Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Feb. 19, 2015 | Jun. 30, 2014 | |
Document and Entity Information | |||
Entity Registrant Name | LTC PROPERTIES INC | ||
Entity Central Index Key | 887905 | ||
Document Type | 10-K | ||
Document Period End Date | 31-Dec-14 | ||
Amendment Flag | FALSE | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $1,336,340,000 | ||
Entity Common Stock, Shares Outstanding | 35,540,762 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Real estate investments: | ||
Land | $80,024,000 | $80,993,000 |
Buildings and improvements | 869,814,000 | 856,624,000 |
Accumulated depreciation and amortization | -223,315,000 | -218,700,000 |
Net operating real estate property | 726,523,000 | 718,917,000 |
Mortgage loans receivable, net of loan loss reserve: 2014—$1,673; 2013—$1,671 | 165,656,000 | 165,444,000 |
Real estate investments, net | 892,179,000 | 884,361,000 |
Other assets: | ||
Cash and cash equivalents | 25,237,000 | 6,778,000 |
Debt issue costs, net | 3,782,000 | 2,458,000 |
Interest receivable | 597,000 | 702,000 |
Straight-line rent receivable, net of allowance for doubtful accounts: 2014—$731; 2013—$1,541 | 32,651,000 | 29,760,000 |
Prepaid expenses and other assets | 9,931,000 | 6,756,000 |
Notes receivable | 1,442,000 | 595,000 |
Total assets | 965,819,000 | 931,410,000 |
LIABILITIES | ||
Bank borrowings | 21,000,000 | |
Senior unsecured notes | 281,633,000 | 255,800,000 |
Bonds payable | 2,035,000 | |
Accrued interest | 3,556,000 | 3,424,000 |
Earn Out Liabilities | 3,258,000 | 0 |
Accrued expenses and other liabilities | 17,251,000 | 16,713,000 |
Total liabilities | 305,698,000 | 298,972,000 |
Stockholders' equity: | ||
Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2014 - 2,000; 2013 - 2,000 | 38,500,000 | 38,500,000 |
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2014 -34,845; 2013 - 34,746 | 355,000 | 347,000 |
Capital in excess of par value | 717,396,000 | 688,654,000 |
Cumulative net income | 855,247,000 | 781,848,000 |
Accumulated other comprehensive income | 82,000 | 117,000 |
Cumulative distributions | -951,459,000 | -877,028,000 |
Total equity | 660,121,000 | 632,438,000 |
Total equity | 660,121,000 | 632,438,000 |
Total liabilities and equity | $965,819,000 | $931,410,000 |
CONSOLIDATED_BALANCE_SHEETS_Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
CONSOLIDATED BALANCE SHEETS | ||
Mortgage loans receivable, loan loss reserve | $1,673 | $1,671 |
Straight-line rent receivable, allowance for doubtful accounts | $731 | $1,541 |
Preferred stock, par value (in dollars per share) | $0.01 | $0.01 |
Preferred stock, shares authorized | 15,000,000 | 15,000,000 |
Preferred stock, shares issued | 2,000,000 | 2,000,000 |
Preferred stock, shares outstanding | 2,000,000 | 2,000,000 |
Common stock, par value (in dollars per share) | $0.01 | $0.01 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 35,480,000 | 34,746,000 |
Common stock, shares outstanding | 35,480,000 | 34,746,000 |
CONSOLIDATED_STATEMENTS_OF_INC
CONSOLIDATED STATEMENTS OF INCOME (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues: | |||
Rental income | $101,849 | $98,166 | $86,022 |
Interest income from mortgage loans | 16,553 | 6,298 | 5,496 |
Interest and other income | 559 | 510 | 964 |
Total revenues | 118,961 | 104,974 | 92,482 |
Expenses: | |||
Interest expense | 13,128 | 11,364 | 9,932 |
Depreciation and amortization | 25,529 | 24,389 | 21,613 |
Provision (recovery) for doubtful accounts | 32 | 2,180 | -101 |
General and administrative expenses | 11,832 | 11,636 | 10,732 |
Total expenses | 50,521 | 49,569 | 42,176 |
Operating income | 68,440 | 55,405 | 50,306 |
Gain on sale of real estate, net | 4,959 | ||
Income from continuing operations | 73,399 | 55,405 | 50,306 |
Discontinued operations: | |||
Income from discontinued operations | 805 | 1,005 | |
Gain on sale of assets, net | 1,605 | 16 | |
Net income from discontinued operations | 2,410 | 1,021 | |
Net income | 73,399 | 57,815 | 51,327 |
Income allocated to non-controlling interests | -37 | ||
Net income attributable to LTC Properties, Inc. | 73,399 | 57,815 | 51,290 |
Income allocated to participating securities | -481 | -383 | -377 |
Income allocated to preferred stockholders | -3,273 | -3,273 | -3,273 |
Net income available to common stockholders | $69,645 | $54,159 | $47,640 |
Basic earnings per common share | |||
Continuing operations (in dollars per share) | $2.01 | $1.56 | $1.54 |
Discontinued operations (in dollars per share) | $0.07 | $0.03 | |
Net income available to common stockholders | $2.01 | $1.64 | $1.58 |
Diluted earnings per common share | |||
Continuing operations (in dollars per share) | $1.99 | $1.56 | $1.54 |
Discontinued operations (in dollars per share) | $0.07 | $0.03 | |
Net income available to common stockholders | $1.99 | $1.63 | $1.57 |
Weighted average shares used to calculate earnings per common share | |||
Basic (in shares) | 34,617 | 33,111 | 30,238 |
Diluted (in shares) | 36,640 | 33,142 | 30,278 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $73,399 | $57,815 | $51,327 |
Reclassification adjustment (Note 10) | -35 | -35 | -47 |
Comprehensive income | 73,364 | 57,780 | 51,280 |
Comprehensive income allocated to non-controlling interests | -37 | ||
Comprehensive income attributable to LTC Properties, Inc. | $73,364 | $57,780 | $51,243 |
CONSOLIDATED_STATEMENTS_OF_EQU
CONSOLIDATED STATEMENTS OF EQUITY (USD $) | Parent [Member] | Preferred Stock [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Distributions in Excess of Net Income [Member] | Noncontrolling Interest [Member] | Total |
In Thousands, except Share data, unless otherwise specified | |||||||||
Balance at Dec. 31, 2011 | $466,748 | $38,500 | $303 | $507,343 | $672,743 | $199 | ($752,340) | $1,962 | $468,710 |
Balance (in shares) at Dec. 31, 2011 | 2,000,000 | 30,346,000 | |||||||
Equity activity | |||||||||
Reclassification adjustment | -47 | -47 | -47 | ||||||
Stock option exercises | 1,926 | 1 | 1,925 | 1,926 | |||||
Stock option exercises (in shares) | 85,000 | ||||||||
Issue restricted stock | 1 | -1 | |||||||
Issue restricted stock (in shares) | 90,000 | ||||||||
Net income | 51,290 | 51,290 | 37 | 51,327 | |||||
Vested stock options | 10 | 10 | 10 | ||||||
Vested restricted stock | 1,809 | 1,809 | 1,809 | ||||||
Non-controlling interests conversion | -850 | -850 | -1,914 | -2,764 | |||||
Non-controlling interests conversion (in shares) | 23,000 | ||||||||
Non-controlling interests preferred return | -78 | -78 | |||||||
Preferred stock dividends | -3,273 | -3,273 | -3,273 | ||||||
Common stock cash distributions ($2.04, $1.91 and $1.79 per share for the year ended 2014, 2013 and 2012, respectively) | -54,512 | -54,512 | -54,512 | ||||||
Balance at Dec. 31, 2012 | 463,101 | 38,500 | 305 | 510,236 | 724,033 | 152 | -810,125 | 7 | 463,108 |
Balance (in shares) at Dec. 31, 2012 | 2,000,000 | 30,544,000 | |||||||
Equity activity | |||||||||
Reclassification adjustment | -35 | -35 | -35 | ||||||
Stock option exercises | 523 | 523 | 523 | ||||||
Stock option exercises (in shares) | 22,000 | ||||||||
Issuance of common stock | 175,598 | 42 | 175,556 | 175,598 | |||||
Issuance of common stock (in shares) | 4,152,000 | ||||||||
Issue restricted stock (in shares) | 35,000 | ||||||||
Net income | 57,815 | 57,815 | 57,815 | ||||||
Vested restricted stock | 2,591 | 2,591 | 2,591 | ||||||
Non-controlling interests preferred return | -7 | -7 | |||||||
Preferred stock dividends | -3,272 | -3,272 | -3,272 | ||||||
Common stock cash distributions ($2.04, $1.91 and $1.79 per share for the year ended 2014, 2013 and 2012, respectively) | -63,631 | -63,631 | -63,631 | ||||||
Other | -252 | -252 | -252 | ||||||
Other (in shares) | -7,000 | ||||||||
Balance at Dec. 31, 2013 | 632,438 | 38,500 | 347 | 688,654 | 781,848 | 117 | -877,028 | 632,438 | |
Balance (in shares) at Dec. 31, 2013 | 2,000,000 | 34,746,000 | |||||||
Equity activity | |||||||||
Reclassification adjustment | -35 | -35 | -35 | ||||||
Stock option exercises | 1,071 | 1 | 1,070 | 1,071 | |||||
Stock option exercises (in shares) | 45,000 | ||||||||
Issuance of common stock | 24,644 | 6 | 24,638 | 24,644 | |||||
Issuance of common stock (in shares) | 600,000 | ||||||||
Issue restricted stock | 1 | -1 | |||||||
Issue restricted stock (in shares) | 95,000 | ||||||||
Net income | 73,399 | 73,399 | 73,399 | ||||||
Vested stock options | 12 | 12 | 12 | ||||||
Vested restricted stock | 3,241 | 3,241 | 3,241 | ||||||
Preferred stock dividends | -3,273 | -3,273 | -3,273 | ||||||
Common stock cash distributions ($2.04, $1.91 and $1.79 per share for the year ended 2014, 2013 and 2012, respectively) | -71,158 | -71,158 | -71,158 | ||||||
Other | -218 | -218 | -218 | ||||||
Other (in shares) | -6,000 | ||||||||
Balance at Dec. 31, 2014 | $660,121 | $38,500 | $355 | $717,396 | $855,247 | $82 | ($951,459) | $660,121 | |
Balance (in shares) at Dec. 31, 2014 | 2,000,000 | 35,480,000 |
CONSOLIDATED_STATEMENTS_OF_EQU1
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
CONSOLIDATED STATEMENTS OF EQUITY | |||||||||||
Dividends declared and paid per common share (in dollars per share) | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.47 | $0.47 | $0.47 | $2.04 | $1.91 | $1.79 |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
OPERATING ACTIVITIES: | |||
Net income | $73,399,000 | $57,815,000 | $51,327,000 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization (continuing and discontinued operations) | 25,529,000 | 24,706,000 | 22,153,000 |
Stock-based compensation expense | 3,253,000 | 2,591,000 | 1,819,000 |
Gain on sale of real estate, net | -4,959,000 | -1,605,000 | -16,000 |
Straight-line rental incomebcontinuing and discontinued operations | -3,002,000 | -3,955,000 | -3,264,000 |
Provision (recovery) for doubtful accounts | 32,000 | 2,180,000 | -101,000 |
Non-cash interest related to earn-out liabilities | 18,000 | 256,000 | 439,000 |
Other non-cash items, net | 1,653,000 | 1,441,000 | 1,460,000 |
Decrease in interest receivable | 72,000 | 32,000 | 535,000 |
Increase in accrued interest payable | 132,000 | 145,000 | 1,923,000 |
Net change in other assets and liabilities | -365,000 | 3,519,000 | 545,000 |
Net cash provided by operating activities | 95,762,000 | 87,125,000 | 76,820,000 |
INVESTING ACTIVITIES: | |||
Investment in real estate properties, net | -11,650,000 | -19,040,000 | -166,750,000 |
Investment in real estate developments, net | -34,135,000 | -23,605,000 | -9,957,000 |
Investment in real estate capital improvements, net | -13,967,000 | -6,992,000 | -1,132,000 |
Capitalized interest | -1,506,000 | -932,000 | -130,000 |
Proceeds from sale of real estate investments, net | 33,593,000 | 11,001,000 | 1,271,000 |
Investment in real estate mortgages | -9,374,000 | -129,358,000 | -7,719,000 |
Principal payments received on mortgage loans receivable | 9,155,000 | 1,933,000 | 21,633,000 |
Proceeds from redemption of marketable securities | 6,500,000 | ||
Advances under notes receivable | -1,263,000 | -1,004,000 | -2,930,000 |
Principal payments received on notes receivable | 113,000 | 3,110,000 | 569,000 |
Net cash used in investing activities | -29,034,000 | -164,887,000 | -158,645,000 |
FINANCING ACTIVITIES: | |||
Bank borrowings | 37,500,000 | 93,000,000 | 153,500,000 |
Repayment of bank borrowings | -58,500,000 | -187,500,000 | -94,000,000 |
Proceeds from issuance of senior unsecured notes | 30,000,000 | 70,000,000 | 85,800,000 |
Principal payments on senior unsecured notes | -4,167,000 | ||
Principal payments on mortgage loan payable and bonds payable | -2,035,000 | -600,000 | -565,000 |
Payment of earn-out liabilities | -7,000,000 | ||
Proceeds from common stock offerings | 24,644,000 | 176,260,000 | |
Stock option exercises | 1,071,000 | 523,000 | 1,926,000 |
Distributions paid to stockholders | -74,431,000 | -66,904,000 | -57,785,000 |
Redemption of non-controlling interests | -2,764,000 | ||
Distributions paid to non-controlling interests | -7,000 | -78,000 | |
Financing costs paid | -2,132,000 | -171,000 | -1,426,000 |
Other | -219,000 | -252,000 | |
Net cash (used in) provided by financing activities | -48,269,000 | 77,349,000 | 84,608,000 |
Increase (decrease) in cash and cash equivalents | 18,459,000 | -413,000 | 2,783,000 |
Cash and cash equivalents, beginning of period | 6,778,000 | 7,191,000 | 4,408,000 |
Cash and cash equivalents, end of period | 25,237,000 | 6,778,000 | 7,191,000 |
SUPPLEMENTAL CASH FLOW INFORMATION: | |||
Interest paid | $13,694,000 | $11,398,000 | $7,452,000 |
The_Company
The Company | 12 Months Ended |
Dec. 31, 2014 | |
The Company | |
The Company | 1. The Company |
LTC Properties, Inc. (or LTC), a Maryland corporation, commenced operations on August 25, 1992. LTC is a real estate investment trust (or REIT) that invests primarily in senior housing and long term care properties through property lease transactions, mortgage loans and other investments. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Summary of Significant Accounting Policies | ||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | |||
Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly‑owned subsidiaries and our controlled partnership, prior to its liquidation in 2013. All intercompany investments, accounts and transactions have been eliminated. Control over the partnership was based on the provisions of the partnership agreement that provided us with a controlling financial interest in the partnership. Under the terms of the partnership agreement, we, as the general partner, were responsible for the management of the partnership’s assets, business and affairs. Our rights and duties in management of the partnership included making all operating decisions, setting the capital budget, executing all contracts, making all employment decisions, and handling the purchase and disposition of assets, among others. We, as the general partner, were responsible for the ongoing, major, and central operations of the partnership and made all management decisions. In addition, we, as the general partner, assumed the risk for all operating losses, capital losses, and were entitled to substantially all capital gains (appreciation). | ||||
The Financial Accounting Standard Board (or FASB) created a framework for evaluating whether a general partner or a group of general partners controls a limited partnership or a managing member or a group of managing members controls a limited liability company and therefore should consolidate the entity. The guidance states that the presumption of general partner or managing member control would be overcome only when the limited partners or non‑managing members have certain specific rights as described in the guidance. The limited partners had virtually no rights and were precluded from taking part in the operation, management or control of the partnership. The limited partners were also precluded from transferring their partnership interests without the expressed permission of the general partner. However, we could transfer our interest without consultation or permission of the limited partners. We consolidated the partnership in accordance with the guidance. | ||||
The FASB requires the classification of non‑controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non‑ controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Also, this guidance addresses accounting and reporting for a change in control of a subsidiary. | ||||
The FASB addresses when a company should include in its financial statements the assets, liabilities and activities of another entity. The guidance requires that we consolidate a “variable interest entity” if we are determined to be the primary beneficiary of the equity. The guidance also requires disclosure about “variable interest entities” that we are not required to consolidate but in which we have a significant variable interest. We believe that as of December 31, 2014, we do not have investments in any entities that meet the definition of a “variable interest entity.” | ||||
Use of Estimates. Preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (or GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | ||||
Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. | ||||
Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in‑place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in‑place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease‑up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in‑place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. | ||||
We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. | ||||
Depreciation is computed principally by the straight‑line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 45 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles. | ||||
Mortgage Loans Receivable. Mortgage loans receivable we originate are recorded on an amortized cost basis. Mortgage loans we acquire are recorded at fair value at the time of purchase net of any related premium or discount which is amortized as a yield adjustment to interest income over the life of the loan. | ||||
Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the expected collectability of our receivables and is maintained at a level believed adequate to absorb potential losses in our receivables. In determining the allowance we perform a quarterly evaluation of all receivables. If this evaluation indicates that there is a greater risk of receivable charge‑offs, additional allowances are recorded in current period earnings. During the fourth quarter of 2013, we wrote‑off an $878,000 straight‑line rent receivable balance related to the transition of four assisted living properties to a new lessee. | ||||
Impairments. Assets that are classified as held for use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Management assesses the impairment of properties individually and impairment losses are calculated as the excess of the carrying amount over the estimated fair value of assets as of the measurement date. In determining fair value, we use current appraisals or other third party opinions of value and other estimates of fair value such as estimated discounted future cash flows. | ||||
Also, we evaluate the carrying values of mortgage loans receivable on an individual basis. Management periodically evaluates the realizability of future cash flows from the mortgage loan receivable when events or circumstances, such as the non‑receipt of principal and interest payments and/or significant deterioration of the financial condition of the borrower, indicate that the carrying amount of the mortgage loan receivable may not be recoverable. An impairment charge is recognized in current period earnings and is calculated as the difference between the carrying amount of the mortgage loan receivable and the discounted cash flows expected to be received, or if foreclosure is probable, the fair value of the collateral securing the mortgage. | ||||
Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. | ||||
The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market‑ based measurement, not an entity‑specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). | ||||
The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. | ||||
In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. | ||||
The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements for the disclosure about fair value of our financial instruments. | ||||
Investments. Investments in marketable debt and equity securities are categorized as trading, available‑for‑sale or held‑to‑maturity. Available‑for‑sale securities are stated at fair value, with the unrealized gains and losses, reported in other comprehensive income until realized. Realized gains and losses and declines in value judged to be other‑than‑temporary on available‑for‑sale securities are included in net income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available‑for‑sale are included in interest and other income. Our investment in marketable debt securities is classified as held‑to‑ maturity because we have the positive intent and ability to hold the securities to maturity. Held‑to‑maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. | ||||
ASC No. 320, Investments—Debt and Equity Securities, requires an entity to assess whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between fair value and amortized cost is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) other‑than‑temporary impairment (or OTTI) related to other factors such as an entity’s ability to make scheduled interest or principal payments on the debt securities, which is recognized in other comprehensive income and 2) OTTI related to credit loss, which must be recognized in the income statement. The credit loss is determined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | ||||
Revenue Recognition. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non‑performing after 60 days of non‑ payment of amounts due and do not recognize unpaid mortgage interest income from that loan until the past due amounts have been received. | ||||
Rental income from operating leases is generally recognized on a straight‑line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: | ||||
(i) | a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0%; | |||
(ii) | a calculation based on the Consumer Price Index; | |||
(iii) | as a percentage of facility revenues in excess of base amounts or | |||
(iv) | specific dollar increases. | |||
The FASB does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically, and expect in the future, to not include contingent rents as income until received. We follow a policy related to rental income whereby we consider a lease to be non‑ performing after 60 days of non‑payment of past due amounts and do not recognize unpaid rental income from that lease until the amounts have been received. | ||||
Rental revenues relating to non‑contingent leases that contain specified rental increases over the life of the lease are recognized on the straight‑line basis. Recognizing income on a straight‑line basis requires us to calculate the total non‑contingent rent containing specified rental increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight‑line rent receivable asset included in our consolidated balance sheet. At some point during the lease, depending on its terms, the cash rent payments eventually exceed the straight‑line rent which results in the straight‑line rent receivable asset decreasing to zero over the remainder of the lease term. We assess the collectability of straight‑line rent in accordance with the applicable accounting standards and our reserve policy. If the lessee becomes delinquent in rent owed under the terms of the lease, we may provide a reserve against the recognized straight‑line rent receivable asset for a portion, up to its full value, that we estimate may not be recoverable. | ||||
Payments made to or on behalf of our lessees represent incentives that are deferred and amortized as a yield adjustment over the term of the lease on a straight-line basis. Net loan fee income and commitment fee income are amortized over the life of the related loan. | ||||
In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (or ASU 2014-09), Revenue from Contracts with Customers: Topic 606. ASU 2014-09 provides for a single comprehensive principles based standard for the recognition of revenue across all industries through the application of the following five-step process: | ||||
Step 1: Identify the contract(s) with a customer. | ||||
Step 2: Identify the performance obligations in the contract. | ||||
Step 3: Determine the transaction price. | ||||
Step 4: Allocate the transaction price to the performance obligations in the contract. | ||||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | ||||
ASU 2014-09 requires expanded disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. We are evaluating the effects of this adoption on our consolidated financial statements. | ||||
Federal Income Taxes. LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. | ||||
For Federal tax purposes, depreciation is generally calculated using the straight‑line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight‑line method over 40 years. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2014, the tax basis of our net depreciable assets exceeds our book basis by approximately $14,363,000 (unaudited), primarily due to an investment recorded as an acquisition for tax and a mortgage loan for GAAP. | ||||
The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two‑step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more‑likely than not basis. | ||||
We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our consolidated financial statements as General and administrative expenses. | ||||
Concentrations of Credit Risks. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators for further discussion of concentrations of credit risk from our tenants. | ||||
Discontinued Operations. Properties classified as held‑for‑sale on the consolidated balance sheet include only those properties available for immediate sale in their present condition and for which management believes that it is probable that a sale of the property will be completed within one year. Accordingly, we record reclassification adjustments to reflect properties sold subsequent to the respective consolidated balance sheet date as held‑for‑ sale in the prior period consolidated balance sheet. Properties held‑for‑ sale are carried at the lower of cost or fair value less estimated selling costs. No depreciation expense is recognized on properties held‑for‑sale once they have been classified as such. The operating results of real estate assets designated as held‑for‑sale are included in discontinued operations in the consolidated statement of income. In addition, all gains and losses from real estate sold are also included in discontinued operations. | ||||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (or ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations. Under ASU 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. ASU 2014-08 is effective in the first quarter of 2015 with early adoption permitted. We elected early adoption of ASU 2014-08 and have not reclassified results of operations for properties disposed subsequent to January 1, 2014 as discontinued operations as these disposals do not represent strategic shifts in our operations. | ||||
Net Income Per Share. Basic earnings per share is calculated using the weighted‑average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. | ||||
In accordance with the accounting guidance regarding the determination of whether instruments granted in share‑based payments transactions are participating securities, we have applied the two‑class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share‑based payment awards that contain rights to non‑forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. | ||||
Stock‑Based Compensation. The FASB requires all share‑based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black‑Scholes‑Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on our statement of cash flows. | ||||
Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in senior housing and long term care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision‑making purposes. Therefore, we have concluded that we operate as a single segment. | ||||
Major_Operators
Major Operators | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Major Operators | ||||
Major Operators | 3. Major Operators | |||
We have three operators from each of which we derive over 10% of our combined rental revenue and interest income from mortgage loans. | ||||
In July 2014, Brookdale Senior Living, Inc. (or Brookdale), parent company of Brookdale Senior Living Communities, Inc. (or Brookdale Communities), merged with Emeritus Corporation. Brookdale Communities leases 37 assisted living properties with a total of 1,704 units owned by us representing approximately 8.3%, or $79,745,000, of our total assets at December 31, 2014 and 12.2% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2014. | ||||
Prestige Healthcare (or Prestige) is a privately held company and operates 15 skilled nursing properties and two range of care properties that we own or on which we hold a mortgage secured by first trust deeds. These properties consist of a total of 2,176 skilled nursing beds and 93 assisted living units. Additionally, Prestige manages five parcels of land that we own. These assets represent 14.3% or $138,566,000 of our total assets at December 31, 2014 and generated 11.1% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2014. In January 2015, we originated an $11,000,000 mortgage loan with Prestige and concurrently funded $9,500,000 under this loan. The mortgage and construction loan is secured by a 157-bed skilled nursing property in Michigan. Assuming we held the mortgage and construction loan for the full year of 2014, the assets operated by Prestige would represent 15.2% or $147,971,000 of our total assets and would have generated 11.8% of our combined rental revenue and interest income from mortgage loans. See Note 6. Real Estate Investments for further discussion on the terms of the mortgage and construction loan. | ||||
Senior Care Centers, LLC (or Senior Care) is a privately held company. Senior Care leases nine skilled nursing properties with a total of 1,190 beds owned by us representing approximately 10.5%, or $101,889,000, of our total assets at December 31, 2014 and 10.4% of our combined rental revenue and interest income from mortgage loans recognized for the year ended December 31, 2014. | ||||
Our master lease with affiliates of Extendicare, Inc. (or Extendicare) and Enlivant (formerly known as Assisted Living Concepts, Inc. (or ALC)) covering 37 assisted living properties with a total of 1,429 units expired on December 31, 2014. In 2013, ALC merged with Aid Holdings, LLC, a Delaware limited liability company (or Aid Holdings), and Aid Merger Sub, LLC, a Delaware limited liability company and a wholly owned subsidiary of Aid Holdings (or Aid Merger Sub). Aid Holdings and Aid Merger Sub are affiliates of TPG Capital, L.P. For the year ended December 31, 2014, this portfolio generated approximately $10,963,000 or 9.3% of our combined rental revenue and interest income from mortgage loans. During the quarter ended December 31, 2014, we entered into three agreements relating to the 37 assisted living properties as follows: | ||||
· | We sold 16 properties, consisting of 615 units located in Washington, Oregon, Idaho and Arizona to an affiliate of Enlivant for a sales price of $26,465,000. Accordingly, we recognized a gain on sale of $3,819,000. We also gave Enlivant consent to close a property located in Oregon. We are currently exploring sale and lease options for this property which has a net book value of $935,000. | |||
· | We added 13 properties with 500 units in Indiana, Iowa, Ohio, Nebraska and New Jersey to an existing master lease with an affiliate of Senior Lifestyle Management (or Senior Lifestyle). Beginning January 1, 2015, the initial term of the amended and restated master lease will be 15 years and rent will increase by $5,100,000 over the current annual rent, increasing by 2.6% annually thereafter. | |||
· | We re-leased seven properties with 278 units in Texas to Veritas InCare (or Veritas) under a new 10-year master lease. Beginning January 1, 2015, the initial rent will be $1,461,000 increasing 2.5% annually. | |||
Extendicare and Enlivant paid rent in accordance with the terms of the current master leases through December 31, 2014. The initial cash yield on the 20 properties re-leased to Senior Lifestyle and Veritas is comparable to the cash yield in 2014 under the expiring master leases with Extendicare and Enlivant. Additionally, the new and amended master leases will provide us with the potential for additional rent attributable to participation in revenue growth at the properties over a predetermined base amount. | ||||
Our financial position and ability to make distributions may be adversely affected by financial difficulties experienced by Brookdale Communities, Prestige, Senior Care, or any of our lessees and borrowers, including any bankruptcies, inability to emerge from bankruptcy, insolvency or general downturn in business of any such operator, or in the event any such operator does not renew and/or extend its relationship with us or our borrowers when it expires. | ||||
Supplemental_Cash_Flow_Informa
Supplemental Cash Flow Information | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Supplemental Cash Flow Information | |||||||||||
Supplemental Cash Flow Information | 4. Supplemental Cash Flow Information | ||||||||||
For the year ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Non-cash investing and financing transactions: | |||||||||||
Earn-out liabilities related to lease incentives (See Note 11) | $ | 3,240 | $ | — | $ | — | |||||
Reclassification of pre-development loans (See Note 6) | 304 | 479 | — | ||||||||
Redemption of non-controlling interest | — | — | 396 | ||||||||
Restricted stock issued, net of cancellations | 1 | — | 1 | ||||||||
Impairment
Impairment | 12 Months Ended |
Dec. 31, 2014 | |
Impairment | |
Impairment | 5. Impairment |
No impairment charges on real estate we own or on our mortgage loans receivable were recorded during 2014, 2013 or 2012. However in past years, the long term care industry experienced significant adverse changes which resulted in operating losses by certain of our lessees and borrowers and in some instances the filing by certain lessees and borrowers for bankruptcy protection. Thus, we cannot predict what, if any, impairment charges may be needed in the future. | |
Real_Estate_Investments
Real Estate Investments | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Real Estate Investments | |||||||||||||||||||
Real Estate Investments | 6. Real Estate Investments | ||||||||||||||||||
Any reference to the number of properties, number of schools, number of units, number of beds, and yield on investments in real estate are unaudited and outside the scope of our independent registered public accounting firm’s audit of our consolidated financial statements in accordance with the standards of the Public Company Accounting Oversight Board. | |||||||||||||||||||
Owned Properties. The following table summarizes our investment in owned properties at December 31, 2014 (dollar amounts in thousands): | |||||||||||||||||||
Average | |||||||||||||||||||
Percentage | Number | Number of | Investment | ||||||||||||||||
Gross | of | of | SNF | ALF | per | ||||||||||||||
Type of Property | Investments | Investments | Properties(1) | Beds | Units | Bed/Unit | |||||||||||||
Skilled Nursing | $ | 482,036 | 50.8 | % | 68 | 8,407 | — | $ | 57.34 | ||||||||||
Assisted Living | 401,517 | 42.3 | % | 84 | — | 4,176 | $ | 96.15 | |||||||||||
Range of Care | 43,907 | 4.6 | % | 7 | 634 | 274 | $ | 48.36 | |||||||||||
Under Development(2) | 11,495 | 1.2 | % | — | — | — | — | ||||||||||||
Other(3) | 10,883 | 1.1 | % | 1 | — | — | — | ||||||||||||
Totals | $ | 949,838 | 100.0 | % | 160 | 9,041 | 4,450 | ||||||||||||
-1 | We have investments in 26 states leased to 30 different operators. | ||||||||||||||||||
-2 | Includes two MC developments with a total of 126 units. | ||||||||||||||||||
-3 | Includes a school and five parcels of land held-for-use. | ||||||||||||||||||
Owned properties are leased pursuant to non‑cancelable operating leases generally with an initial term of 10 to 15 years. Each lease is a triple net lease which requires the lessee to pay all taxes, insurance, maintenance and repairs, capital and non‑capital expenditures and other costs necessary in the operations of the facilities. Many of the leases contain renewal options. The leases provide for fixed minimum base rent during the initial and renewal periods. The majority of our leases contain provisions for specified annual increases over the rents of the prior year that are generally computed in one of four ways depending on specific provisions of each lease: | |||||||||||||||||||
(i) | a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0%; | ||||||||||||||||||
(ii) | a calculation based on the Consumer Price Index; | ||||||||||||||||||
(iii) | as a percentage of facility revenues in excess of base amounts or | ||||||||||||||||||
(iv) | specific dollar increases. | ||||||||||||||||||
We received no contingent rent income for the years ended December 31, 2014 and 2013. Contingent rent income for the year ended December 31, 2012 was not significant in relation to contractual base rent income. | |||||||||||||||||||
During the year ended December 31, 2014, we acquired a 48-unit assisted living property located in Colorado for $9,800,000 and recorded $130,000 in transaction costs. The property was added to an existing master lease at an incremental initial cash yield of 6.5% and we provided the lessee with contingent earn-out payments as a lease inducement. The contingent earn-out agreement requires us to pay two earn-out payments totaling up to $4,000,000 upon the property achieving a sustainable stipulated rent coverage ratio. We estimated the fair value of the contingent earn-out payments using a discounted cash flow analysis and recorded the estimated fair value of $3,240,000 as a lease inducement which is amortized as a yield adjustment over the life of the lease and a contingent earn-out liability which is accreted to the settlement amount as of the estimated payment date. See Note 11. Commitments and Contingencies for further discussion on the accounting treatment of the contingent earn-out liability. | |||||||||||||||||||
During 2014, we purchased a parcel of land held-for-use in Michigan for $450,000. Additionally, we purchased a vacant parcel of land in Illinois for $1,400,000 under a development pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator. The land under the development pipeline agreement was added to an existing master lease and we entered into development commitments in an amount not to exceed $12,248,000, including the land purchase, to fund the construction of a 66-unit memory care property. See below for our total development, redevelopment, renovation and expansion project commitments. | |||||||||||||||||||
In February 2015, we funded $7,195,000 under a $12,179,000 development commitment to purchase the land and existing improvements and then complete the related development of a 56-unit memory care property currently under construction in Texas. In conjunction with this commitment, we entered into a master lease agreement for an initial term of 15 years with three 5-year renewal options at an initial cash yield of 8.75% escalating annually thereafter by the lessor of (i) a calculation based on the Consumer Price Index or (ii) 2.25%. The master lease provides for our payment of a lease inducement of up to $1,589,000, which will be amortized as a yield adjustment over the lease term, with up to 25% of the fee to be disbursed shortly after closing and the balance following the issuance of a certificate of occupancy and receipt of any other regulatory approval required for the operation of the 56-unit memory care property. The master lease also gives us a right to provide similar financing for certain future development opportunities. | |||||||||||||||||||
Additionally, in February 2015, we elected to exercise our right to provide financing for one such opportunity, adding to the master lease a parcel of land purchased in South Carolina for $2,490,000 coupled with our commitment to provide the operator with up to $16,535,000, including the land purchase for the development of an 89-unit combination assisted living and memory care property. In conjunction with this new development commitment, the master lease provided for an additional $2,363,000 lease inducement payment, which will be amortized as a yield adjustment over the lease term, with up to 25% of the fee to be disbursed shortly after closing and the balance following the issuance of a certificate of occupancy and receipt of any other regulatory approval required for the operation of the 89-unit combination assisted living and memory care property. | |||||||||||||||||||
During the twelve months ended December 31, 2014, we sold 16 assisted living properties with a total of 615 units to an affiliate of Enlivant. The sales price for the 16 properties was $26,465,000, resulting in net sales proceeds of $25,702,000. As a result, we recorded a gain of $3,819,000. As part of this agreement, we consented to the closure of an assisted living property with a net book value of $935,000 and we are exploring sale and lease options for this property. See Note 3. Major Operators for further discussions of the transactions relating to the properties formerly co-leased to affiliates of Extendicare, Inc. and Enlivant. During 2014, we also sold two assisted living properties located in Florida and Georgia with a total of 133 units, a school located in Minnesota, and a closed skilled nursing property for a combined sales price of $8,100,000, resulting in net sales proceeds of $7,891,000, and net gain on sale of $1,140,000. | |||||||||||||||||||
During the twelve months ended December 31, 2014, we completed the following development and improvement projects (dollar amounts in thousands): | |||||||||||||||||||
Number | Number | ||||||||||||||||||
of | Type of | of | |||||||||||||||||
Type of Project | Properties | Property | Beds/Units | State | 2014 Funding | Total Funding | |||||||||||||
Development | 1 | ALF | 60 | Colorado | $ | 6,351 | $ | 9,689 | -1 | ||||||||||
Development | 1 | ALF | 80 | Texas | 2,300 | 5,691 | -2 | ||||||||||||
Development | 1 | SNF | 143 | Kentucky | 10,579 | 20,904 | -3 | ||||||||||||
Development | 1 | ALF | 48 | Colorado | 7,257 | 8,744 | -4 | ||||||||||||
Expansion/Renovation | 1 | ALF | 72 | Colorado | 6,371 | 6,376 | |||||||||||||
