Document and Entity Information
Document and Entity Information - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 16, 2016 | Jun. 30, 2015 | |
Document and Entity Information | |||
Entity Registrant Name | LTC PROPERTIES INC | ||
Entity Central Index Key | 887,905 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2015 | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Public Float | $ 1,450,826 | ||
Entity Common Stock, Shares Outstanding | 37,517,629 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Real estate investments: | ||
Land | $ 106,841 | $ 80,024 |
Buildings and improvements | 1,091,845 | 869,814 |
Accumulated depreciation and amortization | (251,265) | (223,315) |
Real property investments, net | 947,421 | 726,523 |
Mortgage loans receivable, net of loan loss reserve: 2015—$2,190; 2014—$1,673 | 217,529 | 165,656 |
Real estate investments, net | 1,164,950 | 892,179 |
Investment in unconsolidated joint ventures | 24,042 | |
Investments, net | 1,188,992 | 892,179 |
Other assets: | ||
Cash and cash equivalents | 12,942 | 25,237 |
Debt issue costs, net | 2,865 | 2,733 |
Interest receivable | 4,536 | 597 |
Straight-line rent receivable, net of allowance for doubtful accounts: 2015—$833; 2014—$731 | 42,685 | 32,651 |
Prepaid expenses and other assets | 21,443 | 9,931 |
Notes receivable | 1,961 | 1,442 |
Total assets | 1,275,424 | 964,770 |
LIABILITIES | ||
Bank borrowings | 120,500 | |
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049 | 451,372 | 280,584 |
Accrued interest | 3,974 | 3,556 |
Accrued incentives and earn-outs | 12,722 | 3,258 |
Accrued expenses and other liabilities | 27,654 | 17,251 |
Total liabilities | 616,222 | 304,649 |
Stockholders' equity: | ||
Preferred stock $0.01 par value; 15,000 shares authorized; shares issued and outstanding: 2015—0; 2014—2,000 | 38,500 | |
Common stock: $0.01 par value; 60,000 shares authorized; shares issued and outstanding: 2015—37,548; 2014—35,480 | 375 | 355 |
Capital in excess of par value | 758,676 | 717,396 |
Cumulative net income | 928,328 | 855,247 |
Accumulated other comprehensive income | 47 | 82 |
Cumulative distributions | (1,028,224) | (951,459) |
Total equity | 659,202 | 660,121 |
Total liabilities and equity | $ 1,275,424 | $ 964,770 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Mortgage loans receivable, loan loss reserve | $ 2,190 | $ 1,673 |
Straight-line rent receivable, allowance for doubtful accounts | 833 | 731 |
Debt issue costs, net | $ 2,865 | $ 2,733 |
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 | 0 | 2,000,000 |
Preferred stock, shares outstanding | 0 | 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 | 37,548,000 | 35,480,000 |
Common stock, shares outstanding | 37,548,000 | 35,480,000 |
Senior Unsecured Debt | ||
Debt issue costs, net | $ 1,095 | $ 1,049 |
CONSOLIDATED STATEMENTS OF INCO
CONSOLIDATED STATEMENTS OF INCOME - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues: | |||
Rental income | $ 113,080 | $ 101,849 | $ 98,166 |
Interest income from mortgage loans | 22,119 | 16,553 | 6,298 |
Interest and other income | 1,004 | 559 | 510 |
Total revenues | 136,203 | 118,961 | 104,974 |
Expenses: | |||
Interest expense | 17,497 | 13,128 | 11,364 |
Depreciation and amortization | 29,431 | 25,529 | 24,389 |
Impairment on real estate | 2,250 | ||
Provision for doubtful accounts | 619 | 32 | 2,180 |
Acquisition costs | 614 | 152 | 96 |
General and administrative expenses | 15,116 | 11,680 | 11,540 |
Total expenses | 65,527 | 50,521 | 49,569 |
Operating income | 70,676 | 68,440 | 55,405 |
Income from unconsolidated joint venture | 1,819 | ||
Gain on sale of real estate, net | 586 | 4,959 | |
Income from continuing operations | 73,081 | 73,399 | 55,405 |
Discontinued operations: | |||
Income from discontinued operations | 805 | ||
Gain on sale of real estate, net | 1,605 | ||
Net income from discontinued operations | 2,410 | ||
Net income | 73,081 | 73,399 | 57,815 |
Net income attributable to LTC Properties, Inc. | 73,081 | 73,399 | 57,815 |
Income allocated to participating securities | (484) | (481) | (383) |
Income allocated to preferred stockholders | (2,454) | (3,273) | (3,273) |
Net income available to common stockholders | $ 70,143 | $ 69,645 | $ 54,159 |
Basic earnings per common share | |||
Continuing operations (in dollars per share) | $ 1.97 | $ 2.01 | $ 1.56 |
Discontinued operations (in dollars per share) | 0.07 | ||
Net income available to common stockholders | 1.97 | 2.01 | 1.64 |
Diluted earnings per common share | |||
Continuing operations (in dollars per share) | 1.94 | 1.99 | 1.56 |
Discontinued operations (in dollars per share) | 0.07 | ||
Net income available to common stockholders | $ 1.94 | $ 1.99 | $ 1.63 |
Weighted average shares used to calculate earnings per common share | |||
Basic (in shares) | 35,590 | 34,617 | 33,111 |
Diluted (in shares) | 37,329 | 36,640 | 33,142 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME | |||
Net income | $ 73,081 | $ 73,399 | $ 57,815 |
Reclassification adjustment (Note 9) | (35) | (35) | (35) |
Comprehensive income | $ 73,046 | $ 73,364 | $ 57,780 |
CONSOLIDATED STATEMENTS OF EQUI
CONSOLIDATED STATEMENTS OF EQUITY - USD ($) shares in Thousands, $ in Thousands | Parent | Preferred Stock | Common Stock | Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Accumulated Distributions in Excess of Net Income | Noncontrolling Interest | Total |
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 | 30,544 | |||||||
Equity activity | |||||||||
Reclassification adjustment | (35) | (35) | (35) | ||||||
Issuance of common stock | 175,598 | $ 42 | 175,556 | 175,598 | |||||
Issuance of common stock (in shares) | 4,152 | ||||||||
Issuance of restricted stock (in shares) | 35 | ||||||||
Net income | 57,815 | 57,815 | 57,815 | ||||||
Vesting of restricted stock | 2,591 | 2,591 | 2,591 | ||||||
Stock option exercises | 523 | 523 | 523 | ||||||
Stock option exercises (in shares) | 22 | ||||||||
Non-controlling interests preferred return | $ (7) | (7) | |||||||
Preferred stock dividends | (3,272) | (3,272) | (3,272) | ||||||
Common stock dividends | (63,631) | (63,631) | (63,631) | ||||||
Other | (252) | (252) | (252) | ||||||
Other (in shares) | (7) | ||||||||
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 | 34,746 | |||||||
Equity activity | |||||||||
Reclassification adjustment | (35) | (35) | (35) | ||||||
Issuance of common stock | 24,644 | $ 6 | 24,638 | 24,644 | |||||
Issuance of common stock (in shares) | 600 | ||||||||
Issuance of restricted stock | $ 1 | (1) | |||||||
Issuance of restricted stock (in shares) | 95 | ||||||||
Net income | 73,399 | 73,399 | 73,399 | ||||||
Vesting of restricted stock | 3,241 | 3,241 | 3,241 | ||||||
Vested stock options | 12 | 12 | 12 | ||||||
Stock option exercises | 1,071 | $ 1 | 1,070 | 1,071 | |||||
Stock option exercises (in shares) | 45 | ||||||||
Preferred stock dividends | (3,273) | (3,273) | (3,273) | ||||||
Common stock dividends | (71,158) | (71,158) | (71,158) | ||||||
Other | (218) | (218) | (218) | ||||||
Other (in shares) | (6) | ||||||||
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 | 35,480 | |||||||
Equity activity | |||||||||
Reclassification adjustment | (35) | (35) | (35) | ||||||
Issuance of restricted stock | $ 1 | (1) | |||||||
Issuance of restricted stock (in shares) | 92 | ||||||||
Net income | 73,081 | 73,081 | 73,081 | ||||||
Vesting of restricted stock | 3,992 | 3,992 | 3,992 | ||||||
Vested stock options | 14 | 14 | 14 | ||||||
Stock option exercises | 79 | 79 | 79 | ||||||
Stock option exercises (in shares) | 3 | ||||||||
Conversion of Series C Preferred Stock | $ (38,500) | $ 20 | 38,480 | ||||||
Conversion of Series C Preferred Stock (in shares) | (2,000) | 2,000 | |||||||
Preferred stock dividends | (2,454) | (2,454) | (2,454) | ||||||
Common stock dividends | (74,311) | (74,311) | (74,311) | ||||||
Other | (1,285) | $ (1) | (1,284) | (1,285) | |||||
Other (in shares) | (27) | ||||||||
Balance at Dec. 31, 2015 | $ 659,202 | $ 375 | $ 758,676 | $ 928,328 | $ 47 | $ (1,028,224) | $ 659,202 | ||
Balance (in shares) at Dec. 31, 2015 | 37,548 |
CONSOLIDATED STATEMENTS OF EQU7
CONSOLIDATED STATEMENTS OF EQUITY (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
CONSOLIDATED STATEMENTS OF EQUITY | |||||||||||
Dividends paid per common share (in dollars per share) | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.070 | $ 2.040 | $ 1.905 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
OPERATING ACTIVITIES: | |||
Net income | $ 73,081 | $ 73,399 | $ 57,815 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization (continuing and discontinued operations) | 29,431 | 25,529 | 24,706 |
Stock-based compensation expense | 4,006 | 3,253 | 2,591 |
Impairment on real estate | 2,250 | ||
Gain on sale of assets, net | (586) | (4,959) | (1,605) |
Income from unconsolidated joint ventures | (1,819) | ||
Income distribution from unconsolidated joint ventures | 552 | ||
Straight-line rental income | (10,136) | (3,002) | (3,955) |
Amortization of lease inducement | 1,680 | 841 | 660 |
Provision for doubtful accounts | 619 | 32 | 2,180 |
Non-cash interest related to earn-out liabilities | 409 | 18 | 256 |
Other non-cash items, net | 985 | 779 | 726 |
(Increase) decrease in interest receivable | (3,939) | 105 | 87 |
Decrease in accrued interest payable | 418 | 132 | 145 |
Net change in other assets and liabilities | 5,390 | (365) | 3,519 |
Net cash provided by operating activities | 102,341 | 95,762 | 87,125 |
INVESTING ACTIVITIES: | |||
Investment in real estate properties | (206,340) | (11,650) | (19,040) |
Investment in real estate developments | (25,929) | (34,135) | (23,605) |
Investment in real estate capital improvements | (7,534) | (13,967) | (6,992) |
Capitalized interest | (827) | (1,506) | (932) |
Proceeds from sale of real estate investments, net | 1,537 | 33,593 | 11,001 |
Investment in real estate mortgage loans receivable | (67,134) | (9,374) | (129,358) |
Principal payments received on mortgage loans receivable | 4,808 | 9,155 | 1,933 |
Investment in unconsolidated joint ventures | (23,042) | ||
Payment of working capital reserve | (805) | ||
Advances under notes receivable | (1,554) | (1,263) | (1,004) |
Principal payments received on notes receivable | 113 | 3,110 | |
Net cash used in investing activities | (326,820) | (29,034) | (164,887) |
FINANCING ACTIVITIES: | |||
Bank borrowings | 291,000 | 37,500 | 93,000 |
Repayment of bank borrowings | (170,500) | (58,500) | (187,500) |
Proceeds from issuance of senior unsecured notes | 200,000 | 30,000 | 70,000 |
Principal payments on senior unsecured notes | (29,167) | (4,167) | |
Principal payments on bonds payable | (2,035) | (600) | |
Payment of earn-out liabilities | (7,000) | ||
Proceeds from issuance of common stock | 24,644 | 176,260 | |
Stock option exercises | 79 | 1,071 | 523 |
Distributions paid to stockholders | (76,765) | (74,431) | (66,904) |
Distributions paid to non-controlling interests | (7) | ||
Financing costs paid | (1,178) | (2,132) | (171) |
Other | (1,285) | (219) | (252) |
Net cash provided (used in) by financing activities | 212,184 | (48,269) | 77,349 |
(Decrease) increase in cash and cash equivalents | (12,295) | 18,459 | (413) |
Cash and cash equivalents, beginning of period | 25,237 | 6,778 | 7,191 |
Cash and cash equivalents, end of period | 12,942 | 25,237 | 6,778 |
Supplemental disclosure of cash flow information: | |||
Interest paid | $ 16,078 | $ 12,188 | $ 10,466 |
The Company
The Company | 12 Months Ended |
Dec. 31, 2015 | |
General | |
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 health care properties through property lease transactions, mortgage loans and other investments. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
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. 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. Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation, including changes in presentation of Provision for doubtful accounts as a result of the application of accounting guidance for presentation of each major income statement caption prescribed by Regulation S-X and change in presentation of Debt issue cost as a result of early adoption of accounting guidance for presentation of debt issuance cost as a reduction from the carrying amount of debt liability. These adjustments are normal and recurring in nature. 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, 3 to 15 years for furniture and equipment, 35 to 50 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. Debt Issuance Cost. In April 2015, FASB issued ASU No. 2015-03 (or ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of the debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (or ASU 2015-15). ASU 2015-15 allows debt issuance costs related to line of credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We h ave early adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015 using the full retrospective method as required by these ASUs and we elected to present debt issuance costs related to our unsecured revolving line of credit as an asset on our consolidated balance sheet. As a result, $1,049,000 of debt issuance costs previously reported within “debt issuance costs” were reclassified to “Senior unsecured notes” line item on our consolidated balance sheet as of December 31, 2014. 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 14. Fair Value Measurements for the disclosure about fair value of our financial instruments. Consolidation. At inception, and on an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly-owned by us for consolidation, first under the variable interest model, then under the voting model. Our evaluation considers all of our variable interests, including common or preferred equity ownership, loans, and other participating instruments. The variable interest model applies to entities that meet both of the following criteria: • A legal structure been established to conduct business activities and to hold assets. • The entity established has variable interests - i.e. it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does not meet these criteria, or qualifies for a scope exception from the variable interest model, then we evaluate such entity under the voting model or apply other GAAP, including the cost or equity method of accounting. A legal entity is determined to be a variable interest entity (or VIE) if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The equity holders, as a group lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; • The obligation to absorb the entity's expected losses; • The right to receive the entity's expected residual returns; or 3) The entity is established with non-substantive voting rights (i.e. the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a variable interest entity VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control. In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. This update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, and eliminates the presumption that a general partner should consolidate a limited partnership. This update affects the consolidation analyses of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships. For public business entities, the update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of adopting this new guidance on our unconsolidated equity investments and other contractual relationships. Investment in unconsolidated joint ventures. From time to time, we provide funding to third party operators for the acquisition, development and construction (or ADC) of a property. Under an ADC arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate the ADC arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. If we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. If we determine the ADC arrangement should be accounted for as an investment rather than a loan, we evaluate the investment pursuant to ASC 805, Consolidation, to determine whether the ADC arrangement meets the definition of a VIE and whether we are the primary beneficiary. If the ADC arrangement is deemed to be a VIE but we are not the primary beneficiary, or if it is deemed to be a voting interest entity but we do not have a controlling financial interest, we account for our investment in the ADC arrangement using the equity method. Under the equity method, we initially record our investment at cost and subsequently recognize our share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Allocations of net income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage ownership interests. In certain circumstances where we have a substantive profit-sharing arrangement which provides a priority return on our investment, a portion of our equity in earnings may consist of a change in our claim on the net assets of the underlying joint venture. Distributions of operating profit from the joint ventures are reported as part of operating cash flows, while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. We perform a quarterly evaluation of our investment in unconsolidated joint ventures to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, writes the investment down to its estimated fair value as of the measurement date. 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. In July 2015, FASB approved a one-year deferral of the effective date to December 2017. However, the FASB will permit public companies to adopt the amendment as of the original effective date. Early adoption prior to the original effective date is not permitted. We are currently 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, 2015 , the tax basis of our net depreciable assets exceeds our book basis by approximately $56,074, 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 Risk. 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. Extraordinary Items. In January 2015, FASB issued ASU No. 2015-01 (or ASU 2015-01), Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the separate classification, presentation and disclosure of extraordinary events and transactions. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We elected early adoption of ASU 2015-01 as of January 1, 2015. The adoption did not have a material impact on our consolidated financial statements. 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 health 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, 2015 | |
Major Operators | |
Major Operators | 3. Major Operators We have four operators from each of which we derive approximately 10% or more of our combined rental revenue and interest income from mortgage loans. The following table sets forth information regarding our major operators as of December 31, 2015: Number of Number of Percentage of SNF ALF ROC SNF ALF Total Total Operator Centers Communities Communities Beds Units Revenue (1) Assets Prestige Healthcare (2) — % % Brookdale Senior Living (3) — — — % % Senior Care Centers (2) — — — % % Senior Lifestyle Corporation (2) — — — % % Totals % % (1) Includes rental income and interest income from mortgage loans. (2) A privately held company. (3) A subsidiary of Brookdale Senior Living, Inc. Our financial position and ability to make distributions may be adversely affected if Prestige Healthcare, Brookdale Senior Living, Senior Care Centers, Senior Lifestyle Corporation or any of our lessees and borrowers face financial difficulties, 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 Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | 4. Supplemental Cash Flow Information For the year ended December 31, 2015 2014 2013 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (Note 5) $ $ — $ — Land conveyance applied to a mortgage and construction loan receivable (Note 5) — — Contingent liabilities related to real estate investments ( Note 5) — — Contingent liabilities related to lease incentives (Note 10) — Reclassification of pre-development loans ( Note 7) Restricted stock issued, net of cancellations (Note 9) — Preferred stock conversion (Note 9) — — |
Real Estate Investments
Real Estate Investments | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments | |
