | ||
Debt, net | 1,486,164 | 1,590,632 |
Liabilities from discontinued operations | 0 | 267,856 |
Accrued expenses and other liabilities | 63,886 | 59,320 |
Total Liabilities | 1,550,050 | 1,917,808 |
Commitments and contingencies (Note 19) | ||
Redeemable Preferred Stock, par value $0.01 per share with $100 liquidation preference, 200,000 shares authorized, issued, and outstanding as of December 31, 2020 and 400,000 shares authorized, issued, and outstanding as of December 31, 2019 | 20,253 | 40,506 |
Equity | ||
Preferred Stock par value $0.01 per share, 99,800,000 shares (excluding 200,000 shares of redeemable preferred stock) authorized and none issued or outstanding as of December 31, 2020 and 99,600,000 shares (excluding 400,000 shares of redeemable preferred stock) authorized and none issued or outstanding as of December 31, 2019 | 0 | 0 |
Common stock par value $0.01 per share, 2,000,000,000 shares authorized, 83,023,970 and 82,964,438 shares issued and outstanding as of December 31, 2020 and 2019, respectively | 830 | 830 |
Additional paid-in capital | 907,577 | 901,889 |
Accumulated deficit | (694,194) | (660,588) |
Accumulated other comprehensive loss | (10,980) | (5,736) |
Total Equity | 203,233 | 236,395 |
Total Liabilities, Redeemable Preferred Stock and Equity | $ 1,773,536 | $ 2,194,709 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | Dec. 31, 2020 | Dec. 31, 2019 |
Equity | ||
Redeemable preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Redeemable preferred stock, liquidation preference per share (in dollars per share) | $ 100 | $ 100 |
Redeemable preferred stock, shares issued (in shares) | 200,000 | 400,000 |
Redeemable preferred stock, shares authorized (in shares) | 200,000 | 400,000 |
Redeemable preferred stock, shares outstanding (in shares) | 200,000 | 400,000 |
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 99,800,000 | 99,600,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 2,000,000,000 | 2,000,000,000 |
Common stock, shares issued (in shares) | 83,023,970 | 82,964,438 |
Common stock, shares outstanding (in shares) | 83,023,970 | 82,964,438 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | ||||
Total revenues | $ 336,281,000 | $ 345,903,000 | $ 323,024,000 | |
Expenses | ||||
Property operating expense | 198,061,000 | 204,357,000 | 172,487,000 | |
Interest expense | 61,562,000 | 76,364,000 | 85,643,000 | |
Depreciation and amortization | 66,291,000 | 68,806,000 | 80,129,000 | |
General and administrative expense | 23,018,000 | 21,672,000 | 13,382,000 | |
Acquisition, transaction, and integration expense | 467,000 | 1,501,000 | 15,905,000 | |
Termination fee to affiliate | 0 | 0 | 50,000,000 | |
Management fees to affiliate | 0 | 0 | 14,814,000 | |
Loss on extinguishment of debt | 5,884,000 | 335,000 | 64,746,000 | |
Impairment of real estate held for sale | 0 | 0 | 8,725,000 | |
Other expense | 1,464,000 | 2,076,000 | 3,961,000 | |
Total expenses | 356,747,000 | 375,111,000 | 509,792,000 | |
Loss on sale of real estate | 0 | (122,000) | 0 | |
Gain on lease termination | 0 | 0 | 40,090,000 | |
Litigation proceeds, net | 0 | 38,308,000 | 0 | |
Income (loss) before income taxes | (20,466,000) | 8,978,000 | (146,678,000) | |
Income tax expense | 178,000 | 210,000 | 4,950,000 | |
Income (loss) from continuing operations | (20,644,000) | 8,768,000 | (151,628,000) | |
Discontinued Operations: | ||||
Gain on sale of real estate | 19,992,000 | 0 | 0 | |
Loss from discontinued operations | (3,107,000) | (6,754,000) | (7,727,000) | |
Discontinued operations, net | 16,885,000 | (6,754,000) | (7,727,000) | |
Net income (loss) | (3,759,000) | 2,014,000 | (159,355,000) | |
Deemed dividend on redeemable preferred stock | (2,403,000) | (2,407,000) | 0 | |
Net income (loss) attributable to common stockholders | $ (6,162,000) | $ (393,000) | $ (159,355,000) | |
Basic earnings per common share: | ||||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | [1] | $ (0.28) | $ 0.08 | $ (1.85) |
Discontinued operations (in dollars per share) | [1] | 0.20 | (0.08) | (0.09) |
Net income (loss) attributable to common stockholders (in dollars per share) | [1],[2] | (0.08) | 0 | (1.94) |
Diluted earnings per common share: | ||||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | [1] | (0.28) | 0.08 | (1.85) |
Discontinued operations (in dollars per share) | [1] | 0.20 | (0.08) | (0.09) |
Net income (loss) attributable to common stockholders (in dollars per share) | [1],[2] | $ (0.08) | $ 0 | $ (1.94) |
Weighted average number of shares of common stock outstanding | ||||
Basic (shares) | 82,496,460 | 82,208,173 | 82,148,869 | |
Diluted (shares) | [3] | 82,496,460 | 82,208,173 | 82,148,869 |
Dividends declared and paid per share of common stock (in dollars per share) | $ 0.325 | $ 0.52 | $ 0.78 | |
Dividends declared and paid per share of common stock (in dollars per share) | $ 0.33 | $ 0.52 | $ 0.78 | |
Restricted stock awards issued (in shares) | 454,921 | 754,594,000 | ||
Resident fees and services | ||||
Revenues | ||||
Total revenues | $ 329,951,000 | $ 339,573,000 | $ 283,617,000 | |
Rental revenue | ||||
Revenues | ||||
Total revenues | $ 6,330,000 | $ 6,330,000 | $ 39,407,000 | |
[1] | Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding. The outstanding shares used to calculate the weighted average basic shares exclude 454,921 and 754,594 restricted stock awards, net of forfeitures, as of December 31, 2020 and 2019, respectively, as those shares were issued but had not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per share. Diluted EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. | |||
[2] | Amounts may not sum due to rounding. | |||
[3] | Dilutive share equivalents and options were excluded for the years ended December 31, 2020 and 2018 as their inclusion would have been anti-dilutive given our loss position. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ (3,759) | $ 2,014 | $ (159,355) |
Other comprehensive income (loss): | |||
Unrealized loss on cash flow hedge | (5,244) | (5,736) | 0 |
Total other comprehensive loss | (5,244) | (5,736) | 0 |
Total comprehensive income (loss) | $ (9,003) | $ (3,722) | $ (159,355) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands | Total | Common Stock | Accumulated Deficit | Additional Paid-in Capital | Accumulated Other Comprehensive Income (Loss) |
Equity, Beginning balance (in shares) at Dec. 31, 2017 | 82,148,869 | ||||
Equity, Beginning balance at Dec. 31, 2017 | $ 505,885 | $ 821 | $ (393,068) | $ 898,132 | $ 0 |
Increase (Decrease) in Equity [Roll Forward] | |||||
Director shares issued | 0 | 3 | 3 | ||
Dividends declared | (64,081) | (64,081) | |||
Other comprehensive income (loss) | 0 | ||||
Net income (loss) | (159,355) | (159,355) | |||
Equity, Ending balance (in shares) at Dec. 31, 2018 | 82,148,869 | ||||
Equity, Ending balance at Dec. 31, 2018 | 282,452 | $ 821 | (616,504) | 898,135 | 0 |
Increase (Decrease) in Equity [Roll Forward] | |||||
Restricted stock awards issued (in shares) | 916,415 | ||||
Restricted stock awards issued | 0 | $ 9 | (9) | ||
Amortization of equity-based compensation | 3,488 | 3,488 | |||
Director’s shares issued (in shares) | 60,975 | ||||
Director shares issued | 275 | $ 1 | 274 | ||
Restricted stock awards forfeited (in shares) | (161,821) | ||||
Restricted stock awards forfeited | 0 | $ (1) | 1 | ||
Dividends declared - common stock | (42,749) | (42,749) | |||
Dividends declared - equity awards | (942) | (942) | |||
Deemed dividend on redeemable preferred stock | (506) | (506) | |||
Dividends declared on redeemable preferred stock | (1,901) | (1,901) | |||
Other comprehensive income (loss) | (5,736) | (5,736) | |||
Net income (loss) | $ 2,014 | 2,014 | |||
Equity, Ending balance (in shares) at Dec. 31, 2019 | 82,964,438 | 82,964,438 | |||
Equity, Ending balance at Dec. 31, 2019 | $ 236,395 | $ 830 | (660,588) | 901,889 | (5,736) |
Increase (Decrease) in Equity [Roll Forward] | |||||
Equity awards vested (in shares) | 120,370 | ||||
Equity awards vested | 1 | $ 1 | |||
Shares repurchased and retired to satisfy tax withholding upon vesting (in shares) | (121,240) | ||||
Shares repurchased and retired to satisfy tax withholding upon vesting | (1,052) | $ (1) | (1,051) | ||
Amortization of equity-based compensation | 6,559 | 6,559 | |||
Director’s shares issued (in shares) | 60,402 | ||||
Director shares issued | 180 | $ 0 | 180 | ||
Dividends declared - common stock | (26,811) | (26,811) | |||
Dividends declared - equity awards | (633) | (633) | |||
Deemed dividend on redeemable preferred stock | (253) | (253) | |||
Dividends declared on redeemable preferred stock | (2,150) | (2,150) | |||
Other comprehensive income (loss) | (5,244) | (5,244) | |||
Net income (loss) | $ (3,759) | (3,759) | |||
Equity, Ending balance (in shares) at Dec. 31, 2020 | 83,023,970 | 83,023,970 | |||
Equity, Ending balance at Dec. 31, 2020 | $ 203,233 | $ 830 | $ (694,194) | $ 907,577 | $ (10,980) |
CONSOLIDATED STATEMENTS OF CH_2
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Dividends declared per share of common stock (in dollars per share) | $ 0.325 | $ 0.52 |
Minimum | ||
Equity awards, dividends, per share, declared (in dollars per share) | 0.065 | 0.26 |
Maximum | ||
Equity awards, dividends, per share, declared (in dollars per share) | $ 0.325 | $ 0.52 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash Flows From Operating Activities | ||||
Net income (loss) | $ (3,759,000) | $ 2,014,000 | $ (159,355,000) | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities: | ||||
Depreciation of tangible assets and amortization of intangible assets | 66,291,000 | 68,806,000 | 80,165,000 | |
Amortization of deferred financing costs | 3,216,000 | 2,450,000 | 9,725,000 | |
Amortization of deferred revenue, net | (1,099,000) | 1,768,000 | 2,795,000 | |
Non-cash straight-line rental revenue | (431,000) | (590,000) | (5,365,000) | |
(Gain) loss on sale of real estate | (19,992,000) | 122,000 | 0 | |
Non-cash adjustment on lease termination | [1] | 0 | 0 | 29,910,000 |
Loss on extinguishment of debt | 5,884,000 | 335,000 | 64,746,000 | |
Non-cash termination fee to affiliate | 0 | 0 | 40,000,000 | |
Impairment of real estate held for sale | 0 | 0 | 8,725,000 | |
Provision for bad debt | 0 | 0 | 1,699,000 | |
Amortization of equity-based compensation | 6,559,000 | 3,488,000 | 0 | |
Non-cash valuation allowance on deferred tax assets, net | 0 | 0 | 4,715,000 | |
Other non-cash expense | 1,730,000 | 1,564,000 | 4,418,000 | |
Changes in: | ||||
Receivables and other assets, net | 2,683,000 | (876,000) | (5,107,000) | |
Due to affiliates | 0 | 0 | 16,371,000 | |
Accrued expenses and other liabilities | (4,674,000) | (17,583,000) | 9,717,000 | |
Net cash provided by (used in) operating activities - continuing operations | 56,408,000 | 61,498,000 | 103,159,000 | |
Net cash provided by (used in) operating activities - discontinued operations | (3,105,000) | 13,913,000 | 17,918,000 | |
Net cash provided by operating activities | 53,303,000 | 75,411,000 | 121,077,000 | |
Cash Flows From Investing Activities | ||||
Proceeds from the sale of real estate, net | 0 | 13,086,000 | 0 | |
Capital expenditures | (13,437,000) | (21,131,000) | (14,155,000) | |
Insurance proceeds | 65,000 | 1,423,000 | 971,000 | |
Net cash provided by (used in) investing activities - continuing operations | (13,372,000) | (6,622,000) | (13,184,000) | |
Net cash provided by (used in) investing activities - discontinued operations | [2] | 373,805,000 | (8,387,000) | (5,978,000) |
Net cash provided by (used in) investing activities | 360,433,000 | (15,009,000) | (19,162,000) | |
Cash Flows From Financing Activities | ||||
Principal payments of mortgage notes payable and capital lease obligations | (3,646,000) | (6,748,000) | (13,343,000) | |
Proceeds from mortgage notes payable | 270,015,000 | 0 | 1,440,000,000 | |
Repayments of mortgage notes payable and capital lease obligation | (369,000,000) | (13,272,000) | (1,383,785,000) | |
Payment of exit fee on extinguishment of debt | (4,504,000) | (206,000) | (51,908,000) | |
Proceeds from borrowings on revolving credit facility | 100,000,000 | 0 | 0 | |
Repayments of borrowings on revolving credit facility | (100,000,000) | 0 | 0 | |
Payment of common stock dividend | (26,811,000) | (42,749,000) | (64,081,000) | |
Payment of redeemable preferred stock dividend | (2,656,000) | (1,901,000) | 0 | |
Payment of restricted stock dividend | (336,000) | 0 | 0 | |
Payment of deferred financing costs, net | (4,704,000) | (349,000) | (23,992,000) | |
Purchase of interest rate caps | (81,000) | (35,000) | (2,746,000) | |
Taxes paid for net settlement of equity-based compensation awards | (1,051,000) | 0 | 0 | |
Redemption of Series A Preferred Stock | (20,000,000) | 0 | 0 | |
Net cash provided by (used in) financing activities - continuing operations | (162,774,000) | (65,260,000) | (99,855,000) | |
Net cash provided by (used in) financing activities - discontinued operations | [3] | (260,996,000) | (23,969,000) | (66,889,000) |
Net cash provided by (used in) financing activities | (423,770,000) | (89,229,000) | (166,744,000) | |
Net increase (decrease) in cash, cash equivalents and restricted cash | (10,034,000) | (28,827,000) | (64,829,000) | |
Cash, cash equivalents and restricted cash, beginning of year | 63,829,000 | 92,656,000 | 157,485,000 | |
Cash, cash equivalents and restricted cash, end of year | 53,795,000 | 63,829,000 | 92,656,000 | |
Supplemental Disclosure of Cash Flow Information | ||||
Cash paid during the year for interest expense | 61,425,000 | 87,454,000 | 89,505,000 | |
Cash paid during the year for income taxes | 287,000 | 349,000 | 326,000 | |
Supplemental Schedule of Non-Cash Investing and Financing Activities | ||||
Issuance of common stock and exercise of options | 180,000 | 275,000 | 0 | |
Issuance of Redeemable Preferred Stock | 0 | 0 | 40,000,000 | |
Capital lease assets | 965,000 | 764,000 | 569,000 | |
Furniture, fixtures, equipment and other improvements | [4] | 0 | 0 | 10,065,000 |
Reconciliation of Cash, Cash Equivalents and Restricted Cash | ||||
Total | $ 53,795,000 | $ 92,656,000 | $ 92,656,000 | |
[1] | Primarily includes the non-cash write-offs of straight-line rent receivables and net above-market rent lease intangible assets, offset by the fair value of furniture, fixtures, equipment and other improvements received by us as a result of the Lease Termination (as defined in Note 1). Refer to "Note 3 - Lease Termination" for details. | |||
[2] | For the year ended December 31, 2020, amount primarily consists of net proceeds from the AL/MC Portfolio Disposition. Refer to "Note 5 - Dispositions" for details. | |||
[3] | For the year ended December 31, 2020, amount primarily consists of repayments of debt in conjunction with the AL/MC Portfolio Disposition. Refer to "Note 5 - Dispositions" for details. | |||
[4] | Fair value of furniture, fixtures, equipment and other improvements received by us as a result of the Lease Termination. Refer to "Note 3 - Lease Termination" for details. |
ORGANIZATION
ORGANIZATION | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
ORGANIZATION | ORGANIZATION New Senior Investment Group Inc. (“New Senior,” “we,” “us” or “our”) is a Real Estate Investment Trust (“REIT”) primarily focused on investing in private pay senior housing properties. We were formed as a Delaware limited liability company in 2012, converted to a Delaware corporation on May 30, 2014 and changed our name to New Senior Investment Group Inc. on June 16, 2014. We are listed on the New York Stock Exchange (“NYSE”) under the symbol “SNR” and are headquartered in New York, New York. As of December 31, 2020, we owned a geographically diversified portfolio of 103 primarily private pay senior housing properties, consisting of 102 Independent Living (“IL”) properties and one Continuing Care Retirement Community (“CCRC”), located across 36 states. Our 102 IL properties are managed by Holiday Retirement (“Holiday”), a portfolio company that is majority owned by private equity funds managed by an affiliate of FIG LLC (the “Former Manager”), a subsidiary of Fortress Investment Group LLC (“Fortress”), subsidiaries of Merrill Gardens LLC (“Merrill Gardens”), a former affiliate of our Former Manager, and Grace Management, Inc. (“Grace”) (collectively, the “Property Managers”), under Property Management Agreements (collectively, the “Property Management Agreements”). Under the Property Management Agreements, the Property Managers are responsible for the day-to-day operations of our senior housing properties and are entitled to a management fee in accordance with the terms of the Property Management Agreements. Our Property Management Agreements have initial five ten one On February 10, 2020, we completed the sale of all 28 AL/MC properties (the “AL/MC Portfolio Disposition”) pursuant to a Purchase and Sale Agreement, dated as of October 31, 2019 (the “Sale Agreement”), with affiliates of ReNew REIT LLC. Effective October 31, 2019, we classified the AL/MC properties as held for sale and, accordingly, the operations of these properties for the current and prior periods have been classified as discontinued operations in our Consolidated Statements of Operations. Refer to “Note 4 – Discontinued Operations" and “Note 5 – Dispositions” for additional details. Due to the AL/MC Portfolio Disposition in 2020, during the fourth quarter of 2020 we changed our structure from two reportable segments (Managed IL Properties and Other Properties) to one reportable segment (Senior Housing Properties). Accordingly, all prior period segment information has been reclassified to conform to the current period presentation. Through December 31, 2018, we were externally managed and advised by an affiliate of the Former Manager. On November 19, 2018, we entered into definitive agreements with the Former Manager to internalize our management, effective December 31, 2018 (the “Internalization”). In connection with the Internalization, we also entered into a Transition Services Agreement with the Former Manager to continue to provide certain services for a transition period. In connection with the termination of the Management Agreement, we (i) made a one-time cash payment of $10.0 million to the Former Manager in January 2019, and (ii) issued to the Former Manager 400,000 shares of our newly created Redeemable Series A Cumulative Perpetual Preferred Stock (the “Redeemable Preferred Stock”), with an aggregate fair value of $20.3 million and $40.5 million for the years ended December 31, 2020 and 2019, respectively. In December 2020, we received redemption request for, and redeemed 200,000 shares of the Redeemable Preferred Stock for $20.3 million including accrued dividends. Coronavirus global pandemic The novel coronavirus (COVID-19) global pandemic is causing significant disruptions to the U.S. and global economies and has contributed to volatility and negative pressure in financial markets. During year ended December 31, 2020, we incurred $3.1 million of COVID-19 related costs, which were recorded in “Property operating expense” in our Consolidated Statements of Operations. These costs mainly consist of personal protective equipment (“PPE”) and other supplies such as packaging necessary for in-room meal deliveries to our residents and to a lesser extent testing kits for residents and staff, temperature screening machines, additional cleaning equipment, or protocols related to the properties. During the year ended December 31, 2020, we saw these costs continue, but they have been largely offset by variable expense savings associated with lower occupancy and strong expense management from our operators. Depending upon how the pandemic continues to evolve, there may be other future operating expenses that we may be required to bear. However, the full extent to which the pandemic will directly or indirectly impact our business including revenues, expenses, value of our real estate, collectability of receivables and operating cash flows is highly uncertain and difficult to predict. If the economic downturn resulting from COVID-19 and measures taken to contain it persists over a long period of time, it could have a prolonged negative impact on our financial condition and results of operations. As the extent and duration of the increasingly broad effects of COVID-19 on the U.S. economy remains unclear, it is difficult for us to assess and estimate its impact on our results of operations at this time. |
SUMMARY OF SIGNIFICANT ACCOUNTI
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP’’) with the instructions to Form 10-K and Article 10 of Regulation S-X. The consolidated financial statements include the accounts of New Senior and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. We consolidate those entities in which we have control over significant operating, financial and investing decisions of the entity. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period’s presentation, primarily related to classification of certain properties as discontinued operations and the change in our reportable segments. Use of Estimates Management is required to make estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates. Revenue Recognition On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2014-09, Revenues from Contracts with Customers (“ASC 606”) using the modified retrospective method of adoption. This standard requires revenue to be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. The adoption did not result in an adjustment to beginning retained earnings and did not have a significant impact on our consolidated financial statements. Substantially all of our revenue has been generated through our triple net lease and managed property leasing arrangements, which are specifically excluded from ASC 606, and are accounted for under other applicable GAAP standards. We account for ancillary revenue under ASC 606. The timing and pattern of revenue recognition of our ancillary revenue under ASC 606 is consistent with that under the prior accounting model. Resident Fees and Services – Resident fees and services include monthly rental revenue, care income and ancillary income recognized from managed properties. Resident fees and services are recognized monthly as services are provided. Most lease agreements with residents are cancellable by the resident with 30 days’ notice. Ancillary income primarily relates to non-refundable community fees. Non-refundable community fees are recognized on a straight-line basis over the estimated lengths of stay of residents, which approximate 24 months for AL/MC properties and 33 months for IL properties. Rental Revenue – Rental revenue from the triple net lease property is recognized on a straight-line basis over the applicable term of the lease when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from our tenant during the first half of the lease term, creating a straight-line rent receivable. Acquisition Accounting The Company’s real estate acquisitions are generally classified as asset acquisitions. The cost of the business or asset acquired is allocated to tangible and intangible assets and assumed liabilities at their fair values as of the transaction date, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The measurement period in which to record adjustments to the transaction is also eliminated. The determination of the fair value of net assets acquired involves significant judgment and estimates, such as estimated future cash flow projections, appropriate discount and capitalization rates and other estimates based on available market information. Estimates of future cash flows are based on a number of factors including property operating results, known and anticipated trends, as well as market and economic conditions. In measuring the fair value of tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of buildings, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Significant estimates impacting the measurement at fair value of our real property include construction cost data and qualitative selection of comparable market transactions as well as the assessment of the relative quality and condition of the acquired properties. Recognized intangible assets primarily include the fair value of in-place resident leases. We estimate the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition fair value of the in-place lease intangibles is amortized over the estimated length of stay of the residents on a straight-line basis. Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation or accumulated amortization. Depreciation is calculated on a straight-line basis using estimated remaining useful lives not to exceed 40 years for buildings, 3 to 10 years for building improvements and 3 to 10 years for other fixed assets. Amortization for in-place lease intangibles, ground lease intangibles and other intangibles is calculated on a straight-line basis using estimated useful lives of 24 to 33 months, 74 to 82 years and 5 to 13 years, respectively. Amortization for above/below market lease intangibles is calculated on a straight-line basis using estimated useful lives of 15 to 17 years. Impairment of Long Lived Assets We periodically evaluate long-lived assets, including definite lived intangible assets, primarily consisting of our real estate investments, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, market conditions and our current intentions with respect to holding or disposing of the asset are considered. If the sum of the expected future undiscounted cash flows is less than book value, we recognize an impairment loss equal to the amount by which the asset’s carrying value exceeds its fair value. An impairment loss is recognized at the time any such determination is made. Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and all highly liquid short term investments with maturities of 90 days or less, when purchased. Restricted Cash Restricted cash primarily consists of (i) amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits and is included in “Receivables and other assets, net” in our Consolidated Balance Sheets. Deferred Financing Costs Deferred financing costs consist of fees and direct costs incurred in obtaining financing. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability. Deferred financing costs related to debt instruments, excluding the revolving credit facility, are amortized over the terms of the related borrowings using the effective interest rate method as a component of interest expense. Deferred financing costs related to the revolving credit facility are amortized over the term of the debt using the straight-line method, which approximates the effective interest method. Amortized costs of $3.2 million, $2.5 million and $9.7 million are included in “Interest expense” in our Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018, respectively. Deferred Revenue Deferred revenue primarily includes non-refundable community fees received when residents move in, and are included within “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. Deferred revenue amounts are amortized into income on a straight-line basis over the estimated length of stay of the resident, and are included within “Resident fees and services” in our Consolidated Statements of Operations. Income Taxes New Senior is organized and conducts its operations to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (“Code”). Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of our tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities are conducted through a taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. A valuation allowance is provided if we believe 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 us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. We recognize tax benefits for uncertain tax positions only if it is more likely than not that the position is sustainable based on its technical merits. Interest and penalties on uncertain tax positions are included as a component of the provision for income taxes in our Consolidated Statements of Operations. Fair Value Measurement Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs we use in measuring fair value: • Level 1 - Quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. • Level 3 - Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions. Derivative Instruments In the normal course of business, we may use derivative instruments to manage, or hedge, interest rate risk. We do not use derivative instruments for trading or speculative purposes. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with our related assertions. Our derivative instruments were executed with investment grade counterparties. We recognize all derivatives as either assets or liabilities at fair value as of the reporting date in “Receivables and other assets, net” or “Accrued expenses and other liabilities,” respectively, on our Consolidated Balance Sheets. Derivative valuation requires us to make estimates and judgments that affect the fair value of the instruments. We apply hedge accounting on our interest rate swaps and therefore, changes in fair value of the instruments are recorded in “Accumulated other comprehensive income (loss)” in our Consolidated Balance Sheets. We do not apply hedge accounting on our interest rate caps and therefore, changes in fair value of these instruments are recorded in “Other expense” in our Consolidated Statements of Operations. Assets Held for Sale and Discontinued Operations We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Assets held for sale are included in “Receivables and other assets, net” in our Consolidated Balance Sheets. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell and are no longer depreciated. We estimate the fair value of assets held for sale based on sales price expectation less estimated cost to sell. We report discontinued operations when a component of the Company or group of components that has been disposed of or classified as held for sale and represents a strategic shift that has or will have a major effect on the Company’s operations and financial results. The results of operations for assets meeting the definition of discontinued operations are reflected in our Consolidated Statements of Operations as “Discontinued operations” for all periods presented. Interest expense on the mortgages collateralized by properties classified as discontinued operations, which is required to be repaid upon the disposal of the properties, is reclassified to “Discontinued operations” in our Consolidated Statements of Operations. Sale of Assets We recognize sales of assets only upon the closing of the transactions with the purchaser. We recognize gains on assets sold when we transfer control of the asset upon closing and if the collectability of the sales price is reasonably assured. Sales of our real estate are generally not executory across points in time and our performance obligations from these contracts are expected to fall within a single period. Equity-Based Compensation Compensation expense for all equity-based awards including those with graded vesting schedules granted to employees and non-employees is recognized in “General and administrative expense” in our Consolidated Statements of Operations on a straight-line basis over the vesting period based on the grant date fair value of the award. Forfeitures of equity-based awards are recognized as they occur and the reversal is recognized in “General and administrative expense” in our Consolidated Statements of Operations. Termination Fee to Affiliate This represents amount due to the Former Manager pursuant to the termination of the Management Agreement with the Former Manager. Redeemable Preferred Stock On December 31, 2018, we issued 400,000 shares of our Redeemable Preferred Stock to the Former Manager as consideration for the termination of the Management Agreement. The Redeemable Preferred Stock are non-voting and have a $100 liquidation preference. Holders of the Redeemable Preferred Stock are entitled to cumulative cash dividends at a rate per annum of 6.00% on the liquidation preference amount plus all accumulated and unpaid dividends. In the event of any voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of the Redeemable Preferred Stock will receive out of the assets of the Company legally available for distribution to its stockholders before any payment is made to the holders of any series of preferred stock ranking junior to the Redeemable Preferred Stock or to any holder of the Company’s common stock but subject to the rights of any class or series of securities ranking senior to or on parity with the Redeemable Preferred Stock, a payment per share equal to the liquidation preference plus any accumulated and unpaid dividends. We may redeem, at any time, all but not less than all of the shares of Redeemable Preferred Stock for cash at a price equal to the liquidation preference amount of the Series A Preferred Stock plus all accumulated and unpaid dividends thereon (the “Redemption Price”). On or after December 31, 2020, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem up to 50% of the outstanding shares of Redeemable Preferred Stock, and on or after December 31, 2021, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem all or any portion of the outstanding shares of Redeemable Preferred Stock, in each case, for cash at the Redemption Price. Upon the occurrence of a Change of Control (as defined in the certificate of designation governing the Redeemable Preferred Stock), the Redeemable Preferred Stock is required to be redeemed in whole at the Redemption Price. Due to the ability of the holders to require us to redeem the outstanding shares, the Redeemable Preferred Stock is excluded from Equity in our Consolidated Balance Sheets. Earnings per Share The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Non-vested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore are included in the computation of basic EPS pursuant to the two-class method. During the year ended December 31, 2020, we issued 475,417 restricted stock units, net of forfeitures, to officers, employees and non-employee directors with certain participating rights (“Participating RSUs”). Diluted earnings per share of common stock is calculated by including the effect of dilutive securities. Participating RSUs are included in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. Any anti-dilutive securities are excluded from the calculation. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund losses. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, (codified under Accounting Standards Codification (“ASC”) 842, Leases ). This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on the balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. We adopted ASC 842 on January 1, 2019 under the modified retrospective transition approach using the effective date as the date of initial application. Therefore, financial information and disclosures under ASC 842 have not been provided for periods prior to January 1, 2019. We elected the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also elected the short-term lease practical expedient, which permits us to not recognize right-of-use asset or lease liability for operating leases with an initial lease term equal to or less than 12 months. In addition, we made an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. Lessor Accounting As a lessor, our recognition of rental revenue remained consistent with prior accounting guidance. Rental revenue from our triple net lease property is recognized on a straight-line basis over the applicable term of the lease. When collectability is determined not probable, any lease income is limited to the lesser of the lease income reflected on a straight-line basis or the cash collected. Resident leases associated with our managed properties contain service components. We elected the practical expedient to account for our resident leases as a single lease component. We elected the practical expedient to account for our resident leases as a single lease component since (1) the timing and pattern or transfer of the lease and non-lease components is the same, (2) the lease component is the predominant component, and (3) the combined single lease component would be classified as an operating lease. Lessee Accounting We determine if a contract is or contains a lease at inception. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use asset and lease liability are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate to determine the present value of lease payments as the rates implicit in our leases are not readily determinable. As of December 31, 2020, our operating lease right-of-use asset, which approximates our operating lease liability, was $1.7 million for our corporate office, land and equipment leases. Our operating lease right-of-use asset is included in “Buildings, improvements and other” and our operating lease liability is included in “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. The weighted average remaining lease term for our operating leases was 12.7 years and 11.8 years at December 31, 2020 and 2019, respectively. The weighted average discount rate was 5.98% and 6.06% at December 31, 2020 and 2019, respectively. Upon the adoption of ASC 842, capital leases under prior accounting guidance were classified as finance leases, which did not have a significant change to our accounting for such leases. Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires a company to recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The adoption of this standard did not have a material impact on our consolidated financial statements as our entire balance of receivables relates to lease agreements with our residents and tenant, which are specifically excluded from this standard. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Rate (“LIBOR”) or another rate that is expected to be discontinued. Companies can adopt ASU 2020-04 anytime during the effective period of March 12, 2020 through December 31, 2022. We are currently assessing the provisions of ASU 2020-04 and have not made any hedge accounting elections as of December 31, 2020 . If an election is made at a later date, we will apply the provisions of this guidance. |