Expansion/Renovation | 2 | ALF | 123 | Colorado | 5,091 | 5,095 | |||||||||||||
Improvements | 1 | SNF | 120 | Florida | 500 | 500 | |||||||||||||
Improvements | 2 | SNF | 235 | New Mexico | 319 | 1,746 | |||||||||||||
10 | 881 | $ | 38,768 | -5 | $ | 58,745 | -5 | ||||||||||||
-1 | Completed a memory care property in August 2014. The total funded amount includes acquired land of $1,200. | ||||||||||||||||||
-2 | Completed a memory care property in October 2014. The total funded amount includes acquired land of $1,000. | ||||||||||||||||||
-3 | Completed in October 2014 and total funded amount includes acquired land of $2,050. | ||||||||||||||||||
-4 | Completed a memory care property in December 2014. The total funded amount includes acquired land of $850. | ||||||||||||||||||
-5 | In 2014, we funded $500 to purchase Texas Medicaid bed rights for a 122-bed skilled nursing property under an existing lease. Additionally, during 2014, we funded the final commitment balance of $551 on a newly developed 77-unit assisted living property in Kansas which opened in 2013. In January 2015, we funded an additional $4,711 under these completed projects. | ||||||||||||||||||
The following table summarizes our investment commitments as of December 31, 2014 and amounts funded on our open development and improvement projects (excludes capitalized interest, dollar amounts in thousands): | |||||||||||||||||||
Number | Number | ||||||||||||||||||
Investment | 2014 | Commitment | Remaining | of | of | ||||||||||||||
Type of Property | Commitment | Funding(2) | Funded | Commitment | Properties | Beds/Units | |||||||||||||
Skilled Nursing | $ | 2,200 | $ | 1,156 | $ | 2,161 | $ | 39 | 2 | 141 | |||||||||
Assisted Living(1) | 27,751 | 8,831 | 11,268 | 16,483 | 26 | 1,194 | |||||||||||||
Totals | $ | 29,951 | $ | 9,987 | -3 | $ | 13,429 | $ | 16,522 | (3) | 28 | 1,335 | |||||||
-1 | Includes the development of a 66-unit memory care property for a commitment of $12,248, as previously discussed, a 60-unit memory care property for a total commitment of $10,703 and the improvement of 24 assisted living properties for a total investment commitment of $4,800. | ||||||||||||||||||
-2 | Excludes funding for completed development and improvement projects discussed above and includes $1,400 of land acquired for the development of a 66-unit memory care property, as previously discussed, and the reclass of a pre‑development loan with a balance of $304. See Note 7. Notes Receivable for further discussion of the pre‑development loans. | ||||||||||||||||||
-3 | In January 2015, we funded $731 under investment commitments. Accordingly, we have a remaining commitment of $15,791. Additionally, in January 2015, we amended an existing master lease with an operator to provide a commitment not to exceed $600 for the purpose of making capital improvements at a 196-skilled nursing property in Texas. Upon the capital improvement deadline of June 30, 2015 or final funding of the capital improvement commitment, the minimum rent will increase by the product of 9% and the total capital improvement funded. | ||||||||||||||||||
Our construction in progress (or CIP) activity during the year ended December 31, 2014 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands): | |||||||||||||||||||
CIP | CIP | ||||||||||||||||||
Balance at | Capitalized | Conversions | Balance at | ||||||||||||||||
Properties | Projects | 12/31/13 | Funded(1) | Interest | out of CIP | 12/31/14 | |||||||||||||
Development projects: | |||||||||||||||||||
Assisted living | 6 | $ | 6,334 | $ | 23,149 | $ | 769 | $ | -21,581 | $ | 8,671 | ||||||||
Skilled nursing | 1 | 5,893 | 10,579 | 505 | -16,977 | — | |||||||||||||
Subtotal | 7 | 12,227 | 33,728 | 1,274 | -38,558 | 8,671 | |||||||||||||
Redevelopment, renovation and expansion projects: | |||||||||||||||||||
Assisted living | 3 | 8 | 11,463 | 232 | -11,703 | — | |||||||||||||
Skilled nursing | 5 | 2,433 | 1,661 | — | -4,094 | — | |||||||||||||
Subtotal | 8 | 2,441 | 13,124 | 232 | -15,797 | — | |||||||||||||
Total | 15 | $ | 14,668 | $ | 46,852 | $ | 1,506 | $ | -54,355 | $ | 8,671 | ||||||||
-1 | Excludes $1,554 of capital improvement commitment funding which was capitalized directly into building and improvements and includes the reclass of a pre‑development loan with a total balance of $304 See Note 7. Notes Receivable for further discussion of pre‑development loans. | ||||||||||||||||||
During the twelve months ended December 31, 2013 we acquired a 130-bed skilled nursing property located in Florida for $14,402,000 and recorded $58,000 in transaction costs. In addition, we purchased four parcels of land held-for-use in Michigan for $1,163,000 and three vacant parcels of land in Colorado for a total of $3,475,000 and we entered into development commitments in an amount not to exceed $30,256,000 to fund the construction of three memory care properties. | |||||||||||||||||||
During the year ended December 31, 2013, one of our lessees exercised its option to purchase six skilled nursing properties with a total of 230 beds located in Ohio for an all cash purchase price of $11,000,000. As a result, we recorded a $2,619,000 gain on sale. Also, during 2013, we sold a 47‑bed skilled nursing property in Colorado for $1,000 and recognized a loss of $1,014,000 on the sale. | |||||||||||||||||||
During the twelve months ended December 31, 2013, we completed the following construction projects (dollar amounts in thousands): | |||||||||||||||||||
Number | |||||||||||||||||||
Completed | of | ||||||||||||||||||
Date | Type of Property | Beds/Units | State | 2013 Funding | Total Funding | ||||||||||||||
Jul-13 | Assisted Living(1) | 60 | Colorado | $ | 4,316 | $ | 9,850 | ||||||||||||
Jul-13 | Skilled Nursing(2) | 120 | Texas | 5,065 | 8,635 | ||||||||||||||
Oct-13 | Assisted Living | 77 | Kansas | 8,081 | 9,675 | -3 | |||||||||||||
Totals | 257 | $ | 17,462 | $ | 28,160 | ||||||||||||||
-1 | Represents a memory care property. The funded amount includes acquired land of $1,882. | ||||||||||||||||||
-2 | This new property replaces a skilled nursing property in our existing portfolio. The old skilled nursing property was closed upon completion of the replacement property and subsequently sold in 2014, as previously discussed. | ||||||||||||||||||
-3 | The funded amount includes acquired land of $730. In 2014, we funded an additional $551 and completed this commitment. | ||||||||||||||||||
The following table summarizes our acquisitions during 2012 (dollar amounts in thousands): | |||||||||||||||||||
Total | Number | Number | |||||||||||||||||
Purchase | Transaction | Acquisition | of | of | |||||||||||||||
Type of Property | Price | Costs | Costs | Properties | Beds/Units | ||||||||||||||
Skilled Nursing(1) | $ | 79,100 | $ | 275 | $ | 79,375 | 4 | 522 | |||||||||||
Assisted Living(2) | 81,987 | 285 | 82,272 | 5 | 266 | ||||||||||||||
Land(3) | 5,663 | 207 | 5,870 | — | — | ||||||||||||||
Totals | $ | 166,750 | $ | 767 | $ | 167,517 | 9 | 788 | |||||||||||
-1 | Includes two skilled nursing properties with a total of 234 beds located in Texas and two skilled nursing properties with a total of 288 beds located in Ohio. | ||||||||||||||||||
-2 | Includes two properties with a total of 100 units located in Colorado and three properties with a total of 166 units located in New Jersey. | ||||||||||||||||||
-3 | We purchased four vacant parcels of land in the following states: Colorado, Kansas Kentucky and Texas. Simultaneous with the purchase, we entered into lease agreements and development commitments in an amount not to exceed $49,702 to fund the construction of a memory care property with 60 units and two assisted living properties with a total of 158 units and one skilled nursing property with 143 beds. These construction projects were subsequently completed in 2014 and 2013. | ||||||||||||||||||
During the year ended December 31, 2012, we sold a 140‑bed skilled nursing property located in Texas for $1,248,000 and recognized a gain, net of selling expenses, of $16,000. This property was leased under a master lease and the economic terms of this master lease did not change as a result of this sale. During 2013 and 2012, we funded $13,135,000 and $11,089,000, respectively, on open development and improvement projects. See table above for funding on completed development and improvement projects. | |||||||||||||||||||
Depreciation expense on buildings and improvements, including properties classified as held‑for‑sale, was $25,424,000, $24,568,000, and $22,002,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||
Future minimum base rents receivable under the remaining non‑cancelable terms of operating leases including the re-leasing of the 20 assisted living properties formerly co-leased to affiliates of Extendicare and Enlivant, as previously discussed in Note 3. Major Operators, and excluding the effects of straight‑line rent and renewal options are as follows (in thousands): | |||||||||||||||||||
Annual Cash | |||||||||||||||||||
Rent | |||||||||||||||||||
2015 | $ | 98,150 | |||||||||||||||||
2016 | 102,113 | ||||||||||||||||||
2017 | 101,009 | ||||||||||||||||||
2018 | 97,955 | ||||||||||||||||||
2019 | 92,658 | ||||||||||||||||||
Thereafter | 445,768 | ||||||||||||||||||
Set forth in the table below are the components of the income from discontinued operations (in thousands): | |||||||||||||||||||
For the year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Rental income | $ | — | $ | 1,123 | $ | 1,551 | |||||||||||||
Total revenues | — | 1,123 | 1,551 | ||||||||||||||||
Depreciation and amortization | — | -317 | -540 | ||||||||||||||||
General and administrative expenses | — | -1 | -6 | ||||||||||||||||
Total expenses | — | -318 | -546 | ||||||||||||||||
Income from discontinued operations | $ | — | $ | 805 | $ | 1,005 | |||||||||||||
Mortgage Loans. The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2014 (dollar amounts in thousands): | |||||||||||||||||||
Percentage | Number | Number | Number of | Investment | |||||||||||||||
Gross | of | of | of | SNF | ALF | per | |||||||||||||
Type of Property | Investments | Investments | Loans | Properties(1) | Beds | Units | Bed/Unit | ||||||||||||
Skilled Nursing(2) | $ | 151,016 | 90.3 | % | 15 | 29 | 3,650 | — | $ | 41.37 | |||||||||
Assisted Living | 14,003 | 8.3 | % | 3 | 8 | — | 270 | $ | 51.86 | ||||||||||
Range of Care | 2,310 | 1.4 | % | 1 | 1 | 99 | 74 | $ | 13.35 | ||||||||||
Totals | $ | 167,329 | 100.0 | % | 19 | 38 | 3,749 | 344 | |||||||||||
-1 | We have investments in 9 states that include mortgages to 12 different operators. | ||||||||||||||||||
-2 | In January 2015, we received $2,285 plus accrued interest for the payoff of a mortgage loan secured by one range of care property. | ||||||||||||||||||
At December 31, 2014, the mortgage loans had interest rates ranging from 7.0% to 13.7% and maturities ranging from 2015 to 2043. In addition, some loans contain certain guarantees, provide for certain facility fees and generally have 20‑year to 30‑year amortization schedules. The majority of the mortgage loans provide for annual increases in the interest rate based upon a specified increase of 10 to 25 basis points. | |||||||||||||||||||
During 2014, we originated a $3,027,000 mortgage loan secured by a 100-unit independent living property in Arizona. The loan is for a term of five years and bears interest at 7.0%, escalating 0.25% annually. During the twelve months ended December 31, 2014, 2013 and 2012, we funded $3,010,000, $4,971,000, and $2,619,000 respectively, under a $10,600,000 mortgage and construction loan. Subsequent to these investments, the mortgage and construction loan was fully funded. This mortgage and construction loan was secured by a skilled nursing property and a newly constructed 106-bed replacement skilled nursing property. Upon completion of the 106-bed replacement skilled nursing property, the residents of the old skilled nursing property were relocated to the new skilled nursing property and the old skilled nursing property was closed. During 2014, the old skilled nursing property was sold by the borrower and released as collateral. In February 2015, we purchased and equipped the replacement property for a total of $13,946,000 by exercising our right under the agreement. The property was added to an existing master lease at a lease rate equivalent to the interest rate in effect on the loan at the time the purchase option was exercised. Additionally, we paid the lessee a $1,054,000 lease inducement which will be amortized as a yield adjustment over the life of the lease term. | |||||||||||||||||||
During 2013, we funded the initial amount of $124,387,000 under a mortgage loan with a third‑party operator, Prestige, secured by 15 skilled nursing properties with a total of 2,058 beds in Michigan. The loan agreement provides for additional commitments of $12,000,000 for capital improvements and, under certain conditions and based on certain operating metrics and valuation thresholds achieved and sustained within the initial twelve years of the term, up to $40,000,000 of additional proceeds, for a total loan commitment of up to $176,387,000. During 2014, we funded $3,337,000 under the $12,000,000 capital improvement commitment with $8,663,000 remaining as of December 31, 2014. In January 2015, we funded an additional $770,000 under the $12,000,000 capital improvement commitment, with a corresponding reduction in the remaining commitment balance to $7,893,000. | |||||||||||||||||||
In addition, this mortgage loan provided the borrower a one‑time option to prepay up to 50% of the then outstanding loan balance without penalty. In January 2015, we amended this mortgage loan to provide up to an additional $20,000,000 in loan proceeds for the redevelopment of two properties securing the loan (increasing the total capital improvement commitment to $32,000,000 and the total loan commitment to $196,387,000) and agreed to convey, to Prestige, two parcels of land held-for-use adjacent to these properties to facilitate the projects. As partial consideration for the increased commitment and associated conveyance, the borrower forfeited their prepayment option. As a result of the forfeiture of the prepayment option, we expect to record $1,296,000 of effective interest during 2015. | |||||||||||||||||||
Additionally, in January 2015, we originated an $11,000,000 mortgage loan with Prestige concurrently funding $9,500,000 with a commitment to fund the balance for approved capital improvement projects. The loan is secured by a 157-bed skilled nursing property in Michigan and bears interest at 9.41% for five years, escalating annually thereafter by 2.25%. The term is 30 years with interest-only payments. After the thirteenth month of the commencement date, the interest rate on newly advanced amounts on the mortgage and construction loan will equal the greater of (i) 7.25% plus the positive difference, if any, between the average yield on the U.S. Treasury 10-year note for the twenty days prior to funding or (ii) 9.0% with annual escalations of 2.25%. Additionally, we have the option to purchase the property under certain circumstances, including a change in regulatory environment. | |||||||||||||||||||
During 2012, we originated a $5,100,000 two‑year interest‑only bridge loan. The loan is secured by a 70‑unit assisted living property in Pennsylvania and bears interest at 7.0% increasing annually by 1.5%. During 2014, we extended this loan for an additional two years. | |||||||||||||||||||
At December 31, 2014 and 2013 the carrying values of the mortgage loans were $165,656,000 and $165,444,000, respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands): | |||||||||||||||||||
Scheduled | |||||||||||||||||||
Principal | |||||||||||||||||||
2015 | $ | 4,642 | |||||||||||||||||
2016 | 7,527 | ||||||||||||||||||
2017 | 7,308 | ||||||||||||||||||
2018 | 8,425 | ||||||||||||||||||
2019 | 5,137 | ||||||||||||||||||
Thereafter | 134,290 | ||||||||||||||||||
Total | $ | 167,329 | |||||||||||||||||
During the twelve months ended December 31, 2014, 2013 and 2012, we received $2,159,000, $1,933,000, and $2,572,000, respectively in regularly scheduled principal payments. During 2014, we received $6,996,000 plus accrued interest related to the early payoff of two mortgage loans secured by three skilled nursing properties and one assisted living property. In January 2015, we received $2,285,000 plus accrued interest for the payoff of a mortgage loan secured by one range of care property. During 2012, we received $19,061,000 plus accrued interest related to the early payoff of eleven mortgage loans secured by four skilled nursing properties and seven assisted living properties. | |||||||||||||||||||
Notes_Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2014 | |
Notes Receivable | |
Notes Receivable | 7. Notes Receivable |
Note receivable consists of various loans, and line of credit agreements with certain operators. During 2014, we committed to fund a $500,000 working capital loan to an existing operator with interest at 6.5% maturing in December 2019 and to fund four pre‑development loans of $325,000 each to facilitate the site selection and pre‑construction costs for the future development of four memory care properties. The initial rate of each of these pre‑development loans is 12%, increasing by 25 basis points per year. One of these pre‑development loans matured due to the acquisition of the land and the outstanding balance of $304,000 was reclassified to real estate under development during 2014. | |
At December 31, 2014, we had eleven loans and line of credit agreements with commitments totaling $3,788,000 and a remaining commitment balance of $2,346,000. The weighted average interest rate of these loan commitments is 11.4%. During 2014, 2013, and 2012, we received principal payments, including loan payoffs, of $113,000, $3,110,000, and $569,000, respectively, and we advanced principal of $1,263,000, $1,004,000, and $2,930,000, respectively, under our notes. In January 2015, we advanced $500,000 under our loans and line of credit agreements and committed to fund a working capital loan of $500,000 to an existing operator with interest at 6.5% maturing in February 2019. Accordingly, we have twelve loans and line of credit agreements with commitments totaling $4,288,000 and a remaining commitment balance of $2,346,000. | |
Marketable_Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2014 | |
Marketable Securities. | |
Marketable Securities | 8. Marketable Securities |
During 2012, Skilled Healthcare Group, Inc. (or SHG) redeemed all of their outstanding Senior Subordinated Notes at par value plus accrued and unpaid interest up to the redemption date. The SHG Senior Subordinated Notes had a face rate of 11.0% and an effective yield of 11.1%. During 2012, we recognized $235,000 of interest income from our $6,500,000 investment in SHG Senior Subordinated Notes. | |
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Debt Obligations | |||||||||||||||||||||||
Debt Obligations | 9. Debt Obligations | ||||||||||||||||||||||
Bank Borrowings. During the three months ended December 31, 2014, we amended our Unsecured Credit Agreement increasing the commitment to $400,000,000 with the opportunity to increase the credit amount up to a total of $600,000,000. Additionally, the drawn pricing was decreased by 25 basis points and the maturity of the facility was extended to October 14, 2018. The amendment also provides for a one‑year extension option at our discretion, subject to customary conditions. Based on our leverage ratios at December 31, 2014, the amended facility provides for interest annually at LIBOR plus 115 basis points and the unused commitment fee was 25 basis points. | |||||||||||||||||||||||
Financial covenants contained in the Unsecured Credit Agreement, which are measured quarterly, require us to maintain, among other things: | |||||||||||||||||||||||
(i) | a ratio of total indebtedness to total asset value not greater than 0.5 to 1.0; | ||||||||||||||||||||||
(ii) | a ratio of secured debt to total asset value not greater than 0.35 to 1.0; | ||||||||||||||||||||||
(iii) | a ratio of unsecured debt to the value of the unencumbered asset value not greater than 0.6 to 1.0; and | ||||||||||||||||||||||
(iv) | a ratio of EBITDA, as calculated in the Unsecured Credit Agreement, to fixed charges not less than 1.50 to 1.0. | ||||||||||||||||||||||
During 2014, we borrowed $37,500,000 and repaid $58,500,000 under our unsecured revolving line of credits. At December 31, 2014, we had no outstanding borrowings under our Unsecured Credit Agreement and $400,000,000 available for borrowing. Subsequent December 31, 2014, we borrowed $18,000,000 under our unsecured revolving line of credit. Accordingly, we have $18,000,000 outstanding and $382,000,000 available for borrowing. At December 31, 2014 and 2013, we were in compliance with all covenants. | |||||||||||||||||||||||
Senior Unsecured Notes. At December 31, 2014 and 2013, we had $281,633,000 and $255,800,000, respectively, outstanding under our Senior Unsecured Notes with a weighted average interest rate of 4.81% and 4.85%, respectively. During 2014, we sold $30,000,000 senior unsecured term notes to affiliates and managed accounts of Prudential Investment Management, Inc. (or individually and collectively Prudential) under our Amended and Restated Note Purchase and Private Shelf agreement. These notes bear interest at 4.5% and will mature on July 31, 2026. We used the proceeds to pay down our unsecured revolving line of credit. As a result of the sale of $30,000,000 senior unsecured term notes, our Amended and Restated Note Purchase and Private Shelf agreement has been exhausted with no more availability. Also, during 2014, we paid $4,167,000 in regularly scheduled principal payments. | |||||||||||||||||||||||
During 2013, we sold to Prudential $70,000,000 aggregate principal amount of 3.99% senior unsecured term notes fully amortizing to maturity on November 20, 2021. During 2012, we sold 12‑year senior unsecured notes in the aggregate amount of $85,800,000 to a group of institutional investors in a private placement transaction. The notes bear interest at 5.0% and mature on July 19, 2024. Additionally during 2012, we sold to Prudential $50,000,000 aggregate principal amount of 4.80% senior unsecured term notes fully amortizing to maturity on July 20, 2021. | |||||||||||||||||||||||
Bonds Payable. During 2014, we paid off a $1,400,000 multifamily tax‑exempt revenue bond that was secured by five assisted living properties in Washington. These bonds bore interest at a variable rate that reset weekly. During 2014 and 2013, we paid $635,000 and $600,000, respectively, in regularly scheduled principal payments. | |||||||||||||||||||||||
Scheduled Principal Payments. The following table represents our long term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2014, and excludes the effects of interest (in thousands): | |||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||
Bank borrowings | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Senior unsecured notes | 281,633 | 29,166 | 26,667 | 26,167 | 28,167 | 25,666 | 145,800 | ||||||||||||||||
$ | 281,633 | $ | 29,166 | $ | 26,667 | $ | 26,167 | $ | 28,167 | $ | 25,666 | $ | 145,800 | ||||||||||
Equity
Equity | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity | ||||||||||||||
Equity | 10. Equity | |||||||||||||
Preferred Stock. At December 31, 2014 and 2013, we had 2,000,000 shares of our 8.5% Series C Cumulative Convertible Preferred Stock (or Series C preferred stock) outstanding. Our Series C preferred stock is convertible into 2,000,000 shares of our common stock at $19.25 per share and dividends are payable quarterly. Total shares reserved for issuance of common stock related to the conversion of Series C preferred stock were 2,000,000 shares at December 31, 2014 and 2013. | ||||||||||||||
Common Stock. During 2014, we sold 600,000 shares of common stock at a price of $41.50 per share in a registered direct placement to certain institutional investors. The net proceeds of $24,644,000 were used to pay down amounts outstanding under our unsecured line of credit, to fund current developments and for general corporate purposes. During 2013, we sold 4,025,000 shares of common stock in a public offering at a price of $44.50 per share. The net proceeds of $171,365,000 were used to pay down amounts outstanding under our unsecured revolving line of credit, to fund acquisitions and our current development commitments and for general corporate purposes. During 2014 and 2013, we acquired 5,324 shares and 6,925 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Subsequent to December 31, 2014, we acquired 4,609 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. | ||||||||||||||
During 2013, we terminated the equity distribution agreement which allowed us to issue and sell, from time to time, up to $85,686,000 in aggregate offering price of our common shares. Sales of common shares were made by means of ordinary brokers’ transactions at market prices, in block transactions, or as otherwise agreed between us and our sales agents. During 2013, we sold 126,742 shares of common stock for $4,895,000 in net proceeds under our equity distribution agreement. In conjunction with the sale of common stock, we reclassified $662,000 of accumulated costs associated with the equity distribution agreement to additional paid in capital. During 2012, we did not sell shares of our common stock under our equity distribution agreement. | ||||||||||||||
During 2012, we amended our charter to increase the number of authorized shares of common stock from 45,000,000 shares to 60,000,000 shares. The charter amendment was approved by our stockholders at the 2012 annual meeting of stockholders held on May 22, 2012. | ||||||||||||||
Available Shelf Registration. On July 19, 2013, we filed a Form S‑3ASR “shelf” registration statement to replace our prior shelf registration statement. This shelf registration statement provides us with the capacity to offer common stock, preferred stock, warrants, debt, depositary shares, or units. We may from time to time raise capital under this current shelf registration in amounts, at prices, and on terms to be announced when and if the securities are offered. The specifics of any future offerings, along with the use of proceeds of any securities offered, will be described in detail in a prospectus supplement, or other offering materials, at the time of the offering. At December 31, 2014 we had availability of $775,100,000 under our effective shelf registration which expires on July 19, 2016. | ||||||||||||||
Non‑controlling Interests. We currently have no limited partners. During 2012, we had one limited partnership. The limited partnership agreement allowed the limited partners to convert, on a one‑for‑one basis, their limited partnership units into shares of common stock or the cash equivalent, at our option. Since we exercised control, we consolidated the limited partnership and we carried the non‑controlling interests at cost. | ||||||||||||||
During 2012, two of our limited partners exercised their conversion rights to exchange all of their 112,588 partnership units. At our discretion, we converted 23,294 partnership units into an equal number of our common shares. The partnership conversion price was $17.00 per partnership unit. At our discretion, we elected to satisfy the conversion of 89,294 limited partnership units with cash. We paid the limited partners $2,764,000, which represents the closing price of our common stock on the redemption date plus $0.05 per share multiplied by the number of limited partnership units redeemed. The amount we paid upon redemption exceeded the book value of the limited partnership interest redeemed by $1,246,000. Accordingly, the $1,246,000 excess book value of the limited partners’ interest in the partnership was reclassified to stockholders’ equity. We accounted for these conversions as an equity transaction because there was no change in control requiring consolidation or deconsolidation and remeasurement. Subsequent to these partnership conversions, the assets held by the limited partnership were transferred to other subsidiaries of the Company and the limited partnership was terminated. At December 31, 2014 and 2013, we had no shares of our common stock reserved under any partnership agreements. | ||||||||||||||
The following table represents the effect of changes in our ownership interest in the limited partnership on equity attributable to LTC Properties, Inc. (in thousands): | ||||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Net income attributable to LTC Properties, Inc. | $ | 73,399 | $ | 57,815 | $ | 51,290 | ||||||||
Transfers from the non-controlling interest | ||||||||||||||
Increase in paid-in capital for limited partners conversion | — | — | 396 | |||||||||||
Decrease in paid-in capital for limited partners conversion | — | — | -1,246 | |||||||||||
Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest | $ | 73,399 | $ | 57,815 | $ | 50,440 | ||||||||
Distributions. We declared and paid the following cash dividends (in thousands): | ||||||||||||||
Year Ended | Year Ended | |||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||
Declared | Paid | Declared | Paid | |||||||||||
Preferred Stock Series C | $ | 3,273 | $ | 3,273 | $ | 3,273 | $ | 3,273 | ||||||
Common Stock | 71,158 | -1 | 71,158 | -1 | 63,631 | -2 | 63,631 | -2 | ||||||
Total | $ | 74,431 | $ | 74,431 | $ | 66,904 | $ | 66,904 | ||||||
-1 | Represents $0.17 per share per month for the twelve months ended December 31, 2014. | |||||||||||||
-2 | Represents $0.155 per share per month for January through September 2013 and $0.17 per share per month for October through December 2013. | |||||||||||||
In January 2015, we declared a monthly cash dividend of $0.17 per share on our common stock for the months of January, February and March 2015 payable on January 30, February 27 and March 31, 2015, respectively, to stockholders of record on January 22, February 19 and March 23, 2015, respectively. | ||||||||||||||
Accumulated Other Comprehensive Income. During the years we had investments in Real Estate Mortgage Investment Conduit (or REMIC) Certificates, we retained the non‑investment grade certificates issued in the securitizations. During 2005, a loan was paid off in the last remaining REMIC pool which caused the last third party REMIC Certificate holders entitled to any principal payments to be paid off in full. After this transaction, we became the sole holder of the remaining REMIC Certificates and were therefore entitled to the entire principal outstanding of the loan pool underlying the remaining REMIC Certificates. Under the FASB accounting guidance relating to accounting for changes that result in a transferor regaining control of financial assets sold, a Special Purpose Entity (or SPE) may become non‑qualified or tainted which generally results in the “repurchase” by the transferor of all the assets sold to and still held by the SPE. Since we were the sole REMIC Certificate holder entitled to principal from the underlying loan pool, we had all the risks and were entitled to all the rewards from the underlying loan pool. As required by the accounting guidance, the repurchase for the transferred assets was accounted for at fair value. The accumulated other comprehensive income balance represents the fair market value adjustment offset by any previously adjusted impairment charge which is amortized to increase interest income over the remaining life of the loans that we repurchased from the REMIC pool. At December 31, 2014 and 2013, accumulated other comprehensive income was $82,000 and $117,000, respectively. | ||||||||||||||
Stock Based Compensation Plans. During 2008 we adopted and our shareholders approved the 2008 Equity Participation Plan under which 600,000 shares of common stock have been reserved for awards, including nonqualified stock option grants and restricted stock grants to officers, employees, non‑employee directors and consultants. The terms of the awards granted under the 2008 Equity Participation Plan are set by our compensation committee at its discretion. | ||||||||||||||
Restricted Stock. During 2014 and 2013, we granted 95,000 and 34,400 shares of restricted common stock, respectively, as follows: | ||||||||||||||
Price per | ||||||||||||||
Year | No. of Shares | Share | Vesting Period | |||||||||||
2014 | ||||||||||||||
59,000 | $ | 36.81 | ratably over 3 years | |||||||||||
3,000 | $ | 38.43 | ratably over 3 years | |||||||||||
15,000 | $ | 40.05 | ratably over 3 years | |||||||||||
10,500 | $ | 40.05 | 9-Jun-15 | |||||||||||
7,500 | $ | 41.34 | 12-Nov-15 | |||||||||||
95,000 | ||||||||||||||
2013 | ||||||||||||||
8,400 | $ | 46.54 | ratably over 3 years | |||||||||||
6,000 | $ | 41.83 | ratably over 3 years | |||||||||||
20,000 | $ | 36.26 | 1-Jun-16 | |||||||||||
34,400 | ||||||||||||||
In January 2015, we cancelled 640 shares of restricted stock. In February 2015, we granted 65,750 shares of restricted common stock at $44.45 per share. These shares vest ratably from the grant date over a three-year period. During 2013, the vesting of 18,180 shares of restricted common stock were accelerated due to the retirement of our former Senior Vice President, Marketing and Strategic Planning. Dividends are payable on the restricted shares to the extent and on the same date as dividends are paid on all of our common stock. Restricted stock activity for the years ended December 31, 2014 and 2013 was as follows: | ||||||||||||||
2014 | 2013 | |||||||||||||
Outstanding, January 1 | 165,149 | 195,449 | ||||||||||||
Granted | 95,000 | 34,400 | ||||||||||||
Vested | -45,981 | -64,700 | ||||||||||||
Canceled | — | — | ||||||||||||
Outstanding, December 31 | 214,168 | 165,149 | ||||||||||||
Compensation expense for the year(1) | $ | 3,241,000 | $ | 2,591,000 | ||||||||||
-1 | During 2013, we recorded $457,000 of compensation expense related to the accelerated vesting of 18,180 shares of restricted common stock due to the retirement of our former Senior Vice President, Marketing and Strategic Planning. At December 31, 2014, the total compensation cost related to unvested restricted stock granted is $4,195,000, which will be recognized ratably over the remaining vesting period. | |||||||||||||
Stock Options. During 2014, we issued 15,000 options to purchase common stock at an exercise price of $38.43 per share. These stock options vest ratably over a three-year period. The fair value of these options was estimated utilizing the Black-Scholes-Merton valuation model and assumptions as of the grant date. In determining the estimated fair value, the expected life assumption was three years, the volatility was 0.21, the risk free interest rate was 0.66% and the expected dividend yield was 5.31%. The fair value of the option granted was estimated to be $2.96. No stock options were issued during 2013. Nonqualified stock option activity for the years ended December 31, 2014 and 2013, was as follows: | ||||||||||||||
Weighted Average | ||||||||||||||
Shares | Price | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Outstanding, January 1 | 73,334 | 95,334 | $ | 23.97 | $ | 23.93 | ||||||||
Granted | 15,000 | — | $ | 38.43 | $ | — | ||||||||
Exercised | -45,000 | -22,000 | $ | 23.79 | $ | 23.79 | ||||||||
Canceled | — | — | $ | — | $ | — | ||||||||
Outstanding, December 31 | 43,334 | 73,334 | $ | 29.16 | $ | 23.97 | ||||||||
Exercisable, December 31(1) | 28,334 | 73,334 | $ | 24.25 | $ | 23.97 | ||||||||
-1 | The aggregate intrinsic value of exercisable options at December 31, 2014, based upon the closing price of our common shares at December 31, 2014 the last trading day of 2014, amounted to approximately $536,000. Options exercisable at December 31, 2014 have a weighted average remaining contractual life of approximately 2.7 years. | |||||||||||||
The options exercised during 2014 and 2013 were as follows: | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Options | Exercise | Option | Market | |||||||||||
Exercised | Price | Value | Value(1) | |||||||||||
2014 | 45,000 | $ | 23.79 | $ | 1,071,000 | $ | 1,840,000 | |||||||
2013 | 22,000 | $ | 23.79 | $ | 523,000 | $ | 865,000 | |||||||
-1 | As of the exercise dates. | |||||||||||||
We use the Black‑Scholes‑Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. The weighted average exercise share price of the options was $29.16 and $23.97 and the weighted average remaining contractual life was 2.7 and 3.0 years as of December 31, 2014 and 2013, respectively. At December 31, 2014, the total number of stock options that are scheduled to vest through December 31, 2015, 2016 and 2017 is 5,000; 5,000 and 5,000, respectively. We have no stock options outstanding that are scheduled to vest beyond 2017. Compensation expense related to the vesting of stock options for the year ended December 31, 2014 was $12,000. We did not record compensation expense related to the vesting of stock options for the year ended December 31, 2013. The remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options for 2015, 2016 and 2017 is $15,000; $15,000 and $2,000, respectively. | ||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies | |
Commitments and Contingencies | 11. Commitments and Contingencies |
As part of an acquisition in 2011, we committed to provide a contingent payment if certain operational thresholds were met. The contingent payment was recorded at fair value, which was estimated using a discounted cash flow analysis, and we accreted the contingent liability to the settlement amount as of the estimated payment date. The fair value of such contingent liability was re‑evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. During 2013, we paid $7,000,000 related to this contingent liability. Accordingly, we had no remaining contingent liability under this agreement as of December 31, 2013. During 2013 and 2012, we recorded non-cash interest expense of $256,000 and $439,000, respectively, related to this contingent liability. | |
During 2014, we acquired a 48-unit assisted living property located in Colorado and added the property to an existing master lease. Under the amended master lease agreement, we committed to provide two contingent payments totaling up to $4,000,000 payable in increments of $2,000,000 upon the property achieving a sustainable stipulated rent coverage ratio. We estimated the fair value of the contingent payment using a discounted cash flow analysis. This fair value measurement is based on significant input not observable in the market and thus represents a Level 3 measurement. These contingent payments were recorded at the date of the acquisition and master lease amendment in the amount of $3,240,000 and we are accreting the contingent liability up to the estimated settlement amount as of the estimated payment date. The fair value of these contingent liabilities will be evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. During 2014, we recorded non‑cash interest expense of $18,000 related to this contingent liabilities and the fair value of these contingent payments was $3,258,000 at December 31, 2014. See Note 6. Real Estate Investments for further discussion of the acquisition and master lease terms. | |
At December 31, 2014, we had outstanding commitments totaling $29,951,000 to develop, re‑develop, renovate or expand senior housing and long term care properties. As of December 31, 2014, we have funded $13,429,000 under these commitments and we have a remaining commitment of $16,522,000. In January 2015, we funded $731,000 under these investment commitments. Accordingly, we have a remaining commitment of $15,791,000. Additionally, in January 2015, we committed to an existing operator under an amended master lease $600,000 for capital improvements at a 196-bed skilled nursing property in Texas. See Note 6. Real Estate Investments for further discussion of these commitments. | |
In February 2015, we funded $7,195,000 under a $12,179,000 development commitment to purchase and complete the development of a 56-unit memory care property currently under construction in Texas. In conjunction with this commitment, we entered into a master lease agreement which provides us a right to provide similar financing for certain future development opportunities and provides the operator lease inducement payments for each development commitment. In February 2015, we elected to exercise our right to provide financing for one such opportunity, adding to the master lease a parcel of land purchased in South Carolina for $2,490,000 coupled with our commitment to provide the operator with up to $16,535,000, including the land purchase, for the development of an 89-unit combination assisted living and memory care property. See Note 6. Real Estate Investments for further discussion of this master lease. | |
As of December 31, 2014, we had invested $3,337,000 under a $12,000,000 capital improvements commitment to Prestige under a mortgage loan and invested an additional $770,000 under this capital improvement commitment in January 2015. Also, in January 2015, we amended this mortgage loan to provide an additional $20,000,000 commitment for redevelopment projects at two of the properties securing the loan increasing the total capital improvement commitment to $32,000,000. As a result, we have a remaining capital improvement commitment of $27,893,000. Additionally, under certain conditions and based on certain operating metrics and valuation thresholds achieved and sustained within the initial twelve years of the term, the loan provides for additional commitment up to $40,000,000 of additional proceeds (not to exceed $10,000,000 in any twelve month period). Since these conditions have not been met, no funding has been made under this additional $40,000,000 loan commitment. In January 2015, we originated an $11,000,000 mortgage loan with this borrower. Concurrent with the loan origination, we funded $9,500,000 under this loan and have a remaining commitment of $1,500,000. See Note 6. Real Estate Investments for further discussion of these mortgage loans. | |