Real Estate Investments | 5. Real Estate Investments Owned Properties. The following table summarizes our investment in owned properties at December 31, 2015 (dollar amounts in thousands) : Average Percentage Number Number of Investment Gross of of SNF ALF per Type of Property Investments Investments Properties (1) Beds (2) Units (2) Bed/Unit Assisted Living $ % — $ Skilled Nursing % — $ Range of Care % $ Under Development (3) % — — — — Other (4) % — — Totals $ % (1) We have investments in 28 states leased to 29 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes seven development projects, consisting of five MC communities with a total of 320 units, one 108 -unit ILF community and an 89 -unit combination ALF and MC community. (4) Includes one school, three parcels of land held ‑for ‑use and one behavioral health care hospital. The behavioral health care hospital has 2 skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed. 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. During the year ended December 31, 2015, we received $134,000 of contingent rental income. We received no contingent rental income for the years ended December 31, 2014 and 2013. Acquisitions and Developments. The following table summarizes our investments for the twelve months ended December 31, 2015 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price (1) Costs (2) Costs Properties Beds/Units Skilled Nursing (3) $ $ $ Assisted Living (4) Other (5) Land (6) — — Totals $ $ $ (1) As part of our acquisitions, we may commit to provide contingent payments to our sellers or lessees, upon properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and is accreted to the settlement amount at the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. (2) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis ( $161 ) and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress ( $331 ). Additionally, transaction costs in the table above may differ from the acquisition costs line item in our consolidated statement of income ( $614 ) as a result of transaction costs from prior year’s acquisitions ( $35 ). (3) We purchased a property in Wisconsin by exercising our purchase option under a $10,600 mortgage and construction loan and equipped the property for $3,346 . 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 lease incentive that will amortize as a yield adjustment over the life of the lease term. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000 . (4) Includes acquisition of a newly constructed 60 -unit MC community for $14,250 including a $2,000 working capital reserve which was recorded similarly to an earn-out and valued at $1,847 using a discounted cash flow analysis. As a result, our basis in the property was recorded at $14,132 which includes capitalized transaction costs. Additionally, we agreed to provide the lessee an earn-out up to $300 upon the property achieving a sustainable stipulated rent coverage ratio. When the working capital reserve and earn-out payments are funded, cash rent will increase by the amounts funded multiplied by the lease rate in effect at the time. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000 and we agreed to provide the lessee an incentive up to $10,000 , upon the portfolio achieving a sustainable stipulated rent coverage ratio, which will increase cash rent by the amount funded multiplied by the lease rate in effect at the time. (5) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300 . Also, as part of the agreement, we agreed to provide up to $3,000 for approved capital improvements. (6) We acquired five parcels of land and entered into development commitments up to an aggregate total of $70,298 , including the land purchases, for the development of three MC communities totaling 198 units, a 108 -unit IL community and an 89 -unit combination AL and MC community. We also purchased a parcel of land we previously leased pursuant to a ground lease. Additionally, we acquired land and existing improvements on a 56 -unit MC community and entered a development commitment up to a total of $13,524 , including the land purchase, to complete the development of the MC community. As discussed above, during the twelve months ended December 31, 2015, we acquired a portfolio of 10 independent, assisted living and memory care communities totaling 891 units for $142,000,000 in a business combination. The unaudited pro forma revenue and net income of the combined entity is provided below as if the acquisition date had been January 1, 2014 (in thousands except per share amounts): 2015 2014 Revenue $ $ Net income $ $ Basic earnings per common share: $ $ Diluted earnings per common share: $ $ Subsequent to December 31, 2015, we purchased a newly constructed 126 -bed skilled nursing center in Texas for $16,000,000 . During the twelve months ended December 31, 2015, we sold a 112 -bed skilled nursing center located in Texas for $1,600,000 , resulting in net sales proceed of $1,537,000 and a net gain on sale of $586,000 . Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 36 -unit closed assisted living community in Oregon for $1,500,000 . Simultaneously with the sale, we will enter into a mortgage loan agreement to provide up to $1,000,000 to the buyer. Accordingly, we expect to record a deferred gain on sale in the amount of approximately $120,000 . Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 48 -unit assisted living community in Florida for $1,750,000 . We performed a recoverability analysis on the property as of December 31, 2015 using probability-weighted cash flows giving consideration to are-leasing scenario (in which the property would continue to be held-and-used) and a sale scenario (in which the property is sold pursuant to the contingent purchase and sale agreement) and determined that a portion of carrying value of the property was not recoverable. Accordingly, we recorded an impairment charge of $2,250,000 to write the property down to its estimated sale price at December 31, 2015. During the twelve months ended December 31, 2015, we completed the following development, expansion and improvement projects (dollar amounts in thousands): Number Number of Type of of Type of Project Properties Property Beds/Units State 2015 Funding Total Funding Development 1 ALF 60 Colorado $ $ (1) Improvements 1 SNF 121 California Improvements 1 SNF 196 Texas Improvements 2 SNF 141 Tennessee 5 518 $ $ (1) The total funded amount includes acquired land of $1,425 . The following table summarizes our investment commitments as of December 31, 2015 and amounts funded on our open development and improvement projects (excludes capitalized interest, dollar amounts in thousands) : Total Number Number Investment Commitment Remaining of of Type of Property Commitment Funded Commitment Properties Beds/Units Skilled Nursing (1) $ $ $ Assisted Living (2) Other (3) — Totals $ $ $ (1) Includes three commitments for renovation and expansion projects. (2) Includes the development of an IL community for $14,500 , five MC communities for a total of $65,034 and one ALF/MC community for $16,535 . Also, includes three commitments for renovation projects on 30 ALFs totaling $5,080 . (3) Includes a commitment for renovation of a behavioral health care hospital. Our construction in progress (or CIP) activity during the year ended December 31, 2015 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands) : CIP CIP Balance at Capitalized Conversions Balance at Type of Property 12/31/2014 Funded (1) Interest out of CIP 12/31/2015 Skilled nursing $ — $ $ — $ $ Assisted living Total $ $ $ $ $ (1) Excludes $8,048 of funding which was capitalized directly into building and includes the acquisition of the existing improvements of a 56 -unit MC community for $6,315 and the reclass of three pre ‑development loans with a total balance of $1,035 See Note 7. Notes Receivable for further discussion of pre ‑development loans. The following table summarizes our acquisitions during 2014 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Assisted Living (1) $ $ $ Land (2) — — — Totals $ $ $ (1) An assisted living community located in Colorado which was added to a master lease at an incremental initial cash yield of 6.5% . (2) We purchased a vacant parcel of land held-for-use in Michigan. Additionally, we purchased a vacant parcel of land in Illinois for $1,400 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator. The land was added to an existing master lease and we entered into development commitments in an amount up to $12,248 to fund the construction of a 66 -unit memory care community. During the twelve months ended December 31, 2014 , we sold 16 assisted living communities with a total of 615 units. 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 . During 2014, we also sold two assisted living communities located in Florida and Georgia with a total of 133 units, a school located in Minnesota, and a closed skilled nursing center 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, 201 4, 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 $ $ (1) Development 1 ALF 80 Texas (1) Development 1 SNF 143 Kentucky (1) Development 1 ALF 48 Colorado (1) Expansion/Renovation 1 ALF 72 Colorado Expansion/Renovation 2 ALF 123 Colorado Improvements 1 SNF 120 Florida Improvements 2 SNF 235 New Mexico 10 881 $ $ (1) The total funded amount includes acquired land. The following table summarizes our acquisitions for the twelve months ended December 31, 2013 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Skilled Nursing (1) $ $ $ Land (2) — — — Totals $ $ $ (1) A skilled nursing center located in Florida which was added to a master lease at an incremental initial cash yield of 8.75% . (2) We purchased three vacant parcels of land in Colorado for a total of $3,475 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator through May 2018 (unless earlier terminated as provided for therein). The land was added to an existing master lease and we entered into development commitments in an amount not to exceed $30,256 to fund the construction of three memory care communities, two with 60 units and the other with 48 units. We also purchased four parcels of land held-for-use in Michigan for $1,163 . During the year ended December 31, 2013, one of our lessees exercised its option to purchase six skilled nursing centers 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 center 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 Number of Type of of Type of Project Properties Property Beds/Units State 2013 Funding Total Funding Development 1 ALF (1) 60 Colorado $ $ Development 1 SNF (2) 120 Texas Development 1 ALF 77 Kansas (3) 3 257 $ (2) $ (1) Represents a memory care community. The funded amount includes acquired land of $1,882 . (2) This new property replaces a skilled nursing center in our existing portfolio. (3) The funded amount includes acquired land of $730 . Depreciation expense on buildings and improvements, including properties classified as held ‑for ‑sale, was $29,329,000 , $25,424,000 , and $24,568,000 for the years ended December 31, 2015 , 2014 and 2013, respectively. Future minimum base rents receivable under the remaining non ‑cancelable terms of operating leases including the skilled nursing center acquired subsequent to December 31, 2015, and excluding the effects of straight ‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent 2016 $ 2017 2018 2019 2020 Thereafter Set forth in the table below are the components of the income from discontinued operations for the year ended December 31, 2013 ( in thousands ): 2013 Rental income $ Total revenues Depreciation and amortization General and administrative expenses Total expenses Income from discontinued operations $ Mortgage Loans . The following table summarizes our investments in mortgage loans secured by first mortgages at December 31, 2015 (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 (2) Units (2) Bed/Unit Skilled Nursing $ % — $ Assisted Living % — $ Other (3) % — — — n.a Totals $ % (1) We have investments in 8 states that include mortgages to 11 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes a parcel of land secured under a short-term mortgage loan. At December 31, 2015 , the mortgage loans had interest rates ranging from 7.3% to 13.9% and maturities ranging from 2016 to 2045. 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 2013, we funded the initial amount of $124,387,000 under a mortgage loan with a third ‑party borrower, secured by 15 skilled nursing centers 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 the year ended December 31, 2015, we funded the $40,000,000 of additional proceeds. During the years ending December 31, 2015 and 2014 we funded $6,259,000 and $3,337,000 , respectively, under the $12,000,000 capital improvement commitment with $2,403,000 remaining as of December 31, 2015 . 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 ). As a result, our remaining commitment under the aggregate $32,000,000 capital improvement commitment was $22,403,000 at December 31, 2015. Also, we conveyed, to borrower, two parcels of land held-for-use adjacent to these properties to facilitate the projects. The estimated fair value of these parcels of $670,000 , based upon third-party appraisals, was recorded as a mortgage loan premium and will be amortized as a yield adjustment over the life of the lease. As partial consideration for the increased commitment and associated conveyance, the borrower forfeited their prepayment option. During the year ended December 31, 2015, we originated an $11,000,000 mortgage loan with the same borrower, initially 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 center in Michigan. Also, we originated another $20,000,000 mortgage loan with the same operator, initially funding $9,500,000 with a commitment to fund an additional $10,500,000 , of which, we funded $5,500,000 subsequent to December 31, 2015. This loan is secured by a first lien mortgage encumbering two skilled nursing centers in Michigan totaling 273 beds. These mortgage loans bear interest at 9.41% for five years, escalating annually thereafter by 2.25% and have a 30 -year term with interest- only payments for the initial three years. We have the option to purchase these properties under certain circumstances, including a change in regulatory environment. Furthermore, during the three months ended December 31, 2015, we originated a short-term loan in the amount of $1,208,000 to an existing operator. The loan is secured by a first lien mortgage encumbering a vacant parcel of land in Virginia and bears interest at 9% . Interest at the rate of 3% is payable at the beginning of each month commencing January 1, 2016, and interest at the rate of 6% shall accrue and is payable at the maturity date, February 28, 2016. The following table summarizes our additional loan commitments as of December 31, 2015, and amounts funded under these mortgage loans (dollar amounts in thousands): Additional Number Number Loan 2015 Commitment Remaining of of Type of Property Commitment Funding Funded Commitment Properties Beds/Units Skilled Nursing $ $ $ $ Assisted Living Totals $ $ $ $ During the twelve months ended December 30, 2015, we amended an existing mortgage loan secured by a 100 -unit independent living community in Arizona to provide up to $490,000 of additional proceeds for capital improvements. Also, during the twelve months ended December 31, 2015, we funded $360,000 under this amended mortgage loan and have a remaining commitment of $130,000 . At December 31, 2015 and 2014 the carrying values of the mortgage loans were $217,529,000 and $165,656,000 , respectively. Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2016 $ 2017 2018 2019 2020 Thereafter Total $ During the twelve months ended December 31, 2015 , 2014 and 2013, we received $2,321,000 , $2,159,000 , and $1,933,000 , respectively in regularly scheduled principal payments. During 2015, we received $2,487,000 plus accrued interest related to the early payoff of two mortgage loans secured by a range o f care community located in California and a skilled nursing center in Texas. |
Investment in Unconsolidated Jo
Investment in Unconsolidated Joint Ventures | 12 Months Ended |
Dec. 31, 2015 | |
Investment in Unconsolidated Joint Ventures | |
Investment in Unconsolidated Joint Ventures | 6. Investment in Unconsolidated Joint Ventures During the year December 31, 2015, we made a preferred equity investment in an entity (the JV) that owns four properties providing independent, assisted living and memory care services. These properties are located in Arizona. At closing, we provided an initial preferred capital contribution of $20,143,000 and have committed to provide an additional preferred capital contribution of $5,507,000 for a total preferred capital contribution of $25,650,000 . As the preferred member of the JV, we are entitled to receive a 15% preferred return, a portion of which is paid in cash and a portion of which is deferred if the cash flow of the JV is insufficient to pay all of the accrued preferred return. The unpaid accrued preferred return will be accrued to the extent of the common member’s capital account balance in the underlying JV (as determined in accordance with GAAP). As of December 31, 2015, the common member’s capital account was reduced to $0 , and we discontinued accrual of the preferred return. We will continue to evaluate our claim on the estimated net assets of the underlying joint venture quarterly. Any unpaid accrued preferred return, whether recorded or unrecorded by us, will be paid upon redemption. In addition, we have the option to purchase either the properties owned by the JV or 100% of the common membership interest in the JV, which is exercisable between April 2018 and September 2019. If we elect not to exercise our purchase option, we have the right to put our preferred equity interest to the common member after September 2019 for an amount equal to the unpaid preferred equity investment balance and accrued preferred return thereon. The common equity member has the right to call our preferred interest at any time for an amount equal to the preferred equity investment balance and accrued preferred return thereon that would be due for the first 36 months, less amounts paid to us prior to the redemption date. The JV is intended to be self-financing and other than our preferred capital contributions, we are not required to provide any direct and w e are not entitled to share in the JV’s earnings or losses. As a result, we believe our maximum exposure to loss due to our investment in the JV would be limited to our preferred capital contributions plus any unpaid accrued preferred return. We have concluded that the JV meets the accounting criteria to be considered as a VIE. However, because we do not control the entity, nor do we have any role in the day-to-day management, we are not the primary beneficiary of the JV. Therefore, we account for our JV investment using the equity method. During the twelve months ended December 31, 2015, we recognized $1,819,000 in income from our preferred equity investment in the JV. Additionally, during the twelve months ended December 31, 2015, we received $552,000 from our preferred equity investment in the JV. Additionally, during the year ended December 31, 2015, we originated a $2,900,000 mezzanine loan to develop a 99 -unit combination ALF, MC and ILF community. The loan matures on November 1, 2020 and bears interest at 10% for the first two years escalating to 12% until November 1, 2018 and, 15% thereafter. Interest is deferred for a period ending on the earlier of February 1, 2017 or the effective date of the certificate of occupancy. During this period, the borrower is not required to pay any interest, however the unpaid deferred interest will be added to the loan principal balance. In addition to the interest payments, the borrower is required to make cash flow participation payments. We have evaluated this ADC arrangement and determined that the characteristics are similar to a jointly-owned investment or partnership, and accordingly, the investment is accounted for as an unconsolidated joint venture under the equity method of accounting instead of loan accounting. |
Notes Receivable
Notes Receivable | 12 Months Ended |
Dec. 31, 2015 | |
Notes Receivable | |
Notes Receivable | 7. Notes Receivable Notes receivable consist of various loans, and line of credit agreements with certain operators. During 2015, we committed to fund five new working capital loans to existing operators as follows ( dollar amounts in thousands ): Total Interest Maturity Type of Property Commitment Rate Date Assisted Living $ % Under Development % Under Development % Under Development % Under Development % Totals $ At December 31, 2015 , we had eight loan and line of credit agreements with commitments totaling $2,725,000 and a remaining combined commitment balance of $2,317,000 . The weighted average interest rate of these loan commitments is 9.9% . The following table summarizes our notes receivable activities for the fiscal years 2015, 2014 and 2013 (dollar amounts in thousands): Year ended December 31, 2015 2014 2013 Advances under notes receivable $ $ $ Principal payments received under notes receivable — Reclassed to real estate under development (1) Net increase (decrease) in notes receivable $ $ $ (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects. |
Debt Obligations
Debt Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Debt Obligations | |