LEASE TERMINATION
LEASE TERMINATION | 12 Months Ended |
Dec. 31, 2020 | |
Unusual or Infrequent Items, or Both [Abstract] | |
LEASE TERMINATION | LEASE TERMINATION On May 9, 2018, we entered into a lease termination agreement with affiliates of Holiday to terminate our triple net leases relating to the Holiday Portfolio. The Lease Termination was effective May 14, 2018. We received total consideration of $115.6 million, including a $70.0 million termination payment and retention of $45.6 million in security deposits held by us. In connection with the Lease Termination, we also assumed ownership of certain furniture, fixtures, equipment and other improvements with a fair market value of $10.1 million. As a result of the Lease Termination, we recognized a gain on lease termination of $40.1 million after adjusting for write-offs of straight-line rent receivables of $84.3 million and net above-market rent lease intangible assets of $1.2 million. Concurrently with the Lease Termination, we entered into property management agreements with Holiday pursuant to which we pay a management fee equal to a monthly base fee in the amount of 5% of effective gross income in the first year of the term and 4.5% of effective gross income for the remainder of the term. In addition, Holiday is eligible to earn an annual incentive fee of up to 2% of effective gross income if the Holiday Portfolio achieves certain performance thresholds. The agreements may be terminated without penalty after the first year of the term. |
DISCONTINUED OPERATIONS
DISCONTINUED OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISCONTINUED OPERATIONS | DISCONTINUED OPERATIONSOn October 31, 2019, we entered into a Sale Agreement with affiliates of ReNew REIT LLC to sell our entire AL/MC portfolio consisting of 28 AL/MC properties, and we completed this transaction on February 10, 2020. As a result of the Sale Agreement, these properties have been reclassified as discontinued operations in our consolidated financial statements. The sale was completed on February 10, 2020. Refer to “Note 5 - Dispositions” for details. As of December 31, 2019, the assets and liabilities associated with discontinued operations are as follows: December 31, 2019 Assets Real estate investments: Land $ 43,313 Buildings, improvements and other 397,808 Accumulated depreciation (87,719) Net real estate property 353,402 Acquired lease and other intangible assets 996 Accumulated amortization (996) Net real estate intangibles — Net real estate investments 353,402 Receivables and other assets, net 10,087 Assets from discontinued operations $ 363,489 Liabilities Debt, net $ 255,096 Accrued expenses and other liabilities 12,760 Liabilities from discontinued operations $ 267,856 For the years ended December 31, 2020, 2019 and 2018, the results of operations associated with discontinued operations are as follows: Years Ended December 31, 2020 2019 2018 Revenues Resident fees and services $ 14,024 $ 119,307 $ 121,274 Total revenues 14,024 119,307 121,274 Expenses Property operating expense 11,328 98,447 95,299 Interest expense 1,361 14,571 15,533 Depreciation and amortization — 12,491 15,821 Acquisition, transaction, and integration expense 1,037 580 14 General and administrative expense 8 32 6 Loss on extinguishment of debt 3,602 — 1,473 Other (income) expense (204) (158) 11 Total expenses 17,132 125,963 128,157 Loss before income taxes (3,108) (6,656) (6,883) Income tax (benefit) expense (1) 98 844 Loss from discontinued operations $ (3,107) $ (6,754) $ (7,727) 2020 Activity On February 10, 2020, we completed the AL/MC Portfolio Disposition for a gross sale price of $385.0 million and recognized a gain on sale of $20.0 million, which is recorded in “Gain on sale of real estate” within “Discontinued operations, net” in our Consolidated Statements of Operations for the year ended December 31, 2020. In conjunction with the sale, we repaid $260.2 million of debt specifically attributable to the properties included in the AL/MC Portfolio Disposition and recognized a loss on extinguishment of debt of $3.6 million, comprising of $2.5 million in prepayment penalties and $1.1 million in the write-off of unamortized deferred financing costs, which is included in “Loss from discontinued operations” in our Consolidated Statements of Operations for the year ended December 31, 2020. 2019 Activity During the year ended December 31, 2019, we sold two AL/MC properties for a combined sale price of $13.8 million, and recognized a loss on sale of $0.1 million, which is included in “Loss on sale of real estate” in our Consolidated Statements of Operations. In connection with these dispositions, we repaid $13.7 million of debt. Prior to the sale, both assets were classified as “Assets held for sale” and included in “Receivables and other assets, net” in our Consolidated Balance Sheet as of December 31, 2018. 2018 Activity We did not have any dispositions during the year ended December 31, 2018. |
DISPOSITIONS
DISPOSITIONS | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
DISPOSITIONS | DISCONTINUED OPERATIONSOn October 31, 2019, we entered into a Sale Agreement with affiliates of ReNew REIT LLC to sell our entire AL/MC portfolio consisting of 28 AL/MC properties, and we completed this transaction on February 10, 2020. As a result of the Sale Agreement, these properties have been reclassified as discontinued operations in our consolidated financial statements. The sale was completed on February 10, 2020. Refer to “Note 5 - Dispositions” for details. As of December 31, 2019, the assets and liabilities associated with discontinued operations are as follows: December 31, 2019 Assets Real estate investments: Land $ 43,313 Buildings, improvements and other 397,808 Accumulated depreciation (87,719) Net real estate property 353,402 Acquired lease and other intangible assets 996 Accumulated amortization (996) Net real estate intangibles — Net real estate investments 353,402 Receivables and other assets, net 10,087 Assets from discontinued operations $ 363,489 Liabilities Debt, net $ 255,096 Accrued expenses and other liabilities 12,760 Liabilities from discontinued operations $ 267,856 For the years ended December 31, 2020, 2019 and 2018, the results of operations associated with discontinued operations are as follows: Years Ended December 31, 2020 2019 2018 Revenues Resident fees and services $ 14,024 $ 119,307 $ 121,274 Total revenues 14,024 119,307 121,274 Expenses Property operating expense 11,328 98,447 95,299 Interest expense 1,361 14,571 15,533 Depreciation and amortization — 12,491 15,821 Acquisition, transaction, and integration expense 1,037 580 14 General and administrative expense 8 32 6 Loss on extinguishment of debt 3,602 — 1,473 Other (income) expense (204) (158) 11 Total expenses 17,132 125,963 128,157 Loss before income taxes (3,108) (6,656) (6,883) Income tax (benefit) expense (1) 98 844 Loss from discontinued operations $ (3,107) $ (6,754) $ (7,727) 2020 Activity On February 10, 2020, we completed the AL/MC Portfolio Disposition for a gross sale price of $385.0 million and recognized a gain on sale of $20.0 million, which is recorded in “Gain on sale of real estate” within “Discontinued operations, net” in our Consolidated Statements of Operations for the year ended December 31, 2020. In conjunction with the sale, we repaid $260.2 million of debt specifically attributable to the properties included in the AL/MC Portfolio Disposition and recognized a loss on extinguishment of debt of $3.6 million, comprising of $2.5 million in prepayment penalties and $1.1 million in the write-off of unamortized deferred financing costs, which is included in “Loss from discontinued operations” in our Consolidated Statements of Operations for the year ended December 31, 2020. 2019 Activity During the year ended December 31, 2019, we sold two AL/MC properties for a combined sale price of $13.8 million, and recognized a loss on sale of $0.1 million, which is included in “Loss on sale of real estate” in our Consolidated Statements of Operations. In connection with these dispositions, we repaid $13.7 million of debt. Prior to the sale, both assets were classified as “Assets held for sale” and included in “Receivables and other assets, net” in our Consolidated Balance Sheet as of December 31, 2018. 2018 Activity We did not have any dispositions during the year ended December 31, 2018. |
SEGMENT REPORTING
SEGMENT REPORTING | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
SEGMENT REPORTING | SEGMENT REPORTING Our primary business is investing in senior housing properties. Due to the AL/MC Portfolio Disposition in 2020, during the fourth quarter of 2020 we changed our structure from two reportable segments (Managed IL Properties and Other Properties) to one reportable segment (Senior Housing Properties). More than 98.1% of our revenues are derived from managed IL properties. This change was made based on the financial information reviewed and used by the chief operating decision maker to make operating decisions, assess performance, develop strategy and allocate capital resources. Accordingly, all prior period segment information has been reclassified to conform to the current period presentation. The following table presents the percentage of total revenues by geographic location (excluding properties classified as discontinued operations): As of and for the year ended December 31, 2020 As of and for the year ended December 31, 2019 Number of Communities % of Total Revenue Number of Communities % of Total Revenue California 9 10.2 % 9 10.6 % Florida 9 8.9 % 9 9.0 % North Carolina 8 8.6 % 8 8.4 % Texas 9 8.0 % 9 8.0 % Oregon 8 7.2 % 8 7.1 % Pennsylvania 5 5.7 % 5 6.1 % Other 55 51.4 % 55 50.8 % Total 103 100.0 % 103 100.0 % |
REAL ESTATE INVESTMENTS
REAL ESTATE INVESTMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
REAL ESTATE INVESTMENTS | REAL ESTATE INVESTMENTS The following table summarizes our real estate investments (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 134,643 $ — $ 134,643 $ 134,643 $ — $ 134,643 Building and improvements 1,873,132 (321,025) 1,552,107 1,863,866 (266,420) 1,597,446 Furniture, fixtures and equipment 110,231 (96,430) 13,801 106,170 (85,135) 21,035 Total real estate investments $ 2,118,006 $ (417,455) $ 1,700,551 $ 2,104,679 $ (351,555) $ 1,753,124 Depreciation expense was $65.9 million, $68.4 million and $72.0 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table summarizes our real estate intangibles (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Intangible lease assets $ 7,642 $ (2,595) $ 5,047 44.1 years $ 7,642 $ (2,238) $ 5,404 43.0 years Amortization expense was $0.4 million, $0.4 million and $8.1 million for the years ended December 31, 2020, 2019 and 2018, respectively. The following table sets forth the estimated future amortization of intangible assets (excluding properties classified as discontinued operations) as of December 31, 2020: Years Ending December 31 2021 $ 354 2022 354 2023 354 2024 354 2025 234 Thereafter 3,397 Total intangibles $ 5,047 Real estate impairment We evaluated long-lived assets, primarily consisting of our real estate investments, for impairment indicators. In performing this evaluation, market conditions and our current intentions with respect to holding or disposing of the asset are considered. Where indicators of impairment are present, we evaluated whether the sum of the expected future undiscounted cash flows is less than book value. We recognized impairment of real estate held for sale of $8.7 million for the year ended December 31, 2018 in our Consolidated Statements of Operations, which represents the charge necessary to adjust the carrying values of two AL/MC properties classified as held for sale to their estimated fair values less costs to sell. No impairment was recognized for the years ended December 31, 2020 and 2019. Impact of hurricanes |
RECEIVABLES AND OTHER ASSETS, N
RECEIVABLES AND OTHER ASSETS, NET | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
RECEIVABLES AND OTHER ASSETS, NET | RECEIVABLES AND OTHER ASSETS, NET The following table summarizes our receivables and other assets, net (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Escrows held by lenders (A) $ 17,694 $ 15,895 Straight-line rent receivable 4,515 4,084 Prepaid expenses 3,923 3,534 Security deposits 3,037 2,763 Resident receivables, net 1,151 1,345 Income tax receivable — 821 Other assets and receivables 4,572 4,636 Total receivables and other assets, net $ 34,892 $ 33,078 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by our properties. The following table summarizes the allowance for doubtful accounts and the related provision for resident receivables (excluding properties classified as discontinued operations): Years Ended December 31, 2020 2019 2018 Balance, beginning of period $ — $ 1,075 $ 588 Provision for uncollectible receivables (A) — — 1,699 Write-offs, net of recoveries — (1,075) (1,212) Balance, end of period $ — $ — $ 1075 (A) In accordance with ASC 842 effective January 1, 2019, collectability of receivables is assessed and incorporated in lease revenue. For the year ended December 31, 2018, the provision for resident receivables and related write-offs are included in “Property operating expense” in our Consolidated Statements of Operations. Straight-line Rent Receivable Rental revenue from our triple net lease property is recognized on a straight-line basis over the applicable term of the lease when collectability of substantially all rents is probable. Recognizing rental revenue on a straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from our tenant during the first half of the lease term, creating a straight-line rent receivable. We assess the collectability of straight-line rent receivables on an ongoing basis. This assessment is based on several qualitative and quantitative factors, including and as appropriate, the payment history of the triple net lease tenant, the tenant’s ability to satisfy its lease obligations, the value of the underlying collateral or deposit, if any, and current economic conditions. If our evaluation of these factors indicates it is not probable that we will collect substantially all rents, any lease income is limited to the lesser of the lease income reflected on a straight-line basis or cash collected. |
DEBT, NET
DEBT, NET | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
DEBT, NET | DEBT, NET The following table summarizes our debt, net (excluding debt secured by properties classified as discontinued operations): December 31, 2020 December 31, 2019 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Floating Rate (B)(C) $ 1,039,316 $ 1,025,110 Mar 2022 - Mar 2030 1M LIBOR + 2.00% to 1M LIBOR + 2.75% 5.7 $ 1,139,036 $ 1,128,100 Fixed Rate 462,808 461,054 Sep 2025 4.25% 4.5 464,680 462,532 Total $ 1,502,124 $ 1,486,164 5.3 $ 1,603,716 $ 1,590,632 (A) The totals are reported net of deferred financing costs of $16.0 million and $13.1 million as of December 31, 2020 and 2019, respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.38% and 3.75% as of December 31, 2020. Includes $49.3 million of debt that has a LIBOR floor of 0.25%. (C) As of December 31, 2020, $620.0 million of total floating rate debt has been hedged using interest rate swaps, which are carried at fair value. See “Note 10 - Derivative Instruments” for more information. The carrying values of the collateral relating to the floating rate and fixed rate debt were $1.2 billion and $0.5 billion, respectively, as of both December 31, 2020 and 2019. Mortgage Debt In May 2018, we repaid $663.8 million of secured loans in conjunction with the Lease Termination. We recognized a loss on extinguishment of debt of $58.5 million, comprising of $51.9 million in prepayment penalties and $6.6 million in the write-off of unamortized deferred financing costs on the loans. The repayment was facilitated by a one-year secured term loan of $720.0 million bearing interest at LIBOR plus 4.0% for the first six months and increasing by 50 basis points after the sixth monthly payment date and by an additional 50 basis points after the ninth monthly payment date (the “Term Loan”). We incurred a total of $12.3 million in deferred financing costs, which have been capitalized and amortized over the life of the Term Loan and the amortization is included in “Interest expense” in our Consolidated Statements of Operations. In October 2018, we refinanced the Term Loan with a seven-year secured loan of $720.0 million bearing interest at LIBOR plus 2.32%. We recognized a loss on extinguishment of debt of $6.2 million, which represents the write off of unamortized deferred financing costs. We incurred a total of $11.8 million in deferred financing costs, which have been capitalized and are being amortized over the life of the loan and the related amortization is included in “Interest expense” in our Consolidated Statements of Operations. In February 2020, in conjunction with the AL/MC Portfolio Disposition, we obtained mortgage financing in the aggregate amount of $270.0 million from KeyBank and assigned to Federal Home Loan Mortgage Corporation (the “2020 Freddie Financing”). The 2020 Freddie Financing is secured by 14 of our Senior Housing Properties, matures on March 1, 2030, and bears interest at an adjustable rate, adjusted monthly, equal to the sum of the one month LIBOR index rate plus 2.12%. Concurrently on the same date, we used the funds from the 2020 Freddie Financing and proceeds from the AL/MC Portfolio Disposition to prepay an aggregate of $368.1 million of secured loans. We recognized a loss on extinguishment of debt of $5.9 million, comprising of $4.5 million in prepayment penalties and $1.4 million in the write-off of unamortized deferred financing costs, and is recorded in “Loss on extinguishment of debt” on our Consolidated Statements of Operations. We incurred a total of $3.3 million in deferred financing costs, which have been capitalized and are being amortized over the life of the loan and the related amortization is included in “Interest expense” in our Consolidated Statements of Operations. Revolving Credit Facility In December 2018, we entered into a three -year secured revolving credit facility in the amount of $125.0 million bearing interest at LIBOR plus 2.5% (the “Revolver”), which was secured by eight AL/MC properties (classified as discontinued operations as of December 31, 2019) and the pledge of equity interests of certain of our wholly owned subsidiaries that directly or indirectly own such properties. Concurrently on the same day, we used the funds from the financing to prepay an aggregate of $125.4 million of secured loans. We recognized a loss on extinguishment of debt of $1.5 million, comprising of $1.2 million in prepayment penalties and $0.3 million in the write-off of unamortized deferred financing costs on the loans, which is included in “Loss from discontinued operations” in our Consolidated Statements of Operations. We incurred a total of $3.1 million in deferred financing costs, which have been capitalized and are being amortized over the life of the Revolver and the amortization is included in “Loss from discontinued operations” in our Consolidated Statements of Operations. As of December 31, 2019, there was $50.0 million of borrowings outstanding under the Revolver collateralized by properties classified as discontinued operations, and the outstanding balance is included in “Liabilities from discontinued operations” in our Consolidated Balance Sheets. The Revolver may be increased up to a maximum aggregate amount of $300.0 million , of which (i) a portion in an amount of 10.0% of the Revolver may be used for the issuance of letters of credit, and (ii) a portion in an amount of 10.0% of the Revolver may be drawn by us in the form of swing loans. We pay a fee for unused amounts of the Revolver under certain circumstances of $0.2 million for the year ended December 31, 2019, and included in “Loss from discontinued operations” in our Consolidated Statements of Operations. In February 2020, in connection with the AL/MC Portfolio Disposition, we also amended the Revolver and extended its maturity from December 2021 to February 9, 2024. The amendment allows the Revolver to be increased with lender consent to a maximum aggregate amount of $500.0 million, of which (i) up to 10.0% may be used for the issuance of letters of credit, and (ii) up to 10.0% may be drawn by us in the form of swing loans. The Revolver bears an interest rate of, at our option, (i) the sum of LIBOR plus 2.0% or, in the case of a swing line loan, (ii) the greater of (a) the fluctuating annual rate of interest announced from time to time by KeyBank as its “prime rate,” plus 1.0% (b) 1.5% above the effective federal funds rate and (c) the sum of LIBOR for a one-month interest period plus 2.0%. The Revolver is secured by nine of our Senior Housing Properties and the pledge of the equity interests of certain of our wholly owned subsidiaries. As of December 31, 2020, there were no borrowings outstanding under the Revolver. We continue to pay a fee for unused amounts of the Revolver under certain circumstances, which was $0.2 million for the year ended December 31, 2020 and included in “Interest expense” in our Consolidated Statements of Operations. We repaid $469.0 million and $13.3 million of debt during the years ended December 31, 2020 and 2019, respectively, and recognized a loss on extinguishment of debt of $5.9 million and $0.3 million, respectively, which represents exit fees and the write-off of related unamortized deferred financing costs. Our debt (excluding debt collateralized by properties classified as discontinued operations) has contractual maturities as follows: Principal Payments Balloon Payments Total 2021 $ 9,260 $ — $ 9,260 2022 19,125 48,419 67,544 2023 19,841 — 19,841 2024 24,186 — 24,186 2025 21,518 1,098,238 1,119,756 Thereafter 22,778 238,759 261,537 Total outstanding face amount $ 116,708 $ 1,385,416 $ 1,502,124 Our debt contains various customary financial and other covenants, in some cases including Debt Service Coverage Ratio, Project Yield or Minimum Net Worth, Minimum Consolidated Tangible Net Worth, Adjusted Consolidated EBITDA to Fixed Charges and Liquid Assets provision, as defined in the agreements. We were in compliance with the covenants in our debt agreements as of December 31, 2020. |
DERIVATIVE INSTRUMENTS
DERIVATIVE INSTRUMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
DERIVATIVE INSTRUMENTS | DERIVATIVE INSTRUMENTS Our objectives in using interest rate derivatives are to add stability to interest expense and to manage our exposure to interest rate movements. Derivatives Designated as Hedging Instruments Interest rate swap In August 2020, we entered into a $270.0 million notional interest rate swap with a maturity in September 2025 that effectively converts LIBOR-based floating rate debt to fixed rate debt, thus reducing the impact of interest-rate changes on future interest expense. In May 2019, we entered into a $350.0 million notional interest rate swap with a maturity of May 2022 that effectively converts LIBOR-based floating rate debt to fixed rate debt, thus reducing the impact of interest-rate changes on future interest expense. These interest rate swaps were designated and qualified as cash flow hedged with the change in fair value included in the assessment of hedge effectiveness deferred as a component of OCI, and reclassified into earnings in the same period or periods during which the hedged transaction affects earnings. As of December 31, 2020 and 2019, our interest rate swap liability of $11.7 million and $5.9 million, respectively was recorded in “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. For the years ended December 31, 2020 and 2019, $6.1 million and $0.2 million of loss was reclassified from accumulated other comprehensive income (loss) into earnings and was recorded in “Interest expense” in our Consolidated Statements of Operations, respectively. As of December 31, 2020, approximately $8.1 million of our swap liability, which is included in accumulated other comprehensive income (loss), is expected to be reclassified into earnings in the next 12 months. Derivatives Not Designated as Hedging Instruments Interest rate caps As of December 31, 2020 and 2019, our interest rate cap assets were recorded in “Receivables and other assets, net” in our Consolidated Balance Sheets. Fair value losses recognized for the years ended December 31, 2020, 2019 and 2018 were $0.1 million, $0.6 million and $2.1 million. These amounts are included in “Other expense” in our Consolidated Statements of Operations and “Other non-cash expense” in our Consolidated Statements of Cash Flows. In October 2018, we paid $2.5 million to enter into an interest rate cap on the refinancing of the Term Loan, which caps LIBOR at 3.68%, has a notional value of $720.0 million and is effective through November 1, 2021. |
ACCRUED EXPENSES AND OTHER LIAB
ACCRUED EXPENSES AND OTHER LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
ACCRUED EXPENSES AND OTHER LIABILITIES | ACCRUED EXPENSES AND OTHER LIABILITIES The following table summarizes our accrued expenses and other liabilities (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Accounts payable and accrued expenses $ 15,067 $ 17,554 Security deposits payable 2,303 2,486 Due to property managers 9,782 6,752 Mortgage interest payable 3,874 5,665 Deferred community fees, net 5,201 5,865 Rent collected in advance 1,735 2,099 Property tax payable 5,754 5,627 Operating lease liability 1,745 1,942 Derivative liability 11,687 5,896 Other liabilities 6,738 5,434 Total accrued expenses and other liabilities $ 63,886 $ 59,320 |
FAIR VALUE MEASUREMENTS
FAIR VALUE MEASUREMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The carrying amounts and fair values of our financial instruments were as follows (excluding properties classified as discontinued operations): Fair Value Hierarchy December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents (A) 1 $ 33,046 $ 33,046 $ 39,614 $ 39,614 Restricted cash (A) 1 20,731 20,731 18,658 18,658 Interest rate caps (B)(D) 2 10 10 IMM IMM Financial Liabilities: Mortgage debt (C) 3 $ 1,486,164 $ 1,524,210 $ 1,590,632 $ 1,592,855 Interest rate swap (B) 2 10,980 10,980 5,736 5,736 (A) The carrying approximates fair values. (B) Fair value based on pricing models that consider inputs including forward yield curves, cap strike rates, cap volatility and discount rates. (C) Fair value based on a discounted cash flow valuation model. Significant inputs in the model include amounts and timing of expected future cash flows and market yields which are constructed based on inputs implied from similar debt offerings. Our mortgage debt is not measured at fair value on our Consolidated Balance Sheets. (D) As of December 31, 2019, the carrying and fair values of our interest rate caps were not material. |
TRANSACTIONS WITH AFFILIATES
TRANSACTIONS WITH AFFILIATES | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
TRANSACTIONS WITH AFFILIATES | TRANSACTIONS WITH AFFILIATES The following disclosures describe transactions with Fortress, Holiday and Merrill Gardens or prior to the Internalization. For additional information regarding the Internalization, the termination of the Management Agreement with our Former Manager and the transition arrangements between the parties, please refer to “Note 1 – Organization”. Management Agreements Prior to January 1, 2019, we were party to a management agreement (the “Management Agreement”) with the Former Manager, under which the Former Manager advised us on various aspects of our business and managed our day-to-day operations, subject to the supervision of our board of directors. For its management services, the Former Manager was entitled to a base management fee of 1.5% per annum of our gross equity. Gross equity was generally defined as the equity invested by Drive Shack Inc. (“Drive Shack”) (including cash contributed to us) as of the completion of the spin-off from Drive Shack, plus the aggregate offering price from stock offerings, plus certain capital contributions to subsidiaries, less capital distributions (calculated without regard to depreciation and amortization) and repurchases of common stock, calculated and payable monthly in arrears in cash. We incurred $14.8 million of management fees during the year ended December 31, 2018 under the Management Agreement, which are included in “Management fees to affiliate” in our Consolidated Statements of Operations. The Former Manager was entitled to receive, on a quarterly basis, incentive compensation on a cumulative, but not compounding basis, in an amount equal to the product of (A) 25% of the dollar amount by which (1)(a) funds from operations (as defined in the Management Agreement) before the incentive compensation per share of common stock, plus (b) gains (or losses) from sales of property per share of common stock, plus (c) internal and third party acquisition-related expenses, plus (d) unconsummated transaction expenses, and plus (e) other non-routine items (as defined in the Management Agreement), exceed (2) an amount equal to (a) the weighted average value per share of the equity invested by Drive Shack in the assets of New Senior (including cash contributed to us) as of the completion of the spin-off and the price per share of our common stock in any offerings by us (adjusted for prior capital dividends or capital distributions, which shall be calculated without regard to depreciation and amortization and repurchases of common stock) multiplied by (b) a simple interest rate of 10% per annum, multiplied by (B) the weighted average number of shares of common stock outstanding. The Former Manager did not earn incentive compensation during the year ended December 31, 2018. The Former Manager was also entitled to receive, upon the successful completion of an equity offering, options with respect to 10% of the number of shares sold in the offering with an exercise price equal to the price paid by the purchaser in the offering. Because the Former Manager’s employees performed certain legal, accounting, due diligence, asset management and other services that outside professionals or outside consultants otherwise would perform, the Former Manager was paid or reimbursed, pursuant to the Management Agreement, for the cost of performing such tasks, provided that such costs and reimbursements are no greater than those which would be paid to outside professionals or consultants on an arm’s-length basis. We were also required to pay all operating expenses, except those specifically required to be borne by the Former Manager under the Management Agreement. We were required to pay expenses that included, but were not limited to, issuance and transaction costs incidental to the sourcing, evaluation, acquisition, management, disposition, and financing of our investments, legal, underwriting, sourcing, asset management and accounting and auditing fees and expenses, the compensation and expenses of independent directors, the costs associated with the establishment and maintenance of any credit facilities and other indebtedness (including commitment fees, legal fees, closing costs, etc.), expenses associated with other securities offerings, the costs of printing and mailing proxies and reports to our stockholders, costs incurred by employees or agents of the Former Manager for travel on our behalf, costs associated with any computer software or hardware that was used by us, costs to obtain liability insurance to indemnify directors and officers and the compensation and expenses of our transfer agent. For the year ended December 31, 2018, our reimbursement to the Former Manager for costs incurred for tasks and other services performed under the Management Agreement was $7.5 million, of which $6.3 million was included in “General and administrative expense” and $1.2 million was included in “Acquisition, transaction and integration expense” in our Consolidated Statements of Operations. Property Management Agreements We are party to property management agreements with Merrill Gardens, a former affiliate of Fortress, and Holiday, a portfolio company that is majority owned by a private equity fund managed by an affiliate of Fortress, to manage most of our senior housing properties. Pursuant to these property management agreements, we pay monthly property management fees. For IL properties managed by Merrill Gardens and Holiday, we generally pay management fees equal to 4.5% to 5% of effective gross income. For certain property management agreements, we may also pay an incentive fee based on operating performance of the properties. No incentive fees were incurred during the year ended December 31, 2018. Property management fees are included in “Property operating expense” in our Consolidated Statements of Operations. Other amounts paid to managers affiliated with the Former Manager that are included in property operating expense are payroll expense and travel reimbursement costs. The payroll expense is structured as a reimbursement to the property manager, who is the employer of record. For the year ended December 31, 2018, we incurred property management fees and property-level payroll expenses of $14.3 million and $65.8 million, respectively, with respect to property managers affiliated with the Former Manager (excluding properties classified as discontinued operations), which are included in “Property operating expense” in our Consolidated Statements of Operations. Travel reimbursement costs were not material. one |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