At December 31, 2014, we committed to provide $3,788,000 in loans and line of credit agreements. As of December 31, 2014, we had funded $1,442,000 under these commitments and we have a remaining commitment of $2,346,000. In January 2015, we funded $500,000 under these loans and line of credit agreements. Also, in January 2015, we committed to fund a working capital loan of $500,000 to an existing operator. Accordingly, we have commitments of $4,288,000 and a remaining commitment of $2,346,000. See Note 7. Notes Receivables for further discussion of these commitments. | |
We are a party from time to time to various general and professional liability claims and lawsuits asserted against the lessees or borrowers of our properties, which in our opinion are not singularly or in the aggregate material to our results of operations or financial condition. These types of claims and lawsuits may include matters involving general or professional liability, which we believe under applicable legal principles are not our responsibility as a non-possessory landlord or mortgage holder. We believe that these matters are the responsibility of our lessees and borrowers pursuant to general legal principals and pursuant to insurance and indemnification provisions in the applicable leases or mortgages. We intend to continue to vigorously defend such claims. | |
Distributions
Distributions | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Distributions | |||||||||||
Distributions | 12. Distributions | ||||||||||
We must distribute at least 90% of our taxable income in order to continue to qualify as a REIT. This distribution requirement can be satisfied by current year distributions or, to a certain extent, by distributions in the following year. | |||||||||||
For federal tax purposes, distributions to stockholders are treated as ordinary income, capital gains, return of capital or a combination thereof. Distributions for 2014, 2013 and 2012 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows (unaudited): | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Ordinary taxable distribution | $ | 1.474 | $ | 1.534 | $ | 1.539 | |||||
Return of capital | 0.196 | 0.313 | 0.242 | ||||||||
Unrecaptured Section 1250 gain | 0.370 | 0.058 | 0.004 | ||||||||
Long term capital gain | — | — | 0.005 | ||||||||
Total | $ | 2.040 | $ | 1.905 | $ | 1.790 | |||||
Net_Income_Per_Common_Share
Net Income Per Common Share | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Net Income Per Common Share | |||||||||||
Net Income Per Common Share | 13. Net Income Per Common Share | ||||||||||
Basic and diluted net income per share was as follows (in thousands except per share amounts): | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income from continuing operations | $ | 73,399 | $ | 55,405 | $ | 50,306 | |||||
Less net income allocated to non-controlling interests | — | — | -37 | ||||||||
Less net income allocated to participating securities: | |||||||||||
Non-forfeitable dividends on participating securities | -465 | -381 | -377 | ||||||||
Income allocated to participating securities | -16 | -2 | — | ||||||||
Total net income allocated to participating securities | -481 | -383 | -377 | ||||||||
Less net income allocated to preferred stockholders: | |||||||||||
Preferred stock dividends | -3,273 | -3,273 | -3,273 | ||||||||
Total net income allocated to preferred stockholders | -3,273 | -3,273 | -3,273 | ||||||||
Income from continuing operations available to common stockholders | 69,645 | 51,749 | 46,619 | ||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | — | 805 | 1,005 | ||||||||
Gain on sale of assets, net | — | 1,605 | 16 | ||||||||
Total net income from discontinued operations | — | 2,410 | 1,021 | ||||||||
Net income available to common stockholders | 69,645 | 54,159 | 47,640 | ||||||||
Effect of dilutive securities: | |||||||||||
Convertible preferred securities | 3,273 | — | — | ||||||||
Total effect of dilutive securities | 3,273 | — | — | ||||||||
Net income for diluted net income per share | $ | 72,918 | $ | 54,159 | $ | 47,640 | |||||
Shares for basic net income per share | 34,617 | 33,111 | 30,238 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | 23 | 31 | 40 | ||||||||
Convertible preferred securities | 2,000 | — | — | ||||||||
Total effect of dilutive securities | 2,023 | 31 | 40 | ||||||||
Shares for diluted net income per share | 36,640 | 33,142 | 30,278 | ||||||||
Basic net income per share | $ | 2.01 | $ | 1.64 | $ | 1.58 | |||||
Diluted net income per share(1) | $ | 1.99 | $ | 1.63 | $ | 1.57 | |||||
-1 | For the year ended December 31, 2013, the Series C Cumulative Convertible Preferred Stock was excluded from the computation of diluted net income per share as such inclusion would be anti‑dilutive. For the year ended December 31, 2012, the Series C Cumulative Convertible Preferred Stock and the convertible non‑controlling interests have been excluded from the computation of diluted net income per share as such inclusion would be anti‑dilutive. | ||||||||||
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information | ||||||||||||||
Quarterly Financial Information | 14. Quarterly Financial Information | |||||||||||||
For the quarter ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
(unaudited, in thousands except per share amounts) | ||||||||||||||
2014 | ||||||||||||||
Revenues | $ | 29,438 | $ | 29,227 | $ | 29,541 | $ | 30,755 | ||||||
Net income from discontinued operations | — | — | — | — | ||||||||||
Net income available to common stockholders | 16,083 | 17,338 | 16,181 | 20,043 | ||||||||||
Net income per common share from continuing operations available to common stockholders: | ||||||||||||||
Basic | $ | 0.47 | $ | 0.50 | $ | 0.47 | $ | 0.58 | ||||||
Diluted | $ | 0.46 | $ | 0.50 | $ | 0.46 | $ | 0.57 | ||||||
Net income (loss) per common share from discontinued operations: | ||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | ||||||
Diluted | $ | — | $ | — | $ | — | $ | — | ||||||
Net income per common share available to common stockholders: | ||||||||||||||
Basic | $ | 0.47 | $ | 0.50 | $ | 0.47 | $ | 0.58 | ||||||
Diluted | $ | 0.46 | $ | 0.50 | $ | 0.46 | $ | 0.57 | ||||||
Dividends per share declared | $ | 0.510 | $ | 0.510 | $ | 0.510 | $ | 0.510 | ||||||
Dividend per share paid | $ | 0.510 | $ | 0.510 | $ | 0.510 | $ | 0.510 | ||||||
2013 | ||||||||||||||
Revenues | $ | 25,277 | $ | 25,279 | $ | 25,825 | $ | 28,593 | ||||||
Net income (loss) from discontinued operations | 254 | -701 | 2,857 | — | ||||||||||
Net income available to common stockholders | 12,060 | 11,994 | 16,373 | 13,732 | ||||||||||
Net income per common share from continuing operations available to common stockholders: | ||||||||||||||
Basic | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.40 | ||||||
Diluted | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.40 | ||||||
Net income (loss) per common share from discontinued operations: | ||||||||||||||
Basic | $ | 0.01 | $ | -0.02 | $ | 0.08 | $ | — | ||||||
Diluted | $ | 0.01 | $ | -0.02 | $ | 0.08 | $ | — | ||||||
Net income per common share available to common stockholders: | ||||||||||||||
Basic | $ | 0.40 | $ | 0.36 | $ | 0.47 | $ | 0.40 | ||||||
Diluted | $ | 0.40 | $ | 0.36 | $ | 0.47 | $ | 0.40 | ||||||
Dividends per share declared | $ | 0.465 | $ | 0.465 | $ | 0.465 | $ | 0.510 | ||||||
Dividend per share paid | $ | 0.465 | $ | 0.465 | $ | 0.465 | $ | 0.510 | ||||||
NOTE: | Quarterly and year‑to‑date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. Computations of per share amounts from continuing operations, discontinued operations and net income (loss) are made independently. Therefore, the sum of per share amounts from continuing operations and discontinued operations may not agree with the per share amounts from net income (loss) available to common stockholders. | |||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Measurements | ||||||||||||||
Fair Value Measurements | 15. Fair Value Measurements | |||||||||||||
In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses reported in earnings. We did not adopt the elective fair market value option for our financial assets and financial liabilities. | ||||||||||||||
The carrying amount of cash and cash equivalents approximates fair value because of the short‑term maturity of these instruments. We do not invest our cash in auction rate securities. The carrying value and fair value of our financial instruments as of December 31, 2014 and 2013 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands): | ||||||||||||||
At December 31, 2014 | At December 31, 2013 | |||||||||||||
Carrying | Carrying | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||
Mortgage loans receivable | $ | 165,656 | $ | 198,977 | -1 | $ | 165,444 | $ | 200,248 | -1 | ||||
Bonds payable | — | — | 2,035 | 2,035 | -2 | |||||||||
Bank borrowings | — | — | 21,000 | 21,000 | -2 | |||||||||
Senior unsecured notes | 281,633 | 283,933 | -3 | 255,800 | 262,351 | -3 | ||||||||
Contingent liabilities | 3,258 | 3,258 | -4 | — | — | -4 | ||||||||
-1 | Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at December 31, 2014 and 2013 was 8.6% and 8.4%, respectively. | |||||||||||||
-2 | Our bonds payable and bank borrowings are at a variable interest rate. The estimated fair value of our bonds payable and bank borrowings approximated their carrying values at December 31, 2014 and 2013 based upon prevailing market interest rates for similar debt arrangements. | |||||||||||||
-3 | Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.80% for those maturing before year 2020 and 4.55% for those maturing beyond year 2020. At December 31, 2013, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.95% for those maturing before year 2020 and 4.25% for those maturing beyond year 2020. | |||||||||||||
-4 | Our contingent obligation under the earn‑out liabilities is classified as Level 3. We estimated the fair value of the contingent earn‑out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk‑free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At December 31, 2014, the discount rate used to value our future cash outflow of the earn-out liability was 6.2%. | |||||||||||||
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2014 | |
Subsequent Events | |
Subsequent Events | 16. Subsequent Events |
We had the following events occur subsequent to the balance sheet date. | |
Real Estate—Owned Properties: We entered into a master lease agreement and committed to provide development commitments totaling $28,715,000. Under these development commitments, we purchased land and existing improvements for the purpose of completing a 56-unit memory care property currently under construction for $7,195,000 and land for the purpose of building an 89-unit combination assisted living and memory care property for $2,490,000. The master lease also provides for the payment of lease inducements of up to $3,952,000 which will be amortized as a yield adjustment over the lease term. We funded $4,711,000 under completed development, expansion and renovation commitments. Additionally, we funded $731,000 under ongoing real estate investments with remaining commitments of $15,791,000. See Note 6. Real Estate Investments for further discussion. | |
Real Estate—Mortgage Loans: We originated an $11,000,000 mortgage loan secured by a 157-bed skilled nursing property in Michigan and funded $9,500,000 under this loan. We also purchased and equipped a newly constructed 106-bed replacement skilled nursing property for a total of $13,946,000 by exercising our purchase option under a $10,600,000 mortgage and construction loan. Additionally, we amended a mortgage loan secured by 15 skilled nursing properties with a total of 2,058 beds in Michigan to provide an additional $20,000,000 in loan proceeds for the redevelopment of two properties securing the loan. Concurrent with the loan amendment, the borrower forfeited their option to repay up to 50% of the outstanding loan balance and we agreed to convey two parcels of land held-for-use adjacent to the two properties to facilitate the expansion and renovation projects. We funded $770,000 under a $12,000,000 capital improvement commitment to an existing borrower and have a remaining commitment of $7,893,000. We received $2,285,000 plus accrued interest for the payoff of a mortgage loan secured by one range of care property. See Note 6. Real Estate Investments for further discussion. | |
Notes Receivable: In January 2015, we committed to fund a $500,000 working capital loan with interest at 6.5% maturing in February 2019. We also advanced $500,000 of principal under our note commitments. See Note 7. Notes Receivable for further discussion. | |
Major Operator: Our master leases with Extendicare and Enlivant expired on December 31, 2014. Effective January 1, 2015, we re-leased 20 assisted living properties to two separate operators. See Note 3. Major Operator for further discussion. | |
Debt: We borrowed $18,000,000 under our unsecured revolving line of credit. Accordingly, we have $18,000,000 outstanding and $382,000,000 available for borrowing. | |
Commitments and Contingencies: We committed to an existing operator under an amended master lease $600,000 for capital improvements at a 196-bed skilled nursing property in Texas. See Note 6. Real Estate Investments for further discussion. | |
Equity: We declared a monthly cash dividend of $0.17 per share on our common stock for the months of January, February and March 2015, payable on January 30, February 27, and March 31, 2015, respectively, to stockholders of record on January 22, February 19, and March 23, 2015, respectively. We acquired 4,609 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations and we cancelled 640 shares of restricted stock. Additionally, we granted 65,750 shares of restricted common stock at $44.45 per share. These shares vest ratably from the grant date over a three-year period. | |
SCHEDULE_II_VALUATION_AND_QUAL
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | SCHEDULE II | ||||||||||||||||
VALUATION AND QUALIFYING ACCOUNTS | |||||||||||||||||
(in thousands) | |||||||||||||||||
Additions | |||||||||||||||||
(Recovered) | |||||||||||||||||
Balance at | charged to | ||||||||||||||||
beginning of | costs and | Charged to | Balance at end | ||||||||||||||
Account Description | period(2) | expenses | other accounts | Deductions(1) | of period(2) | ||||||||||||
Year ended December 31, 2012 | |||||||||||||||||
Loan loss reserves | $ | 921 | $ | -139 | $ | — | $ | — | $ | 782 | |||||||
Straight-line rent receivable allowance | 1,519 | 38 | — | — | 1,557 | ||||||||||||
$ | 2,440 | $ | -101 | $ | — | $ | — | $ | 2,339 | ||||||||
Year ended December 31, 2013 | |||||||||||||||||
Loan loss reserves | $ | 782 | $ | 1,274 | $ | — | $ | -385 | $ | 1,671 | |||||||
Straight-line rent receivable allowance | 1,557 | 906 | -3 | — | -922 | -3 | 1,541 | ||||||||||
$ | 2,339 | $ | 2,180 | $ | — | $ | -1,307 | $ | 3,212 | ||||||||
Year ended December 31, 2014 | |||||||||||||||||
Loan loss reserves | $ | 1,671 | $ | 2 | $ | — | $ | — | $ | 1,673 | |||||||
Straight-line rent receivable allowance | 1,541 | 30 | — | -840 | -4 | 731 | |||||||||||
$ | 3,212 | $ | 32 | $ | — | $ | -840 | $ | 2,404 | ||||||||
-1 | Deductions represent uncollectible accounts written off. | ||||||||||||||||
-2 | Includes straight‑line rent receivable allowance for properties classified as held‑for‑sale. | ||||||||||||||||
-3 | Includes the write‑off of an $878 straight‑line rent receivable balance related to the transition of four assisted living properties to a new lessee. | ||||||||||||||||
Includes the write-off of an $840 straight-line rent receivable balance related to the amendment of an existing lease. | |||||||||||||||||
SCHEDULE_III_REAL_ESTATE_AND_A
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | SCHEDULE III | |||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
capitalized | Gross amount at which carried at | |||||||||||||||||||||||||||||||||||||||||||||||
Initial cost to company | subsequent | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Building and | to | Building and | Accum | Construction/ | Acquisition | |||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | improvement | acquisition | Land | improvement | Total(1) | deprec. | renovation date | date | |||||||||||||||||||||||||||||||||||||||
Skilled Nursing Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||
134 Alamogordo, NM | $ | — | $ | 210 | $ | 2,593 | $ | 539 | $ | 210 | $ | 3,132 | $ | 3,342 | $ | 908 | 1985 | 2001 | ||||||||||||||||||||||||||||||
218 Albuquerque, NM | — | 1,696 | 3,891 | 530 | 1,696 | 4,421 | 6,117 | 1,390 | 2008 | 2005 | ||||||||||||||||||||||||||||||||||||||
219 Albuquerque, NM | — | 1,950 | 8,910 | 207 | 1,950 | 9,117 | 11,067 | 2,828 | 1982 | 2005 | ||||||||||||||||||||||||||||||||||||||
220 Albuquerque, NM | — | 2,463 | 7,647 | 9 | 2,463 | 7,656 | 10,119 | 2,373 | 1970 | 2005 | ||||||||||||||||||||||||||||||||||||||
042 Altoona, IA | — | 105 | 2,309 | 444 | 105 | 2,753 | 2,858 | 1,652 | 1973 | 1996 | ||||||||||||||||||||||||||||||||||||||
252 Amarillo, TX | — | 844 | — | 7,925 | 844 | 7,925 | 8,769 | 558 | 2013 | 2011 | ||||||||||||||||||||||||||||||||||||||
214 Aransas Pass, TX | — | 154 | 1,276 | 589 | 154 | 1,865 | 2,019 | 676 | 2008 | 2004 | ||||||||||||||||||||||||||||||||||||||
247 Arlington, TX | — | 1,016 | 13,649 | — | 1,016 | 13,649 | 14,665 | 1,938 | 2007 | 2011 | ||||||||||||||||||||||||||||||||||||||
171 Atlanta, GA | — | 175 | 1,282 | 3 | 175 | 1,285 | 1,460 | 679 | 1968 | 1999 | ||||||||||||||||||||||||||||||||||||||
040 Atmore, AL | — | 131 | 2,877 | 196 | 131 | 3,073 | 3,204 | 1,677 | 1974 | 1996 | ||||||||||||||||||||||||||||||||||||||
221 Beaumont, TX | — | 370 | 1,141 | 93 | 370 | 1,234 | 1,604 | 436 | 1950 | 2005 | ||||||||||||||||||||||||||||||||||||||
213 Beeville, TX | — | 186 | 1,197 | 70 | 186 | 1,267 | 1,453 | 373 | 1974 | 2004 | ||||||||||||||||||||||||||||||||||||||
215 Benbrook, TX | — | 480 | 2,121 | 102 | 480 | 2,223 | 2,703 | 749 | 1976 | 2005 | ||||||||||||||||||||||||||||||||||||||
007 Bradenton, FL | — | 330 | 2,720 | 160 | 330 | 2,880 | 3,210 | 1,801 | 2002 | 1993 | ||||||||||||||||||||||||||||||||||||||
256 Brownwood, TX | — | 164 | 6,336 | — | 164 | 6,336 | 6,500 | 521 | 2011 | 2012 | ||||||||||||||||||||||||||||||||||||||
043 Carroll, IA | — | 47 | 1,033 | 213 | 47 | 1,246 | 1,293 | 746 | 1969 | 1996 | ||||||||||||||||||||||||||||||||||||||
177 Chesapeake, VA | — | 388 | 3,469 | 1,097 | 388 | 4,566 | 4,954 | 2,785 | 2007 | 1995 | ||||||||||||||||||||||||||||||||||||||
257 Cincinnati, OH | — | 1,890 | 25,110 | — | 1,890 | 25,110 | 27,000 | 1,391 | 2009 | 2012 | ||||||||||||||||||||||||||||||||||||||
125 Clovis, NM | — | 561 | 5,539 | 307 | 561 | 5,846 | 6,407 | 2,022 | 2006 | 2001 | ||||||||||||||||||||||||||||||||||||||
129 Clovis, NM | — | 598 | 5,902 | 59 | 598 | 5,961 | 6,559 | 2,088 | 1995 | 2001 | ||||||||||||||||||||||||||||||||||||||
268 Coldspring, KY | 2,050 | 19,665 | — | 2,050 | 19,665 | 21,715 | 146 | N/A | 2012 | |||||||||||||||||||||||||||||||||||||||
253 Colton, CA | — | 2,342 | 15,158 | — | 2,342 | 15,158 | 17,500 | 1,361 | 1990 | 2011 | ||||||||||||||||||||||||||||||||||||||
211 Commerce City, CO | — | 236 | 3,217 | 167 | 236 | 3,384 | 3,620 | 1,223 | 1964 | 2004 | ||||||||||||||||||||||||||||||||||||||
212 Commerce City, CO | — | 161 | 2,160 | 95 | 161 | 2,255 | 2,416 | 790 | 1967 | 2004 | ||||||||||||||||||||||||||||||||||||||
246 Crowley, TX | — | 2,247 | 14,276 | — | 2,247 | 14,276 | 16,523 | 1,900 | 2007 | 2011 | ||||||||||||||||||||||||||||||||||||||
235 Daleville, VA | — | 279 | 8,382 | — | 279 | 8,382 | 8,661 | 1,389 | 2005 | 2010 | ||||||||||||||||||||||||||||||||||||||
258 Dayton, OH | — | 373 | 26,627 | — | 373 | 26,627 | 27,000 | 1,486 | 2010 | 2012 | ||||||||||||||||||||||||||||||||||||||
196 Dresden, TN | — | 31 | 1,529 | 1,066 | 31 | 2,595 | 2,626 | 697 | 2002 | 2000 | ||||||||||||||||||||||||||||||||||||||
185 Gardner, KS | — | 896 | 4,478 | 4,150 | 896 | 8,628 | 9,524 | 2,909 | 2011 | 1999 | ||||||||||||||||||||||||||||||||||||||
248 Granbury, TX | — | 836 | 6,693 | — | 836 | 6,693 | 7,529 | 1,323 | 2008 | 2011 | ||||||||||||||||||||||||||||||||||||||
044 Granger, IA | — | 62 | 1,356 | 221 | 62 | 1,577 | 1,639 | 907 | 1979 | 1996 | ||||||||||||||||||||||||||||||||||||||
205 Grapevine, TX | — | 431 | 1,449 | 188 | 431 | 1,637 | 2,068 | 785 | 1974 | 2002 | ||||||||||||||||||||||||||||||||||||||
172 Griffin, GA | — | 500 | 2,900 | — | 500 | 2,900 | 3,400 | 1,409 | 1969 | 1999 | ||||||||||||||||||||||||||||||||||||||
250 Hewitt, TX | — | 1,780 | 8,220 | 99 | 1,780 | 8,319 | 10,099 | 832 | 2008 | 2011 | ||||||||||||||||||||||||||||||||||||||
054 Houston, TX | — | 202 | 4,458 | 1,426 | 202 | 5,884 | 6,086 | 3,389 | 2007 | 1996 | ||||||||||||||||||||||||||||||||||||||
051 Houston, TX | — | 365 | 3,769 | 1,598 | 365 | 5,367 | 5,732 | 3,006 | 1968 | 1996 | ||||||||||||||||||||||||||||||||||||||
055 Houston, TX | — | 202 | 4,458 | 1,359 | 202 | 5,817 | 6,019 | 3,282 | 2008 | 1996 | ||||||||||||||||||||||||||||||||||||||
208 Jacksonville, FL | — | 486 | 1,981 | 30 | 486 | 2,011 | 2,497 | 808 | 1987 | 2002 | ||||||||||||||||||||||||||||||||||||||
045 Jefferson, IA | — | 86 | 1,883 | 296 | 86 | 2,179 | 2,265 | 1,231 | 1972 | 1996 | ||||||||||||||||||||||||||||||||||||||
008 Lecanto, FL | — | 351 | 2,665 | 2,737 | 351 | 5,402 | 5,753 | 3,181 | 2006 | 1993 | ||||||||||||||||||||||||||||||||||||||
053 Mesa, AZ | — | 305 | 6,909 | 1,876 | 305 | 8,785 | 9,090 | 4,653 | 1996 | 1996 | ||||||||||||||||||||||||||||||||||||||
226 Mesa, AZ | — | 1,095 | 2,330 | — | 1,095 | 2,330 | 3,425 | 688 | 1979 | 2006 | ||||||||||||||||||||||||||||||||||||||
050 Midland, TX | — | 33 | 2,285 | 26 | 33 | 2,311 | 2,344 | 1,318 | 1973 | 1996 | ||||||||||||||||||||||||||||||||||||||
242 Mission, TX | — | 1,111 | 16,602 | — | 1,111 | 16,602 | 17,713 | 2,022 | 2004 | 2010 | ||||||||||||||||||||||||||||||||||||||
041 Montgomery, AL | — | 242 | 5,327 | 115 | 242 | 5,442 | 5,684 | 3,036 | 1974 | 1996 | ||||||||||||||||||||||||||||||||||||||
115 Nacogdoches, TX | — | 100 | 1,738 | 168 | 100 | 1,906 | 2,006 | 1,005 | 1973 | 1997 | ||||||||||||||||||||||||||||||||||||||
233 Nacogdoches, TX | — | 394 | 7,456 | 268 | 394 | 7,724 | 8,118 | 1,197 | 1991 | 2010 | ||||||||||||||||||||||||||||||||||||||
249 Nacogdoches, TX | — | 1,015 | 11,109 | — | 1,015 | 11,109 | 12,124 | 1,766 | 2007 | 2011 | ||||||||||||||||||||||||||||||||||||||
046 Norwalk, IA | — | 47 | 1,033 | 239 | 47 | 1,272 | 1,319 | 750 | 1975 | 1996 | ||||||||||||||||||||||||||||||||||||||
176 Olathe, KS | — | 520 | 1,872 | 313 | 520 | 2,185 | 2,705 | 1,160 | 1968 | 1999 | ||||||||||||||||||||||||||||||||||||||
251 Pasadena, TX | — | 1,155 | 14,345 | — | 1,155 | 14,345 | 15,500 | 1,244 | 2005 | 2011 | ||||||||||||||||||||||||||||||||||||||
210 Phoenix, AZ | — | 334 | 3,383 | 456 | 334 | 3,839 | 4,173 | 1,528 | 1982 | 2004 | ||||||||||||||||||||||||||||||||||||||
193 Phoenix, AZ | — | 300 | 9,703 | 92 | 300 | 9,795 | 10,095 | 4,594 | 1985 | 2000 | ||||||||||||||||||||||||||||||||||||||
047 Polk City, IA | — | 63 | 1,376 | 153 | 63 | 1,529 | 1,592 | 888 | 1976 | 1996 | ||||||||||||||||||||||||||||||||||||||
094 Portland, OR | — | 100 | 1,925 | 2,652 | 100 | 4,577 | 4,677 | 2,349 | 2007 | 1997 | ||||||||||||||||||||||||||||||||||||||
254 Red Oak, TX | — | 1,427 | 17,173 | — | 1,427 | 17,173 | 18,600 | 1,417 | 2002 | 2012 | ||||||||||||||||||||||||||||||||||||||
124 Richland Hills, TX | — | 144 | 1,656 | 427 | 144 | 2,083 | 2,227 | 982 | 1976 | 2001 | ||||||||||||||||||||||||||||||||||||||
197 Ripley, TN | — | 20 | 985 | 1,606 | 20 | 2,591 | 2,611 | 598 | 2007 | 2000 | ||||||||||||||||||||||||||||||||||||||
LTC PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
capitalized | Gross amount at which carried at | |||||||||||||||||||||||||||||||||||||||||||||||
Initial cost to company | subsequent | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Building and | to | Building and | Accum | Construction/ | Acquisition | |||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | improvement | acquisition | Land | improvement | Total(1) | deprec. | renovation date | date | |||||||||||||||||||||||||||||||||||||||
133 Roswell, NM | — | 568 | 5,235 | 1,208 | 568 | 6,443 | 7,011 | 1,839 | 1975 | 2001 | ||||||||||||||||||||||||||||||||||||||
081 Sacramento, CA | — | 220 | 2,929 | — | 220 | 2,929 | 3,149 | 1,618 | 1968 | 1997 | ||||||||||||||||||||||||||||||||||||||
085 Salina, KS | — | 100 | 1,153 | 628 | 100 | 1,781 | 1,881 | 1,028 | 1985 | 1997 | ||||||||||||||||||||||||||||||||||||||
243 Stephenville TX | — | 670 | 10,117 | 500 | 670 | 10,617 | 11,287 | 1,432 | 2009 | 2010 | ||||||||||||||||||||||||||||||||||||||
234 St. Petersburg, FL | — | 1,070 | 7,930 | 500 | 1,070 | 8,430 | 9,500 | 1,164 | 1988 | 2010 | ||||||||||||||||||||||||||||||||||||||
225 Tacoma, WA | — | 723 | 6,401 | 901 | 723 | 7,302 | 8,025 | 2,271 | 2009 | 2006 | ||||||||||||||||||||||||||||||||||||||
178 Tappahannock, VA | — | 375 | 1,327 | 397 | 375 | 1,724 | 2,099 | 1,379 | 1978 | 1995 | ||||||||||||||||||||||||||||||||||||||
270 Trinity, FL | — | 1,653 | 12,748 | — | 1,653 | 12,748 | 14,401 | 481 | N/A | 2013 | ||||||||||||||||||||||||||||||||||||||
192 Tucson, AZ | — | 276 | 8,924 | 112 | 276 | 9,036 | 9,312 | 4,233 | 1992 | 2000 | ||||||||||||||||||||||||||||||||||||||
209 Tyler, TX | — | 300 | 3,071 | 22 | 300 | 3,093 | 3,393 | 960 | 1974 | 2004 | ||||||||||||||||||||||||||||||||||||||
Skilled Nursing Properties | — | 42,034 | 401,368 | 38,634 | 42,034 | 440,002 | 482,036 | 107,245 | ||||||||||||||||||||||||||||||||||||||||
Assisted Living Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||
077 Ada, OK | — | 100 | 1,650 | — | 100 | 1,650 | 1,750 | 765 | 1996 | 1996 | ||||||||||||||||||||||||||||||||||||||
136 Arlington, OH | — | 629 | 6,973 | — | 629 | 6,973 | 7,602 | 2,353 | 1993 | 2001 | ||||||||||||||||||||||||||||||||||||||
105 Arvada, CO | — | 100 | 2,810 | 6,734 | 100 | 9,544 | 9,644 | 1,497 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
063 Athens, TX | — | 96 | 1,510 | 1 | 96 | 1,511 | 1,607 | 736 | 1995 | 1996 | ||||||||||||||||||||||||||||||||||||||
269 Aurora, CO | — | 850 | 8,111 | — | 850 | 8,111 | 8,961 | 27 | N/A | 2013 | ||||||||||||||||||||||||||||||||||||||
260 Aurora, CO | — | 831 | 10,071 | — | 831 | 10,071 | 10,902 | 606 | 1999 | 2012 | ||||||||||||||||||||||||||||||||||||||
203 Bakersfield, CA | — | 834 | 11,986 | 812 | 834 | 12,798 | 13,632 | 4,766 | 2002 | 2001 | ||||||||||||||||||||||||||||||||||||||
117 Beatrice, NE | — | 100 | 2,173 | — | 100 | 2,173 | 2,273 | 960 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
137 Bexley, OH | — | 306 | 4,196 | — | 306 | 4,196 | 4,502 | 1,417 | 1992 | 2001 | ||||||||||||||||||||||||||||||||||||||
278 Castle Rock, CO | — | 759 | 9,041 | — | 759 | 9,041 | 9,800 | 17 | N/A | 2014 | ||||||||||||||||||||||||||||||||||||||
160 Central, SC | — | 100 | 2,321 | — | 100 | 2,321 | 2,421 | 847 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
263 Chatham, NJ | — | 5,365 | 36,399 | — | 5,365 | 36,399 | 41,764 | 2,099 | 2002 | 2012 | ||||||||||||||||||||||||||||||||||||||
240 Daytona Beach, FL | — | 900 | 3,400 | — | 900 | 3,400 | 4,300 | 440 | 1996 | 2010 | ||||||||||||||||||||||||||||||||||||||
156 Denison, IA | — | 100 | 2,713 | — | 100 | 2,713 | 2,813 | 1,143 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
057 Dodge City, KS | — | 84 | 1,666 | 4 | 84 | 1,670 | 1,754 | 834 | 1995 | 1995 | ||||||||||||||||||||||||||||||||||||||
083 Durant, OK | — | 100 | 1,769 | — | 100 | 1,769 | 1,869 | 804 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
107 Edmond, OK | — | 100 | 1,365 | 526 | 100 | 1,891 | 1,991 | 839 | 1996 | 1997 | ||||||||||||||||||||||||||||||||||||||
122 Elkhart, IN | — | 100 | 2,435 | — | 100 | 2,435 | 2,535 | 1,058 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
155 Erie, PA | — | 850 | 7,477 | — | 850 | 7,477 | 8,327 | 3,184 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
100 Fremont ,OH | — | 100 | 2,435 | — | 100 | 2,435 | 2,535 | 1,083 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
267 Frisco, TX | — | 1,000 | 4,939 | — | 1,000 | 4,939 | 5,939 | 56 | N/A | 2012 | ||||||||||||||||||||||||||||||||||||||
163 Ft. Collins, CO | — | 100 | 2,961 | 2,920 | 100 | 5,881 | 5,981 | 1,209 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
170 Ft. Collins, CO | — | 100 | 3,400 | 2,324 | 100 | 5,724 | 5,824 | 1,353 | 1999 | 1999 | ||||||||||||||||||||||||||||||||||||||
132 Ft. Meyers, FL | — | 100 | 2,728 | 9 | 100 | 2,737 | 2,837 | 1,170 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
230 Ft. Wayne, IN | — | 594 | 3,461 | 731 | 594 | 4,192 | 4,786 | 767 | 1996 | 2009 | ||||||||||||||||||||||||||||||||||||||
229 Ft. Worth, TX | — | 333 | 4,385 | 1,028 | 333 | 5,413 | 5,746 | 1,464 | 2009 | 2008 | ||||||||||||||||||||||||||||||||||||||
167 Goldsboro, NC | — | 100 | 2,385 | 1 | 100 | 2,386 | 2,486 | 810 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
056 Great Bend, KS | — | 80 | 1,570 | 21 | 80 | 1,591 | 1,671 | 872 | 1995 | 1995 | ||||||||||||||||||||||||||||||||||||||
102 Greeley, CO | — | 100 | 2,310 | 270 | 100 | 2,580 | 2,680 | 1,141 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
164 Greenville, NC | — | 100 | 2,478 | 2 | 100 | 2,480 | 2,580 | 948 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
062 Greenville, TX | — | 42 | 1,565 | — | 42 | 1,565 | 1,607 | 762 | 1995 | 1996 | ||||||||||||||||||||||||||||||||||||||
161 Greenwood, SC | — | 100 | 2,638 | — | 100 | 2,638 | 2,738 | 1,030 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
241 Gulf Breeze, FL | — | 720 | 3,780 | — | 720 | 3,780 | 4,500 | 528 | 2000 | 2010 | ||||||||||||||||||||||||||||||||||||||
066 Jacksonville, TX | — | 100 | 1,900 | — | 100 | 1,900 | 2,000 | 918 | 1996 | 1996 | ||||||||||||||||||||||||||||||||||||||
LTC PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
capitalized | Gross amount at which carried at | |||||||||||||||||||||||||||||||||||||||||||||||
Initial cost to company | subsequent | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Building and | to | Building and | Accum | Construction/ | Acquisition | |||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | improvements | acquisition | Land | improvement | Total(1) | deprec. | renovation date | date | |||||||||||||||||||||||||||||||||||||||
255 Littleton, CO | — | 1,882 | 8,248 | — | 1,882 | 8,248 | 10,130 | 439 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
268 Littleton, CO | — | 1,200 | 8,684 | — | 1,200 | 8,684 | 9,884 | 152 | 2013 | 2013 | ||||||||||||||||||||||||||||||||||||||
148 Longmont, CO | — | 100 | 2,640 | — | 100 | 2,640 | 2,740 | 1,118 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
060 Longview, TX | — | 38 | 1,568 | 1 | 38 | 1,569 | 1,607 | 769 | 1995 | 1995 | ||||||||||||||||||||||||||||||||||||||
261 Louisville, CO | — | 911 | 11,703 | — | 911 | 11,703 | 12,614 | 690 | 2000 | 2012 | ||||||||||||||||||||||||||||||||||||||
114 Loveland, CO | — | 100 | 2,865 | 270 | 100 | 3,135 | 3,235 | 1,371 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
068 Lufkin, TX | — | 100 | 1,950 | — | 100 | 1,950 | 2,050 | 936 | 1996 | 1996 | ||||||||||||||||||||||||||||||||||||||
119 Madison, IN | — | 100 | 2,435 | — | 100 | 2,435 | 2,535 | 1,073 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
061 Marshall, TX | — | 38 | 1,568 | 451 | 38 | 2,019 | 2,057 | 997 | 1995 | 1995 | ||||||||||||||||||||||||||||||||||||||
058 McPherson, KS | — | 79 | 1,571 | 4 | 79 | 1,575 | 1,654 | 863 | 1994 | 1995 | ||||||||||||||||||||||||||||||||||||||
239 Merritt Island, FL | — | 550 | 8,150 | — | 550 | 8,150 | 8,700 | 1,076 | 2004 | 2010 | ||||||||||||||||||||||||||||||||||||||
104 Millville, NJ | — | 100 | 2,825 | — | 100 | 2,825 | 2,925 | 1,253 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
231 Monroeville, PA | — | 526 | 5,334 | 435 | 526 | 5,769 | 6,295 | 947 | 1997 | 2009 | ||||||||||||||||||||||||||||||||||||||
166 New Bern, NC | — | 100 | 2,427 | 1 | 100 | 2,428 | 2,528 | 841 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
118 Newark, OH | — | 100 | 2,435 | — | 100 | 2,435 | 2,535 | 1,073 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
123 Newport Richey, FL | — | 100 | 5,845 | 664 | 100 | 6,509 | 6,609 | 3,181 | 1995 | 1998 | ||||||||||||||||||||||||||||||||||||||
074 Newport, OR | — | 100 | 2,050 | — | 100 | 2,050 | 2,150 | 1,215 | 1996 | 1996 | ||||||||||||||||||||||||||||||||||||||
143 Niceville, FL | — | 100 | 2,680 | — | 100 | 2,680 | 2,780 | 1,135 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
095 Norfolk, NE | — | 100 | 2,123 | — | 100 | 2,123 | 2,223 | 952 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
232 Pittsburgh, PA | — | 470 | 2,615 | 333 | 470 | 2,948 | 3,418 | 529 | 1994 | 2009 | ||||||||||||||||||||||||||||||||||||||
165 Rocky Mount, NC | — | 100 | 2,494 | 1 | 100 | 2,495 | 2,595 | 890 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
141 Rocky River, OH | — | 760 | 6,963 | — | 760 | 6,963 | 7,723 | 2,915 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
059 Salina, KS | — | 79 | 1,571 | 4 | 79 | 1,575 | 1,654 | 863 | 1994 | 1995 | ||||||||||||||||||||||||||||||||||||||
084 San Antonio, TX | — | 100 | 1,900 | — | 100 | 1,900 | 2,000 | 862 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
092 San Antonio, TX | — | 100 | 2,055 | — | 100 | 2,055 | 2,155 | 926 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
149 Shelby, NC | — | 100 | 2,805 | 2 | 100 | 2,807 | 2,907 | 1,188 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
150 Spring Hill, FL | — | 100 | 2,650 | — | 100 | 2,650 | 2,750 | 1,123 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
103 Springfield, OH | — | 100 | 2,035 | 270 | 100 | 2,305 | 2,405 | 1,017 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
162 Sumter, SC | — | 100 | 2,351 | — | 100 | 2,351 | 2,451 | 881 | 1998 | 1999 | ||||||||||||||||||||||||||||||||||||||
140 Tallahassee, FL | — | 100 | 3,075 | — | 100 | 3,075 | 3,175 | 1,305 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
098 Tiffin, OH | — | 100 | 2,435 | — | 100 | 2,435 | 2,535 | 1,083 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
088 Troy, OH | — | 100 | 2,435 | 306 | 100 | 2,741 | 2,841 | 1,225 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
080 Tulsa, OK | — | 200 | 1,650 | — | 200 | 1,650 | 1,850 | 758 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
093 Tulsa, OK | — | 100 | 2,395 | — | 100 | 2,395 | 2,495 | 1,076 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
238 Tupelo, MS | — | 1,170 | 8,230 | 30 | 1,170 | 8,260 | 9,430 | 1,144 | 2000 | 2010 | ||||||||||||||||||||||||||||||||||||||
075 Tyler, TX | — | 100 | 1,800 | — | 100 | 1,800 | 1,900 | 832 | 1996 | 1996 | ||||||||||||||||||||||||||||||||||||||
202 Vacaville, CA | — | 1,662 | 11,634 | 1,141 | 1,662 | 12,775 | 14,437 | 4,697 | 2002 | 2001 | ||||||||||||||||||||||||||||||||||||||
091 Waco, TX | — | 100 | 2,235 | — | 100 | 2,235 | 2,335 | 1,005 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
096 Wahoo, NE | — | 100 | 2,318 | — | 100 | 2,318 | 2,418 | 1,032 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
108 Watauga, TX | — | 100 | 1,668 | — | 100 | 1,668 | 1,768 | 746 | 1996 | 1997 | ||||||||||||||||||||||||||||||||||||||
109 Weatherford, OK | — | 100 | 1,669 | 592 | 100 | 2,261 | 2,361 | 999 | 1996 | 1997 | ||||||||||||||||||||||||||||||||||||||
110 Wheelersburg, OH | — | 29 | 2,435 | — | 29 | 2,435 | 2,464 | 1,073 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
259 Wichita, KS | — | 730 | — | 9,682 | 730 | 9,682 | 10,412 | 465 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||
076 Wichita Falls, TX | — | 100 | 1,850 | — | 100 | 1,850 | 1,950 | 855 | 1996 | 1996 | ||||||||||||||||||||||||||||||||||||||
120 Wichita Falls, TX | — | 100 | 2,750 | — | 100 | 2,750 | 2,850 | 1,215 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
265 Williamstown, NJ | — | 711 | 6,637 | — | 711 | 6,637 | 7,348 | 429 | 2000 | 2012 | ||||||||||||||||||||||||||||||||||||||
264 Williamstown, NJ | — | 711 | 8,649 | — | 711 | 8,649 | 9,360 | 505 | 2000 | 2012 | ||||||||||||||||||||||||||||||||||||||
138 Worthington, OH | — | — | 6,102 | — | — | 6,102 | 6,102 | 4,843 | 1993 | 2001 | ||||||||||||||||||||||||||||||||||||||
139 Worthington, OH | — | — | 3,402 | — | — | 3,402 | 3,402 | 2,717 | 1995 | 2001 | ||||||||||||||||||||||||||||||||||||||
099 York, NE | — | 100 | 2,318 | — | 100 | 2,318 | 2,418 | 1,032 | 1997 | 1997 | ||||||||||||||||||||||||||||||||||||||
Assisted Living Properties | — | 30,719 | 341,228 | 29,570 | 30,719 | 370,798 | 401,517 | 98,814 | ||||||||||||||||||||||||||||||||||||||||
Range of Care Properties: | ||||||||||||||||||||||||||||||||||||||||||||||||
199 Brownsville, TX | — | 302 | 1,856 | 835 | 302 | 2,691 | 2,993 | 878 | 2009 | 2004 | ||||||||||||||||||||||||||||||||||||||
168 Des Moines, IA(2) | — | 115 | 2,096 | 1,433 | 115 | 3,529 | 3,644 | 1,795 | 1972 | 1999 | ||||||||||||||||||||||||||||||||||||||
26A Gardendale, AL | — | 100 | 7,550 | 2,084 | 100 | 9,634 | 9,734 | 4,548 | 2009 | 1996 | ||||||||||||||||||||||||||||||||||||||
LTC PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Costs | ||||||||||||||||||||||||||||||||||||||||||||||||
capitalized | Gross amount at which carried at | |||||||||||||||||||||||||||||||||||||||||||||||
Initial cost to company | subsequent | December 31, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||
Building and | to | Building and | Accum | Construction/ | Acquisition | |||||||||||||||||||||||||||||||||||||||||||
Encumbrances | Land | improvements | acquisition | Land | improvements | Total(1) | deprec. | renovation date | date | |||||||||||||||||||||||||||||||||||||||
194 Holyoke, CO | — | 211 | 1,513 | 283 | 211 | 1,796 | 2,007 | 955 | 1963 | 2000 | ||||||||||||||||||||||||||||||||||||||
245 Newberry, SC | — | 439 | 4,639 | 608 | 439 | 5,247 | 5,686 | 867 | 1995 | 2011 | ||||||||||||||||||||||||||||||||||||||
244 Newberry, SC | — | 919 | 5,454 | 131 | 919 | 5,585 | 6,504 | 818 | 2001 | 2011 | ||||||||||||||||||||||||||||||||||||||
236 Wytheville, VA | — | 647 | 12,692 | — | 647 | 12,692 | 13,339 | 2,606 | 1996 | 2010 | ||||||||||||||||||||||||||||||||||||||
Range of Care Properties | — | 2,733 | 35,800 | 5,374 | 2,733 | 41,174 | 43,907 | 12,467 | ||||||||||||||||||||||||||||||||||||||||
Other: | ||||||||||||||||||||||||||||||||||||||||||||||||
School: | ||||||||||||||||||||||||||||||||||||||||||||||||
159 Trenton, NJ | — | 100 | 6,000 | 3,170 | 100 | 9,170 | 9,270 | 4,789 | 1998 | 1998 | ||||||||||||||||||||||||||||||||||||||
School | — | 100 | 6,000 | 3,170 | 100 | 9,170 | 9,270 | 4,789 | ||||||||||||||||||||||||||||||||||||||||
Land: | ||||||||||||||||||||||||||||||||||||||||||||||||
271 Howell, MI | — | 420 | — | — | 420 | — | 420 | — | N/A | 2013 | ||||||||||||||||||||||||||||||||||||||
273 Richmond, MI | — | 380 | — | — | 380 | — | 380 | — | N/A | 2013 | ||||||||||||||||||||||||||||||||||||||
274 Rochester Hills, MI | — | 290 | — | — | 290 | — | 290 | — | N/A | 2013 | ||||||||||||||||||||||||||||||||||||||
275 Yale, MI | — | 73 | — | — | 73 | — | 73 | — | N/A | 2013 | ||||||||||||||||||||||||||||||||||||||
999 Milford, MI | — | 450 | — | — | 450 | — | 450 | — | N/A | 2014 | ||||||||||||||||||||||||||||||||||||||
Land | — | 1,613 | — | — | 1,613 | — | 1,613 | — | ||||||||||||||||||||||||||||||||||||||||
Other Properties | — | 1,713 | 6,000 | 3,170 | 1,713 | 9,170 | 10,883 | 4,789 | ||||||||||||||||||||||||||||||||||||||||
Properties Under Development: | ||||||||||||||||||||||||||||||||||||||||||||||||
276 Westminster, CO | — | 1,425 | — | 7,994 | 1,425 | 7,994 | 9,419 | — | N/A | 2013 | ||||||||||||||||||||||||||||||||||||||
999 Burr Ridge, IL | — | 1,400 | — | 676 | 1,400 | 676 | 2,076 | — | N/A | 2014 | ||||||||||||||||||||||||||||||||||||||
Properties Under Development | — | 2,825 | — | 8,670 | 2,825 | 8,670 | 11,495 | — | ||||||||||||||||||||||||||||||||||||||||
$ | — | $ | 80,024 | $ | 784,396 | $ | 85,418 | $ | 80,024 | $ | 869,814 | $ | 949,838 | -2 | $ | 223,315 | ||||||||||||||||||||||||||||||||
-1 | Depreciation is computed principally by the straight‑line method for financial reporting purposes which generally range of a life from 5 to 15 years for furniture and equipment, 35 to 45 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles. | |||||||||||||||||||||||||||||||||||||||||||||||
-2 | As of December 31, 2014, our aggregate cost for Federal income tax purposes was $965,043. | |||||||||||||||||||||||||||||||||||||||||||||||
LTC PROPERTIES, INC. | ||||||||||||||||||||||||||||||||||||||||||||||||
SCHEDULE III | ||||||||||||||||||||||||||||||||||||||||||||||||
REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) | ||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||
Activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
For the Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Reconciliation of real estate: | ||||||||||||||||||||||||||||||||||||||||||||||||
Carrying cost: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 937,617 | $ | 900,095 | $ | 725,031 | ||||||||||||||||||||||||||||||||||||||||||
Acquisitions | 11,650 | 19,040 | 166,750 | |||||||||||||||||||||||||||||||||||||||||||||
Improvements | 49,912 | 32,008 | 11,219 | |||||||||||||||||||||||||||||||||||||||||||||
Conversion of mortgage loans into owned properties | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cost of real estate sold | -49,341 | -13,526 | -2,905 | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 949,838 | $ | 937,617 | $ | 900,095 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated depreciation: | ||||||||||||||||||||||||||||||||||||||||||||||||