Debt Obligations | 8. Debt Obligations The following table sets forth information regarding debt obligations by component as of December 31, 2015 and 2014 (dollar amounts in thousands): Year ended December 31, 2015 2014 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 1.92% $ $ $ — $ Senior unsecured notes , net of debt issue costs 4.64% n.a. Total 4.07% $ $ (1) Represents weighted average of interest rate as of December 31, 2015. (2) Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing. Bank Borrowings. During the three months ended December 31, 2015 , we exercised the $200,000,000 accordion feature under our Unsecured Credit Agreement increasing commitments to $600,000,000 . The Unsecured Credit Agreement matures on October 14, 2018 and provides for a one ‑year extension option at our discretion, subject to customary conditions. Based on our leverage ratios at December 31, 2015 , the amended facility provides for interest annually at LIBOR plus 1 50 basis points and the unused commitment fee was 35 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 the years ended December 31, 2015 and 2014, we borrowed $291,000,000 and $37,500,000 , respectively, under our Unsecured Credit Agreement. Additionally, during the years ended December 31, 2015 and 2014, we repaid $170,500,000 and $58,500,000 , respectively, under our unsecured revolving line of credits. At December 31, 2015 and 2014 , we were in compliance with all covenants. Senior Unsecured Notes . During 2015, we entered into a third amended and restated $200,000,000 private shelf agreement with Prudential Investment Management, Inc. (or Prudential) for a three -year term. After July 14, 2015 and for the balance of the term, the agreement provides for the possible issuance of additional senior unsecured fixed interest rate term notes up to the maximum availability upon us making our scheduled principal payments on existing notes then outstanding. Interest rates on any issuance under the shelf agreement will be set at a spread over applicable Treasury rates. Maturities of each issuance are at our election for up to 15 years from the date of issuance with a maximum average life of 12 years from the date of original issuance . During the year ended December 31, 2015, we sold $100,000,000 senior unsecured term notes to affiliates and managed accounts of Prudential Investment Management, Inc. (or individually and collectively Prudential) with an annual fixed rate of 4.5% under this shelf agreement. These notes have periodic scheduled principal payments and will mature on July 31, 2026. Accordingly, w e currently have $37,500,000 available for borrowing under this shelf agreement. Also, during 2015, we entered into a $100,000,000 note purchase and private shelf agreement with AIG Asset Management (U.S.) LLC (or AIG) for a three -year term and we sold $100,000,000 senior unsecured term notes to affiliates of AIG with a coupon of 4.26% . These notes have periodic scheduled principal payments and will mature on November 20, 2028. As a result of the sale, our shelf agreement with AIG has been exhausted with no more availability. We used the proceeds from the Prudential and AIG notes to fund acquisitions and developments, to pay down our unsecured revolving line of credit and for general corporate purposes. During 2014, we sold $30,000,000 senior unsecured term notes to Prudential. These notes bear interest at 4.5% and will mature on July 31, 2026. During the year ended December 31, 2015 and 2014, we paid $29,167,000 and $4,167,000 , respectively, in regularly scheduled principal payments. Bonds Payable. During 2014, we paid off a $1,400,000 multifamily tax ‑exempt revenue bond that was secured by five assisted living communities in Washington. These bonds bore interest at a variable rate that reset weekly. During 2014, we paid $635,000 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, 2015 , and excludes the effects of interest and debt issue costs ( in thousands ): Total 2016 2017 2018 2019 2020 Thereafter Bank borrowings $ (1) $ — $ — $ $ — $ — $ — Senior unsecured notes (2) $ $ $ $ $ $ $ (1) At December 31, 2015 we had $479,500 available for borrowing under our unsecured revolving line of credit. Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing. (2) Excludes debt issue costs of $1,095 . |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity | |
Equity | 9. Equity Preferred Stock. Historically, 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 was convertible into 2,000,000 shares of our common stock at $19.25 per share and dividends were payable quarterly. During the year ended December 31, 2015, the sole holder of our Series C Preferred stock elected to convert all of its preferred shares into 2,000,000 shares of common stock. Accordingly, we had no preferred s tock outstanding as of De cember 31, 2015. Common Stock. During the year ended December 31, 2015, we entered into equity distribution agreements to issue and sell, from time to time, up to $200,000,000 in aggregate offering price of our common shares. Sales of common shares will be made by means of ordinary brokers’ transactions, which may include block trades, or transactions that are deemed to be “at the market” offerings. During 2015, we did not sell shares of common stock under our equity distribution agreement. At December 31, 2015, we had $200,000,000 available under this agreement. 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 2015 and 2014, we acquired 26,99 3 shares and 5,324 shares, respectively, of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Subsequent to December 31, 2015 , we acquired 30,482 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. During 2013, we terminated our prior 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 prior equity distribution agreement. In conjunction with the sale of common stock, we reclassified $662,000 of accumulated costs associated with the prior equity distribution agreement to additional paid in capital. Available Shelf Registration. On July 19, 2013, we filed an automatic shelf registration statement with the SEC to replace our prior shelf registration statement. The automatic shelf registration statement we filed in 2013 provides us with the capacity to publicly offer common stock, preferred stock, warrants, debt, depositary shares, or units. At December 31, 2015 we had availability of $575,100,000 under this automatic shelf registration statement. In advance of the three -year expiration of the automatic shelf registration statement we filed in 2013, we filed a new automatic shelf registration statement with the SEC on January 29, 2016 to provide us with additional capacity to publicly offer an indeterminate amount of common stock, preferred stock, warrants, debt, depositary shares, or units. Distributions. We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2015 December 31, 2014 Declared Paid Declared Paid Preferred Stock Series C $ $ $ $ Common Stock (1) (1) (2) (2) Total $ $ $ $ (1) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015. (2) Represents $0.17 per share per month for the twelve months ended December 31, 2014. In January 2016, we declared a monthly cash dividend of $0.1 8 per share on our common stock for the months of January, February and March 2016 payable on January 29, February 29 and March 31, 2016, respectively, to stockholders of record on January 21, February 19 and March 23, 2016, respectively. Accumulated Other Comprehensive Income. During prior years, we had investments in Real Estate Mortgage Investment Conduit (or REMIC) Certificates, and 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, 2015 and 2014 , accumulated other comprehensive income was $47,000 and $82,000 , respectively. Stock Based Compensation Plans. During 2015, we adopted and our shareholders approved the 2015 Equity Participation Plan (or the 2015 Plan) which replaces the 2008 Equity Participation Plan (or the 2008 Plan ). Under the 2015 Plan, 1,400,000 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 2015 Plan are set by our compensation committee at its discretion. During the twelve months ended December 31, 2015, no stock options or restricted stock were granted under this plan. Restricted Stock . Restricted stock activity for the years ended December 31, 2015 and 2014 was as follows: 2015 2014 Outstanding, January 1 Granted Vested Canceled — Outstanding, December 31 Compensation expense for the year $ $ During 2015 and 2014, we granted 92,150 and 95,000 shares of restricted common stock, respectively, under the 2008 Plan as follows: Price per Year No. of Shares Share Vesting Period 2015 $ ratably over 3 years $ ratably over 3 years $ June 2, 2016 2014 $ ratably over 3 years $ ratably over 3 years $ ratably over 3 years $ June 9, 2015 $ November 12, 2015 Compensation expense recognized related to the vesting of restricted common stock for the twelve months ended December 31, 2015 was $3,992,000 , compared to $3,241,000 for the same period in 2014. At December 31, 2015, the total number of restricted common shares that are scheduled to vest and remaining compensation expense to be recognized related to the future service period of unvested outstanding restricted common stock are as follows: Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 2018 $ Stock Options. During 2015, we did not issue any 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 . Nonqualified stock option activity for the years ended December 31, 2015 and 2014 , was as follows: Weighted Average Shares Price 2015 2014 2015 2014 Outstanding, January 1 $ $ Granted — $ — $ Exercised $ $ Canceled — — $ — $ — Outstanding, December 31 $ $ Exercisable, December 31 (1) $ $ (1) The aggregate intrinsic value of exercisable options at December 31, 2015 , based upon the closing price of our common shares at December 31, 2015, the last trading day of 2015, was approximately $494,000 . Options exercisable at December 31, 2015 have a weighted average remaining contractual life of approximately 2.6 years. The options exercised during 2015 and 2014 were as follows: Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2015 $ $ $ 2014 $ $ $ (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 $29.6 0 and $29.16 and the weighted average remaining contractual life was 2. 6 and 2. 7 years as of December 31, 2015 and 2014 , respectively. Compensation expense related to the vesting of stock options for the twelve months ended December 31, 2015, was $14,000 compared to $12,000 for the same periods in 2014. The following table summarizes our scheduled number of stock option awards vesting and remaining compensation expense to be recognized related to the future service period of unvested outstanding stock options: Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 $ |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies | |
Commitments and Contingencies | 10. Commitments and Contingencies As part of our acquisitions, we may commit to provide contingent payments to our sellers or lessees, upon the properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at the estimate fair value calculated using a discounted cash flow analysis and accreted to the settlement amount of the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. This fair value measurement is based on significant input not observable in the market and thus represents a Level 3 measurement. The fair value of these contingent liabilities are evaluated on a quarterly basis based on changes in estimates of future operating results and changes in market discount rates. During 2015 and 2014, we recorded non-cash interest expense of $409,000 and $18,000 , respectively, related to these contingent liabilities and the fair value of our contingent payments was $12,722,000 at December 31, 2015. At December 31, 2015, we had commitments as follows (in thousands): Investment 2015 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (Note 5) $ (1) $ $ $ Accrued incentives and earn-out liabilities Lease incentives Mortgage loans (Note 5) (1) Joint venture investments (Note 6) Notes receivable (Note 7) Totals $ $ $ $ (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties. 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, 2015 | |
Distributions | |
Distributions | 11. 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 2015, 2014 and 2013 were cash distributions. The federal income tax classification of the per share common stock distributions are as follows ( unaudited ): Year Ended December 31, 2015 2014 2013 Ordinary taxable distribution $ $ $ Return of capital Unrecaptured Section 1250 gain Total $ $ $ |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2015 | |
Net Income Per Common Share | |
Net Income Per Common Share | 12. 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, 2015 2014 2013 Income from continuing operations $ $ $ Less net income allocated to participating securities: Non-forfeitable dividends on participating securities Income allocated to participating securities Total net income allocated to participating securities Less net income allocated to preferred stockholders: Preferred stock dividends Total net income allocated to preferred stockholders Discontinued operations: Income from discontinued operations — — Gain on sale of assets, net — — Total net income from discontinued operations — — Net income available to common stockholders Effect of dilutive securities: Convertible preferred securities — Total effect of dilutive securities — Net income for diluted net income per share $ $ $ Shares for basic net income per share Effect of dilutive securities: Stock options Convertible preferred securities — Total effect of dilutive securities Shares for diluted net income per share Basic net income per share $ $ $ Diluted net income per share (1) $ $ $ (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. |
Quarterly Financial Information
Quarterly Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information | |
Quarterly Financial Information | 13. Quarterly Financial Information For the quarter ended March 31, June 30, September 30, December 31, (unaudited, in thousands except per share amounts) 2015 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ 2014 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ 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. |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Measurements | |
Fair Value Measurements | 14. 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, 2015 and 2014 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2015 At December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value Mortgage loans receivable $ $ (1) $ $ (1) Bank borrowings (2) — — (2) Senior unsecured notes, net of debt issue costs (3) (3) Contingent liabilities (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, 2015 and 2014 was 8.9% and 8.6% , respectively. (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at December 31, 2015 and 2014 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, 2015 , the discount rate used to value our future cash outflow of our senior unsecured notes was 4.35% for those maturing before year 2026 and 4.65% for those maturing at or beyond year 2026. At December 31, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.8% for those maturing before year 2020 and 4.55% for those maturing beyond year 2020. (4) Our contingent obligations under the accrued incentives and earn ‑out liabilities are 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, 2015 and December 31, 2014, the discount rate used to value our future cash outflow of the earn-out liability was 6.1% and 6.2% , respectively. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Events | |
Subsequent Events | 15. Subsequent Events We had the following events occur subsequent to the balance sheet date. Real Estate—Owned Properties: W e purchased a newly constructed 126 -bed skilled nursing center in Texas for $16,000,000 . Additionally, we entered into a contingent purchase and sale agreement to sell a 36 -unit closed assisted living community in Oregon for $1,500,000 . Simultaneously with the sale, we will enter into a mortgage loan agreement to provide a mortgage loan of up to $1,000,000 to the buyer. Accordingly, we expect to record a deferred gain on sale in the amount of approximately $120,000 . Additionally, we entered into a contingent purchase and sale agreement to sell a 48 -unit assisted living community in Florida for $1,750,000 . See Note 5. Real Estate Investments for further discussion of the sale of the Florida assisted living community. Debt: We borrowed $32,000,000 under our unsecured revolving line of credit. Accordingly, we have $152,500,000 outstanding and $447,500,000 available for borrowing. Equity: We filed an automatic shelf registration statement with the SEC on January 29, 2016. Also, we acquired 30,482 shares of common stock held by employees who tendered owned shares to satisfy tax withholding obligations. Additionally, we declared a monthly cash dividend of $0.1 8 per share on our common stock for the months of January, February and March 2016 , payable on January 29, February 29, and March 31, 2016, respectively, to stockholders of record on January 21, February 19, and March 23, 2016, respectively. |
SCHEDULE II VALUATION AND QUALI
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS | 12 Months Ended |
Dec. 31, 2015 | |
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 expenses other accounts Deductions (1) of period Year ended December 31, 2013 Loan loss reserves $ $ $ — $ $ Straight-line rent receivable allowance — $ $ $ — $ $ Year ended December 31, 2014 Loan loss reserves $ $ $ — $ — $ Straight-line rent receivable allowance — $ $ $ — $ $ Year ended December 31, 2015 Loan loss reserves $ $ $ — $ — $ Straight-line rent receivable allowance — — $ $ $ — $ — $ Deductions represent uncollectible accounts written off. |
SCHEDULE III REAL ESTATE AND AC
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Skilled Nursing Properties: 134 Alamogordo, NM $ — $ $ $ $ $ $ $ 1985 2001 218 Albuquerque, NM — 2008 2005 219 Albuquerque, NM — 1982 2005 220 Albuquerque, NM — 1970 2005 042 Altoona, IA — 1973 1996 252 Amarillo, TX — — 2013 2011 214 Aransas Pass, TX — 2008 2004 247 Arlington, TX — — 2007 2011 171 Atlanta, GA — 1968 1999 040 Atmore, AL — 1974 1996 221 Beaumont, TX — 1950 2005 213 Beeville, TX — 1974 2004 215 Benbrook, TX — 1976 2005 007 Bradenton, FL — 2012 1993 256 Brownwood, TX — — 2011 2012 043 Carroll, IA — 1969 1996 177 Chesapeake, VA — 2007 1995 257 Cincinnati, OH — — 2009 2012 125 Clovis, NM — 2006 2001 129 Clovis, NM — 1995 2001 268 Cold Spring, KY — — 2014 2012 253 Colton, CA — — 1990 2011 211 Commerce City, CO — 1964 2004 212 Commerce City, CO — 1967 2004 246 Crowley, TX — — 2007 2011 235 Daleville, VA — — 2005 2010 258 Dayton, OH — — 2010 2012 196 Dresden, TN — 2014 2000 298 Fort Worth, TX — — 1998 2015 185 Gardner, KS — 2011 1999 248 Granbury, TX — — 2008 2011 044 Granger, IA — 1979 1996 205 Grapevine, TX — 1974 2002 172 Griffin, GA — — 1969 1999 250 Hewitt, TX — 2008 2011 051 Houston, TX — 1968 1996 054 Houston, TX — 2007 1996 055 Houston, TX — 2008 1996 208 Jacksonville, FL — 1987 2002 045 Jefferson, IA — 1972 1996 008 Lecanto, FL — 2012 1993 053 Mesa, AZ — 1996 1996 226 Mesa, AZ — 1979 2006 242 Mission, TX — — 2004 2010 041 Montgomery, AL — 1974 1996 115 Nacogdoches, TX — 1973 1997 233 Nacogdoches, TX — 1991 2010 249 Nacogdoches, TX — — 2007 2011 046 Norwalk, IA — 1975 1996 176 Olathe, KS — 1968 1999 251 Pasadena, TX — 2005 2011 210 Phoenix, AZ — 1982 2004 193 Phoenix, AZ — 1985 2000 047 Polk City, IA — 1976 1996 094 Portland, OR — 2007 1997 254 Red Oak, TX — — 2002 2012 124 Richland Hills, TX — 1976 2001 197 Ripley, TN — 2014 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, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 133 Roswell, NM $ — $ $ $ $ $ $ $ 1975 2001 081 Sacramento, CA — 2015 1997 085 Salina, KS — 1985 1997 281 Slinger, WI — — 2014 2015 243 Stephenville TX — 2009 2010 234 St. Petersburg, FL — 1988 2010 225 Tacoma, WA — 2009 2006 178 Tappahannock, VA — 1978 1995 270 Trinity, FL — — 2008 2013 192 Tucson, AZ — 1992 2000 209 Tyler, TX — 1974 2004 299 Weatherford, TX — — 1996 2015 Skilled Nursing Properties — Assisted Living Properties: 077 Ada, OK — — 1996 1996 136 Arlington, OH — — 1993 2001 105 Arvada, CO — 2014 1997 063 Athens, TX — 1995 1996 269 Aurora, CO — — 2014 2013 260 Aurora, CO — — 1999 2012 203 Bakersfield, CA — 2002 2001 117 Beatrice, NE — — 1997 1997 137 Bexley, OH — — 1992 2001 278 Castle Rock, CO — — 2012 2014 160 Central, SC — — 1998 1999 263 Chatham, NJ — — 2002 2012 240 Daytona Beach, FL — (2) 1996 2010 292 De Forest, WI — — 2006 2015 156 Denison, IA — — 1998 1998 057 Dodge City, KS — 1995 1995 083 Durant, OK — — 1997 1997 107 Edmond, OK — 1996 1997 122 Elkhart, IN — — 1997 1997 155 Erie, PA — — 1998 1999 100 Fremont ,OH — — 1997 1997 267 Frisco, TX — — 2014 2012 163 Fort Collins, CO — 2014 1999 170 Fort Collins, CO — 2014 1999 132 Fort Meyers, FL — 1998 1998 230 Fort Wayne, IN — 1996 2009 229 Fort Worth, TX — 2009 2008 167 Goldsboro, NC — 1998 1999 056 Great Bend, KS — 1995 1995 102 Greeley, CO — 1997 1997 284 Green Bay, WI — — 2004 2015 164 Greenville, NC — 1998 1999 062 Greenville, TX — 1995 1996 161 Greenwood, SC — — 1998 1999 241 Gulf Breeze, FL — 2000 2010 295 Jacksonville, FL — — 2015 2015 066 Jacksonville, TX — 1996 1996 285 Kenosha, WI — — 2008 2015 255 Littleton, CO — — 2013 2012 268 Littleton, CO — — 2014 2013 148 Longmont, CO — — 1998 1998 060 Longview, TX — 1995 1995 261 Louisville, CO — — 2000 2012 114 Loveland, CO — 1997 1997 068 Lufkin, TX — 1996 1996 LTC PROPERTIES, INC. SCHEDULE III Costs capitalized Gross amount at which carried at Initial cost to company subsequent December 31, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date 119 Madison, IN — — 1997 1997 061 Marshall, TX — 1995 1995 293 McHenry, IL — — 2005 2015 058 McPherson, KS — 1994 1995 239 Merritt Island, FL — 2004 2010 104 Millville, NJ — — 1997 1997 286 Milwaukee, WI — — 2007 2015 231 Monroeville, PA — 1997 2009 289 Neenah, WI — — 1991 2015 166 New Bern, NC — 1998 1999 118 Newark, OH — — 1997 1997 123 Newport Richey, FL — 1995 1998 074 Newport, OR — — 1996 1996 143 Niceville, FL — — 1998 1998 095 Norfolk, NE — — 1997 1997 290 Oshkosh, WI — — 2009 2015 291 Oshkosh, WI — — 2005 2015 232 Pittsburgh, PA — 1994 2009 165 Rocky Mount, NC — 1998 1999 141 Rocky River, OH — — 1998 1999 059 Salina, KS — 1994 1995 084 San Antonio, TX — — 1997 1997 092 San Antonio, TX — — 1997 1997 288 Sheboygan, WI — — 2006 2015 149 Shelby, NC — 1998 1998 150 Spring Hill, FL — — 1998 1998 103 Springfield, OH — 1997 1997 162 Sumter, SC — — 1998 1999 140 Tallahassee, FL — — 1998 1998 098 Tiffin, OH — — 1997 1997 088 Troy, OH — 1997 1997 080 Tulsa, OK — — 1997 1997 093 Tulsa, OK — — 1997 1997 238 Tupelo, MS — 2000 2010 075 Tyler, TX — — 1996 1996 202 Vacaville, CA — 2002 2001 091 Waco, TX — — 1997 1997 096 Wahoo, NE — — 1997 1997 108 Watauga, TX — — 1996 1997 287 Waukesha, WI — — 2009 2015 109 Weatherford, OK — 1996 1997 276 Westminster, CO — — 2015 2013 110 Wheelersburg, OH — — 1997 1997 259 Wichita, KS — — 2013 2012 076 Wichita Falls, TX — 1996 1996 120 Wichita Falls, TX — — 1997 1997 265 Williamstown, NJ — — 2000 2012 264 Williamstown, NJ — — 2000 2012 138 Worthington, OH — — — — 1993 2001 139 Worthington, OH — — — — 1995 2001 099 York, NE — — 1997 1997 Assisted Living Properties — Range of Care Properties: 199 Brownsville, TX — 2010 2004 168 Des Moines, IA — 1972 1999 26A Gardendale, AL — 2011 1996 194 Holyoke, CO — 1963 2000 245 Newberry, SC — 1995 2011 244 Newberry, SC — 2001 2011 236 Wytheville, VA — — 1996 2010 Range of Care Properties — 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, 2015 Building and to Building and Accum Construction/ Acquisition Encumbrances Land improvements acquisition Land improvements Total (1) deprec. renovation date date Other: Properties: 297 Las Vegas, NV — — 1994 2015 159 Trenton, NJ — 1998 1998 Properties — Land : 271 Howell, MI — — — — — N/A 2013 275 Yale, MI — — — — — N/A 2013 999 Milford, MI — — — — — N/A 2014 Land — — — — — Other Properties — Properties Under Development: 277 Burr Ridge, IL — — — N/A 2014 279 Corpus Christi, TX — — — N/A 2015 296 Glenview, IL — — — N/A 2015 280 Murrells Inlet, SC — — — N/A 2015 294 Murrieta, CA — — — N/A 2015 282 Tinley Park, IL — — — N/A 2015 283 Wichita, KS — — — N/A 2015 Properties Under Development — — — $ — $ $ $ $ $ $ (3) $ (1) Depreciation is computed principally by the straight ‑line method for financial reporting purposes which generally range of a life from 3 to 15 years for furniture and equipment, 35 to 50 years for buildings, 10 to 20 years for building improvements and the respective lease term for acquired lease intangibles. (2) Subsequent to December 31, 2015, we entered into a contingent purchase and sale agreement to sell a 48 -unit assisted living community in Florida for $1,750 . Accordingly, we recorded an impairment charge of $2,250 to write the property down to its estimated sale price at December 31, 2015. (3) As of December 31, 2015 , our aggregate cost for Federal income tax purposes was $1,217,219 . LTC PROPERTIES, INC. SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION (Continued) (in thousands) Activity for the years ended December 31, 2015, 2014 and 2013 is as follows: For the Year Ended December 31, 2015 2014 2013 Reconciliation of real estate: Carrying cost: Balance at beginning of period $ $ $ Acquisitions Improvements Conversion of mortgage loans into owned properties — — Capitalized interest Other non-cash items (See Note 4) Conveyed land (See Note 4) — — Cost of real estate sold Impairment on real estate for sale — — Ending balance $ $ $ Accumulated depreciation: Balance at beginning of period $ $ $ Depreciation expense Cost of real estate sold Ending balance $ $ $ |