INCOME TAXES | INCOME TAXES New Senior is organized and conducts its operations to qualify as a REIT under the requirements of the Code. However, certain of our activities are conducted through our TRS and therefore are subject to federal and state income taxes at regular corporate tax rates. The following table presents the provision (benefit) for income taxes (excluding discontinued operations): Years Ended December 31, 2020 2019 2018 Current Federal $ — $ — $ (26) State and local 178 210 260 Total current provision 178 210 234 Deferred Federal — — 3,699 State and local — — 1,017 Total deferred provision — — 4,716 Total provision (benefit) for income taxes $ 178 $ 210 $ 4,950 The income tax provision relating to properties classified as discontinued operations was not material for December 31, 2020 and $0.1 million, and $0.8 million for the years ended December 31, 2019 and 2018, respectively. Generally, our effective tax rate differs from the federal statutory rate as a result of state and local taxes and non-taxable REIT income. The table below provides a reconciliation of our provision for income taxes, based on the statutory rate of 21%, to the effective tax rate (excluding discontinued operations). Years Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.00 % 21.00 % 21.00 % Non-taxable REIT (loss) (21.77) % (30.33) % (20.91) % State and local taxes (0.88) % 2.26 % (0.85) % Valuation allowance 0.81 % 9.24 % (2.56) % Other (0.05) % 0.17 % — % Effective income tax rate (0.89) % 2.34 % (3.32) % The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities (excluding discontinued operations) are presented below: December 31, 2020 2019 Deferred tax assets: Prepaid fees and rent $ 3 $ 9 Net operating loss 7,149 7,330 Deferred rent — 152 Depreciation and amortization 391 377 Other 24 — Total deferred tax assets 7,567 7,868 Less valuation allowance 7,567 7,857 Net deferred tax assets — 11 Deferred tax liabilities: Depreciation and amortization — — Other — 11 Total deferred tax liabilities — 11 Total net deferred tax assets $ — $ — Net deferred tax assets are included within “Receivables and other assets, net” in our Consolidated Balance Sheets. As of December 31, 2020, our TRS had a loss carryforward of approximately $28.0 million for federal income tax purposes and $30.4 million for state income tax purposes, which will begin to expire at the end of 2034. The net operating loss carryforward can generally be used to offset future taxable income, if and when it arises. In assessing the recoverability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income by the TRS during the periods in which temporary differences become deductible and before the net operating loss carryforward expires. We have recorded a valuation allowance of $7.6 million against our net deferred tax assets as of December 31, 2020 as management believes that it is more likely than not that our net deferred tax assets will not be realized. However, the amount of the deferred tax asset considered realizable could be adjusted if (i) estimates of future taxable income during the carryforward period are reduced or increased or (ii) objective negative evidence in the form of cumulative losses is no longer present. New Senior and our TRS file income tax returns with the U.S. federal government and various state and local jurisdictions. Generally, we are no longer subject to tax examinations by tax authorities for tax years ended prior to December 31, 2016. The examination of our TRS federal income tax return for the year ended December 31, 2013 was completed and is no longer subject to examination. The conclusion of the examination resulted in a minimal reduction to the TRS’s net operating loss carryforward. We have assessed our tax positions for all open years and concluded that there are no material uncertainties to be recognized. As of December 31, 2020, we do not believe that there will be a significant change to uncertain tax positions during the next 12 months. |
STOCK-BASED COMPENSATION
STOCK-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
STOCK-BASED COMPENSATION | STOCK-BASED COMPENSATION Amended and Restated Stock Option and Incentive Award Plan On January 1, 2019, our board of directors adopted an Amended and Restated Nonqualified Stock Option and Incentive Award Plan (the “Plan”) providing for the grant of equity-based awards, including restricted stock awards (RSAs), restricted stock units (RSUs), stock options, stock appreciation rights, performance awards and other equity-based and non-equity based awards, in each case to our directors, officers, employees, service providers, consultants and advisors. We have reserved 27,922,570 shares of our common stock for issuance under the Plan and as of December 31, 2020, 22,642,798 of the reserved shares under the Plan are available for future awards. Stock Options Stock options issued under the plan expire 10 years from the date of grant and vest over a period of 3.0 years from the date of grant. During the year December 31, 2019, the fair value of the options as of the date of grant was determined using the Black-Scholes option-pricing model with the following weighted average assumptions (no options were issued in 2018): Range Weighted Average Expected volatility (mix of historical and implied) 32.0% - 34.0% 33.7% Expected dividend yield 9.3% - 9.6% 9.3% Expected remaining term 6 years 6 years Risk free rate 2.4% - 2.7% 2.7% Fair value per option at valuation date $0.50 - $0.64 $0.52 The following is a summary of stock option activity for the year ended December 31, 2020: Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (years) Intrinsic Value Outstanding as of December 31, 2019 10,073,241 $8.57 Granted (A) 20,098 0.32 Exercised — — Forfeited — — Expired — — Outstanding as of December 31, 2020 10,093,339 8.55 4.4 $ 6,533 Exercisable as of December 31, 2020 8,155,861 9.62 3.5 $ 4,076 (A) In January 2020, strike prices for outstanding options as of December 31, 2019 were reduced by $0.52 (the “2019 ROC Adjustment”), reflecting the portion of our 2019 dividends which were deemed return of capital pursuant to the terms of the Plan. As a result, 20,098 additional options were issued to the Former Manager, in order to maintain the intrinsic value of an option grant with a strike price below the 2019 ROC Adjustment. A total unrecognized compensation expense of $0.6 million as of December 31, 2020 is expected to be amortized over a weighted average term of 1.1 years. Restricted Stock Awards ("RSAs") and Restricted Stock Units ("RSUs") RSAs and RSUs issued under the plan vest primarily over a period of 1 to 3 years from the date of grant. During the years December 31, 2020 and 2019, the fair value of these awards as of the date of grant was determined using the Company's stock price on such date. The following is a summary the Company's RSAs and RSUs activity for the year ended December 31, 2020: RSAs Weighted Average Grant Date Fair Value RSUs Weighted Average Grant Date Fair Value Outstanding as of December 31, 2019 754,594 $4.46 266,032 $7.04 Granted — — 477,981 5.59 Vested (299,673) 4.40 (146,560) 6.80 Forfeited — — (16,098) 7.04 Outstanding as of December 31, 2020 454,921 4.49 581,355 5.90 As of December 31, 2020, we had $1.1 million of unrecognized compensation expense related to non-vested RSAs. That cost is expected to be amortized on a straight-line basis over a weighted average term of 1.1 years. No RSAs were granted during the years ended December 31, 2020 and 2018. The weighted average grant date fair value of RSAs granted in 2019 was $4.40. The total fair value at the vesting date of RSAs vested in 2020 was $2.1 million. No RSAs vested in 2019 and 2018. As of December 31, 2020, we had $2.1 million of unrecognized compensation expense related to non-vested RSUs. That cost is expected to be amortized on a straight-line basis over a weighted average term of 1.5 years. No RSUs were granted during the year ended December 31, 2018. The weighted average grant date fair value of RSUs granted in 2020 and 2019 was $5.59 and $7.06, respectively. The total fair value at the vesting date of RSUs vested in 2020 was $0.7 million. No RSUs vested in 2019 and 2018. Performance Stock Units ("PSUs") Actual PSUs earned may range from 0% - 200% of the PSUs allocated to the award recipient, based on the Company's Total Shareholder Return ("TSR") compared to a peer group based on companies with similar assets and revenue over a three-year performance period that commenced on their respective grant dates. The fair value of the PSUs as of the date of grant was determined using a Monte Carlo simulation using the following inputs: 2020 2019 Range Weighted Average Range Weighted Average Expected volatility (historical) 30.9% 30.9% 28.0% 28.0% Expected dividend yield —% —% 9.1% 9.1% Expected remaining term 2.9 years 2.9 years 2.4 years 2.4 years Fair value per unit at valuation date $6.89 - $8.80 $8.28 $6.89 - $8.80 $12.44 The following is a summary of PSU activity in 2020: Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2019 476,717 $12.53 Granted 394,231 8.28 Vested — — Forfeited — — Outstanding as of December 31, 2020 870,948 10.61 As of December 31, 2020, we had $4.8 million of unrecognized compensation expense related to non-vested PSUs. That cost is expected to be amortized on a straight-line basis over a weighted average term of 1.5 years. No PSUs were granted during the year ended December 31, 2018. None of the PSUs have vested. For the year ended December 31, 2020 and 2019, we recognized $6.6 million and $3.5 million, respectively, of compensation expense relating to the equity-based awards, which is included in “General and administrative expense” in our Consolidated Statements of Operations. |
REDEEMABLE PREFERRED STOCK, EQU
REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE | REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE Redeemable Preferred Stock On December 31, 2018, we issued 400,000 shares of our Redeemable Preferred Stock to the Manager as consideration for the termination of the Management Agreement. The Redeemable Preferred Stock is non-voting and has a $100 liquidation preference. Holders of the Redeemable Preferred Stock are entitled to cumulative cash dividends at a rate per annum of 6.0% on the liquidation preference amount plus all accumulated and unpaid dividends. In the event of any voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of the Redeemable Preferred Stock will receive out of the assets of the Company legally available for distribution to its stockholders before any payment is made to the holders of any series of preferred stock ranking junior to the Redeemable Preferred Stock or to any holder of the Company’s common stock but subject to the rights of any class or series of securities ranking senior to or on parity with the Redeemable Preferred Stock, a payment per share equal to the liquidation preference plus any accumulated and unpaid dividends. We may redeem, at any time, all but not less than all of the shares of Redeemable Preferred Stock for cash at a price equal to the liquidation preference amount of the Redeemable Preferred Stock plus all accumulated and unpaid dividends thereon (the “Redemption Price”). On or after December 31, 2020, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem up to 50% of the outstanding shares of Redeemable Preferred Stock, and on or after December 31, 2021, the holders of a majority of the then outstanding shares of Redeemable Preferred Stock will have the right to require us to redeem all or any portion of the outstanding shares of Redeemable Preferred Stock, in each case, for cash at the Redemption Price. Upon the occurrence of a Change of Control (as defined in the certificate of designation governing the Redeemable Preferred Stock), the Redeemable Preferred Stock is required to be redeemed in whole at the Redemption Price. Due to the ability of the holders to require us to redeem the outstanding shares, the Redeemable Preferred Stock is excluded from Equity and reflected in our Consolidated Balance Sheets at its initial fair value of $40.0 million. The carrying value of the Redeemable Preferred Stock is increased by the accumulated and unpaid dividends in the period with a corresponding increase in accumulated deficit. Accrued dividends are treated as deductions in the calculation of net income (loss) applicable to common stockholders. In December 2020, we received a redemption request for, and redeemed 200,000 shares of the Redeemable Preferred Stock for $20.3 million, including accrued dividends. The following table is a rollforward of our Redeemable Preferred Stock for the year ended December 31, 2020: Balance as of December 31, 2019 $ 40,506 Redemptions (20,000) Accrued dividend 2,403 Paid dividend (2,656) Balance as of December 31, 2020 $ 20,253 Equity and Dividends During the years ended December 31, 2020, 2019 and 2018, we declared dividends per share of common stock of $0.33, $0.52 and $0.78, respectively. 2020 Activity In the first quarter of 2020, strike prices for outstanding options were reduced by $0.52, reflecting the portion of our 2019 dividends which were deemed return of capital. 2019 Activity In the first quarter of 2019, strike prices for outstanding options were reduced by $0.78, reflecting the portion of our 2018 dividends which were deemed return of capital. Prior to the spin-off, Drive Shack had issued rights relating to shares of Drive Shack’s common stock (the “Drive Shack options”) to the Former Manager in connection with capital raising activities. In connection with the spin-off, 5.5 million options that were held by the Former Manager, or by the directors, officers or employees of the Former Manager, were converted into an adjusted Drive Shack option and a right relating to a number of shares of New Senior common stock (the “New Senior option”). The exercise price of each adjusted Drive Shack option and New Senior option was set to collectively maintain the intrinsic value of the Drive Shack option immediately prior to the spin-off and to maintain the ratio of the exercise price of the adjusted Drive Shack option and the New Senior option, respectively, to the fair market value of the underlying shares as of the spin-off date, in each case based on the five 2018 Activity In the first quarter of 2018, strike prices for outstanding options were reduced by $1.04, reflecting the portion of our 2017 dividends which were deemed return of capital. In March 2018, we granted options to a new director relating to 5,000 shares of common stock, the grant date fair value of which was not material. Earnings Per Share Basic EPS is calculated by dividing net income (loss) by the weighted average number of shares of common stock outstanding. Diluted EPS is computed by dividing net income (loss) by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. Our common stock equivalents are our outstanding stock options and equity-based compensation awards. We have certain equity-based compensation awards that contain non-forfeitable rights to dividends, which are considered participating securities for the purposes of computing EPS pursuant to the two-class method, and therefore we apply the two-class method in our computation of EPS. The two-class method is an earnings allocation methodology that determines EPS for shares of common stock and participating securities according to dividends declared or accumulated and participating rights in undistributed earnings. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund losses. The following table sets forth the computation of basic and diluted income (loss) per share of common stock for the years ended December 31, 2020, 2019, and 2018: Years Ended December 31, 2020 2019 2018 Numerator for basic and diluted earnings per share: Income (loss) from continuing operations attributable to common stockholders $ (23,047) $ 6,361 $ (151,628) Discontinued operations 16,885 (6,754) (7,727) Net income (loss) attributable to common stockholders (6,162) (393) (159,355) Less: Non-forfeitable dividends allocated to participating RSUs (115) — — Net income (loss) available to shares of common stock outstanding $ (6,277) $ (393) $ (159,355) Denominator: Basic weighted average shares of common stock outstanding (A) 82,496,460 82,208,173 82,148,869 Dilutive shares of common stock - equity awards and options (B) — 1,664,085 — Diluted weighted average shares of common stock 82,496,460 83,872,258 82,148,869 Basic earnings per common share: Income (loss) from continuing operations attributable to shares of common stock $ (0.28) $ 0.08 $ (1.85) Discontinued operations 0.20 (0.08) (0.09) Net income (loss) attributable to shares of common stock $ (0.08) $ — $ (1.94) Diluted earnings per common share: Income (loss) from continuing operations attributable to shares of common stock $ (0.28) $ 0.08 $ (1.85) Discontinued operations 0.20 (0.08) (0.09) Net income (loss) attributable to shares of common stock $ (0.08) $ — $ (1.94) (A) The outstanding shares used to calculate the weighted average basic shares exclude 454,921 and 754,594 restricted stock awards as of December 31, 2020 and 2019, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic loss per share for the years ended December 31, 2020 and 2019. (B) During the years ended December 31, 2020, and 2018, 989,375 and 499,957 dilutive share equivalents and options were excluded given our loss position, respectively. |
CONCENTRATION OF CREDIT RISK
CONCENTRATION OF CREDIT RISK | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
CONCENTRATION OF CREDIT RISK | CONCENTRATION OF CREDIT RISK The following table presents our managed properties and other properties as a percentage of total real estate investments (based on their carrying amount and excluding properties classified as held for sale or discontinued operations): December 31, 2020 2019 2018 Holiday managed properties (A) 95.5 % 95.5 % 95.7 % Merrill Gardens managed properties 0.9 % 0.9 % 0.9 % All other 3.6 % 3.6 % 3.4 % (A) Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. These assets are included in the Holiday managed properties as of the date of the lease termination. Managed Properties The following table presents the properties managed by Holiday and Merrill Gardens as a percentage of real estate investments, net, revenue and NOI (excluding properties classified as discontinued operations): As of and for the year ended December 31, 2020 2019 2018 Holiday Merrill Gardens Holiday Merrill Gardens Holiday Merrill Gardens Real estate investments, net IL properties 98.4 % 0.9 % 98.4 % 0.9 % 98.5 % 0.9 % Revenue IL properties 97.2 % 2.1 % 97.0 % 2.3 % 96.3 % 2.8 % NOI IL properties 99.3 % 0.5 % 98.5 % 1.3 % 98.0 % 1.5 % Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. The real estate investments, net, revenue and NOI for such properties following the Lease Termination have been included in managed properties above. This resulted in a significant increase in the real estate investments, net, revenue and NOI of managed properties. Because Holiday and Merrill Gardens manage, but do not lease our properties, we are not directly exposed to their credit risk in the same manner or to the same extent as that of our triple net lease tenant. However, we rely on Holiday and Merrill Gardens’ personnel, expertise, accounting resources and information systems, proprietary information, good faith and judgment to manage our properties efficiently and effectively. We also rely on Holiday and Merrill Gardens to otherwise operate our properties in compliance with the terms of the Property Management Agreements, although we have various rights as the property owner to terminate and exercise remedies under the Property Management Agreements. Holiday’s and Merrill Gardens ’ s inability or unwillingness to satisfy their obligations under those agreements, to efficiently and effectively manage our properties, or to provide timely and accurate accounting information could have a material adverse effect on us. Additionally, significant changes in Holiday’s and Merrill Gardens ’ senior management or adverse developments in their business and affairs or financial condition could have a material adverse effect on us. |
FUTURE MINIMUM RENTS
FUTURE MINIMUM RENTS | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
FUTURE MINIMUM RENTS | FUTURE MINIMUM RENTS The following table sets forth future contracted minimum rents from the tenant of our triple net lease property, excluding contingent payment escalations, as of December 31, 2020: Years Ending December 31 2021 $ 6,066 2022 6,233 2023 6,405 2024 6,581 2025 6,762 Thereafter 32,126 Total future minimum rents $ 64,173 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES As of December 31, 2020, management believes there are no material contingencies that would affect our results of operations, cash flows or financial position. Certain Obligations, Liabilities and Litigation We are and may become subject to various obligations, liabilities, investigations, inquiries and litigation assumed in connection with or arising from our on-going business, as well as acquisitions, sales, leasing and other activities. These obligations and liabilities (including the costs associated with investigations, inquiries and litigation) may be greater than expected or may not be known in advance. Any such obligations or liabilities could have a material adverse effect on our financial position, cash flows and results of operations, particularly if we are not entitled to indemnification, or if a responsible third party fails to indemnify us. Certain Tax-Related Covenants If we are treated as a successor to Drive Shack under applicable U.S. federal income tax rules, and if Drive Shack failed to qualify as a REIT for a taxable year ending on or before December 31, 2015, we could be prohibited from electing to be a REIT. Accordingly, in the separation and distribution agreement regarding our spin-off from Drive Shack (the “Separation and Distribution Agreement”), Drive Shack (i) represented that it had no knowledge of any fact or circumstance that would cause us to fail to qualify as a REIT, (ii) covenanted to use commercially reasonable efforts to cooperate with New Senior as necessary to enable us to qualify for taxation as a REIT and receive customary legal opinions concerning REIT status, including providing information and representations to us and our tax counsel with respect to the composition of Drive Shack’s income and assets, the composition of its stockholders and its operation as a REIT, and (iii) covenanted to use its reasonable best efforts to maintain its REIT status for each of Drive Shack’s taxable years ending on or before December 31, 2015 (unless Drive Shack obtains an opinion from a nationally recognized tax counsel or a private letter ruling from the Internal Revenue Service (“IRS”) to the effect that Drive Shack’s failure to maintain its REIT status will not cause us to fail to qualify as a REIT under the successor REIT rule referred to above). To date, Drive Shack has not informed us of any challenge to its REIT status for the applicable time period. Proceedings Indemnified and Defended by Third Parties From time to time, we are party to certain legal actions, regulatory investigations and claims for which third parties are contractually obligated to indemnify, defend and hold us harmless. While we are presently not being defended by any tenant and other obligated third parties in these types of matters, there is no assurance that our tenant, their affiliates or other obligated third parties will continue to defend us in these matters, or that such parties will have sufficient assets, income and access to financing to enable them to satisfy their defense and indemnification obligations to us. In addition, although we and our operators maintain insurance programs against certain risks, including commercial general liability, property, casualty and directors’ and officers’ liability, we cannot provide assurance that such policies will be sufficient to mitigate the financial impact of any individual or group of legal actions, regulatory investigations or claims. Environmental Costs As a commercial real estate owner, we are subject to potential environmental costs. As of December 31, 2020, management is not aware of any environmental concerns that would have a material adverse effect on our financial position or results of operations. Capital Improvement, Repair and Lease Commitments We have agreed to make $1.0 million available for capital improvements during the 15-year lease period, which ends in 2030, to the triple net lease property under Watermark, none of which has been funded as of December 31, 2020. Upon funding these capital improvements, we will be entitled to a rent increase. Leases As the lessee, we currently lease our corporate office space located in New York, New York under an operating lease agreement. The lease requires fixed monthly rent payments, expires on June 30, 2024 and does not have any renewal option. We also currently lease land and equipment (dishwashers, copy machines and buses) used at certain of our managed properties under operating lease agreements. Our leases have remaining lease terms ranging from 1 month to 66 years. We do not include any renewal options in our lease terms for calculating our lease liability because as of December 31, 2020, we were not reasonably certain if we will exercise these renewal options at this time. As of December 31, 2020, our future minimum lease obligations (excluding expense escalations) under our operating leases, including our office lease disclosed above and excluding discontinued operations are as follows: Years Operating Leases 2021 $ 654 2022 515 2023 472 2024 240 2025 8 Thereafter 305 Total future minimum lease payments 2,194 Less imputed interest (449) Total operating lease liability $ 1,745 Litigation Settlement As previously described in Item 3 of our Annual Report on Form 10-K for the year ended December 31, 2018 and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, 2019, June 30, 2019 and September 30, 2019, a derivative lawsuit, captioned Cumming v. Edens, et al., C.A. No. 13007-VCS, was brought on behalf of the Company against certain current and former members of the Company’s board of directors, Fortress Investment Group LLC and certain affiliates and Holiday Acquisition Holdings LLC. On April 23, 2019, the parties reached an agreement to settle the derivative lawsuit. The settlement provided for the payment of $53.0 million to the Company and the recommendation of certain corporate governance changes in exchange for customary releases. The settlement was approved by the Delaware Court of Chancery on July 31, 2019 and a judgment issued the same day. Cash proceeds of $38.6 million were distributed to the Company, which reflected a court-approved fee and expense award to plaintiff’s counsel of $14.5 million. The Company also paid $0.3 million in unreimbursed legal fees. These proceeds were recorded in “Litigation proceeds, net” in our Consolidated Statements of Operations. The Company previously submitted and recommended the agreed-upon governance changes to its stockholders at the Company’s annual meeting of stockholders which was held in June 2019. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
SUBSEQUENT EVENTS | SUBSEQUENT EVENTS These consolidated financial statements include a discussion of material events, if any, which have occurred subsequent to December 31, 2020 (referred to as subsequent events) through the issuance of the consolidated financial statements. On February 24, 2021, our board of directors declared a cash dividend on our common stock of $0.065 per share of common stock for the quarter ended December 31, 2020. The dividend is payable on March 26, 2021 to stockholders of record on March 12, 2021. |
QUARTERLY FINANCIAL INFORMATION
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | QUARTERLY FINANCIAL INFORMATION (UNAUDITED) Quarters Ended Year Ended December 31 March 31 June 30 September 30 December 31 2020 Revenue $ 86,590 $ 84,533 $ 83,165 $ 81,993 $ 336,281 Net operating income 35,525 35,773 33,208 33,714 138,220 Income (loss) from continuing operations (11,048) (2,658) (3,750) (3,188) (20,644) Discontinued operations, net 16,885 — — — 16,885 Net income (loss) 5,837 (2,658) (3,750) (3,188) (3,759) Net income (loss) attributable to common stockholders $ 5,239 $ (3,257) $ (4,355) $ (3,789) $ (6,162) Basic earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.14) $ (0.04) $ (0.05) $ (0.05) $ (0.28) Discontinued operations, net 0.20 0.00 0.00 0.00 0.20 Net income (loss) attributable to common stockholders $ 0.06 $ (0.04) $ (0.05) $ (0.05) $ (0.08) Diluted earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.14) $ (0.04) $ (0.05) $ (0.05) $ (0.28) Discontinued operations, net 0.20 0.00 0.00 0.00 0.20 Net income (loss) attributable to common stockholders $ 0.06 $ (0.04) $ (0.05) $ (0.05) $ (0.08) Weighted average number of shares of common stock outstanding Basic 82,386,622 82,459,741 82,568,919 82,568,966 82,496,460 Diluted 82,386,622 82,459,741 82,568,919 82,568,966 82,496,460 Quarters Ended Year Ended December 31 March 31 June 30 September 30 December 31 2019 Revenue $ 87,331 $ 86,404 $ 85,956 $ 86,212 $ 345,903 Net operating income 34,392 35,711 35,380 36,063 141,546 Litigation proceeds, net — — 38,226 82 38,308 Income (loss) from continuing operations (9,317) (6,962) 31,348 (6,301) 8,768 Income (loss) from discontinued operations (1,876) (2,624) (2,499) 245 (6,754) Net income (loss) (11,193) (9,586) 28,849 (6,056) 2,014 Net income (loss) attributable to common stockholders $ (11,791) $ (10,185) $ 28,244 $ (6,661) $ (393) Basic earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.12) $ (0.09) $ 0.37 $ (0.08) $ 0.08 Discontinued operations (0.02) (0.03) (0.03) 0.00 (0.08) Net income (loss) attributable to common stockholders $ (0.14) $ (0.12) $ 0.34 $ (0.08) $ 0.00 Diluted earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.12) $ (0.09) $ 0.37 $ (0.08) $ 0.08 Discontinued operations (0.02) (0.03) (0.03) 0.00 (0.08) Net income (loss) attributable to common stockholders $ (0.14) $ (0.12) $ 0.34 $ (0.08) $ 0.00 Weighted average number of shares of common stock outstanding Basic 82,203,069 82,209,844 82,209,844 82,209,844 82,208,173 Diluted 82,203,069 82,209,844 83,964,231 82,209,844 82,208,173 |
SCHEDULE III, REAL ESTATE AND A
SCHEDULE III, REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2020 | |
SEC Schedule, 12-28, Real Estate Companies, Investment in Real Estate and Accumulated Depreciation Disclosure [Abstract] | |
SCHEDULE III, REAL ESTATE AND ACCUMULATED DEPRECIATION | Location Initial Cost to the Company Gross Amount Carried at Close of Period Property Name Type City State Encumbrances Land Buildings and Improvements Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Total (A) Accumulated Depreciation Net Book Value Year Constructed / Renovated Year Acquired Life on Which Depreciation in Income Statement is Computed Managed Properties Andover Place IL Little Rock AR $ 13,939 $ 630 $ 14,664 $ 783 $ 1,143 $ 630 $ 15,525 $ 1,065 $ 17,220 $ (3,310) $ 13,910 1991/NA 2015 3-40 years Vista de la Montana IL Surprise AZ $ 12,450 $ 1,131 $ 11,077 $ 635 $ 390 $ 1,131 $ 11,229 $ 873 $ 13,233 $ (2,907) $ 10,326 1998/NA 2013 3-40 years Arcadia Place IL Vista CA $ 16,508 $ 1,570 $ 14,252 $ 804 $ 1,294 $ 1,570 $ 15,300 $ 1,050 $ 17,920 $ (3,466) $ 14,454 1989/NA 2015 3-40 years Chateau at Harveston IL Temecula CA $ 25,818 $ 1,564 $ 27,532 $ 838 $ 427 $ 1,564 $ 27,833 $ 964 $ 30,361 $ (5,095) $ 25,266 2008/NA 2015 3-40 years Golden Oaks IL Yucaipa CA $ 28,133 $ 772 $ 24,989 $ 867 $ 532 $ 772 $ 25,271 $ 1,118 $ 27,161 $ (5,065) $ 22,096 2008/NA 2015 3-40 years Rancho Village IL Palmdale CA $ 24,607 $ 323 $ 22,341 $ 882 $ 685 $ 323 $ 22,584 $ 1,325 $ 24,232 $ (4,784) $ 19,448 2008/NA 2015 3-40 years Simi Hills IL Simi Valley CA $ 26,025 $ 3,209 $ 21,999 $ 730 $ 320 $ 3,209 $ 22,123 $ 926 $ 26,258 $ (4,861) $ 21,397 2006/NA 2013 3-40 years The Remington IL Hanford CA $ 13,573 $ 1,300 $ 16,003 $ 825 $ 806 $ 1,300 $ 16,277 $ 1,357 $ 18,934 $ (3,640) $ 15,294 1997/NA 2015 3-40 years The Springs of Escondido IL Escondido CA $ 15,313 $ 670 $ 14,392 $ 721 $ 2,047 $ 670 $ 15,650 $ 1,510 $ 17,830 $ (3,936) $ 13,894 1986/NA 2015 3-40 years The Springs of Napa IL Napa CA $ 15,346 $ 2,420 $ 11,978 $ 700 $ 601 $ 2,420 $ 12,195 $ 1,084 $ 15,699 $ (3,021) $ 12,678 1996/NA 2015 3-40 years The Westmont IL Santa Clara CA $ 25,725 $ — $ 18,049 $ 754 $ 1,911 $ — $ 19,182 $ 1,532 $ 20,714 $ (4,569) $ 16,145 1991/NA 2013 3-40 years Courtyard at Lakewood IL Lakewood CO $ 13,875 $ 1,327 $ 14,198 $ 350 $ 784 $ 1,327 $ 14,676 $ 655 $ 16,658 $ (3,308) $ 13,350 1992/NA 2013 3-40 years Greeley Place IL Greeley CO $ 9,000 $ 237 $ 13,859 $ 596 $ 769 $ 237 $ 14,332 $ 893 $ 15,462 $ (3,315) $ 12,147 1986/NA 2013 3-40 years Parkwood Estates IL Fort Collins CO $ 12,787 $ 638 $ 18,055 $ 627 $ 491 $ 638 $ 18,389 $ 784 $ 19,811 $ (4,062) $ 15,749 1987/NA 2013 3-40 years Pueblo Regent IL Pueblo CO $ 9,225 $ 446 $ 13,800 $ 377 $ 346 $ 446 $ 14,040 $ 483 $ 14,969 $ (2,965) $ 12,004 1985/NA 2013 3-40 years Quincy Place IL Denver CO $ 16,369 $ 1,180 $ 18,200 $ 825 $ 1,456 $ 1,180 $ 19,291 $ 1,190 $ 21,661 $ (3,986) $ 17,675 1996/NA 2015 3-40 years Lodge at Cold Spring IL Rocky Hill CT $ 14,039 $ — $ 25,807 $ 605 $ 649 $ — $ 26,121 $ 940 $ 27,061 $ (5,514) $ 21,547 1998/NA 2013 3-40 years Village Gate IL Farmington CT $ 23,700 $ 3,592 $ 23,254 $ 268 $ 809 $ 3,592 $ 23,522 $ 809 $ 27,923 $ (4,886) $ 23,037 1989/NA 2013 3-40 years Augustine Landing IL Jacksonville FL $ 18,999 $ 680 $ 19,635 $ 770 $ 735 $ 680 $ 20,140 $ 1,000 $ 21,820 $ (3,895) $ 17,925 1999/NA 2015 3-40 years Cherry Laurel IL Tallahassee FL $ 12,750 $ 1,100 $ 20,457 $ 668 $ 852 $ 1,100 $ 20,691 $ 1,286 $ 23,077 $ (4,856) $ 18,221 2001/NA 2013 3-40 years Desoto Beach Club IL Sarasota FL $ 17,925 $ 668 $ 23,944 $ 668 $ 534 $ 668 $ 24,065 $ 1,082 $ 25,815 $ (5,325) $ 20,490 2005/NA 2013 3-40 years Marion Woods IL Ocala FL $ 19,856 $ 540 $ 20,048 $ 882 $ 1,003 $ 540 $ 20,617 $ 1,316 $ 22,473 $ (4,561) $ 17,912 2003/NA 2015 3-40 years Regency Residence IL Port Richey FL $ 15,075 $ 1,100 $ 14,088 $ 771 $ 1,003 $ 1,100 $ 14,579 $ 1,284 $ 16,963 $ (3,698) $ 13,265 1987/NA 2013 3-40 years Sterling Court IL Deltona FL $ 10,627 $ 1,095 $ 13,960 $ 954 $ 792 $ 1,095 $ 14,456 $ 1,249 $ 16,800 $ (3,695) $ 13,105 2008/NA 2015 3-40 years University Pines IL Pensacola FL $ 20,972 $ 1,080 $ 19,150 $ 777 $ 1,025 $ 1,080 $ 19,893 $ 1,059 $ 22,032 $ (3,902) $ 18,130 1996/NA 2015 3-40 years Venetian Gardens IL Venice FL $ — $ 865 $ 21,173 $ 860 $ 563 $ 865 $ 21,382 $ 1,214 $ 23,461 $ (4,659) $ 18,802 2007/NA 2015 3-40 years Windward Palms IL Boynton Beach FL $ — $ 1,564 $ 20,097 $ 867 $ 1,131 $ 1,564 $ 20,947 $ 1,148 $ 23,659 $ (4,681) $ 18,978 2007/NA 2015 3-40 years Pinegate IL Macon GA $ 12,850 $ 540 $ 12,290 $ 811 $ 1,543 $ 540 $ 13,319 $ 1,325 $ 15,184 $ (3,055) $ 12,129 2001/NA 2015 3-40 years Kalama Heights IL Kihei HI $ 22,804 $ 3,360 $ 27,212 $ 846 $ 731 $ 3,360 $ 27,535 $ 1,254 $ 32,149 $ (5,516) $ 26,633 2000/NA 2015 3-40 years Illahee Hills IL Urbandale IA $ 10,464 $ 694 $ 11,980 $ 476 $ 445 $ 694 $ 12,082 $ 820 $ 13,596 $ (2,934) $ 10,662 1995/NA 2013 3-40 years Palmer Hills IL Bettendorf IA $ 10,367 $ 1,488 $ 10,878 $ 466 $ 809 $ 1,488 $ 11,251 $ 903 $ 13,642 $ (2,846) $ 10,796 1990/NA 2013 3-40 years Blair House IL Normal IL $ 11,914 $ 329 $ 14,498 $ 627 $ 361 $ 329 $ 14,660 $ 827 $ 15,816 $ (3,445) $ 12,371 1989/NA 2013 3-40 years Redbud Hills IL Bloomington IN $ 16,434 $ 2,140 $ 17,839 $ 797 $ 632 $ 2,140 $ 18,239 $ 1,029 $ 21,408 $ (3,724) $ 17,684 1998/NA 2015 3-40 years Grasslands Estates IL Wichita KS $ 13,237 $ 504 $ 17,888 $ 802 $ 342 $ 504 $ 17,962 $ 1,071 $ 19,537 $ (4,220) $ 15,317 2001/NA 2013 3-40 years Greenwood Terrace IL Lenexa KS 19,564 950 21,883 811 1,268 950 22,293 1,669 24,912 (5,032) 19,880 2003/NA 2015 3-40 years Thornton Place IL Topeka KS 11,111 327 14,415 734 354 327 14,550 953 15,830 (3,725) 12,105 1998/NA 2013 3-40 years Location Initial Cost to the Company Gross Amount Carried at Close of Period Property Name Type City State Encumbrances Land Buildings and Improvements Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Total (A) Accumulated Depreciation Net Book Value Year Constructed / Renovated Year Acquired Life on Which Depreciation in Income Statement is Computed Jackson Oaks IL Paducah KY 6,450 267 19,195 864 304 267 19,350 1,013 20,630 (4,476) 16,154 2004/NA 2013 3-40 years Summerfield Estates IL Shreveport LA — 525 5,584 175 561 525 5,715 604 6,844 (1,483) 5,361 1988/NA 2013 3-40 years Waterview Court IL Shreveport LA 4,265 1,267 4,070 376 1,923 1,267 5,550 820 7,637 (2,102) 5,535 1999/NA 2015 3-40 years Bluebird Estates IL East Longmeadow MA 24,357 5,745 24,591 954 602 5,745 25,048 1,099 31,892 (5,471) 26,421 2008/NA 2015 3-40 years Quail Run Estates IL Agawam MA 18,723 1,410 21,330 853 843 1,410 21,753 1,273 24,436 (4,970) 19,466 1996/NA 2015 3-40 years Blue Water Lodge IL Fort Gratiot MI 16,400 62 16,034 833 277 62 16,144 999 17,205 (3,923) 13,282 2001/NA 2013 3-40 years Genesee Gardens IL Flint Township MI 15,836 420 17,080 825 722 420 17,534 1,093 19,047 (3,681) 15,366 2001/NA 2015 3-40 years Briarcrest Estates IL Ballwin MO 11,287 1,255 16,509 525 862 1,255 17,028 868 19,151 (3,802) 15,349 1990/NA 2013 3-40 years Country Squire IL St. Joseph MO 12,467 864 16,353 627 503 864 16,490 994 18,348 (3,886) 14,462 1990/NA 2013 3-40 years Orchid Terrace IL St. Louis MO 23,929 1,061 26,636 833 172 1,061 26,691 950 28,702 (5,690) 23,012 2006/NA 2013 3-40 years Chateau Ridgeland IL Ridgeland MS 7,492 967 7,277 535 516 967 7,454 874 9,295 (2,135) 7,160 1986/NA 2013 3-40 years Aspen View IL Billings MT 14,053 930 22,611 881 1,097 930 23,482 1,107 25,519 (4,760) 20,759 1996/NA 2015 3-40 years Grizzly Peak IL Missoula MT 16,717 309 16,447 658 323 309 16,581 846 17,736 (3,777) 13,959 1997/NA 2013 3-40 years Cedar Ridge IL Burlington NC 15,574 1,030 20,330 832 550 1,030 20,716 996 22,742 (3,947) 18,795 2006/NA 2015 3-40 years Crescent Heights IL Concord NC 22,025 1,960 21,290 867 444 1,960 21,518 1,083 24,561 (4,700) 19,861 2008/NA 2015 3-40 years Durham Regent IL Durham NC 16,425 1,061 24,149 605 1,040 1,061 24,507 1,287 26,855 (5,145) 21,710 1989/NA 2013 3-40 years Forsyth Court IL Winston Salem NC 11,899 1,428 13,286 499 1,724 1,428 14,538 971 16,937 (3,393) 13,544 1989/NA 2015 3-40 years Jordan Oaks IL Cary NC 19,950 2,103 20,847 774 494 2,103 20,934 1,180 24,217 (4,893) 19,324 2003/NA 2013 3-40 years Lodge at Wake Forest IL Wake Forest NC 28,181 1,209 22,571 867 593 1,209 22,908 1,124 25,241 (4,727) 20,514 2008/NA 2015 3-40 years Shads Landing IL Charlotte NC — 1,939 21,988 846 367 1,939 22,180 1,020 25,139 (4,931) 20,208 2008/NA 2015 3-40 years Woods at Holly Tree IL Wilmington NC 