Balance at beginning of period | $ | 218,700 | $ | 198,548 | $ | 178,196 | ||||||||||||||||||||||||||||||||||||||||||
Depreciation expense | 25,424 | 24,568 | 22,002 | |||||||||||||||||||||||||||||||||||||||||||||
Conversion of mortgage loans into owned properties | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Impairment charges | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||
Cost of real estate sold | -20,809 | -4,416 | -1,650 | |||||||||||||||||||||||||||||||||||||||||||||
Ending balance | $ | 223,315 | $ | 218,700 | $ | 198,548 | ||||||||||||||||||||||||||||||||||||||||||
SCHEDULE_IV_MORTGAGE_LOANS_ON_
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||||||||
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV | ||||||||||||||||||||||||
MORTGAGE LOANS ON REAL ESTATE | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Principal | |||||||||||||||||||||||||
Amount of | |||||||||||||||||||||||||
Carrying | Loans | ||||||||||||||||||||||||
Current | Amount of | Subject to | |||||||||||||||||||||||
(Unaudited) | Monthly | Face | Mortgages | Delinquent | |||||||||||||||||||||
Number of | Final | Balloon | Debt | Amount of | December 31, | Principal or | |||||||||||||||||||
State | Properties | Units/Beds(3) | Interest Rate(1) | Maturity Date | Amount(2) | Service | Mortgages | 2013 | Interest | ||||||||||||||||
MI | 15 | 2,058 | 9.53% | 2043 | $ | 97,387 | $ | 1,007 | $ | 124,387 | $ | 127,725 | $ | — | |||||||||||
PA | 1 | 70 | 7.11% | 2016 | 5,100 | 31 | 5,100 | 5,100 | — | ||||||||||||||||
TX | 6 | 100 | 10.40% | 2018 | 5,095 | 68 | 6,800 | 5,887 | — | ||||||||||||||||
WI | 1 | 106 | 10.08% | 2022 | 9,437 | 90 | 10,600 | 10,600 | — | ||||||||||||||||
Various | 15 | 1,759 | 7.00%-13.75% | 2015-2019 | 12,615 | 328 | 29,742 | 16,344 | — | ||||||||||||||||
38 | -4 | 4,093 | $ | 129,634 | $ | 1,524 | $ | 176,629 | $ | 165,656 | $ | — | |||||||||||||
-1 | Represents current stated interest rate. Generally, the loans have 25‑year amortization with principal and interest payable at varying amounts over the life to maturity with annual interest adjustments through specified fixed rate increases effective either on the first anniversary or calendar year of the loan. | ||||||||||||||||||||||||
-2 | Balloon payment is due upon maturity. | ||||||||||||||||||||||||
-3 | This number is based upon unit/bed counts shown on operating licenses provided to us by lessees/borrowers or units/beds as stipulated by lease/mortgage documents. We have found during the years that these numbers often differ, usually not materially, from units/beds in operation at any point in time. The differences are caused by such things as operators converting a patient/resident room for alternative uses, such as offices or storage, or converting a multi‑patient room/unit into a single patient room/unit. We monitor our properties on a routine basis through site visits and reviews of current licenses. In an instance where such change would cause a de‑licensing of beds or in our opinion impact the value of the property, we would take action against the lessee/borrower to preserve the value of the property/collateral. | ||||||||||||||||||||||||
-4 | Includes 19 first‑lien mortgage loans as follows: | ||||||||||||||||||||||||
Number of Loans | Original loan amounts | ||||||||||||||||||||||||
11 | $ 500 - $2,000 | ||||||||||||||||||||||||
1 | $2,001 - $3,000 | ||||||||||||||||||||||||
2 | $3,001 - $4,000 | ||||||||||||||||||||||||
1 | $4,001 - $5,000 | ||||||||||||||||||||||||
1 | $5,001 - $6,000 | ||||||||||||||||||||||||
1 | $6,001 - $7,000 | ||||||||||||||||||||||||
2 | $7,001 + | ||||||||||||||||||||||||
Mortgage loans receivable activity for the years ended December 31, 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
Balance— December 31, 2011 | $ | 53,081 | |||||||||||||||||||||||
New mortgage loans | 7,719 | ||||||||||||||||||||||||
Other additions | — | ||||||||||||||||||||||||
Amortization of mortgage premium | -7 | ||||||||||||||||||||||||
Collections of principal | -21,633 | ||||||||||||||||||||||||
Foreclosures | — | ||||||||||||||||||||||||
Loan loss reserve | 139 | ||||||||||||||||||||||||
Other deductions | — | ||||||||||||||||||||||||
Balance— December 31, 2012 | 39,299 | ||||||||||||||||||||||||
New mortgage loans | 124,387 | ||||||||||||||||||||||||
Other additions | 4,971 | ||||||||||||||||||||||||
Amortization of mortgage premium | -6 | ||||||||||||||||||||||||
Collections of principal | -1,933 | ||||||||||||||||||||||||
Foreclosures | — | ||||||||||||||||||||||||
Loan loss reserve | -1,274 | ||||||||||||||||||||||||
Other deductions | — | ||||||||||||||||||||||||
Balance— December 31, 2013 | 165,444 | ||||||||||||||||||||||||
New mortgage loans | 3,027 | ||||||||||||||||||||||||
Other additions | 6,347 | ||||||||||||||||||||||||
Amortization of mortgage premium | -5 | ||||||||||||||||||||||||
Collections of principal | -9,155 | ||||||||||||||||||||||||
Foreclosures | — | ||||||||||||||||||||||||
Loan loss reserve | -2 | ||||||||||||||||||||||||
Other deductions | — | ||||||||||||||||||||||||
Balance— December 31, 2014 | $ | 165,656 | |||||||||||||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2014 | ||||
The Company | ||||
Basis of Presentation | Basis of Presentation. The accompanying consolidated financial statements include the accounts of LTC, our wholly‑owned subsidiaries and our controlled partnership, prior to its liquidation in 2013. All intercompany investments, accounts and transactions have been eliminated. Control over the partnership was based on the provisions of the partnership agreement that provided us with a controlling financial interest in the partnership. Under the terms of the partnership agreement, we, as the general partner, were responsible for the management of the partnership’s assets, business and affairs. Our rights and duties in management of the partnership included making all operating decisions, setting the capital budget, executing all contracts, making all employment decisions, and handling the purchase and disposition of assets, among others. We, as the general partner, were responsible for the ongoing, major, and central operations of the partnership and made all management decisions. In addition, we, as the general partner, assumed the risk for all operating losses, capital losses, and were entitled to substantially all capital gains (appreciation). | |||
The Financial Accounting Standard Board (or FASB) created a framework for evaluating whether a general partner or a group of general partners controls a limited partnership or a managing member or a group of managing members controls a limited liability company and therefore should consolidate the entity. The guidance states that the presumption of general partner or managing member control would be overcome only when the limited partners or non‑managing members have certain specific rights as described in the guidance. The limited partners had virtually no rights and were precluded from taking part in the operation, management or control of the partnership. The limited partners were also precluded from transferring their partnership interests without the expressed permission of the general partner. However, we could transfer our interest without consultation or permission of the limited partners. We consolidated the partnership in accordance with the guidance. | ||||
The FASB requires the classification of non‑controlling interests as a component of consolidated equity in the consolidated balance sheet subject to the provisions of the rules governing classification and measurement of redeemable securities. The guidance requires consolidated net income to be reported at the amounts attributable to both the controlling and non‑ controlling interests. The calculation of earnings per share will be based on income amounts attributable to the controlling interest. Also, this guidance addresses accounting and reporting for a change in control of a subsidiary. | ||||
The FASB addresses when a company should include in its financial statements the assets, liabilities and activities of another entity. The guidance requires that we consolidate a “variable interest entity” if we are determined to be the primary beneficiary of the equity. The guidance also requires disclosure about “variable interest entities” that we are not required to consolidate but in which we have a significant variable interest. We believe that as of December 31, 2014, we do not have investments in any entities that meet the definition of a “variable interest entity.” | ||||
Use of Estimates | Use of Estimates. Preparation of the consolidated financial statements in conformity with U.S. generally accepted accounting principles (or GAAP) requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates. | |||
Cash Equivalents | Cash Equivalents. Cash equivalents consist of highly liquid investments with a maturity of three months or less when purchased and are stated at cost which approximates market. | |||
Owned Properties | Owned Properties. We make estimates as part of our allocation of the purchase price of acquisitions to the various components of the acquisition based upon the fair value of each component. In determining fair value, we use current appraisals or other third party opinions of value. The most significant components of our allocations are typically the allocation of fair value to land and buildings and, for certain of our acquisitions, in‑place leases and other intangible assets. In the case of the fair value of buildings and the allocation of value to land and other intangibles, the estimates of the values of these components will affect the amount of depreciation and amortization we record over the estimated useful life of the property acquired or the remaining lease term. In the case of the value of in‑place leases, we make best estimates based on the evaluation of the specific characteristics of each tenant’s lease. Factors considered include estimates of carrying costs during hypothetical expected lease‑up periods, market conditions and costs to execute similar leases. These assumptions affect the amount of future revenue that we will recognize over the remaining lease term for the acquired in‑place leases. We evaluate each purchase transaction to determine whether the acquired assets meet the definition of a business. Transaction costs related to acquisitions that are not deemed to be businesses are included in the cost basis of the acquired assets, while transaction costs related to acquisitions that are deemed to be businesses are expensed as incurred. | |||
We capitalize direct construction and development costs, including predevelopment costs, interest, property taxes, insurance and other costs directly related and essential to the acquisition, development or construction of a real estate asset. We capitalize construction and development costs while substantive activities are ongoing to prepare an asset for its intended use. We consider a construction project as substantially complete and held available for occupancy upon the issuance of the certificate of occupancy. Costs incurred after a project is substantially complete and ready for its intended use, or after development activities have ceased, are expensed as incurred. For redevelopment, renovation and expansion of existing operating properties, we capitalize the cost for the construction and improvement incurred in connection with the redevelopment, renovation and expansion. Costs previously capitalized related to abandoned acquisitions or developments are charged to earnings. Expenditures for repairs and maintenance are expensed as incurred. | ||||
Depreciation is computed principally by the straight‑line method for financial reporting purposes over the estimated useful lives of the assets, which range from 3 to 5 years for computers, 5 to 15 years for furniture and equipment, 35 to 45 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles. | ||||
Mortgage Loans Receivable | Mortgage Loans Receivable. Mortgage loans receivable we originate are recorded on an amortized cost basis. Mortgage loans we acquire are recorded at fair value at the time of purchase net of any related premium or discount which is amortized as a yield adjustment to interest income over the life of the loan. | |||
Allowance for Doubtful Accounts | Allowance for Doubtful Accounts. We maintain an allowance for doubtful accounts. The allowance for doubtful accounts is based upon the expected collectability of our receivables and is maintained at a level believed adequate to absorb potential losses in our receivables. In determining the allowance we perform a quarterly evaluation of all receivables. If this evaluation indicates that there is a greater risk of receivable charge‑offs, additional allowances are recorded in current period earnings. During the fourth quarter of 2013, we wrote‑off an $878,000 straight‑line rent receivable balance related to the transition of four assisted living properties to a new lessee. | |||
Impairments | Impairments. Assets that are classified as held for use are periodically evaluated for impairment when events or changes in circumstances indicate that the asset may be impaired or the carrying amount of the asset may not be recoverable through future undiscounted cash flows. Management assesses the impairment of properties individually and impairment losses are calculated as the excess of the carrying amount over the estimated fair value of assets as of the measurement date. In determining fair value, we use current appraisals or other third party opinions of value and other estimates of fair value such as estimated discounted future cash flows. | |||
Also, we evaluate the carrying values of mortgage loans receivable on an individual basis. Management periodically evaluates the realizability of future cash flows from the mortgage loan receivable when events or circumstances, such as the non‑receipt of principal and interest payments and/or significant deterioration of the financial condition of the borrower, indicate that the carrying amount of the mortgage loan receivable may not be recoverable. An impairment charge is recognized in current period earnings and is calculated as the difference between the carrying amount of the mortgage loan receivable and the discounted cash flows expected to be received, or if foreclosure is probable, the fair value of the collateral securing the mortgage. | ||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments. The FASB requires the disclosure of fair value information about financial instruments for which it is practicable to estimate that value. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows. In that regard, the derived fair value estimates cannot be substantiated by comparison to independent markets and, in many cases, could not be realized in immediate settlement of the instrument. Accordingly, the aggregate fair market value amounts presented in the notes to these consolidated financial statements do not represent our underlying carrying value in financial instruments. | |||
The FASB provides guidance for using fair value to measure assets and liabilities, the information used to measure fair value, and the effect of fair value measurements on earnings. The FASB emphasizes that fair value is a market‑ based measurement, not an entity‑specific measurement. Therefore, a fair value measurement should be determined based on the assumptions that market participants would use in pricing the asset or liability. As a basis for considering market participant assumptions in fair value measurements, the FASB establishes a fair value hierarchy that distinguishes between market participant assumptions based on market data obtained from sources independent of the reporting entity (observable inputs that are classified within Levels 1 and 2 of the hierarchy) and the reporting entity’s own assumptions about market participant assumptions (unobservable inputs classified within Level 3 of the hierarchy). Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities that we have the ability to access. Level 2 inputs are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs may include quoted prices for similar assets and liabilities in active markets, as well as inputs that are observable for the asset or liability (other than quoted prices). | ||||
The fair value guidance issued by the FASB excludes accounting pronouncements that address fair value measurements for purposes of lease classification or measurement. However, this scope exception does not apply to assets acquired and liabilities assumed in a business combination that are required to be measured at fair value, regardless of whether those assets and liabilities are related to leases. | ||||
In accordance with the accounting guidance regarding the fair value option for financial assets and financial liabilities, entities are permitted to choose to measure certain financial assets and liabilities at fair value, with the change in unrealized gains and losses on items for which the fair value option has been elected reported in earnings. We have not elected the fair value option for any of our financial assets or liabilities. | ||||
The FASB requires disclosures about fair value of financial instruments for interim reporting periods of publicly traded companies as well as in annual financial statements. See Note 15. Fair Value Measurements for the disclosure about fair value of our financial instruments. | ||||
Investments | Investments. Investments in marketable debt and equity securities are categorized as trading, available‑for‑sale or held‑to‑maturity. Available‑for‑sale securities are stated at fair value, with the unrealized gains and losses, reported in other comprehensive income until realized. Realized gains and losses and declines in value judged to be other‑than‑temporary on available‑for‑sale securities are included in net income. The cost of securities sold is based on the specific identification method. Interest and dividends on securities classified as available‑for‑sale are included in interest and other income. Our investment in marketable debt securities is classified as held‑to‑ maturity because we have the positive intent and ability to hold the securities to maturity. Held‑to‑maturity securities are stated at amortized cost, adjusted for amortization of premiums and accretion of discounts to maturity. | |||
ASC No. 320, Investments—Debt and Equity Securities, requires an entity to assess whether it intends to sell, or it is more likely than not that it will be required to sell, a debt security in an unrealized loss position before recovery of its amortized cost basis. If either of these criteria is met, the entire difference between fair value and amortized cost is recognized as impairment through earnings. For securities that do not meet the aforementioned criteria, the amount of impairment is split into two components as follows: 1) other‑than‑temporary impairment (or OTTI) related to other factors such as an entity’s ability to make scheduled interest or principal payments on the debt securities, which is recognized in other comprehensive income and 2) OTTI related to credit loss, which must be recognized in the income statement. The credit loss is determined as the difference between the present value of the cash flows expected to be collected and the amortized cost basis. | ||||
Revenue Recognition | Revenue Recognition. Interest income on mortgage loans is recognized using the effective interest method. We follow a policy related to mortgage interest whereby we consider a loan to be non‑performing after 60 days of non‑ payment of amounts due and do not recognize unpaid mortgage interest income from that loan until the past due amounts have been received. | |||
Rental income from operating leases is generally recognized on a straight‑line basis over the terms of the leases. Substantially all of our leases contain provisions for specified annual increases over the rents of the prior year and are generally computed in one of four methods depending on specific provisions of each lease as follows: | ||||
(i) | a specified annual increase over the prior year’s rent, generally between 2.0% and 3.0%; | |||
(ii) | a calculation based on the Consumer Price Index; | |||
(iii) | as a percentage of facility revenues in excess of base amounts or | |||
(iv) | specific dollar increases. | |||
The FASB does not provide for the recognition of contingent revenue until all possible contingencies have been eliminated. We consider the operating history of the lessee and the general condition of the industry when evaluating whether all possible contingencies have been eliminated and have historically, and expect in the future, to not include contingent rents as income until received. We follow a policy related to rental income whereby we consider a lease to be non‑ performing after 60 days of non‑payment of past due amounts and do not recognize unpaid rental income from that lease until the amounts have been received. | ||||
Rental revenues relating to non‑contingent leases that contain specified rental increases over the life of the lease are recognized on the straight‑line basis. Recognizing income on a straight‑line basis requires us to calculate the total non‑contingent rent containing specified rental increases over the life of the lease and to recognize the revenue evenly over that life. This method results in rental income in the early years of a lease being higher than actual cash received, creating a straight‑line rent receivable asset included in our consolidated balance sheet. At some point during the lease, depending on its terms, the cash rent payments eventually exceed the straight‑line rent which results in the straight‑line rent receivable asset decreasing to zero over the remainder of the lease term. We assess the collectability of straight‑line rent in accordance with the applicable accounting standards and our reserve policy. If the lessee becomes delinquent in rent owed under the terms of the lease, we may provide a reserve against the recognized straight‑line rent receivable asset for a portion, up to its full value, that we estimate may not be recoverable. | ||||
Payments made to or on behalf of our lessees represent incentives that are deferred and amortized as a yield adjustment over the term of the lease on a straight-line basis. Net loan fee income and commitment fee income are amortized over the life of the related loan. | ||||
Federal Income Taxes | In May 2014, the FASB issued Accounting Standards Update No. 2014-09 (or ASU 2014-09), Revenue from Contracts with Customers: Topic 606. ASU 2014-09 provides for a single comprehensive principles based standard for the recognition of revenue across all industries through the application of the following five-step process: | |||
Step 1: Identify the contract(s) with a customer. | ||||
Step 2: Identify the performance obligations in the contract. | ||||
Step 3: Determine the transaction price. | ||||
Step 4: Allocate the transaction price to the performance obligations in the contract. | ||||
Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation. | ||||
ASU 2014-09 requires expanded disclosures about the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers. ASU 2014-09 is effective for annual reporting periods (including interim reporting periods within those periods) beginning after December 15, 2016. Early adoption is not permitted. We are evaluating the effects of this adoption on our consolidated financial statements. | ||||
Federal Income Taxes. LTC qualifies as a REIT under the Internal Revenue Code of 1986, as amended, and as such, no provision for Federal income taxes has been made. A REIT is required to distribute at least 90% of its taxable income to its stockholders and a REIT may deduct dividends in computing taxable income. If a REIT distributes 100% of its taxable income and complies with other Internal Revenue Code requirements, it will generally not be subject to Federal income taxation. | ||||
For Federal tax purposes, depreciation is generally calculated using the straight‑line method over a period of 27.5 years. Earnings and profits, which determine the taxability of distributions to stockholders, use the straight‑line method over 40 years. Both Federal taxable income and earnings and profits differ from net income for financial statement purposes principally due to the treatment of certain interest income, rental income, other expense items, impairment charges and the depreciable lives and basis of assets. At December 31, 2014, the tax basis of our net depreciable assets exceeds our book basis by approximately $14,363,000 (unaudited), primarily due to an investment recorded as an acquisition for tax and a mortgage loan for GAAP. | ||||
The FASB clarified the accounting for income taxes by prescribing the minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. The guidance utilizes a two‑step approach for evaluating tax positions. Recognition (step one) occurs when a company concludes that a tax position, based solely on its technical merits, is more likely than not to be sustained upon examination. Measurement (step two) is only addressed if step one has been satisfied (i.e., the position is more likely than not to be sustained). Under step two, the tax benefit is measured as the largest amount of benefit (determined on a cumulative probability basis) that is more likely than not to be realized upon ultimate settlement. We currently do not have any uncertain tax positions that would not be sustained on its technical merits on a more‑likely than not basis. | ||||
We may from time to time be assessed interest or penalties by certain tax jurisdictions. In the event we have received an assessment for interest and/or penalties, it has been classified in our consolidated financial statements as General and administrative expenses. | ||||
Concentrations of Credit Risks | Concentrations of Credit Risks. Financial instruments which potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents, mortgage loans receivable, marketable debt securities and operating leases on owned properties. Our financial instruments, mortgage loans receivable and operating leases, are subject to the possibility of loss of carrying value as a result of the failure of other parties to perform according to their contractual obligations or changes in market prices which may make the instrument less valuable. We obtain various collateral and other protective rights, and continually monitor these rights, in order to reduce such possibilities of loss. In addition, we provide reserves for potential losses based upon management’s periodic review of our portfolio. See Note 3. Major Operators for further discussion of concentrations of credit risk from our tenants. | |||
Discontinued Operations | Discontinued Operations. Properties classified as held‑for‑sale on the consolidated balance sheet include only those properties available for immediate sale in their present condition and for which management believes that it is probable that a sale of the property will be completed within one year. Accordingly, we record reclassification adjustments to reflect properties sold subsequent to the respective consolidated balance sheet date as held‑for‑ sale in the prior period consolidated balance sheet. Properties held‑for‑ sale are carried at the lower of cost or fair value less estimated selling costs. No depreciation expense is recognized on properties held‑for‑sale once they have been classified as such. The operating results of real estate assets designated as held‑for‑sale are included in discontinued operations in the consolidated statement of income. In addition, all gains and losses from real estate sold are also included in discontinued operations. | |||
In April 2014, the FASB issued Accounting Standards Update No. 2014-08 (or ASU 2014-08), Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations. Under ASU 2014-08, only disposals representing a strategic shift in operations should be presented as discontinued operations. Those strategic shifts should have a major effect on the organization’s operations and financial results. Examples include a disposal of a major geographic area, a major line of business, or a major equity method investment. ASU 2014-08 is effective in the first quarter of 2015 with early adoption permitted. We elected early adoption of ASU 2014-08 and have not reclassified results of operations for properties disposed subsequent to January 1, 2014 as discontinued operations as these disposals do not represent strategic shifts in our operations. | ||||
Net Income Per Share | Net Income Per Share. Basic earnings per share is calculated using the weighted‑average shares of common stock outstanding during the period excluding common stock equivalents. Diluted earnings per share includes the effect of all dilutive common stock equivalents. | |||
In accordance with the accounting guidance regarding the determination of whether instruments granted in share‑based payments transactions are participating securities, we have applied the two‑class method of computing basic earnings per share. This guidance clarifies that outstanding unvested share‑based payment awards that contain rights to non‑forfeitable dividends participate in undistributed earnings with common stockholders and are considered participating securities. | ||||
Stock-Based Compensation | Stock‑Based Compensation. The FASB requires all share‑based payments to employees, including grants of employee stock options, to be recognized in the income statement based on their fair values. We use the Black‑Scholes‑Merton formula to estimate the value of stock options granted to employees. This model requires management to make certain estimates including stock volatility, expected dividend yield and the expected term. If management incorrectly estimates these variables, the results of operations could be affected. The FASB also requires the benefits of tax deductions in excess of recognized compensation cost to be reported as a financing cash flow. Because we qualify as a REIT under the Internal Revenue Code of 1986, as amended, we are generally not subject to Federal income taxation. Therefore, this reporting requirement does not have an impact on our statement of cash flows. | |||
Segment Disclosures | Segment Disclosures. The FASB accounting guidance regarding disclosures about segments of an enterprise and related information establishes standards for the manner in which public business enterprises report information about operating segments. Our investment decisions in senior housing and long term care properties, including mortgage loans, property lease transactions and other investments, are made and resulting investments are managed as a single operating segment for internal reporting and for internal decision‑making purposes. Therefore, we have concluded that we operate as a single segment. | |||
Supplemental_Cash_Flow_Informa1
Supplemental Cash Flow Information (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Supplemental Cash Flow Information | |||||||||||
Supplemental Cash Flow Information | |||||||||||
For the year ended | |||||||||||
December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
(in thousands) | |||||||||||
Non-cash investing and financing transactions: | |||||||||||
Earn-out liabilities related to lease incentives (See Note 11) | $ | 3,240 | $ | — | $ | — | |||||
Reclassification of pre-development loans (See Note 6) | 304 | 479 | — | ||||||||
Redemption of non-controlling interest | — | — | 396 | ||||||||
Restricted stock issued, net of cancellations | 1 | — | 1 | ||||||||
Real_Estate_Investments_Tables
Real Estate Investments (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||
Real Estate Investments | |||||||||||||||||||
Summary of investments in owned properties | The following table summarizes our investment in owned properties at December 31, 2014 (dollar amounts in thousands): | ||||||||||||||||||
Average | |||||||||||||||||||
Percentage | Number | Number of | Investment | ||||||||||||||||
Gross | of | of | SNF | ALF | per | ||||||||||||||
Type of Property | Investments | Investments | Properties(1) | Beds | Units | Bed/Unit | |||||||||||||
Skilled Nursing | $ | 482,036 | 50.8 | % | 68 | 8,407 | — | $ | 57.34 | ||||||||||
Assisted Living | 401,517 | 42.3 | % | 84 | — | 4,176 | $ | 96.15 | |||||||||||
Range of Care | 43,907 | 4.6 | % | 7 | 634 | 274 | $ | 48.36 | |||||||||||
Under Development(2) | 11,495 | 1.2 | % | — | — | — | — | ||||||||||||
Other(3) | 10,883 | 1.1 | % | 1 | — | — | — | ||||||||||||
Totals | $ | 949,838 | 100.0 | % | 160 | 9,041 | 4,450 | ||||||||||||
-1 | We have investments in 26 states leased to 30 different operators. | ||||||||||||||||||
-2 | Includes two MC developments with a total of 126 units. | ||||||||||||||||||
Includes a school and five parcels of land held-for-use. | |||||||||||||||||||
Schedule of completed development, improvement and construction projects | During the twelve months ended December 31, 2014, we completed the following development and improvement projects (dollar amounts in thousands): | ||||||||||||||||||
Number | Number | ||||||||||||||||||
of | Type of | of | |||||||||||||||||
Type of Project | Properties | Property | Beds/Units | State | 2014 Funding | Total Funding | |||||||||||||
Development | 1 | ALF | 60 | Colorado | $ | 6,351 | $ | 9,689 | -1 | ||||||||||
Development | 1 | ALF | 80 | Texas | 2,300 | 5,691 | -2 | ||||||||||||
Development | 1 | SNF | 143 | Kentucky | 10,579 | 20,904 | -3 | ||||||||||||
Development | 1 | ALF | 48 | Colorado | 7,257 | 8,744 | -4 | ||||||||||||
Expansion/Renovation | 1 | ALF | 72 | Colorado | 6,371 | 6,376 | |||||||||||||
Expansion/Renovation | 2 | ALF | 123 | Colorado | 5,091 | 5,095 | |||||||||||||
Improvements | 1 | SNF | 120 | Florida | 500 | 500 | |||||||||||||
Improvements | 2 | SNF | 235 | New Mexico | 319 | 1,746 | |||||||||||||
10 | 881 | $ | 38,768 | -5 | $ | 58,745 | -5 | ||||||||||||
-1 | Completed a memory care property in August 2014. The total funded amount includes acquired land of $1,200. | ||||||||||||||||||
-2 | Completed a memory care property in October 2014. The total funded amount includes acquired land of $1,000. | ||||||||||||||||||
-3 | Completed in October 2014 and total funded amount includes acquired land of $2,050. | ||||||||||||||||||
-4 | Completed a memory care property in December 2014. The total funded amount includes acquired land of $850. | ||||||||||||||||||
-5 | In 2014, we funded $500 to purchase Texas Medicaid bed rights for a 122-bed skilled nursing property under an existing lease. Additionally, during 2014, we funded the final commitment balance of $551 on a newly developed 77-unit assisted living property in Kansas which opened in 2013. In January 2015, we funded an additional $4,711 under these completed projects. | ||||||||||||||||||
During the twelve months ended December 31, 2013, we completed the following construction projects (dollar amounts in thousands): | |||||||||||||||||||
Number | |||||||||||||||||||
Completed | of | ||||||||||||||||||
Date | Type of Property | Beds/Units | State | 2013 Funding | Total Funding | ||||||||||||||
Jul-13 | Assisted Living(1) | 60 | Colorado | $ | 4,316 | $ | 9,850 | ||||||||||||
Jul-13 | Skilled Nursing(2) | 120 | Texas | 5,065 | 8,635 | ||||||||||||||
Oct-13 | Assisted Living | 77 | Kansas | 8,081 | 9,675 | -3 | |||||||||||||
Totals | 257 | $ | 17,462 | $ | 28,160 | ||||||||||||||
-1 | Represents a memory care property. The funded amount includes acquired land of $1,882. | ||||||||||||||||||
-2 | This new property replaces a skilled nursing property in our existing portfolio. The old skilled nursing property was closed upon completion of the replacement property and subsequently sold in 2014, as previously discussed. | ||||||||||||||||||
-3 | The funded amount includes acquired land of $730. In 2014, we funded an additional $551 and completed this commitment. | ||||||||||||||||||
Schedule of investment commitments | The following table summarizes our investment commitments as of December 31, 2014 and amounts funded on our open development and improvement projects (excludes capitalized interest, dollar amounts in thousands): | ||||||||||||||||||
Number | Number | ||||||||||||||||||
Investment | 2014 | Commitment | Remaining | of | of | ||||||||||||||
Type of Property | Commitment | Funding(2) | Funded | Commitment | Properties | Beds/Units | |||||||||||||
Skilled Nursing | $ | 2,200 | $ | 1,156 | $ | 2,161 | $ | 39 | 2 | 141 | |||||||||
Assisted Living(1) | 27,751 | 8,831 | 11,268 | 16,483 | 26 | 1,194 | |||||||||||||
Totals | $ | 29,951 | $ | 9,987 | -3 | $ | 13,429 | $ | 16,522 | (3) | 28 | 1,335 | |||||||
-1 | Includes the development of a 66-unit memory care property for a commitment of $12,248, as previously discussed, a 60-unit memory care property for a total commitment of $10,703 and the improvement of 24 assisted living properties for a total investment commitment of $4,800. | ||||||||||||||||||
-2 | Excludes funding for completed development and improvement projects discussed above and includes $1,400 of land acquired for the development of a 66-unit memory care property, as previously discussed, and the reclass of a pre‑development loan with a balance of $304. See Note 7. Notes Receivable for further discussion of the pre‑development loans. | ||||||||||||||||||
In January 2015, we funded $731 under investment commitments. Accordingly, we have a remaining commitment of $15,791. Additionally, in January 2015, we amended an existing master lease with an operator to provide a commitment not to exceed $600 for the purpose of making capital improvements at a 196-skilled nursing property in Texas. Upon the capital improvement deadline of June 30, 2015 or final funding of the capital improvement commitment, the minimum rent will increase by the product of 9% and the total capital improvement funded. | |||||||||||||||||||
Schedule of development, redevelopment, renovation, and expansion activity | Our construction in progress (or CIP) activity during the year ended December 31, 2014 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands): | ||||||||||||||||||
CIP | CIP | ||||||||||||||||||
Balance at | Capitalized | Conversions | Balance at | ||||||||||||||||
Properties | Projects | 12/31/13 | Funded(1) | Interest | out of CIP | 12/31/14 | |||||||||||||
Development projects: | |||||||||||||||||||
Assisted living | 6 | $ | 6,334 | $ | 23,149 | $ | 769 | $ | -21,581 | $ | 8,671 | ||||||||
Skilled nursing | 1 | 5,893 | 10,579 | 505 | -16,977 | — | |||||||||||||
Subtotal | 7 | 12,227 | 33,728 | 1,274 | -38,558 | 8,671 | |||||||||||||
Redevelopment, renovation and expansion projects: | |||||||||||||||||||
Assisted living | 3 | 8 | 11,463 | 232 | -11,703 | — | |||||||||||||
Skilled nursing | 5 | 2,433 | 1,661 | — | -4,094 | — | |||||||||||||
Subtotal | 8 | 2,441 | 13,124 | 232 | -15,797 | — | |||||||||||||
Total | 15 | $ | 14,668 | $ | 46,852 | $ | 1,506 | $ | -54,355 | $ | 8,671 | ||||||||
Excludes $1,554 of capital improvement commitment funding which was capitalized directly into building and improvements and includes the reclass of a pre‑development loan with a total balance of $304 See Note 7. Notes Receivable for further discussion of pre‑development loans. | |||||||||||||||||||
Summary of acquisitions | The following table summarizes our acquisitions during 2012 (dollar amounts in thousands): | ||||||||||||||||||
Total | Number | Number | |||||||||||||||||
Purchase | Transaction | Acquisition | of | of | |||||||||||||||
Type of Property | Price | Costs | Costs | Properties | Beds/Units | ||||||||||||||
Skilled Nursing(1) | $ | 79,100 | $ | 275 | $ | 79,375 | 4 | 522 | |||||||||||
Assisted Living(2) | 81,987 | 285 | 82,272 | 5 | 266 | ||||||||||||||
Land(3) | 5,663 | 207 | 5,870 | — | — | ||||||||||||||
Totals | $ | 166,750 | $ | 767 | $ | 167,517 | 9 | 788 | |||||||||||
-1 | Includes two skilled nursing properties with a total of 234 beds located in Texas and two skilled nursing properties with a total of 288 beds located in Ohio. | ||||||||||||||||||
-2 | Includes two properties with a total of 100 units located in Colorado and three properties with a total of 166 units located in New Jersey. | ||||||||||||||||||
We purchased four vacant parcels of land in the following states: Colorado, Kansas Kentucky and Texas. Simultaneous with the purchase, we entered into lease agreements and development commitments in an amount not to exceed $49,702 to fund the construction of a memory care property with 60 units and two assisted living properties with a total of 158 units and one skilled nursing property with 143 beds. These construction projects were subsequently completed in 2014 and 2013. | |||||||||||||||||||
Schedule of future minimum base rents receivable | Major Operators, and excluding the effects of straight‑line rent and renewal options are as follows (in thousands): | ||||||||||||||||||
Annual Cash | |||||||||||||||||||
Rent | |||||||||||||||||||
2015 | $ | 98,150 | |||||||||||||||||
2016 | 102,113 | ||||||||||||||||||
2017 | 101,009 | ||||||||||||||||||
2018 | 97,955 | ||||||||||||||||||
2019 | 92,658 | ||||||||||||||||||
Thereafter | 445,768 | ||||||||||||||||||
Schedule of components of the income from discontinued operations | Set forth in the table below are the components of the income from discontinued operations (in thousands): | ||||||||||||||||||
For the year ended | |||||||||||||||||||
December 31, | |||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||
Rental income | $ | — | $ | 1,123 | $ | 1,551 | |||||||||||||
Total revenues | — | 1,123 | 1,551 | ||||||||||||||||
Depreciation and amortization | — | -317 | -540 | ||||||||||||||||
General and administrative expenses | — | -1 | -6 | ||||||||||||||||
Total expenses | — | -318 | -546 | ||||||||||||||||
Income from discontinued operations | $ | — | $ | 805 | $ | 1,005 | |||||||||||||