SCHEDULE IV MORTGAGE LOANS ON R
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | 12 Months Ended |
Dec. 31, 2015 | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | |
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE | SCHEDULE IV MORTGAGE LOANS RECEIVABLE 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 2015 Interest MI 9.53% 2043 $ $ $ $ $ — MI 9.41% 2045 — MI 9.41% 2045 — Various 7.21%-13.88% 2016-2019 — (4) $ $ $ $ $ — (1) Represents current stated interest rate. Generally, the loans have 30 ‑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 borrowers or units/beds as stipulated by 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 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 0 $4,001 - $5,000 1 $5,001 - $6,000 1 $6,001 - $7,000 3 $7,001 + Mortgage loans receivable activity for the years ended December 31, 2015, 2014 and 2013 is as follows: Balance— December 31, 2012 $ New mortgage loans Other additions Amortization of mortgage premium Collections of principal Foreclosures — Loan loss reserve Other deductions — Balance— December 31, 2013 New mortgage loans Other additions Amortization of mortgage premium Collections of principal Foreclosures — Loan loss reserve Other deductions — Balance— December 31, 2014 New mortgage loans Other additions Land conveyance Amortization of mortgage premium Collections of principal Foreclosures — Loan loss reserve Other deductions — Balance— December 31, 2015 $ |
Summary of Significant Accoun27
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
General | |
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. 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. Certain reclassifications have been made to the prior period consolidated financial statements to conform to the current period presentation, including changes in presentation of Provision for doubtful accounts as a result of the application of accounting guidance for presentation of each major income statement caption prescribed by Regulation S-X and change in presentation of Debt issue cost as a result of early adoption of accounting guidance for presentation of debt issuance cost as a reduction from the carrying amount of debt liability. These adjustments are normal and recurring in nature. |
Consolidation | Consolidation. At inception, and on an ongoing basis, as circumstances indicate the need for reconsideration, we evaluate each legal entity that is not wholly-owned by us for consolidation, first under the variable interest model, then under the voting model. Our evaluation considers all of our variable interests, including common or preferred equity ownership, loans, and other participating instruments. The variable interest model applies to entities that meet both of the following criteria: • A legal structure been established to conduct business activities and to hold assets. • The entity established has variable interests - i.e. it has equity ownership or other financial interests that change with changes in the fair value of the entity's net assets. If an entity does not meet these criteria, or qualifies for a scope exception from the variable interest model, then we evaluate such entity under the voting model or apply other GAAP, including the cost or equity method of accounting. A legal entity is determined to be a variable interest entity (or VIE) if it has any of the following three characteristics: 1) The entity does not have sufficient equity to finance its activities without additional subordinated financial support; 2) The equity holders, as a group lack the characteristics of a controlling financial interest, as evidenced by all of the following characteristics: • The power, through voting rights or similar rights, to direct the activities of the entity that most significantly impact the entity's economic performance; • The obligation to absorb the entity's expected losses; • The right to receive the entity's expected residual returns; or 3) The entity is established with non-substantive voting rights (i.e. the entity is structured such that majority economic interest holder(s) have disproportionately few voting rights). If any of the three characteristics of a VIE are met, we conclude that the entity is a VIE and evaluate it for consolidation under the variable interest model. If an entity is determined to be a variable interest entity VIE, we evaluate whether we are the primary beneficiary. The primary beneficiary analysis is a qualitative analysis based on power and benefits. We consolidate a VIE if we have both power and benefits - that is (i) we have the power to direct the activities of a VIE that most significantly impact the VIE's economic performance (power), and (ii) we have the obligation to absorb losses of the VIE that could potentially be significant to the VIE, or the right to receive benefits from the VIE that potentially could be significant to the VIE (benefits). If we have a variable interest in a VIE but we are not the primary beneficiary, we account for our investment using the equity method of accounting. If a legal entity fails to meet any of the three of the characteristics of a VIE, we evaluate such entity under the voting interest model. Under the voting interest model, we consolidate the entity if we determine that we, directly or indirectly, have greater than 50% of the voting shares or if we are the general partner or managing member of the entity and the limited partners or non-managing members do not have substantive participating, liquidation, or kick-out rights that preclude our presumption of control. In February 2015, FASB issued ASU No. 2015-02 (or ASU 2015-02), Consolidation (Topic 810): Amendments to the Consolidation Analysis. ASU 2015-02 amends the consolidation guidance for variable interest entities and voting interest entities, among other items, by eliminating the consolidation model previously applied to limited partnerships, emphasizing the risk of loss when determining a controlling financial interest and reducing the frequency of the application of related-party guidance when determining a controlling financial interest. This update modifies the evaluation of whether limited partnerships and similar legal entities are VIEs or voting interest entities, and eliminates the presumption that a general partner should consolidate a limited partnership. This update affects the consolidation analyses of reporting entities that are involved with VIEs, particularly those that have fee arrangements and related-party relationships. For public business entities, the update is effective for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2015, with early adoption permitted. We are currently evaluating the effect of adopting this new guidance on our unconsolidated equity investments and other contractual relationships. |
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, 3 to 15 years for furniture and equipment, 35 to 50 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. |
Debt Issuance Cost | Debt Issuance Cost. In April 2015, FASB issued ASU No. 2015-03 (or ASU 2015-03), Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs. ASU 2015-03 requires debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct reduction from the carrying amount of the debt liability, consistent with debt discounts. In August 2015, the FASB issued ASU No. 2015-15, Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements (Amendments to SEC Paragraphs Pursuant to Staff Announcement at June 18, 2015 EITF Meeting) (or ASU 2015-15). ASU 2015-15 allows debt issuance costs related to line of credit agreements to be presented in the balance sheet as an asset. ASU 2015-03 and ASU 2015-15 are effective for fiscal years beginning after December 15, 2015, and interim periods within those fiscal years. Early adoption is permitted. We have early adopted ASU 2015-03 and ASU 2015-15 as of December 31, 2015 using the full retrospective method as required by these ASUs and we elected to present debt issuance costs related to our unsecured revolving line of credit as an asset on our consolidated balance sheet. As a result, $1,049,000 of debt issuance costs previously reported within “debt issuance costs” were reclassified to “Senior unsecured notes” line item on our consolidated balance sheet as of December 31, 2014. |
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 14. Fair Value Measurements for the disclosure about fair value of our financial instruments. |
Investment in unconsolidated joint ventures | Investment in unconsolidated joint ventures. From time to time, we provide funding to third party operators for the acquisition, development and construction (or ADC) of a property. Under an ADC arrangement, we may participate in the residual profits of the project through the sale or refinancing of the property. We evaluate the ADC arrangement to determine if it has characteristics similar to a loan or if the characteristics are more similar to a joint venture or partnership such as participating in the risks and rewards of the project as an owner or an investment partner. If we determine that the characteristics are more similar to a jointly-owned investment or partnership, we account for the ADC arrangement as an investment in an unconsolidated joint venture under the equity method of accounting or a direct investment (consolidated basis of accounting) instead of applying loan accounting. If we determine the ADC arrangement should be accounted for as an investment rather than a loan, we evaluate the investment pursuant to ASC 805, Consolidation, to determine whether the ADC arrangement meets the definition of a VIE and whether we are the primary beneficiary. If the ADC arrangement is deemed to be a VIE but we are not the primary beneficiary, or if it is deemed to be a voting interest entity but we do not have a controlling financial interest, we account for our investment in the ADC arrangement using the equity method. Under the equity method, we initially record our investment at cost and subsequently recognize our share of net earnings or losses and other comprehensive income or loss, cash contributions made and distributions received, and other adjustments, as appropriate. Allocations of net income or loss may be subject to preferred returns or allocation formulas defined in operating agreements and may not be according to percentage ownership interests. In certain circumstances where we have a substantive profit-sharing arrangement which provides a priority return on our investment, a portion of our equity in earnings may consist of a change in our claim on the net assets of the underlying joint venture. Distributions of operating profit from the joint ventures are reported as part of operating cash flows, while distributions related to a capital transaction, such as a refinancing transaction or sale, are reported as investing activities. We perform a quarterly evaluation of our investment in unconsolidated joint ventures to determine whether the fair value of each investment is less than the carrying value, and, if such decrease in value is deemed to be other-than-temporary, writes the investment down to its estimated fair value as of the measurement date. |
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. 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. In July 2015, FASB approved a one-year deferral of the effective date to December 2017. However, the FASB will permit public companies to adopt the amendment as of the original effective date. Early adoption prior to the original effective date is not permitted. We are currently evaluating the effects of this adoption on our consolidated financial statements. |
Federal Income Taxes | 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, 2015 , the tax basis of our net depreciable assets exceeds our book basis by approximately $56,074, 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 Risk. 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. |
Extraordinary Items | Extraordinary Items. In January 2015, FASB issued ASU No. 2015-01 (or ASU 2015-01), Income Statement – Extraordinary and Unusual Items (Subtopic 225-20): Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items. ASU 2015-01 eliminates the separate classification, presentation and disclosure of extraordinary events and transactions. ASU 2015-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. Early adoption is permitted provided that the guidance is applied from the beginning of the fiscal year of adoption. We elected early adoption of ASU 2015-01 as of January 1, 2015. The adoption did not have a material impact on our consolidated financial statements. |
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 health 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 (Tables)
Major Operators (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Major Operators | |
Schedule of concentration of risk by major operators | Number of Number of Percentage of SNF ALF ROC SNF ALF Total Total Operator Centers Communities Communities Beds Units Revenue (1) Assets Prestige Healthcare (2) — % % Brookdale Senior Living (3) — — — % % Senior Care Centers (2) — — — % % Senior Lifestyle Corporation (2) — — — % % Totals % % (1) Includes rental income and interest income from mortgage loans. (2) A privately held company. (3) A subsidiary of Brookdale Senior Living, Inc. |
Supplemental Cash Flow Inform29
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | For the year ended December 31, 2015 2014 2013 (in thousands) Non-cash investing and financing transactions: Mortgage loan receivable applied against purchase price to acquire real estate (Note 5) $ $ — $ — Land conveyance applied to a mortgage and construction loan receivable (Note 5) — — Contingent liabilities related to real estate investments ( Note 5) — — Contingent liabilities related to lease incentives (Note 10) — Reclassification of pre-development loans ( Note 7) Restricted stock issued, net of cancellations (Note 9) — Preferred stock conversion (Note 9) — — |
Real Estate Investments (Tables
Real Estate Investments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Real Estate Investments | |
Summary of investments in owned properties | The following table summarizes our investment in owned properties at December 31, 2015 (dollar amounts in thousands) : Average Percentage Number Number of Investment Gross of of SNF ALF per Type of Property Investments Investments Properties (1) Beds (2) Units (2) Bed/Unit Assisted Living $ % — $ Skilled Nursing % — $ Range of Care % $ Under Development (3) % — — — — Other (4) % — — Totals $ % (1) We have investments in 28 states leased to 29 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes seven development projects, consisting of five MC communities with a total of 320 units, one 108 -unit ILF community and an 89 -unit combination ALF and MC community. (4) Includes one school, three parcels of land held ‑for ‑use and one behavioral health care hospital. The behavioral health care hospital has 2 skilled nursing beds and 116 medical hospital beds which represents a $78.39 investment per bed. |
Summary of acquisitions | Acquisitions and Developments. The following table summarizes our investments for the twelve months ended December 31, 2015 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price (1) Costs (2) Costs Properties Beds/Units Skilled Nursing (3) $ $ $ Assisted Living (4) Other (5) Land (6) — — Totals $ $ $ (1) As part of our acquisitions, we may commit to provide contingent payments to our sellers or lessees, upon properties achieving certain rent coverage ratios. Typically, when the contingent payments are funded, cash rent will increase by the amount funded multiplied by a rate stipulated in the agreement. If it is deemed probable at acquisition, the contingent payment is recorded as a liability at estimated fair value calculated using a discounted cash flow analysis and is accreted to the settlement amount at the estimated payment date. If the contingent payment is an earn-out provided to the seller, the estimated fair value is capitalized to the property’s basis. If the contingent payment is provided to the lessee, the estimated fair value is recorded as a lease incentive included in the prepaid and other assets line item in our consolidated balance sheet and is amortized as a yield adjustment over the life of the lease. (2) Represents cost associated with our acquisitions; however, depending on the accounting treatment of our acquisitions, transaction costs may be capitalized to the properties’ basis ($161) and, for our land purchases with forward development commitments, transaction costs are capitalized as part of construction in progress ($331). Additionally, transaction costs in the table above may differ from the acquisition costs line item in our consolidated statement of income ($614) as a result of transaction costs from prior year’s acquisitions ($35). (3) We purchased a property in Wisconsin by exercising our purchase option under a $10,600 mortgage and construction loan and equipped the property for $3,346. 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 lease incentive that will amortize as a yield adjustment over the life of the lease term. Also, we acquired two skilled nursing centers in Texas totaling 254 beds for an aggregate purchase price of $23,000. (4) Includes acquisition of a newly constructed 60-unit MC community for $14,250 including a $2,000 working capital reserve which was recorded similarly to an earn-out and valued at $1,847 using a discounted cash flow analysis. As a result, our basis in the property was recorded at $14,132 which includes capitalized transaction costs. Additionally, we agreed to provide the lessee an earn-out up to $300 upon the property achieving a sustainable stipulated rent coverage ratio. When the working capital reserve and earn-out payments are funded, cash rent will increase by the amounts funded multiplied by the lease rate in effect at the time. Also includes acquisition of a portfolio comprised of 10 independent, assisted living and memory care communities for $142,000 and we agreed to provide the lessee an incentive up to $10,000, upon the portfolio achieving a sustainable stipulated rent coverage ratio, which will increase cash rent by the amount funded multiplied by the lease rate in effect at the time. (5) We purchased a behavioral health care hospital in Nevada comprised of 116 medical hospital beds and 2 skilled nursing beds for $9,300. Also, as part of the agreement, we agreed to provide up to $3,000 for approved capital improvements. (6) We acquired five parcels of land and entered into development commitments up to an aggregate total of $70,298, including the land purchases, for the development of three MC communities totaling 198 units, a 108-unit IL community and an 89-unit combination AL and MC community. We also purchased a parcel of land we previously leased pursuant to a ground lease. Additionally, we acquired land and existing improvements on a 56-unit MC community and entered a development commitment up to a total of $13,524, including the land purchase, to complete the development of the MC community. The following table summarizes our acquisitions during 2014 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Assisted Living (1) $ $ $ Land (2) — — — Totals $ $ $ (1) An assisted living community located in Colorado which was added to a master lease at an incremental initial cash yield of 6.5%. (2) We purchased a vacant parcel of land held-for-use in Michigan. Additionally, we purchased a vacant parcel of land in Illinois for $1,400 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator. The land was added to an existing master lease and we entered into development commitments in an amount up to $12,248 to fund the construction of a 66-unit memory care community. The following table summarizes our acquisitions for the twelve months ended December 31, 2013 (dollar amounts in thousands): Total Number Number Purchase Transaction Acquisition of of Type of Property Price Costs Costs Properties Beds/Units Skilled Nursing (1) $ $ $ Land (2) — — — Totals $ $ $ (1) A skilled nursing center located in Florida which was added to a master lease at an incremental initial cash yield of 8.75%. (2) We purchased three vacant parcels of land in Colorado for a total of $3,475 under a pipeline agreement whereby we have the opportunity to finance any senior housing development project or acquisition originated by an operator through May 2018 (unless earlier terminated as provided for therein). The land was added to an existing master lease and we entered into development commitments in an amount not to exceed $30,256 to fund the construction of three memory care communities, two with 60 units and the other with 48 units. We also purchased four parcels of land held-for-use in Michigan for $1,163. |