27,272 3,310 24,934 811 804 3,310 25,221 1,328 29,859 (5,025) 24,834 2001/NA 2015 3-40 years Rolling Hills Ranch IL Omaha NE — 1,022 16,251 846 408 1,022 16,513 990 18,525 (3,768) 14,757 2007/NA 2015 3-40 years Maple Suites IL Dover NH 28,675 1,084 30,943 838 536 1,084 31,238 1,080 33,402 (6,497) 26,905 2007/NA 2015 3-40 years Montara Meadows IL Las Vegas NV 11,623 1,840 11,654 1,206 2,608 1,840 13,103 2,365 17,308 (4,412) 12,896 1986/NA 2015 3-40 years Sky Peaks IL Reno NV 18,900 1,061 19,793 605 379 1,061 19,887 891 21,839 (4,448) 17,391 2002/NA 2013 3-40 years Fleming Point IL Greece NY 19,875 699 20,644 668 759 699 21,112 959 22,770 (4,654) 18,116 2004/NA 2013 3-40 years Manor at Woodside IL Poughkeepsie NY — — 12,130 670 2,003 — 13,688 1,115 14,803 (3,884) 10,919 2001/NA 2013 3-40 years Maple Downs IL Fayetteville NY 20,850 782 25,656 668 667 782 26,054 937 27,773 (5,516) 22,257 2003/NA 2013 3-40 years Alexis Gardens IL Toledo OH 17,314 450 18,412 811 684 450 18,849 1,058 20,357 (3,861) 16,496 2002/NA 2015 3-40 years Copley Place IL Copley OH 11,388 553 19,125 867 130 553 19,374 748 20,675 (4,169) 16,506 2008/NA 2015 3-40 years Lionwood IL Oklahoma City OK — 744 5,180 383 1,557 744 6,309 812 7,865 (1,945) 5,920 2000/NA 2015 3-40 years Fountains at Hidden Lakes IL Salem OR 9,750 903 6,568 — 538 903 6,902 204 8,009 (1,363) 6,646 1990/NA 2013 3-40 years Location Initial Cost to the Company Gross Amount Carried at Close of Period Property Name Type City State Encumbrances Land Buildings and Improvements Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Total (A) Accumulated Depreciation Net Book Value Year Constructed / Renovated Year Acquired Life on Which Depreciation in Income Statement is Computed Hidden Lakes IL Salem OR 17,325 1,389 16,639 893 928 1,389 17,089 1,371 19,849 (4,175) 15,674 1990/NA 2013 3-40 years Parkrose Chateau IL Portland OR 12,518 2,742 17,472 749 1,007 2,742 18,202 1,027 21,971 (3,796) 18,175 1991/NA 2015 3-40 years Rock Creek IL Hillsboro OR 16,427 1,617 11,783 486 381 1,617 11,869 781 14,267 (2,751) 11,516 1996/NA 2013 3-40 years Sheldon Oaks IL Eugene OR 14,325 1,577 17,380 675 358 1,577 17,584 828 19,989 (4,006) 15,983 1995/NA 2013 3-40 years Stone Lodge IL Bend OR 19,596 1,200 25,753 790 911 1,200 26,348 1,106 28,654 (4,846) 23,808 1999/NA 2015 3-40 years Stoneybrook Lodge IL Corvallis OR 25,875 1,543 18,119 843 412 1,543 18,335 1,039 20,917 (4,329) 16,588 1999/NA 2013 3-40 years The Regent IL Corvallis OR 11,325 1,111 7,720 228 417 1,111 7,840 524 9,475 (1,841) 7,634 1983/NA 2013 3-40 years Essex House IL Lemoyne PA 16,050 936 25,585 668 379 936 25,678 954 27,568 (5,473) 22,095 2002/NA 2013 3-40 years Manor at Oakridge IL Harrisburg PA 15,150 992 24,379 764 286 992 24,520 908 26,420 (5,223) 21,197 2000/NA 2013 3-40 years Niagara Village IL Erie PA 12,793 750 16,544 790 722 750 16,994 1,062 18,806 (3,652) 15,154 1999/NA 2015 3-40 years Walnut Woods IL Boyertown PA 15,600 308 18,058 496 793 308 18,603 744 19,655 (3,944) 15,711 1997/NA 2013 3-40 years Indigo Pines IL Hilton Head SC 15,272 2,850 15,970 832 1,794 2,850 16,724 1,872 21,446 (4,261) 17,185 1999/NA 2015 3-40 years Holiday Hills Estates IL Rapid City SD 12,014 430 22,209 790 794 430 22,784 1,008 24,222 (4,209) 20,013 1999/NA 2015 3-40 years Echo Ridge IL Knoxville TN 20,826 1,522 21,469 770 482 1,522 21,704 1,017 24,243 (4,316) 19,927 1997/NA 2015 3-40 years Uffelman Estates IL Clarksville TN 9,600 625 10,521 298 530 625 10,791 558 11,974 (2,395) 9,579 1993/NA 2013 3-40 years Arlington Plaza IL Arlington TX 7,135 319 9,821 391 389 319 9,939 661 10,919 (2,368) 8,551 1987/NA 2013 3-40 years Cypress Woods IL Kingwood TX — 1,376 19,815 860 681 1,376 20,247 1,109 22,732 (4,447) 18,285 2008/NA 2015 3-40 years Dogwood Estates IL Denton TX 15,779 1,002 18,525 714 447 1,002 18,837 850 20,689 (4,226) 16,463 2005/NA 2013 3-40 years Madison Estates IL San Antonio TX 9,262 1,528 14,850 268 1,269 1,528 15,428 958 17,914 (3,564) 14,350 1984/NA 2013 3-40 years Pinewood Hills IL Flower Mound TX 15,000 2,073 17,552 704 443 2,073 17,785 914 20,772 (4,060) 16,712 2007/NA 2013 3-40 years The Bentley IL Dallas TX 13,725 2,351 12,270 526 878 2,351 12,838 835 16,024 (3,011) 13,013 1996/NA 2013 3-40 years The El Dorado IL Richardson TX 7,350 1,316 12,220 710 437 1,316 12,384 983 14,683 (3,183) 11,500 1996/NA 2013 3-40 years Ventura Place IL Lubbock TX 14,100 1,018 18,034 946 783 1,018 18,317 1,447 20,782 (4,697) 16,085 1997/NA 2013 3-40 years Whiterock Court IL Dallas TX 10,239 2,837 12,205 446 690 2,837 12,521 821 16,179 (2,995) 13,184 2001/NA 2013 3-40 years Chateau Brickyard IL Salt Lake City UT — 700 3,297 15 1,749 700 4,605 456 5,761 (1,780) 3,981 1984/2007 2012 3-40 years Olympus Ranch IL Murray UT 17,142 1,407 20,515 846 684 1,407 20,993 1,052 23,452 (4,268) 19,184 2008/NA 2015 3-40 years Pioneer Valley Lodge IL North Logan UT 5,908 1,049 17,920 740 256 1,049 18,019 898 19,966 (4,196) 15,770 2001/NA 2013 3-40 years Colonial Harbor IL Yorktown VA 16,389 2,211 19,523 689 600 2,211 19,665 1,147 23,023 (4,616) 18,407 2005/NA 2013 3-40 years Elm Park Estates IL Roanoke VA 13,527 990 15,648 770 673 990 16,025 1,066 18,081 (3,404) 14,677 1991/NA 2015 3-40 years Heritage Oaks IL Richmond VA — 1,630 9,570 705 2,130 1,630 10,990 1,415 14,035 (3,580) 10,455 1987/NA 2013 3-40 years Bridge Park IL Seattle WA 12,703 2,315 18,607 1,135 623 2,315 18,899 1,465 22,679 (4,305) 18,374 2008/NA 2015 3-40 years Peninsula IL Gig Harbor WA 20,195 2,085 21,983 846 326 2,085 22,154 1,001 25,240 (4,383) 20,857 2008/NA 2015 3-40 years Oakwood Hills IL Eau Claire WI 13,275 516 18,872 645 256 516 18,943 830 20,289 (4,181) 16,108 2003/NA 2013 3-40 years The Jefferson IL Middleton WI 13,340 1,460 15,540 804 628 1,460 15,986 983 18,429 (3,383) 15,046 2005/NA 2015 3-40 years Managed Properties Total 1,452,823 126,068 1,781,720 71,208 78,709 126,068 1,826,212 105,425 2,057,705 (407,757) 1,649,948 Location Initial Cost to the Company Gross Amount Carried at Close of Period Property Name Type City State Encumbrances Land Buildings and Improvements Furniture, Fixtures and Equipment Costs Capitalized Subsequent to Acquisition Land Buildings and Improvements Furniture, Fixtures and Equipment Total (A) Accumulated Depreciation Net Book Value Year Constructed / Renovated Year Acquired Life on Which Depreciation in Income Statement is Computed Triple Net Lease Property Watermark at Logan Square CCRC Philadelphia PA 49,301 8,575 46,031 2,380 990 8,575 46,776 2,625 57,976 (9,456) 48,520 1984/2009 2015 3-40 years Triple Net Lease Property Total 49,301 8,575 46,031 2,380 990 8,575 46,776 2,625 57,976 (9,456) 48,520 All Other Assets Corporate FF&E & Leasehold Improvements N/A New York NY — — — — 652 — 144 508 652 (242) 410 N/A 2018 3-5 years Right-of-use asset N/A N/A N/A — — — — 1,673 — — 1,673 1,673 — 1,673 N/A N/A 3-5 years All Other Assets Total — — — — 2,325 — 144 2,181 2,325 (242) 2,083 Grand Total $ 1,502,124 $ 134,643 $ 1,827,751 $ 73,588 $ 82,024 $ 134,643 $ 1,873,132 $ 110,231 $ 2,118,006 $ (417,455) $ 1,700,551 (A) For United States federal income tax purposes, the initial aggregate cost basis, including furniture, fixtures, and equipment, was approximately $2.05 billion as of December 31, 2020. The following table is a rollforward of the gross carrying amount and accumulated depreciation of real estate assets (depreciation is calculated on a straight line basis using the estimated useful lives detailed in “Note 2 - Summary of Significant Accounting Policies”): Years Ended December 31, Gross carrying amount 2020 2019 2018 Beginning of period $ 2,545,800 $ 2,513,769 $ 2,511,762 Acquisitions — — — Additions 14,346 33,380 32,072 Sales and/or transfers to assets held for sale (442,547) — (18,294) Impairment of real estate held for sale — — (8,725) Disposals and other 407 (1,349) (3,046) End of period $ 2,118,006 $ 2,545,800 $ 2,513,769 Accumulated depreciation Beginning of period $ (439,274) $ (358,368) $ (275,794) Depreciation expense (65,914) (80,937) (87,698) Sales and/or transfers to assets held for sale 87,733 — 5,124 Disposals and other — 31 — End of period $ (417,455) $ (439,274) $ (358,368) |
SUMMARY OF SIGNIFICANT ACCOUN_2
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements are prepared in accordance with U.S. Generally Accepted Accounting Principles (“GAAP’’) with the instructions to Form 10-K and Article 10 of Regulation S-X. The consolidated financial statements include the accounts of New Senior and its consolidated subsidiaries. All significant intercompany transactions and balances have been eliminated. We consolidate those entities in which we have control over significant operating, financial and investing decisions of the entity. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Certain prior period amounts have been reclassified to conform to the current period’s presentation, primarily related to classification of certain properties as discontinued operations and the change in our reportable segments. |
Use of Estimates | Use of Estimates Management is required to make estimates and assumptions when preparing financial statements in conformity with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the accompanying consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results may differ from management’s estimates. |
Revenue Recognition and Deferred Revenue | Revenue Recognition On January 1, 2018, we adopted Accounting Standards Update (“ASU”) 2014-09, Revenues from Contracts with Customers (“ASC 606”) using the modified retrospective method of adoption. This standard requires revenue to be recognized when promised goods or services are transferred to the customer in an amount that reflects the consideration expected in exchange for those goods or services. The adoption did not result in an adjustment to beginning retained earnings and did not have a significant impact on our consolidated financial statements. Substantially all of our revenue has been generated through our triple net lease and managed property leasing arrangements, which are specifically excluded from ASC 606, and are accounted for under other applicable GAAP standards. We account for ancillary revenue under ASC 606. The timing and pattern of revenue recognition of our ancillary revenue under ASC 606 is consistent with that under the prior accounting model. Resident Fees and Services – Resident fees and services include monthly rental revenue, care income and ancillary income recognized from managed properties. Resident fees and services are recognized monthly as services are provided. Most lease agreements with residents are cancellable by the resident with 30 days’ notice. Ancillary income primarily relates to non-refundable community fees. Non-refundable community fees are recognized on a straight-line basis over the estimated lengths of stay of residents, which approximate 24 months for AL/MC properties and 33 months for IL properties. Rental Revenue – Rental revenue from the triple net lease property is recognized on a straight-line basis over the applicable term of the lease when collectability is reasonably assured. Recognizing rental revenue on a straight-line basis typically results in recognizing revenue in excess of cash amounts contractually due from our tenant during the first half of the lease term, creating a straight-line rent receivable. |
Acquisition Accounting | Acquisition Accounting The Company’s real estate acquisitions are generally classified as asset acquisitions. The cost of the business or asset acquired is allocated to tangible and intangible assets and assumed liabilities at their fair values as of the transaction date, no goodwill is recognized, third party transaction costs are capitalized and any associated contingent consideration is generally recorded when the amount of consideration is reasonably estimable and probable of being paid. The measurement period in which to record adjustments to the transaction is also eliminated. The determination of the fair value of net assets acquired involves significant judgment and estimates, such as estimated future cash flow projections, appropriate discount and capitalization rates and other estimates based on available market information. Estimates of future cash flows are based on a number of factors including property operating results, known and anticipated trends, as well as market and economic conditions. In measuring the fair value of tangible and identified intangible assets acquired and liabilities assumed, management uses information obtained as a result of pre-acquisition due diligence, marketing, leasing activities and independent appraisals. In the case of buildings, the fair value of the tangible assets acquired is determined by valuing the property as if it were vacant. Significant estimates impacting the measurement at fair value of our real property include construction cost data and qualitative selection of comparable market transactions as well as the assessment of the relative quality and condition of the acquired properties. Recognized intangible assets primarily include the fair value of in-place resident leases. We estimate the fair value of in-place leases as (i) the present value of the estimated rental revenue that would have been forgone, offset by variable costs that would have otherwise been incurred during a reasonable lease-up period, as if the acquired units were vacant and (ii) the estimated absorption costs, such as additional marketing costs that would have been incurred during the lease-up period. The acquisition fair value of the in-place lease intangibles is amortized over the estimated length of stay of the residents on a straight-line basis. |
Real Estate Investments | Real Estate Investments Real estate investments are recorded at cost less accumulated depreciation or accumulated amortization. Depreciation is calculated on a straight-line basis using estimated remaining useful lives not to exceed 40 years for buildings, 3 to 10 years for building improvements and 3 to 10 years for other fixed assets. |
Impairment of Long Lived Assets | Impairment of Long Lived Assets We periodically evaluate long-lived assets, including definite lived intangible assets, primarily consisting of our real estate investments, for impairment indicators. If indicators of impairment are present, we evaluate the carrying value of the related real estate investments in relation to the future undiscounted cash flows of the underlying operations. In performing this evaluation, market conditions and our current intentions with respect to holding or disposing of the asset are considered. If the sum of the expected future undiscounted cash flows is less than book value, we recognize an impairment loss equal to the amount by which the asset’s carrying value exceeds its fair value. An impairment loss is recognized at the time any such determination is made. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents consist of cash on hand and all highly liquid short term investments with maturities of 90 days or less, when purchased. |
Restricted Cash | Restricted Cash Restricted cash primarily consists of (i) amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits and is included in “Receivables and other assets, net” in our Consolidated Balance Sheets. |
Deferred Financing Costs | Deferred Financing Costs Deferred financing costs consist of fees and direct costs incurred in obtaining financing. Deferred financing costs are presented as a direct deduction from the carrying amount of the related debt liability. Deferred financing costs related to debt instruments, excluding the revolving credit facility, are amortized over the terms of the related borrowings using the effective interest rate method as a component of interest expense. Deferred financing costs related to the revolving credit facility are amortized over the term of the debt using the straight-line method, which approximates the effective interest method. Amortized costs of $3.2 million, $2.5 million and $9.7 million are included in “Interest expense” in our Consolidated Statements of Operations for the years ended December 31, 2020, 2019 and 2018, respectively. |
Income Taxes | Income Taxes New Senior is organized and conducts its operations to qualify as a REIT under the requirements of the Internal Revenue Code of 1986, as amended (“Code”). Requirements for qualification as a REIT include various restrictions on ownership of stock, requirements concerning distribution of taxable income and certain restrictions on the nature of assets and sources of income. A REIT must distribute at least 90% of its taxable income to its stockholders of which 85% plus any undistributed amounts from the prior year must be distributed within the taxable year in order to avoid the imposition of an excise tax. Distribution of the remaining balance may extend until timely filing of our tax return in the subsequent taxable year. Qualifying distributions of taxable income are deductible by a REIT in computing taxable income. Certain activities are conducted through a taxable REIT subsidiary (“TRS”) and therefore are subject to federal and state income taxes. Accordingly, deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period of the enactment date. A valuation allowance is provided if we believe 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 us to change our judgment about the realizability of the related deferred tax asset, is included in the tax provision when such changes occur. |
Fair Value Measurement | Fair Value Measurement Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. A three-tier fair value hierarchy, which is described below, prioritizes the inputs we use in measuring fair value: • Level 1 - Quoted prices for identical instruments in active markets. • Level 2 - Quoted prices for similar instruments in active markets, quoted prices for identical or similar instruments in markets that are not active and model-derived valuations, in which all significant inputs are observable in active markets. |
Derivative Instruments | Derivative Instruments In the normal course of business, we may use derivative instruments to manage, or hedge, interest rate risk. We do not use derivative instruments for trading or speculative purposes. To qualify for hedge accounting, derivative instruments used for risk management purposes must effectively reduce the risk exposure that they are designed to hedge. In addition, at inception of a qualifying cash flow hedging relationship, the underlying transaction or transactions, must be, and are expected to remain, probable of occurring in accordance with our related assertions. Our derivative instruments were executed with investment grade counterparties. |
Assets Held for Sale and Discontinued Operations | Assets Held for Sale and Discontinued Operations We classify certain long-lived assets as held for sale once the criteria, as defined by GAAP, has been met. Assets held for sale are included in “Receivables and other assets, net” in our Consolidated Balance Sheets. Long-lived assets to be disposed of are reported at the lower of their carrying amount or fair value less cost to sell and are no longer depreciated. We estimate the fair value of assets held for sale based on sales price expectation less estimated cost to sell. |
Sale of Assets | Sale of AssetsWe recognize sales of assets only upon the closing of the transactions with the purchaser. We recognize gains on assets sold when we transfer control of the asset upon closing and if the collectability of the sales price is reasonably assured. Sales of our real estate are generally not executory across points in time and our performance obligations from these contracts are expected to fall within a single period. |
Equity-Based Compensation | Equity-Based Compensation Compensation expense for all equity-based awards including those with graded vesting schedules granted to employees and non-employees is recognized in “General and administrative expense” in our Consolidated Statements of Operations on a straight-line basis over the vesting period based on the grant date fair value of the award. Forfeitures of equity-based awards are |
Transaction Fee to Affiliate | Termination Fee to Affiliate This represents amount due to the Former Manager pursuant to the termination of the Management Agreement with the Former Manager. |
Redeemable Preferred Stock | Redeemable Preferred Stock On December 31, 2018, we issued 400,000 shares of our Redeemable Preferred Stock to the Former Manager as consideration for the termination of the Management Agreement. The Redeemable Preferred Stock are non-voting and have a $100 liquidation preference. Holders of the Redeemable Preferred Stock are entitled to cumulative cash dividends at a rate per annum of 6.00% on the liquidation preference amount plus all accumulated and unpaid dividends. In the event of any voluntary or involuntary liquidation, dissolution or winding up, the holders of shares of the Redeemable Preferred Stock will receive out of the assets of the Company legally available for distribution to its stockholders before any payment is made to the holders of any series of preferred stock ranking junior to the Redeemable Preferred Stock or to any holder of the Company’s common stock but subject to the rights of any class or series of securities ranking senior to or on parity with the Redeemable Preferred Stock, a payment per share equal to the liquidation preference plus any accumulated and unpaid dividends. |
Earnings per Share | Earnings per Share The two-class method determines EPS for each class of common stock and participating securities according to dividends declared (or accumulated) and their respective participation rights in undistributed earnings. Non-vested share-based payment awards that contain non-forfeitable rights to dividends are participating securities and, therefore are included in the computation of basic EPS pursuant to the two-class method. During the year ended December 31, 2020, we issued 475,417 restricted stock units, net of forfeitures, to officers, employees and non-employee directors with certain participating rights (“Participating RSUs”). Diluted earnings per share of common stock is calculated by including the effect of dilutive securities. Participating RSUs are included in the computation of diluted EPS by using the more dilutive of the two-class method or treasury stock method. Any anti-dilutive securities are excluded from the calculation. During periods of loss, there is no allocation required under the two-class method since the participating securities do not have a contractual obligation to fund losses. |
Leases | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, (codified under Accounting Standards Codification (“ASC”) 842, Leases ). This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on the balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. We adopted ASC 842 on January 1, 2019 under the modified retrospective transition approach using the effective date as the date of initial application. Therefore, financial information and disclosures under ASC 842 have not been provided for periods prior to January 1, 2019. We elected the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also elected the short-term lease practical expedient, which permits us to not recognize right-of-use asset or lease liability for operating leases with an initial lease term equal to or less than 12 months. In addition, we made an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. Lessor Accounting As a lessor, our recognition of rental revenue remained consistent with prior accounting guidance. Rental revenue from our triple net lease property is recognized on a straight-line basis over the applicable term of the lease. When collectability is determined not probable, any lease income is limited to the lesser of the lease income reflected on a straight-line basis or the cash collected. Resident leases associated with our managed properties contain service components. We elected the practical expedient to account for our resident leases as a single lease component. We elected the practical expedient to account for our resident leases as a single lease component since (1) the timing and pattern or transfer of the lease and non-lease components is the same, (2) the lease component is the predominant component, and (3) the combined single lease component would be classified as an operating lease. Lessee Accounting We determine if a contract is or contains a lease at inception. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use asset and lease liability are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate to determine the present value of lease payments as the rates implicit in our leases are not readily determinable. As of December 31, 2020, our operating lease right-of-use asset, which approximates our operating lease liability, was $1.7 million for our corporate office, land and equipment leases. Our operating lease right-of-use asset is included in “Buildings, improvements and other” and our operating lease liability is included in “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. The weighted average remaining lease term for our operating leases was 12.7 years and 11.8 years at December 31, 2020 and 2019, respectively. The weighted average discount rate was 5.98% and 6.06% at December 31, 2020 and 2019, respectively. Upon the adoption of ASC 842, capital leases under prior accounting guidance were classified as finance leases, which did not have a significant change to our accounting for such leases. |
Leases | Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued ASU 2016-02, (codified under Accounting Standards Codification (“ASC”) 842, Leases ). This standard amends the existing accounting standards for lease accounting, including requiring lessees to recognize most leases on their balance sheets and making targeted changes to lessor accounting. As lessee, a right-of-use asset and corresponding liability for future obligations under a leasing arrangement would be recognized on the balance sheet. As lessor, gross leases will be subject to allocation between lease and non-lease service components, with the latter accounted for under the new revenue recognition standard. Additionally, under the new lease standard, only incremental initial direct costs incurred in the execution of a lease can be capitalized by the lessor and lessee. We adopted ASC 842 on January 1, 2019 under the modified retrospective transition approach using the effective date as the date of initial application. Therefore, financial information and disclosures under ASC 842 have not been provided for periods prior to January 1, 2019. We elected the “package of practical expedients”, which permits us not to reassess under the new standard our prior conclusions about lease identification, lease classification and initial direct costs. We also elected the short-term lease practical expedient, which permits us to not recognize right-of-use asset or lease liability for operating leases with an initial lease term equal to or less than 12 months. In addition, we made an accounting policy election to treat lease and related non-lease components in a contract as a single performance obligation to the extent that the timing and pattern of revenue recognition are the same for the lease and non-lease components and the combined single lease component is classified as an operating lease. Lessor Accounting As a lessor, our recognition of rental revenue remained consistent with prior accounting guidance. Rental revenue from our triple net lease property is recognized on a straight-line basis over the applicable term of the lease. When collectability is determined not probable, any lease income is limited to the lesser of the lease income reflected on a straight-line basis or the cash collected. Resident leases associated with our managed properties contain service components. We elected the practical expedient to account for our resident leases as a single lease component. We elected the practical expedient to account for our resident leases as a single lease component since (1) the timing and pattern or transfer of the lease and non-lease components is the same, (2) the lease component is the predominant component, and (3) the combined single lease component would be classified as an operating lease. Lessee Accounting We determine if a contract is or contains a lease at inception. Right-of-use assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Right-of-use asset and lease liability are recognized at the commencement date based on the present value of lease payments over the lease term. We use our incremental borrowing rate to determine the present value of lease payments as the rates implicit in our leases are not readily determinable. As of December 31, 2020, our operating lease right-of-use asset, which approximates our operating lease liability, was $1.7 million for our corporate office, land and equipment leases. Our operating lease right-of-use asset is included in “Buildings, improvements and other” and our operating lease liability is included in “Accrued expenses and other liabilities” in our Consolidated Balance Sheets. The weighted average remaining lease term for our operating leases was 12.7 years and 11.8 years at December 31, 2020 and 2019, respectively. The weighted average discount rate was 5.98% and 6.06% at December 31, 2020 and 2019, respectively. Upon the adoption of ASC 842, capital leases under prior accounting guidance were classified as finance leases, which did not have a significant change to our accounting for such leases. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements On January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326), Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”). This standard requires a company to recognize an impairment allowance equal to its current estimate of all contractual cash flows that it does not expect to collect from financial assets measured at amortized cost. The adoption of this standard did not have a material impact on our consolidated financial statements as our entire balance of receivables relates to lease agreements with our residents and tenant, which are specifically excluded from this standard. Recently Issued Accounting Pronouncements Not Yet Adopted In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting (“ASU 2020-04”). This ASU provides optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference London Inter-Bank Rate (“LIBOR”) or another rate that is expected to be discontinued. Companies can adopt ASU 2020-04 anytime during the effective period of March 12, 2020 through December 31, 2022. We are currently assessing the provisions of ASU 2020-04 and have not made any hedge accounting elections as of December 31, 2020 . If an election is made at a later date, we will apply the provisions of this guidance. |
DISCONTINUED OPERATIONS (Tables
DISCONTINUED OPERATIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Discontinued Operations | As of December 31, 2019, the assets and liabilities associated with discontinued operations are as follows: December 31, 2019 Assets Real estate investments: Land $ 43,313 Buildings, improvements and other 397,808 Accumulated depreciation (87,719) Net real estate property 353,402 Acquired lease and other intangible assets 996 Accumulated amortization (996) Net real estate intangibles — Net real estate investments 353,402 Receivables and other assets, net 10,087 Assets from discontinued operations $ 363,489 Liabilities Debt, net $ 255,096 Accrued expenses and other liabilities 12,760 Liabilities from discontinued operations $ 267,856 For the years ended December 31, 2020, 2019 and 2018, the results of operations associated with discontinued operations are as follows: Years Ended December 31, 2020 2019 2018 Revenues Resident fees and services $ 14,024 $ 119,307 $ 121,274 Total revenues 14,024 119,307 121,274 Expenses Property operating expense 11,328 98,447 95,299 Interest expense 1,361 14,571 15,533 Depreciation and amortization — 12,491 15,821 Acquisition, transaction, and integration expense 1,037 580 14 General and administrative expense 8 32 6 Loss on extinguishment of debt 3,602 — 1,473 Other (income) expense (204) (158) 11 Total expenses 17,132 125,963 128,157 Loss before income taxes (3,108) (6,656) (6,883) Income tax (benefit) expense (1) 98 844 Loss from discontinued operations $ (3,107) $ (6,754) $ (7,727) |
SEGMENT REPORTING (Tables)
SEGMENT REPORTING (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Revenue from External Customers by Geographic Areas | The following table presents the percentage of total revenues by geographic location (excluding properties classified as discontinued operations): As of and for the year ended December 31, 2020 As of and for the year ended December 31, 2019 Number of Communities % of Total Revenue Number of Communities % of Total Revenue California 9 10.2 % 9 10.6 % Florida 9 8.9 % 9 9.0 % North Carolina 8 8.6 % 8 8.4 % Texas 9 8.0 % 9 8.0 % Oregon 8 7.2 % 8 7.1 % Pennsylvania 5 5.7 % 5 6.1 % Other 55 51.4 % 55 50.8 % Total 103 100.0 % 103 100.0 % |
REAL ESTATE INVESTMENTS (Tables
REAL ESTATE INVESTMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Real Estate [Abstract] | |
Real Estate Investments | The following table summarizes our real estate investments (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Depreciation Net Carrying Value Gross Carrying Amount Accumulated Depreciation Net Carrying Value Land $ 134,643 $ — $ 134,643 $ 134,643 $ — $ 134,643 Building and improvements 1,873,132 (321,025) 1,552,107 1,863,866 (266,420) 1,597,446 Furniture, fixtures and equipment 110,231 (96,430) 13,801 106,170 (85,135) 21,035 Total real estate investments $ 2,118,006 $ (417,455) $ 1,700,551 $ 2,104,679 $ (351,555) $ 1,753,124 |
Real Estate Intangibles | The following table summarizes our real estate intangibles (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Gross Carrying Amount Accumulated Amortization Net Carrying Value Weighted Average Remaining Amortization Period Intangible lease assets $ 7,642 $ (2,595) $ 5,047 44.1 years $ 7,642 $ (2,238) $ 5,404 43.0 years |
Estimated Future Amortization of Intangible Assets | The following table sets forth the estimated future amortization of intangible assets (excluding properties classified as discontinued operations) as of December 31, 2020: Years Ending December 31 2021 $ 354 2022 354 2023 354 2024 354 2025 234 Thereafter 3,397 Total intangibles $ 5,047 |
RECEIVABLES AND OTHER ASSETS,_2
RECEIVABLES AND OTHER ASSETS, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Receivables and Other Assets, Net | The following table summarizes our receivables and other assets, net (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Escrows held by lenders (A) $ 17,694 $ 15,895 Straight-line rent receivable 4,515 4,084 Prepaid expenses 3,923 3,534 Security deposits 3,037 2,763 Resident receivables, net 1,151 1,345 Income tax receivable — 821 Other assets and receivables 4,572 4,636 Total receivables and other assets, net $ 34,892 $ 33,078 (A) Represents amounts held by lenders in tax, insurance, replacement reserve and other escrow accounts that are related to mortgage notes collateralized by our properties. |
Allowance for Doubtful Accounts and Related Provision for Resident Receivables | The following table summarizes the allowance for doubtful accounts and the related provision for resident receivables (excluding properties classified as discontinued operations): Years Ended December 31, 2020 2019 2018 Balance, beginning of period $ — $ 1,075 $ 588 Provision for uncollectible receivables (A) — — 1,699 Write-offs, net of recoveries — (1,075) (1,212) Balance, end of period $ — $ — $ 1075 (A) In accordance with ASC 842 effective January 1, 2019, collectability of receivables is assessed and incorporated in lease revenue. |
DEBT, NET (Tables)
DEBT, NET (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Mortgage Notes Payable | The following table summarizes our debt, net (excluding debt secured by properties classified as discontinued operations): December 31, 2020 December 31, 2019 Outstanding Face Amount Carrying Value (A) Maturity Date Stated Interest Rate Weighted Average Maturity (Years) Outstanding Face Amount Carrying Value (A) Floating Rate (B)(C) $ 1,039,316 $ 1,025,110 Mar 2022 - Mar 2030 1M LIBOR + 2.00% to 1M LIBOR + 2.75% 5.7 $ 1,139,036 $ 1,128,100 Fixed Rate 462,808 461,054 Sep 2025 4.25% 4.5 464,680 462,532 Total $ 1,502,124 $ 1,486,164 5.3 $ 1,603,716 $ 1,590,632 (A) The totals are reported net of deferred financing costs of $16.0 million and $13.1 million as of December 31, 2020 and 2019, respectively. (B) Substantially all of these loans have LIBOR caps that range between 3.38% and 3.75% as of December 31, 2020. Includes $49.3 million of debt that has a LIBOR floor of 0.25%. (C) As of December 31, 2020, $620.0 million of total floating rate debt has been hedged using interest rate swaps, which are carried at fair value. See “Note 10 - Derivative Instruments” for more information. |