Summary of investments in mortgage loans secured by first mortgages | The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2014 (dollar amounts in thousands): | ||||||||||||||||||
Percentage | Number | Number | Number of | Investment | |||||||||||||||
Gross | of | of | of | SNF | ALF | per | |||||||||||||
Type of Property | Investments | Investments | Loans | Properties(1) | Beds | Units | Bed/Unit | ||||||||||||
Skilled Nursing(2) | $ | 151,016 | 90.3 | % | 15 | 29 | 3,650 | — | $ | 41.37 | |||||||||
Assisted Living | 14,003 | 8.3 | % | 3 | 8 | — | 270 | $ | 51.86 | ||||||||||
Range of Care | 2,310 | 1.4 | % | 1 | 1 | 99 | 74 | $ | 13.35 | ||||||||||
Totals | $ | 167,329 | 100.0 | % | 19 | 38 | 3,749 | 344 | |||||||||||
-1 | We have investments in 9 states that include mortgages to 12 different operators. | ||||||||||||||||||
In January 2015, we received $2,285 plus accrued interest for the payoff of a mortgage loan secured by one range of care property. | |||||||||||||||||||
Scheduled of principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands): | ||||||||||||||||||
Scheduled | |||||||||||||||||||
Principal | |||||||||||||||||||
2015 | $ | 4,642 | |||||||||||||||||
2016 | 7,527 | ||||||||||||||||||
2017 | 7,308 | ||||||||||||||||||
2018 | 8,425 | ||||||||||||||||||
2019 | 5,137 | ||||||||||||||||||
Thereafter | 134,290 | ||||||||||||||||||
Total | $ | 167,329 | |||||||||||||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||
Debt Obligations | |||||||||||||||||||||||
Schedule of principal payments and amounts due at maturity | The following table represents our long term contractual obligations (scheduled principal payments and amounts due at maturity) as of December 31, 2014, and excludes the effects of interest (in thousands): | ||||||||||||||||||||||
Total | 2015 | 2016 | 2017 | 2018 | 2019 | Thereafter | |||||||||||||||||
Bank borrowings | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||
Senior unsecured notes | 281,633 | 29,166 | 26,667 | 26,167 | 28,167 | 25,666 | 145,800 | ||||||||||||||||
$ | 281,633 | $ | 29,166 | $ | 26,667 | $ | 26,167 | $ | 28,167 | $ | 25,666 | $ | 145,800 | ||||||||||
Equity_Tables
Equity (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Equity | ||||||||||||||
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands): | |||||||||||||
Year Ended | Year Ended | |||||||||||||
December 31, 2014 | December 31, 2013 | |||||||||||||
Declared | Paid | Declared | Paid | |||||||||||
Preferred Stock Series C | $ | 3,273 | $ | 3,273 | $ | 3,273 | $ | 3,273 | ||||||
Common Stock | 71,158 | -1 | 71,158 | -1 | 63,631 | -2 | 63,631 | -2 | ||||||
Total | $ | 74,431 | $ | 74,431 | $ | 66,904 | $ | 66,904 | ||||||
-1 | Represents $0.17 per share per month for the twelve months ended December 31, 2014. | |||||||||||||
Represents $0.155 per share per month for January through September 2013 and $0.17 per share per month for October through December 2013. | ||||||||||||||
Schedule of effect of changes in our ownership interest in the limited partnership on equity | The following table represents the effect of changes in our ownership interest in the limited partnership on equity attributable to LTC Properties, Inc. (in thousands): | |||||||||||||
Years Ended December 31, | ||||||||||||||
2014 | 2013 | 2012 | ||||||||||||
Net income attributable to LTC Properties, Inc. | $ | 73,399 | $ | 57,815 | $ | 51,290 | ||||||||
Transfers from the non-controlling interest | ||||||||||||||
Increase in paid-in capital for limited partners conversion | — | — | 396 | |||||||||||
Decrease in paid-in capital for limited partners conversion | — | — | -1,246 | |||||||||||
Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest | $ | 73,399 | $ | 57,815 | $ | 50,440 | ||||||||
Schedule of restricted stock granted | ||||||||||||||
Price per | ||||||||||||||
Year | No. of Shares | Share | Vesting Period | |||||||||||
2014 | ||||||||||||||
59,000 | $ | 36.81 | ratably over 3 years | |||||||||||
3,000 | $ | 38.43 | ratably over 3 years | |||||||||||
15,000 | $ | 40.05 | ratably over 3 years | |||||||||||
10,500 | $ | 40.05 | 9-Jun-15 | |||||||||||
7,500 | $ | 41.34 | 12-Nov-15 | |||||||||||
95,000 | ||||||||||||||
2013 | ||||||||||||||
8,400 | $ | 46.54 | ratably over 3 years | |||||||||||
6,000 | $ | 41.83 | ratably over 3 years | |||||||||||
20,000 | $ | 36.26 | 1-Jun-16 | |||||||||||
34,400 | ||||||||||||||
Schedule of restricted stock activity | ||||||||||||||
2014 | 2013 | |||||||||||||
Outstanding, January 1 | 165,149 | 195,449 | ||||||||||||
Granted | 95,000 | 34,400 | ||||||||||||
Vested | -45,981 | -64,700 | ||||||||||||
Canceled | — | — | ||||||||||||
Outstanding, December 31 | 214,168 | 165,149 | ||||||||||||
Compensation expense for the year(1) | $ | 3,241,000 | $ | 2,591,000 | ||||||||||
During 2013, we recorded $457,000 of compensation expense related to the accelerated vesting of 18,180 shares of restricted common stock due to the retirement of our former Senior Vice President, Marketing and Strategic Planning. At December 31, 2014, the total compensation cost related to unvested restricted stock granted is $4,195,000, which will be recognized ratably over the remaining vesting period. | ||||||||||||||
Schedule of nonqualified stock option activity | ||||||||||||||
Weighted Average | ||||||||||||||
Shares | Price | |||||||||||||
2014 | 2013 | 2014 | 2013 | |||||||||||
Outstanding, January 1 | 73,334 | 95,334 | $ | 23.97 | $ | 23.93 | ||||||||
Granted | 15,000 | — | $ | 38.43 | $ | — | ||||||||
Exercised | -45,000 | -22,000 | $ | 23.79 | $ | 23.79 | ||||||||
Canceled | — | — | $ | — | $ | — | ||||||||
Outstanding, December 31 | 43,334 | 73,334 | $ | 29.16 | $ | 23.97 | ||||||||
Exercisable, December 31(1) | 28,334 | 73,334 | $ | 24.25 | $ | 23.97 | ||||||||
The aggregate intrinsic value of exercisable options at December 31, 2014, based upon the closing price of our common shares at December 31, 2014 the last trading day of 2014, amounted to approximately $536,000. Options exercisable at December 31, 2014 have a weighted average remaining contractual life of approximately 2.7 years. | ||||||||||||||
Schedule of options exercised | ||||||||||||||
Weighted | ||||||||||||||
Average | ||||||||||||||
Options | Exercise | Option | Market | |||||||||||
Exercised | Price | Value | Value(1) | |||||||||||
2014 | 45,000 | $ | 23.79 | $ | 1,071,000 | $ | 1,840,000 | |||||||
2013 | 22,000 | $ | 23.79 | $ | 523,000 | $ | 865,000 | |||||||
As of the exercise dates. | ||||||||||||||
Distributions_Tables
Distributions (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Distributions | |||||||||||
Schedule of federal income tax classification of the per share common stock distributions | |||||||||||
Year Ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Ordinary taxable distribution | $ | 1.474 | $ | 1.534 | $ | 1.539 | |||||
Return of capital | 0.196 | 0.313 | 0.242 | ||||||||
Unrecaptured Section 1250 gain | 0.370 | 0.058 | 0.004 | ||||||||
Long term capital gain | — | — | 0.005 | ||||||||
Total | $ | 2.040 | $ | 1.905 | $ | 1.790 | |||||
Net_Income_Per_Common_Share_Ta
Net Income Per Common Share (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Net Income Per Common Share | |||||||||||
Schedule of basic and diluted net income per share | |||||||||||
For the year ended December 31, | |||||||||||
2014 | 2013 | 2012 | |||||||||
Income from continuing operations | $ | 73,399 | $ | 55,405 | $ | 50,306 | |||||
Less net income allocated to non-controlling interests | — | — | -37 | ||||||||
Less net income allocated to participating securities: | |||||||||||
Non-forfeitable dividends on participating securities | -465 | -381 | -377 | ||||||||
Income allocated to participating securities | -16 | -2 | — | ||||||||
Total net income allocated to participating securities | -481 | -383 | -377 | ||||||||
Less net income allocated to preferred stockholders: | |||||||||||
Preferred stock dividends | -3,273 | -3,273 | -3,273 | ||||||||
Total net income allocated to preferred stockholders | -3,273 | -3,273 | -3,273 | ||||||||
Income from continuing operations available to common stockholders | 69,645 | 51,749 | 46,619 | ||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | — | 805 | 1,005 | ||||||||
Gain on sale of assets, net | — | 1,605 | 16 | ||||||||
Total net income from discontinued operations | — | 2,410 | 1,021 | ||||||||
Net income available to common stockholders | 69,645 | 54,159 | 47,640 | ||||||||
Effect of dilutive securities: | |||||||||||
Convertible preferred securities | 3,273 | — | — | ||||||||
Total effect of dilutive securities | 3,273 | — | — | ||||||||
Net income for diluted net income per share | $ | 72,918 | $ | 54,159 | $ | 47,640 | |||||
Shares for basic net income per share | 34,617 | 33,111 | 30,238 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options | 23 | 31 | 40 | ||||||||
Convertible preferred securities | 2,000 | — | — | ||||||||
Total effect of dilutive securities | 2,023 | 31 | 40 | ||||||||
Shares for diluted net income per share | 36,640 | 33,142 | 30,278 | ||||||||
Basic net income per share | $ | 2.01 | $ | 1.64 | $ | 1.58 | |||||
Diluted net income per share(1) | $ | 1.99 | $ | 1.63 | $ | 1.57 | |||||
For the year ended December 31, 2013, the Series C Cumulative Convertible Preferred Stock was excluded from the computation of diluted net income per share as such inclusion would be anti‑dilutive. For the year ended December 31, 2012, the Series C Cumulative Convertible Preferred Stock and the convertible non‑controlling interests have been excluded from the computation of diluted net income per share as such inclusion would be anti‑dilutive. | |||||||||||
Quarterly_Financial_Informatio1
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Quarterly Financial Information | ||||||||||||||
Schedule of quarterly financial information | ||||||||||||||
For the quarter ended | ||||||||||||||
March 31, | June 30, | September 30, | December 31, | |||||||||||
(unaudited, in thousands except per share amounts) | ||||||||||||||
2014 | ||||||||||||||
Revenues | $ | 29,438 | $ | 29,227 | $ | 29,541 | $ | 30,755 | ||||||
Net income from discontinued operations | — | — | — | — | ||||||||||
Net income available to common stockholders | 16,083 | 17,338 | 16,181 | 20,043 | ||||||||||
Net income per common share from continuing operations available to common stockholders: | ||||||||||||||
Basic | $ | 0.47 | $ | 0.50 | $ | 0.47 | $ | 0.58 | ||||||
Diluted | $ | 0.46 | $ | 0.50 | $ | 0.46 | $ | 0.57 | ||||||
Net income (loss) per common share from discontinued operations: | ||||||||||||||
Basic | $ | — | $ | — | $ | — | $ | — | ||||||
Diluted | $ | — | $ | — | $ | — | $ | — | ||||||
Net income per common share available to common stockholders: | ||||||||||||||
Basic | $ | 0.47 | $ | 0.50 | $ | 0.47 | $ | 0.58 | ||||||
Diluted | $ | 0.46 | $ | 0.50 | $ | 0.46 | $ | 0.57 | ||||||
Dividends per share declared | $ | 0.510 | $ | 0.510 | $ | 0.510 | $ | 0.510 | ||||||
Dividend per share paid | $ | 0.510 | $ | 0.510 | $ | 0.510 | $ | 0.510 | ||||||
2013 | ||||||||||||||
Revenues | $ | 25,277 | $ | 25,279 | $ | 25,825 | $ | 28,593 | ||||||
Net income (loss) from discontinued operations | 254 | -701 | 2,857 | — | ||||||||||
Net income available to common stockholders | 12,060 | 11,994 | 16,373 | 13,732 | ||||||||||
Net income per common share from continuing operations available to common stockholders: | ||||||||||||||
Basic | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.40 | ||||||
Diluted | $ | 0.39 | $ | 0.39 | $ | 0.39 | $ | 0.40 | ||||||
Net income (loss) per common share from discontinued operations: | ||||||||||||||
Basic | $ | 0.01 | $ | -0.02 | $ | 0.08 | $ | — | ||||||
Diluted | $ | 0.01 | $ | -0.02 | $ | 0.08 | $ | — | ||||||
Net income per common share available to common stockholders: | ||||||||||||||
Basic | $ | 0.40 | $ | 0.36 | $ | 0.47 | $ | 0.40 | ||||||
Diluted | $ | 0.40 | $ | 0.36 | $ | 0.47 | $ | 0.40 | ||||||
Dividends per share declared | $ | 0.465 | $ | 0.465 | $ | 0.465 | $ | 0.510 | ||||||
Dividend per share paid | $ | 0.465 | $ | 0.465 | $ | 0.465 | $ | 0.510 | ||||||
NOTE: | Quarterly and year‑to‑date computations of per share amounts are made independently. Therefore, the sum of per share amounts for the quarters may not agree with the per share amounts for the year. Computations of per share amounts from continuing operations, discontinued operations and net income (loss) are made independently. Therefore, the sum of per share amounts from continuing operations and discontinued operations may not agree with the per share amounts from net income (loss) available to common stockholders. | |||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||
Dec. 31, 2014 | ||||||||||||||
Fair Value Measurements | ||||||||||||||
Schedule of carrying value and fair value of the entity's financial instruments | The carrying value and fair value of our financial instruments as of December 31, 2014 and 2013 assuming election of fair value for our financial assets and financial liabilities were as follows (in thousands): | |||||||||||||
At December 31, 2014 | At December 31, 2013 | |||||||||||||
Carrying | Carrying | |||||||||||||
Value | Fair Value | Value | Fair Value | |||||||||||
Mortgage loans receivable | $ | 165,656 | $ | 198,977 | -1 | $ | 165,444 | $ | 200,248 | -1 | ||||
Bonds payable | — | — | 2,035 | 2,035 | -2 | |||||||||
Bank borrowings | — | — | 21,000 | 21,000 | -2 | |||||||||
Senior unsecured notes | 281,633 | 283,933 | -3 | 255,800 | 262,351 | -3 | ||||||||
Contingent liabilities | 3,258 | 3,258 | -4 | — | — | -4 | ||||||||
-1 | Our investment in mortgage loans receivable is classified as Level 3. The fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is determined using our assumption on market conditions adjusted for market and credit risk and current returns on our investments. The discount rate used to value our future cash inflows of the mortgage loans receivable at December 31, 2014 and 2013 was 8.6% and 8.4%, respectively. | |||||||||||||
-2 | Our bonds payable and bank borrowings are at a variable interest rate. The estimated fair value of our bonds payable and bank borrowings approximated their carrying values at December 31, 2014 and 2013 based upon prevailing market interest rates for similar debt arrangements. | |||||||||||||
-3 | Our obligation under our senior unsecured notes is classified as Level 3 and thus the fair value is determined using a widely accepted valuation technique, discounted cash flow analysis on the expected cash flows. The discount rate is measured based upon management’s estimates of rates currently prevailing for comparable loans available to us, and instruments of comparable maturities. At December 31, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.80% for those maturing before year 2020 and 4.55% for those maturing beyond year 2020. At December 31, 2013, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.95% for those maturing before year 2020 and 4.25% for those maturing beyond year 2020. | |||||||||||||
Our contingent obligation under the earn‑out liabilities is classified as Level 3. We estimated the fair value of the contingent earn‑out payments using a discounted cash flow analysis. The discount rate that we use consists of a risk‑free U.S. Treasury rate plus a company specific credit spread which we believe is acceptable by willing market participants. At December 31, 2014, the discount rate used to value our future cash outflow of the earn-out liability was 6.2%. | ||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Computer Equipment [Member] | Minimum [Member] | |
Owned Properties | |
Useful life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Owned Properties | |
Useful life | 5 years |
Furniture and Fixtures [Member] | Minimum [Member] | |
Owned Properties | |
Useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Owned Properties | |
Useful life | 15 years |
Building [Member] | Minimum [Member] | |
Owned Properties | |
Useful life | 35 years |
Building [Member] | Maximum [Member] | |
Owned Properties | |
Useful life | 45 years |
Building Improvements [Member] | Minimum [Member] | |
Owned Properties | |
Useful life | 10 years |
Building Improvements [Member] | Maximum [Member] | |
Owned Properties | |
Useful life | 20 years |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Details 2) (USD $) | 12 Months Ended | 3 Months Ended |
Dec. 31, 2014 | Dec. 31, 2013 | |
item | property | |
Revenue Recognition | ||
Maximum period over which loan is to be considered as non-performing | 60 days | |
Methods used for calculation of annual increases over the rents of the prior year | 4 | |
Maximum period over which a lease is to be considered as non-performing | 60 days | |
Federal Income Taxes | ||
Period considered for calculation of depreciation for federal tax purpose | 27 years 6 months | |
Period considered for determining the taxability of distributions to shareholders | 40 years | |
(Excess) / Deficit of book basis of net depreciable assets over tax basis | $14,363,000 | |
Discontinued Operations | ||
Depreciation expense | 0 | |
Assisted Living Properties [Member] | ||
Assisted living properties | ||
Write-off of straight-line rent receivable balance | $878,000 | |
Number of properties leased | 4 | |
Minimum [Member] | ||
Revenue Recognition | ||
Specified annual increase over the prior year's rent (as a percent) | 2.00% | |
Maximum [Member] | ||
Revenue Recognition | ||
Specified annual increase over the prior year's rent (as a percent) | 3.00% |
Major_Operators_Details
Major Operators (Details) (USD $) | 12 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jan. 01, 2015 | Jan. 31, 2015 | |
item | item | item | ||||
property | ||||||
Major Operators | ||||||
Number of major operators | 3 | |||||
Total assets | $965,819,000 | $931,410,000 | 965,819,000 | |||
Loan commitment | 3,788,000 | 3,788,000 | 4,288,000 | |||
Amount funded | 3,027,000 | 124,387,000 | 7,719,000 | |||
Gain on sale of properties | 4,959,000 | |||||
Total initial rent expected in first year | 98,150,000 | 98,150,000 | ||||
Assisted Living Properties [Member] | ||||||
Major Operators | ||||||
Number of properties leased | 4 | |||||
Land [Member] | ||||||
Major Operators | ||||||
Number of parcels of land | 4 | |||||
Extendicare Real Estate Investment Trust and Enlivant [Member] | ||||||
Major Operators | ||||||
Number of agreements entered into | 3 | |||||
Extendicare Real Estate Investment Trust and Enlivant [Member] | Assisted Living Properties [Member] | ||||||
Major Operators | ||||||
Number of properties leased | 37 | 37 | ||||
Number of properties re-leased to other operators | 20 | 20 | ||||
Extendicare Real Estate Investment Trust and Enlivant [Member] | Assisted Living Properties [Member] | Washington Oregon Idaho And Arizona [Member] | ||||||
Major Operators | ||||||
Number of properties sold | 16 | |||||
Number of units sold | 615 | |||||
Sales price | 26,465,000 | |||||
Gain on sale of properties | 3,819,000 | |||||
Extendicare Real Estate Investment Trust and Enlivant [Member] | Assisted Living Properties [Member] | Oregon | ||||||
Major Operators | ||||||
Net book value of property to be closed | 935,000 | 935,000 | ||||
Extendicare Real Estate Investment Trust and Enlivant [Member] | Assisted Living Properties [Member] | Assisted Living Facility Units [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 1,429 | 1,429 | ||||
Senior Care Centers LLC [Member] | Skilled Nursing Properties [Member] | ||||||
Major Operators | ||||||
Number of properties leased | 9 | 9 | ||||
Senior Care Centers LLC [Member] | Skilled Nursing Properties [Member] | Skilled Nursing Facility Beds [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 1,190 | 1,190 | ||||
Prestige Healthcare [Member] | Skilled Nursing Facility Beds [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 2,176 | 2,176 | ||||
Prestige Healthcare [Member] | Assisted Living Facility Units [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 93 | 93 | ||||
Prestige Healthcare [Member] | Skilled Nursing Properties [Member] | ||||||
Major Operators | ||||||
Number of properties leased | 15 | 15 | ||||
Prestige Healthcare [Member] | Range of Care Properties [Member] | ||||||
Major Operators | ||||||
Number of properties leased | 2 | 2 | ||||
Prestige Healthcare [Member] | Land [Member] | ||||||
Major Operators | ||||||
Number of parcels of land | 5 | |||||
Affiliate Of Senior Lifestyle [Member] | Assisted Living Properties [Member] | ||||||
Major Operators | ||||||
Term of lease agreement | 15 years | |||||
Increase in rent over the current annual rent in the master lease | 5,100,000 | |||||
Specified annual increase over the prior year's rent (as a percent) | 2.60% | |||||
Affiliate Of Senior Lifestyle [Member] | Assisted Living Properties [Member] | Indiana Iowa Ohio Nebraska And New Jersey [Member] | ||||||
Major Operators | ||||||
Number of properties leased | 13 | 13 | ||||
Number of beds/units | 500 | 500 | ||||
Affiliate Of Veritas Incare [Member] | Assisted Living Properties [Member] | Texas | ||||||
Major Operators | ||||||
Number of properties leased | 7 | 7 | ||||
Number of beds/units | 278 | 278 | ||||
Term of lease agreement | 10 years | |||||
Total initial rent expected in first year | 1,461,000 | |||||
Increase in rent over the current annual rent in the master lease | 2.5 | |||||
Minimum [Member] | ||||||
Major Operators | ||||||
Percentage of combined rental and interest income derived from each of the major operators | 10.00% | |||||
Operator Concentration Risk [Member] | Brookdale [Member] | Assisted Living Properties [Member] | ||||||
Major Operators | ||||||
Number of properties leased | 37 | 37 | ||||
Operator Concentration Risk [Member] | Brookdale [Member] | Assisted Living Properties [Member] | Assisted Living Facility Units [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 1,704 | 1,704 | ||||
Assets, Total [Member] | Operator Concentration Risk [Member] | Brookdale [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 8.30% | |||||
Total assets | 79,745,000 | 79,745,000 | ||||
Assets, Total [Member] | Operator Concentration Risk [Member] | Senior Care Centers LLC [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 10.50% | |||||
Total assets | 101,889,000 | 101,889,000 | ||||
Assets, Total [Member] | Operator Concentration Risk [Member] | Prestige Healthcare [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 14.30% | |||||
Total assets | 138,566,000 | 138,566,000 | ||||
Assets, Total [Member] | Operator Concentration Risk [Member] | Prestige Healthcare [Member] | Scenario, Forecast [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 15.20% | |||||
Total assets | 147,971,000 | 147,971,000 | ||||
Rental Revenue and Interest Income from Mortgage Loans [Member] | Operator Concentration Risk [Member] | Extendicare Real Estate Investment Trust and Enlivant [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 9.30% | |||||
Total rental revenue and interest income from mortgage loans | 10,963,000 | |||||
Rental Revenue and Interest Income from Mortgage Loans [Member] | Operator Concentration Risk [Member] | Brookdale [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 12.20% | |||||
Rental Revenue and Interest Income from Mortgage Loans [Member] | Operator Concentration Risk [Member] | Senior Care Centers LLC [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 10.40% | |||||
Rental Revenue and Interest Income from Mortgage Loans [Member] | Operator Concentration Risk [Member] | Prestige Healthcare [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 11.10% | |||||
Rental Revenue and Interest Income from Mortgage Loans [Member] | Operator Concentration Risk [Member] | Prestige Healthcare [Member] | Scenario, Forecast [Member] | ||||||
Major Operators | ||||||
Concentration risk (as a percent) | 11.80% | |||||
Subsequent Event [Member] | ||||||
Major Operators | ||||||
Number of properties re-leased to other operators | 20 | 20 | ||||
Mortgage Loans on Real Estate [Member] | ||||||
Major Operators | ||||||
Number of properties | 38 | 38 | ||||
Mortgage Loans on Real Estate [Member] | Skilled Nursing Facility Beds [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 3,749 | 3,749 | ||||
Mortgage Loans on Real Estate [Member] | Assisted Living Facility Units [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 344 | 344 | ||||
Mortgage Loans on Real Estate [Member] | Assisted Living Properties [Member] | ||||||
Major Operators | ||||||
Number of properties | 8 | 8 | ||||
Mortgage Loans on Real Estate [Member] | Assisted Living Properties [Member] | Assisted Living Facility Units [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 270 | 270 | ||||
Mortgage Loans on Real Estate [Member] | Skilled Nursing Properties [Member] | ||||||
Major Operators | ||||||
Number of properties | 29 | 29 | ||||
Mortgage Loans on Real Estate [Member] | Skilled Nursing Properties [Member] | Skilled Nursing Facility Beds [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 3,650 | 3,650 | ||||
Mortgage Loans on Real Estate [Member] | Range of Care Properties [Member] | ||||||
Major Operators | ||||||
Number of properties | 1 | 1 | ||||
Mortgage Loans on Real Estate [Member] | Range of Care Properties [Member] | Skilled Nursing Facility Beds [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 99 | 99 | ||||
Mortgage Loans on Real Estate [Member] | Range of Care Properties [Member] | Assisted Living Facility Units [Member] | ||||||
Major Operators | ||||||
Number of beds/units | 74 | 74 | ||||
Mortgage Loans on Real Estate [Member] | Prestige Healthcare [Member] | ||||||
Major Operators | ||||||
Loan commitment | 176,387,000 | 196,387,000 | ||||
Number of properties securing loan | 2 | |||||
Number of parcels of land | 2 | |||||
Mortgage Loans on Real Estate [Member] | Subsequent Event [Member] | ||||||
Major Operators | ||||||
Number of parcels of land | 2 | |||||
Mortgage Loans on Real Estate [Member] | Subsequent Event [Member] | Range of Care Properties [Member] | ||||||
Major Operators | ||||||
Number of properties securing loan | 1 | 1 | ||||
Mortgage and Construction Loans on Real Estate [Member] | ||||||
Major Operators | ||||||
Loan commitment | 10,600,000 | 10,600,000 | 10,600,000 | 10,600,000 | ||
Mortgage and Construction Loans on Real Estate [Member] | Prestige Healthcare [Member] | ||||||
Major Operators | ||||||
Loan commitment | 11,000,000 | |||||
Amount funded | 9,500,000 | |||||
Mortgage and Construction Loans on Real Estate [Member] | Prestige Healthcare [Member] | Skilled Nursing Properties [Member] | Skilled Nursing Facility Beds [Member] | ||||||
Major Operators | ||||||
Number of properties securing loan | 157 | |||||
Capital Improvement Loan Investment [Member] | Prestige Healthcare [Member] | ||||||
Major Operators | ||||||
Loan commitment | 12,000,000 | 12,000,000 | 32,000,000 | |||
Capital Improvement Loan Investment [Member] | Subsequent Event [Member] | ||||||
Major Operators | ||||||
Loan commitment | $12,000,000 | 12,000,000 |
Supplemental_Cash_Flow_Informa2
Supplemental Cash Flow Information (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
property | |||
item | |||
Non-cash investing and financing transactions: | |||
Earn-out liabilities related to lease incentives | $3,240,000 | ||
Reclassification of pre-development loans | 304,000 | 479,000 | |
Redemption of non-controlling interests | 396,000 | ||
Restricted stock issued, net of cancellations | 1,000 | 1,000 | |
Investment commitment up to $5,000,000 per year through December 2014 | |||
Number of properties | 9 | ||
Number of beds/units acquired | 788 | ||
Total acquisition costs | 167,517,000 | ||
Contingent earn-out payments | 7,000,000 | ||
Skilled Nursing Properties [Member] | |||
Investment commitment up to $5,000,000 per year through December 2014 | |||
Number of properties | 4 | ||
Number of beds/units acquired | 522 | ||
Total acquisition costs | $79,375,000 | ||
Skilled Nursing Properties [Member] | Texas | |||
Investment commitment up to $5,000,000 per year through December 2014 | |||
Number of properties | 2 | ||
Number of beds/units acquired | 234 |
Impairment_Details
Impairment (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Impairment | |||
Impairment charges | $0 | $0 | $0 |
Real_Estate_Investments_Detail
Real Estate Investments (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
item | |||
Operating leases | |||
Contingent rent income | $0 | $0 | |
Real Estate Investment [Member] | |||
Real Estate Investments | |||
Gross Investments | 949,838,000 | ||
Percentage of Investments | 100.00% | ||
Number of properties | 160 | ||
Number of states | 26 | ||
Number of operators | 30 | ||
Operating leases | |||
Number of ways to compute annual rent increases | 4 | ||
Real Estate Investment [Member] | Minimum [Member] | |||
Operating leases | |||
Initial term of non-cancelable operating lease | 10 years | ||
Specified annual increase over the prior year's rent (as a percent) | 2.00% | ||
Real Estate Investment [Member] | Maximum [Member] | |||
Operating leases | |||
Initial term of non-cancelable operating lease | 15 years | ||
Specified annual increase over the prior year's rent (as a percent) | 3.00% | ||
Skilled Nursing Facility Beds [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of Beds/Units | 9,041 | ||
Assisted Living Facility Units [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of Beds/Units | 4,450 | ||
Skilled Nursing Properties [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Gross Investments | 482,036,000 | ||
Percentage of Investments | 50.80% | ||
Number of properties | 68 | ||
Average Investment per Bed/Unit | 57.34 | ||
Skilled Nursing Properties [Member] | Skilled Nursing Facility Beds [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of Beds/Units | 8,407 | ||
Assisted Living Properties [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Gross Investments | 401,517,000 | ||
Percentage of Investments | 42.30% | ||
Number of properties | 84 | ||
Average Investment per Bed/Unit | 96.15 | ||
Assisted Living Properties [Member] | Assisted Living Facility Units [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of Beds/Units | 4,176 | ||
Range of Care Properties [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Gross Investments | 43,907,000 | ||
Percentage of Investments | 4.60% | ||
Number of properties | 7 | ||
Average Investment per Bed/Unit | 48.36 | ||
Range of Care Properties [Member] | Skilled Nursing Facility Beds [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of Beds/Units | 634 | ||
Range of Care Properties [Member] | Assisted Living Facility Units [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of Beds/Units | 274 | ||
Properties under Development [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Gross Investments | 11,495,000 | ||
Percentage of Investments | 1.20% | ||
Memory Care Property [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of developments | 2 | ||
Number of beds/units under development | 126 | ||
Land [Member] | |||
Real Estate Investments | |||
Number of parcels of land | 4 | ||
Land [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Number of parcels of land | 5 | ||
Other Senior Housing Properties [Member] | Real Estate Investment [Member] | |||
Real Estate Investments | |||
Gross Investments | $10,883,000 | ||
Percentage of Investments | 1.10% | ||
Number of properties | 1 |
Real_Estate_Investments_Detail1
Real Estate Investments (Details 2) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | |
item | |||||
property | |||||
Acquisitions | |||||
Number of beds/units acquired | 788 | ||||
Purchase Price | $166,750,000 | ||||
Transaction Costs | 767,000 | ||||
Contingent earn-out payments | 7,000,000 | ||||
Earn-out liabilities | 3,258,000 | 0 | |||
Total Acquisition Costs | 167,517,000 | ||||
Number of properties | 9 | ||||
Commitments funded | 731,000 | ||||
Investment Commitment | 29,951,000 | ||||
Depreciation expense | 25,424,000 | 24,568,000 | 22,002,000 | ||
Proceeds from sale of real estate investments, net | 33,593,000 | 11,001,000 | 1,271,000 | ||
Gain on sale of properties | 4,959,000 | ||||
Estimate of Fair Value Measurement [Member] | |||||
Acquisitions | |||||
Earn-out liabilities | 3,258,000 | ||||
Real Estate Development Commitments [Member] | Maximum [Member] | |||||
Acquisitions | |||||
Investment Commitment | 49,702,000 | ||||
Skilled Nursing Properties [Member] | |||||
Acquisitions | |||||
Number of beds/units acquired | 522 | ||||
Purchase Price | 79,100,000 | 13,946,000 | |||
Transaction Costs | 275,000 | ||||
Total Acquisition Costs | 79,375,000 | ||||
Number of properties | 4 | ||||
Lease inducement fee | 1,054,000 | ||||
Skilled Nursing Properties [Member] | Texas | |||||
Acquisitions | |||||
Number of beds/units acquired | 234 | ||||
Number of properties | 2 | ||||
Skilled Nursing Properties with 140 Units [Member] | Texas | |||||
Acquisitions | |||||
Number of beds or units in property sold | 140 | ||||
Proceeds from sale of real estate investments, net | 1,248,000 | ||||
Skilled Nursing Properties with 47 Units [Member] | Colorado | |||||
Acquisitions | |||||
Number of beds or units in property sold | 47 | ||||
Proceeds from sale of real estate investments, net | 1,000 | ||||
Land [Member] | |||||
Acquisitions | |||||
Purchase Price | 5,663,000 | ||||
Transaction Costs | 207,000 | ||||
Total Acquisition Costs | 5,870,000 | ||||
Number of Parcels of Land | 4 | ||||
Assisted Living Properties [Member] | |||||
Acquisitions | |||||
Number of beds/units acquired | 266 | ||||
Purchase Price | 81,987,000 | ||||
Transaction Costs | 285,000 | ||||
Total Acquisition Costs | 82,272,000 | ||||
Number of properties | 5 | ||||
Assisted Living Properties [Member] | Colorado | |||||
Acquisitions | |||||
Number of beds/units acquired | 100 | ||||
Number of properties | 2 | ||||
Assisted Living Properties [Member] | Colorado | Estimate of Fair Value Measurement [Member] | |||||
Acquisitions | |||||
Earn-out liabilities | 3,240,000 | ||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Number of Developments | 3 | ||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Maximum [Member] | |||||
Acquisitions | |||||
Investment Commitment | 30,256,000 | ||||
Memory Care Property [Member] | Texas | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Commitments funded | 7,195,000 | ||||
Investment Commitment | 12,179,000 | ||||
Real Estate Investment [Member] | |||||
Acquisitions | |||||
Investment Commitment | 29,951,000 | ||||
Real Estate Investment [Member] | Maximum [Member] | |||||
Acquisitions | |||||
Initial term of lease | 15 years | ||||
Specified annual increase over the prior year's rent (as a percent) | 3.00% | ||||
Real Estate Investment [Member] | Skilled Nursing Properties [Member] | |||||
Acquisitions | |||||
Investment Commitment | 2,200,000 | ||||
Real Estate Investment [Member] | Land [Member] | |||||
Acquisitions | |||||
Number of Parcels of Land | 5 | ||||
Real Estate Investment [Member] | Land [Member] | Texas | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Commitments funded | 7,195,000 | ||||
Investment Commitment | 12,179,000 | ||||
Real Estate Investment [Member] | Land [Member] | Colorado | |||||
Acquisitions | |||||
Purchase Price | 3,475,000 | ||||
Number of vacant parcels of land | 3 | ||||
Real Estate Investment [Member] | Land [Member] | Colorado | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Purchase Price | 2,490,000 | ||||
Real Estate Investment [Member] | Land [Member] | Michigan | |||||
Acquisitions | |||||
Purchase Price | 450,000 | 1,163,000 | |||
Number of Parcels of Land | 4 | ||||
Real Estate Investment [Member] | Land [Member] | South Carolina | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Purchase Price | 2,490,000 | ||||
Real Estate Investment [Member] | Land [Member] | Illinois | Real Estate Pipeline Agreement [Member] | |||||
Acquisitions | |||||
Purchase Price | 1,400,000 | ||||
Real Estate Investment [Member] | Assisted Living Properties [Member] | |||||
Acquisitions | |||||
Investment Commitment | 27,751,000 | ||||
Real Estate Investment [Member] | Assisted Living Properties [Member] | Extendicare Real Estate Investment Trust and Enlivant [Member] | |||||
Acquisitions | |||||
Number of properties sold | 16 | ||||
Number of beds or units in property sold | 615 | ||||
Sales price | 26,465,000 | ||||
Proceeds from sale of real estate investments, net | 25,702,000 | ||||
Gain on sale of properties | 3,819,000 | ||||
Net book value of property to be closed | 935,000 | ||||
Real Estate Investment [Member] | Assisted Living Properties [Member] | Colorado | |||||
Acquisitions | |||||
Number of beds/units acquired | 48 | ||||
Purchase Price | 9,800,000 | ||||
Transaction Costs | 130,000 | ||||
Incremental initial cash yield at which property will be added to a master lease (as a percent) | 6.50% | ||||
Real Estate Investment [Member] | Assisted Living Properties [Member] | Colorado | Scenario, Forecast [Member] | |||||
Acquisitions | |||||
Number of earn-out payments | 2 | ||||
Contingent earn-out payments | 4,000,000 | ||||
Real Estate Investment [Member] | Assisted Living Properties [Member] | Colorado | Maximum [Member] | Scenario, Forecast [Member] | |||||
Acquisitions | |||||
Contingent earn-out payments | 4,000,000 | ||||
Real Estate Investment [Member] | Assisted Living Properties [Member] | Florida and Georgia [Member] | |||||
Acquisitions | |||||
Number of properties sold | 2 | ||||
Number of beds or units in property sold | 133 | ||||
Real Estate Investment [Member] | Memory Care Property [Member] | |||||
Acquisitions | |||||
Number of Beds or Units under Development | 126 | ||||
Number of Developments | 2 | ||||
Real Estate Investment [Member] | Memory Care Property [Member] | Texas | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Incremental initial cash yield at which property will be added to a master lease (as a percent) | 8.75% | ||||
Number of Beds or Units under Development | 56 | ||||
Initial term of lease | 15 years | ||||
Number of renewal options | 3 | ||||
Term of each renewal option | 5 years | ||||
Specified annual increase over the prior year's rent (as a percent) | 2.25% | ||||
Real Estate Investment [Member] | Memory Care Property [Member] | Texas | Real Estate Development Commitments [Member] | Maximum [Member] | |||||
Acquisitions | |||||
Lease inducement fee | 1,589,000 | ||||
Percentage of the lease inducement fee to be disbursed at or shortly after closing (as a percent) | 25.00% | ||||
Real Estate Investment [Member] | Memory Care Property [Member] | Illinois | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Number of Beds or Units under Development | 66 | ||||
Real Estate Investment [Member] | Memory Care Property [Member] | Illinois | Real Estate Development Commitments [Member] | Maximum [Member] | |||||
Acquisitions | |||||
Investment Commitment | 12,248,000 | ||||
Real Estate Investment [Member] | Memory Care Property with 60 Units [Member] | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Investment Commitment | 10,703,000 | ||||
Real Estate Investment [Member] | Assisted Living and Memory Care Properties [Member] | South Carolina | Real Estate Development Commitments [Member] | |||||
Acquisitions | |||||
Number of Beds or Units under Development | 89 | ||||
Lease inducement fee | 2,363,000 | ||||
Real Estate Investment [Member] | Assisted Living and Memory Care Properties [Member] | South Carolina | Real Estate Development Commitments [Member] | Maximum [Member] | |||||
Acquisitions | |||||
Investment Commitment | 16,535,000 | ||||
Percentage of the lease inducement fee to be disbursed at or shortly after closing (as a percent) | 25.00% | ||||
Real Estate Investment [Member] | Assisted Living Properties, School and Skilled Nursing Property [Member] | Florida, Georgia and Minnesota [Member] | |||||
Acquisitions | |||||
Sales price | 8,100,000 | ||||
Proceeds from sale of real estate investments, net | 7,891,000 | ||||
Gain on sale of properties | $1,140,000 |
Real_Estate_Investments_Detail2
Real Estate Investments (Details 3) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | |||||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | Dec. 31, 2014 | Aug. 31, 2014 | Oct. 31, 2014 | |
loan | item | item | ||||||
item | property | |||||||
Investment commitments | ||||||||
Investment Commitment | $29,951,000 | $29,951,000 | ||||||
Funding | 731,000 | |||||||
Commitment Funded | 13,429,000 | 13,429,000 | ||||||
Remaining Commitment | 15,791,000 | 16,522,000 | 16,522,000 | |||||
Number of commitments | 12 | 11 | 11 | |||||
Development, redevelopment, renovation, and expansion | ||||||||
Commitments funding capitalized directly into building and improvements | 1,554,000 | 1,554,000 | ||||||
Acquisitions | ||||||||
Purchase Price | 166,750,000 | |||||||
Transaction Costs | 767,000 | |||||||
Total Acquisition Costs | 167,517,000 | |||||||
Number of properties | 9 | |||||||
Number of beds/units acquired | 788 | |||||||
Contingent earn-out payments | 7,000,000 | |||||||
Earn-out liabilities | 3,258,000 | 0 | 3,258,000 | |||||
Amount funded for open development and improvement projects | 13,135,000 | 11,089,000 | ||||||
Other disclosures | ||||||||
Sale of property | 33,593,000 | 11,001,000 | 1,271,000 | |||||
Gain (loss) on sale of real estate, net | 1,605,000 | 16,000 | ||||||
Depreciation expense | 25,424,000 | 24,568,000 | 22,002,000 | |||||
Subsequent Event [Member] | ||||||||
Completed development and improvement projects | ||||||||
Funding | 4,711,000 | |||||||
Pre-development Loan Commitment [Member] | ||||||||
Investment commitments | ||||||||
Number of commitments | 4 | 4 | ||||||
Pre-development loan balance reclassified to real estate under development | 304,000 | |||||||
Real Estate Investment Completed Projects [Member] | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 10 | |||||||
Number of Beds/Units | 881 | 257 | 881 | |||||
Funding | 4,711,000 | 38,768,000 | 17,462,000 | |||||
Total Funding | 58,745,000 | 28,160,000 | 58,745,000 | |||||