Schedule of completed development, improvement and construction projects | During the twelve months ended December 31, 2015 , 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 2015 Funding Total Funding Development 1 ALF 60 Colorado $ $ (1) Improvements 1 SNF 121 California Improvements 1 SNF 196 Texas Improvements 2 SNF 141 Tennessee 5 518 $ $ (1) Completed an assisted living property in February 2015. The total funded amount includes acquired land of $1,4 25 . During the twelve months ended December 31, 2014, we completed the following construction 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 $ $ (1) Development 1 ALF 80 Texas (2) Development 1 SNF 143 Kentucky (3) Development 1 ALF 48 Colorado (4) Expansion/Renovation 1 ALF 72 Colorado Expansion/Renovation 2 ALF 123 Colorado Improvements 1 SNF 120 Florida Improvements 2 SNF 235 New Mexico 10 881 $ (5) $ (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 Number of Type of of Type of Project Properties Property Beds/Units State 2013 Funding Total Funding Development 1 ALF (1) 60 Colorado $ $ Development 1 SNF (2) 120 Texas Development 1 ALF 77 Kansas (3) 3 257 $ (2) $ (1) Represents a memory care community. The funded amount includes acquired land of $1,882. (2) This new property replaces a skilled nursing center in our existing portfolio. (3) The funded amount includes acquired land of $730. |
Schedule of pro forma revenue and net income | 2015 2014 Revenue $ $ Net income $ $ Basic earnings per common share: $ $ Diluted earnings per common share: $ $ |
Schedule of commitments | The following table summarizes our investment commitments as of December 31, 2015 and amounts funded on our open development and improvement projects (excludes capitalized interest, dollar amounts in thousands) : Total Number Number Investment Commitment Remaining of of Type of Property Commitment Funded Commitment Properties Beds/Units Skilled Nursing (1) $ $ $ Assisted Living (2) Other (3) — Totals $ $ $ (1) Includes three commitments for renovation and expansion projects. (2) Includes the development of an IL community for $14,500 , five MC communities for a total of $65,034 and one ALF/MC community for $16,535 . Also, includes three commitments for renovation projects on 30 ALFs totaling $5,080 . (3) Includes a commitment for renovation of a behavioral health care hospital. |
Schedule of development, redevelopment, renovation, and expansion activity | Our construction in progress (or CIP) activity during the year ended December 31, 2015 for our development, redevelopment, renovation, and expansion projects is as follows (dollar amounts in thousands) : CIP CIP Balance at Capitalized Conversions Balance at Type of Property 12/31/2014 Funded (1) Interest out of CIP 12/31/2015 Skilled nursing $ — $ $ — $ $ Assisted living Total $ $ $ $ $ (1) Excludes $8,048 of funding which was capitalized directly into building and includes the acquisition of the existing improvements of a 56 -unit MC community for $6,315 and the reclass of three pre ‑development loans with a total balance of $1,035 See Note 7. Notes Receivable for further discussion of pre ‑development loans. |
Schedule of future minimum base rents receivable | Future minimum base rents receivable under the remaining non ‑cancelable terms of operating leases including the skilled nursing center acquired subsequent to December 31, 2015, and excluding the effects of straight ‑line rent, amortization of lease inducement and renewal options are as follows ( in thousands ): Annual Cash Rent 2016 $ 2017 2018 2019 2020 Thereafter |
Schedule of components of the income from discontinued operations | Set forth in the table below are the components of the income from discontinued operations for the year ended December 31, 2013 ( in thousands ): 2013 Rental income $ Total revenues Depreciation and amortization General and administrative expenses Total expenses Income from discontinued operations $ |
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, 2015 (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 (2) Units (2) Bed/Unit Skilled Nursing $ % — $ Assisted Living % — $ Other (3) % — — — n.a Totals $ % (1) We have investments in 8 states that include mortgages to 11 different operators. (2) See Item 2. Properties for discussion of bed/unit count. (3) Includes a parcel of land secured under a short-term mortgage loan. |
Schedule of additional loan commitments and amounts funded under the mortgage loans | Additional Number Number Loan 2015 Commitment Remaining of of Type of Property Commitment Funding Funded Commitment Properties Beds/Units Skilled Nursing $ $ $ $ Assisted Living Totals $ $ $ $ |
Scheduled of principal payments on mortgage loan receivables | Scheduled principal payments on mortgage loan receivables are as follows (in thousands) : Scheduled Principal 2016 $ 2017 2018 2019 2020 Thereafter Total $ |
Notes Receivable (Tables)
Notes Receivable (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Notes Receivable | |
Schedule of new working capital loans | Total Interest Maturity Type of Property Commitment Rate Date Assisted Living $ % Under Development % Under Development % Under Development % Under Development % Totals $ |
Summary of notes receivable activities | Year ended December 31, 2015 2014 2013 Advances under notes receivable $ $ $ Principal payments received under notes receivable — Reclassed to real estate under development (1) Net increase (decrease) in notes receivable $ $ $ (1) Represents pre-development loans which matured due to land acquisitions and commencement of development projects. |
Debt Obligations (Tables)
Debt Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Obligations | |
Schedule of Debt Obligations | Year ended December 31, 2015 2014 Applicable Available Available Interest Outstanding for Outstanding for Debt Obligations Rate (1) Balance Borrowing Balance Borrowing Bank borrowings (2) 1.92% $ $ $ — $ Senior unsecured notes , net of debt issue costs 4.64% n.a. Total 4.07% $ $ (1) Represents weighted average of interest rate as of December 31, 2015. (2) Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing. |
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, 2015 , and excludes the effects of interest and debt issue costs ( in thousands ): Total 2016 2017 2018 2019 2020 Thereafter Bank borrowings $ (1) $ — $ — $ $ — $ — $ — Senior unsecured notes (2) $ $ $ $ $ $ $ (1) At December 31, 2015 we had $479,500 available for borrowing under our unsecured revolving line of credit. Subsequent to December 31, 2015, we borrowed $32,000 . Accordingly, we have $152,500 outstanding and $447,500 available for borrowing. (2) Excludes debt issue costs of $1,095 . |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Stock Based Compensation Plans | |
Schedule of cash dividends declared and paid | We declared and paid the following cash dividends (in thousands) : Year Ended December 31, 2015 December 31, 2014 Declared Paid Declared Paid Preferred Stock Series C $ $ $ $ Common Stock (1) (1) (2) (2) Total $ $ $ $ (1) Represents $0.17 per share per month for January through September 2015 and $0.18 per share per month for October through December 2015. (2) Represents $0.17 per share per month for the twelve months ended December 31, 2014. |
Schedule of restricted stock activity | . Restricted stock activity for the years ended December 31, 2015 and 2014 was as follows: 2015 2014 Outstanding, January 1 Granted Vested Canceled — Outstanding, December 31 Compensation expense for the year $ $ |
Schedule of nonqualified stock option activity | Weighted Average Shares Price 2015 2014 2015 2014 Outstanding, January 1 $ $ Granted — $ — $ Exercised $ $ Canceled — — $ — $ — Outstanding, December 31 $ $ Exercisable, December 31 (1) $ $ (1) The aggregate intrinsic value of exercisable options at December 31, 2015 , based upon the closing price of our common shares at December 31, 2015, the last trading day of 2015, was approximately $494,000 . Options exercisable at December 31, 2015 have a weighted average remaining contractual life of approximately 2.6 years. |
Schedule of options exercised | Weighted Average Options Exercise Option Market Exercised Price Value Value (1) 2015 $ $ $ 2014 $ $ $ (1) As of the exercise dates. |
2008 Plan | |
Stock Based Compensation Plans | |
Schedule of restricted stock granted | During 2015 and 2014, we granted 92,150 and 95,000 shares of restricted common stock, respectively, under the 2008 Plan as follows: Price per Year No. of Shares Share Vesting Period 2015 $ ratably over 3 years $ ratably over 3 years $ June 2, 2016 2014 $ ratably over 3 years $ ratably over 3 years $ ratably over 3 years $ June 9, 2015 $ November 12, 2015 |
Restricted stock | |
Stock Based Compensation Plans | |
Schedule of restricted common shares and stock options scheduled to vest and remaining compensation expense | Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 2018 $ |
Stock options | |
Stock Based Compensation Plans | |
Schedule of restricted common shares and stock options scheduled to vest and remaining compensation expense | Number Remaining of Compensation Vesting Date Awards Expense 2016 $ 2017 $ |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies | |
Schedule of additional commitments | Investment 2015 Commitment Remaining Commitment Funding Funded Commitment Real estate properties (Note 5) $ (1) $ $ $ Accrued incentives and earn-out liabilities Lease incentives Mortgage loans (Note 5) (1) Joint venture investments (Note 6) Notes receivable (Note 7) Totals $ $ $ $ (1) Represents commitments to purchase land and improvements, if applicable, and to develop, re-develop, renovate or expand senior housing and health care properties. |
Distributions (Tables)
Distributions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Distributions | |
Schedule of federal income tax classification of the per share common stock distributions | Year Ended December 31, 2015 2014 2013 Ordinary taxable distribution $ $ $ Return of capital Unrecaptured Section 1250 gain Total $ $ $ |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Net Income Per Common Share | |
Schedule of basic and diluted net income per share | Basic and diluted net income per share was as follows (in thousands except per share amounts) : For the year ended December 31, 2015 2014 2013 Income from continuing operations $ $ $ Less net income allocated to participating securities: Non-forfeitable dividends on participating securities Income allocated to participating securities Total net income allocated to participating securities Less net income allocated to preferred stockholders: Preferred stock dividends Total net income allocated to preferred stockholders Discontinued operations: Income from discontinued operations — — Gain on sale of assets, net — — Total net income from discontinued operations — — Net income available to common stockholders Effect of dilutive securities: Convertible preferred securities — Total effect of dilutive securities — Net income for diluted net income per share $ $ $ Shares for basic net income per share Effect of dilutive securities: Stock options Convertible preferred securities — Total effect of dilutive securities Shares for diluted net income per share Basic net income per share $ $ $ Diluted net income per share (1) $ $ $ (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. |
Quarterly Financial Informati37
Quarterly Financial Information (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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) 2015 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ 2014 Revenues $ $ $ $ Net income available to common stockholders $ $ $ $ Net income per common share available to common stockholders: Basic $ $ $ $ Diluted $ $ $ $ Dividends per share declared $ $ $ $ Dividend per share paid $ $ $ $ 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. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
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, 2015 and 2014 assuming election of fair value for our financial assets and financial liabilities were as follows ( in thousands ): At December 31, 2015 At December 31, 2014 Carrying Carrying Value Fair Value Value Fair Value Mortgage loans receivable $ $ (1) $ $ (1) Bank borrowings (2) — — (2) Senior unsecured notes, net of debt issue costs (3) (3) Contingent liabilities (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, 2015 and 2014 was 8.9% and 8.6% , respectively. (2) Our bank borrowings bear interest at a variable interest rate. The estimated fair value of our bank borrowings approximated their carrying values at December 31, 2015 and 2014 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, 2015 , the discount rate used to value our future cash outflow of our senior unsecured notes was 4.35% for those maturing before year 2026 and 4.65% for those maturing at or beyond year 2026. At December 31, 2014, the discount rate used to value our future cash outflow of our senior unsecured notes was 3.8% for those maturing before year 2020 and 4.55% for those maturing beyond year 2020. (4) Our contingent obligations under the accrued incentives and earn ‑out liabilities are 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, 2015 and December 31, 2014, the discount rate used to value our future cash outflow of the earn-out liability was 6.1% and 6.2% , respectively. |
Summary of Significant Accoun39
Summary of Significant Accounting Policies (Details) | 12 Months Ended |
Dec. 31, 2015 | |
Computer Equipment | Minimum | |
Owned Properties | |
Useful life | 3 years |
Computer Equipment | Maximum | |
Owned Properties | |
Useful life | 5 years |
Furniture and Fixtures | Minimum | |
Owned Properties | |
Useful life | 3 years |
Furniture and Fixtures | Maximum | |
Owned Properties | |
Useful life | 15 years |
Building | Minimum | |
Owned Properties | |
Useful life | 35 years |
Building | Maximum | |
Owned Properties | |
Useful life | 50 years |
Building Improvements | Minimum | |
Owned Properties | |
Useful life | 10 years |
Building Improvements | Maximum | |
Owned Properties | |
Useful life | 20 years |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Revenue Recognition (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)propertyitem | |
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 | item | 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 | $ 56,074,000 |
Discontinued Operations | |
Depreciation expense | $ 0 |
Assisted Living | |
Assisted living properties | |
Number of properties leased | property | 64 |
Minimum | |
Revenue Recognition | |
Specified annual increase over the prior year's rent (as a percent) | 2.00% |
Maximum | |
Revenue Recognition | |
Specified annual increase over the prior year's rent (as a percent) | 3.00% |
Major Operators (Details)
Major Operators (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($)itemproperty | Dec. 31, 2015USD ($)propertyitem | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Major Operators | |||||
Number of major operators | 4 | ||||
Total assets | $ | $ 1,275,424 | $ 964,770 | |||
Loan commitment | $ | 2,100 | ||||
Amount funded | $ | 60,209 | 3,027 | $ 124,387 | ||
Gain (loss) on sale of properties | $ | 586 | $ 4,959 | |||
Total initial rent expected in first year | $ | $ 118,326 | ||||
SNF Beds | |||||
Major Operators | |||||
Number of beds/units | 3,932 | ||||
ALF Units | |||||
Major Operators | |||||
Number of beds/units | 3,546 | ||||
Skilled Nursing | |||||
Major Operators | |||||
Number of properties leased | property | 29 | ||||
Assisted Living | |||||
Major Operators | |||||
Number of properties leased | property | 64 | ||||
Assisted Living | Oregon | |||||
Major Operators | |||||
Sales price | $ | $ 1,500 | ||||
Range of Care | |||||
Major Operators | |||||
Number of properties leased | property | 2 | ||||
Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 45.40% | ||||
Total Assets | Operator Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 45.70% | ||||
Mortgage Loans on Real Estate | |||||
Major Operators | |||||
Number of properties | property | 38 | ||||
Mortgage Loans on Real Estate | SNF Beds | |||||
Major Operators | |||||
Number of beds/units | 3,894 | ||||
Mortgage Loans on Real Estate | ALF Units | |||||
Major Operators | |||||
Number of beds/units | 270 | ||||
Mortgage Loans on Real Estate | Skilled Nursing | |||||
Major Operators | |||||
Number of properties | property | 30 | ||||
Mortgage Loans on Real Estate | Skilled Nursing | SNF Beds | |||||
Major Operators | |||||
Number of beds/units | 3,894 | ||||
Mortgage Loans on Real Estate | Assisted Living | |||||
Major Operators | |||||
Number of properties | property | 8 | ||||
Mortgage Loans on Real Estate | Assisted Living | ALF Units | |||||
Major Operators | |||||
Number of beds/units | 270 | ||||
Additional Loan Commitments | |||||
Major Operators | |||||
Number of beds/units | 2,588 | ||||
Number of properties | property | 19 | ||||
Additional Loan Commitments | Skilled Nursing | |||||
Major Operators | |||||
Number of beds/units | 2,488 | ||||
Number of properties | property | 18 | ||||
Additional Loan Commitments | Assisted Living | |||||
Major Operators | |||||
Number of beds/units | 100 | ||||
Number of properties | property | 1 | ||||
Prestige | SNF Beds | |||||
Major Operators | |||||
Number of beds/units | 2,488 | ||||
Prestige | ALF Units | |||||
Major Operators | |||||
Number of beds/units | 211 | ||||
Prestige | Skilled Nursing | |||||
Major Operators | |||||
Number of properties leased | property | 18 | ||||
Prestige | Range of Care | |||||
Major Operators | |||||
Number of properties leased | property | 2 | ||||
Prestige | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 15.30% | ||||
Prestige | Total Assets | Operator Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 15.90% | ||||
Prestige | Mortgage Loans on Real Estate | |||||
Major Operators | |||||
Loan commitment | $ | $ 196,387 | ||||
Number of properties securing loan | property | 2 | ||||
Number of parcels of land | 2 | ||||
Prestige | Capital Improvement Loan Investment | |||||
Major Operators | |||||
Loan commitment | $ | $ 32,000 | ||||
Brookdale | ALF Units | |||||
Major Operators | |||||
Number of beds/units | 1,704 | ||||
Brookdale | Assisted Living | |||||
Major Operators | |||||
Number of properties leased | property | 37 | ||||
Brookdale | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 11.50% | ||||
Brookdale | Total Assets | Operator Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 6.20% | ||||
Senior Care | SNF Beds | |||||
Major Operators | |||||
Number of beds/units | 1,444 | ||||
Senior Care | Skilled Nursing | |||||
Major Operators | |||||
Number of properties leased | property | 11 | ||||
Senior Care | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 9.30% | ||||
Senior Care | Total Assets | Operator Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 9.50% | ||||
Senior Lifestyle | ALF Units | |||||
Major Operators | |||||
Number of beds/units | 1,631 | ||||
Senior Lifestyle | Assisted Living | |||||
Major Operators | |||||
Number of properties leased | property | 27 | ||||
Senior Lifestyle | Rental Revenue and Interest Income from Mortgage Loans | Credit Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 9.30% | ||||
Senior Lifestyle | Total Assets | Operator Concentration Risk | |||||
Major Operators | |||||
Concentration risk (as a percent) | 14.10% |
Supplemental Cash Flow Inform42
Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Non-cash investing and financing transactions: | |||
Reclassification of pre-development loans (Note 7) | $ 1,035 | $ 304 | $ 479 |
Restricted stock issued, net of cancellations (See Note 9) | 1 | 1 | |
Series C Preferred Stock | |||
Non-cash investing and financing transactions: | |||
Preferred stock conversion (See Note 9) | 38,500 | ||
Mortgage loans receivable applied against purchase price to acquire real estate | |||
Non-cash investing and financing transactions: | |||
Noncash consideration given | 10,600 | ||
Land conveyance applied to a mortgage and construction loan receivable | |||
Non-cash investing and financing transactions: | |||
Noncash consideration given | 670 | ||
Real estate properties | Earn-out liabilities | |||
Non-cash investing and financing transactions: | |||
Contingent liabilities (See Note 5 and 10) | 1,847 | ||
Lease incentives | Earn-out liabilities | |||
Non-cash investing and financing transactions: | |||
Contingent liabilities (See Note 5 and 10) | $ 8,013 | $ 3,240 |
Real Estate Investments - Owned
Real Estate Investments - Owned Properties (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)stateloanitemproperty$ / item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Real Estate Investments | |||