Contractual Maturities of Mortgage Notes Payable | Our debt (excluding debt collateralized by properties classified as discontinued operations) has contractual maturities as follows: Principal Payments Balloon Payments Total 2021 $ 9,260 $ — $ 9,260 2022 19,125 48,419 67,544 2023 19,841 — 19,841 2024 24,186 — 24,186 2025 21,518 1,098,238 1,119,756 Thereafter 22,778 238,759 261,537 Total outstanding face amount $ 116,708 $ 1,385,416 $ 1,502,124 |
ACCRUED EXPENSES AND OTHER LI_2
ACCRUED EXPENSES AND OTHER LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | The following table summarizes our accrued expenses and other liabilities (excluding properties classified as discontinued operations): December 31, 2020 December 31, 2019 Accounts payable and accrued expenses $ 15,067 $ 17,554 Security deposits payable 2,303 2,486 Due to property managers 9,782 6,752 Mortgage interest payable 3,874 5,665 Deferred community fees, net 5,201 5,865 Rent collected in advance 1,735 2,099 Property tax payable 5,754 5,627 Operating lease liability 1,745 1,942 Derivative liability 11,687 5,896 Other liabilities 6,738 5,434 Total accrued expenses and other liabilities $ 63,886 $ 59,320 |
FAIR VALUE MEASUREMENTS (Tables
FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Carrying Amounts and Fair Values of Financial Instruments | The carrying amounts and fair values of our financial instruments were as follows (excluding properties classified as discontinued operations): Fair Value Hierarchy December 31, 2020 December 31, 2019 Carrying Value Fair Value Carrying Value Fair Value Financial Assets: Cash and cash equivalents (A) 1 $ 33,046 $ 33,046 $ 39,614 $ 39,614 Restricted cash (A) 1 20,731 20,731 18,658 18,658 Interest rate caps (B)(D) 2 10 10 IMM IMM Financial Liabilities: Mortgage debt (C) 3 $ 1,486,164 $ 1,524,210 $ 1,590,632 $ 1,592,855 Interest rate swap (B) 2 10,980 10,980 5,736 5,736 (A) The carrying approximates fair values. (B) Fair value based on pricing models that consider inputs including forward yield curves, cap strike rates, cap volatility and discount rates. (C) Fair value based on a discounted cash flow valuation model. Significant inputs in the model include amounts and timing of expected future cash flows and market yields which are constructed based on inputs implied from similar debt offerings. Our mortgage debt is not measured at fair value on our Consolidated Balance Sheets. (D) As of December 31, 2019, the carrying and fair values of our interest rate caps were not material. |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Provision for Income Taxes | The following table presents the provision (benefit) for income taxes (excluding discontinued operations): Years Ended December 31, 2020 2019 2018 Current Federal $ — $ — $ (26) State and local 178 210 260 Total current provision 178 210 234 Deferred Federal — — 3,699 State and local — — 1,017 Total deferred provision — — 4,716 Total provision (benefit) for income taxes $ 178 $ 210 $ 4,950 |
Reconciliation of Statutory to Effective Tax Rate | The table below provides a reconciliation of our provision for income taxes, based on the statutory rate of 21%, to the effective tax rate (excluding discontinued operations). Years Ended December 31, 2020 2019 2018 Statutory U.S. federal income tax rate 21.00 % 21.00 % 21.00 % Non-taxable REIT (loss) (21.77) % (30.33) % (20.91) % State and local taxes (0.88) % 2.26 % (0.85) % Valuation allowance 0.81 % 9.24 % (2.56) % Other (0.05) % 0.17 % — % Effective income tax rate (0.89) % 2.34 % (3.32) % |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of our deferred tax assets and deferred tax liabilities (excluding discontinued operations) are presented below: December 31, 2020 2019 Deferred tax assets: Prepaid fees and rent $ 3 $ 9 Net operating loss 7,149 7,330 Deferred rent — 152 Depreciation and amortization 391 377 Other 24 — Total deferred tax assets 7,567 7,868 Less valuation allowance 7,567 7,857 Net deferred tax assets — 11 Deferred tax liabilities: Depreciation and amortization — — Other — 11 Total deferred tax liabilities — 11 Total net deferred tax assets $ — $ — |
STOCK-BASED COMPENSATION (Table
STOCK-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Fair Value Assumptions | During the year December 31, 2019, the fair value of the options as of the date of grant was determined using the Black-Scholes option-pricing model with the following weighted average assumptions (no options were issued in 2018): Range Weighted Average Expected volatility (mix of historical and implied) 32.0% - 34.0% 33.7% Expected dividend yield 9.3% - 9.6% 9.3% Expected remaining term 6 years 6 years Risk free rate 2.4% - 2.7% 2.7% Fair value per option at valuation date $0.50 - $0.64 $0.52 The fair value of the PSUs as of the date of grant was determined using a Monte Carlo simulation using the following inputs: 2020 2019 Range Weighted Average Range Weighted Average Expected volatility (historical) 30.9% 30.9% 28.0% 28.0% Expected dividend yield —% —% 9.1% 9.1% Expected remaining term 2.9 years 2.9 years 2.4 years 2.4 years Fair value per unit at valuation date $6.89 - $8.80 $8.28 $6.89 - $8.80 $12.44 |
Summary of Outstanding Options | The following is a summary of stock option activity for the year ended December 31, 2020: Options Weighted Average Exercise Price Per Share Weighted Average Remaining Contractual Life (years) Intrinsic Value Outstanding as of December 31, 2019 10,073,241 $8.57 Granted (A) 20,098 0.32 Exercised — — Forfeited — — Expired — — Outstanding as of December 31, 2020 10,093,339 8.55 4.4 $ 6,533 Exercisable as of December 31, 2020 8,155,861 9.62 3.5 $ 4,076 (A) In January 2020, strike prices for outstanding options as of December 31, 2019 were reduced by $0.52 (the “2019 ROC Adjustment”), reflecting the portion of our 2019 dividends which were deemed return of capital pursuant to the terms of the Plan. As a result, 20,098 additional options were issued to the Former Manager, in order to maintain the intrinsic value of an option grant with a strike price below the 2019 ROC Adjustment. |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity | The following is a summary the Company's RSAs and RSUs activity for the year ended December 31, 2020: RSAs Weighted Average Grant Date Fair Value RSUs Weighted Average Grant Date Fair Value Outstanding as of December 31, 2019 754,594 $4.46 266,032 $7.04 Granted — — 477,981 5.59 Vested (299,673) 4.40 (146,560) 6.80 Forfeited — — (16,098) 7.04 Outstanding as of December 31, 2020 454,921 4.49 581,355 5.90 |
Share-based Payment Arrangement, Performance Shares, Activity | The following is a summary of PSU activity in 2020: Performance Stock Units Weighted Average Grant Date Fair Value Outstanding as of December 31, 2019 476,717 $12.53 Granted 394,231 8.28 Vested — — Forfeited — — Outstanding as of December 31, 2020 870,948 10.61 |
REDEEMABLE PREFERRED STOCK, E_2
REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Rollforward of Redeemable Preferred Stock | The following table is a rollforward of our Redeemable Preferred Stock for the year ended December 31, 2020: Balance as of December 31, 2019 $ 40,506 Redemptions (20,000) Accrued dividend 2,403 Paid dividend (2,656) Balance as of December 31, 2020 $ 20,253 |
Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted income (loss) per share of common stock for the years ended December 31, 2020, 2019, and 2018: Years Ended December 31, 2020 2019 2018 Numerator for basic and diluted earnings per share: Income (loss) from continuing operations attributable to common stockholders $ (23,047) $ 6,361 $ (151,628) Discontinued operations 16,885 (6,754) (7,727) Net income (loss) attributable to common stockholders (6,162) (393) (159,355) Less: Non-forfeitable dividends allocated to participating RSUs (115) — — Net income (loss) available to shares of common stock outstanding $ (6,277) $ (393) $ (159,355) Denominator: Basic weighted average shares of common stock outstanding (A) 82,496,460 82,208,173 82,148,869 Dilutive shares of common stock - equity awards and options (B) — 1,664,085 — Diluted weighted average shares of common stock 82,496,460 83,872,258 82,148,869 Basic earnings per common share: Income (loss) from continuing operations attributable to shares of common stock $ (0.28) $ 0.08 $ (1.85) Discontinued operations 0.20 (0.08) (0.09) Net income (loss) attributable to shares of common stock $ (0.08) $ — $ (1.94) Diluted earnings per common share: Income (loss) from continuing operations attributable to shares of common stock $ (0.28) $ 0.08 $ (1.85) Discontinued operations 0.20 (0.08) (0.09) Net income (loss) attributable to shares of common stock $ (0.08) $ — $ (1.94) (A) The outstanding shares used to calculate the weighted average basic shares exclude 454,921 and 754,594 restricted stock awards as of December 31, 2020 and 2019, net of forfeitures, respectively, as those shares were issued but were not vested and therefore, not considered outstanding for purposes of computing basic loss per share for the years ended December 31, 2020 and 2019. (B) During the years ended December 31, 2020, and 2018, 989,375 and 499,957 dilutive share equivalents and options were excluded given our loss position, respectively. |
CONCENTRATION OF CREDIT RISK (T
CONCENTRATION OF CREDIT RISK (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Risks and Uncertainties [Abstract] | |
Schedules of Concentration of Risk | The following table presents our managed properties and other properties as a percentage of total real estate investments (based on their carrying amount and excluding properties classified as held for sale or discontinued operations): December 31, 2020 2019 2018 Holiday managed properties (A) 95.5 % 95.5 % 95.7 % Merrill Gardens managed properties 0.9 % 0.9 % 0.9 % All other 3.6 % 3.6 % 3.4 % (A) Effective May 14, 2018, we terminated our triple net leases with respect to the properties in the Holiday Portfolio and concurrently entered into property management agreements with Holiday with respect to such properties. These assets are included in the Holiday managed properties as of the date of the lease termination. The following table presents the properties managed by Holiday and Merrill Gardens as a percentage of real estate investments, net, revenue and NOI (excluding properties classified as discontinued operations): As of and for the year ended December 31, 2020 2019 2018 Holiday Merrill Gardens Holiday Merrill Gardens Holiday Merrill Gardens Real estate investments, net IL properties 98.4 % 0.9 % 98.4 % 0.9 % 98.5 % 0.9 % Revenue IL properties 97.2 % 2.1 % 97.0 % 2.3 % 96.3 % 2.8 % NOI IL properties 99.3 % 0.5 % 98.5 % 1.3 % 98.0 % 1.5 % |
FUTURE MINIMUM RENTS (Tables)
FUTURE MINIMUM RENTS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Schedule of Future Contract Minimum Rents | The following table sets forth future contracted minimum rents from the tenant of our triple net lease property, excluding contingent payment escalations, as of December 31, 2020: Years Ending December 31 2021 $ 6,066 2022 6,233 2023 6,405 2024 6,581 2025 6,762 Thereafter 32,126 Total future minimum rents $ 64,173 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Lessee, Operating Lease, Liability, Maturity | As of December 31, 2020, our future minimum lease obligations (excluding expense escalations) under our operating leases, including our office lease disclosed above and excluding discontinued operations are as follows: Years Operating Leases 2021 $ 654 2022 515 2023 472 2024 240 2025 8 Thereafter 305 Total future minimum lease payments 2,194 Less imputed interest (449) Total operating lease liability $ 1,745 |
QUARTERLY FINANCIAL INFORMATI_2
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summarized Unaudited Quarterly Financial Data | Quarters Ended Year Ended December 31 March 31 June 30 September 30 December 31 2020 Revenue $ 86,590 $ 84,533 $ 83,165 $ 81,993 $ 336,281 Net operating income 35,525 35,773 33,208 33,714 138,220 Income (loss) from continuing operations (11,048) (2,658) (3,750) (3,188) (20,644) Discontinued operations, net 16,885 — — — 16,885 Net income (loss) 5,837 (2,658) (3,750) (3,188) (3,759) Net income (loss) attributable to common stockholders $ 5,239 $ (3,257) $ (4,355) $ (3,789) $ (6,162) Basic earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.14) $ (0.04) $ (0.05) $ (0.05) $ (0.28) Discontinued operations, net 0.20 0.00 0.00 0.00 0.20 Net income (loss) attributable to common stockholders $ 0.06 $ (0.04) $ (0.05) $ (0.05) $ (0.08) Diluted earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.14) $ (0.04) $ (0.05) $ (0.05) $ (0.28) Discontinued operations, net 0.20 0.00 0.00 0.00 0.20 Net income (loss) attributable to common stockholders $ 0.06 $ (0.04) $ (0.05) $ (0.05) $ (0.08) Weighted average number of shares of common stock outstanding Basic 82,386,622 82,459,741 82,568,919 82,568,966 82,496,460 Diluted 82,386,622 82,459,741 82,568,919 82,568,966 82,496,460 Quarters Ended Year Ended December 31 March 31 June 30 September 30 December 31 2019 Revenue $ 87,331 $ 86,404 $ 85,956 $ 86,212 $ 345,903 Net operating income 34,392 35,711 35,380 36,063 141,546 Litigation proceeds, net — — 38,226 82 38,308 Income (loss) from continuing operations (9,317) (6,962) 31,348 (6,301) 8,768 Income (loss) from discontinued operations (1,876) (2,624) (2,499) 245 (6,754) Net income (loss) (11,193) (9,586) 28,849 (6,056) 2,014 Net income (loss) attributable to common stockholders $ (11,791) $ (10,185) $ 28,244 $ (6,661) $ (393) Basic earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.12) $ (0.09) $ 0.37 $ (0.08) $ 0.08 Discontinued operations (0.02) (0.03) (0.03) 0.00 (0.08) Net income (loss) attributable to common stockholders $ (0.14) $ (0.12) $ 0.34 $ (0.08) $ 0.00 Diluted earnings per common share: Income (loss) from continuing operations attributable to common stockholders $ (0.12) $ (0.09) $ 0.37 $ (0.08) $ 0.08 Discontinued operations (0.02) (0.03) (0.03) 0.00 (0.08) Net income (loss) attributable to common stockholders $ (0.14) $ (0.12) $ 0.34 $ (0.08) $ 0.00 Weighted average number of shares of common stock outstanding Basic 82,203,069 82,209,844 82,209,844 82,209,844 82,208,173 Diluted 82,203,069 82,209,844 83,964,231 82,209,844 82,208,173 |
ORGANIZATION (Details)
ORGANIZATION (Details) $ in Thousands | Sep. 30, 2020segment | Dec. 31, 2020USD ($)propertystateshares | Jan. 31, 2019USD ($) | Dec. 31, 2020USD ($)segmentpropertystateshares | Dec. 31, 2020USD ($)propertystateshares | Feb. 10, 2020property | Dec. 31, 2019USD ($)shares | Dec. 31, 2018shares | May 14, 2018property |
Real Estate Properties [Line Items] | |||||||||
Number of senior housing properties | 103 | 103 | 103 | ||||||
Number of states in which investments are located | state | 36 | 36 | 36 | ||||||
Number of reportable segments (segment) | segment | 2 | 1 | |||||||
Termination fee to affiliate | $ | $ 10,000 | ||||||||
Redeemable preferred stock, shares issued (in shares) | shares | 200,000 | 200,000 | 200,000 | 400,000 | |||||
Redeemable preferred stock, fair value | $ | $ 40,000 | $ 40,000 | $ 40,000 | ||||||
Payments for repurchase of redeemable preferred stock | $ | $ 20,300 | 20,000 | |||||||
COVID-19 related costs | $ | $ 3,100 | ||||||||
Managed Independent Living | |||||||||
Real Estate Properties [Line Items] | |||||||||
Extension period after initial term of Property Management Agreements (years) | 1 year | ||||||||
Managed Independent Living | Minimum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Initial term of Property Management Agreements (years) | 5 years | ||||||||
Percentage of property's gross revenues paid as property management fees (in hundredths) | 4.50% | ||||||||
Managed Independent Living | Maximum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Initial term of Property Management Agreements (years) | 10 years | ||||||||
Percentage of property's gross revenues paid as property management fees (in hundredths) | 5.00% | ||||||||
Other Properties | Minimum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Term of lease agreements (years) | 15 years | 15 years | 15 years | ||||||
Rent increase percentage in lease agreements (in hundredths) | 2.75% | ||||||||
Other Properties | Maximum | |||||||||
Real Estate Properties [Line Items] | |||||||||
Rent increase percentage in lease agreements (in hundredths) | 3.25% | ||||||||
Redeemable Preferred Stock | |||||||||
Real Estate Properties [Line Items] | |||||||||
Redeemable preferred stock, shares issued (in shares) | shares | 400,000,000 | ||||||||
Redeemable preferred stock, fair value | $ | $ 20,300 | $ 20,300 | $ 20,300 | $ 40,500 | |||||
Stock redeemed during period (in shares) | shares | 200,000 | ||||||||
Independent Living Properties | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of senior housing properties | 102 | 102 | 102 | ||||||
Independent Living Properties | Managed Independent Living | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of senior housing properties | 102 | 102 | 102 | ||||||
Independent Living Properties | Managed Independent Living | Holiday | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of senior housing properties | 51 | ||||||||
Continuing Care Retirement Communities | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of senior housing properties | 1 | 1 | 1 | ||||||
Assisted Living/Memory Care Properties | |||||||||
Real Estate Properties [Line Items] | |||||||||
Number of senior housing properties sold (property) | 28 |
SUMMARY OF SIGNIFICANT ACCOUN_3
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Significant Accounting Policies [Line Items] | ||||
Notice period to cancel lease agreements | 30 days | |||
Amortization of deferred financing costs | $ 3,216 | $ 2,450 | $ 9,725 | |
Redeemable preferred stock, shares issued (in shares) | 200,000 | 400,000 | ||
Liquidation preference per share (in dollars per share) | $ 100 | $ 100 | ||
Restricted stock awards issued (in shares) | 454,921 | 754,594,000 | ||
Operating lease, right of use asset | $ 1,700 | |||
Operating lease liability | $ 1,745 | $ 1,942 | ||
Operating lease, weighted average remaining lease term (years) | 12 years 8 months 12 days | 11 years 9 months 18 days | ||
Operating lease, weighted average discount rate (percent) | 5.98% | 6.06% | ||
Operating Lease, Liability, Statement of Financial Position [Extensible List] | us-gaap:AccruedLiabilitiesAndOtherLiabilities | us-gaap:AccruedLiabilitiesAndOtherLiabilities | ||
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:InvestmentBuildingAndBuildingImprovements | us-gaap:InvestmentBuildingAndBuildingImprovements | ||
Restricted Stock Units (RSUs) | Officers, Employees, and Non-Employee Directors | ||||
Significant Accounting Policies [Line Items] | ||||
Restricted stock awards issued (in shares) | 475,417 | |||
Redeemable Preferred Stock | ||||
Significant Accounting Policies [Line Items] | ||||
Redeemable preferred stock, shares issued (in shares) | 400,000,000 | |||
Liquidation preference per share (in dollars per share) | $ 100 | |||
Preferred stock, dividend rate (percent) | 6.00% | 6.00% | ||
Redeemable Preferred Stock | Forecast | ||||
Significant Accounting Policies [Line Items] | ||||
Redeemable preferred stock, percentage redeemable (percent) | 50.00% | |||
In-place Lease and Other Intangibles | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 44 years 1 month 6 days | 43 years | ||
In-place Lease and Other Intangibles | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 24 months | |||
In-place Lease and Other Intangibles | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 33 months | |||
Ground Lease Intangibles | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 74 years | |||
Ground Lease Intangibles | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 82 years | |||
Other Intangibles | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 5 years | |||
Other Intangibles | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 13 years | |||
Above / Below Market Intangibles | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 15 years | |||
Above / Below Market Intangibles | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated useful life | 17 years | |||
Buildings | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated remaining useful life | 40 years | |||
Building Improvements | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated remaining useful life | 3 years | |||
Building Improvements | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated remaining useful life | 10 years | |||
Other Fixed Assets | Minimum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated remaining useful life | 3 years | |||
Other Fixed Assets | Maximum | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated remaining useful life | 10 years | |||
Assisted Living/Memory Care Properties | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated length of stay of residents | 24 months | |||
Independent Living Properties | ||||
Significant Accounting Policies [Line Items] | ||||
Estimated length of stay of residents | 33 months |
LEASE TERMINATION (Details)
LEASE TERMINATION (Details) - USD ($) $ in Thousands | May 14, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Consideration received, lease termination agreement | $ 115,600 | ||||||
Termination payment, lease termination agreement | 70,000 | ||||||
Security deposit | $ 3,037 | $ 2,763 | |||||
Furniture, fixtures, equipment and other improvements | 10,100 | 0 | [1] | 0 | [1] | $ 10,065 | [1] |
Gain on lease termination | 40,100 | $ 0 | $ 0 | $ 40,090 | |||
Straight-line rent receivables | 84,300 | ||||||
Incentive fee percentage (percent) | 2.00% | ||||||
Holiday | |||||||
Unusual or Infrequent Item, or Both [Line Items] | |||||||
Security deposit | 45,600 | ||||||
Above-market rent lease intangible assets | $ 1,200 | ||||||
Percentage of property's gross income paid as property management fees for first two years (percent) | 5.00% | ||||||
Percentage of property's effective gross income paid as property management fees (percent) | 4.50% | ||||||
[1] | Fair value of furniture, fixtures, equipment and other improvements received by us as a result of the Lease Termination. Refer to "Note 3 - Lease Termination" for details. |
DISCONTINUED OPERATIONS - Narra
DISCONTINUED OPERATIONS - Narrative (Details) - Assisted Living/Memory Care Properties - property | Feb. 10, 2020 | Oct. 31, 2019 |
Discontinued Operations [Line Items] | ||
Number of senior housing properties sold (property) | 28 | |
Discontinued Operations | ReNew REIT | ||
Discontinued Operations [Line Items] | ||
Number of senior housing properties sold (property) | 28 |
DISCONTINUED OPERATIONS - Sched
DISCONTINUED OPERATIONS - Schedule of Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Real estate investments: | ||
Assets from discontinued operations | $ 0 | $ 363,489 |
Liabilities | ||
Liabilities from discontinued operations | $ 0 | 267,856 |
Discontinued Operations | ||
Real estate investments: | ||
Land | 43,313 | |
Buildings, improvements and other | 397,808 | |
Accumulated depreciation | (87,719) | |
Net real estate property | 353,402 | |
Acquired lease and other intangible assets | 996 | |
Accumulated amortization | (996) | |
Net real estate intangibles | 0 | |
Net real estate investments | 353,402 | |
Receivables and other assets, net | 10,087 | |
Assets from discontinued operations | 363,489 | |
Liabilities | ||
Debt, net | 255,096 | |
Accrued expenses and other liabilities | 12,760 | |
Liabilities from discontinued operations | $ 267,856 |
DISCONTINUED OPERATIONS - Summa
DISCONTINUED OPERATIONS - Summary of the Loss from Discontinued Operations (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Expenses | |||||||
Income tax (benefit) expense | $ 0 | $ 100,000 | $ 800,000 | ||||
Discontinued operations, net | $ 0 | $ 0 | $ 0 | $ 16,885,000 | 16,885,000 | (6,754,000) | (7,727,000) |
Discontinued Operations | |||||||
Revenues | |||||||
Resident fees and services | 14,024,000 | 119,307,000 | 121,274,000 | ||||
Total revenues | 14,024,000 | 119,307,000 | 121,274,000 | ||||
Expenses | |||||||
Property operating expense | 11,328,000 | 98,447,000 | 95,299,000 | ||||
Interest expense | 1,361,000 | 14,571,000 | 15,533,000 | ||||
Depreciation and amortization | 0 | 12,491,000 | 15,821,000 | ||||
Acquisition, transaction, and integration expense | 1,037,000 | 580,000 | 14,000 | ||||
General and administrative expense | 8,000 | 32,000 | 6,000 | ||||
Loss on extinguishment of debt | 3,602,000 | 0 | 1,473,000 | ||||
Other expense | (204,000) | (158,000) | |||||
Other income | 11,000 | ||||||
Total expenses | 17,132,000 | 125,963,000 | 128,157,000 | ||||
Loss before income taxes | (3,108,000) | (6,656,000) | (6,883,000) | ||||
Income tax (benefit) expense | (1,000) | 98,000 | 844,000 | ||||
Discontinued operations, net | $ (3,107,000) | $ (6,754,000) | $ (7,727,000) |
DISPOSITIONS (Details)
DISPOSITIONS (Details) $ in Thousands | Feb. 10, 2020USD ($) | Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) | May 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($)property | Dec. 31, 2018USD ($) |
Dispositions [Line Items] | |||||||
Gain on sale of real estate | $ 20,000 | $ 19,992 | $ (122) | $ 0 | |||
Repayment of debt | 469,000 | 13,300 | |||||
Loss on extinguishment of debt | (5,884) | (335) | (64,746) | ||||
Prepayment penalties | $ 4,504 | 206 | $ 51,908 | ||||
Secured Debt | |||||||
Dispositions [Line Items] | |||||||
Repayment of debt | $ 125,400 | ||||||
Loss on extinguishment of debt | (1,500) | ||||||
Prepayment penalties | 1,200 | ||||||
Write off of deferred debt issuance cost | $ 300 | ||||||
Term Loan | |||||||
Dispositions [Line Items] | |||||||
Loss on extinguishment of debt | $ (6,200) | ||||||
Term Loan | Secured Debt | |||||||
Dispositions [Line Items] | |||||||
Repayment of debt | 260,200 | $ 663,800 | |||||
Loss on extinguishment of debt | (3,600) | (58,500) | |||||
Prepayment penalties | 2,500 | 51,900 | |||||
Write off of deferred debt issuance cost | 1,100 | $ 6,600 | |||||
Assisted Living/Memory Care Properties | |||||||
Dispositions [Line Items] | |||||||
Purchase price | 13,800 | ||||||
Repayment of debt | $ 13,700 | ||||||
Number of senior housing properties sold (property) | property | 2 | ||||||
Loss on disposal | $ 100 | ||||||
Disposed of by sale | Assisted Living/Memory Care Properties | |||||||
Dispositions [Line Items] | |||||||
Purchase price | $ 385,000 |
SEGMENT REPORTING - Narrative (
SEGMENT REPORTING - Narrative (Details) - segment | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2020 |
Segment Reporting [Abstract] | |||
Number of reportable business segments (segment) | 2 | 1 | |
Percentage of revenue | 98.10% |
SEGMENT REPORTING - Percentage
SEGMENT REPORTING - Percentage of Total Revenues by Geographic Location (Details) - Geographic Concentration Risk - Segment Revenue - community | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Revenue, Major Customer [Line Items] | ||
Number of communities | 103 | 103 |
Percentage of total revenues (percent) | 100.00% | 100.00% |
California | ||
Revenue, Major Customer [Line Items] | ||
Number of communities | 9 | 9 |
Percentage of total revenues (percent) | 10.20% | 10.60% |
Florida | ||
Revenue, Major Customer [Line Items] | ||
Number of communities | 9 | 9 |
Percentage of total revenues (percent) | 8.90% | 9.00% |
North Carolina | ||
Revenue, Major Customer [Line Items] | ||
Number of communities | 8 | 8 |
Percentage of total revenues (percent) | 8.60% | 8.40% |
Texas | ||
Revenue, Major Customer [Line Items] | ||
Number of communities | 9 | 9 |
Percentage of total revenues (percent) | 8.00% | 8.00% |
Oregon | ||
Revenue, Major Customer [Line Items] | ||
Number of communities | 8 | 8 |
Percentage of total revenues (percent) | 7.20% | 7.10% |
Pennsylvania | ||
Revenue, Major Customer [Line Items] | ||
Number of communities | 5 | 5 |
Percentage of total revenues (percent) | 5.70% | 6.10% |
Other | ||
Revenue, Major Customer [Line Items] | ||
Number of communities | 55 | 55 |
Percentage of total revenues (percent) | 51.40% | 50.80% |
REAL ESTATE INVESTMENTS - Summa
REAL ESTATE INVESTMENTS - Summary of Real Estate Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Gross Carrying Amount [Abstract] | ||
Gross Carrying Amount | $ 2,118,006 | $ 2,104,679 |
Accumulated Depreciation | (417,455) | (351,555) |
Net real estate property | 1,700,551 | 1,753,124 |
Land | ||
Gross Carrying Amount [Abstract] | ||
Gross Carrying Amount | 134,643 | 134,643 |
Accumulated Depreciation | 0 | 0 |
Net real estate property | 134,643 | 134,643 |
Building and improvements | ||
Gross Carrying Amount [Abstract] | ||
Gross Carrying Amount | 1,873,132 | 1,863,866 |
Accumulated Depreciation | (321,025) | (266,420) |
Net real estate property | 1,552,107 | 1,597,446 |
Furniture, fixtures and equipment | ||
Gross Carrying Amount [Abstract] | ||
Gross Carrying Amount | 110,231 | 106,170 |
Accumulated Depreciation | (96,430) | (85,135) |
Net real estate property | $ 13,801 | $ 21,035 |
REAL ESTATE INVESTMENTS - Narra
REAL ESTATE INVESTMENTS - Narrative (Details) | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($)property | |
Real Estate [Abstract] | |||
Depreciation expense | $ 65,900,000 | $ 68,400,000 | $ 72,000,000 |
Amortization expense | 400,000 | 400,000 | 8,100,000 |
Impairment of real estate held for sale | $ 0 | $ 0 | 8,725,000 |
Damage remediation and other incremental costs | $ 600,000 | ||
Number of properties impacted by hurricane | property | 6 |
REAL ESTATE INVESTMENTS - Real
REAL ESTATE INVESTMENTS - Real Estate Intangibles (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Real Estate Intangibles [Abstract] | ||
Gross Carrying Amount | $ 7,642 | $ 7,642 |
Accumulated Amortization | (2,595) | (2,238) |
Net Carrying Value | 5,047 | 5,404 |
In-place Lease and Other Intangibles | ||
Real Estate Intangibles [Abstract] | ||
Gross Carrying Amount | 7,642 | 7,642 |
Accumulated Amortization | (2,595) | (2,238) |
Net Carrying Value | $ 5,047 | $ 5,404 |
Weighted Average Remaining Amortization Period | 44 years 1 month 6 days | 43 years |
REAL ESTATE INVESTMENTS - Estim
REAL ESTATE INVESTMENTS - Estimated Future Amortization of Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Estimated Future Amortization of Intangible Assets | ||
2021 | $ 354 | |
2022 | 354 | |
2023 | 354 | |
2024 | 354 | |
2025 | 234 | |
Thereafter | 3,397 | |
Net real estate intangibles | $ 5,047 | $ 5,404 |
RECEIVABLES AND OTHER ASSETS,_3
RECEIVABLES AND OTHER ASSETS, NET (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Receivables and Other Assets [Abstract] | ||
Escrows held by lenders | $ 17,694 | $ 15,895 |
Straight-line rent receivable | 4,515 | 4,084 |
Prepaid expenses | 3,923 | 3,534 |
Security deposits | 3,037 | 2,763 |
Resident receivables, net | 1,151 | 1,345 |
Income tax receivable | 0 | 821 |
Other assets and receivables | 4,572 | 4,636 |
Total receivables and other assets, net | $ 34,892 | $ 33,078 |
RECEIVABLES AND OTHER ASSETS,_4
RECEIVABLES AND OTHER ASSETS, NET - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allowance for Doubtful Accounts [Roll Forward] | |||
Balance, beginning of period | $ 0 | $ 1,075 | $ 588 |
Provision for uncollectible receivables | 0 | 0 | 1,699 |
Write-offs, net of recoveries | 0 | (1,075) | (1,212) |
Balance, end of period | $ 0 | $ 0 | $ 1,075 |
DEBT, NET - Schedule of Debt, N
DEBT, NET - Schedule of Debt, Net (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument [Line Items] | ||
Deferred financing costs | $ 16,000,000 | $ 13,100,000 |
Long term debt | 116,708,000 | |
Mortgage Notes Payable | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | 1,502,124,000 | 1,603,716,000 |
Carrying Value | $ 1,486,164,000 | 1,590,632,000 |
Weighted Average Maturity (Years) | 5 years 3 months 18 days | |
Mortgage Notes Payable | Floating Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | $ 1,039,316,000 | 1,139,036,000 |
Carrying Value | $ 1,025,110,000 | 1,128,100,000 |
Weighted Average Maturity (Years) | 5 years 8 months 12 days | |
Mortgage Notes Payable | Floating Rate | Interest Rate Swap | Designated as Hedging Instrument | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | $ 620,000,000 | |
Mortgage Notes Payable | Floating Rate | LIBOR | ||
Debt Instrument [Line Items] | ||
Carrying Value | $ 49,300,000 | |
Basis spread on variable rate, floor | 0.25% | |
Mortgage Notes Payable | Floating Rate | LIBOR | Minimum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.00% | |
Basis spread on variable rate, cap | 3.38% | |
Mortgage Notes Payable | Floating Rate | LIBOR | Maximum | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 2.75% | |
Basis spread on variable rate, cap | 3.75% | |
Mortgage Notes Payable | Fixed Rate | ||
Debt Instrument [Line Items] | ||
Outstanding Face Amount | $ 462,808,000 | 464,680,000 |
Carrying Value | $ 461,054,000 | $ 462,532,000 |
Weighted Average Maturity (Years) | 4 years 6 months | |
Mortgage Notes Payable | Fixed Rate | LIBOR | ||
Debt Instrument [Line Items] | ||
Basis spread on variable rate | 4.25% |
DEBT, NET - Narrative (Details)
DEBT, NET - Narrative (Details) | Feb. 10, 2020USD ($) | Feb. 29, 2020USD ($)Property | Dec. 31, 2018USD ($) | Oct. 31, 2018USD ($) | May 31, 2018USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Mortgage Notes Payable [Abstract] | ||||||||
Repayment of debt | $ 469,000,000 | $ 13,300,000 | ||||||
Loss on extinguishment of debt | 5,884,000 | 335,000 | $ 64,746,000 | |||||
Prepayment penalties | 4,504,000 | 206,000 | 51,908,000 | |||||
Long term debt | 116,708,000 | |||||||
Payments of deferred financing costs, net | 4,704,000 | 349,000 | 23,992,000 | |||||
Deferred financing costs | 16,000,000 | 13,100,000 | ||||||
Term Loan | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Loss on extinguishment of debt | $ 6,200,000 | |||||||
2020 Freddie Financing | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Repayment of debt | $ 368,100,000 | |||||||
Line of credit facility, maximum borrowing capacity | $ 270,000,000 | |||||||
Independent Living Properties | 2020 Freddie Financing | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Number of properties secured in debt agreement | Property | 14 | |||||||
Mortgages | Floating Rate | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Carrying value of collateral | $ 1,200,000,000 | |||||||
Mortgages | Fixed Rate | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Carrying value of collateral | 500,000,000 | |||||||
Mortgages | Fixed Rate | LIBOR | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Basis spread on variable rate | 4.25% | |||||||
Secured Debt | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Repayment of debt | $ 125,400,000 | |||||||
Loss on extinguishment of debt | 1,500,000 | |||||||
Prepayment penalties | 1,200,000 | |||||||
Write off of deferred debt issuance cost | 300,000 | |||||||
Payments of deferred financing costs, net | 3,100,000 | |||||||
Secured Debt | Term Loan | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Repayment of debt | $ 260,200,000 | $ 663,800,000 | ||||||
Loss on extinguishment of debt | 3,600,000 | 58,500,000 | ||||||
Prepayment penalties | 2,500,000 | 51,900,000 | ||||||
Write off of deferred debt issuance cost | $ 1,100,000 | $ 6,600,000 | ||||||
Term of debt (years) | 7 years | 1 year | ||||||
Long term debt | $ 720,000,000 | $ 720,000,000 | ||||||
Basis spread on variable rate | 0.50% | |||||||
Payments of deferred financing costs, net | $ 11,800,000 | $ 12,300,000 | ||||||
Secured Debt | Term Loan | LIBOR | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Basis spread on variable rate | 2.32% | 4.00% | ||||||
Secured Debt | 2020 Freddie Financing | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Loss on extinguishment of debt | $ 5,900,000 | |||||||
Prepayment penalties | 4,500,000 | |||||||
Write off of deferred debt issuance cost | 1,400,000 | |||||||
Deferred financing costs | $ 3,300,000 | |||||||
Secured Debt | 2020 Freddie Financing | LIBOR | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Basis spread on variable rate | 2.12% | |||||||
Revolving Credit Facility | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Line of credit facility, maximum borrowing capacity | $ 300,000,000 | 300,000,000 | ||||||
Line of credit facility, expiration period (years) | 3 years | |||||||
Line of credit facility, current borrowing capacity | $ 125,000,000 | $ 125,000,000 | ||||||
Line of credit facility, collateral | eight | |||||||
Line of credit facility, fair value of amount outstanding | 50,000,000 | |||||||
Credit facility - letter of credit (percent) | 10.00% | |||||||
Credit facility - swing loan (percent) | 10.00% | |||||||
Unused borrowing capacity, fee | $ 200,000 | $ 200,000 | ||||||
Revolving Credit Facility | LIBOR | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Basis spread on variable rate | 2.50% | |||||||