Real Estate Investment [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 29,951,000 | 29,951,000 | ||||||
Funding | 9,987,000 | |||||||
Commitment Funded | 13,429,000 | 13,429,000 | ||||||
Remaining Commitment | 16,522,000 | 16,522,000 | ||||||
Number of Properties | 28 | 28 | ||||||
Number of Beds/Units | 1,335 | 1,335 | ||||||
Real Estate Investment [Member] | Subsequent Event [Member] | ||||||||
Investment commitments | ||||||||
Remaining Commitment | 15,791,000 | 15,791,000 | ||||||
Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member] | ||||||||
Development, redevelopment, renovation, and expansion | ||||||||
Projects | 15 | 15 | ||||||
Development, redevelopment, renovation, and expansion activity | ||||||||
CIP, Balance at the beginning of the period | 14,668,000 | |||||||
Funded | 46,852,000 | |||||||
Capitalized Interest | 1,506,000 | |||||||
Conversions out of CIP | -54,355,000 | |||||||
CIP, Balance at the end of the period | 8,671,000 | 8,671,000 | ||||||
Maximum [Member] | Real Estate Investment [Member] | ||||||||
Acquisitions | ||||||||
Initial term of lease | 15 years | |||||||
Specified annual increase over the prior year's rent (as a percent) | 3.00% | |||||||
Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Subsequent Event [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 28,715,000 | 28,715,000 | ||||||
Real Estate Development Commitments [Member] | Maximum [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 49,702,000 | |||||||
Real Estate Development Commitments [Member] | Maximum [Member] | Real Estate Investment [Member] | Subsequent Event [Member] | ||||||||
Acquisitions | ||||||||
Lease inducement fee | 3,952,000 | |||||||
Skilled Nursing Properties [Member] | ||||||||
Acquisitions | ||||||||
Purchase Price | 79,100,000 | 13,946,000 | ||||||
Transaction Costs | 275,000 | |||||||
Total Acquisition Costs | 79,375,000 | |||||||
Number of properties | 4 | |||||||
Number of beds/units acquired | 522 | |||||||
Lease inducement fee | 1,054,000 | |||||||
Skilled Nursing Properties [Member] | Subsequent Event [Member] | ||||||||
Acquisitions | ||||||||
Purchase Price | 13,946,000 | |||||||
Number of beds/units acquired | 106 | |||||||
Skilled Nursing Properties [Member] | Texas | ||||||||
Acquisitions | ||||||||
Number of properties | 2 | |||||||
Number of beds/units acquired | 234 | |||||||
Skilled Nursing Properties [Member] | Ohio | ||||||||
Acquisitions | ||||||||
Number of properties | 2 | |||||||
Number of beds/units acquired | 288 | |||||||
Number of lessees who have exercised purchase option | 1 | |||||||
Number of properties for which lessee has exercised purchase option | 6 | |||||||
Number of beds or units for which the lessee has exercised the purchase option | 230 | |||||||
Other disclosures | ||||||||
Sale of property | 11,000,000 | |||||||
Gain (loss) on sale of real estate, net | 2,619,000 | |||||||
Skilled Nursing Properties [Member] | Real Estate Investment Completed Projects [Member] | Texas | ||||||||
Completed development and improvement projects | ||||||||
Number of Beds/Units | 120 | |||||||
Funding | 5,065,000 | |||||||
Total Funding | 8,635,000 | |||||||
Skilled Nursing Properties [Member] | Real Estate Investment [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 2,200,000 | 2,200,000 | ||||||
Funding | 1,156,000 | |||||||
Commitment Funded | 2,161,000 | 2,161,000 | ||||||
Remaining Commitment | 39,000 | 39,000 | ||||||
Number of Properties | 2 | 2 | ||||||
Number of Beds/Units | 141 | 141 | ||||||
Skilled Nursing Properties [Member] | Real Estate Investment [Member] | Florida | ||||||||
Acquisitions | ||||||||
Purchase Price | 14,402,000 | |||||||
Transaction Costs | 58,000 | |||||||
Number of beds/units acquired | 130 | |||||||
Skilled Nursing Properties [Member] | Real Estate Development Commitments [Member] | ||||||||
Investment commitments | ||||||||
Number of Properties | 1 | |||||||
Number of Beds/Units | 143 | |||||||
Skilled Nursing Properties [Member] | Capital Improvement Commitments [Member] | Texas | ||||||||
Investment commitments | ||||||||
Investment Commitment | 600,000 | |||||||
Number of Properties | 196 | |||||||
Skilled Nursing Properties [Member] | Capital Improvement Commitments [Member] | Texas | Subsequent Event [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 600,000 | 600,000 | ||||||
Number of Properties | 196 | 196 | ||||||
Skilled Nursing Properties with 122 Units [Member] | Real Estate Investment Completed Projects [Member] | Texas | ||||||||
Completed development and improvement projects | ||||||||
Number of Beds/Units | 122 | 122 | ||||||
Funding | 500,000 | |||||||
Skilled Nursing Properties with 196 Units [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Texas | ||||||||
Investment commitments | ||||||||
Number of Beds/Units | 196 | |||||||
Skilled Nursing Properties with 196 Units [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Texas | Scenario, Forecast [Member] | ||||||||
Investment commitments | ||||||||
Increase in rent (as a percent) | 9.00% | |||||||
Skilled Nursing Properties with 196 Units [Member] | Real Estate Development Commitments [Member] | Maximum [Member] | Real Estate Investment [Member] | Texas | ||||||||
Investment commitments | ||||||||
Investment Commitment | 600,000 | |||||||
Skilled Nursing Properties with 140 Units [Member] | Texas | ||||||||
Other disclosures | ||||||||
Sale of property | 1,248,000 | |||||||
Gain (loss) on sale of real estate, net | 16,000 | |||||||
Number of beds or units in property sold | 140 | |||||||
Skilled Nursing Properties with 47 Units [Member] | Colorado | ||||||||
Other disclosures | ||||||||
Sale of property | 1,000 | |||||||
Gain (loss) on sale of real estate, net | -1,014,000 | |||||||
Number of beds or units in property sold | 47 | |||||||
Assisted Living Properties [Member] | ||||||||
Acquisitions | ||||||||
Purchase Price | 81,987,000 | |||||||
Transaction Costs | 285,000 | |||||||
Total Acquisition Costs | 82,272,000 | |||||||
Number of properties | 5 | |||||||
Number of beds/units acquired | 266 | |||||||
Assisted Living Properties [Member] | Colorado | ||||||||
Acquisitions | ||||||||
Number of properties | 2 | |||||||
Number of beds/units acquired | 100 | |||||||
Assisted Living Properties [Member] | New Jersey | ||||||||
Acquisitions | ||||||||
Number of properties | 3 | |||||||
Number of beds/units acquired | 166 | |||||||
Assisted Living Properties [Member] | Real Estate Investment Completed Projects [Member] | Colorado | ||||||||
Completed development and improvement projects | ||||||||
Number of Beds/Units | 60 | |||||||
Funding | 4,316,000 | |||||||
Total Funding | 9,850,000 | |||||||
Assisted Living Properties [Member] | Real Estate Investment Completed Projects [Member] | Kansas | ||||||||
Completed development and improvement projects | ||||||||
Number of Beds/Units | 77 | |||||||
Funding | 551,000 | 8,081,000 | ||||||
Total Funding | 9,675,000 | |||||||
Aggregate purchase price of land | 730,000 | |||||||
Assisted Living Properties [Member] | Real Estate Investment [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 27,751,000 | 27,751,000 | ||||||
Funding | 8,831,000 | |||||||
Commitment Funded | 11,268,000 | 11,268,000 | ||||||
Remaining Commitment | 16,483,000 | 16,483,000 | ||||||
Number of Properties | 26 | 26 | ||||||
Number of Beds/Units | 1,194 | 1,194 | ||||||
Assisted Living Properties [Member] | Real Estate Investment [Member] | Colorado | ||||||||
Acquisitions | ||||||||
Purchase Price | 9,800,000 | |||||||
Transaction Costs | 130,000 | 130,000 | ||||||
Number of beds/units acquired | 48 | |||||||
Incremental initial cash yield at which property will be added to a master lease (as a percent) | 6.50% | 6.50% | ||||||
Assisted Living Properties [Member] | Real Estate Investment [Member] | Colorado | Scenario, Forecast [Member] | ||||||||
Acquisitions | ||||||||
Number of earn-out payments | 2 | |||||||
Contingent earn-out payments | 4,000,000 | |||||||
Assisted Living Properties [Member] | Maximum [Member] | Real Estate Investment [Member] | Colorado | Scenario, Forecast [Member] | ||||||||
Acquisitions | ||||||||
Contingent earn-out payments | 4,000,000 | |||||||
Assisted Living Properties [Member] | Real Estate Development Commitments [Member] | ||||||||
Investment commitments | ||||||||
Number of Properties | 2 | |||||||
Number of Beds/Units | 158 | |||||||
Assisted Living Properties [Member] | Capital Improvement Commitments [Member] | Real Estate Investment [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 4,800,000 | 4,800,000 | ||||||
Number of developments | 24 | |||||||
Assisted Living Properties with 77 Units [Member] | Real Estate Investment Completed Projects [Member] | Kansas | ||||||||
Completed development and improvement projects | ||||||||
Number of Beds/Units | 77 | 77 | ||||||
Funding | 551,000 | |||||||
Memory Care Property [Member] | Real Estate Investment Completed Projects [Member] | Colorado | ||||||||
Completed development and improvement projects | ||||||||
Aggregate purchase price of land | 1,882,000 | 850,000 | 1,200,000 | |||||
Memory Care Property [Member] | Real Estate Investment Completed Projects [Member] | Texas | ||||||||
Completed development and improvement projects | ||||||||
Aggregate purchase price of land | 1,000,000 | |||||||
Memory Care Property [Member] | Real Estate Investment Completed Projects [Member] | Kentucky | ||||||||
Completed development and improvement projects | ||||||||
Aggregate purchase price of land | 2,050,000 | |||||||
Memory Care Property [Member] | Real Estate Investment [Member] | ||||||||
Investment commitments | ||||||||
Number of developments | 2 | |||||||
Acquisitions | ||||||||
Number of Beds or Units under Development | 126 | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | ||||||||
Investment commitments | ||||||||
Number of Beds/Units | 60 | |||||||
Number of developments | 3 | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Texas | ||||||||
Investment commitments | ||||||||
Investment Commitment | 12,179,000 | |||||||
Number of Beds/Units | 56 | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Subsequent Event [Member] | ||||||||
Acquisitions | ||||||||
Number of Beds or Units under Development | 56 | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Texas | ||||||||
Acquisitions | ||||||||
Incremental initial cash yield at which property will be added to a master lease (as a percent) | 8.75% | |||||||
Number of Beds or Units under Development | 56 | |||||||
Initial term of lease | 15 years | |||||||
Number of renewal options | 3 | |||||||
Term of each renewal option | 5 years | |||||||
Specified annual increase over the prior year's rent (as a percent) | 2.25% | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Illinois | ||||||||
Acquisitions | ||||||||
Number of Beds or Units under Development | 66 | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Maximum [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 30,256,000 | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Maximum [Member] | Real Estate Investment [Member] | Texas | ||||||||
Acquisitions | ||||||||
Lease inducement fee | 1,589,000 | |||||||
Percentage of the lease inducement fee to be disbursed at or shortly after closing (as a percent) | 25.00% | |||||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Maximum [Member] | Real Estate Investment [Member] | Illinois | ||||||||
Investment commitments | ||||||||
Investment Commitment | 12,248,000 | 12,248,000 | ||||||
Memory Care Property with 66 Units [Member] | Real Estate Investment [Member] | ||||||||
Completed development and improvement projects | ||||||||
Aggregate purchase price of land | 1,400,000 | |||||||
Memory Care Property with 66 Units [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 12,248,000 | 12,248,000 | ||||||
Number of Beds/Units | 66 | 66 | ||||||
Memory Care Property with 60 Units [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | ||||||||
Investment commitments | ||||||||
Investment Commitment | 10,703,000 | 10,703,000 | ||||||
Number of Beds/Units | 60 | 60 | ||||||
Assisted Living and Memory Care Properties [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Subsequent Event [Member] | ||||||||
Acquisitions | ||||||||
Number of Beds or Units under Development | 89 | |||||||
Land [Member] | ||||||||
Acquisitions | ||||||||
Purchase Price | 5,663,000 | |||||||
Transaction Costs | 207,000 | |||||||
Total Acquisition Costs | 5,870,000 | |||||||
Number of Parcels of Land | 4 | |||||||
Land [Member] | Real Estate Investment [Member] | ||||||||
Acquisitions | ||||||||
Number of Parcels of Land | 5 | |||||||
Land [Member] | Real Estate Investment [Member] | Colorado | ||||||||
Acquisitions | ||||||||
Purchase Price | 3,475,000 | |||||||
Number of vacant parcels of land | 3 | |||||||
Land [Member] | Real Estate Investment [Member] | Michigan | ||||||||
Acquisitions | ||||||||
Purchase Price | 450,000 | 1,163,000 | ||||||
Number of Parcels of Land | 4 | |||||||
Land [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Colorado | ||||||||
Acquisitions | ||||||||
Purchase Price | 2,490,000 | |||||||
Land [Member] | Real Estate Development Commitments [Member] | Real Estate Investment [Member] | Texas | ||||||||
Investment commitments | ||||||||
Investment Commitment | 12,179,000 | |||||||
Development Project [Member] | Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member] | ||||||||
Development, redevelopment, renovation, and expansion | ||||||||
Projects | 7 | 7 | ||||||
Development, redevelopment, renovation, and expansion activity | ||||||||
CIP, Balance at the beginning of the period | 12,227,000 | |||||||
Funded | 33,728,000 | |||||||
Capitalized Interest | 1,274,000 | |||||||
Conversions out of CIP | -38,558,000 | |||||||
CIP, Balance at the end of the period | 8,671,000 | 8,671,000 | ||||||
Development Project [Member] | Skilled Nursing Properties [Member] | Real Estate Investment Completed Projects [Member] | Kentucky | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 1 | |||||||
Number of Beds/Units | 143 | 143 | ||||||
Funding | 10,579,000 | |||||||
Total Funding | 20,904,000 | 20,904,000 | ||||||
Development Project [Member] | Skilled Nursing Properties [Member] | Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member] | ||||||||
Development, redevelopment, renovation, and expansion | ||||||||
Projects | 1 | 1 | ||||||
Development, redevelopment, renovation, and expansion activity | ||||||||
CIP, Balance at the beginning of the period | 5,893,000 | |||||||
Funded | 10,579,000 | |||||||
Capitalized Interest | 505,000 | |||||||
Conversions out of CIP | -16,977,000 | |||||||
Development Project [Member] | Assisted Living Properties [Member] | Real Estate Investment Completed Projects [Member] | Texas | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 1 | |||||||
Number of Beds/Units | 80 | 80 | ||||||
Funding | 2,300,000 | |||||||
Total Funding | 5,691,000 | 5,691,000 | ||||||
Development Project [Member] | Assisted Living Properties [Member] | Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member] | ||||||||
Development, redevelopment, renovation, and expansion | ||||||||
Projects | 6 | 6 | ||||||
Development, redevelopment, renovation, and expansion activity | ||||||||
CIP, Balance at the beginning of the period | 6,334,000 | |||||||
Funded | 23,149,000 | |||||||
Capitalized Interest | 769,000 | |||||||
Conversions out of CIP | -21,581,000 | |||||||
CIP, Balance at the end of the period | 8,671,000 | 8,671,000 | ||||||
Development Project [Member] | Assisted Living Properties with 60 Units [Member] | Real Estate Investment Completed Projects [Member] | Colorado | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 1 | |||||||
Number of Beds/Units | 60 | 60 | ||||||
Funding | 6,351,000 | |||||||
Total Funding | 9,689,000 | 9,689,000 | ||||||
Development Project [Member] | Assisted Living Properties with 48 Units [Member] | Real Estate Investment Completed Projects [Member] | Colorado | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 1 | |||||||
Number of Beds/Units | 48 | 48 | ||||||
Funding | 7,257,000 | |||||||
Total Funding | 8,744,000 | 8,744,000 | ||||||
Expansion Renovation Project [Member] | Assisted Living Properties with 72 Units [Member] | Real Estate Investment Completed Projects [Member] | Colorado | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 1 | |||||||
Number of Beds/Units | 72 | 72 | ||||||
Funding | 6,371,000 | |||||||
Total Funding | 6,376,000 | 6,376,000 | ||||||
Expansion Renovation Project [Member] | Assisted Living Properties with 123 Units [Member] | Real Estate Investment Completed Projects [Member] | Colorado | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 2 | |||||||
Number of Beds/Units | 123 | 123 | ||||||
Funding | 5,091,000 | |||||||
Total Funding | 5,095,000 | 5,095,000 | ||||||
Improvements Project [Member] | Skilled Nursing Properties [Member] | Real Estate Investment Completed Projects [Member] | Florida | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 1 | |||||||
Number of Beds/Units | 120 | 120 | ||||||
Funding | 500,000 | |||||||
Total Funding | 500,000 | 500,000 | ||||||
Improvements Project [Member] | Skilled Nursing Properties [Member] | Real Estate Investment Completed Projects [Member] | New Mexico | ||||||||
Completed development and improvement projects | ||||||||
Number of Properties | 2 | |||||||
Number of Beds/Units | 235 | 235 | ||||||
Funding | 319,000 | |||||||
Total Funding | 1,746,000 | 1,746,000 | ||||||
Redevelopment Renovation Expansion Projects [Member] | Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member] | ||||||||
Development, redevelopment, renovation, and expansion | ||||||||
Projects | 8 | 8 | ||||||
Development, redevelopment, renovation, and expansion activity | ||||||||
CIP, Balance at the beginning of the period | 2,441,000 | |||||||
Funded | 13,124,000 | |||||||
Capitalized Interest | 232,000 | |||||||
Conversions out of CIP | -15,797,000 | |||||||
Redevelopment Renovation Expansion Projects [Member] | Skilled Nursing Properties [Member] | Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member] | ||||||||
Development, redevelopment, renovation, and expansion | ||||||||
Projects | 5 | 5 | ||||||
Development, redevelopment, renovation, and expansion activity | ||||||||
CIP, Balance at the beginning of the period | 2,433,000 | |||||||
Funded | 1,661,000 | |||||||
Conversions out of CIP | -4,094,000 | |||||||
Redevelopment Renovation Expansion Projects [Member] | Assisted Living Properties [Member] | Real Estate Investment Development Redevelopment Renovation and Expansion Projects [Member] | ||||||||
Development, redevelopment, renovation, and expansion | ||||||||
Projects | 3 | 3 | ||||||
Development, redevelopment, renovation, and expansion activity | ||||||||
CIP, Balance at the beginning of the period | 8,000 | |||||||
Funded | 11,463,000 | |||||||
Capitalized Interest | 232,000 | |||||||
Conversions out of CIP | ($11,703,000) |
Real_Estate_Investments_Detail3
Real Estate Investments (Details 4) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 |
property | |||
Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent and renewal options | |||
2015 | 98,150 | ||
2016 | 102,113 | ||
2017 | 101,009 | ||
2018 | 97,955 | ||
2019 | 92,658 | ||
Thereafter | 445,768 | ||
Discontinued operations | |||
Rental income | 1,123 | 1,551 | |
Total revenues | 1,123 | 1,551 | |
Depreciation and amortization | -317 | -540 | |
General and administrative expenses | -1 | -6 | |
Total expenses | -318 | -546 | |
Income from discontinued operations | $805 | $1,005 | |
Assisted Living Properties [Member] | |||
Real estate investments | |||
Number of properties re-leased | 20 |
Real_Estate_Investments_Detail4
Real Estate Investments (Details 5) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | |
loan | |||||
Mortgage Loans | |||||
Number of Loans | 19 | ||||
Principal payments received on mortgage loans receivable | $9,155,000 | $1,933,000 | $21,633,000 | ||
Amount Funded | 731,000 | ||||
Loan commitment | 4,288,000 | 3,788,000 | |||
Purchase Price | 166,750,000 | ||||
Remaining loan commitments | 2,346,000 | 2,346,000 | |||
Carrying value of mortgage loans | 165,656,000 | 165,444,000 | |||
Scheduled principal payments on mortgage loan receivables | |||||
Scheduled principal payments received | 9,155,000 | 1,933,000 | 21,633,000 | ||
Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Gross Investments | 167,329,000 | ||||
Percentage of Investments | 100.00% | ||||
Number of Loans | 19 | ||||
Number of Properties | 38 | ||||
Number of states | 9 | ||||
Number of operators | 12 | ||||
Principal payments received on mortgage loans receivable | 2,159,000 | 1,933,000 | 2,572,000 | ||
Interest rate for mortgage loans, low end of range (as a percent) | 7.00% | ||||
Interest rate for mortgage loans, high end of range (as a percent) | 13.70% | ||||
Carrying value of mortgage loans | 165,656,000 | 165,444,000 | |||
Scheduled principal payments on mortgage loan receivables | |||||
2015 | 4,642,000 | ||||
2016 | 7,527,000 | ||||
2017 | 7,308,000 | ||||
2018 | 8,425,000 | ||||
2019 | 5,137,000 | ||||
Thereafter | 134,290,000 | ||||
Total | 167,329,000 | ||||
Scheduled principal payments received | 2,159,000 | 1,933,000 | 2,572,000 | ||
Amount received related to payoff of loan, excluding accrued interest | 6,996,000 | 19,061,000 | |||
Number of loans paid off | 2 | 11 | |||
Mortgage Loans on Real Estate [Member] | Subsequent Event [Member] | |||||
Mortgage Loans | |||||
Percentage of outstanding mortgage loan balance that may be prepaid without penalty | 50.00% | ||||
Number of parcels of land | 2 | ||||
Mortgage Loans on Real Estate [Member] | Minimum [Member] | |||||
Mortgage Loans | |||||
General amortization schedule of mortgage loans | 20 years | ||||
Specified basis points for annual increase in interest rate (as a percent) | 0.10% | ||||
Mortgage Loans on Real Estate [Member] | Maximum [Member] | |||||
Mortgage Loans | |||||
General amortization schedule of mortgage loans | 30 years | ||||
Specified basis points for annual increase in interest rate (as a percent) | 0.25% | ||||
Mortgage Loans on Real Estate [Member] | Prestige Healthcare [Member] | |||||
Mortgage Loans | |||||
Amount Funded | 9,500,000 | ||||
Additional loan commitments available for capital improvements | 12,000,000 | ||||
Period at beginning of loan term that certain operating metrics and valuation thresholds must be achieved and sustained to receive additional loan proceeds | 12 years | 12 years | |||
Additional loan commitments based on certain operating metrics and valuation thresholds | 40,000,000 | ||||
Loan commitment | 196,387,000 | 176,387,000 | |||
Number of properties securing loan | 2 | ||||
Number of parcels of land | 2 | ||||
Mortgage Loans on Real Estate [Member] | Prestige Healthcare [Member] | Scenario, Forecast [Member] | |||||
Mortgage Loans | |||||
Expected effective interest to be recorded in the next fiscal year due to the forfeiture or the prepayment option | 1,296,000 | ||||
Mortgage Loans on Real Estate [Member] | Prestige Healthcare [Member] | Maximum [Member] | |||||
Mortgage Loans | |||||
Additional loan commitments based on certain operating metrics and valuation thresholds | 40,000,000 | ||||
Additional loan proceeds available for expansion and renovation | 20,000,000 | ||||
Percentage of outstanding mortgage loan balance that may be prepaid without penalty | 50.00% | ||||
Mortgage and Construction Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Amount Funded | 3,010,000 | 4,971,000 | 2,619,000 | ||
Loan commitment | 10,600,000 | 10,600,000 | 10,600,000 | ||
Mortgage and Construction Loans on Real Estate [Member] | Prestige Healthcare [Member] | |||||
Mortgage Loans | |||||
Loan commitment | 11,000,000 | ||||
Capital Improvement Loan Investment [Member] | Subsequent Event [Member] | |||||
Mortgage Loans | |||||
Amount Funded | 770,000 | ||||
Loan commitment | 12,000,000 | ||||
Capital Improvement Loan Investment [Member] | Prestige Healthcare [Member] | |||||
Mortgage Loans | |||||
Amount Funded | 770,000 | 3,337,000 | |||
Loan commitment | 32,000,000 | 12,000,000 | |||
Remaining loan commitments | 7,893,000 | 8,663,000 | |||
Skilled Nursing Facility Beds [Member] | Prestige Healthcare [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 2,176 | ||||
Skilled Nursing Facility Beds [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 3,749 | ||||
Assisted Living Facility Units [Member] | Prestige Healthcare [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 93 | ||||
Assisted Living Facility Units [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 344 | ||||
Skilled Nursing Properties [Member] | |||||
Mortgage Loans | |||||
Purchase Price | 79,100,000 | 13,946,000 | |||
Lease inducement fee | 1,054,000 | ||||
Skilled Nursing Properties [Member] | Subsequent Event [Member] | |||||
Mortgage Loans | |||||
Purchase Price | 13,946,000 | ||||
Skilled Nursing Properties [Member] | Subsequent Event [Member] | Michigan | |||||
Mortgage Loans | |||||
Additional loan proceeds available for expansion and renovation | 20,000,000 | ||||
Number of properties securing loan | 15 | ||||
Number of beds or units securing loan | 2,058 | ||||
Skilled Nursing Properties [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Gross Investments | 151,016,000 | ||||
Percentage of Investments | 90.30% | ||||
Number of Loans | 15 | ||||
Number of Properties | 29 | ||||
Investment per Bed/Unit | 41.37 | ||||
Scheduled principal payments on mortgage loan receivables | |||||
Number of properties securing mortgage loans paid off | 3 | 4 | |||
Skilled Nursing Properties [Member] | Mortgage Loans on Real Estate [Member] | Subsequent Event [Member] | Michigan | |||||
Mortgage Loans | |||||
Amount Funded | 9,500,000 | ||||
Loan commitment | 11,000,000 | ||||
Number of beds or units securing loan | 157 | ||||
Skilled Nursing Properties [Member] | Mortgage Loans on Real Estate [Member] | Prestige Healthcare [Member] | Michigan | |||||
Mortgage Loans | |||||
Number of Beds/Units | 2,058 | ||||
Amount Funded | 9,500,000 | 124,387,000 | |||
Loan commitment | 11,000,000 | ||||
Number of properties securing loan | 15 | ||||
Number of beds or units securing loan | 157 | 2,058 | |||
Interest rate for first five years | 9.41% | ||||
Period during which loan bears the initial specified interest rate | 5 years | ||||
Annual increase in interest rate (as percent) | 2.25% | ||||
Period of interest-only payments | 30 years | ||||
Forward commitments for capital improvements | 12,000,000 | ||||
Interest rate for beginning in the thirteenth month, option one (as a percent) | 7.25% | ||||
Maturity period of US Treasury note | 10 years | ||||
Number of days prior to funding | 20 days | ||||
Interest rate subject to escalation beginning in the thirteenth month, option two (as a percent) | 9.00% | ||||
Annual increase in rate of interest, option two (as a percent) | 2.25% | ||||
Skilled Nursing Properties [Member] | Mortgage Loans on Real Estate [Member] | Prestige Healthcare [Member] | Maximum [Member] | Michigan | |||||
Mortgage Loans | |||||
Percentage of loan balance outstanding between the third and twelfth years that may be prepaid without penalty | 50.00% | ||||
Skilled Nursing Properties [Member] | Mortgage and Construction Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Number of beds or units securing loan | 106 | ||||
Skilled Nursing Properties [Member] | Skilled Nursing Facility Beds [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 3,650 | ||||
Skilled Nursing Properties [Member] | Skilled Nursing Facility Beds [Member] | Mortgage and Construction Loans on Real Estate [Member] | Prestige Healthcare [Member] | |||||
Mortgage Loans | |||||
Number of properties securing loan | 157 | ||||
Assisted Living Properties [Member] | |||||
Mortgage Loans | |||||
Purchase Price | 81,987,000 | ||||
Assisted Living Properties [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Gross Investments | 14,003,000 | ||||
Percentage of Investments | 8.30% | ||||
Number of Loans | 3 | ||||
Number of Properties | 8 | ||||
Investment per Bed/Unit | 51.86 | ||||
Scheduled principal payments on mortgage loan receivables | |||||
Number of properties securing mortgage loans paid off | 1 | 7 | |||
Assisted Living Properties [Member] | Bridge Loan [Member] | Michigan | |||||
Mortgage Loans | |||||
Term of loan | 2 years | ||||
Assisted Living Properties [Member] | Bridge Loan [Member] | Pennsylvania | |||||
Mortgage Loans | |||||
Loan commitment | 5,100,000 | ||||
Number of beds or units securing loan | 70 | ||||
Term of loan extension | 2 years | ||||
Interest rate (as a percent) | 7.00% | ||||
Annual increase in interest rate (as percent) | 1.50% | ||||
Assisted Living Properties [Member] | Assisted Living Facility Units [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 270 | ||||
Range of Care Properties [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Gross Investments | 2,310,000 | ||||
Percentage of Investments | 1.40% | ||||
Number of Loans | 1 | ||||
Number of Properties | 1 | ||||
Investment per Bed/Unit | 13.35 | ||||
Principal payments received on mortgage loans receivable | 2,285,000 | ||||
Scheduled principal payments on mortgage loan receivables | |||||
Scheduled principal payments received | 2,285,000 | ||||
Amount received related to payoff of loan, excluding accrued interest | 2,285,000 | ||||
Number of properties securing mortgage loans paid off | 1 | ||||
Range of Care Properties [Member] | Mortgage Loans on Real Estate [Member] | Subsequent Event [Member] | |||||
Mortgage Loans | |||||
Number of properties securing loan | 1 | ||||
Scheduled principal payments on mortgage loan receivables | |||||
Amount received related to payoff of loan, excluding accrued interest | 2,285,000 | ||||
Range of Care Properties [Member] | Skilled Nursing Facility Beds [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 99 | ||||
Range of Care Properties [Member] | Assisted Living Facility Units [Member] | Mortgage Loans on Real Estate [Member] | |||||
Mortgage Loans | |||||
Number of Beds/Units | 74 | ||||
Independent Living Properties [Member] | Mortgage Loans on Real Estate [Member] | Arizona | |||||
Mortgage Loans | |||||
Loan commitment | $3,027,000 | ||||
Number of properties securing loan | 100 | ||||
Term of loan | 5 years | ||||
Interest rate (as a percent) | 7.00% | ||||
Annual increase in interest rate (as percent) | 0.25% |
Notes_Receivable_Details
Notes Receivable (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
loan | item | |||
item | ||||
Notes Receivable | ||||
Loan commitment | $4,288,000 | $3,788,000 | ||
Number of commitments | 12 | 11 | ||
Remaining loan commitments | 2,346,000 | 2,346,000 | ||
Weighted average interest rate (as a percent) | 11.40% | |||
Principal payments received | 113,000 | 3,110,000 | 569,000 | |
Principal Advanced | 500,000 | 1,263,000 | 1,004,000 | 2,930,000 |
Pre-development Loan Commitment [Member] | ||||
Notes Receivable | ||||
Number of commitments | 4 | |||
Pre-development loan balance reclassified to real estate under development | 304,000 | |||
Pre-development Loan Commitment [Member] | Memory Care Property [Member] | ||||
Notes Receivable | ||||
Number of properties | 4 | |||
Pre-development Loan Commitment One [Member] | ||||
Notes Receivable | ||||
Loan commitment | 325,000 | |||
Interest rate (as a percent) | 12.00% | |||
Annual increase in interest rate (as a percent) | 0.25% | |||
Pre-development Loan Commitment Two [Member] | ||||
Notes Receivable | ||||
Loan commitment | 325,000 | |||
Interest rate (as a percent) | 12.00% | |||
Annual increase in interest rate (as a percent) | 0.25% | |||
Pre-development Loan Commitment Three [Member] | ||||
Notes Receivable | ||||
Loan commitment | 325,000 | |||
Interest rate (as a percent) | 12.00% | |||
Annual increase in interest rate (as a percent) | 0.25% | |||
Pre-development Loan Commitment Four [Member] | ||||
Notes Receivable | ||||
Loan commitment | 325,000 | |||
Interest rate (as a percent) | 12.00% | |||
Annual increase in interest rate (as a percent) | 0.25% | |||
Working Capital Loan Commitment Maturing December 2019 [Member] | ||||
Notes Receivable | ||||
Interest rate (as a percent) | 6.50% | |||
Working Capital Loan Commitment Maturing December 2019 [Member] | Maximum [Member] | ||||
Notes Receivable | ||||
Loan commitment | 500,000 | |||
Working Capital Loan Commitment Maturing February 2019 [Member] | ||||
Notes Receivable | ||||
Loan commitment | 500,000 | |||
Interest rate (as a percent) | 6.50% | |||
Subsequent Event [Member] | ||||
Notes Receivable | ||||
Principal Advanced | 500,000 | |||
Subsequent Event [Member] | Working Capital Loan Commitment Maturing February 2019 [Member] | ||||
Notes Receivable | ||||
Loan commitment | $500,000 | |||
Interest rate (as a percent) | 6.50% |
Marketable_Securities_Details
Marketable Securities (Details) (USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Marketable Securities. | |
Face rate of senior subordinated notes (as a percent) | 11.00% |
Effective yield on senior subordinated notes (as a percent) | 11.10% |
Interest income recognized from investment | $235,000 |
Investment in senior subordinated notes of related party | $6,500,000 |
Debt_Obligations_Details
Debt Obligations (Details) (USD $) | 12 Months Ended | 1 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2015 | |
Debt Obligations | ||||
Amount outstanding under Unsecured Credit Agreement | $21,000,000 | |||
Proceeds from issuance of senior unsecured notes | 30,000,000 | 70,000,000 | 85,800,000 | |
Amount outstanding Senior Unsecured Notes | 281,633,000 | 255,800,000 | ||
Scheduled Principal Payments | ||||
Total | 281,633,000 | |||
2015 | 29,166,000 | |||
2016 | 26,667,000 | |||
2017 | 26,167,000 | |||
2018 | 28,167,000 | |||
2019 | 25,666,000 | |||
Thereafter | 145,800,000 | |||
Line of Credit [Member] | ||||
Debt Obligations | ||||
Maximum availability under Unsecured Credit Agreement | 400,000,000 | |||
Possible total maximum availability under Unsecured Credit Agreement | 600,000,000 | |||
Decrease in drawn pricing, basis point (as a percent) | 0.25% | |||
Extension of maturity date | 1 year | |||
Description of interest rate | LIBOR | |||
Basis spread over base rate (as a percent) | 1.15% | |||
Unused commitment fee (as a percent) | 0.25% | |||
Maximum ratio of total indebtedness to total asset value | 0.5 | |||
Maximum ratio of secured debt to total asset value | 0.35 | |||
Maximum ratio of unsecured debt to the value of the unencumbered asset pool | 0.6 | |||
Minimum ratio of EBITDA to fixed charges | 1.5 | |||
Amount borrowed | 37,500,000 | 18,000,000 | ||
Repayment amount | 58,500,000 | |||
Amount outstanding under Unsecured Credit Agreement | 0 | 18,000,000 | ||
Amount available for borrowing under Unsecured Credit Agreement | 400,000,000 | 382,000,000 | ||
Line of Credit [Member] | Subsequent Event [Member] | ||||
Debt Obligations | ||||
Amount borrowed | 18,000,000 | |||
Amount outstanding under Unsecured Credit Agreement | 18,000,000 | |||
Amount available for borrowing under Unsecured Credit Agreement | 382,000,000 | |||
Senior Unsecured Debt [Member] | ||||
Debt Obligations | ||||
Amount outstanding Senior Unsecured Notes | 281,633,000 | 255,800,000 | ||
Weighted average interest rate (as a percent) | 4.81% | 4.85% | ||
Repayments of debt | 4,167,000 | |||
Scheduled Principal Payments | ||||
Total | 281,633,000 | |||
2015 | 29,166,000 | |||
2016 | 26,667,000 | |||
2017 | 26,167,000 | |||
2018 | 28,167,000 | |||
2019 | 25,666,000 | |||
Thereafter | 145,800,000 | |||
Senior Unsecured Term Note 4.50 Percent Due 31 July 2026 [Member] | ||||
Debt Obligations | ||||
Proceeds from issuance of senior unsecured notes | 30,000,000 | |||
Stated interest rate (as a percent) | 4.50% | |||
Senior Unsecured Term Notes 3.99 Percent Due 20 November 2021 [Member] | ||||
Debt Obligations | ||||
Proceeds from issuance of senior unsecured notes | 70,000,000 | |||
Stated interest rate (as a percent) | 3.99% | |||
Senior Unsecured Term Notes 5.0 Percent Due 19, July 2024 [Member] | ||||
Debt Obligations | ||||
Proceeds from issuance of senior unsecured notes | 85,800,000 | |||
Stated interest rate (as a percent) | 5.00% | |||
Maturity Period | 12 years | |||
Senior Unsecured Term Notes 4.80 Percent Due 20 July 2021 [Member] | ||||
Debt Obligations | ||||
Proceeds from issuance of senior unsecured notes | 50,000,000 | |||
Stated interest rate (as a percent) | 4.80% | |||
Bonds [Member] | ||||
Debt Obligations | ||||
Face amount of debt | 1,400,000 | |||
Repayments of debt | $635,000 | $600,000 | ||
Number of assisted living properties securing debt instruments | 5 |
Equity_Details
Equity (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | |||||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 31, 2015 | Feb. 28, 2015 | Jan. 31, 2015 | Sep. 30, 2013 | |
item | item | ||||||||||||||
Equity | |||||||||||||||
Preferred shares outstanding | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||
Conversion price per share | $19.25 | ||||||||||||||
Number of authorized shares of common stock before amendment | 45,000,000 | ||||||||||||||
Common stock, shares authorized | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | 60,000,000 | ||||||||||
Non-controlling Interests | |||||||||||||||
Number of limited partners | 0 | ||||||||||||||
Number of limited partnerships | 1 | ||||||||||||||
Limited partnership, conversion basis | 1 | ||||||||||||||
Cash paid, redemption of non-controlling interest | $2,764,000 | ||||||||||||||
Change from net income and transfers from non-controlling interest | |||||||||||||||
Net income attributable to LTC Properties, Inc. | 73,399,000 | 57,815,000 | 51,290,000 | ||||||||||||
Transfers from the non-controlling interest: Increase in paid-in capital for limited partners conversion | 396,000 | ||||||||||||||
Transfers from the non-controlling interest: Decrease in paid-in capital for limited partners conversion | -1,246,000 | ||||||||||||||
Change from net income attributable to LTC Properties, Inc. and transfers from non-controlling interest | 73,399,000 | 57,815,000 | 50,440,000 | ||||||||||||
Dividend Distributions | |||||||||||||||
Declared | 74,431,000 | 66,904,000 | 74,431,000 | 66,904,000 | |||||||||||
Paid | 74,431,000 | 66,904,000 | 57,785,000 | ||||||||||||
Dividends per share declared (in dollars per share) | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.47 | $0.47 | $0.47 | |||||||
Dividends declared and paid per common share (in dollars per share) | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.47 | $0.47 | $0.47 | $2.04 | $1.91 | $1.79 | ||||
Accumulated other comprehensive income | |||||||||||||||
Accumulated other comprehensive income | 82,000 | 117,000 | 82,000 | 117,000 | |||||||||||
Subsequent Event [Member] | Dividend Declared [Member] | |||||||||||||||
Dividend Distributions | |||||||||||||||
Dividends per share declared (in dollars per share) | $0.17 | $0.17 | $0.17 | ||||||||||||
Equity Distribution Agreement [Member] | |||||||||||||||
Equity | |||||||||||||||
Shares common stock sold | 126,742 | ||||||||||||||
Net proceeds | 4,895,000 | ||||||||||||||
Maximum aggregate offering price of shares authorized for issuance under terminated agreement | 85,686,000 | 85,686,000 | |||||||||||||
Shelf Registration [Member] | |||||||||||||||
Equity | |||||||||||||||
Amount available under effective shelf registration statement | 775,100,000 | 775,100,000 | |||||||||||||
Series C Preferred Stock [Member] | |||||||||||||||
Equity | |||||||||||||||
Preferred shares outstanding | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||
Dividend Rate (as a percent) | 8.50% | 8.50% | |||||||||||||
Number of shares of common stock to be issued upon conversion | 2,000,000 | ||||||||||||||
Total shares reserved for issuance of common stock related to the conversion of preferred stock | 2,000,000 | 2,000,000 | 2,000,000 | 2,000,000 | |||||||||||
Dividend Distributions | |||||||||||||||
Declared | 3,273,000 | 3,273,000 | 3,273,000 | 3,273,000 | |||||||||||
Paid | 3,273,000 | 3,273,000 | |||||||||||||
Common Stock [Member] | |||||||||||||||
Equity | |||||||||||||||
Number of shares repurchased | 5,324 | 6,925 | 4,609 | ||||||||||||
Dividend Distributions | |||||||||||||||
Declared | 71,158,000 | 63,631,000 | 71,158,000 | 63,631,000 | |||||||||||
Paid | 71,158,000 | 63,631,000 | |||||||||||||
Dividends per share declared (in dollars per share) | $0.17 | $0.17 | $0.16 | ||||||||||||
Dividends declared and paid per common share (in dollars per share) | $0.17 | $0.17 | $0.16 | ||||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||
Equity | |||||||||||||||
Number of shares repurchased | 4,609 | ||||||||||||||
Common Stock [Member] | Underwritten Public Offering [Member] | |||||||||||||||
Equity | |||||||||||||||
Shares common stock sold | 4,025,000 | ||||||||||||||
Sale price of common stock (in dollars per share) | $44.50 | $44.50 | |||||||||||||
Net proceeds | 171,365,000 | ||||||||||||||
Common Stock [Member] | Equity Distribution Agreement [Member] | |||||||||||||||
Equity | |||||||||||||||
Reclassification of accumulated costs to additional paid in capital | 662,000 | ||||||||||||||
Common Stock [Member] | Private Placement [Member] | |||||||||||||||
Equity | |||||||||||||||
Shares common stock sold | 600,000 | ||||||||||||||
Sale price of common stock (in dollars per share) | $41.50 | $41.50 | |||||||||||||
Net proceeds | 24,644,000 | ||||||||||||||
Conversion of Noncontrolling Interest [Member] | |||||||||||||||
Equity | |||||||||||||||
Total shares reserved for issuance of common stock related to the conversion of preferred stock | 0 | 0 | 0 | 0 | |||||||||||
Non-controlling Interests | |||||||||||||||
Number of limited partners exercising conversion rights | 2 | ||||||||||||||
Number of partnership units converted by limited partners | 112,588 | ||||||||||||||
Number of partnership units converted | 23,294 | ||||||||||||||