Number of Loans | loan | 19 | ||
Operating leases | |||
Contingent rent income | $ | $ 134,000 | $ 0 | $ 0 |
Real Estate Investment | |||
Real Estate Investments | |||
Gross Investments | $ | $ 1,198,686,000 | ||
Percentage of Investments | 100.00% | ||
Number of properties | property | 175 | ||
Number of states | state | 28 | ||
Number of operators | 29 | ||
Operating leases | |||
Number of ways to compute annual rent increases | 4 | ||
Real Estate Investment | Minimum | |||
Operating leases | |||
Initial term of operating lease | 10 years | ||
Specified annual increase over the prior year's rent (as a percent) | 2.00% | ||
Real Estate Investment | Maximum | |||
Operating leases | |||
Initial term of operating lease | 15 years | ||
Specified annual increase over the prior year's rent (as a percent) | 3.00% | ||
Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Gross Investments | $ | $ 219,719,000 | ||
Percentage of Investments | 100.00% | ||
Number of Loans | loan | 19 | ||
Number of properties | property | 38 | ||
Number of states | state | 8 | ||
Number of operators | 11 | ||
SNF Beds | |||
Real Estate Investments | |||
Number of Beds/Units | 3,932 | ||
SNF Beds | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 9,407 | ||
SNF Beds | Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Number of Beds/Units | 3,894 | ||
ALF Units | |||
Real Estate Investments | |||
Number of Beds/Units | 3,546 | ||
ALF Units | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 5,461 | ||
ALF Units | Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Number of Beds/Units | 270 | ||
Assisted Living | Real Estate Investment | |||
Real Estate Investments | |||
Gross Investments | $ | $ 571,562,000 | ||
Percentage of Investments | 47.70% | ||
Number of properties | property | 96 | ||
Average Investment per Bed/Unit | $ / item | 110.19 | ||
Assisted Living | Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Gross Investments | $ | $ 13,768,000 | ||
Percentage of Investments | 6.30% | ||
Number of Loans | loan | 3 | ||
Number of properties | property | 8 | ||
Average Investment per Bed/Unit | $ / item | 50.99 | ||
Assisted Living | ALF Units | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 5,187 | ||
Assisted Living | ALF Units | Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Number of Beds/Units | 270 | ||
Skilled Nursing | Real Estate Investment | |||
Real Estate Investments | |||
Gross Investments | $ | $ 522,123,000 | ||
Percentage of Investments | 43.60% | ||
Number of properties | property | 70 | ||
Average Investment per Bed/Unit | $ / item | 60.33 | ||
Skilled Nursing | Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Gross Investments | $ | $ 204,742,000 | ||
Percentage of Investments | 93.20% | ||
Number of Loans | loan | 15 | ||
Number of properties | property | 30 | ||
Average Investment per Bed/Unit | $ / item | 52.58 | ||
Skilled Nursing | SNF Beds | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 8,655 | ||
Skilled Nursing | SNF Beds | Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Number of Beds/Units | 3,894 | ||
Range of Care | Real Estate Investment | |||
Real Estate Investments | |||
Gross Investments | $ | $ 43,907,000 | ||
Percentage of Investments | 3.70% | ||
Number of properties | property | 7 | ||
Average Investment per Bed/Unit | $ / item | 48.36 | ||
Range of Care | Mortgage Loans on Real Estate | |||
Real Estate Investments | |||
Gross Investments | $ | $ 1,209,000 | ||
Percentage of Investments | 0.50% | ||
Number of Loans | loan | 1 | ||
Range of Care | SNF Beds | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 634 | ||
Range of Care | ALF Units | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 274 | ||
Properties under Development | Real Estate Investment | |||
Real Estate Investments | |||
Gross Investments | $ | $ 41,608,000 | ||
Percentage of Investments | 3.50% | ||
Other | Real Estate Investment | |||
Real Estate Investments | |||
Gross Investments | $ | $ 19,486,000 | ||
Percentage of Investments | 1.50% | ||
Number of properties | property | 2 | ||
Other | SNF Beds | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 118 | ||
Memory Care | Real Estate Investment | |||
Real Estate Investments | |||
Number of properties | property | 5 | ||
Number of Beds/Units | 320 | ||
Land | Real Estate Investment | |||
Real Estate Investments | |||
Number of properties | 3 | ||
Independent Living | Real Estate Investment | |||
Real Estate Investments | |||
Number of properties | property | 1 | ||
Number of Beds/Units | 108 | ||
ALF & MC | Real Estate Investment | |||
Real Estate Investments | |||
Number of Beds/Units | 89 | ||
Schools | Real Estate Investment | |||
Real Estate Investments | |||
Number of properties | property | 1 | ||
Hospital | |||
Real Estate Investments | |||
Average Investment per Bed/Unit | $ / item | 78.39 | ||
Hospital | SNF Beds | |||
Real Estate Investments | |||
Number of Beds/Units | 2 | ||
Hospital | Hospital Beds | |||
Real Estate Investments | |||
Number of Beds/Units | 116 |
Real Estate Investments - Acqui
Real Estate Investments - Acquisitions (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016USD ($)item | Aug. 31, 2014USD ($) | Dec. 31, 2015USD ($)itemproperty$ / shares | Dec. 31, 2014USD ($)item$ / shares | Dec. 31, 2013USD ($)item | |
Real estate investments | |||||
Purchase Price | $ 218,626,000 | $ 11,650,000 | $ 19,040,000 | ||
Transaction Costs | 1,071,000 | 21,000 | 58,000 | ||
Total Acquisition Costs | $ 219,697,000 | $ 11,671,000 | $ 19,098,000 | ||
Number of properties acquired | 15 | 1 | |||
Number of beds/units acquired | item | 1,429 | 48 | 130 | ||
Acquisition costs | $ 614,000 | $ 152,000 | $ 96,000 | ||
Investment Commitment | 214,917,000 | ||||
Funding | 71,977,000 | ||||
Pro forma revenue and net income | |||||
Revenue | 143,414,000 | 130,488,000 | |||
Net income | $ 74,567,000 | $ 76,060,000 | |||
Basic earnings per common share | $ / shares | $ 2.01 | $ 2.09 | |||
Diluted earnings per common share | $ / shares | $ 1.98 | $ 2.06 | |||
Completed development and improvement projects | |||||
Gain on sale of real estate, net | 1,605,000 | ||||
Other disclosures | |||||
Sale of property | $ 1,537,000 | $ 33,593,000 | $ 11,001,000 | ||
Impairment charges | 2,250,000 | ||||
Gain (loss) on sale of properties | 586,000 | 4,959,000 | |||
Florida | |||||
Other disclosures | |||||
Impairment charges | 2,250,000 | ||||
Florida | Subsequent Event | |||||
Other disclosures | |||||
Number of beds or units in property sold | item | 48 | ||||
Sales price | $ 1,750,000 | ||||
Florida | Skilled Nursing Property Acquisition | |||||
Real estate investments | |||||
Initial cash yield (as a percent) | 8.75% | ||||
Real Estate Investment | |||||
Real estate investments | |||||
Investment Commitment | 110,650,000 | ||||
Real Estate Investment | 2015 Acquisitions | |||||
Real estate investments | |||||
Capitalization of transaction costs | 161,000 | ||||
Transaction costs capiltalized as part of construction in progress | 331,000 | ||||
Acquisition costs | 35,000 | ||||
Real Estate Investment | Land Acquisition | 2015 Acquisitions | |||||
Real estate investments | |||||
Purchase Price | $ 70,298,000 | ||||
Number of land parcels acquired | item | 5 | ||||
Real Estate Investment | Wisconsin | 2015 Acquisitions | |||||
Real estate investments | |||||
Loan commitment under which the purchase option was exercised | $ 10,600,000 | ||||
Payments to equip property | 3,346,000 | ||||
Real Estate Investment | Wisconsin | Skilled Nursing Property Acquisition | 2015 Acquisitions | |||||
Real estate investments | |||||
Lease inducement fee payments | 1,054,000 | ||||
Real Estate Investment | Texas | Skilled Nursing Property Acquisition | 2015 Acquisitions | |||||
Real estate investments | |||||
Purchase Price | $ 23,000,000 | ||||
Number of properties acquired | property | 2 | ||||
Number of beds/units acquired | item | 254 | ||||
Real Estate Investment | Oregon | Subsequent Event | |||||
Other disclosures | |||||
Number of beds or units in property sold | item | 36 | ||||
Sales price | $ 1,500,000 | ||||
Mortgage loan agreement amount | 1,000,000 | ||||
Real Estate Investment | Oregon | Subsequent Event | Forecast | |||||
Other disclosures | |||||
Gain (loss) on sale of properties | 120,000 | ||||
Additional Loan Commitments | |||||
Real estate investments | |||||
Investment Commitment | $ 52,490,000 | ||||
Funding | $ 6,925,000 | ||||
Real Estate Investment Completed Projects | |||||
Completed development and improvement projects | |||||
Number of Properties | 5 | 3 | |||
Number of Beds/Units | item | 518 | 257 | |||
Funding | $ 3,564,000 | 38,768,000 | $ 17,462,000 | ||
Total Funding | $ 14,906,000 | 58,745,000 | 28,160,000 | ||
Maximum | Real Estate Investment | |||||
Real estate investments | |||||
Initial term of operating lease | 15 years | ||||
Skilled Nursing | |||||
Real estate investments | |||||
Purchase Price | $ 36,946,000 | 14,402,000 | |||
Transaction Costs | 87,000 | 58,000 | |||
Total Acquisition Costs | $ 37,033,000 | $ 14,460,000 | |||
Number of properties acquired | property | 3 | ||||
Number of beds/units acquired | item | 360 | 130 | |||
Skilled Nursing | Ohio | |||||
Completed development and improvement projects | |||||
Gain on sale of real estate, net | $ 2,619,000 | ||||
Other disclosures | |||||
Sale of property | 11,000,000 | ||||
Skilled Nursing | Texas | Subsequent Event | |||||
Real estate investments | |||||
Purchase Price | $ 16,000,000 | ||||
Number of beds/units acquired | item | 126 | ||||
Skilled Nursing | Real Estate Investment | |||||
Real estate investments | |||||
Investment Commitment | $ 6,500,000 | ||||
Skilled Nursing | Additional Loan Commitments | |||||
Real estate investments | |||||
Investment Commitment | 52,000,000 | ||||
Funding | 6,565,000 | ||||
Skilled Nursing Properties with 47 Units | Colorado | |||||
Completed development and improvement projects | |||||
Gain on sale of real estate, net | $ (1,014,000) | ||||
Other disclosures | |||||
Number of beds or units in property sold | item | 47 | ||||
Sale of property | $ 1,000 | ||||
ALF & MC | Real Estate Investment | |||||
Real estate investments | |||||
Investment Commitment | $ 16,535,000 | ||||
ALF & MC | Real Estate Investment | Land Acquisition | 2015 Acquisitions | |||||
Real estate investments | |||||
Number of beds/units under development | item | 89 | ||||
Assisted Living | |||||
Real estate investments | |||||
Purchase Price | $ 156,097,000 | 9,800,000 | |||
Transaction Costs | 590,000 | 21,000 | |||
Total Acquisition Costs | $ 156,687,000 | $ 9,821,000 | |||
Number of properties acquired | 11 | 1 | |||
Number of beds/units acquired | item | 951 | 48 | |||
Assisted Living | Colorado | |||||
Real estate investments | |||||
Initial cash yield (as a percent) | 6.50% | ||||
Assisted Living | Florida | Subsequent Event | |||||
Other disclosures | |||||
Number of beds or units in property sold | item | 48 | ||||
Sales price | $ 1,750,000 | ||||
Gain (loss) on sale of properties | $ 120,000 | ||||
Assisted Living | Oregon | |||||
Other disclosures | |||||
Number of beds or units in property sold | item | 36 | ||||
Sales price | $ 1,500,000 | ||||
Assisted Living | Oregon | Subsequent Event | |||||
Other disclosures | |||||
Mortgage loan agreement amount | 1,000,000 | ||||
Assisted Living | Real Estate Investment | |||||
Real estate investments | |||||
Investment Commitment | $ 101,150,000 | ||||
Assisted Living | Real Estate Investment | Florida and Georgia | |||||
Other disclosures | |||||
Number of beds or units in property sold | item | 133 | ||||
Assisted Living | Additional Loan Commitments | |||||
Real estate investments | |||||
Investment Commitment | 490,000 | ||||
Funding | 360,000 | ||||
Assisted Living | Real Estate Investment Completed Projects | Kansas | |||||
Pro forma revenue and net income | |||||
Acquired land | 730,000 | ||||
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions | |||||
Real estate investments | |||||
Purchase Price | 14,250,000 | ||||
Total Acquisition Costs | $ 14,132,000 | ||||
Number of beds/units acquired | item | 60 | ||||
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions | Working capital reserve | |||||
Real estate investments | |||||
Contingent consideration | $ 2,000 | ||||
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions | Rent coverage ratio stipulation | |||||
Real estate investments | |||||
Contingent consideration | 300,000 | ||||
Assisted Living | Memory Care Property with 60 Units | Real Estate Investment | Acquisition of 60-unit Memory Care Community | 2015 Acquisitions | Fair Value | Working capital reserve | |||||
Real estate investments | |||||
Contingent consideration | 1,847,000 | ||||
Memory Care | Real Estate Investment | |||||
Real estate investments | |||||
Investment Commitment | $ 65,034,000 | ||||
Memory Care | Real Estate Investment | 2015 Acquisitions | |||||
Real estate investments | |||||
Number of beds/units acquired | item | 56 | ||||
Investment Commitment | $ 13,524,000 | ||||
Memory Care | Real Estate Investment | Land Acquisition | 2015 Acquisitions | |||||
Real estate investments | |||||
Number of development commitments | item | 3 | ||||
Memory Care | Real Estate Investment Completed Projects | Colorado | |||||
Pro forma revenue and net income | |||||
Acquired land | $ 1,425,000 | $ 1,882,000 | |||
Memory Care | Real Estate Development Commitments | |||||
Real estate investments | |||||
Number of development commitments | item | 3 | ||||
Memory Care | Real Estate Development Commitments | Maximum | |||||
Real estate investments | |||||
Investment Commitment | $ 30,256,000 | ||||
Memory Care | Real Estate Development Commitments One | |||||
Real estate investments | |||||
Number of development commitments | item | 2 | ||||
Number of beds/units under development | item | 60 | ||||
Memory Care | Real Estate Development Commitments Two | |||||
Real estate investments | |||||
Number of beds/units under development | item | 48 | ||||
Other Properties | |||||
Real estate investments | |||||
Purchase Price | $ 9,250,000 | ||||
Transaction Costs | 42,000 | ||||
Total Acquisition Costs | $ 9,292,000 | ||||
Number of properties acquired | property | 1 | ||||
Number of beds/units acquired | item | 118 | ||||
Other Properties | Real Estate Investment | |||||
Real estate investments | |||||
Investment Commitment | $ 3,000,000 | ||||
Land | |||||
Real estate investments | |||||
Purchase Price | 16,333,000 | $ 1,850,000 | $ 4,638,000 | ||
Transaction Costs | 352,000 | ||||
Total Acquisition Costs | $ 16,685,000 | 1,850,000 | 4,638,000 | ||
Land | Illinois | |||||
Real estate investments | |||||
Purchase Price | 1,400,000 | ||||
Investment Commitment | $ 12,248,000 | ||||
Number of beds/units under development | item | 66 | ||||
Land | Real Estate Investment | Colorado | |||||
Real estate investments | |||||
Purchase Price | $ 3,475,000 | ||||
Number of development commitments | item | 3 | ||||
Land | Real Estate Investment | Michigan | |||||
Real estate investments | |||||
Purchase Price | $ 1,163,000 | ||||
Land | Real Estate Development Commitments | Michigan | |||||
Real estate investments | |||||
Number of Parcels of Land | item | 4 | ||||
Independent Living | Real Estate Investment | Land Acquisition | 2015 Acquisitions | |||||
Real estate investments | |||||
Number of beds/units under development | item | 108 | ||||
Independent, ALF, and MC properties | Real Estate Investment | Land Acquisition | 2015 Acquisitions | |||||
Real estate investments | |||||
Number of beds/units under development | item | 198 | ||||
Independent, ALF, and MC properties | Real Estate Investment | Portfolio of 10 Properties | 2015 Acquisitions | |||||
Real estate investments | |||||
Purchase Price | $ 142,000,000 | ||||
Number of properties acquired | item | 10 | ||||
Number of beds/units acquired | item | 891 | ||||
Independent, ALF, and MC properties | Real Estate Investment | Portfolio of 10 Properties | 2015 Acquisitions | Rent coverage ratio stipulation | |||||
Real estate investments | |||||
Contingent consideration | $ 10,000,000 | ||||
Hospital | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | 2015 Acquisitions | |||||
Real estate investments | |||||
Purchase Price | 9,300,000 | ||||
Investment Commitment | $ 3,000,000 | ||||
Hospital | Hospital Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | 2015 Acquisitions | |||||
Real estate investments | |||||
Number of beds/units acquired | item | 116 | ||||
Hospital | SNF Beds | Real Estate Investment | Nevada | Acquisition of Behavioral Health Care Hospital | 2015 Acquisitions | |||||
Real estate investments | |||||
Number of beds/units acquired | item | 2 | ||||
Nursing Center [Member] | Real Estate Investment | Acquisition of 126-Bed Nursing Center | 2016 Acquisitions | Subsequent Event | |||||
Real estate investments | |||||
Purchase Price | $ 16,000,000 | ||||
Number of beds/units acquired | item | 126 | ||||
Nursing Center [Member] | Real Estate Investment | Texas | |||||
Other disclosures | |||||
Number of beds or units in property sold | item | 112 | ||||
Sales price | $ 1,600,000 | ||||
Sale of property | 1,537,000 | ||||
Gain (loss) on sale of properties | $ 586,000 | ||||
Assisted Living Properties, School and Skilled Nursing Property [Member] | Real Estate Investment | Florida, Georgia and Minnesota | |||||
Other disclosures | |||||
Sales price | $ 8,100,000 | ||||
Sale of property | 7,891,000 | ||||
Gain (loss) on sale of properties | $ 1,140,000 | ||||
Extendicare Real Estate Investment Trust and Enlivant | Assisted Living | Real Estate Investment | |||||
Other disclosures | |||||
Number of beds or units in property sold | item | 615 | ||||
Sales price | $ 26,465,000 | ||||
Sale of property | 25,702,000 | ||||
Gain (loss) on sale of properties | 3,819,000 | ||||
Development Project | Skillled Nursing Properties with 120 Units | Real Estate Investment Completed Projects | Texas | |||||
Completed development and improvement projects | |||||
Number of Properties | item | 1 | ||||
Number of Beds/Units | item | 120 | ||||
Funding | $ 5,065,000 | ||||
Total Funding | $ 8,635,000 | ||||
Development Project | Skilled Nursing Properties with 143 Units | Real Estate Investment Completed Projects | Kentucky | |||||
Completed development and improvement projects | |||||
Funding | 10,579,000 | ||||
Total Funding | 20,904,000 | ||||
Development Project | Assisted Living Properties with 60 Units | Real Estate Investment Completed Projects | Colorado | |||||
Completed development and improvement projects | |||||
Number of Properties | 1 | 1 | |||
Number of Beds/Units | item | 60 | 60 | |||
Funding | $ 1,522,000 | 6,351,000 | $ 4,316,000 | ||
Total Funding | 10,703,000 | 9,689,000 | $ 9,850,000 | ||
Development Project | Assisted Living Properties with 77 Units [Member] | Real Estate Investment Completed Projects | Kansas | |||||
Completed development and improvement projects | |||||
Number of Properties | item | 1 | ||||
Number of Beds/Units | item | 77 | ||||
Funding | $ 8,081,000 | ||||
Total Funding | $ 9,675,000 | ||||
Development Project | Assisted Living Properties With 80 Units | Real Estate Investment Completed Projects | Texas | |||||
Completed development and improvement projects | |||||
Funding | 2,300,000 | ||||
Total Funding | 5,691,000 | ||||
Development Project | Assisted Living Properties with 48 Units | Real Estate Investment Completed Projects | Colorado | |||||
Completed development and improvement projects | |||||
Funding | 7,257,000 | ||||
Total Funding | 8,744,000 | ||||
Development Project | Independent Living | |||||
Real estate investments | |||||
Investment Commitment | 14,500,000 | ||||
Renovation Project | Assisted Living | Real Estate Investment | |||||
Real estate investments | |||||
Investment Commitment | $ 5,080,000 | ||||
Expansion/Renovation Project | Assisted Living Properties with 123 Units | Real Estate Investment Completed Projects | Colorado | |||||
Completed development and improvement projects | |||||
Funding | 5,091,000 | ||||
Total Funding | 5,095,000 | ||||
Expansion/Renovation Project | Assisted Living Properties with 72 Units | Real Estate Investment Completed Projects | Colorado | |||||
Completed development and improvement projects | |||||
Funding | 6,371,000 | ||||
Total Funding | 6,376,000 | ||||
Improvements Project | Skilled Nursing Facility with 121 Units [Member] | Real Estate Investment Completed Projects | California | |||||
Completed development and improvement projects | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 121 | ||||
Funding | $ 1,481,000 | ||||
Total Funding | $ 1,481,000 | ||||
Improvements Project | Skilled Nursing Facility with 196 Units [Member] | Real Estate Investment Completed Projects | Texas | |||||
Completed development and improvement projects | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 196 | ||||
Funding | $ 522,000 | ||||
Total Funding | $ 522,000 | ||||
Improvements Project | Skilled Nursing Facility with 141 Units [Member] | Real Estate Investment Completed Projects | Tennessee | |||||
Completed development and improvement projects | |||||
Number of Properties | property | 2 | ||||
Number of Beds/Units | item | 141 | ||||
Funding | $ 39,000 | ||||
Total Funding | $ 2,200,000 | ||||
Improvements Project | Skilled Nursing Properties with 235 Units | Real Estate Investment Completed Projects | New Mexico | |||||
Completed development and improvement projects | |||||
Funding | 319,000 | ||||
Total Funding | 1,746,000 | ||||
Improvements Project | Skillled Nursing Properties with 120 Units | Real Estate Investment Completed Projects | Florida | |||||
Completed development and improvement projects | |||||
Funding | 500,000 | ||||
Total Funding | $ 500,000 |
Real Estate Investments - Commi