Revolving Credit Facility | Amended and Restated Revolver | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Line of credit facility, current borrowing capacity | $ 0 | |||||||
Line of credit facility, maximum borrowing capacity, increase limit | $ 500,000,000 | |||||||
Debt instrument, threshold percentage that may be used for the issuance of letters of credit | 10.00% | |||||||
Debt instrument, threshold percentage that may be drawn as swing line loans | 10.00% | |||||||
Revolving Credit Facility | Amended and Restated Revolver | LIBOR | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Basis spread on variable rate | 2.00% | |||||||
Revolving Credit Facility | Amended and Restated Revolver | Prime Rate | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Basis spread on variable rate | 1.00% | |||||||
Revolving Credit Facility | Amended and Restated Revolver | Federal Funds Rate | ||||||||
Mortgage Notes Payable [Abstract] | ||||||||
Basis spread on variable rate | 1.50% |
DEBT, NET - Contractual Maturit
DEBT, NET - Contractual Maturity of Mortgage Notes Payable (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Principal Payments | |
2021 | $ 9,260 |
2022 | 19,125 |
2023 | 19,841 |
2024 | 24,186 |
2025 | 21,518 |
Thereafter | 22,778 |
Total outstanding face amount | 116,708 |
Balloon Payments | |
2021 | 0 |
2022 | 48,419 |
2023 | 0 |
2024 | 0 |
2025 | 1,098,238 |
Thereafter | 238,759 |
Total outstanding face amount | 1,385,416 |
Total | |
2021 | 9,260 |
2022 | 67,544 |
2023 | 19,841 |
2024 | 24,186 |
2025 | 1,119,756 |
Thereafter | 261,537 |
Total outstanding face amount | $ 1,502,124 |
DERIVATIVE INSTRUMENTS (Details
DERIVATIVE INSTRUMENTS (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 31, 2020 | May 31, 2019 | |
Derivative [Line Items] | ||||||
Derivative liability | $ 11,687,000 | $ 5,896,000 | ||||
Purchase of interest rate caps | 81,000 | 35,000 | $ 2,746,000 | |||
Designated as Hedging Instrument | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Interest rate cash flow hedge loss to be reclassified during the next twelve months | 8,100,000 | |||||
Designated as Hedging Instrument | Interest Rate Swap | Interest Expense | ||||||
Derivative [Line Items] | ||||||
Cash flow hedge, loss reclassified from accumulated other comprehensive income (loss) into earnings | 6,100,000 | 200,000 | ||||
Designated as Hedging Instrument | Interest Rate Swap | Accrued Expenses and Other Liabilities | ||||||
Derivative [Line Items] | ||||||
Derivative liability | 11,700,000 | 5,900,000 | ||||
Designated as Hedging Instrument | Cash Flow Hedging | Interest Rate Swap | ||||||
Derivative [Line Items] | ||||||
Derivative liability, notional amount | $ 270,000,000 | $ 350,000,000 | ||||
Not Designated as Hedging Instrument | Interest rate caps | ||||||
Derivative [Line Items] | ||||||
Purchase of interest rate caps | $ 2,500,000 | |||||
Derivative, notional amount | $ 720,000,000 | |||||
Not Designated as Hedging Instrument | Interest rate caps | LIBOR | ||||||
Derivative [Line Items] | ||||||
Derivative, cap interest rate | 3.68% | |||||
Not Designated as Hedging Instrument | Interest rate caps | Other Expense | ||||||
Derivative [Line Items] | ||||||
Derivative, loss on derivative | $ 100,000 | $ 600,000 | $ 2,100,000 |
ACCRUED EXPENSES AND OTHER LI_3
ACCRUED EXPENSES AND OTHER LIABILITIES (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Payable and Accrued Liabilities [Abstract] | ||
Accounts payable and accrued expenses | $ 15,067 | $ 17,554 |
Security deposits payable | 2,303 | 2,486 |
Due to property managers | 9,782 | 6,752 |
Mortgage interest payable | 3,874 | 5,665 |
Deferred community fees, net | 5,201 | 5,865 |
Rent collected in advance | 1,735 | 2,099 |
Property tax payable | 5,754 | 5,627 |
Operating lease liability | 1,745 | 1,942 |
Derivative liability | 11,687 | 5,896 |
Other liabilities | 6,738 | 5,434 |
Total accrued expenses and other liabilities | $ 63,886 | $ 59,320 |
FAIR VALUE MEASUREMENTS (Detail
FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Restricted cash | [1] | $ 20,749 | $ 24,215 | $ 20,234 | $ 20,158 |
Interest rate swap | 11,687 | 5,896 | |||
Level 1 | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 33,046 | 39,614 | |||
Restricted cash | 20,731 | 18,658 | |||
Level 1 | Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Cash and cash equivalents | 33,046 | 39,614 | |||
Restricted cash | 20,731 | 18,658 | |||
Level 2 | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Interest rate caps | 10 | ||||
Interest rate swap | 10,980 | 5,736 | |||
Level 2 | Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Interest rate caps | 10 | ||||
Interest rate swap | 10,980 | 5,736 | |||
Level 3 | Carrying Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Mortgage debt | 1,486,164 | 1,590,632 | |||
Level 3 | Fair Value | |||||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | |||||
Mortgage debt | $ 1,524,210 | $ 1,592,855 | |||
[1] | Consists of (i) amounts held by lender in tax, insurance, replacement reserve and other escrow accounts and (ii) security deposits; amounts relating to continuing operations are included in "Receivables and other assets, net" in our Consolidated Balance Sheets. |
TRANSACTIONS WITH AFFILIATES (D
TRANSACTIONS WITH AFFILIATES (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Management and Lease Agreements [Abstract] | |||
Management fees to affiliate | $ 0 | $ 0 | $ 14,814,000 |
Property Management Fee [Abstract] | |||
Incentive fees | $ 0 | 0 | |
Property management fees | 14,300,000 | ||
Property-level payroll expenses | $ 65,800,000 | ||
Manager | |||
Management and Lease Agreements [Abstract] | |||
Management fee rate payable (in hundredths) | 1.50% | ||
Management fees to affiliate | $ 14,800,000 | ||
Percentage used in calculation of annual incentive compensation paid to Manager (in hundredths) | 25.00% | ||
Interest rate used in calculation of annual incentive compensation paid to Manager (in hundredths) | 10.00% | ||
Percentage used in calculating number of options received upon successful completion of an equity offering | 10.00% | ||
Reimbursement to manger for other tasks and services under the management agreement | $ 7,500,000 | ||
Manager | General and Administrative Expense | |||
Management and Lease Agreements [Abstract] | |||
Reimbursement to manger for other tasks and services under the management agreement | 6,300,000 | ||
Manager | Acquisition, Transaction and Integration Expense | |||
Management and Lease Agreements [Abstract] | |||
Reimbursement to manger for other tasks and services under the management agreement | 1,200,000 | ||
Blue Harbor and Holiday | Independent Living Properties | Minimum | |||
Property Management Fee [Abstract] | |||
Percentage of property's effective gross income paid as property management fees (percent) | 4.50% | ||
Blue Harbor and Holiday | Independent Living Properties | Maximum | |||
Property Management Fee [Abstract] | |||
Percentage of property's effective gross income paid as property management fees (percent) | 5.00% | ||
Property Managers | Property Management Fees Under Property Management Agreement | |||
Property Management Fee [Abstract] | |||
Due to affiliates | 1,400,000 | ||
Property Managers | Reimbursement of Property-Level Payroll Expenses Under Property Management Agreement | |||
Property Management Fee [Abstract] | |||
Due to affiliates | $ 5,400,000 | ||
Property Managers | Minimum | |||
Property Management Fee [Abstract] | |||
Initial term of Property Management Agreements (years) | 5 years | ||
Property Managers | Maximum | |||
Property Management Fee [Abstract] | |||
Initial term of Property Management Agreements (years) | 10 years | ||
Extension period after initial term of Property Management Agreements (years) | 1 year |
INCOME TAXES - Provision for In
INCOME TAXES - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current | |||
Federal | $ 0 | $ 0 | $ (26) |
State and local | 178 | 210 | 260 |
Total current provision | 178 | 210 | 234 |
Deferred | |||
Federal | 0 | 0 | 3,699 |
State and local | 0 | 0 | 1,017 |
Total deferred provision | 0 | 0 | 4,716 |
Total provision (benefit) for income taxes | $ 178 | $ 210 | $ 4,950 |
INCOME TAXES - Narrative (Detai
INCOME TAXES - Narrative (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Taxes [Line Items] | |||
Discontinued operation, tax effect | $ 0 | $ 100,000 | $ 800,000 |
Valuation allowance | 7,567,000 | $ 7,857,000 | |
Domestic Tax Authority | |||
Income Taxes [Line Items] | |||
Loss carryforwards | 28,000,000 | ||
State and Local Jurisdiction | |||
Income Taxes [Line Items] | |||
Loss carryforwards | $ 30,400,000 |
INCOME TAXES - Reconciliation o
INCOME TAXES - Reconciliation of Statutory to Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Statutory to Effective Tax Rate [Abstract] | |||
Statutory U.S. federal income tax rate | 21.00% | 21.00% | 21.00% |
Non-taxable REIT (loss) | (21.77%) | (30.33%) | (20.91%) |
State and local taxes | (0.88%) | 2.26% | (0.85%) |
Valuation allowance | 0.81% | 9.24% | (2.56%) |
Other | (0.05%) | 0.17% | 0.00% |
Effective income tax rate | (0.89%) | 2.34% | (3.32%) |
INCOME TAXES - Deferred Tax Ass
INCOME TAXES - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred tax assets: | ||
Prepaid fees and rent | $ 3 | $ 9 |
Net operating loss | 7,149 | 7,330 |
Deferred rent | 0 | 152 |
Depreciation and amortization | 391 | 377 |
Other | 24 | 0 |
Total deferred tax assets | 7,567 | 7,868 |
Less valuation allowance | 7,567 | 7,857 |
Net deferred tax assets | 0 | 11 |
Deferred tax liabilities: | ||
Depreciation and amortization | 0 | 0 |
Other | 0 | 11 |
Total deferred tax liabilities | 0 | 11 |
Total net deferred tax assets | $ 0 | $ 0 |
STOCK-BASED COMPENSATION - Narr
STOCK-BASED COMPENSATION - Narrative (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation expense | $ 6,600,000 | $ 3,500,000 | |||
Affiliated Entity | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options grants (shares) | 20,098 | ||||
Stock Options | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Expiration period (years) | 10 years | ||||
Award vesting period (years) | 3 years | ||||
Options grants (shares) | 20,098 | 0 | |||
Reduction in exercise price (in dollars per share) | $ 0.52 | $ 0.78 | |||
Unrecognized compensation expense, options | $ 600,000 | ||||
Unrecognized compensation expense, period for recognition (years) | 1 year 1 month 6 days | ||||
Restricted Stock | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense, period for recognition (years) | 1 year 1 month 6 days | ||||
Unrecognized compensation expense, non-option awards | $ 1,100,000 | ||||
Grants in period, non-option awards (shares) | 0 | 0 | |||
Grants in period, non-option awards (in usd per share) | $ 0 | $ 4.40 | |||
Fair value of non-option awards vested | $ 2,100,000 | $ 0 | $ 0 | ||
Restricted Stock | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (years) | 1 year | ||||
Restricted Stock | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (years) | 3 years | ||||
Restricted Stock Units (RSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense, period for recognition (years) | 1 year 6 months | ||||
Unrecognized compensation expense, non-option awards | $ 2,100,000 | ||||
Grants in period, non-option awards (shares) | 477,981 | 0 | |||
Grants in period, non-option awards (in usd per share) | $ 5.59 | $ 7.06 | |||
Fair value of non-option awards vested | $ 700,000 | $ 0 | $ 0 | ||
Restricted Stock Units (RSUs) | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (years) | 1 year | ||||
Restricted Stock Units (RSUs) | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Award vesting period (years) | 3 years | ||||
Performance Stock Units | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation expense, period for recognition (years) | 1 year 6 months | ||||
Unrecognized compensation expense, non-option awards | $ 4,800,000 | ||||
Grants in period, non-option awards (shares) | 394,231 | 0 | |||
Grants in period, non-option awards (in usd per share) | $ 8.28 | ||||
Performance period (years) | 3 years | ||||
Performance Stock Units | Minimum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of outstanding stock (percent) | 0.00% | ||||
Performance Stock Units | Maximum | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of outstanding stock (percent) | 200.00% | ||||
Amended and Restated Stock Option and Incentive Award Plan | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of shares reserved for issuance (shares) | 27,922,570 | ||||
Common stock, shares reserved for future issuance (shares) | 22,642,798 |
STOCK-BASED COMPENSATION - Fair
STOCK-BASED COMPENSATION - Fair Value Assumptions (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Stock Options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility, minimum (mix of historical and implied) (percent) | 32.00% | |
Expected volatility, maximum (mix of historical and implied) (percent) | 34.00% | |
Expected volatility, weighted average (mix of historical and implied) (percent) | 33.70% | |
Expected remaining term (years) | 6 years | |
Risk free rate, minimum (percent) | 2.40% | |
Risk-free rate, maximum (percent) | 2.70% | |
Stock Options | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield (percent) | 9.30% | |
Fair value per option at valuation date (in usd per share) | $ 0.50 | |
Stock Options | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield (percent) | 9.60% | |
Fair value per option at valuation date (in usd per share) | $ 0.64 | |
Stock Options | Weighted Average | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield (percent) | 9.30% | |
Expected remaining term (years) | 6 years | |
Risk free rate (percent) | 2.70% | |
Fair value per option at valuation date (in usd per share) | $ 0.52 | |
Performance Stock Units | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility (mix of historical and implied) (percent) | 30.90% | 28.00% |
Expected volatility, weighted average (mix of historical and implied) (percent) | 30.90% | 28.00% |
Expected dividend yield (percent) | 0.00% | 9.10% |
Expected remaining term (years) | 2 years 10 months 24 days | 2 years 4 months 24 days |
Performance Stock Units | Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value per option at valuation date (in usd per share) | $ 6.89 | $ 6.89 |
Performance Stock Units | Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Fair value per option at valuation date (in usd per share) | $ 8.80 | $ 8.80 |
Performance Stock Units | Weighted Average | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected dividend yield (percent) | 0.00% | 9.10% |
Expected remaining term (years) | 2 years 10 months 24 days | 2 years 4 months 24 days |
Fair value per option at valuation date (in usd per share) | $ 8.28 | $ 12.44 |
STOCK-BASED COMPENSATION - Outs
STOCK-BASED COMPENSATION - Outstanding Options (Details) - Stock Options - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2018 | |
Options | ||
Outstanding, beginning of period (in shares) | 10,073,241 | |
Options grants (shares) | 20,098 | 0 |
Options exercised (in shares) | 0 | |
Options forfeited (shares) | 0 | |
Options expired (shares) | 0 | |
Outstanding, end of period (in shares) | 10,093,339 | |
Exercisable (shares) | 8,155,861 | |
Weighted Average Exercise Price Per Share | ||
Outstanding, beginning of the period (in usd per share) | $ 8.57 | |
Options granted (in usd per share) | 0.32 | |
Options exercised (in dollars per share) | 0 | |
Options forfeited (in usd per share) | 0 | |
Options expired (in usd per share) | 0 | |
Outstanding, end of the period (in usd per share) | 8.55 | |
Exercisable (in usd per share) | $ 9.62 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ||
Options outstanding, weighted average remaining life (years) | 4 years 4 months 24 days | |
Options exercisable, weighted average remaining life (years) | 3 years 6 months | |
Options outstanding, intrinsic value | $ 6,533 | |
Options exercisable, intrinsic value | $ 4,076 |
STOCK-BASED COMPENSATION - Rest
STOCK-BASED COMPENSATION - Restricted Stock Awards and Units and Performance Stock Units (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Restricted Stock | |||
Number of Shares | |||
Non-vested, beginning of period (in shares) | 754,594 | ||
Granted (shares) | 0 | 0 | |
Vested (in shares) | (299,673) | ||
Forfeited (shares) | 0 | ||
Non-vested, end of period (in shares) | 454,921 | 754,594 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, beginning of period (in usd per share) | $ 4.46 | ||
Granted (in usd per share) | 0 | $ 4.40 | |
Vested (in usd per share) | 4.40 | ||
Forfeited (in usd per share) | 0 | ||
Non-vested, end of period (in usd per share) | $ 4.49 | $ 4.46 | |
Restricted Stock Units (RSUs) | |||
Number of Shares | |||
Non-vested, beginning of period (in shares) | 266,032 | ||
Granted (shares) | 477,981 | 0 | |
Vested (in shares) | (146,560) | ||
Forfeited (shares) | (16,098) | ||
Non-vested, end of period (in shares) | 581,355 | 266,032 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, beginning of period (in usd per share) | $ 7.04 | ||
Granted (in usd per share) | 5.59 | $ 7.06 | |
Vested (in usd per share) | 6.80 | ||
Forfeited (in usd per share) | 7.04 | ||
Non-vested, end of period (in usd per share) | $ 5.90 | $ 7.04 | |
Performance Stock Units | |||
Number of Shares | |||
Non-vested, beginning of period (in shares) | 476,717 | ||
Granted (shares) | 394,231 | 0 | |
Vested (in shares) | 0 | ||
Forfeited (shares) | 0 | ||
Non-vested, end of period (in shares) | 870,948 | 476,717 | |
Weighted Average Grant Date Fair Value | |||
Non-vested, beginning of period (in usd per share) | $ 12.53 | ||
Granted (in usd per share) | 8.28 | ||
Vested (in usd per share) | 0 | ||
Forfeited (in usd per share) | 0 | ||
Non-vested, end of period (in usd per share) | $ 10.61 | $ 12.53 |
REDEEMABLE PREFERRED STOCK, E_3
REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||||||
Dec. 31, 2020 | Jan. 31, 2020 | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Redeemable preferred stock, shares issued (in shares) | 200,000 | 200,000 | 400,000 | ||||||
Liquidation preference per share (in dollars per share) | $ 100 | $ 100 | $ 100 | ||||||
Redeemable preferred stock, fair value | $ 40,000 | $ 40,000 | |||||||
Payments for repurchase of redeemable preferred stock | $ 20,300 | $ 20,000 | |||||||
Dividends declared per share of common stock (in dollars per share) | $ 0.325 | $ 0.52 | $ 0.78 | ||||||
Director | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Number of options (in shares) | 5,000 | ||||||||
Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Reduction in exercise price (in dollars per share) | $ 0.52 | $ 0.78 | |||||||
Number of options (in shares) | 10,093,339 | 10,093,339 | 10,073,241 | ||||||
Nonqualified Stock Option and Incentive Award Plan | Stock Options | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Reduction in exercise price (in dollars per share) | $ 0.52 | $ 1.04 | |||||||
Number of options converted in connection with spin-off (in shares) | 5,500,000 | ||||||||
Period used to calculate average closing price to set exercise price of options | 5 days | ||||||||
Nonqualified Stock Option and Incentive Award Plan | Stock Options | Minimum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Reduction in exercise price (in dollars per share) | 0.26 | ||||||||
Nonqualified Stock Option and Incentive Award Plan | Stock Options | Maximum | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Reduction in exercise price (in dollars per share) | $ 0.52 | ||||||||
Redeemable Preferred Stock | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Redeemable preferred stock, shares issued (in shares) | 400,000,000 | ||||||||
Liquidation preference per share (in dollars per share) | $ 100 | $ 100 | |||||||
Preferred stock, dividend rate (percent) | 6.00% | 6.00% | |||||||
Redeemable preferred stock, fair value | $ 20,300 | $ 20,300 | $ 40,500 | ||||||
Stock redeemed during period (in shares) | 200,000 | ||||||||
Redeemable Preferred Stock | Forecast | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||
Redeemable preferred stock, percentage redeemable (percent) | 50.00% |
REDEEMABLE PREFERRED STOCK, E_4
REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE - Rollforward of Redeemable Preferred Stock (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Increase (Decrease) in Temporary Equity [Roll Forward] | ||||
Balance as of December 31, 2019 | $ 40,506 | |||
Payments for repurchase of redeemable preferred stock | $ (20,300) | (20,000) | ||
Accrued dividend | 2,403 | |||
Paid dividend | (2,656) | $ (1,901) | $ 0 | |
Balance as of December 31, 2020 | $ 20,253 | $ 20,253 | $ 40,506 |
REDEEMABLE PREFERRED STOCK, E_5
REDEEMABLE PREFERRED STOCK, EQUITY AND EARNINGS PER SHARE - Earnings per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Numerator for basic and diluted earnings per share: | ||||||||||||||
Income (loss) from continuing operations attributable to common stockholders | $ (23,047) | $ 6,361 | $ (151,628) | |||||||||||
Discontinued operations | $ 0 | $ 0 | $ 0 | $ 16,885 | 16,885 | (6,754) | (7,727) | |||||||
Net income (loss) attributable to common stockholders | (3,789) | $ (4,355) | $ (3,257) | $ 5,239 | $ (6,661) | $ 28,244 | $ (10,185) | $ (11,791) | (6,162) | (393) | (159,355) | |||
Less: Non-forfeitable dividends allocated to participating RSUs | $ (115) | 0 | 0 | |||||||||||
Net income (loss) available to shares of common stock outstanding | $ (6,277) | $ (393) | $ (159,355) | |||||||||||
Denominator: | ||||||||||||||
Basic weighted average shares of common stock outstanding (shares) | 82,568,966 | 82,568,919 | 82,459,741 | 82,386,622 | 82,209,844 | 82,209,844 | 82,209,844 | 82,203,069 | 82,496,460 | 82,208,173 | 82,148,869 | |||
Dilutive common shares - equity awards and options (shares) | 0 | 1,664,085 | 0 | |||||||||||
Weighted average number of shares outstanding, Diluted (shares) | 82,496,460 | 83,872,258 | 82,148,869 | |||||||||||
Weighted average number of shares outstanding, Diluted (shares) | 82,568,966 | 82,568,919 | 82,459,741 | 82,386,622 | 82,209,844 | 83,964,231 | 82,209,844 | 82,203,069 | 82,496,460 | [1] | 82,208,173 | [1] | 82,148,869 | [1] |
Basic earnings per common share: | ||||||||||||||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $ (0.05) | $ (0.05) | $ (0.04) | $ (0.14) | $ (0.08) | $ 0.37 | $ (0.09) | $ (0.12) | $ (0.28) | [2] | $ 0.08 | [2] | $ (1.85) | [2] |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.20 | 0 | (0.03) | (0.03) | (0.02) | 0.20 | [2] | (0.08) | [2] | (0.09) | [2] |
Net income (loss) attributable to common stockholders (in dollars per share) | (0.05) | (0.05) | (0.04) | 0.06 | (0.08) | 0.34 | (0.12) | (0.14) | (0.08) | [2],[3] | 0 | [2],[3] | (1.94) | [2],[3] |
Diluted earnings per common share: | ||||||||||||||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | (0.05) | (0.05) | (0.04) | (0.14) | (0.08) | 0.37 | (0.09) | (0.12) | (0.28) | [2] | 0.08 | [2] | (1.85) | [2] |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.20 | 0 | (0.03) | (0.03) | (0.02) | 0.20 | [2] | (0.08) | [2] | (0.09) | [2] |
Net income (loss) attributable to common stockholders (in dollars per share) | $ (0.05) | $ (0.05) | $ (0.04) | $ 0.06 | $ (0.08) | $ 0.34 | $ (0.12) | $ (0.14) | $ (0.08) | [2],[3] | $ 0 | [2],[3] | $ (1.94) | [2],[3] |
Equity Options | ||||||||||||||
Denominator: | ||||||||||||||
Dilutive common shares - equity awards and options (shares) | 989,375 | 499,957 | ||||||||||||
Restricted Stock | ||||||||||||||
Denominator: | ||||||||||||||
Basic weighted average shares of common stock outstanding (shares) | 454,921 | 754,594,000 | ||||||||||||
[1] | Dilutive share equivalents and options were excluded for the years ended December 31, 2020 and 2018 as their inclusion would have been anti-dilutive given our loss position. | |||||||||||||
[2] | Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding. The outstanding shares used to calculate the weighted average basic shares exclude 454,921 and 754,594 restricted stock awards, net of forfeitures, as of December 31, 2020 and 2019, respectively, as those shares were issued but had not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per share. Diluted EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. | |||||||||||||
[3] | Amounts may not sum due to rounding. |
CONCENTRATION OF CREDIT RISK (D
CONCENTRATION OF CREDIT RISK (Details) - Credit Concentration Risk | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Holiday | Managed Independent Living | Real Estate Investment | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 95.50% | 95.50% | 95.70% |
Holiday | Managed Independent Living | Segment Real Estate Investments | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 98.40% | 98.40% | 98.50% |
Holiday | Managed Independent Living | Segment Revenue | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 97.20% | 97.00% | 96.30% |
Holiday | Managed Independent Living | Segment NOI | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 99.30% | 98.50% | 98.00% |
Merrill Gardens | Managed Independent Living | Real Estate Investment | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 0.90% | 0.90% | 0.90% |
Merrill Gardens | Managed Independent Living | Segment Real Estate Investments | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 0.90% | 0.90% | 0.90% |
Merrill Gardens | Managed Independent Living | Segment Revenue | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 2.10% | 2.30% | 2.80% |
Merrill Gardens | Managed Independent Living | Segment NOI | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 0.50% | 1.30% | 1.50% |
All other | Real Estate Investment | |||
Concentration of Credit Risk [Abstract] | |||
Percentage of real estate investments managed and operated (in hundredths) | 3.60% | 3.60% | 3.40% |
FUTURE MINIMUM RENTS (Details)
FUTURE MINIMUM RENTS (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Lessor, Operating Lease, Payments, Fiscal Year Maturity [Abstract] | |
2021 | $ 6,066 |
2022 | 6,233 |
2023 | 6,405 |
2024 | 6,581 |
2025 | 6,762 |
Thereafter | 32,126 |
Total future minimum rents | $ 64,173 |
COMMITMENTS AND CONTINGENCIES -
COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions | Jul. 31, 2019 | Apr. 23, 2019 | Dec. 31, 2020 |
Capital Improvement and Repair Commitments [Abstract] | |||
Proceeds from legal settlements | $ 53 | ||
Amount awarded from other party | $ 38.6 | ||
Legal fees | 14.5 | ||
Litigation settlement, expense | $ 0.3 | ||
Minimum | |||
Capital Improvement and Repair Commitments [Abstract] | |||
Operating lease, remaining lease term | 1 month | ||
Maximum | |||
Capital Improvement and Repair Commitments [Abstract] | |||
Operating lease, remaining lease term | 66 years | ||
Watermark | Triple Net Lease | |||
Capital Improvement and Repair Commitments [Abstract] | |||
Capital improvements | $ 1 | ||
Lease period | 15 years |
COMMITMENTS AND CONTINGENCIES_2
COMMITMENTS AND CONTINGENCIES - Future Minimum Lease Obligations under Operating Leases (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Leases | ||
2021 | $ 654 | |
2022 | 515 | |
2023 | 472 | |
2024 | 240 | |
2025 | 8 | |
Thereafter | 305 | |
Total future minimum lease payments | 2,194 | |
Less imputed interest | (449) | |
Total operating lease liability | $ 1,745 | $ 1,942 |
SUBSEQUENT EVENTS (Details)
SUBSEQUENT EVENTS (Details) - $ / shares | Feb. 24, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Subsequent Event [Line Items] | ||||
Dividends declared per share of common stock (in dollars per share) | $ 0.325 | $ 0.52 | $ 0.78 | |
Subsequent Event | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per share of common stock (in dollars per share) | $ 0.065 |
QUARTERLY FINANCIAL INFORMATI_3
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||||
Summarized Quarterly Financial Data [Abstract] | ||||||||||||||
Revenue | $ 81,993 | $ 83,165 | $ 84,533 | $ 86,590 | $ 86,212 | $ 85,956 | $ 86,404 | $ 87,331 | $ 336,281 | $ 345,903 | $ 323,024 | |||
Net operating income | 33,714 | 33,208 | 35,773 | 35,525 | 36,063 | 35,380 | 35,711 | 34,392 | 138,220 | 141,546 | ||||
Litigation proceeds, net | 82 | 38,226 | 0 | 0 | 0 | 38,308 | 0 | |||||||
Income (loss) from continuing operations | (3,188) | (3,750) | (2,658) | (11,048) | (6,301) | 31,348 | (6,962) | (9,317) | (20,644) | 8,768 | (151,628) | |||
Loss from discontinued operations | 245 | (2,499) | (2,624) | (1,876) | (3,107) | (6,754) | (7,727) | |||||||
Discontinued operations, net | 0 | 0 | 0 | 16,885 | 16,885 | (6,754) | (7,727) | |||||||
Net income (loss) | (3,188) | (3,750) | (2,658) | 5,837 | (6,056) | 28,849 | (9,586) | (11,193) | (3,759) | 2,014 | (159,355) | |||
Net income (loss) attributable to common stockholders | $ (3,789) | $ (4,355) | $ (3,257) | $ 5,239 | $ (6,661) | $ 28,244 | $ (10,185) | $ (11,791) | $ (6,162) | $ (393) | $ (159,355) | |||
Basic earnings per common share: | ||||||||||||||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | $ (0.05) | $ (0.05) | $ (0.04) | $ (0.14) | $ (0.08) | $ 0.37 | $ (0.09) | $ (0.12) | $ (0.28) | [1] | $ 0.08 | [1] | $ (1.85) | [1] |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.20 | 0 | (0.03) | (0.03) | (0.02) | 0.20 | [1] | (0.08) | [1] | (0.09) | [1] |
Net income (loss) attributable to common stockholders (in dollars per share) | (0.05) | (0.05) | (0.04) | 0.06 | (0.08) | 0.34 | (0.12) | (0.14) | (0.08) | [1],[2] | 0 | [1],[2] | (1.94) | [1],[2] |
Diluted earnings per common share: | ||||||||||||||
Income (loss) from continuing operations attributable to common stockholders (in dollars per share) | (0.05) | (0.05) | (0.04) | (0.14) | (0.08) | 0.37 | (0.09) | (0.12) | (0.28) | [1] | 0.08 | [1] | (1.85) | [1] |
Discontinued operations (in dollars per share) | 0 | 0 | 0 | 0.20 | 0 | (0.03) | (0.03) | (0.02) | 0.20 | [1] | (0.08) | [1] | (0.09) | [1] |
Net income (loss) attributable to common stockholders (in dollars per share) | $ (0.05) | $ (0.05) | $ (0.04) | $ 0.06 | $ (0.08) | $ 0.34 | $ (0.12) | $ (0.14) | $ (0.08) | [1],[2] | $ 0 | [1],[2] | $ (1.94) | [1],[2] |
Weighted average number of shares of common stock outstanding | ||||||||||||||
Basic (shares) | 82,568,966 | 82,568,919 | 82,459,741 | 82,386,622 | 82,209,844 | 82,209,844 | 82,209,844 | 82,203,069 | 82,496,460 | 82,208,173 | 82,148,869 | |||
Diluted (shares) | 82,568,966 | 82,568,919 | 82,459,741 | 82,386,622 | 82,209,844 | 83,964,231 | 82,209,844 | 82,203,069 | 82,496,460 | [3] | 82,208,173 | [3] | 82,148,869 | [3] |
[1] | Basic earnings per share (“EPS”) is calculated by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding. The outstanding shares used to calculate the weighted average basic shares exclude 454,921 and 754,594 restricted stock awards, net of forfeitures, as of December 31, 2020 and 2019, respectively, as those shares were issued but had not vested and therefore, not considered outstanding for purposes of computing basic income (loss) per share. Diluted EPS is computed by dividing net income (loss) attributable to common stockholders by the weighted average number of shares of common stock outstanding plus the additional dilutive effect, if any, of common stock equivalents during each period. | |||||||||||||
[2] | Amounts may not sum due to rounding. | |||||||||||||
[3] | Dilutive share equivalents and options were excluded for the years ended December 31, 2020 and 2018 as their inclusion would have been anti-dilutive given our loss position. |
SCHEDULE III, REAL ESTATE AND_2
SCHEDULE III, REAL ESTATE AND ACCUMULATED DEPRECIATION, Real Estate and Accumulated Depreciation, by Property (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 1,502,124 | |||
Initial Cost to the Company | ||||
Land | 134,643 | |||
Buildings and Improvements | 1,827,751 | |||
Furniture, Fixtures and Equipment | 73,588 | |||
Costs Capitalized Subsequent to Acquisition | 82,024 | |||
Gross Amount Carried at Close of Period | ||||
Land | 134,643 | |||
Buildings and Improvements | 1,873,132 | |||
Furniture, Fixtures and Equipment | 110,231 | |||
Total | 2,118,006 | $ 2,545,800 | $ 2,513,769 | $ 2,511,762 |
Accumulated Depreciation | (417,455) | $ (439,274) | $ (358,368) | $ (275,794) |
Net Book Value | 1,700,551 | |||
Federal income tax basis | 2,050,000 | |||
Managed Independent Living | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | 1,452,823 | |||
Initial Cost to the Company | ||||
Land | 126,068 | |||
Buildings and Improvements | 1,781,720 | |||
Furniture, Fixtures and Equipment | 71,208 | |||
Costs Capitalized Subsequent to Acquisition | 78,709 | |||
Gross Amount Carried at Close of Period | ||||
Land | 126,068 | |||
Buildings and Improvements | 1,826,212 | |||
Furniture, Fixtures and Equipment | 105,425 | |||
Total | 2,057,705 | |||
Accumulated Depreciation | (407,757) | |||
Net Book Value | 1,649,948 | |||
Managed Independent Living | Andover Place | Little Rock, AR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | 13,939 | |||
Initial Cost to the Company | ||||
Land | 630 | |||
Buildings and Improvements | 14,664 | |||
Furniture, Fixtures and Equipment | 783 | |||
Costs Capitalized Subsequent to Acquisition | 1,143 | |||
Gross Amount Carried at Close of Period | ||||
Land | 630 | |||
Buildings and Improvements | 15,525 | |||
Furniture, Fixtures and Equipment | 1,065 | |||
Total | 17,220 | |||
Accumulated Depreciation | (3,310) | |||
Net Book Value | $ 13,910 | |||
Managed Independent Living | Andover Place | Little Rock, AR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Andover Place | Little Rock, AR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Vista de la Montana | Surprise, AZ | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,450 | |||
Initial Cost to the Company | ||||
Land | 1,131 | |||
Buildings and Improvements | 11,077 | |||
Furniture, Fixtures and Equipment | 635 | |||
Costs Capitalized Subsequent to Acquisition | 390 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,131 | |||
Buildings and Improvements | 11,229 | |||
Furniture, Fixtures and Equipment | 873 | |||
Total | 13,233 | |||
Accumulated Depreciation | (2,907) | |||
Net Book Value | $ 10,326 | |||
Managed Independent Living | Vista de la Montana | Surprise, AZ | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Vista de la Montana | Surprise, AZ | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Arcadia Place | Vista, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,508 | |||
Initial Cost to the Company | ||||
Land | 1,570 | |||
Buildings and Improvements | 14,252 | |||
Furniture, Fixtures and Equipment | 804 | |||
Costs Capitalized Subsequent to Acquisition | 1,294 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,570 | |||
Buildings and Improvements | 15,300 | |||
Furniture, Fixtures and Equipment | 1,050 | |||
Total | 17,920 | |||
Accumulated Depreciation | (3,466) | |||
Net Book Value | $ 14,454 | |||
Managed Independent Living | Arcadia Place | Vista, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Arcadia Place | Vista, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Chateau at Harveston | Temecula, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 25,818 | |||
Initial Cost to the Company | ||||
Land | 1,564 | |||
Buildings and Improvements | 27,532 | |||
Furniture, Fixtures and Equipment | 838 | |||
Costs Capitalized Subsequent to Acquisition | 427 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,564 | |||
Buildings and Improvements | 27,833 | |||
Furniture, Fixtures and Equipment | 964 | |||
Total | 30,361 | |||
Accumulated Depreciation | (5,095) | |||
Net Book Value | $ 25,266 | |||
Managed Independent Living | Chateau at Harveston | Temecula, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Chateau at Harveston | Temecula, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Golden Oaks | Yucaipa, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 28,133 | |||
Initial Cost to the Company | ||||
Land | 772 | |||
Buildings and Improvements | 24,989 | |||
Furniture, Fixtures and Equipment | 867 | |||
Costs Capitalized Subsequent to Acquisition | 532 | |||
Gross Amount Carried at Close of Period | ||||
Land | 772 | |||
Buildings and Improvements | 25,271 | |||
Furniture, Fixtures and Equipment | 1,118 | |||
Total | 27,161 | |||
Accumulated Depreciation | (5,065) | |||
Net Book Value | $ 22,096 | |||
Managed Independent Living | Golden Oaks | Yucaipa, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Golden Oaks | Yucaipa, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Rancho Village | Palmdale, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 24,607 | |||
Initial Cost to the Company | ||||
Land | 323 | |||
Buildings and Improvements | 22,341 | |||
Furniture, Fixtures and Equipment | 882 | |||
Costs Capitalized Subsequent to Acquisition | 685 | |||
Gross Amount Carried at Close of Period | ||||
Land | 323 | |||
Buildings and Improvements | 22,584 | |||
Furniture, Fixtures and Equipment | 1,325 | |||
Total | 24,232 | |||
Accumulated Depreciation | (4,784) | |||