Partnership unit conversion price (per unit) | $17 | ||||||||||||||
Number of limited partnership units redeemed in cash | 89,294 | ||||||||||||||
Cash paid, redemption of non-controlling interest | 2,764,000 | ||||||||||||||
Margin added to the common stock price per share on redemption date to determine amount to be paid to limited partner | $0.05 | ||||||||||||||
Excess of redemption value over the book value | 1,246,000 | ||||||||||||||
Excess of redemption value over the book value reclassified to stockholder's equity | $1,246,000 |
Equity_Details2
Equity (Details2) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2015 | Dec. 31, 2008 | |
Stock Based Compensation Plans | |||||
Number of shares of common stock that have been reserved for awards (in shares) | 600,000 | ||||
Restricted Stock [Member] | |||||
Stock Based Compensation Plans | |||||
Number of shares cancelled (in shares) | 640 | ||||
Shares vested due to retirement of former SVP Marketing and Strategic Planning | 18,180 | ||||
Compensation expense related to the vesting of stock awards | $3,241,000 | $2,591,000 | |||
Compensation expense related to the accelerated vesting | 457,000 | ||||
Total compensation cost which will be recognized ratably over the remaining vesting period | 4,195,000 | ||||
Restricted stock activity | |||||
Outstanding at the beginning of the year (in shares) | 214,168 | 165,149 | 195,449 | ||
Granted (in shares) | 95,000 | 34,400 | |||
Vested (in shares) | -45,981 | -64,700 | |||
Outstanding at the end of the year (in shares) | 214,168 | 165,149 | |||
Weighted Average Price | |||||
Weighted average remaining contractual life of options exercisable | 3 years | ||||
Restricted Stock [Member] | Vesting over Three Year Period from Grant Date [Member] | |||||
Stock Based Compensation Plans | |||||
Vesting period | 3 years | ||||
Restricted stock activity | |||||
Granted (in shares) | 65,750 | ||||
Price per share | $44.45 | ||||
Restricted Stock [Member] | Vesting Through December 31 2016 [Member] | |||||
Weighted Average Price | |||||
Options scheduled to vest (in shares) | 5,000 | ||||
Restricted Stock [Member] | Vesting Through December 31 2017 [Member] | |||||
Weighted Average Price | |||||
Options scheduled to vest (in shares) | 5,000 | ||||
Restricted Stock [Member] | Subsequent Event [Member] | |||||
Stock Based Compensation Plans | |||||
Number of shares cancelled (in shares) | 640 | ||||
Vesting period | 3 years | ||||
Restricted stock activity | |||||
Granted (in shares) | 65,750 | ||||
Price per share | $44.45 | ||||
Restricted Stock [Member] | Grant Date Price 36.81 [Member] | Vesting over Three Year Period from Grant Date [Member] | |||||
Stock Based Compensation Plans | |||||
Vesting period | 3 years | ||||
Restricted stock activity | |||||
Granted (in shares) | 59,000 | ||||
Price per share | $36.81 | ||||
Restricted Stock [Member] | Grant Date Price 38.43 [Member] | Vesting over Three Year Period from Grant Date [Member] | |||||
Stock Based Compensation Plans | |||||
Vesting period | 3 years | ||||
Restricted stock activity | |||||
Granted (in shares) | 3,000 | ||||
Price per share | $38.43 | ||||
Restricted Stock [Member] | Grant Date Price 40.05[Member] | Vesting over Three Year Period from Grant Date [Member] | |||||
Stock Based Compensation Plans | |||||
Vesting period | 3 years | ||||
Restricted stock activity | |||||
Granted (in shares) | 15,000 | ||||
Price per share | $40.05 | ||||
Restricted Stock [Member] | Grant Date Price 40.05[Member] | Vesting Date 9 June2015 [Member] | |||||
Restricted stock activity | |||||
Granted (in shares) | 10,500 | ||||
Price per share | $40.05 | ||||
Restricted Stock [Member] | Grant Date Price 41.34 [Member] | Vesting Date 12 November 2015 [Member] | |||||
Restricted stock activity | |||||
Granted (in shares) | 7,500 | ||||
Price per share | $41.34 | ||||
Restricted Stock [Member] | Grant Date Price 46.54 [Member] | Vesting over Three Year Period from Grant Date [Member] | |||||
Stock Based Compensation Plans | |||||
Vesting period | 3 years | ||||
Restricted stock activity | |||||
Granted (in shares) | 8,400 | ||||
Price per share | $46.54 | ||||
Restricted Stock [Member] | Grant Date Price 41.83 [Member] | Vesting over Three Year Period from Grant Date [Member] | |||||
Stock Based Compensation Plans | |||||
Vesting period | 3 years | ||||
Restricted stock activity | |||||
Granted (in shares) | 6,000 | ||||
Price per share | $41.83 | ||||
Restricted Stock [Member] | Grant Date Price 36.26 [Member] | Vesting Date 1 June 2016 [Member] | |||||
Restricted stock activity | |||||
Granted (in shares) | 20,000 | ||||
Price per share | $36.26 | ||||
Employee Stock Option [Member] | |||||
Stock Based Compensation Plans | |||||
Compensation expense related to the vesting of stock awards | 12,000 | ||||
Fair value assumptions | |||||
Expected life | 3 years | ||||
Volatility rate (as a percent) | 0.21% | ||||
Risk free interest rate (as a percent) | 0.66% | ||||
Expected dividend yield (as a percent) | 5.31% | ||||
Fair value of option (in dollars per share) | $2.96 | ||||
Nonqualified stock option activity | |||||
Outstanding at the beginning of the year (in shares) | 73,334 | 95,334 | |||
Granted (in shares) | 15,000 | 0 | |||
Exercised (in shares) | -45,000 | -22,000 | |||
Outstanding at the end of the year (in shares) | 43,334 | 73,334 | |||
Options exercisable at end of the period (in shares) | 28,334 | 73,334 | |||
Weighted Average Price | |||||
Outstanding at the beginning of the year (in dollars per share) | $23.97 | $23.93 | |||
Granted (in dollars per share) | $38.43 | ||||
Exercised (in dollars per share) | $23.79 | $23.79 | |||
Outstanding at the end of the year (in dollars per share) | $29.16 | $23.97 | |||
Exercisable at the end of the period (in dollars per share) | $24.25 | $23.97 | |||
Aggregate intrinsic value of exercisable options at the end of the year | 536,000 | ||||
Weighted average remaining contractual life of options exercisable | 2 years 8 months 12 days | ||||
Options Exercised (in shares) | 45,000 | 22,000 | |||
Weighted Average Exercise Price (in dollars per share) | $23.79 | $23.79 | |||
Value of options exercised | 1,071,000 | 523,000 | |||
Market value on the date of exercise | 1,840,000 | 865,000 | |||
Weighted average exercise price of the options (in dollars per share) | $29.16 | $23.97 | |||
Remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options | |||||
2015 | 15,000 | ||||
2016 | 15,000 | ||||
2017 | $2,000 | ||||
Employee Stock Option [Member] | Vesting over Three Year Period from Grant Date [Member] | |||||
Stock Based Compensation Plans | |||||
Vesting period | 3 years | ||||
Employee Stock Option [Member] | Vesting Through December 31 2015 [Member] | |||||
Weighted Average Price | |||||
Options scheduled to vest (in shares) | 5,000 | ||||
Employee Stock Option [Member] | Vesting Beyond 2017 [Member] | |||||
Weighted Average Price | |||||
Options scheduled to vest (in shares) | 0 |
Commitments_and_Contingencies_
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 12 Months Ended | 1 Months Ended | ||
Jan. 31, 2015 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Feb. 28, 2015 | |
item | |||||
Commitments and Contingencies | |||||
Contingent liability paid | $7,000,000 | ||||
Contingent liabilities | 0 | 3,258,000 | |||
Non-cash interest expense | 256,000 | 439,000 | |||
Number of beds/units acquired | 788 | ||||
Contingent earn-out payments | 7,000,000 | ||||
Investment Commitment | 29,951,000 | ||||
Funding | 731,000 | ||||
Commitments funded | -13,429,000 | ||||
Remaining commitment | 15,791,000 | 16,522,000 | |||
Purchase Price | 166,750,000 | ||||
Loan commitment | 4,288,000 | 3,788,000 | |||
Remaining loan commitments | 2,346,000 | 2,346,000 | |||
Estimate of Fair Value Measurement [Member] | |||||
Commitments and Contingencies | |||||
Contingent liabilities | 3,258,000 | ||||
Other Loans and Lines of Credit [Member] | |||||
Commitments and Contingencies | |||||
Loan commitment | 4,288,000 | 3,788,000 | |||
Funded loan commitments | 500,000 | 1,442,000 | |||
Remaining loan commitments | 2,346,000 | 2,346,000 | |||
Working Capital Loan [Member] | |||||
Commitments and Contingencies | |||||
Loan commitment | 500,000 | ||||
Real Estate Investment [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 29,951,000 | ||||
Commitments funded | -13,429,000 | ||||
Remaining commitment | 16,522,000 | ||||
Number of Properties | 28 | ||||
Number of Beds/Units | 1,335 | ||||
Real Estate Investment [Member] | Subsequent Event [Member] | |||||
Commitments and Contingencies | |||||
Funding | 731,000 | ||||
Remaining commitment | 15,791,000 | ||||
Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Subsequent Event [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 28,715,000 | ||||
Maximum [Member] | Real Estate Development Commitments [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 49,702,000 | ||||
Skilled Nursing Properties [Member] | |||||
Commitments and Contingencies | |||||
Number of beds/units acquired | 522 | ||||
Purchase Price | 79,100,000 | 13,946,000 | |||
Skilled Nursing Properties [Member] | Texas | |||||
Commitments and Contingencies | |||||
Number of beds/units acquired | 234 | ||||
Skilled Nursing Properties [Member] | Subsequent Event [Member] | |||||
Commitments and Contingencies | |||||
Number of beds/units acquired | 106 | ||||
Purchase Price | 13,946,000 | ||||
Skilled Nursing Properties [Member] | Capital Improvement Commitments [Member] | Texas | |||||
Commitments and Contingencies | |||||
Investment Commitment | 600,000 | ||||
Number of Properties | 196 | ||||
Skilled Nursing Properties [Member] | Capital Improvement Commitments [Member] | Subsequent Event [Member] | Texas | |||||
Commitments and Contingencies | |||||
Investment Commitment | 600,000 | ||||
Number of Properties | 196 | ||||
Skilled Nursing Properties [Member] | Real Estate Development Commitments [Member] | |||||
Commitments and Contingencies | |||||
Number of Properties | 1 | ||||
Number of Beds/Units | 143 | ||||
Skilled Nursing Properties [Member] | Real Estate Investment [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 2,200,000 | ||||
Commitments funded | -2,161,000 | ||||
Remaining commitment | 39,000 | ||||
Number of Properties | 2 | ||||
Number of Beds/Units | 141 | ||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | |||||
Commitments and Contingencies | |||||
Number of Beds/Units | 60 | ||||
Memory Care Property [Member] | Real Estate Development Commitments [Member] | Texas | |||||
Commitments and Contingencies | |||||
Investment Commitment | 12,179,000 | ||||
Funding | 7,195,000 | ||||
Number of Beds/Units | 56 | ||||
Memory Care Property [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Subsequent Event [Member] | |||||
Commitments and Contingencies | |||||
Funding | 7,195,000 | ||||
Memory Care Property [Member] | Maximum [Member] | Real Estate Development Commitments [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 30,256,000 | ||||
Assisted Living and Memory Care Properties [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | South Carolina | |||||
Commitments and Contingencies | |||||
Number of Beds/Units | 89 | ||||
Assisted Living and Memory Care Properties [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Subsequent Event [Member] | |||||
Commitments and Contingencies | |||||
Funding | 2,490,000 | ||||
Assisted Living and Memory Care Properties [Member] | Maximum [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | South Carolina | |||||
Commitments and Contingencies | |||||
Investment Commitment | 16,535,000 | ||||
Assisted Living Properties [Member] | |||||
Commitments and Contingencies | |||||
Number of beds/units acquired | 266 | ||||
Purchase Price | 81,987,000 | ||||
Assisted Living Properties [Member] | Colorado | |||||
Commitments and Contingencies | |||||
Non-cash interest expense | 18,000 | ||||
Number of beds/units acquired | 100 | ||||
Assisted Living Properties [Member] | Colorado | Estimate of Fair Value Measurement [Member] | |||||
Commitments and Contingencies | |||||
Contingent liabilities | 3,240,000 | ||||
Assisted Living Properties [Member] | Real Estate Development Commitments [Member] | |||||
Commitments and Contingencies | |||||
Number of Properties | 2 | ||||
Number of Beds/Units | 158 | ||||
Assisted Living Properties [Member] | Real Estate Investment [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 27,751,000 | ||||
Commitments funded | -11,268,000 | ||||
Remaining commitment | 16,483,000 | ||||
Number of Properties | 26 | ||||
Number of Beds/Units | 1,194 | ||||
Assisted Living Properties [Member] | Real Estate Investment [Member] | Colorado | |||||
Commitments and Contingencies | |||||
Number of beds/units acquired | 48 | ||||
Purchase Price | 9,800,000 | ||||
Assisted Living Properties [Member] | Real Estate Investment [Member] | Colorado | Scenario, Forecast [Member] | |||||
Commitments and Contingencies | |||||
Contingent liability paid | 4,000,000 | ||||
Number of earn-out payments | 2 | ||||
Contingent earn-out payments | 4,000,000 | ||||
Incremental earn-out liability payments | 2,000,000 | ||||
Assisted Living Properties [Member] | Real Estate Investment [Member] | Capital Improvement Commitments [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 4,800,000 | ||||
Assisted Living Properties [Member] | Maximum [Member] | Real Estate Investment [Member] | Colorado | Scenario, Forecast [Member] | |||||
Commitments and Contingencies | |||||
Contingent liability paid | 4,000,000 | ||||
Contingent earn-out payments | 4,000,000 | ||||
Land [Member] | |||||
Commitments and Contingencies | |||||
Purchase Price | 5,663,000 | ||||
Land [Member] | Real Estate Investment [Member] | Colorado | |||||
Commitments and Contingencies | |||||
Purchase Price | 3,475,000 | ||||
Land [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Colorado | |||||
Commitments and Contingencies | |||||
Purchase Price | 2,490,000 | ||||
Land [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Texas | |||||
Commitments and Contingencies | |||||
Investment Commitment | 12,179,000 | ||||
Funding | 7,195,000 | ||||
Land [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | South Carolina | |||||
Commitments and Contingencies | |||||
Purchase Price | 2,490,000 | ||||
Prestige Healthcare [Member] | Mortgage Loans on Real Estate [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 11,000,000 | ||||
Funding | 9,500,000 | ||||
Remaining commitment | 1,500,000 | ||||
Additional loan commitments available for capital improvements | 12,000,000 | ||||
Period at beginning of loan term that certain operating metrics and valuation thresholds must be achieved and sustained to receive additional loan proceeds | 12 years | 12 years | |||
Additional loan commitments based on certain operating metrics and valuation thresholds | 40,000,000 | ||||
Period additional loan proceeds are limited to $10M | 12 months | ||||
Funding during period based on achievement of certain conditions | 0 | ||||
Loan commitment | 196,387,000 | 176,387,000 | |||
Prestige Healthcare [Member] | Mortgage Loans on Real Estate [Member] | Capital Improvement Commitments [Member] | |||||
Commitments and Contingencies | |||||
Investment Commitment | 32,000,000 | 12,000,000 | |||
Funding | 770,000 | ||||
Commitments funded | 3,337,000 | ||||
Remaining commitment | 27,893,000 | ||||
Additional loan proceeds available for expansion and renovation | 20,000,000 | ||||
Prestige Healthcare [Member] | Maximum [Member] | Mortgage Loans on Real Estate [Member] | |||||
Commitments and Contingencies | |||||
Additional loan proceeds available for expansion and renovation | 20,000,000 | ||||
Additional loan commitments based on certain operating metrics and valuation thresholds | 40,000,000 | ||||
Additional loan proceeds available annually | $10,000,000 |
Distributions_Details
Distributions (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Distributions | |||||||||||
Minimum distribution of taxable income (as a percent) | 90.00% | ||||||||||
Ordinary taxable distribution | $1.47 | $1.53 | $1.54 | ||||||||
Return of capital | $0.20 | $0.31 | $0.24 | ||||||||
Unrecaptured Section 1250 gain | $0.37 | $0.06 | $0.00 | ||||||||
Long term capital gain | $0.01 | ||||||||||
Total | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.47 | $0.47 | $0.47 | $2.04 | $1.91 | $1.79 |
Net_Income_Per_Common_Share_De
Net Income Per Common Share (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Net Income Per Common Share | |||||||||||
Income from continuing operations | $73,399 | $55,405 | $50,306 | ||||||||
Less net income allocated to non-controlling interests | -37 | ||||||||||
Less net income allocated to participating securities: | |||||||||||
Nonforfeitable dividends on participating securities | -465 | -381 | -377 | ||||||||
Income allocated to participating securities | -16 | -2 | |||||||||
Total net income allocated to participating securities | -481 | -383 | -377 | ||||||||
Less net income allocated to preferred stockholders: | |||||||||||
Preferred stock dividends | -3,273 | -3,273 | -3,273 | ||||||||
Total net income allocated to preferred stockholders | -3,273 | -3,273 | -3,273 | ||||||||
Income from continuing operations available to common stockholders | 69,645 | 51,749 | 46,619 | ||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | 805 | 1,005 | |||||||||
Gain (loss) on sale of real estate, net | 1,605 | 16 | |||||||||
Net income from discontinued operations | 2,410 | 1,021 | |||||||||
Net income available to common stockholders | 20,043 | 16,181 | 17,338 | 16,083 | 13,732 | 16,373 | 11,994 | 12,060 | 69,645 | 54,159 | 47,640 |
Effect of dilutive securities: | |||||||||||
Convertible preferred securities | 3,273 | ||||||||||
Total effect of dilutive securities | 3,273 | ||||||||||
Net income for diluted net income per share | $72,918 | $54,159 | $47,640 | ||||||||
Shares for basic net income per share | 34,617 | 33,111 | 30,238 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options (in shares) | 23 | 31 | 40 | ||||||||
Convertible preferred securities (in shares) | 2,000 | ||||||||||
Total effect of dilutive securities (in shares) | 2,023 | 31 | 40 | ||||||||
Shares for diluted net income per share | 36,640 | 33,142 | 30,278 | ||||||||
Basic net income per share (in dollars per share) | $0.58 | $0.47 | $0.50 | $0.47 | $0.40 | $0.47 | $0.36 | $0.40 | $2.01 | $1.64 | $1.58 |
Diluted net income per share (in dollars per share) | $0.57 | $0.46 | $0.50 | $0.46 | $0.40 | $0.47 | $0.36 | $0.40 | $1.99 | $1.63 | $1.57 |
Quarterly_Financial_Informatio2
Quarterly Financial Information (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Quarterly Financial Information | |||||||||||
Revenues | $30,755 | $29,541 | $29,227 | $29,438 | $28,593 | $25,825 | $25,279 | $25,277 | $118,961 | $104,974 | $92,482 |
Net income (loss) from discontinued operations | 2,857 | -701 | 254 | ||||||||
Net income available to common stockholders | $20,043 | $16,181 | $17,338 | $16,083 | $13,732 | $16,373 | $11,994 | $12,060 | $69,645 | $54,159 | $47,640 |
Net income per common share from continuing operations available to common stockholders: | |||||||||||
Continuing operations (in dollars per share) | $0.58 | $0.47 | $0.50 | $0.47 | $0.40 | $0.39 | $0.39 | $0.39 | $2.01 | $1.56 | $1.54 |
Diluted (in dollars per share) | $0.57 | $0.46 | $0.50 | $0.46 | $0.40 | $0.39 | $0.39 | $0.39 | $1.99 | $1.56 | $1.54 |
Net income (loss) per common share from discontinued operations: | |||||||||||
Discontinued operations (in dollars per share) | $0.08 | ($0.02) | $0.01 | $0.07 | $0.03 | ||||||
Diluted (in dollars per share) | $0.08 | ($0.02) | $0.01 | $0.07 | $0.03 | ||||||
Net income per common share available to common stockholders: | |||||||||||
Basic (in dollars per share) | $0.58 | $0.47 | $0.50 | $0.47 | $0.40 | $0.47 | $0.36 | $0.40 | $2.01 | $1.64 | $1.58 |
Diluted (in dollars per share) | $0.57 | $0.46 | $0.50 | $0.46 | $0.40 | $0.47 | $0.36 | $0.40 | $1.99 | $1.63 | $1.57 |
Dividends per share declared (in dollars per share) | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.47 | $0.47 | $0.47 | |||
Dividend per share paid (in dollars per share) | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.47 | $0.47 | $0.47 | $2.04 | $1.91 | $1.79 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Fair value measurements | ||
Mortgage loans receivable | 165,656,000 | 165,444,000 |
Senior unsecured notes | 281,633,000 | 255,800,000 |
Contingent liabilities | 3,258,000 | 0 |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Note Maturing Prior to 2020 [Member] | ||
Fair value measurements | ||
Discount rate (as a percent) | 3.80% | 3.95% |
Fair Value, Inputs, Level 3 [Member] | Senior Unsecured Notes Maturing Beyond 2020 [Member] | ||
Fair value measurements | ||
Discount rate (as a percent) | 4.55% | 4.25% |
Fair Value, Inputs, Level 3 [Member] | Contingent Earn Out Liabilities [Member] | ||
Fair value measurements | ||
Discount rate (as a percent) | 6.20% | |
Fair Value, Inputs, Level 3 [Member] | Mortgage Receivable [Member] | ||
Fair value measurements | ||
Discount rate (as a percent) | 8.60% | 8.40% |
Estimate of Fair Value Measurement [Member] | ||
Fair value measurements | ||
Mortgage loans receivable | 198,977,000 | |
Bonds payable | 2,035,000 | |
Bank borrowings | 21,000,000 | |
Senior unsecured notes | 283,933,000 | |
Contingent liabilities | 3,258,000 | |
Estimate of Fair Value Measurement [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair value measurements | ||
Mortgage loans receivable | 200,248,000 | |
Senior unsecured notes | 262,351,000 | |
Reported Value Measurement [Member] | ||
Fair value measurements | ||
Mortgage loans receivable | 165,656,000 | 165,444,000 |
Bonds payable | 2,035,000 | |
Bank borrowings | 21,000,000 | |
Senior unsecured notes | 281,633,000 | 255,800,000 |
Contingent liabilities | 3,258,000 |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 9 Months Ended | ||||||||||
Jan. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 28, 2015 | Mar. 31, 2015 | Sep. 30, 2013 | |
item | item | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | $29,951,000 | $29,951,000 | |||||||||||||
Loan commitment | 4,288,000 | 3,788,000 | 3,788,000 | ||||||||||||
Purchase Price | 166,750,000 | ||||||||||||||
Number of beds/units acquired | 788 | ||||||||||||||
Commitments funded | 731,000 | ||||||||||||||
Remaining Commitment | 15,791,000 | 16,522,000 | 16,522,000 | ||||||||||||
Principal Advanced | 500,000 | 1,263,000 | 1,004,000 | 2,930,000 | |||||||||||
Number of beds/units | 4,093 | ||||||||||||||
Debt Obligations | |||||||||||||||
Amount outstanding under Unsecured Credit Agreement | 21,000,000 | 21,000,000 | |||||||||||||
Equity | |||||||||||||||
Dividends per share declared (in dollars per share) | $0.51 | $0.51 | $0.51 | $0.51 | $0.51 | $0.47 | $0.47 | $0.47 | |||||||
Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Purchase Price | 79,100,000 | 13,946,000 | |||||||||||||
Number of beds/units acquired | 522 | ||||||||||||||
Lease inducement fee | 1,054,000 | ||||||||||||||
Real Estate Development Commitments [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number or properties under investment commitments | 1 | ||||||||||||||
Real Estate Development Commitments [Member] | Maximum [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 49,702,000 | ||||||||||||||
Real Estate Development Commitments [Member] | Maximum [Member] | Memory Care Property [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 30,256,000 | 30,256,000 | |||||||||||||
Working Capital Loan Commitment Maturing February 2019 [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Loan commitment | 500,000 | ||||||||||||||
Note receivable interest rate (as a percent) | 6.50% | ||||||||||||||
Restricted Stock [Member] | |||||||||||||||
Equity | |||||||||||||||
Number of shares cancelled (in shares) | 640 | ||||||||||||||
Granted (in shares) | 95,000 | 34,400 | |||||||||||||
Line of Credit [Member] | |||||||||||||||
Debt Obligations | |||||||||||||||
Amount borrowed | 18,000,000 | 37,500,000 | |||||||||||||
Amount outstanding under Unsecured Credit Agreement | 18,000,000 | 0 | 0 | ||||||||||||
Amount available for borrowing under Unsecured Credit Agreement | 382,000,000 | 400,000,000 | 400,000,000 | ||||||||||||
Real Estate Investment [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 29,951,000 | 29,951,000 | |||||||||||||
Remaining Commitment | 16,522,000 | 16,522,000 | |||||||||||||
Number or properties under investment commitments | 28 | 28 | |||||||||||||
Real Estate Investment [Member] | Memory Care Property [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of beds/units under development | 126 | ||||||||||||||
Real Estate Investment [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 2,200,000 | 2,200,000 | |||||||||||||
Remaining Commitment | 39,000 | 39,000 | |||||||||||||
Number or properties under investment commitments | 2 | 2 | |||||||||||||
Mortgage Loans on Real Estate [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Amount received related to payoff of loan, excluding accrued interest | 6,996,000 | 19,061,000 | |||||||||||||
Mortgage Loans on Real Estate [Member] | Range of Care Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Amount received related to payoff of loan, excluding accrued interest | 2,285,000 | ||||||||||||||
Mortgage and Construction Loans on Real Estate [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Loan commitment | 10,600,000 | 10,600,000 | 10,600,000 | 10,600,000 | 10,600,000 | ||||||||||
Commitments funded | 3,010,000 | 4,971,000 | 2,619,000 | ||||||||||||
Mortgage and Construction Loans on Real Estate [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of beds or units securing loan | 106 | ||||||||||||||
Subsequent Event [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Principal Advanced | 500,000 | ||||||||||||||
Completed development and improvement projects | |||||||||||||||
Funding | 4,711,000 | ||||||||||||||
Major Operators | |||||||||||||||
Number of properties re-leased to other operators | 20 | 20 | |||||||||||||
Number of operators in which properties were re-leased | 2 | ||||||||||||||
Subsequent Event [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Purchase Price | 13,946,000 | ||||||||||||||
Number of beds/units acquired | 106 | ||||||||||||||
Subsequent Event [Member] | Working Capital Loan Commitment Maturing February 2019 [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Loan commitment | 500,000 | ||||||||||||||
Note receivable interest rate (as a percent) | 6.50% | ||||||||||||||
Subsequent Event [Member] | Restricted Stock [Member] | |||||||||||||||
Equity | |||||||||||||||
Number of shares cancelled (in shares) | 640 | ||||||||||||||
Granted (in shares) | 65,750 | ||||||||||||||
Price per share | $44.45 | ||||||||||||||
Vesting period | 3 years | ||||||||||||||
Subsequent Event [Member] | Dividend Declared [Member] | |||||||||||||||
Equity | |||||||||||||||
Dividends per share declared (in dollars per share) | $0.17 | $0.17 | $0.17 | ||||||||||||
Subsequent Event [Member] | Line of Credit [Member] | |||||||||||||||
Debt Obligations | |||||||||||||||
Amount borrowed | 18,000,000 | ||||||||||||||
Amount outstanding under Unsecured Credit Agreement | 18,000,000 | 18,000,000 | |||||||||||||
Amount available for borrowing under Unsecured Credit Agreement | 382,000,000 | 382,000,000 | |||||||||||||
Subsequent Event [Member] | Real Estate Investment [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Commitments funded | 731,000 | ||||||||||||||
Remaining Commitment | 15,791,000 | 15,791,000 | |||||||||||||
Subsequent Event [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 28,715,000 | 28,715,000 | |||||||||||||
Subsequent Event [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Memory Care Property [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of beds/units under development | 56 | ||||||||||||||
Commitments funded | 7,195,000 | ||||||||||||||
Subsequent Event [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Assisted Living and Memory Care Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of beds/units under development | 89 | ||||||||||||||
Commitments funded | 2,490,000 | ||||||||||||||
Subsequent Event [Member] | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Maximum [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Lease inducement fee | 3,952,000 | ||||||||||||||
Subsequent Event [Member] | Mortgage Loans on Real Estate [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Percentage of outstanding mortgage loan balance that may be prepaid without penalty | 50.00% | ||||||||||||||
Number of Parcels of Land | 2 | ||||||||||||||
Subsequent Event [Member] | Mortgage Loans on Real Estate [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of properties securing loan to be redeveloped | 2 | ||||||||||||||
Subsequent Event [Member] | Mortgage Loans on Real Estate [Member] | Range of Care Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of properties securing loan | 1 | 1 | |||||||||||||
Amount received related to payoff of loan, excluding accrued interest | 2,285,000 | ||||||||||||||
Subsequent Event [Member] | Mortgage and Construction Loans on Real Estate [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Loan commitment under which the purchase option was exercised | 10,600,000 | 10,600,000 | |||||||||||||
Subsequent Event [Member] | Capital Improvement Loan Investment [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Loan commitment | 12,000,000 | 12,000,000 | |||||||||||||
Commitments funded | 770,000 | ||||||||||||||
Remaining Commitment | 7,893,000 | 7,893,000 | |||||||||||||
Texas | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of beds/units acquired | 234 | ||||||||||||||
Texas | Real Estate Development Commitments [Member] | Memory Care Property [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 12,179,000 | ||||||||||||||
Commitments funded | 7,195,000 | ||||||||||||||
Texas | Capital Improvement Commitments [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 600,000 | ||||||||||||||
Number or properties under investment commitments | 196 | ||||||||||||||
Texas | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Memory Care Property [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of beds/units under development | 56 | ||||||||||||||
Texas | Real Estate Investment [Member] | Real Estate Development Commitments [Member] | Maximum [Member] | Memory Care Property [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Lease inducement fee | 1,589,000 | ||||||||||||||
Texas | Subsequent Event [Member] | Capital Improvement Commitments [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Investment Commitment | 600,000 | 600,000 | |||||||||||||
Number or properties under investment commitments | 196 | 196 | |||||||||||||
Michigan | Subsequent Event [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Number of properties securing loan | 15 | 15 | |||||||||||||
Number of beds or units securing loan | 2,058 | ||||||||||||||
Additional loan proceeds available for redevelopment | 20,000,000 | ||||||||||||||
Michigan | Subsequent Event [Member] | Mortgage Loans on Real Estate [Member] | Skilled Nursing Properties [Member] | |||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | |||||||||||||||
Loan commitment | 11,000,000 | 11,000,000 | |||||||||||||
Number of beds or units securing loan | 157 | ||||||||||||||
Commitments funded | $9,500,000 | ||||||||||||||
Common Stock [Member] | |||||||||||||||
Equity | |||||||||||||||
Dividends per share declared (in dollars per share) | $0.17 | $0.17 | $0.16 | ||||||||||||
Number of shares repurchased | 4,609 | 5,324 | 6,925 | ||||||||||||
Common Stock [Member] | Subsequent Event [Member] | |||||||||||||||
Equity | |||||||||||||||
Number of shares repurchased | 4,609 |
SCHEDULE_II_VALUATION_AND_QUAL1
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Valuation and qualifying accounts | |||
Balance at beginning of period | $3,212,000 | $2,339,000 | $2,440,000 |
(Recovered) charged to costs and expenses | 32,000 | 2,180,000 | -101,000 |
Deductions | -840,000 | -1,307,000 | |
Balance at end of period | 2,404,000 | 3,212,000 | 2,339,000 |
Allowance for Doubtful Accounts and Other Receivables [Member] | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 1,671,000 | 782,000 | 921,000 |
(Recovered) charged to costs and expenses | 2,000 | 1,274,000 | -139,000 |
Deductions | -385,000 | ||
Balance at end of period | 1,673,000 | 1,671,000 | 782,000 |
Allowance for Straight Line Rent Receivable [Member] | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 1,541,000 | 1,557,000 | 1,519,000 |
(Recovered) charged to costs and expenses | 30,000 | 906,000 | 38,000 |
Deductions | -840,000 | -922,000 | |
Balance at end of period | 731,000 | 1,541,000 | 1,557,000 |
Write-off of straight-line rent receivable balance | $840,000 | $878,000 | |
Number of assisted living properties transitioned to new lessee | 4 |
SCHEDULE_III_REAL_ESTATE_AND_A1
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Initial Cost to Company | ||||
Land | $80,024 | |||
Buildings and Improvements | 784,396 | |||
Costs Capitalized Subsequent to acquisition | 85,418 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 80,024 | |||
Buildings and Improvements | 869,814 | |||
Total | 949,838 | 937,617 | 900,095 | 725,031 |
Accum Deprec | 223,315 | 218,700 | 198,548 | 178,196 |
Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 42,034 | |||
Buildings and Improvements | 401,368 | |||
Costs Capitalized Subsequent to acquisition | 38,634 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 42,034 | |||
Buildings and Improvements | 440,002 | |||
Total | 482,036 | |||
Accum Deprec | 107,245 | |||
Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 30,719 | |||
Buildings and Improvements | 341,228 | |||
Costs Capitalized Subsequent to acquisition | 29,570 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 30,719 | |||
Buildings and Improvements | 370,798 | |||
Total | 401,517 | |||
Accum Deprec | 98,814 | |||
Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 2,733 | |||
Buildings and Improvements | 35,800 | |||
Costs Capitalized Subsequent to acquisition | 5,374 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,733 | |||
Buildings and Improvements | 41,174 | |||
Total | 43,907 | |||
Accum Deprec | 12,467 | |||
Other School and Land [Member] | ||||
Initial Cost to Company | ||||
Land | 1,713 | |||
Buildings and Improvements | 6,000 | |||
Costs Capitalized Subsequent to acquisition | 3,170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,713 | |||
Buildings and Improvements | 9,170 | |||
Total | 10,883 | |||
Accum Deprec | 4,789 | |||
School [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 6,000 | |||
Costs Capitalized Subsequent to acquisition | 3,170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,170 | |||
Total | 9,270 | |||
Accum Deprec | 4,789 | |||
Land [Member] | ||||
Initial Cost to Company | ||||
Land | 1,613 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,613 | |||
Total | 1,613 | |||
Properties under Development [Member] | ||||
Initial Cost to Company | ||||
Land | 2,825 | |||
Costs Capitalized Subsequent to acquisition | 8,670 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,825 | |||
Buildings and Improvements | 8,670 | |||
Total | 11,495 | |||
Alamogordo 134 NM [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 210 | |||
Buildings and Improvements | 2,593 | |||
Costs Capitalized Subsequent to acquisition | 539 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 210 | |||
Buildings and Improvements | 3,132 | |||
Total | 3,342 | |||
Accum Deprec | 908 | |||
Albuquerque 218 NM [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,696 | |||
Buildings and Improvements | 3,891 | |||
Costs Capitalized Subsequent to acquisition | 530 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,696 | |||
Buildings and Improvements | 4,421 | |||
Total | 6,117 | |||
Accum Deprec | 1,390 | |||
Albuquerque 219 NM [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,950 | |||
Buildings and Improvements | 8,910 | |||
Costs Capitalized Subsequent to acquisition | 207 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,950 | |||
Buildings and Improvements | 9,117 | |||
Total | 11,067 | |||
Accum Deprec | 2,828 | |||
Albuquerque 220 NM [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 2,463 | |||
Buildings and Improvements | 7,647 | |||
Costs Capitalized Subsequent to acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,463 | |||
Buildings and Improvements | 7,656 | |||
Total | 10,119 | |||
Accum Deprec | 2,373 | |||
Altoona 042 IA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 105 | |||
Buildings and Improvements | 2,309 | |||
Costs Capitalized Subsequent to acquisition | 444 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 105 | |||
Buildings and Improvements | 2,753 | |||
Total | 2,858 | |||
Accum Deprec | 1,652 | |||
Amarillo 252 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 844 | |||
Costs Capitalized Subsequent to acquisition | 7,925 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 844 | |||
Buildings and Improvements | 7,925 | |||
Total | 8,769 | |||
Accum Deprec | 558 | |||
Aransas Pass 214 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 154 | |||
Buildings and Improvements | 1,276 | |||
Costs Capitalized Subsequent to acquisition | 589 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 154 | |||
Buildings and Improvements | 1,865 | |||
Total | 2,019 | |||
Accum Deprec | 676 | |||
Arlington 247 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,016 | |||
Buildings and Improvements | 13,649 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,016 | |||
Buildings and Improvements | 13,649 | |||
Total | 14,665 | |||
Accum Deprec | 1,938 | |||
Atlanta 171 GA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 175 | |||
Buildings and Improvements | 1,282 | |||
Costs Capitalized Subsequent to acquisition | 3 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 175 | |||
Buildings and Improvements | 1,285 | |||
Total | 1,460 | |||
Accum Deprec | 679 | |||
Atmore 040 AL [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 131 | |||
Buildings and Improvements | 2,877 | |||
Costs Capitalized Subsequent to acquisition | 196 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 131 | |||
Buildings and Improvements | 3,073 | |||
Total | 3,204 | |||
Accum Deprec | 1,677 | |||
Beaumont 221 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 370 | |||
Buildings and Improvements | 1,141 | |||
Costs Capitalized Subsequent to acquisition | 93 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 370 | |||
Buildings and Improvements | 1,234 | |||
Total | 1,604 | |||
Accum Deprec | 436 | |||
Beeville 213 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 186 | |||
Buildings and Improvements | 1,197 | |||
Costs Capitalized Subsequent to acquisition | 70 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 186 | |||
Buildings and Improvements | 1,267 | |||
Total | 1,453 | |||
Accum Deprec | 373 | |||
Benbrook 215 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 480 | |||
Buildings and Improvements | 2,121 | |||
Costs Capitalized Subsequent to acquisition | 102 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 480 | |||
Buildings and Improvements | 2,223 | |||
Total | 2,703 | |||
Accum Deprec | 749 | |||
Bradenton 007 FL [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 330 | |||
Buildings and Improvements | 2,720 | |||
Costs Capitalized Subsequent to acquisition | 160 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 330 | |||
Buildings and Improvements | 2,880 | |||
Total | 3,210 | |||
Accum Deprec | 1,801 | |||
Brownwood 256 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 164 | |||
Buildings and Improvements | 6,336 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 164 | |||
Buildings and Improvements | 6,336 | |||
Total | 6,500 | |||
Accum Deprec | 521 | |||
Carroll 043 IA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 47 | |||
Buildings and Improvements | 1,033 | |||
Costs Capitalized Subsequent to acquisition | 213 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 47 | |||
Buildings and Improvements | 1,246 | |||
Total | 1,293 | |||
Accum Deprec | 746 | |||
Chesapeake 177 VA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 388 | |||
Buildings and Improvements | 3,469 | |||
Costs Capitalized Subsequent to acquisition | 1,097 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 388 | |||
Buildings and Improvements | 4,566 | |||
Total | 4,954 | |||
Accum Deprec | 2,785 | |||
Cincinnati 257 OH [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,890 | |||
Buildings and Improvements | 25,110 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,890 | |||
Buildings and Improvements | 25,110 | |||
Total | 27,000 | |||
Accum Deprec | 1,391 | |||
Clovis 125 NM [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 561 | |||
Buildings and Improvements | 5,539 | |||
Costs Capitalized Subsequent to acquisition | 307 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 561 | |||
Buildings and Improvements | 5,846 | |||
Total | 6,407 | |||
Accum Deprec | 2,022 | |||
Clovis 129 NM [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 598 | |||
Buildings and Improvements | 5,902 | |||
Costs Capitalized Subsequent to acquisition | 59 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 598 | |||
Buildings and Improvements | 5,961 | |||
Total | 6,559 | |||
Accum Deprec | 2,088 | |||
Coldspring 268 KY [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 2,050 | |||
Buildings and Improvements | 19,665 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,050 | |||
Buildings and Improvements | 19,665 | |||
Total | 21,715 | |||
Accum Deprec | 146 | |||
Colton 253 CA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 2,342 | |||