Real Estate Investments - Commitments (Details) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016USD ($)item | Aug. 31, 2014USD ($) | Dec. 31, 2015USD ($)itemproperty | Dec. 31, 2014USD ($)itemproperty | Dec. 31, 2013USD ($)itemproperty | |
Investment commitments | |||||
Investment Commitment | $ 214,917,000 | ||||
Funding | 71,977,000 | ||||
Commitment Funded | 77,530,000 | ||||
Remaining Commitment | 137,387,000 | ||||
Pre-development loan balance reclassified to real estate under development | 1,035,000 | $ 304,000 | $ 479,000 | ||
Future minimum base rents receivable under the remaining non-cancelable terms of operating leases excluding the effects of straight-line rent and renewal options | |||||
2,015 | 118,326,000 | ||||
2,016 | 121,084,000 | ||||
2,017 | 121,191,000 | ||||
2,018 | 115,333,000 | ||||
2,019 | 116,981,000 | ||||
Thereafter | 642,408,000 | ||||
Discontinued operations | |||||
Rental income | 1,123,000 | ||||
Total revenues | 1,123,000 | ||||
Depreciation and amortization | (317,000) | ||||
General and administrative expenses | (1,000) | ||||
Total expenses | (318,000) | ||||
Income from discontinued operations | 805,000 | ||||
Development, redevelopment, renovation, and expansion activity | |||||
Commitments funding capitalized directly into building and improvements | 8,048,000 | ||||
Real estate investment disposal activity | |||||
Proceeds from sale of real estate investments, net | 1,537,000 | 33,593,000 | $ 11,001,000 | ||
Gain (loss) on sale of properties | 586,000 | $ 4,959,000 | |||
Number of properties | property | 1 | ||||
Florida | Subsequent Event | |||||
Real estate investment disposal activity | |||||
Number of beds or units in property sold | item | 48 | ||||
Sales price | $ 1,750,000 | ||||
Real Estate Investment Completed Projects | |||||
Investment commitments | |||||
Number of Properties | property | 10 | ||||
Number of Beds/Units | item | 881 | ||||
Real Estate Investment | |||||
Investment commitments | |||||
Investment Commitment | 110,650,000 | ||||
Commitment Funded | 42,391,000 | ||||
Remaining Commitment | $ 68,259,000 | ||||
Number of Properties | property | 42 | ||||
Number of Beds/Units | item | 2,849 | ||||
Real Estate Investment Development Redevelopment Renovation and Expansion Projects | |||||
Development, redevelopment, renovation, and expansion activity | |||||
CIP, Balance at the beginning of the period | $ 31,965,000 | $ 8,671,000 | |||
Funded | 32,765,000 | ||||
Capitalized Interest | 827,000 | ||||
Conversions out of CIP | (10,298,000) | ||||
CIP, Balance at the end of the period | 31,965,000 | $ 8,671,000 | |||
Skilled Nursing | |||||
Real estate investment disposal activity | |||||
Number of properties | property | 1 | ||||
Skilled Nursing | Ohio | |||||
Real estate investment disposal activity | |||||
Proceeds from sale of real estate investments, net | $ 11,000,000 | ||||
Number of lessees who have exercised purchase option | item | 1 | ||||
Number of properties for which lessee has exercised purchase option | property | 6 | ||||
Number of beds or units for which the lessee has exercised the purchase option | item | 230 | ||||
Skilled Nursing | Real Estate Investment | |||||
Investment commitments | |||||
Investment Commitment | 6,500,000 | ||||
Commitment Funded | 1,253,000 | ||||
Remaining Commitment | $ 5,247,000 | ||||
Number of Properties | property | 4 | ||||
Number of Beds/Units | item | 568 | ||||
Skilled Nursing Properties with 47 Units | Colorado | |||||
Real estate investment disposal activity | |||||
Number of beds or units in property sold | item | 47 | ||||
Proceeds from sale of real estate investments, net | $ 1,000 | ||||
ALF & MC | Real Estate Investment | |||||
Investment commitments | |||||
Investment Commitment | $ 16,535,000 | ||||
Number of Properties | item | 1 | ||||
Assisted Living | Florida | Subsequent Event | |||||
Real estate investment disposal activity | |||||
Number of beds or units in property sold | item | 48 | ||||
Sales price | $ 1,750,000 | ||||
Gain (loss) on sale of properties | 120,000 | ||||
Assisted Living | Real Estate Investment Completed Projects | Kansas | |||||
Investment commitments | |||||
Acquired land | 730,000 | ||||
Assisted Living | Real Estate Investment | |||||
Investment commitments | |||||
Investment Commitment | $ 101,150,000 | ||||
Commitment Funded | 41,138,000 | ||||
Remaining Commitment | $ 60,012,000 | ||||
Number of Properties | property | 37 | ||||
Number of Beds/Units | item | 2,163 | ||||
Assisted Living | Real Estate Investment | Georgia And Florida | |||||
Real estate investment disposal activity | |||||
Number of properties sold | property | 2 | ||||
Memory Care | |||||
Investment commitments | |||||
Pre-development loan balance reclassified to real estate under development | $ 1,035,000 | ||||
Development, redevelopment, renovation, and expansion activity | |||||
Number of beds or units relating to the acquisition of existing improvements | property | 56 | ||||
Amount relating to the existing improvements acquired | $ 6,315,000 | ||||
Memory Care | Real Estate Investment Completed Projects | Colorado | |||||
Investment commitments | |||||
Acquired land | $ 1,425,000 | 1,882,000 | |||
Memory Care | Real Estate Investment | |||||
Investment commitments | |||||
Investment Commitment | $ 65,034,000 | ||||
Number of Properties | property | 5 | ||||
Memory Care | Real Estate Development Commitments | Maximum | |||||
Investment commitments | |||||
Investment Commitment | $ 30,256,000 | ||||
Other Properties | Real Estate Investment | |||||
Investment commitments | |||||
Investment Commitment | $ 3,000,000 | ||||
Remaining Commitment | $ 3,000,000 | ||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 118 | ||||
Land | Illinois | |||||
Investment commitments | |||||
Investment Commitment | $ 12,248,000 | ||||
Extendicare Real Estate Investment Trust and Enlivant | Assisted Living | Real Estate Investment | |||||
Real estate investment disposal activity | |||||
Number of properties sold | property | 16 | ||||
Number of beds or units in property sold | item | 615 | ||||
Sales price | $ 26,465,000 | ||||
Proceeds from sale of real estate investments, net | 25,702,000 | ||||
Gain (loss) on sale of properties | $ 3,819,000 | ||||
Development Project | Skilled Nursing | Real Estate Investment Development Redevelopment Renovation and Expansion Projects | |||||
Development, redevelopment, renovation, and expansion activity | |||||
CIP, Balance at the beginning of the period | 1,252,000 | ||||
Funded | $ 1,649,000 | ||||
Conversions out of CIP | (397,000) | ||||
CIP, Balance at the end of the period | 1,252,000 | ||||
Development Project | Skilled Nursing Properties with 143 Units | Real Estate Investment Completed Projects | Kentucky | |||||
Investment commitments | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 143 | ||||
Development Project | Assisted Living Properties with 60 Units | Real Estate Investment Completed Projects | Colorado | |||||
Investment commitments | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 60 | ||||
Development Project | Assisted Living Properties With 80 Units | Real Estate Investment Completed Projects | Texas | |||||
Investment commitments | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 80 | ||||
Development Project | Assisted Living Properties with 48 Units | Real Estate Investment Completed Projects | Colorado | |||||
Investment commitments | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 48 | ||||
Development Project | Independent Living | |||||
Investment commitments | |||||
Investment Commitment | 14,500,000 | ||||
Redevelopment Renovation Expansion Projects | Assisted Living | Real Estate Investment Development Redevelopment Renovation and Expansion Projects | |||||
Development, redevelopment, renovation, and expansion activity | |||||
CIP, Balance at the beginning of the period | $ 30,713,000 | 8,671,000 | |||
Funded | 31,116,000 | ||||
Capitalized Interest | 827,000 | ||||
Conversions out of CIP | (9,901,000) | ||||
CIP, Balance at the end of the period | $ 30,713,000 | $ 8,671,000 | |||
Expansion/Renovation Project | Assisted Living Properties with 72 Units | Real Estate Investment Completed Projects | Colorado | |||||
Investment commitments | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 72 | ||||
Expansion/Renovation Project | Assisted Living Properties with 123 Units | Real Estate Investment Completed Projects | Colorado | |||||
Investment commitments | |||||
Number of Properties | property | 2 | ||||
Number of Beds/Units | item | 123 | ||||
Renovation Project | Skilled Nursing | Real Estate Investment | |||||
Investment commitments | |||||
Number of investment commitments | property | 3 | ||||
Renovation Project | Assisted Living | Real Estate Investment | |||||
Investment commitments | |||||
Investment Commitment | $ 5,080,000 | ||||
Number of Properties | property | 30 | ||||
Number of investment commitments | item | 3 | ||||
Improvements Project | Skillled Nursing Properties with 120 Units | Real Estate Investment Completed Projects | Florida | |||||
Investment commitments | |||||
Number of Properties | property | 1 | ||||
Number of Beds/Units | item | 120 | ||||
Improvements Project | Skilled Nursing Properties with 235 Units | Real Estate Investment Completed Projects | New Mexico | |||||
Investment commitments | |||||
Number of Properties | property | 2 | ||||
Number of Beds/Units | item | 235 |
Real Estate Investments - Addit
Real Estate Investments - Additional Commitments and Future Minimum Payments (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||
Jan. 31, 2016USD ($) | Jan. 31, 2015USD ($)itemproperty | Dec. 31, 2015USD ($)itemproperty | Dec. 31, 2015USD ($)loanitemproperty | Dec. 31, 2014USD ($)itemproperty | Dec. 31, 2013USD ($)itemproperty | |
Additional Loan Commitments | ||||||
Mortgage loan, origination amount | $ 220,767,000 | $ 220,767,000 | ||||
Investment Commitment | 214,917,000 | 214,917,000 | ||||
Funding | 71,977,000 | |||||
Commitment Funded | 77,530,000 | 77,530,000 | ||||
Loan Commitments | 2,100,000 | 2,100,000 | ||||
Amount Funded | 71,977,000 | |||||
Business Combination, Consideration Transferred | 218,626,000 | $ 11,650,000 | $ 19,040,000 | |||
Carrying value of mortgage loans | 217,529,000 | 217,529,000 | 165,656,000 | |||
Scheduled principal payments on mortgage loan receivables | ||||||
Land | 106,841,000 | 106,841,000 | 80,024,000 | |||
Scheduled principal payments received | $ 4,808,000 | 9,155,000 | 1,933,000 | |||
Mortgage Loans on Real Estate | ||||||
Additional Loan Commitments | ||||||
Interest rate for mortgage loans, low end of range (as a percent) | 7.30% | |||||
Interest rate for mortgage loans, high end of range (as a percent) | 13.90% | |||||
Carrying value of mortgage loans | 217,529,000 | $ 217,529,000 | 165,656,000 | |||
Scheduled principal payments on mortgage loan receivables | ||||||
2,016 | 8,653,000 | 8,653,000 | ||||
2,017 | 7,214,000 | 7,214,000 | ||||
2,018 | 8,383,000 | 8,383,000 | ||||
2,019 | 5,092,000 | 5,092,000 | ||||
2,020 | 1,065,000 | 1,065,000 | ||||
Thereafter | 189,312,000 | 189,312,000 | ||||
Total | $ 219,719,000 | 219,719,000 | ||||
Amount received related to payoff of loan, excluding accrued interest | $ 2,487,000 | |||||
Number of loans paid off | loan | 2 | |||||
Number of Properties | property | 38 | 38 | ||||
Scheduled principal payments received | $ 2,321,000 | 2,159,000 | 1,933,000 | |||
Mortgage Loans on Real Estate | Virginia | ||||||
Additional Loan Commitments | ||||||
Mortgage loan, origination amount | $ 1,208,000 | 1,208,000 | ||||
Scheduled principal payments on mortgage loan receivables | ||||||
Interest rate (as a percent) | 9.00% | |||||
Interest payable at beginning of each month (as a percent) | 3.00% | |||||
Interest accrued and payable at maturity date (as a percent) | 6.00% | |||||
Additional Loan Commitments | ||||||
Additional Loan Commitments | ||||||
Investment Commitment | $ 52,490,000 | 52,490,000 | ||||
Funding | 6,925,000 | |||||
Commitment Funded | 10,263,000 | 10,263,000 | ||||
Remaining Commitment | 42,227,000 | 42,227,000 | ||||
Amount Funded | 6,925,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Remaining loan commitments | $ 42,227,000 | $ 42,227,000 | ||||
Number of Properties | property | 19 | 19 | ||||
Number of Beds/Units | item | 2,588 | 2,588 | ||||
Skilled Nursing | ||||||
Additional Loan Commitments | ||||||
Business Combination, Consideration Transferred | $ 36,946,000 | 14,402,000 | ||||
Skilled Nursing | Mortgage Loans on Real Estate | ||||||
Scheduled principal payments on mortgage loan receivables | ||||||
Number of Properties | property | 30 | 30 | ||||
Skilled Nursing | Mortgage Loans on Real Estate | Michigan | ||||||
Additional Loan Commitments | ||||||
Term of mortgage loan receivable | 30 years | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Number of properties securing loan | item | 2 | 2 | ||||
Number of beds or units securing loan | item | 273 | |||||
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% | |||||
Term of mortgage loan receivable | 30 years | |||||
Period of interest-only payments | 3 years | |||||
Skilled Nursing | Additional Loan Commitments | ||||||
Additional Loan Commitments | ||||||
Investment Commitment | $ 52,000,000 | $ 52,000,000 | ||||
Funding | 6,565,000 | |||||
Commitment Funded | 9,903,000 | 9,903,000 | ||||
Remaining Commitment | 42,097,000 | 42,097,000 | ||||
Amount Funded | 6,565,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Remaining loan commitments | $ 42,097,000 | $ 42,097,000 | ||||
Number of Properties | property | 18 | 18 | ||||
Number of Beds/Units | item | 2,488 | 2,488 | ||||
Assisted Living | ||||||
Additional Loan Commitments | ||||||
Business Combination, Consideration Transferred | $ 156,097,000 | 9,800,000 | ||||
Assisted Living | Mortgage Loans on Real Estate | ||||||
Scheduled principal payments on mortgage loan receivables | ||||||
Number of Properties | property | 8 | 8 | ||||
Assisted Living | Additional Loan Commitments | ||||||
Additional Loan Commitments | ||||||
Investment Commitment | $ 490,000 | $ 490,000 | ||||
Funding | 360,000 | |||||
Commitment Funded | 360,000 | 360,000 | ||||
Remaining Commitment | 130,000 | 130,000 | ||||
Amount Funded | 360,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Remaining loan commitments | $ 130,000 | $ 130,000 | ||||
Number of Properties | property | 1 | 1 | ||||
Number of Beds/Units | item | 100 | 100 | ||||
Prestige | Mortgage Loans on Real Estate | ||||||
Additional Loan Commitments | ||||||
Additional loan commitments available for capital improvements | 12,000,000 | |||||
Loan Commitments | $ 196,387,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Number of parcels of land | item | 2 | |||||
Number of properties securing loan | property | 2 | |||||
Land | $ 670,000 | $ 670,000 | ||||
Prestige | Mortgage Loans on Real Estate | Michigan | ||||||
Additional Loan Commitments | ||||||
Loan Commitments | 176,387,000 | |||||
Additional loan proceeds available for expansion and renovation | 40,000,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Additional loan commitments based on certain operating metrics and valuation thresholds | $ 40,000,000 | |||||
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 | |||||
Prestige | Capital Improvement Loan Investment | ||||||
Additional Loan Commitments | ||||||
Remaining Commitment | 22,403,000 | 22,403,000 | ||||
Loan Commitments | $ 32,000,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Remaining loan commitments | 22,403,000 | 22,403,000 | ||||
Prestige | Capital Improvement Loan Investment | Michigan | ||||||
Additional Loan Commitments | ||||||
Funding | 6,259,000 | 3,337,000 | ||||
Remaining Commitment | 2,403,000 | 2,403,000 | ||||
Loan Commitments | 12,000,000 | 12,000,000 | ||||
Amount Funded | 6,259,000 | 3,337,000 | ||||
Scheduled principal payments on mortgage loan receivables | ||||||
Remaining loan commitments | 2,403,000 | 2,403,000 | ||||
Prestige | Skilled Nursing | Mortgage Loans on Real Estate | Michigan | ||||||
Additional Loan Commitments | ||||||
Funding | 124,387,000 | $ 124,387,000 | ||||
Amount Funded | $ 124,387,000 | $ 124,387,000 | ||||
Scheduled principal payments on mortgage loan receivables | ||||||
Number of properties securing loan | property | 15 | 15 | ||||
Number of beds or units securing loan | item | 2,058 | |||||
Number of Beds/Units | item | 2,058 | |||||
Additional commitments for capital improvements | $ 12,000,000 | |||||
Prestige | Skilled Nursing Center, 157 Units | Skilled Nursing | Mortgage Loans on Real Estate | Michigan | ||||||
Additional Loan Commitments | ||||||
Funding | 9,500,000 | |||||
Loan Commitments | 11,000,000 | 11,000,000 | ||||
Amount Funded | $ 9,500,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Number of beds or units securing loan | item | 157 | |||||
Prestige | Skilled Nursing Center, 273 Units | Mortgage Loans on Real Estate | Michigan | ||||||
Additional Loan Commitments | ||||||
Funding | $ 9,500,000 | |||||
Loan Commitments | $ 20,000,000 | 20,000,000 | ||||
Amount Funded | 9,500,000 | |||||
Additional loan proceeds available for expansion and renovation | $ 10,500,000 | |||||
Prestige | Subsequent Event | Skilled Nursing Center, 273 Units | Mortgage Loans on Real Estate | Michigan | ||||||
Additional Loan Commitments | ||||||
Funding | $ 5,500,000 | |||||
Amount Funded | $ 5,500,000 | |||||
Minimum | Mortgage Loans on Real Estate | ||||||
Additional Loan Commitments | ||||||
General amortization schedule of mortgage loans | 20 years | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Specified basis points for annual increase in interest rate (as a percent) | 0.10% | |||||
Maximum | Mortgage Loans on Real Estate | ||||||
Additional Loan Commitments | ||||||
General amortization schedule of mortgage loans | 30 years | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Specified basis points for annual increase in interest rate (as a percent) | 0.25% | |||||
Maximum | Prestige | Mortgage Loans on Real Estate | ||||||
Additional Loan Commitments | ||||||
Additional loan proceeds available for expansion and renovation | $ 20,000,000 | |||||
Scheduled principal payments on mortgage loan receivables | ||||||
Percentage of outstanding mortgage loan balance that may be prepaid without penalty | 50.00% | |||||
Maximum | Prestige | Skilled Nursing | Mortgage Loans on Real Estate | Michigan | ||||||
Scheduled principal payments on mortgage loan receivables | ||||||
Percentage of loan balance outstanding between the third and twelfth years that may be prepaid without penalty | 50.00% |
Investment in Unconsolidated 47
Investment in Unconsolidated Joint Ventures - Investment (Details) | 12 Months Ended |
Dec. 31, 2015USD ($)property | |
Investment in Unconsolidated Joint Ventures | |
Common members capital account balance | $ 0 |
Income from unconsolidated joint venture | 1,819,000 |
Distribution from unconsolidated joint ventures | $ 552,000 |
Joint Venture | Primary beneficiary | |
Investment in Unconsolidated Joint Ventures | |
Number of properties owned by joint venture | property | 4 |
Initial preferred capital contribution in joint venture provided at closing. | $ 20,143,000 |
Additional preferred capital contributions in joint venture commited | 5,507,000 |
Total preferred capital contributions in joint venture | $ 25,650,000 |
Preferred return percentage | 15.00% |
Percentage of common membership interest in the joint venture that may be purchased by the Company | 100.00% |
Period of payment of the preferred equity investment balance if the common equity member elects to call the preferred interest | 36 months |
Income from unconsolidated joint venture | $ 1,819,000 |
Distribution from unconsolidated joint ventures | $ 552,000 |
Investment in Unconsolidated 48
Investment in Unconsolidated Joint Ventures - ADC Arrangement (Details) - Combination ALF, MC and ILF community - ADC Arrangement | 12 Months Ended |
Dec. 31, 2015USD ($)item | |
Investment in Unconsolidated Joint Ventures | |
Loans Receivable with Variable Rates of Interest | $ | $ 2,900,000 |
Number of units | item | 99 |
Interest rate period | 2 years |
Investment interest rate, after first two years (as a percent) | 15.00% |
Minimum | |
Investment in Unconsolidated Joint Ventures | |
Investment interest rate, first two years (as a percent) | 10.00% |
Maximum | |
Investment in Unconsolidated Joint Ventures | |
Investment interest rate, first two years (as a percent) | 12.00% |
Notes Receivable (Details)
Notes Receivable (Details) | 12 Months Ended | ||
Dec. 31, 2015USD ($)item | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Notes Receivable | |||
Loan commitment | $ 2,100,000 | ||
Reclassification of pre-development loans (Note 7) | 1,035,000 | $ 304,000 | $ 479,000 |
Principal payments received under notes receivable | 113,000 | 3,110,000 | |
Amount funded | 1,554,000 | 1,263,000 | 1,004,000 |
Notes receivable activities | |||
Advances under notes receivable | 1,554,000 | 1,263,000 | 1,004,000 |
Principal payments received under notes receivable | (113,000) | (3,110,000) | |
Reclassed to real estate under development | (1,035,000) | (304,000) | (479,000) |
Net increase (decrease) in notes receivable | 519,000 | $ 846,000 | $ (2,585,000) |
Loan Receivable with 12.00% Interest Maturing 2017 | |||
Notes Receivable | |||
Loan commitment | $ 400,000 | ||
Interest rate (as a percent) | 12.00% | ||
Loan Receivable with 12.25% Interest Maturing 2016 | |||
Notes Receivable | |||
Loan commitment | $ 400,000 | ||
Interest rate (as a percent) | 12.25% | ||
Loan Receivable 2 with 12.00% Interest Maturing 2017 | |||
Notes Receivable | |||
Loan commitment | $ 400,000 | ||
Interest rate (as a percent) | 12.00% | ||
Loan Receivable 3 with 12.00% Interest Maturing 2017 | |||
Notes Receivable | |||
Loan commitment | $ 400,000 | ||