Net Book Value | $ 19,448 | |||
Managed Independent Living | Rancho Village | Palmdale, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Rancho Village | Palmdale, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Simi Hills | Simi Valley, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 26,025 | |||
Initial Cost to the Company | ||||
Land | 3,209 | |||
Buildings and Improvements | 21,999 | |||
Furniture, Fixtures and Equipment | 730 | |||
Costs Capitalized Subsequent to Acquisition | 320 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,209 | |||
Buildings and Improvements | 22,123 | |||
Furniture, Fixtures and Equipment | 926 | |||
Total | 26,258 | |||
Accumulated Depreciation | (4,861) | |||
Net Book Value | $ 21,397 | |||
Managed Independent Living | Simi Hills | Simi Valley, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Simi Hills | Simi Valley, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The Remington | Hanford, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 13,573 | |||
Initial Cost to the Company | ||||
Land | 1,300 | |||
Buildings and Improvements | 16,003 | |||
Furniture, Fixtures and Equipment | 825 | |||
Costs Capitalized Subsequent to Acquisition | 806 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,300 | |||
Buildings and Improvements | 16,277 | |||
Furniture, Fixtures and Equipment | 1,357 | |||
Total | 18,934 | |||
Accumulated Depreciation | (3,640) | |||
Net Book Value | $ 15,294 | |||
Managed Independent Living | The Remington | Hanford, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The Remington | Hanford, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The Springs of Escondido | Escondido, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,313 | |||
Initial Cost to the Company | ||||
Land | 670 | |||
Buildings and Improvements | 14,392 | |||
Furniture, Fixtures and Equipment | 721 | |||
Costs Capitalized Subsequent to Acquisition | 2,047 | |||
Gross Amount Carried at Close of Period | ||||
Land | 670 | |||
Buildings and Improvements | 15,650 | |||
Furniture, Fixtures and Equipment | 1,510 | |||
Total | 17,830 | |||
Accumulated Depreciation | (3,936) | |||
Net Book Value | $ 13,894 | |||
Managed Independent Living | The Springs of Escondido | Escondido, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The Springs of Escondido | Escondido, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The Springs of Napa | Napa, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,346 | |||
Initial Cost to the Company | ||||
Land | 2,420 | |||
Buildings and Improvements | 11,978 | |||
Furniture, Fixtures and Equipment | 700 | |||
Costs Capitalized Subsequent to Acquisition | 601 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,420 | |||
Buildings and Improvements | 12,195 | |||
Furniture, Fixtures and Equipment | 1,084 | |||
Total | 15,699 | |||
Accumulated Depreciation | (3,021) | |||
Net Book Value | $ 12,678 | |||
Managed Independent Living | The Springs of Napa | Napa, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The Springs of Napa | Napa, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The Westmont | Santa Clara, CA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 25,725 | |||
Initial Cost to the Company | ||||
Land | 0 | |||
Buildings and Improvements | 18,049 | |||
Furniture, Fixtures and Equipment | 754 | |||
Costs Capitalized Subsequent to Acquisition | 1,911 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 19,182 | |||
Furniture, Fixtures and Equipment | 1,532 | |||
Total | 20,714 | |||
Accumulated Depreciation | (4,569) | |||
Net Book Value | $ 16,145 | |||
Managed Independent Living | The Westmont | Santa Clara, CA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The Westmont | Santa Clara, CA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Courtyard at Lakewood | Lakewood, CO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 13,875 | |||
Initial Cost to the Company | ||||
Land | 1,327 | |||
Buildings and Improvements | 14,198 | |||
Furniture, Fixtures and Equipment | 350 | |||
Costs Capitalized Subsequent to Acquisition | 784 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,327 | |||
Buildings and Improvements | 14,676 | |||
Furniture, Fixtures and Equipment | 655 | |||
Total | 16,658 | |||
Accumulated Depreciation | (3,308) | |||
Net Book Value | $ 13,350 | |||
Managed Independent Living | Courtyard at Lakewood | Lakewood, CO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Courtyard at Lakewood | Lakewood, CO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Greeley Place | Greeley, CO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 9,000 | |||
Initial Cost to the Company | ||||
Land | 237 | |||
Buildings and Improvements | 13,859 | |||
Furniture, Fixtures and Equipment | 596 | |||
Costs Capitalized Subsequent to Acquisition | 769 | |||
Gross Amount Carried at Close of Period | ||||
Land | 237 | |||
Buildings and Improvements | 14,332 | |||
Furniture, Fixtures and Equipment | 893 | |||
Total | 15,462 | |||
Accumulated Depreciation | (3,315) | |||
Net Book Value | $ 12,147 | |||
Managed Independent Living | Greeley Place | Greeley, CO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Greeley Place | Greeley, CO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Parkwood Estates | Fort Collins, CO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,787 | |||
Initial Cost to the Company | ||||
Land | 638 | |||
Buildings and Improvements | 18,055 | |||
Furniture, Fixtures and Equipment | 627 | |||
Costs Capitalized Subsequent to Acquisition | 491 | |||
Gross Amount Carried at Close of Period | ||||
Land | 638 | |||
Buildings and Improvements | 18,389 | |||
Furniture, Fixtures and Equipment | 784 | |||
Total | 19,811 | |||
Accumulated Depreciation | (4,062) | |||
Net Book Value | $ 15,749 | |||
Managed Independent Living | Parkwood Estates | Fort Collins, CO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Parkwood Estates | Fort Collins, CO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Pueblo Regent | Pueblo, CO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 9,225 | |||
Initial Cost to the Company | ||||
Land | 446 | |||
Buildings and Improvements | 13,800 | |||
Furniture, Fixtures and Equipment | 377 | |||
Costs Capitalized Subsequent to Acquisition | 346 | |||
Gross Amount Carried at Close of Period | ||||
Land | 446 | |||
Buildings and Improvements | 14,040 | |||
Furniture, Fixtures and Equipment | 483 | |||
Total | 14,969 | |||
Accumulated Depreciation | (2,965) | |||
Net Book Value | $ 12,004 | |||
Managed Independent Living | Pueblo Regent | Pueblo, CO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Pueblo Regent | Pueblo, CO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Quincy Place | Denver, CO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,369 | |||
Initial Cost to the Company | ||||
Land | 1,180 | |||
Buildings and Improvements | 18,200 | |||
Furniture, Fixtures and Equipment | 825 | |||
Costs Capitalized Subsequent to Acquisition | 1,456 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,180 | |||
Buildings and Improvements | 19,291 | |||
Furniture, Fixtures and Equipment | 1,190 | |||
Total | 21,661 | |||
Accumulated Depreciation | (3,986) | |||
Net Book Value | $ 17,675 | |||
Managed Independent Living | Quincy Place | Denver, CO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Quincy Place | Denver, CO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Lodge at Cold Spring | Rocky Hill, CT | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 14,039 | |||
Initial Cost to the Company | ||||
Land | 0 | |||
Buildings and Improvements | 25,807 | |||
Furniture, Fixtures and Equipment | 605 | |||
Costs Capitalized Subsequent to Acquisition | 649 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 26,121 | |||
Furniture, Fixtures and Equipment | 940 | |||
Total | 27,061 | |||
Accumulated Depreciation | (5,514) | |||
Net Book Value | $ 21,547 | |||
Managed Independent Living | Lodge at Cold Spring | Rocky Hill, CT | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Lodge at Cold Spring | Rocky Hill, CT | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Village Gate | Farmington, CT | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 23,700 | |||
Initial Cost to the Company | ||||
Land | 3,592 | |||
Buildings and Improvements | 23,254 | |||
Furniture, Fixtures and Equipment | 268 | |||
Costs Capitalized Subsequent to Acquisition | 809 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,592 | |||
Buildings and Improvements | 23,522 | |||
Furniture, Fixtures and Equipment | 809 | |||
Total | 27,923 | |||
Accumulated Depreciation | (4,886) | |||
Net Book Value | $ 23,037 | |||
Managed Independent Living | Village Gate | Farmington, CT | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Village Gate | Farmington, CT | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Augustine Landing | Jacksonville, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 18,999 | |||
Initial Cost to the Company | ||||
Land | 680 | |||
Buildings and Improvements | 19,635 | |||
Furniture, Fixtures and Equipment | 770 | |||
Costs Capitalized Subsequent to Acquisition | 735 | |||
Gross Amount Carried at Close of Period | ||||
Land | 680 | |||
Buildings and Improvements | 20,140 | |||
Furniture, Fixtures and Equipment | 1,000 | |||
Total | 21,820 | |||
Accumulated Depreciation | (3,895) | |||
Net Book Value | $ 17,925 | |||
Managed Independent Living | Augustine Landing | Jacksonville, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Augustine Landing | Jacksonville, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Cherry Laurel | Tallahassee, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,750 | |||
Initial Cost to the Company | ||||
Land | 1,100 | |||
Buildings and Improvements | 20,457 | |||
Furniture, Fixtures and Equipment | 668 | |||
Costs Capitalized Subsequent to Acquisition | 852 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Improvements | 20,691 | |||
Furniture, Fixtures and Equipment | 1,286 | |||
Total | 23,077 | |||
Accumulated Depreciation | (4,856) | |||
Net Book Value | $ 18,221 | |||
Managed Independent Living | Cherry Laurel | Tallahassee, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Cherry Laurel | Tallahassee, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Desoto Beach Club | Sarasota, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 17,925 | |||
Initial Cost to the Company | ||||
Land | 668 | |||
Buildings and Improvements | 23,944 | |||
Furniture, Fixtures and Equipment | 668 | |||
Costs Capitalized Subsequent to Acquisition | 534 | |||
Gross Amount Carried at Close of Period | ||||
Land | 668 | |||
Buildings and Improvements | 24,065 | |||
Furniture, Fixtures and Equipment | 1,082 | |||
Total | 25,815 | |||
Accumulated Depreciation | (5,325) | |||
Net Book Value | $ 20,490 | |||
Managed Independent Living | Desoto Beach Club | Sarasota, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Desoto Beach Club | Sarasota, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Marion Woods | Ocala, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 19,856 | |||
Initial Cost to the Company | ||||
Land | 540 | |||
Buildings and Improvements | 20,048 | |||
Furniture, Fixtures and Equipment | 882 | |||
Costs Capitalized Subsequent to Acquisition | 1,003 | |||
Gross Amount Carried at Close of Period | ||||
Land | 540 | |||
Buildings and Improvements | 20,617 | |||
Furniture, Fixtures and Equipment | 1,316 | |||
Total | 22,473 | |||
Accumulated Depreciation | (4,561) | |||
Net Book Value | $ 17,912 | |||
Managed Independent Living | Marion Woods | Ocala, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Marion Woods | Ocala, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Regency Residence | Port Richey, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,075 | |||
Initial Cost to the Company | ||||
Land | 1,100 | |||
Buildings and Improvements | 14,088 | |||
Furniture, Fixtures and Equipment | 771 | |||
Costs Capitalized Subsequent to Acquisition | 1,003 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,100 | |||
Buildings and Improvements | 14,579 | |||
Furniture, Fixtures and Equipment | 1,284 | |||
Total | 16,963 | |||
Accumulated Depreciation | (3,698) | |||
Net Book Value | $ 13,265 | |||
Managed Independent Living | Regency Residence | Port Richey, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Regency Residence | Port Richey, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Sterling Court | Deltona, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 10,627 | |||
Initial Cost to the Company | ||||
Land | 1,095 | |||
Buildings and Improvements | 13,960 | |||
Furniture, Fixtures and Equipment | 954 | |||
Costs Capitalized Subsequent to Acquisition | 792 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,095 | |||
Buildings and Improvements | 14,456 | |||
Furniture, Fixtures and Equipment | 1,249 | |||
Total | 16,800 | |||
Accumulated Depreciation | (3,695) | |||
Net Book Value | $ 13,105 | |||
Managed Independent Living | Sterling Court | Deltona, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Sterling Court | Deltona, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | University Pines | Pensacola, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 20,972 | |||
Initial Cost to the Company | ||||
Land | 1,080 | |||
Buildings and Improvements | 19,150 | |||
Furniture, Fixtures and Equipment | 777 | |||
Costs Capitalized Subsequent to Acquisition | 1,025 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,080 | |||
Buildings and Improvements | 19,893 | |||
Furniture, Fixtures and Equipment | 1,059 | |||
Total | 22,032 | |||
Accumulated Depreciation | (3,902) | |||
Net Book Value | $ 18,130 | |||
Managed Independent Living | University Pines | Pensacola, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | University Pines | Pensacola, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Venetian Gardens | Venice, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 865 | |||
Buildings and Improvements | 21,173 | |||
Furniture, Fixtures and Equipment | 860 | |||
Costs Capitalized Subsequent to Acquisition | 563 | |||
Gross Amount Carried at Close of Period | ||||
Land | 865 | |||
Buildings and Improvements | 21,382 | |||
Furniture, Fixtures and Equipment | 1,214 | |||
Total | 23,461 | |||
Accumulated Depreciation | (4,659) | |||
Net Book Value | $ 18,802 | |||
Managed Independent Living | Venetian Gardens | Venice, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Venetian Gardens | Venice, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Windward Palms | Boynton Beach, FL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 1,564 | |||
Buildings and Improvements | 20,097 | |||
Furniture, Fixtures and Equipment | 867 | |||
Costs Capitalized Subsequent to Acquisition | 1,131 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,564 | |||
Buildings and Improvements | 20,947 | |||
Furniture, Fixtures and Equipment | 1,148 | |||
Total | 23,659 | |||
Accumulated Depreciation | (4,681) | |||
Net Book Value | $ 18,978 | |||
Managed Independent Living | Windward Palms | Boynton Beach, FL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Windward Palms | Boynton Beach, FL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Pinegate | Macon, GA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,850 | |||
Initial Cost to the Company | ||||
Land | 540 | |||
Buildings and Improvements | 12,290 | |||
Furniture, Fixtures and Equipment | 811 | |||
Costs Capitalized Subsequent to Acquisition | 1,543 | |||
Gross Amount Carried at Close of Period | ||||
Land | 540 | |||
Buildings and Improvements | 13,319 | |||
Furniture, Fixtures and Equipment | 1,325 | |||
Total | 15,184 | |||
Accumulated Depreciation | (3,055) | |||
Net Book Value | $ 12,129 | |||
Managed Independent Living | Pinegate | Macon, GA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Pinegate | Macon, GA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Kalama Heights | Kihei, HI | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 22,804 | |||
Initial Cost to the Company | ||||
Land | 3,360 | |||
Buildings and Improvements | 27,212 | |||
Furniture, Fixtures and Equipment | 846 | |||
Costs Capitalized Subsequent to Acquisition | 731 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,360 | |||
Buildings and Improvements | 27,535 | |||
Furniture, Fixtures and Equipment | 1,254 | |||
Total | 32,149 | |||
Accumulated Depreciation | (5,516) | |||
Net Book Value | $ 26,633 | |||
Managed Independent Living | Kalama Heights | Kihei, HI | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Kalama Heights | Kihei, HI | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Illahee Hills | Urbandale, IA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 10,464 | |||
Initial Cost to the Company | ||||
Land | 694 | |||
Buildings and Improvements | 11,980 | |||
Furniture, Fixtures and Equipment | 476 | |||
Costs Capitalized Subsequent to Acquisition | 445 | |||
Gross Amount Carried at Close of Period | ||||
Land | 694 | |||
Buildings and Improvements | 12,082 | |||
Furniture, Fixtures and Equipment | 820 | |||
Total | 13,596 | |||
Accumulated Depreciation | (2,934) | |||
Net Book Value | $ 10,662 | |||
Managed Independent Living | Illahee Hills | Urbandale, IA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Illahee Hills | Urbandale, IA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Palmer Hills | Bettendorf, IA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 10,367 | |||
Initial Cost to the Company | ||||
Land | 1,488 | |||
Buildings and Improvements | 10,878 | |||
Furniture, Fixtures and Equipment | 466 | |||
Costs Capitalized Subsequent to Acquisition | 809 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,488 | |||
Buildings and Improvements | 11,251 | |||
Furniture, Fixtures and Equipment | 903 | |||
Total | 13,642 | |||
Accumulated Depreciation | (2,846) | |||
Net Book Value | $ 10,796 | |||
Managed Independent Living | Palmer Hills | Bettendorf, IA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Palmer Hills | Bettendorf, IA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Blair House | Normal, IL | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 11,914 | |||
Initial Cost to the Company | ||||
Land | 329 | |||
Buildings and Improvements | 14,498 | |||
Furniture, Fixtures and Equipment | 627 | |||
Costs Capitalized Subsequent to Acquisition | 361 | |||
Gross Amount Carried at Close of Period | ||||
Land | 329 | |||
Buildings and Improvements | 14,660 | |||
Furniture, Fixtures and Equipment | 827 | |||
Total | 15,816 | |||
Accumulated Depreciation | (3,445) | |||
Net Book Value | $ 12,371 | |||
Managed Independent Living | Blair House | Normal, IL | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Blair House | Normal, IL | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Redbud Hills | Bloomington, IN | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,434 | |||
Initial Cost to the Company | ||||
Land | 2,140 | |||
Buildings and Improvements | 17,839 | |||
Furniture, Fixtures and Equipment | 797 | |||
Costs Capitalized Subsequent to Acquisition | 632 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,140 | |||
Buildings and Improvements | 18,239 | |||
Furniture, Fixtures and Equipment | 1,029 | |||
Total | 21,408 | |||
Accumulated Depreciation | (3,724) | |||
Net Book Value | $ 17,684 | |||
Managed Independent Living | Redbud Hills | Bloomington, IN | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Redbud Hills | Bloomington, IN | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Grasslands Estates | Wichita, KS | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 13,237 | |||
Initial Cost to the Company | ||||
Land | 504 | |||
Buildings and Improvements | 17,888 | |||
Furniture, Fixtures and Equipment | 802 | |||
Costs Capitalized Subsequent to Acquisition | 342 | |||
Gross Amount Carried at Close of Period | ||||
Land | 504 | |||
Buildings and Improvements | 17,962 | |||
Furniture, Fixtures and Equipment | 1,071 | |||
Total | 19,537 | |||
Accumulated Depreciation | (4,220) | |||
Net Book Value | $ 15,317 | |||
Managed Independent Living | Grasslands Estates | Wichita, KS | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Grasslands Estates | Wichita, KS | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Greenwood Terrace | Lenexa, KS | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 19,564 | |||
Initial Cost to the Company | ||||
Land | 950 | |||
Buildings and Improvements | 21,883 | |||
Furniture, Fixtures and Equipment | 811 | |||
Costs Capitalized Subsequent to Acquisition | 1,268 | |||
Gross Amount Carried at Close of Period | ||||
Land | 950 | |||
Buildings and Improvements | 22,293 | |||
Furniture, Fixtures and Equipment | 1,669 | |||
Total | 24,912 | |||
Accumulated Depreciation | (5,032) | |||
Net Book Value | $ 19,880 | |||
Managed Independent Living | Greenwood Terrace | Lenexa, KS | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Greenwood Terrace | Lenexa, KS | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Thornton Place | Topeka, KS | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 11,111 | |||
Initial Cost to the Company | ||||
Land | 327 | |||
Buildings and Improvements | 14,415 | |||
Furniture, Fixtures and Equipment | 734 | |||
Costs Capitalized Subsequent to Acquisition | 354 | |||
Gross Amount Carried at Close of Period | ||||
Land | 327 | |||
Buildings and Improvements | 14,550 | |||
Furniture, Fixtures and Equipment | 953 | |||
Total | 15,830 | |||
Accumulated Depreciation | (3,725) | |||
Net Book Value | $ 12,105 | |||
Managed Independent Living | Thornton Place | Topeka, KS | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Thornton Place | Topeka, KS | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Jackson Oaks | Paducah, KY | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 6,450 | |||
Initial Cost to the Company | ||||
Land | 267 | |||
Buildings and Improvements | 19,195 | |||
Furniture, Fixtures and Equipment | 864 | |||
Costs Capitalized Subsequent to Acquisition | 304 | |||
Gross Amount Carried at Close of Period | ||||
Land | 267 | |||
Buildings and Improvements | 19,350 | |||
Furniture, Fixtures and Equipment | 1,013 | |||
Total | 20,630 | |||
Accumulated Depreciation | (4,476) | |||
Net Book Value | $ 16,154 | |||
Managed Independent Living | Jackson Oaks | Paducah, KY | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Jackson Oaks | Paducah, KY | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Summerfield Estates | Shreveport, LA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 525 | |||
Buildings and Improvements | 5,584 | |||
Furniture, Fixtures and Equipment | 175 | |||
Costs Capitalized Subsequent to Acquisition | 561 | |||
Gross Amount Carried at Close of Period | ||||
Land | 525 | |||
Buildings and Improvements | 5,715 | |||
Furniture, Fixtures and Equipment | 604 | |||
Total | 6,844 | |||
Accumulated Depreciation | (1,483) | |||
Net Book Value | $ 5,361 | |||
Managed Independent Living | Summerfield Estates | Shreveport, LA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Summerfield Estates | Shreveport, LA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Waterview Court | Shreveport, LA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 4,265 | |||
Initial Cost to the Company | ||||
Land | 1,267 | |||
Buildings and Improvements | 4,070 | |||
Furniture, Fixtures and Equipment | 376 | |||
Costs Capitalized Subsequent to Acquisition | 1,923 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,267 | |||
Buildings and Improvements | 5,550 | |||
Furniture, Fixtures and Equipment | 820 | |||
Total | 7,637 | |||
Accumulated Depreciation | (2,102) | |||
Net Book Value | $ 5,535 | |||
Managed Independent Living | Waterview Court | Shreveport, LA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Waterview Court | Shreveport, LA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Bluebird Estates | East Longmeadow, MA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 24,357 | |||
Initial Cost to the Company | ||||
Land | 5,745 | |||
Buildings and Improvements | 24,591 | |||
Furniture, Fixtures and Equipment | 954 | |||
Costs Capitalized Subsequent to Acquisition | 602 | |||
Gross Amount Carried at Close of Period | ||||
Land | 5,745 | |||
Buildings and Improvements | 25,048 | |||
Furniture, Fixtures and Equipment | 1,099 | |||
Total | 31,892 | |||
Accumulated Depreciation | (5,471) | |||
Net Book Value | $ 26,421 | |||
Managed Independent Living | Bluebird Estates | East Longmeadow, MA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Bluebird Estates | East Longmeadow, MA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Quail Run Estates | Agawam, MA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 18,723 | |||
Initial Cost to the Company | ||||
Land | 1,410 | |||
Buildings and Improvements | 21,330 | |||
Furniture, Fixtures and Equipment | 853 | |||
Costs Capitalized Subsequent to Acquisition | 843 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,410 | |||
Buildings and Improvements | 21,753 | |||
Furniture, Fixtures and Equipment | 1,273 | |||
Total | 24,436 | |||
Accumulated Depreciation | (4,970) | |||
Net Book Value | $ 19,466 | |||
Managed Independent Living | Quail Run Estates | Agawam, MA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Quail Run Estates | Agawam, MA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Blue Water Lodge | Fort Gratiot, MI | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,400 | |||
Initial Cost to the Company | ||||
Land | 62 | |||
Buildings and Improvements | 16,034 | |||
Furniture, Fixtures and Equipment | 833 | |||
Costs Capitalized Subsequent to Acquisition | 277 | |||
Gross Amount Carried at Close of Period | ||||
Land | 62 | |||
Buildings and Improvements | 16,144 | |||
Furniture, Fixtures and Equipment | 999 | |||
Total | 17,205 | |||
Accumulated Depreciation | (3,923) | |||
Net Book Value | $ 13,282 | |||
Managed Independent Living | Blue Water Lodge | Fort Gratiot, MI | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Blue Water Lodge | Fort Gratiot, MI | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Genesee Gardens | Flint Township, MI | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,836 | |||
Initial Cost to the Company | ||||
Land | 420 | |||
Buildings and Improvements | 17,080 | |||
Furniture, Fixtures and Equipment | 825 | |||
Costs Capitalized Subsequent to Acquisition | 722 | |||
Gross Amount Carried at Close of Period | ||||
Land | 420 | |||
Buildings and Improvements | 17,534 | |||
Furniture, Fixtures and Equipment | 1,093 | |||
Total | 19,047 | |||
Accumulated Depreciation | (3,681) | |||
Net Book Value | $ 15,366 | |||
Managed Independent Living | Genesee Gardens | Flint Township, MI | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Genesee Gardens | Flint Township, MI | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Briarcrest Estates | Ballwin, MO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 11,287 | |||
Initial Cost to the Company | ||||
Land | 1,255 | |||
Buildings and Improvements | 16,509 | |||
Furniture, Fixtures and Equipment | 525 | |||
Costs Capitalized Subsequent to Acquisition | 862 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,255 | |||
Buildings and Improvements | 17,028 | |||
Furniture, Fixtures and Equipment | 868 | |||
Total | 19,151 | |||
Accumulated Depreciation | (3,802) | |||
Net Book Value | $ 15,349 | |||
Managed Independent Living | Briarcrest Estates | Ballwin, MO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Briarcrest Estates | Ballwin, MO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Country Squire | St Joseph, MO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,467 | |||
Initial Cost to the Company | ||||
Land | 864 | |||
Buildings and Improvements | 16,353 | |||
Furniture, Fixtures and Equipment | 627 | |||
Costs Capitalized Subsequent to Acquisition | 503 | |||
Gross Amount Carried at Close of Period | ||||
Land | 864 | |||
Buildings and Improvements | 16,490 | |||
Furniture, Fixtures and Equipment | 994 | |||
Total | 18,348 | |||
Accumulated Depreciation | (3,886) | |||
Net Book Value | $ 14,462 | |||
Managed Independent Living | Country Squire | St Joseph, MO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Country Squire | St Joseph, MO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Orchid Terrace | St Louis, MO | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 23,929 | |||
Initial Cost to the Company | ||||
Land | 1,061 | |||
Buildings and Improvements | 26,636 | |||
Furniture, Fixtures and Equipment | 833 | |||
Costs Capitalized Subsequent to Acquisition | 172 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,061 | |||
Buildings and Improvements | 26,691 | |||
Furniture, Fixtures and Equipment | 950 | |||
Total | 28,702 | |||
Accumulated Depreciation | (5,690) | |||
Net Book Value | $ 23,012 | |||
Managed Independent Living | Orchid Terrace | St Louis, MO | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Orchid Terrace | St Louis, MO | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Chateau Ridgeland | Ridgeland, MS | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 7,492 | |||
Initial Cost to the Company | ||||
Land | 967 | |||
Buildings and Improvements | 7,277 | |||
Furniture, Fixtures and Equipment | 535 | |||
Costs Capitalized Subsequent to Acquisition | 516 | |||
Gross Amount Carried at Close of Period | ||||
Land | 967 | |||
Buildings and Improvements | 7,454 | |||
Furniture, Fixtures and Equipment | 874 | |||
Total | 9,295 | |||
Accumulated Depreciation | (2,135) | |||
Net Book Value | $ 7,160 | |||
Managed Independent Living | Chateau Ridgeland | Ridgeland, MS | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Chateau Ridgeland | Ridgeland, MS | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Aspen View | Billings, MT | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 14,053 | |||
Initial Cost to the Company | ||||
Land | 930 | |||
Buildings and Improvements | 22,611 | |||
Furniture, Fixtures and Equipment | 881 | |||
Costs Capitalized Subsequent to Acquisition | 1,097 | |||
Gross Amount Carried at Close of Period | ||||
Land | 930 | |||
Buildings and Improvements | 23,482 | |||
Furniture, Fixtures and Equipment | 1,107 | |||
Total | 25,519 | |||
Accumulated Depreciation | (4,760) | |||
Net Book Value | $ 20,759 | |||
Managed Independent Living | Aspen View | Billings, MT | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Aspen View | Billings, MT | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Grizzly Peak | Missoula, MT | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,717 | |||
Initial Cost to the Company | ||||
Land | 309 | |||
Buildings and Improvements | 16,447 | |||
Furniture, Fixtures and Equipment | 658 | |||
Costs Capitalized Subsequent to Acquisition | 323 | |||
Gross Amount Carried at Close of Period | ||||
Land | 309 | |||
Buildings and Improvements | 16,581 | |||
Furniture, Fixtures and Equipment | 846 | |||
Total | 17,736 | |||
Accumulated Depreciation | (3,777) | |||
Net Book Value | $ 13,959 | |||
Managed Independent Living | Grizzly Peak | Missoula, MT | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Grizzly Peak | Missoula, MT | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Cedar Ridge | Burlington, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,574 | |||
Initial Cost to the Company | ||||
Land | 1,030 | |||
Buildings and Improvements | 20,330 | |||
Furniture, Fixtures and Equipment | 832 | |||
Costs Capitalized Subsequent to Acquisition | 550 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,030 | |||
Buildings and Improvements | 20,716 | |||
Furniture, Fixtures and Equipment | 996 | |||
Total | 22,742 | |||
Accumulated Depreciation | (3,947) | |||
Net Book Value | $ 18,795 | |||
Managed Independent Living | Cedar Ridge | Burlington, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Cedar Ridge | Burlington, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Crescent Heights | Concord, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 22,025 | |||
Initial Cost to the Company | ||||
Land | 1,960 | |||
Buildings and Improvements | 21,290 | |||
Furniture, Fixtures and Equipment | 867 | |||
Costs Capitalized Subsequent to Acquisition | 444 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,960 | |||
Buildings and Improvements | 21,518 | |||
Furniture, Fixtures and Equipment | 1,083 | |||
Total | 24,561 | |||
Accumulated Depreciation | (4,700) | |||
Net Book Value | $ 19,861 | |||
Managed Independent Living | Crescent Heights | Concord, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Crescent Heights | Concord, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Durham Regent | Durham, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,425 | |||
Initial Cost to the Company | ||||
Land | 1,061 | |||
Buildings and Improvements | 24,149 | |||
Furniture, Fixtures and Equipment | 605 | |||
Costs Capitalized Subsequent to Acquisition | 1,040 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,061 | |||
Buildings and Improvements | 24,507 | |||
Furniture, Fixtures and Equipment | 1,287 | |||
Total | 26,855 | |||
Accumulated Depreciation | (5,145) | |||
Net Book Value | $ 21,710 | |||
Managed Independent Living | Durham Regent | Durham, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Durham Regent | Durham, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Forsyth Court | Winston Salem, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 11,899 | |||
Initial Cost to the Company | ||||
Land | 1,428 | |||
Buildings and Improvements | 13,286 | |||
Furniture, Fixtures and Equipment | 499 | |||
Costs Capitalized Subsequent to Acquisition | 1,724 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,428 | |||
Buildings and Improvements | 14,538 | |||
Furniture, Fixtures and Equipment | 971 | |||
Total | 16,937 | |||
Accumulated Depreciation | (3,393) | |||
Net Book Value | $ 13,544 | |||
Managed Independent Living | Forsyth Court | Winston Salem, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Forsyth Court | Winston Salem, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Jordan Oaks | Cary, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 19,950 | |||
Initial Cost to the Company | ||||
Land | 2,103 | |||
Buildings and Improvements | 20,847 | |||
Furniture, Fixtures and Equipment | 774 | |||
Costs Capitalized Subsequent to Acquisition | 494 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,103 | |||
Buildings and Improvements | 20,934 | |||
Furniture, Fixtures and Equipment | 1,180 | |||
Total | 24,217 | |||
Accumulated Depreciation | (4,893) | |||
Net Book Value | $ 19,324 | |||
Managed Independent Living | Jordan Oaks | Cary, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Jordan Oaks | Cary, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Lodge at Wake Forest | Wake Forest, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 28,181 | |||
Initial Cost to the Company | ||||
Land | 1,209 | |||
Buildings and Improvements | 22,571 | |||
Furniture, Fixtures and Equipment | 867 | |||
Costs Capitalized Subsequent to Acquisition | 593 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,209 | |||
Buildings and Improvements | 22,908 | |||
Furniture, Fixtures and Equipment | 1,124 | |||
Total | 25,241 | |||
Accumulated Depreciation | (4,727) | |||
Net Book Value | $ 20,514 | |||
Managed Independent Living | Lodge at Wake Forest | Wake Forest, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Lodge at Wake Forest | Wake Forest, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Shads Landing | Charlotte, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 1,939 | |||
Buildings and Improvements | 21,988 | |||
Furniture, Fixtures and Equipment | 846 | |||
Costs Capitalized Subsequent to Acquisition | 367 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,939 | |||
Buildings and Improvements | 22,180 | |||
Furniture, Fixtures and Equipment | 1,020 | |||
Total | 25,139 | |||
Accumulated Depreciation | (4,931) | |||
Net Book Value | $ 20,208 | |||
Managed Independent Living | Shads Landing | Charlotte, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Shads Landing | Charlotte, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Woods at Holly Tree | Wilmington, NC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 27,272 | |||
Initial Cost to the Company | ||||
Land | 3,310 | |||
Buildings and Improvements | 24,934 | |||
Furniture, Fixtures and Equipment | 811 | |||
Costs Capitalized Subsequent to Acquisition | 804 | |||
Gross Amount Carried at Close of Period | ||||
Land | 3,310 | |||
Buildings and Improvements | 25,221 | |||
Furniture, Fixtures and Equipment | 1,328 | |||
Total | 29,859 | |||
Accumulated Depreciation | (5,025) | |||
Net Book Value | $ 24,834 | |||
Managed Independent Living | Woods at Holly Tree | Wilmington, NC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Woods at Holly Tree | Wilmington, NC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Rolling Hills Ranch | Omaha, NE | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 1,022 | |||