Buildings and Improvements | 15,158 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,342 | |||
Buildings and Improvements | 15,158 | |||
Total | 17,500 | |||
Accum Deprec | 1,361 | |||
Commerce 211 CO [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 236 | |||
Buildings and Improvements | 3,217 | |||
Costs Capitalized Subsequent to acquisition | 167 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 236 | |||
Buildings and Improvements | 3,384 | |||
Total | 3,620 | |||
Accum Deprec | 1,223 | |||
Commerce City 212 CO [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 161 | |||
Buildings and Improvements | 2,160 | |||
Costs Capitalized Subsequent to acquisition | 95 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 161 | |||
Buildings and Improvements | 2,255 | |||
Total | 2,416 | |||
Accum Deprec | 790 | |||
Crowley 246 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 2,247 | |||
Buildings and Improvements | 14,276 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,247 | |||
Buildings and Improvements | 14,276 | |||
Total | 16,523 | |||
Accum Deprec | 1,900 | |||
Daleville 235 VA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 279 | |||
Buildings and Improvements | 8,382 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 279 | |||
Buildings and Improvements | 8,382 | |||
Total | 8,661 | |||
Accum Deprec | 1,389 | |||
Dayton 258 OH [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 373 | |||
Buildings and Improvements | 26,627 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 373 | |||
Buildings and Improvements | 26,627 | |||
Total | 27,000 | |||
Accum Deprec | 1,486 | |||
Dresden 196 TN [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 31 | |||
Buildings and Improvements | 1,529 | |||
Costs Capitalized Subsequent to acquisition | 1,066 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 31 | |||
Buildings and Improvements | 2,595 | |||
Total | 2,626 | |||
Accum Deprec | 697 | |||
Gardner 185 KS [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 896 | |||
Buildings and Improvements | 4,478 | |||
Costs Capitalized Subsequent to acquisition | 4,150 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 896 | |||
Buildings and Improvements | 8,628 | |||
Total | 9,524 | |||
Accum Deprec | 2,909 | |||
Granbury 248 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 836 | |||
Buildings and Improvements | 6,693 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 836 | |||
Buildings and Improvements | 6,693 | |||
Total | 7,529 | |||
Accum Deprec | 1,323 | |||
Granger 044 IA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 62 | |||
Buildings and Improvements | 1,356 | |||
Costs Capitalized Subsequent to acquisition | 221 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 62 | |||
Buildings and Improvements | 1,577 | |||
Total | 1,639 | |||
Accum Deprec | 907 | |||
Grapevine 205 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 431 | |||
Buildings and Improvements | 1,449 | |||
Costs Capitalized Subsequent to acquisition | 188 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 431 | |||
Buildings and Improvements | 1,637 | |||
Total | 2,068 | |||
Accum Deprec | 785 | |||
Griffin 172 GA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 500 | |||
Buildings and Improvements | 2,900 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 500 | |||
Buildings and Improvements | 2,900 | |||
Total | 3,400 | |||
Accum Deprec | 1,409 | |||
Hewitt 250 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,780 | |||
Buildings and Improvements | 8,220 | |||
Costs Capitalized Subsequent to acquisition | 99 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,780 | |||
Buildings and Improvements | 8,319 | |||
Total | 10,099 | |||
Accum Deprec | 832 | |||
Houston 054 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 202 | |||
Buildings and Improvements | 4,458 | |||
Costs Capitalized Subsequent to acquisition | 1,426 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 202 | |||
Buildings and Improvements | 5,884 | |||
Total | 6,086 | |||
Accum Deprec | 3,389 | |||
Houston 051 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 365 | |||
Buildings and Improvements | 3,769 | |||
Costs Capitalized Subsequent to acquisition | 1,598 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 365 | |||
Buildings and Improvements | 5,367 | |||
Total | 5,732 | |||
Accum Deprec | 3,006 | |||
Houston 055 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 202 | |||
Buildings and Improvements | 4,458 | |||
Costs Capitalized Subsequent to acquisition | 1,359 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 202 | |||
Buildings and Improvements | 5,817 | |||
Total | 6,019 | |||
Accum Deprec | 3,282 | |||
Jacksonville 208 FL [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 486 | |||
Buildings and Improvements | 1,981 | |||
Costs Capitalized Subsequent to acquisition | 30 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 486 | |||
Buildings and Improvements | 2,011 | |||
Total | 2,497 | |||
Accum Deprec | 808 | |||
Jefferson 045 IA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 86 | |||
Buildings and Improvements | 1,883 | |||
Costs Capitalized Subsequent to acquisition | 296 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 86 | |||
Buildings and Improvements | 2,179 | |||
Total | 2,265 | |||
Accum Deprec | 1,231 | |||
Lecanto 008 FL [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 351 | |||
Buildings and Improvements | 2,665 | |||
Costs Capitalized Subsequent to acquisition | 2,737 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 351 | |||
Buildings and Improvements | 5,402 | |||
Total | 5,753 | |||
Accum Deprec | 3,181 | |||
Mesa 053 AZ [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 305 | |||
Buildings and Improvements | 6,909 | |||
Costs Capitalized Subsequent to acquisition | 1,876 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 305 | |||
Buildings and Improvements | 8,785 | |||
Total | 9,090 | |||
Accum Deprec | 4,653 | |||
Mesa 226 AZ [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,095 | |||
Buildings and Improvements | 2,330 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,095 | |||
Buildings and Improvements | 2,330 | |||
Total | 3,425 | |||
Accum Deprec | 688 | |||
Midland 050 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 33 | |||
Buildings and Improvements | 2,285 | |||
Costs Capitalized Subsequent to acquisition | 26 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 33 | |||
Buildings and Improvements | 2,311 | |||
Total | 2,344 | |||
Accum Deprec | 1,318 | |||
Mission 242 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,111 | |||
Buildings and Improvements | 16,602 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,111 | |||
Buildings and Improvements | 16,602 | |||
Total | 17,713 | |||
Accum Deprec | 2,022 | |||
Montgomery 041 AL [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 242 | |||
Buildings and Improvements | 5,327 | |||
Costs Capitalized Subsequent to acquisition | 115 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 242 | |||
Buildings and Improvements | 5,442 | |||
Total | 5,684 | |||
Accum Deprec | 3,036 | |||
Nacogdoches 115 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,738 | |||
Costs Capitalized Subsequent to acquisition | 168 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,906 | |||
Total | 2,006 | |||
Accum Deprec | 1,005 | |||
Nacogdoches 233 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 394 | |||
Buildings and Improvements | 7,456 | |||
Costs Capitalized Subsequent to acquisition | 268 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 394 | |||
Buildings and Improvements | 7,724 | |||
Total | 8,118 | |||
Accum Deprec | 1,197 | |||
Nacogdoches 249 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,015 | |||
Buildings and Improvements | 11,109 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,015 | |||
Buildings and Improvements | 11,109 | |||
Total | 12,124 | |||
Accum Deprec | 1,766 | |||
Norwalk 046 IA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 47 | |||
Buildings and Improvements | 1,033 | |||
Costs Capitalized Subsequent to acquisition | 239 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 47 | |||
Buildings and Improvements | 1,272 | |||
Total | 1,319 | |||
Accum Deprec | 750 | |||
Olathe 176 KS [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 520 | |||
Buildings and Improvements | 1,872 | |||
Costs Capitalized Subsequent to acquisition | 313 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 520 | |||
Buildings and Improvements | 2,185 | |||
Total | 2,705 | |||
Accum Deprec | 1,160 | |||
Pasadena 251 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,155 | |||
Buildings and Improvements | 14,345 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,155 | |||
Buildings and Improvements | 14,345 | |||
Total | 15,500 | |||
Accum Deprec | 1,244 | |||
Phoenix 210 AZ [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 334 | |||
Buildings and Improvements | 3,383 | |||
Costs Capitalized Subsequent to acquisition | 456 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 334 | |||
Buildings and Improvements | 3,839 | |||
Total | 4,173 | |||
Accum Deprec | 1,528 | |||
Phoenix 193 AZ [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 300 | |||
Buildings and Improvements | 9,703 | |||
Costs Capitalized Subsequent to acquisition | 92 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 300 | |||
Buildings and Improvements | 9,795 | |||
Total | 10,095 | |||
Accum Deprec | 4,594 | |||
Polk City 047 IA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 63 | |||
Buildings and Improvements | 1,376 | |||
Costs Capitalized Subsequent to acquisition | 153 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 63 | |||
Buildings and Improvements | 1,529 | |||
Total | 1,592 | |||
Accum Deprec | 888 | |||
Portland 094 OR [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,925 | |||
Costs Capitalized Subsequent to acquisition | 2,652 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 4,577 | |||
Total | 4,677 | |||
Accum Deprec | 2,349 | |||
Red Oak 254 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,427 | |||
Buildings and Improvements | 17,173 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,427 | |||
Buildings and Improvements | 17,173 | |||
Total | 18,600 | |||
Accum Deprec | 1,417 | |||
Richland Hills 124 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 144 | |||
Buildings and Improvements | 1,656 | |||
Costs Capitalized Subsequent to acquisition | 427 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 144 | |||
Buildings and Improvements | 2,083 | |||
Total | 2,227 | |||
Accum Deprec | 982 | |||
Ripley 197 TN [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 20 | |||
Buildings and Improvements | 985 | |||
Costs Capitalized Subsequent to acquisition | 1,606 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 20 | |||
Buildings and Improvements | 2,591 | |||
Total | 2,611 | |||
Accum Deprec | 598 | |||
Roswell 133 NM [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 568 | |||
Buildings and Improvements | 5,235 | |||
Costs Capitalized Subsequent to acquisition | 1,208 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 568 | |||
Buildings and Improvements | 6,443 | |||
Total | 7,011 | |||
Accum Deprec | 1,839 | |||
Sacramento 081 CA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 220 | |||
Buildings and Improvements | 2,929 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 220 | |||
Buildings and Improvements | 2,929 | |||
Total | 3,149 | |||
Accum Deprec | 1,618 | |||
Salina 085 KS [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,153 | |||
Costs Capitalized Subsequent to acquisition | 628 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,781 | |||
Total | 1,881 | |||
Accum Deprec | 1,028 | |||
Stephenville 243 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 670 | |||
Buildings and Improvements | 10,117 | |||
Costs Capitalized Subsequent to acquisition | 500 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 670 | |||
Buildings and Improvements | 10,617 | |||
Total | 11,287 | |||
Accum Deprec | 1,432 | |||
St. Petersburg 234 FL [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,070 | |||
Buildings and Improvements | 7,930 | |||
Costs Capitalized Subsequent to acquisition | 500 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,070 | |||
Buildings and Improvements | 8,430 | |||
Total | 9,500 | |||
Accum Deprec | 1,164 | |||
Tacoma 225 WA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 723 | |||
Buildings and Improvements | 6,401 | |||
Costs Capitalized Subsequent to acquisition | 901 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 723 | |||
Buildings and Improvements | 7,302 | |||
Total | 8,025 | |||
Accum Deprec | 2,271 | |||
Tappahannock 178 VA [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 375 | |||
Buildings and Improvements | 1,327 | |||
Costs Capitalized Subsequent to acquisition | 397 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 375 | |||
Buildings and Improvements | 1,724 | |||
Total | 2,099 | |||
Accum Deprec | 1,379 | |||
Trinity 270 FL [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,653 | |||
Buildings and Improvements | 12,748 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,653 | |||
Buildings and Improvements | 12,748 | |||
Total | 14,401 | |||
Accum Deprec | 481 | |||
Tucson 192 AZ [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 276 | |||
Buildings and Improvements | 8,924 | |||
Costs Capitalized Subsequent to acquisition | 112 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 276 | |||
Buildings and Improvements | 9,036 | |||
Total | 9,312 | |||
Accum Deprec | 4,233 | |||
Tyler 209 TX [Member] | Skilled Nursing Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 300 | |||
Buildings and Improvements | 3,071 | |||
Costs Capitalized Subsequent to acquisition | 22 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 300 | |||
Buildings and Improvements | 3,093 | |||
Total | 3,393 | |||
Accum Deprec | 960 | |||
Ada 077 OK [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,650 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,650 | |||
Total | 1,750 | |||
Accum Deprec | 765 | |||
Arlington 136 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 629 | |||
Buildings and Improvements | 6,973 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 629 | |||
Buildings and Improvements | 6,973 | |||
Total | 7,602 | |||
Accum Deprec | 2,353 | |||
Arvada 105 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,810 | |||
Costs Capitalized Subsequent to acquisition | 6,734 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,544 | |||
Total | 9,644 | |||
Accum Deprec | 1,497 | |||
Athens 063 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 96 | |||
Buildings and Improvements | 1,510 | |||
Costs Capitalized Subsequent to acquisition | 1 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 96 | |||
Buildings and Improvements | 1,511 | |||
Total | 1,607 | |||
Accum Deprec | 736 | |||
Aurora 269 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 850 | |||
Buildings and Improvements | 8,111 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 850 | |||
Buildings and Improvements | 8,111 | |||
Total | 8,961 | |||
Accum Deprec | 27 | |||
Aurora 260 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 831 | |||
Buildings and Improvements | 10,071 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 831 | |||
Buildings and Improvements | 10,071 | |||
Total | 10,902 | |||
Accum Deprec | 606 | |||
Bakersfield 203 CA [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 834 | |||
Buildings and Improvements | 11,986 | |||
Costs Capitalized Subsequent to acquisition | 812 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 834 | |||
Buildings and Improvements | 12,798 | |||
Total | 13,632 | |||
Accum Deprec | 4,766 | |||
Beatrice 117 NE [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,173 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,173 | |||
Total | 2,273 | |||
Accum Deprec | 960 | |||
Bexley 137 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 306 | |||
Buildings and Improvements | 4,196 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 306 | |||
Buildings and Improvements | 4,196 | |||
Total | 4,502 | |||
Accum Deprec | 1,417 | |||
Castle Rock 278 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 759 | |||
Buildings and Improvements | 9,041 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 759 | |||
Buildings and Improvements | 9,041 | |||
Total | 9,800 | |||
Accum Deprec | 17 | |||
Central 160 SC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,321 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,321 | |||
Total | 2,421 | |||
Accum Deprec | 847 | |||
Chatham 263 NJ [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 5,365 | |||
Buildings and Improvements | 36,399 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 5,365 | |||
Buildings and Improvements | 36,399 | |||
Total | 41,764 | |||
Accum Deprec | 2,099 | |||
Daytona Beach 240 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Improvements | 3,400 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 900 | |||
Buildings and Improvements | 3,400 | |||
Total | 4,300 | |||
Accum Deprec | 440 | |||
Denison 156 IA [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,713 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,713 | |||
Total | 2,813 | |||
Accum Deprec | 1,143 | |||
Dodge City 057 KS [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 84 | |||
Buildings and Improvements | 1,666 | |||
Costs Capitalized Subsequent to acquisition | 4 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 84 | |||
Buildings and Improvements | 1,670 | |||
Total | 1,754 | |||
Accum Deprec | 834 | |||
Durant 083 OK [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,769 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,769 | |||
Total | 1,869 | |||
Accum Deprec | 804 | |||
Edmond 107 OK [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,365 | |||
Costs Capitalized Subsequent to acquisition | 526 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,891 | |||
Total | 1,991 | |||
Accum Deprec | 839 | |||
Elkhart 122 IN [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Total | 2,535 | |||
Accum Deprec | 1,058 | |||
Erie 155 PA [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 850 | |||
Buildings and Improvements | 7,477 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 850 | |||
Buildings and Improvements | 7,477 | |||
Total | 8,327 | |||
Accum Deprec | 3,184 | |||
Fremont 100 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Total | 2,535 | |||
Accum Deprec | 1,083 | |||
Frisco 267 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings and Improvements | 4,939 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,000 | |||
Buildings and Improvements | 4,939 | |||
Total | 5,939 | |||
Accum Deprec | 56 | |||
Ft Collins 163 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,961 | |||
Costs Capitalized Subsequent to acquisition | 2,920 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 5,881 | |||
Total | 5,981 | |||
Accum Deprec | 1,209 | |||
Ft Collins 170 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,400 | |||
Costs Capitalized Subsequent to acquisition | 2,324 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 5,724 | |||
Total | 5,824 | |||
Accum Deprec | 1,353 | |||
Ft Meyers 132 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,728 | |||
Costs Capitalized Subsequent to acquisition | 9 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,737 | |||
Total | 2,837 | |||
Accum Deprec | 1,170 | |||
Ft Wayne 230 IN [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 594 | |||
Buildings and Improvements | 3,461 | |||
Costs Capitalized Subsequent to acquisition | 731 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 594 | |||
Buildings and Improvements | 4,192 | |||
Total | 4,786 | |||
Accum Deprec | 767 | |||
Ft Worth 229 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 333 | |||
Buildings and Improvements | 4,385 | |||
Costs Capitalized Subsequent to acquisition | 1,028 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 333 | |||
Buildings and Improvements | 5,413 | |||
Total | 5,746 | |||
Accum Deprec | 1,464 | |||
Goldsboro 167 NC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,385 | |||
Costs Capitalized Subsequent to acquisition | 1 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,386 | |||
Total | 2,486 | |||
Accum Deprec | 810 | |||
Great Bend 056 KS [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 80 | |||
Buildings and Improvements | 1,570 | |||
Costs Capitalized Subsequent to acquisition | 21 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 80 | |||
Buildings and Improvements | 1,591 | |||
Total | 1,671 | |||
Accum Deprec | 872 | |||
Greeley 102 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,310 | |||
Costs Capitalized Subsequent to acquisition | 270 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,580 | |||
Total | 2,680 | |||
Accum Deprec | 1,141 | |||
Greenville 164 NC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,478 | |||
Costs Capitalized Subsequent to acquisition | 2 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,480 | |||
Total | 2,580 | |||
Accum Deprec | 948 | |||
Greenville 062 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 42 | |||
Buildings and Improvements | 1,565 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 42 | |||
Buildings and Improvements | 1,565 | |||
Total | 1,607 | |||
Accum Deprec | 762 | |||
Greenwood 161 SC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,638 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,638 | |||
Total | 2,738 | |||
Accum Deprec | 1,030 | |||
Gulf Breeze 241 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 720 | |||
Buildings and Improvements | 3,780 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 720 | |||
Buildings and Improvements | 3,780 | |||
Total | 4,500 | |||
Accum Deprec | 528 | |||
Jacksonville 066 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Total | 2,000 | |||
Accum Deprec | 918 | |||
Littleton 255 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,882 | |||
Buildings and Improvements | 8,248 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,882 | |||
Buildings and Improvements | 8,248 | |||
Total | 10,130 | |||
Accum Deprec | 439 | |||
Littleton 268 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Improvements | 8,684 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,200 | |||
Buildings and Improvements | 8,684 | |||
Total | 9,884 | |||
Accum Deprec | 152 | |||
Longmont 148 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,640 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,640 | |||
Total | 2,740 | |||
Accum Deprec | 1,118 | |||
Longview 060 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 1 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 1,569 | |||
Total | 1,607 | |||
Accum Deprec | 769 | |||
Louisville 261 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 911 | |||
Buildings and Improvements | 11,703 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 911 | |||
Buildings and Improvements | 11,703 | |||
Total | 12,614 | |||
Accum Deprec | 690 | |||
Loveland 114 CO [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,865 | |||
Costs Capitalized Subsequent to acquisition | 270 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,135 | |||
Total | 3,235 | |||
Accum Deprec | 1,371 | |||
Lufkin 068 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,950 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,950 | |||
Total | 2,050 | |||
Accum Deprec | 936 | |||
Madison 119 IN [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Total | 2,535 | |||
Accum Deprec | 1,073 | |||
Marshall 061 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 451 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 2,019 | |||
Total | 2,057 | |||
Accum Deprec | 997 | |||
Mcpherson 058 KS [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 4 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,575 | |||
Total | 1,654 | |||
Accum Deprec | 863 | |||
Merritt Island 239 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 550 | |||
Buildings and Improvements | 8,150 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 550 | |||
Buildings and Improvements | 8,150 | |||
Total | 8,700 | |||
Accum Deprec | 1,076 | |||
Millville 104 NJ [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,825 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,825 | |||
Total | 2,925 | |||
Accum Deprec | 1,253 | |||
Monroeville 231 PA [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 526 | |||
Buildings and Improvements | 5,334 | |||
Costs Capitalized Subsequent to acquisition | 435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 526 | |||
Buildings and Improvements | 5,769 | |||
Total | 6,295 | |||
Accum Deprec | 947 | |||
New Bern 166 NC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,427 | |||
Costs Capitalized Subsequent to acquisition | 1 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,428 | |||
Total | 2,528 | |||
Accum Deprec | 841 | |||
Newark 118 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Total | 2,535 | |||
Accum Deprec | 1,073 | |||
Newport Richey 123 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 5,845 | |||
Costs Capitalized Subsequent to acquisition | 664 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 6,509 | |||
Total | 6,609 | |||
Accum Deprec | 3,181 | |||
Newport 074 OR [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,050 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,050 | |||
Total | 2,150 | |||
Accum Deprec | 1,215 | |||
Niceville 143 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,680 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,680 | |||
Total | 2,780 | |||
Accum Deprec | 1,135 | |||
Norfolk 095 NE [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,123 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,123 | |||
Total | 2,223 | |||
Accum Deprec | 952 | |||
Pittsburgh 232 PA [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 470 | |||
Buildings and Improvements | 2,615 | |||
Costs Capitalized Subsequent to acquisition | 333 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 470 | |||
Buildings and Improvements | 2,948 | |||
Total | 3,418 | |||
Accum Deprec | 529 | |||
Rocky Mount 165 NC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,494 | |||
Costs Capitalized Subsequent to acquisition | 1 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,495 | |||
Total | 2,595 | |||
Accum Deprec | 890 | |||
Rocky River 141 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 760 | |||
Buildings and Improvements | 6,963 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 760 | |||
Buildings and Improvements | 6,963 | |||
Total | 7,723 | |||
Accum Deprec | 2,915 | |||
Salina 059 KS [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 79 | |||
Buildings and Improvements | 1,571 | |||
Costs Capitalized Subsequent to acquisition | 4 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 79 | |||
Buildings and Improvements | 1,575 | |||
Total | 1,654 | |||
Accum Deprec | 863 | |||
San Antonio 084 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Total | 2,000 | |||
Accum Deprec | 862 | |||
San Antonio 092 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,055 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,055 | |||
Total | 2,155 | |||
Accum Deprec | 926 | |||
Shelby 149 NC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,805 | |||
Costs Capitalized Subsequent to acquisition | 2 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,807 | |||
Total | 2,907 | |||
Accum Deprec | 1,188 | |||
Spring Hill 150 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,650 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,650 | |||
Total | 2,750 | |||
Accum Deprec | 1,123 | |||
Springfield 103 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,035 | |||
Costs Capitalized Subsequent to acquisition | 270 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,305 | |||
Total | 2,405 | |||
Accum Deprec | 1,017 | |||
Sumter 162 SC [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,351 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,351 | |||
Total | 2,451 | |||
Accum Deprec | 881 | |||
Tallahassee 140 FL [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,075 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 3,075 | |||
Total | 3,175 | |||
Accum Deprec | 1,305 | |||
Tiffin 098 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Total | 2,535 | |||
Accum Deprec | 1,083 | |||
Troy 088 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,435 | |||
Costs Capitalized Subsequent to acquisition | 306 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,741 | |||
Total | 2,841 | |||
Accum Deprec | 1,225 | |||
Tulsa 080 OK [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 200 | |||
Buildings and Improvements | 1,650 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 200 | |||
Buildings and Improvements | 1,650 | |||
Total | 1,850 | |||
Accum Deprec | 758 | |||
Tulsa 093 OK [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,395 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,395 | |||
Total | 2,495 | |||
Accum Deprec | 1,076 | |||
Tupelo 238 MS [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,170 | |||
Buildings and Improvements | 8,230 | |||
Costs Capitalized Subsequent to acquisition | 30 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,170 | |||
Buildings and Improvements | 8,260 | |||
Total | 9,430 | |||
Accum Deprec | 1,144 | |||
Tyler 075 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,800 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,800 | |||
Total | 1,900 | |||
Accum Deprec | 832 | |||
Vacaville 202 CA [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 1,662 | |||
Buildings and Improvements | 11,634 | |||
Costs Capitalized Subsequent to acquisition | 1,141 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,662 | |||
Buildings and Improvements | 12,775 | |||
Total | 14,437 | |||
Accum Deprec | 4,697 | |||
Waco 091 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,235 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,235 | |||
Total | 2,335 | |||
Accum Deprec | 1,005 | |||
Wahoo 096 NE [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Total | 2,418 | |||
Accum Deprec | 1,032 | |||
Watauga 108 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,668 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,668 | |||
Total | 1,768 | |||
Accum Deprec | 746 | |||
Weatherford 109 OK [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,669 | |||
Costs Capitalized Subsequent to acquisition | 592 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,261 | |||
Total | 2,361 | |||
Accum Deprec | 999 | |||
Wheelersburg 110 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 29 | |||
Buildings and Improvements | 2,435 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 29 | |||
Buildings and Improvements | 2,435 | |||
Total | 2,464 | |||
Accum Deprec | 1,073 | |||
Wichita 259 KS [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 730 | |||
Costs Capitalized Subsequent to acquisition | 9,682 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 730 | |||
Buildings and Improvements | 9,682 | |||
Total | 10,412 | |||
Accum Deprec | 465 | |||
Wichita Falls 076 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Total | 1,950 | |||
Accum Deprec | 855 | |||
Wichita Falls 120 TX [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,750 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,750 | |||
Total | 2,850 | |||
Accum Deprec | 1,215 | |||
Williamstown 265 NJ [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 711 | |||
Buildings and Improvements | 6,637 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 711 | |||
Buildings and Improvements | 6,637 | |||
Total | 7,348 | |||
Accum Deprec | 429 | |||
Williamstown 264 NJ [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 711 | |||
Buildings and Improvements | 8,649 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 711 | |||
Buildings and Improvements | 8,649 | |||
Total | 9,360 | |||
Accum Deprec | 505 | |||
Worthington 138 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Buildings and Improvements | 6,102 | |||
Gross Amount at Which Carried As of Year End | ||||
Buildings and Improvements | 6,102 | |||
Total | 6,102 | |||
Accum Deprec | 4,843 | |||
Worthington 139 OH [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Buildings and Improvements | 3,402 | |||
Gross Amount at Which Carried As of Year End | ||||
Buildings and Improvements | 3,402 | |||
Total | 3,402 | |||
Accum Deprec | 2,717 | |||
York 099 NE [Member] | Assisted Living Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 2,318 | |||
Total | 2,418 | |||
Accum Deprec | 1,032 | |||
Brownsville 199 TX [Member] | Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 302 | |||
Buildings and Improvements | 1,856 | |||
Costs Capitalized Subsequent to acquisition | 835 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 302 | |||
Buildings and Improvements | 2,691 | |||
Total | 2,993 | |||
Accum Deprec | 878 | |||
Des Moines 168 IA [Member] | Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 115 | |||
Buildings and Improvements | 2,096 | |||
Costs Capitalized Subsequent to acquisition | 1,433 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 115 | |||
Buildings and Improvements | 3,529 | |||
Total | 3,644 | |||
Accum Deprec | 1,795 | |||
Gardendale 26A AL [Member] | Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 7,550 | |||
Costs Capitalized Subsequent to acquisition | 2,084 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,634 | |||
Total | 9,734 | |||
Accum Deprec | 4,548 | |||
Holyoke 194 CO [Member] | Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 211 | |||
Buildings and Improvements | 1,513 | |||
Costs Capitalized Subsequent to acquisition | 283 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 211 | |||
Buildings and Improvements | 1,796 | |||
Total | 2,007 | |||
Accum Deprec | 955 | |||
Newberry 245 SC [Member] | Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 439 | |||
Buildings and Improvements | 4,639 | |||
Costs Capitalized Subsequent to acquisition | 608 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 439 | |||
Buildings and Improvements | 5,247 | |||
Total | 5,686 | |||
Accum Deprec | 867 | |||
Newberry 244 SC [Member] | Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 919 | |||
Buildings and Improvements | 5,454 | |||
Costs Capitalized Subsequent to acquisition | 131 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 919 | |||
Buildings and Improvements | 5,585 | |||
Total | 6,504 | |||
Accum Deprec | 818 | |||
Wytheville 236 VA [Member] | Range of Care Properties [Member] | ||||
Initial Cost to Company | ||||
Land | 647 | |||
Buildings and Improvements | 12,692 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 647 | |||
Buildings and Improvements | 12,692 | |||
Total | 13,339 | |||
Accum Deprec | 2,606 | |||
Trenton 159 NJ [Member] | School [Member] | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 6,000 | |||
Costs Capitalized Subsequent to acquisition | 3,170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,170 | |||
Total | 9,270 | |||
Accum Deprec | 4,789 | |||
Howell 271 MI [Member] | Land [Member] | ||||
Initial Cost to Company | ||||
Land | 420 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 420 | |||
Total | 420 | |||
Richmond 273 MI [Member] | Land [Member] | ||||
Initial Cost to Company | ||||
Land | 380 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 380 | |||
Total | 380 | |||
Rochester Hills 274 MI [Member] | Land [Member] | ||||
Initial Cost to Company | ||||
Land | 290 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 290 | |||
Total | 290 | |||
Yale 275 MI [Member] | Land [Member] | ||||
Initial Cost to Company | ||||
Land | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 73 | |||
Total | 73 | |||
Milford 999 MI [Member] | Land [Member] | ||||
Initial Cost to Company | ||||
Land | 450 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 450 | |||
Total | 450 | |||
Westminster 276 CO [Member] | Properties under Development [Member] | ||||
Initial Cost to Company | ||||
Land | 1,425 | |||
Costs Capitalized Subsequent to acquisition | 7,994 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,425 | |||
Buildings and Improvements | 7,994 | |||
Total | 9,419 | |||
Burr Ridge 999 IL [Member] | Properties under Development [Member] | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Costs Capitalized Subsequent to acquisition | 676 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,400 | |||
Buildings and Improvements | 676 | |||
Total | $2,076 |
SCHEDULE_III_REAL_ESTATE_AND_A2
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Real Estate and Accumulated Depreciation | |
Aggregate cost basis for Federal income tax purposes | 965,043 |
Furniture and Fixtures [Member] | Minimum [Member] | |
Real Estate and Accumulated Depreciation | |
Useful life | 5 years |
Furniture and Fixtures [Member] | Maximum [Member] | |
Real Estate and Accumulated Depreciation | |
Useful life | 15 years |
Building [Member] | Minimum [Member] | |
Real Estate and Accumulated Depreciation | |
Useful life | 35 years |
Building [Member] | Maximum [Member] | |
Real Estate and Accumulated Depreciation | |
Useful life | 45 years |
Building Improvements [Member] | Minimum [Member] | |
Real Estate and Accumulated Depreciation | |
Useful life | 10 years |
Building Improvements [Member] | Maximum [Member] | |
Real Estate and Accumulated Depreciation | |
Useful life | 20 years |
SCHEDULE_III_REAL_ESTATE_AND_A3
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Carrying cost | |||
Balance at beginning of period | $937,617 | $900,095 | $725,031 |
Acquisitions | 11,650 | 19,040 | 166,750 |
Improvements | 49,912 | 32,008 | 11,219 |
Cost of real estate sold | -49,341 | -13,526 | -2,905 |
Ending balance | 949,838 | 937,617 | 900,095 |
Accumulated depreciation | |||
Balance at beginning of period | 218,700 | 198,548 | 178,196 |
Depreciation expense | 25,424 | 24,568 | 22,002 |
Cost of real estate sold | -20,809 | -4,416 | -1,650 |
Ending balance | $223,315 | $218,700 | $198,548 |
SCHEDULE_IV_MORTGAGE_LOANS_ON_1
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Details) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
item | |
loan | |
property | |
Mortgage loans on real estate | |
Number of properties | 38 |
Number of beds/units | 4,093 |
Balloon Amount | $129,634 |
Current Monthly Debt Service | 1,524 |
Face Amount of Mortgages | 176,629 |
Carrying Amount of Mortgages | 165,656 |
Amortization period of mortgage loans | 25 years |
Number of first-lien mortgage loans | 19 |
Michigan | Mortgage Loans on Real Estate Maturing in 2043 [Member] | |
Mortgage loans on real estate | |
Number of properties | 15 |
Number of beds/units | 2,058 |
Interest rate (as a percent) | 9.53% |
Balloon Amount | 97,387 |
Current Monthly Debt Service | 1,007 |
Face Amount of Mortgages | 124,387 |
Carrying Amount of Mortgages | 127,725 |
Pennsylvania | Mortgage Loans on Real Estate Maturing in 2016 [Member] | |
Mortgage loans on real estate | |
Number of properties | 1 |
Number of beds/units | 70 |
Interest rate (as a percent) | 7.11% |
Balloon Amount | 5,100 |
Current Monthly Debt Service | 31 |
Face Amount of Mortgages | 5,100 |
Carrying Amount of Mortgages | 5,100 |
Texas | Mortgage Loans on Real Estate Maturing in 2018 [Member] | |
Mortgage loans on real estate | |
Number of properties | 6 |
Number of beds/units | 100 |
Interest rate (as a percent) | 10.40% |
Balloon Amount | 5,095 |
Current Monthly Debt Service | 68 |
Face Amount of Mortgages | 6,800 |
Carrying Amount of Mortgages | 5,887 |
Wisconsin | Mortgage Loans on Real Estate Maturing in 2022 [Member] | |
Mortgage loans on real estate | |
Number of properties | 1 |
Number of beds/units | 106 |
Interest rate (as a percent) | 10.08% |
Balloon Amount | 9,437 |
Current Monthly Debt Service | 90 |
Face Amount of Mortgages | 10,600 |
Carrying Amount of Mortgages | 10,600 |
Various States [Member] | Mortgage Loans on Real Estate Maturing Between 2015 to 2019 [Member] | |
Mortgage loans on real estate | |
Number of properties | 15 |
Number of beds/units | 1,759 |
Balloon Amount | 12,615 |
Current Monthly Debt Service | 328 |
Face Amount of Mortgages | 29,742 |
Carrying Amount of Mortgages | $16,344 |
SCHEDULE_IV_MORTGAGE_LOANS_ON_2
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Details 2) | 12 Months Ended |
Dec. 31, 2014 | |
loan | |
Mortgage loans on real estate | |
Number of Loans | 19 |
Mortgage Loans between 500000 and 2000000 [Member] | |
Mortgage loans on real estate | |
Number of Loans | 11 |
Mortgage Loans between 2001000 and 3000000 [Member] | |
Mortgage loans on real estate | |
Number of Loans | 1 |
Mortgage Loans between 3001000 and 4000000 [Member] | |
Mortgage loans on real estate | |
Number of Loans | 2 |
Mortgage Loans between 4001000 and 5000000 [Member] | |
Mortgage loans on real estate | |
Number of Loans | 1 |
Mortgage Loans between 5001000 and 6000000 [Member] | |
Mortgage loans on real estate | |
Number of Loans | 1 |
Mortgage Loans between 6001000 and 7000000 [Member] | |
Mortgage loans on real estate | |
Number of Loans | 1 |
Mortgage Loans of 7001000 and Greater [Member] | |
Mortgage loans on real estate | |
Number of Loans | 2 |
SCHEDULE_IV_MORTGAGE_LOANS_ON_3
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE (Details 3) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Mortgage loans on real estate | |||
Balance at the beginning of the period | $165,444 | $39,299 | $53,081 |
New mortgage loans | 3,027 | 124,387 | 7,719 |
Other additions | 6,347 | 4,971 | |
Amortization of mortgage premium | -5 | -6 | -7 |
Collections of principal | -9,155 | -1,933 | -21,633 |
Loan loss reserve | -2 | -1,274 | 139 |
Balance at the end of the period | $165,656 | $165,444 | $39,299 |