Buildings and Improvements | 16,251 | |||
Furniture, Fixtures and Equipment | 846 | |||
Costs Capitalized Subsequent to Acquisition | 408 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,022 | |||
Buildings and Improvements | 16,513 | |||
Furniture, Fixtures and Equipment | 990 | |||
Total | 18,525 | |||
Accumulated Depreciation | (3,768) | |||
Net Book Value | $ 14,757 | |||
Managed Independent Living | Rolling Hills Ranch | Omaha, NE | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Rolling Hills Ranch | Omaha, NE | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Maple Suites | Dover, NH | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 28,675 | |||
Initial Cost to the Company | ||||
Land | 1,084 | |||
Buildings and Improvements | 30,943 | |||
Furniture, Fixtures and Equipment | 838 | |||
Costs Capitalized Subsequent to Acquisition | 536 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,084 | |||
Buildings and Improvements | 31,238 | |||
Furniture, Fixtures and Equipment | 1,080 | |||
Total | 33,402 | |||
Accumulated Depreciation | (6,497) | |||
Net Book Value | $ 26,905 | |||
Managed Independent Living | Maple Suites | Dover, NH | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Maple Suites | Dover, NH | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Montara Meadows | Las Vegas, NV | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 11,623 | |||
Initial Cost to the Company | ||||
Land | 1,840 | |||
Buildings and Improvements | 11,654 | |||
Furniture, Fixtures and Equipment | 1,206 | |||
Costs Capitalized Subsequent to Acquisition | 2,608 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,840 | |||
Buildings and Improvements | 13,103 | |||
Furniture, Fixtures and Equipment | 2,365 | |||
Total | 17,308 | |||
Accumulated Depreciation | (4,412) | |||
Net Book Value | $ 12,896 | |||
Managed Independent Living | Montara Meadows | Las Vegas, NV | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Montara Meadows | Las Vegas, NV | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Sky Peaks | Reno, NV | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 18,900 | |||
Initial Cost to the Company | ||||
Land | 1,061 | |||
Buildings and Improvements | 19,793 | |||
Furniture, Fixtures and Equipment | 605 | |||
Costs Capitalized Subsequent to Acquisition | 379 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,061 | |||
Buildings and Improvements | 19,887 | |||
Furniture, Fixtures and Equipment | 891 | |||
Total | 21,839 | |||
Accumulated Depreciation | (4,448) | |||
Net Book Value | $ 17,391 | |||
Managed Independent Living | Sky Peaks | Reno, NV | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Sky Peaks | Reno, NV | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Fleming Point | Greece, NY | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 19,875 | |||
Initial Cost to the Company | ||||
Land | 699 | |||
Buildings and Improvements | 20,644 | |||
Furniture, Fixtures and Equipment | 668 | |||
Costs Capitalized Subsequent to Acquisition | 759 | |||
Gross Amount Carried at Close of Period | ||||
Land | 699 | |||
Buildings and Improvements | 21,112 | |||
Furniture, Fixtures and Equipment | 959 | |||
Total | 22,770 | |||
Accumulated Depreciation | (4,654) | |||
Net Book Value | $ 18,116 | |||
Managed Independent Living | Fleming Point | Greece, NY | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Fleming Point | Greece, NY | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Manor at Woodside | Poughkeepsie, NY | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 0 | |||
Buildings and Improvements | 12,130 | |||
Furniture, Fixtures and Equipment | 670 | |||
Costs Capitalized Subsequent to Acquisition | 2,003 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 13,688 | |||
Furniture, Fixtures and Equipment | 1,115 | |||
Total | 14,803 | |||
Accumulated Depreciation | (3,884) | |||
Net Book Value | $ 10,919 | |||
Managed Independent Living | Manor at Woodside | Poughkeepsie, NY | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Manor at Woodside | Poughkeepsie, NY | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Maple Downs | Fayetteville, NY | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 20,850 | |||
Initial Cost to the Company | ||||
Land | 782 | |||
Buildings and Improvements | 25,656 | |||
Furniture, Fixtures and Equipment | 668 | |||
Costs Capitalized Subsequent to Acquisition | 667 | |||
Gross Amount Carried at Close of Period | ||||
Land | 782 | |||
Buildings and Improvements | 26,054 | |||
Furniture, Fixtures and Equipment | 937 | |||
Total | 27,773 | |||
Accumulated Depreciation | (5,516) | |||
Net Book Value | $ 22,257 | |||
Managed Independent Living | Maple Downs | Fayetteville, NY | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Maple Downs | Fayetteville, NY | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Alexis Gardens | Toledo, OH | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 17,314 | |||
Initial Cost to the Company | ||||
Land | 450 | |||
Buildings and Improvements | 18,412 | |||
Furniture, Fixtures and Equipment | 811 | |||
Costs Capitalized Subsequent to Acquisition | 684 | |||
Gross Amount Carried at Close of Period | ||||
Land | 450 | |||
Buildings and Improvements | 18,849 | |||
Furniture, Fixtures and Equipment | 1,058 | |||
Total | 20,357 | |||
Accumulated Depreciation | (3,861) | |||
Net Book Value | $ 16,496 | |||
Managed Independent Living | Alexis Gardens | Toledo, OH | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Alexis Gardens | Toledo, OH | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Copley Place | Copley, OH | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 11,388 | |||
Initial Cost to the Company | ||||
Land | 553 | |||
Buildings and Improvements | 19,125 | |||
Furniture, Fixtures and Equipment | 867 | |||
Costs Capitalized Subsequent to Acquisition | 130 | |||
Gross Amount Carried at Close of Period | ||||
Land | 553 | |||
Buildings and Improvements | 19,374 | |||
Furniture, Fixtures and Equipment | 748 | |||
Total | 20,675 | |||
Accumulated Depreciation | (4,169) | |||
Net Book Value | $ 16,506 | |||
Managed Independent Living | Copley Place | Copley, OH | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Copley Place | Copley, OH | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Lionwood | Oklahoma City, OK | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 744 | |||
Buildings and Improvements | 5,180 | |||
Furniture, Fixtures and Equipment | 383 | |||
Costs Capitalized Subsequent to Acquisition | 1,557 | |||
Gross Amount Carried at Close of Period | ||||
Land | 744 | |||
Buildings and Improvements | 6,309 | |||
Furniture, Fixtures and Equipment | 812 | |||
Total | 7,865 | |||
Accumulated Depreciation | (1,945) | |||
Net Book Value | $ 5,920 | |||
Managed Independent Living | Lionwood | Oklahoma City, OK | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Lionwood | Oklahoma City, OK | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Fountains at Hidden Lakes | Salem, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 9,750 | |||
Initial Cost to the Company | ||||
Land | 903 | |||
Buildings and Improvements | 6,568 | |||
Furniture, Fixtures and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 538 | |||
Gross Amount Carried at Close of Period | ||||
Land | 903 | |||
Buildings and Improvements | 6,902 | |||
Furniture, Fixtures and Equipment | 204 | |||
Total | 8,009 | |||
Accumulated Depreciation | (1,363) | |||
Net Book Value | $ 6,646 | |||
Managed Independent Living | Fountains at Hidden Lakes | Salem, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Fountains at Hidden Lakes | Salem, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Hidden Lakes | Salem, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 17,325 | |||
Initial Cost to the Company | ||||
Land | 1,389 | |||
Buildings and Improvements | 16,639 | |||
Furniture, Fixtures and Equipment | 893 | |||
Costs Capitalized Subsequent to Acquisition | 928 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,389 | |||
Buildings and Improvements | 17,089 | |||
Furniture, Fixtures and Equipment | 1,371 | |||
Total | 19,849 | |||
Accumulated Depreciation | (4,175) | |||
Net Book Value | $ 15,674 | |||
Managed Independent Living | Hidden Lakes | Salem, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Hidden Lakes | Salem, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Parkrose Chateau | Portland, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,518 | |||
Initial Cost to the Company | ||||
Land | 2,742 | |||
Buildings and Improvements | 17,472 | |||
Furniture, Fixtures and Equipment | 749 | |||
Costs Capitalized Subsequent to Acquisition | 1,007 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,742 | |||
Buildings and Improvements | 18,202 | |||
Furniture, Fixtures and Equipment | 1,027 | |||
Total | 21,971 | |||
Accumulated Depreciation | (3,796) | |||
Net Book Value | $ 18,175 | |||
Managed Independent Living | Parkrose Chateau | Portland, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Parkrose Chateau | Portland, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Rock Creek | Hillsboro, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,427 | |||
Initial Cost to the Company | ||||
Land | 1,617 | |||
Buildings and Improvements | 11,783 | |||
Furniture, Fixtures and Equipment | 486 | |||
Costs Capitalized Subsequent to Acquisition | 381 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,617 | |||
Buildings and Improvements | 11,869 | |||
Furniture, Fixtures and Equipment | 781 | |||
Total | 14,267 | |||
Accumulated Depreciation | (2,751) | |||
Net Book Value | $ 11,516 | |||
Managed Independent Living | Rock Creek | Hillsboro, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Rock Creek | Hillsboro, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Sheldon Oaks | Eugene, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 14,325 | |||
Initial Cost to the Company | ||||
Land | 1,577 | |||
Buildings and Improvements | 17,380 | |||
Furniture, Fixtures and Equipment | 675 | |||
Costs Capitalized Subsequent to Acquisition | 358 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,577 | |||
Buildings and Improvements | 17,584 | |||
Furniture, Fixtures and Equipment | 828 | |||
Total | 19,989 | |||
Accumulated Depreciation | (4,006) | |||
Net Book Value | $ 15,983 | |||
Managed Independent Living | Sheldon Oaks | Eugene, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Sheldon Oaks | Eugene, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Stone Lodge | Bend, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 19,596 | |||
Initial Cost to the Company | ||||
Land | 1,200 | |||
Buildings and Improvements | 25,753 | |||
Furniture, Fixtures and Equipment | 790 | |||
Costs Capitalized Subsequent to Acquisition | 911 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,200 | |||
Buildings and Improvements | 26,348 | |||
Furniture, Fixtures and Equipment | 1,106 | |||
Total | 28,654 | |||
Accumulated Depreciation | (4,846) | |||
Net Book Value | $ 23,808 | |||
Managed Independent Living | Stone Lodge | Bend, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Stone Lodge | Bend, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Stoneybrook Lodge | Corvallis, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 25,875 | |||
Initial Cost to the Company | ||||
Land | 1,543 | |||
Buildings and Improvements | 18,119 | |||
Furniture, Fixtures and Equipment | 843 | |||
Costs Capitalized Subsequent to Acquisition | 412 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,543 | |||
Buildings and Improvements | 18,335 | |||
Furniture, Fixtures and Equipment | 1,039 | |||
Total | 20,917 | |||
Accumulated Depreciation | (4,329) | |||
Net Book Value | $ 16,588 | |||
Managed Independent Living | Stoneybrook Lodge | Corvallis, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Stoneybrook Lodge | Corvallis, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The Regent | Corvallis, OR | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 11,325 | |||
Initial Cost to the Company | ||||
Land | 1,111 | |||
Buildings and Improvements | 7,720 | |||
Furniture, Fixtures and Equipment | 228 | |||
Costs Capitalized Subsequent to Acquisition | 417 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,111 | |||
Buildings and Improvements | 7,840 | |||
Furniture, Fixtures and Equipment | 524 | |||
Total | 9,475 | |||
Accumulated Depreciation | (1,841) | |||
Net Book Value | $ 7,634 | |||
Managed Independent Living | The Regent | Corvallis, OR | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The Regent | Corvallis, OR | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Essex House | Lemoyne, PA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,050 | |||
Initial Cost to the Company | ||||
Land | 936 | |||
Buildings and Improvements | 25,585 | |||
Furniture, Fixtures and Equipment | 668 | |||
Costs Capitalized Subsequent to Acquisition | 379 | |||
Gross Amount Carried at Close of Period | ||||
Land | 936 | |||
Buildings and Improvements | 25,678 | |||
Furniture, Fixtures and Equipment | 954 | |||
Total | 27,568 | |||
Accumulated Depreciation | (5,473) | |||
Net Book Value | $ 22,095 | |||
Managed Independent Living | Essex House | Lemoyne, PA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Essex House | Lemoyne, PA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Manor at Oakridge | Harrisburg, PA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,150 | |||
Initial Cost to the Company | ||||
Land | 992 | |||
Buildings and Improvements | 24,379 | |||
Furniture, Fixtures and Equipment | 764 | |||
Costs Capitalized Subsequent to Acquisition | 286 | |||
Gross Amount Carried at Close of Period | ||||
Land | 992 | |||
Buildings and Improvements | 24,520 | |||
Furniture, Fixtures and Equipment | 908 | |||
Total | 26,420 | |||
Accumulated Depreciation | (5,223) | |||
Net Book Value | $ 21,197 | |||
Managed Independent Living | Manor at Oakridge | Harrisburg, PA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Manor at Oakridge | Harrisburg, PA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Niagara Village | Erie, PA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,793 | |||
Initial Cost to the Company | ||||
Land | 750 | |||
Buildings and Improvements | 16,544 | |||
Furniture, Fixtures and Equipment | 790 | |||
Costs Capitalized Subsequent to Acquisition | 722 | |||
Gross Amount Carried at Close of Period | ||||
Land | 750 | |||
Buildings and Improvements | 16,994 | |||
Furniture, Fixtures and Equipment | 1,062 | |||
Total | 18,806 | |||
Accumulated Depreciation | (3,652) | |||
Net Book Value | $ 15,154 | |||
Managed Independent Living | Niagara Village | Erie, PA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Niagara Village | Erie, PA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Walnut Woods | Boyertown, PA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,600 | |||
Initial Cost to the Company | ||||
Land | 308 | |||
Buildings and Improvements | 18,058 | |||
Furniture, Fixtures and Equipment | 496 | |||
Costs Capitalized Subsequent to Acquisition | 793 | |||
Gross Amount Carried at Close of Period | ||||
Land | 308 | |||
Buildings and Improvements | 18,603 | |||
Furniture, Fixtures and Equipment | 744 | |||
Total | 19,655 | |||
Accumulated Depreciation | (3,944) | |||
Net Book Value | $ 15,711 | |||
Managed Independent Living | Walnut Woods | Boyertown, PA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Walnut Woods | Boyertown, PA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Indigo Pines | Hilton Head, SC | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,272 | |||
Initial Cost to the Company | ||||
Land | 2,850 | |||
Buildings and Improvements | 15,970 | |||
Furniture, Fixtures and Equipment | 832 | |||
Costs Capitalized Subsequent to Acquisition | 1,794 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,850 | |||
Buildings and Improvements | 16,724 | |||
Furniture, Fixtures and Equipment | 1,872 | |||
Total | 21,446 | |||
Accumulated Depreciation | (4,261) | |||
Net Book Value | $ 17,185 | |||
Managed Independent Living | Indigo Pines | Hilton Head, SC | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Indigo Pines | Hilton Head, SC | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Holiday Hills Estates | Rapid City, SD | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,014 | |||
Initial Cost to the Company | ||||
Land | 430 | |||
Buildings and Improvements | 22,209 | |||
Furniture, Fixtures and Equipment | 790 | |||
Costs Capitalized Subsequent to Acquisition | 794 | |||
Gross Amount Carried at Close of Period | ||||
Land | 430 | |||
Buildings and Improvements | 22,784 | |||
Furniture, Fixtures and Equipment | 1,008 | |||
Total | 24,222 | |||
Accumulated Depreciation | (4,209) | |||
Net Book Value | $ 20,013 | |||
Managed Independent Living | Holiday Hills Estates | Rapid City, SD | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Holiday Hills Estates | Rapid City, SD | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Echo Ridge | Knoxville, TN | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 20,826 | |||
Initial Cost to the Company | ||||
Land | 1,522 | |||
Buildings and Improvements | 21,469 | |||
Furniture, Fixtures and Equipment | 770 | |||
Costs Capitalized Subsequent to Acquisition | 482 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,522 | |||
Buildings and Improvements | 21,704 | |||
Furniture, Fixtures and Equipment | 1,017 | |||
Total | 24,243 | |||
Accumulated Depreciation | (4,316) | |||
Net Book Value | $ 19,927 | |||
Managed Independent Living | Echo Ridge | Knoxville, TN | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Echo Ridge | Knoxville, TN | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Uffelman Estates | Clarksville, TN | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 9,600 | |||
Initial Cost to the Company | ||||
Land | 625 | |||
Buildings and Improvements | 10,521 | |||
Furniture, Fixtures and Equipment | 298 | |||
Costs Capitalized Subsequent to Acquisition | 530 | |||
Gross Amount Carried at Close of Period | ||||
Land | 625 | |||
Buildings and Improvements | 10,791 | |||
Furniture, Fixtures and Equipment | 558 | |||
Total | 11,974 | |||
Accumulated Depreciation | (2,395) | |||
Net Book Value | $ 9,579 | |||
Managed Independent Living | Uffelman Estates | Clarksville, TN | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Uffelman Estates | Clarksville, TN | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Arlington Plaza | Arlington, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 7,135 | |||
Initial Cost to the Company | ||||
Land | 319 | |||
Buildings and Improvements | 9,821 | |||
Furniture, Fixtures and Equipment | 391 | |||
Costs Capitalized Subsequent to Acquisition | 389 | |||
Gross Amount Carried at Close of Period | ||||
Land | 319 | |||
Buildings and Improvements | 9,939 | |||
Furniture, Fixtures and Equipment | 661 | |||
Total | 10,919 | |||
Accumulated Depreciation | (2,368) | |||
Net Book Value | $ 8,551 | |||
Managed Independent Living | Arlington Plaza | Arlington, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Arlington Plaza | Arlington, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Cypress Woods | Kingwood, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 1,376 | |||
Buildings and Improvements | 19,815 | |||
Furniture, Fixtures and Equipment | 860 | |||
Costs Capitalized Subsequent to Acquisition | 681 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,376 | |||
Buildings and Improvements | 20,247 | |||
Furniture, Fixtures and Equipment | 1,109 | |||
Total | 22,732 | |||
Accumulated Depreciation | (4,447) | |||
Net Book Value | $ 18,285 | |||
Managed Independent Living | Cypress Woods | Kingwood, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Cypress Woods | Kingwood, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Dogwood Estates | Denton, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,779 | |||
Initial Cost to the Company | ||||
Land | 1,002 | |||
Buildings and Improvements | 18,525 | |||
Furniture, Fixtures and Equipment | 714 | |||
Costs Capitalized Subsequent to Acquisition | 447 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,002 | |||
Buildings and Improvements | 18,837 | |||
Furniture, Fixtures and Equipment | 850 | |||
Total | 20,689 | |||
Accumulated Depreciation | (4,226) | |||
Net Book Value | $ 16,463 | |||
Managed Independent Living | Dogwood Estates | Denton, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Dogwood Estates | Denton, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Madison Estates | San Antonio, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 9,262 | |||
Initial Cost to the Company | ||||
Land | 1,528 | |||
Buildings and Improvements | 14,850 | |||
Furniture, Fixtures and Equipment | 268 | |||
Costs Capitalized Subsequent to Acquisition | 1,269 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,528 | |||
Buildings and Improvements | 15,428 | |||
Furniture, Fixtures and Equipment | 958 | |||
Total | 17,914 | |||
Accumulated Depreciation | (3,564) | |||
Net Book Value | $ 14,350 | |||
Managed Independent Living | Madison Estates | San Antonio, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Madison Estates | San Antonio, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Pinewood Hills | Flower Mound, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 15,000 | |||
Initial Cost to the Company | ||||
Land | 2,073 | |||
Buildings and Improvements | 17,552 | |||
Furniture, Fixtures and Equipment | 704 | |||
Costs Capitalized Subsequent to Acquisition | 443 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,073 | |||
Buildings and Improvements | 17,785 | |||
Furniture, Fixtures and Equipment | 914 | |||
Total | 20,772 | |||
Accumulated Depreciation | (4,060) | |||
Net Book Value | $ 16,712 | |||
Managed Independent Living | Pinewood Hills | Flower Mound, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Pinewood Hills | Flower Mound, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The Bentley | Dallas, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 13,725 | |||
Initial Cost to the Company | ||||
Land | 2,351 | |||
Buildings and Improvements | 12,270 | |||
Furniture, Fixtures and Equipment | 526 | |||
Costs Capitalized Subsequent to Acquisition | 878 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,351 | |||
Buildings and Improvements | 12,838 | |||
Furniture, Fixtures and Equipment | 835 | |||
Total | 16,024 | |||
Accumulated Depreciation | (3,011) | |||
Net Book Value | $ 13,013 | |||
Managed Independent Living | The Bentley | Dallas, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The Bentley | Dallas, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The El Dorado | Richardson, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 7,350 | |||
Initial Cost to the Company | ||||
Land | 1,316 | |||
Buildings and Improvements | 12,220 | |||
Furniture, Fixtures and Equipment | 710 | |||
Costs Capitalized Subsequent to Acquisition | 437 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,316 | |||
Buildings and Improvements | 12,384 | |||
Furniture, Fixtures and Equipment | 983 | |||
Total | 14,683 | |||
Accumulated Depreciation | (3,183) | |||
Net Book Value | $ 11,500 | |||
Managed Independent Living | The El Dorado | Richardson, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The El Dorado | Richardson, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Ventura Place | Lubbock, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 14,100 | |||
Initial Cost to the Company | ||||
Land | 1,018 | |||
Buildings and Improvements | 18,034 | |||
Furniture, Fixtures and Equipment | 946 | |||
Costs Capitalized Subsequent to Acquisition | 783 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,018 | |||
Buildings and Improvements | 18,317 | |||
Furniture, Fixtures and Equipment | 1,447 | |||
Total | 20,782 | |||
Accumulated Depreciation | (4,697) | |||
Net Book Value | $ 16,085 | |||
Managed Independent Living | Ventura Place | Lubbock, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Ventura Place | Lubbock, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Whiterock Court | Dallas, TX | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 10,239 | |||
Initial Cost to the Company | ||||
Land | 2,837 | |||
Buildings and Improvements | 12,205 | |||
Furniture, Fixtures and Equipment | 446 | |||
Costs Capitalized Subsequent to Acquisition | 690 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,837 | |||
Buildings and Improvements | 12,521 | |||
Furniture, Fixtures and Equipment | 821 | |||
Total | 16,179 | |||
Accumulated Depreciation | (2,995) | |||
Net Book Value | $ 13,184 | |||
Managed Independent Living | Whiterock Court | Dallas, TX | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Whiterock Court | Dallas, TX | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Chateau Brickyard | Salt Lake City, UT | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 700 | |||
Buildings and Improvements | 3,297 | |||
Furniture, Fixtures and Equipment | 15 | |||
Costs Capitalized Subsequent to Acquisition | 1,749 | |||
Gross Amount Carried at Close of Period | ||||
Land | 700 | |||
Buildings and Improvements | 4,605 | |||
Furniture, Fixtures and Equipment | 456 | |||
Total | 5,761 | |||
Accumulated Depreciation | (1,780) | |||
Net Book Value | $ 3,981 | |||
Managed Independent Living | Chateau Brickyard | Salt Lake City, UT | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Chateau Brickyard | Salt Lake City, UT | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Olympus Ranch | Murray, UT | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 17,142 | |||
Initial Cost to the Company | ||||
Land | 1,407 | |||
Buildings and Improvements | 20,515 | |||
Furniture, Fixtures and Equipment | 846 | |||
Costs Capitalized Subsequent to Acquisition | 684 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,407 | |||
Buildings and Improvements | 20,993 | |||
Furniture, Fixtures and Equipment | 1,052 | |||
Total | 23,452 | |||
Accumulated Depreciation | (4,268) | |||
Net Book Value | $ 19,184 | |||
Managed Independent Living | Olympus Ranch | Murray, UT | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Olympus Ranch | Murray, UT | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Pioneer Valley Lodge | North Logan, UT | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 5,908 | |||
Initial Cost to the Company | ||||
Land | 1,049 | |||
Buildings and Improvements | 17,920 | |||
Furniture, Fixtures and Equipment | 740 | |||
Costs Capitalized Subsequent to Acquisition | 256 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,049 | |||
Buildings and Improvements | 18,019 | |||
Furniture, Fixtures and Equipment | 898 | |||
Total | 19,966 | |||
Accumulated Depreciation | (4,196) | |||
Net Book Value | $ 15,770 | |||
Managed Independent Living | Pioneer Valley Lodge | North Logan, UT | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Pioneer Valley Lodge | North Logan, UT | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Colonial Harbor | Yorktown, VA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 16,389 | |||
Initial Cost to the Company | ||||
Land | 2,211 | |||
Buildings and Improvements | 19,523 | |||
Furniture, Fixtures and Equipment | 689 | |||
Costs Capitalized Subsequent to Acquisition | 600 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,211 | |||
Buildings and Improvements | 19,665 | |||
Furniture, Fixtures and Equipment | 1,147 | |||
Total | 23,023 | |||
Accumulated Depreciation | (4,616) | |||
Net Book Value | $ 18,407 | |||
Managed Independent Living | Colonial Harbor | Yorktown, VA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Colonial Harbor | Yorktown, VA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Elm Park Estates | Roanoke, VA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 13,527 | |||
Initial Cost to the Company | ||||
Land | 990 | |||
Buildings and Improvements | 15,648 | |||
Furniture, Fixtures and Equipment | 770 | |||
Costs Capitalized Subsequent to Acquisition | 673 | |||
Gross Amount Carried at Close of Period | ||||
Land | 990 | |||
Buildings and Improvements | 16,025 | |||
Furniture, Fixtures and Equipment | 1,066 | |||
Total | 18,081 | |||
Accumulated Depreciation | (3,404) | |||
Net Book Value | $ 14,677 | |||
Managed Independent Living | Elm Park Estates | Roanoke, VA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Elm Park Estates | Roanoke, VA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Heritage Oaks | Richmond, VA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 1,630 | |||
Buildings and Improvements | 9,570 | |||
Furniture, Fixtures and Equipment | 705 | |||
Costs Capitalized Subsequent to Acquisition | 2,130 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,630 | |||
Buildings and Improvements | 10,990 | |||
Furniture, Fixtures and Equipment | 1,415 | |||
Total | 14,035 | |||
Accumulated Depreciation | (3,580) | |||
Net Book Value | $ 10,455 | |||
Managed Independent Living | Heritage Oaks | Richmond, VA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Heritage Oaks | Richmond, VA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Bridge Park | Seattle, WA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 12,703 | |||
Initial Cost to the Company | ||||
Land | 2,315 | |||
Buildings and Improvements | 18,607 | |||
Furniture, Fixtures and Equipment | 1,135 | |||
Costs Capitalized Subsequent to Acquisition | 623 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,315 | |||
Buildings and Improvements | 18,899 | |||
Furniture, Fixtures and Equipment | 1,465 | |||
Total | 22,679 | |||
Accumulated Depreciation | (4,305) | |||
Net Book Value | $ 18,374 | |||
Managed Independent Living | Bridge Park | Seattle, WA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Bridge Park | Seattle, WA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Peninsula | Gig Harbor, WA | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 20,195 | |||
Initial Cost to the Company | ||||
Land | 2,085 | |||
Buildings and Improvements | 21,983 | |||
Furniture, Fixtures and Equipment | 846 | |||
Costs Capitalized Subsequent to Acquisition | 326 | |||
Gross Amount Carried at Close of Period | ||||
Land | 2,085 | |||
Buildings and Improvements | 22,154 | |||
Furniture, Fixtures and Equipment | 1,001 | |||
Total | 25,240 | |||
Accumulated Depreciation | (4,383) | |||
Net Book Value | $ 20,857 | |||
Managed Independent Living | Peninsula | Gig Harbor, WA | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Peninsula | Gig Harbor, WA | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | Oakwood Hills | Eau Claire, WI | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 13,275 | |||
Initial Cost to the Company | ||||
Land | 516 | |||
Buildings and Improvements | 18,872 | |||
Furniture, Fixtures and Equipment | 645 | |||
Costs Capitalized Subsequent to Acquisition | 256 | |||
Gross Amount Carried at Close of Period | ||||
Land | 516 | |||
Buildings and Improvements | 18,943 | |||
Furniture, Fixtures and Equipment | 830 | |||
Total | 20,289 | |||
Accumulated Depreciation | (4,181) | |||
Net Book Value | $ 16,108 | |||
Managed Independent Living | Oakwood Hills | Eau Claire, WI | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | Oakwood Hills | Eau Claire, WI | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Managed Independent Living | The Jefferson | Middleton, WI | Independent Living Properties | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 13,340 | |||
Initial Cost to the Company | ||||
Land | 1,460 | |||
Buildings and Improvements | 15,540 | |||
Furniture, Fixtures and Equipment | 804 | |||
Costs Capitalized Subsequent to Acquisition | 628 | |||
Gross Amount Carried at Close of Period | ||||
Land | 1,460 | |||
Buildings and Improvements | 15,986 | |||
Furniture, Fixtures and Equipment | 983 | |||
Total | 18,429 | |||
Accumulated Depreciation | (3,383) | |||
Net Book Value | $ 15,046 | |||
Managed Independent Living | The Jefferson | Middleton, WI | Independent Living Properties | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Managed Independent Living | The Jefferson | Middleton, WI | Independent Living Properties | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
Triple Net Lease | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 49,301 | |||
Initial Cost to the Company | ||||
Land | 8,575 | |||
Buildings and Improvements | 46,031 | |||
Furniture, Fixtures and Equipment | 2,380 | |||
Costs Capitalized Subsequent to Acquisition | 990 | |||
Gross Amount Carried at Close of Period | ||||
Land | 8,575 | |||
Buildings and Improvements | 46,776 | |||
Furniture, Fixtures and Equipment | 2,625 | |||
Total | 57,976 | |||
Accumulated Depreciation | (9,456) | |||
Net Book Value | 48,520 | |||
Triple Net Lease | Watermark at Logan Square | Philadelphia, PA | Continuing Care Retirement Communities | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | 49,301 | |||
Initial Cost to the Company | ||||
Land | 8,575 | |||
Buildings and Improvements | 46,031 | |||
Furniture, Fixtures and Equipment | 2,380 | |||
Costs Capitalized Subsequent to Acquisition | 990 | |||
Gross Amount Carried at Close of Period | ||||
Land | 8,575 | |||
Buildings and Improvements | 46,776 | |||
Furniture, Fixtures and Equipment | 2,625 | |||
Total | 57,976 | |||
Accumulated Depreciation | (9,456) | |||
Net Book Value | $ 48,520 | |||
Triple Net Lease | Watermark at Logan Square | Philadelphia, PA | Continuing Care Retirement Communities | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
Triple Net Lease | Watermark at Logan Square | Philadelphia, PA | Continuing Care Retirement Communities | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 40 years | |||
All Other Assets | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Furniture, Fixtures and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 2,325 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 144 | |||
Furniture, Fixtures and Equipment | 2,181 | |||
Total | 2,325 | |||
Accumulated Depreciation | (242) | |||
Net Book Value | 2,083 | |||
All Other Assets | Corporate Office | New York, NY | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | 0 | |||
Initial Cost to the Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Furniture, Fixtures and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 652 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 144 | |||
Furniture, Fixtures and Equipment | 508 | |||
Total | 652 | |||
Accumulated Depreciation | (242) | |||
Net Book Value | $ 410 | |||
All Other Assets | Corporate Office | New York, NY | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
All Other Assets | Corporate Office | New York, NY | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 5 years | |||
All Other Assets | Right-of-Use Asset | ||||
Real Estate and Accumulated Depreciation [Abstract] | ||||
Encumbrances | $ 0 | |||
Initial Cost to the Company | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Furniture, Fixtures and Equipment | 0 | |||
Costs Capitalized Subsequent to Acquisition | 1,673 | |||
Gross Amount Carried at Close of Period | ||||
Land | 0 | |||
Buildings and Improvements | 0 | |||
Furniture, Fixtures and Equipment | 1,673 | |||
Total | 1,673 | |||
Accumulated Depreciation | 0 | |||
Net Book Value | $ 1,673 | |||
All Other Assets | Right-of-Use Asset | Minimum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 3 years | |||
All Other Assets | Right-of-Use Asset | Maximum | ||||
Gross Amount Carried at Close of Period | ||||
Life on Which Depreciation in Income Statement is Computed | 5 years |
SCHEDULE III, REAL ESTATE AND_3
SCHEDULE III, REAL ESTATE AND ACCUMULATED DEPRECIATION, Rollforward of Gross Carrying Amount and Accumulated Depreciation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Gross carrying amount | |||
Beginning of period | $ 2,545,800 | $ 2,513,769 | $ 2,511,762 |
Acquisitions | 0 | 0 | 0 |
Additions | 14,346 | 33,380 | 32,072 |
Sales and/or transfers to assets held for sale | (442,547) | 0 | (18,294) |
Impairment of real estate held for sale | 0 | 0 | (8,725) |
Disposals and other | 407 | (1,349) | (3,046) |
End of period | 2,118,006 | 2,545,800 | 2,513,769 |
Accumulated depreciation | |||
Beginning of period | (439,274) | (358,368) | (275,794) |
Depreciation expense | (65,914) | (80,937) | (87,698) |
Sales and/or transfers to assets held for sale | 87,733 | 0 | 5,124 |
Disposals and other | 0 | 31 | 0 |
End of period | $ (417,455) | $ (439,274) | $ (358,368) |
Uncategorized Items - snr-20201
Label | Element | Value |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | $ 137,327,000 |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | 39,614,000 |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | 72,422,000 |
Cash Equivalents, at Carrying Value | us-gaap_CashEquivalentsAtCarryingValue | $ 33,046,000 |