Interest rate (as a percent) | 12.00% | ||
Loans Receivable and Line of Credit Agreements | |||
Notes Receivable | |||
Loan commitment | $ 2,725,000 | ||
Number of commitments | item | 8 | ||
Remaining loan commitments | $ 2,317,000 | ||
Weighted average interest rate (as a percent) | 9.90% | ||
Memory Care | |||
Notes Receivable | |||
Reclassification of pre-development loans (Note 7) | $ 1,035,000 | ||
Notes receivable activities | |||
Reclassed to real estate under development | (1,035,000) | ||
Assisted Living | Loan Receivable Maturing in Year 2020 | |||
Notes Receivable | |||
Loan commitment | $ 500,000 | ||
Interest rate (as a percent) | 6.50% |
Debt Obligations (Details)
Debt Obligations (Details) | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Jan. 31, 2016USD ($) | Dec. 31, 2015USD ($) | Dec. 31, 2015USD ($)property | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Debt Obligations | |||||
Applicable Interest Rate | 4.07% | ||||
Outstanding Balance | $ 571,872,000 | $ 571,872,000 | $ 280,584,000 | ||
Proceeds from issuance of senior unsecured notes | 200,000,000 | 30,000,000 | $ 70,000,000 | ||
Amount outstanding Senior Unsecured Notes | 451,372,000 | 451,372,000 | 280,584,000 | ||
Scheduled Principal Payments | |||||
Total | 572,967,000 | 572,967,000 | |||
2,016 | 26,667,000 | 26,667,000 | |||
2,017 | 31,167,000 | 31,167,000 | |||
2,018 | 154,667,000 | 154,667,000 | |||
2,019 | 32,666,000 | 32,666,000 | |||
2,020 | 37,160,000 | 37,160,000 | |||
Thereafter | 290,640,000 | $ 290,640,000 | |||
Bank Borrowings - Line of Credit | |||||
Debt Obligations | |||||
Applicable Interest Rate | 1.92% | ||||
Outstanding Balance | 120,500,000 | $ 120,500,000 | |||
Available for Borrowing | 479,500,000 | 479,500,000 | 400,000,000 | ||
Amount borrowed | 291,000,000 | 37,500,000 | |||
Maximum availability under Unsecured Credit Agreement | 600,000,000 | $ 600,000,000 | |||
Increase in bank borrowings | $ 200,000,000 | ||||
Extension of maturity date | 1 year | ||||
Description of interest rate | LIBOR | ||||
Basis spread over base rate (as a percent) | 1.50% | ||||
Unused commitment fee (as a percent) | 0.35% | ||||
Maximum ratio of total indebtedness to total asset value | 0.5 | 0.5 | |||
Maximum ratio of secured debt to total asset value | 0.35 | 0.35 | |||
Maximum ratio of unsecured debt to the value of the unencumbered asset pool | 0.6 | 0.6 | |||
Minimum ratio of EBITDA to fixed charges | 1.50 | 1.50 | |||
Repayment amount | $ 170,500,000 | 58,500,000 | |||
Scheduled Principal Payments | |||||
Total | $ 120,500,000 | 120,500,000 | |||
2,018 | 120,500,000 | $ 120,500,000 | |||
Bank Borrowings - Line of Credit | Subsequent Event | |||||
Debt Obligations | |||||
Available for Borrowing | $ 447,500,000 | ||||
Amount borrowed | 32,000,000 | ||||
Senior Unsecured Debt | |||||
Debt Obligations | |||||
Applicable Interest Rate | 4.64% | ||||
Outstanding Balance | 451,372,000 | $ 451,372,000 | 280,584,000 | ||
Available for Borrowing | 33,333,000 | 33,333,000 | |||
Repayments of debt | 29,167,000 | 4,167,000 | |||
Scheduled Principal Payments | |||||
Total | 452,467,000 | 452,467,000 | |||
2,016 | 26,667,000 | 26,667,000 | |||
2,017 | 31,167,000 | 31,167,000 | |||
2,018 | 34,167,000 | 34,167,000 | |||
2,019 | 32,666,000 | 32,666,000 | |||
2,020 | 37,160,000 | 37,160,000 | |||
Thereafter | 290,640,000 | 290,640,000 | |||
Debt issuance costs | $ 1,095,000 | ||||
Senior Unsecured Debt | Maximum | |||||
Debt Obligations | |||||
Maturity Period | 15 years | ||||
Senior Unsecured Debt | Weighted Average | |||||
Debt Obligations | |||||
Maturity Period | 12 years | ||||
Private Shelf Agreement Prudential | |||||
Debt Obligations | |||||
Maximum availability under Unsecured Credit Agreement | 200,000,000 | $ 200,000,000 | |||
Maturity Period | 3 years | ||||
Senior Unsecured Term Notes 3.99 Percent Due 20 November 2021 [Member] | |||||
Debt Obligations | |||||
Proceeds from issuance of senior unsecured notes | $ 30,000,000 | ||||
Stated interest rate (as a percent) | 4.50% | ||||
Senior Unsecured Term Note 4.50 Percent Due 31 July 2026 [Member] | |||||
Debt Obligations | |||||
Available for Borrowing | $ 37,500,000 | $ 37,500,000 | |||
Proceeds from issuance of senior unsecured notes | $ 100,000,000 | ||||
Stated interest rate (as a percent) | 4.50% | 4.50% | |||
Note Purchase and Private Shelf Agreement AIG | |||||
Debt Obligations | |||||
Maximum available for issuance under private shelf agreement | $ 100,000,000 | ||||
Bonds | |||||
Debt Obligations | |||||
Face amount of debt | $ 1,400,000 | 1,400,000 | |||
Repayments of debt | $ 635,000 | ||||
Number of assisted living properties securing debt instruments | property | 5 | ||||
Senior Unsecured Debt | |||||
Debt Obligations | |||||
Available for Borrowing | $ 479,500,000 | $ 479,500,000 | |||
Senior Unsecured Debt | Subsequent Event | |||||
Debt Obligations | |||||
Outstanding Balance | 152,500,000 | ||||
Available for Borrowing | 447,500,000 | ||||
Amount borrowed | $ 32,000,000 | ||||
Senior Unsecured Debt | Note Purchase and Private Shelf Agreement AIG | |||||
Debt Obligations | |||||
Stated interest rate (as a percent) | 4.26% | 4.26% | |||
Maturity Period | 3 years |
Equity - Class of Stock, Distri
Equity - Class of Stock, Distributions (Details) - USD ($) | Jan. 29, 2016 | Jan. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Equity | ||||||||||||||
Preferred shares outstanding | 0 | 2,000,000 | 0 | 2,000,000 | ||||||||||
Net proceeds | $ 24,644,000 | $ 176,260,000 | ||||||||||||
Dividend Distributions | ||||||||||||||
Declared | $ 76,765,000 | $ 74,431,000 | $ 76,765,000 | 74,431,000 | ||||||||||
Paid | $ 76,765,000 | $ 74,431,000 | $ 66,904,000 | |||||||||||
Dividends per share declared (in dollars per share) | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | ||||||
Dividends paid per common share (in dollars per share) | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.070 | $ 2.040 | $ 1.905 | |||
Accumulated other comprehensive income | ||||||||||||||
Accumulated other comprehensive income | $ 47,000 | $ 82,000 | $ 47,000 | $ 82,000 | ||||||||||
Change from net income and transfers from non-controlling interest | ||||||||||||||
Net income attributable to LTC Properties, Inc. | 73,081,000 | $ 73,399,000 | $ 57,815,000 | |||||||||||
Subsequent Event | Dividend Payable, January 2016 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.18 | |||||||||||||
Subsequent Event | Dividend Payable, February 2016 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends per share declared (in dollars per share) | 0.18 | |||||||||||||
Subsequent Event | Dividend Payable, March 2016 | ||||||||||||||
Dividend Distributions | ||||||||||||||
Dividends per share declared (in dollars per share) | $ 0.18 | |||||||||||||
Shelf Registration | ||||||||||||||
Equity | ||||||||||||||
Amount available under effective shelf registration statement | $ 575,100,000 | $ 575,100,000 | ||||||||||||
Automatic shelf registration statement, term (in years) | P3Y | |||||||||||||
Series C Preferred Stock | ||||||||||||||
Equity | ||||||||||||||
Preferred shares outstanding | 0 | 2,000,000 | 0 | 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 | |||||||||||||
Conversion price per share | $ 19.25 | |||||||||||||
Shares converted | 2,000,000 | |||||||||||||
Dividend Distributions | ||||||||||||||
Declared | $ 2,454,000 | $ 3,273,000 | $ 2,454,000 | $ 3,273,000 | ||||||||||
Paid | $ 2,454,000 | $ 3,273,000 | ||||||||||||
Common Stock | ||||||||||||||
Equity | ||||||||||||||
Number of shares repurchased | 26,993 | 5,324 | ||||||||||||
Dividend Distributions | ||||||||||||||
Declared | $ 74,311,000 | $ 71,158,000 | $ 74,311,000 | $ 71,158,000 | ||||||||||
Paid | 74,311,000 | $ 71,158,000 | ||||||||||||
Dividends per share declared (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.17 | |||||||||||
Dividends paid per common share (in dollars per share) | $ 0.18 | $ 0.17 | $ 0.17 | |||||||||||
Common Stock | Subsequent Event | ||||||||||||||
Equity | ||||||||||||||
Number of shares repurchased | 30,482 | |||||||||||||
Common Stock | Equity Distribution Agreement | ||||||||||||||
Equity | ||||||||||||||
Maximum offering capacity under shelf registration statement | $ 200,000,000 | 200,000,000 | ||||||||||||
Amount available under effective shelf registration statement | $ 200,000,000 | $ 200,000,000 | ||||||||||||
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 | |||||||||||||
Reclassification of accumulated costs to additional paid in capital | $ 662,000 | |||||||||||||
Common Stock | Private Placement | ||||||||||||||
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 |
Equity - 2015 Equity Participat
Equity - 2015 Equity Participation Plan (Details) - 2015 Plan | 12 Months Ended |
Dec. 31, 2015shares | |
Stock Based Compensation Plans | |
Number of shares of common stock that have been reserved for awards (in shares) | 1,400,000 |
Stock options | |
Stock Based Compensation Plans | |
Stock options granted (in shares) | 0 |
Restricted stock | |
Stock Based Compensation Plans | |
Granted (in shares) | 0 |
Equity - Restricted Stock (Deta
Equity - Restricted Stock (Details) - Restricted stock - 2008 Plan - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted stock activity | ||
Outstanding at the beginning of the year (in shares) | 214,168 | 165,149 |
Granted (in shares) | 92,150 | 95,000 |
Vested (in shares) | (118,331) | (45,981) |
Canceled (in shares) | (640) | |
Outstanding at the end of the year (in shares) | 187,347 | 214,168 |
Compensation expense | ||
Compensation expense, vested awards | $ 3,992 | $ 3,241 |
Remaining compensation expense | $ 4,221 | |
2,016 | ||
Restricted stock activity | ||
Outstanding at the end of the year (in shares) | 102,060 | |
Compensation expense | ||
Remaining compensation expense | $ 2,618 | |
2,017 | ||
Restricted stock activity | ||
Outstanding at the end of the year (in shares) | 57,367 | |
Compensation expense | ||
Remaining compensation expense | $ 1,416 | |
2,018 | ||
Restricted stock activity | ||
Outstanding at the end of the year (in shares) | 27,920 | |
Compensation expense | ||
Remaining compensation expense | $ 187 | |
Grant Date Price 36.81 | Three year vesting | ||
Restricted stock activity | ||
Granted (in shares) | 59,000 | |
Price per share | $ 36.81 | |
Vesting period | 3 years | |
Grant Date Price 38.43 | Three year vesting | ||
Restricted stock activity | ||
Granted (in shares) | 3,000 | |
Price per share | $ 38.43 | |
Vesting period | 3 years | |
Grant Date Price 40.05 | Three year vesting | ||
Restricted stock activity | ||
Granted (in shares) | 15,000 | |
Price per share | $ 40.05 | |
Vesting period | 3 years | |
Grant Date Price 40.05 | Vesting Date, June 9, 2015 | ||
Restricted stock activity | ||
Granted (in shares) | 10,500 | |
Price per share | $ 40.05 | |
Grant Date Price 41.34 | Vesting Date, November 12, 2015 | ||
Restricted stock activity | ||
Granted (in shares) | 7,500 | |
Price per share | $ 41.34 | |
Grant Date Price 44.45 | Three year vesting | ||
Restricted stock activity | ||
Granted (in shares) | 65,750 | |
Price per share | $ 44.45 | |
Vesting period | 3 years | |
Grant Date Price 42.30 | Three year vesting | ||
Restricted stock activity | ||
Granted (in shares) | 18,000 | |
Price per share | $ 42.30 | |
Vesting period | 3 years | |
Grant Date Price 42.30 | Vesting Date, June 2, 2016 | ||
Restricted stock activity | ||
Granted (in shares) | 8,400 | |
Price per share | $ 42.30 |
Equity - Options (Details)
Equity - Options (Details) - Stock options - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Stock Options | ||
Vesting period | 3 years | |
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) | 43,334 | 73,334 |
Granted (in shares) | 15,000 | |
Exercised (in shares) | (3,333) | (45,000) |
Outstanding at the end of the year (in shares) | 40,001 | 43,334 |
Options exercisable at end of the period (in shares) | 30,001 | 28,334 |
Weighted Average Price | ||
Outstanding at the beginning of the year (in dollars per share) | $ 29.16 | $ 23.97 |
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) | 29.60 | 29.16 |
Exercisable at the end of the period (in dollars per share) | $ 31.99 | $ 24.25 |
Other information | ||
Aggregate intrinsic value of exercisable options at the end of the year | $ 494,000 | |
Weighted average remaining contractual life of options exercisable | 2 years 7 months 6 days | 2 years 8 months 12 days |
Value of options exercised | $ 79,000 | $ 1,071,000 |
Market value of options on the date of exercise | 140,000 | 1,840,000 |
Compensation expense, vested awards | $ 14,000 | $ 12,000 |
Options scheduled to vest (in shares) | 10,000 | |
Remaining compensation expense | $ 18,000 | |
2,016 | ||
Other information | ||
Options scheduled to vest (in shares) | 5,000 | |
Remaining compensation expense | $ 15,000 | |
2,017 | ||
Other information | ||
Options scheduled to vest (in shares) | 5,000 | |
Remaining compensation expense | $ 3,000 |
Commitments and Contingencies -
Commitments and Contingencies - Contingent Consideration (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Contingent consideration | |||
Non-cash interest related to earn-out liabilities | $ 409 | $ 18 | $ 256 |
Accrued incentives and earn-outs | 12,722 | 3,258 | |
Earn-out liabilities | |||
Contingent consideration | |||
Non-cash interest related to earn-out liabilities | 409 | 18 | |
Level 3 | Fair Value | |||
Contingent consideration | |||
Accrued incentives and earn-outs | 12,722 | $ 3,258 | |
Level 3 | Fair Value | Earn-out liabilities | |||
Contingent consideration | |||
Accrued incentives and earn-outs | $ 12,722 |
Commitments and Contingencies56
Commitments and Contingencies - Summary of Commitments (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Other Commitments [Line Items] | |
Investment Commitment | $ 214,917 |
Amount Funded | 71,977 |
Commitments funded | (77,530) |
Remaining commitment | 137,387 |
Real estate properties | |
Other Commitments [Line Items] | |
Investment Commitment | 110,650 |
Amount Funded | 40,334 |
Commitments funded | (42,391) |
Remaining commitment | 68,259 |
Earn-out liabilities | |
Other Commitments [Line Items] | |
Investment Commitment | 16,300 |
Amount Funded | 805 |
Commitments funded | (805) |
Remaining commitment | 15,495 |
Lease incentives | |
Other Commitments [Line Items] | |
Investment Commitment | 4,202 |
Amount Funded | 587 |
Commitments funded | (620) |
Remaining commitment | 3,582 |
Mortgage loans | |
Other Commitments [Line Items] | |
Investment Commitment | 52,490 |
Amount Funded | 6,925 |
Commitments funded | (10,263) |
Remaining commitment | 42,227 |
Joint venture investments | |
Other Commitments [Line Items] | |
Investment Commitment | 28,550 |
Amount Funded | 23,043 |
Commitments funded | (23,043) |
Remaining commitment | 5,507 |
Notes receivable | |
Other Commitments [Line Items] | |
Investment Commitment | 2,725 |
Amount Funded | 283 |
Commitments funded | (408) |
Remaining commitment | $ 2,317 |
Distributions (Details)
Distributions (Details) - $ / shares | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Distributions | |||||||||||
Minimum distribution of taxable income (as a percent) | 90.00% | ||||||||||
Ordinary taxable distribution | $ 1.690 | $ 1.474 | $ 1.534 | ||||||||
Return of capital | 0.357 | 0.196 | 0.313 | ||||||||
Unrecaptured Section 1250 gain | 0.023 | 0.370 | 0.058 | ||||||||
Total | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.070 | $ 2.040 | $ 1.905 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net Income Per Common Share | |||||||||||
Income from continuing operations | $ 73,081 | $ 73,399 | $ 55,405 | ||||||||
Less net income allocated to participating securities: | |||||||||||
Nonforfeitable dividends on participating securities | (480) | (465) | (381) | ||||||||
Income allocated to participating securities | (4) | (16) | (2) | ||||||||
Total net income allocated to participating securities | (484) | (481) | (383) | ||||||||
Less net income allocated to preferred stockholders: | |||||||||||
Preferred stock dividends | (2,454) | (3,273) | (3,273) | ||||||||
Discontinued operations: | |||||||||||
Income from discontinued operations | 805 | ||||||||||
Gain on sale of real estate, net | 1,605 | ||||||||||
Net income from discontinued operations | 2,410 | ||||||||||
Net income available to common stockholders | $ 17,840 | $ 18,708 | $ 16,984 | $ 16,611 | $ 20,043 | $ 16,181 | $ 17,338 | $ 16,083 | 70,143 | 69,645 | 54,159 |
Effect of dilutive securities: | |||||||||||
Convertible preferred securities | 2,454 | 3,273 | |||||||||
Total effect of dilutive securities | 2,454 | 3,273 | |||||||||
Net income for diluted net income per share | $ 72,597 | $ 72,918 | $ 54,159 | ||||||||
Shares for basic net income per share | 35,590 | 34,617 | 33,111 | ||||||||
Effect of dilutive securities: | |||||||||||
Stock options (in shares) | 13 | 23 | 31 | ||||||||
Convertible preferred securities (in shares) | 1,726 | 2,000 | |||||||||
Total effect of dilutive securities (in shares) | 1,739 | 2,023 | 31 | ||||||||
Shares for diluted net income per share | 37,329 | 36,640 | 33,142 | ||||||||
Basic (in dollars per share) | $ 0.49 | $ 0.53 | $ 0.48 | $ 0.47 | $ 0.58 | $ 0.47 | $ 0.50 | $ 0.47 | $ 1.97 | $ 2.01 | $ 1.64 |
Diluted (in dollars per share) | $ 0.48 | $ 0.52 | $ 0.48 | $ 0.47 | $ 0.57 | $ 0.46 | $ 0.50 | $ 0.46 | $ 1.94 | $ 1.99 | $ 1.63 |
Quarterly Financial Informati59
Quarterly Financial Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information | |||||||||||
Revenues | $ 37,393 | $ 34,943 | $ 32,387 | $ 31,480 | $ 30,755 | $ 29,541 | $ 29,227 | $ 29,438 | $ 136,203 | $ 118,961 | $ 104,974 |
Net income available to common stockholders | $ 17,840 | $ 18,708 | $ 16,984 | $ 16,611 | $ 20,043 | $ 16,181 | $ 17,338 | $ 16,083 | $ 70,143 | $ 69,645 | $ 54,159 |
Net income per common share available to common stockholders: | |||||||||||
Basic (in dollars per share) | $ 0.49 | $ 0.53 | $ 0.48 | $ 0.47 | $ 0.58 | $ 0.47 | $ 0.50 | $ 0.47 | $ 1.97 | $ 2.01 | $ 1.64 |
Diluted (in dollars per share) | 0.48 | 0.52 | 0.48 | 0.47 | 0.57 | 0.46 | 0.50 | 0.46 | 1.94 | 1.99 | 1.63 |
Dividends per share declared (in dollars per share) | 0.54 | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 | 0.51 | |||
Dividends declared and paid per common share (in dollars per share) | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 2.070 | $ 2.040 | $ 1.905 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value measurements | ||
Mortgage loans receivable | $ 217,529 | $ 165,656 |
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049 | 451,372 | 280,584 |
Contingent liabilities | 12,722 | 3,258 |
Fair Value | ||
Fair value measurements | ||
Bank borrowings | 120,500 | |
Carrying Value | ||
Fair value measurements | ||
Mortgage loans receivable | 217,529 | 165,656 |
Bank borrowings | 120,500 | |
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049 | 451,372 | 280,584 |
Contingent liabilities | 12,722 | 3,258 |
Level 3 | Fair Value | ||
Fair value measurements | ||
Mortgage loans receivable | 257,335 | 198,977 |
Senior unsecured notes, net of debt issue costs: 2015—$1,095; 2014—$1,049 | 451,420 | 283,933 |
Contingent liabilities | $ 12,722 | $ 3,258 |
Fair Value Measurements - Assum
Fair Value Measurements - Assumptions (Details) - Level 3 - Discounted Cash Flow Analysis | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Senior Unsecured Notes maturing before 2026 | ||
Fair value assumptions | ||
Discount rate (as a percent) | 4.35% | |
Senior Unsecured Notes maturing 2026 and after | ||
Fair value assumptions | ||
Discount rate (as a percent) | 4.65% | |
Senior Unsecured Notes maturing before 2020 | ||
Fair value assumptions | ||
Discount rate (as a percent) | 3.80% | |
Senior Unsecured Notes maturing 2020 and after | ||
Fair value assumptions | ||
Discount rate (as a percent) | 4.55% | |
Earn-out liabilities | ||
Fair value assumptions | ||
Discount rate (as a percent) | 6.10% | 6.20% |
Mortgage Loans Receivable | ||
Fair value assumptions | ||
Discount rate (as a percent) | 8.90% | 8.60% |
Subsequent Events (Details)
Subsequent Events (Details) | Jan. 29, 2016shares | Jan. 31, 2016USD ($)item$ / shares | Dec. 31, 2015USD ($)$ / shares | Sep. 30, 2015$ / shares | Jun. 30, 2015$ / shares | Mar. 31, 2015$ / shares | Dec. 31, 2014USD ($)$ / shares | Sep. 30, 2014$ / shares | Jun. 30, 2014$ / shares | Mar. 31, 2014$ / shares | Sep. 30, 2015$ / shares | Dec. 31, 2015USD ($)itemshares | Dec. 31, 2014USD ($)item$ / sharesshares | Dec. 31, 2013USD ($)item |
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Purchase Price | $ 218,626,000 | $ 11,650,000 | $ 19,040,000 | |||||||||||
Number of beds/units acquired | item | 1,429 | 48 | 130 | |||||||||||
Gain (loss) on sale of properties | $ 586,000 | $ 4,959,000 | ||||||||||||
Debt Obligations | ||||||||||||||
Outstanding Balance | $ 120,500,000 | 120,500,000 | ||||||||||||
Equity | ||||||||||||||
Dividends per share declared (in dollars per share) | $ / shares | $ 0.54 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | $ 0.51 | ||||||
Skilled Nursing | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Purchase Price | $ 36,946,000 | $ 14,402,000 | ||||||||||||
Number of beds/units acquired | item | 360 | 130 | ||||||||||||
Assisted Living | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Purchase Price | $ 156,097,000 | $ 9,800,000 | ||||||||||||
Number of beds/units acquired | item | 951 | 48 | ||||||||||||
Bank Borrowings - Line of Credit | ||||||||||||||
Debt Obligations | ||||||||||||||
Amount borrowed | $ 291,000,000 | $ 37,500,000 | ||||||||||||
Available for Borrowing | $ 479,500,000 | $ 400,000,000 | $ 479,500,000 | $ 400,000,000 | ||||||||||
Subsequent Event | Dividend Payable, January 2016 | ||||||||||||||
Equity | ||||||||||||||
Dividends per share declared (in dollars per share) | $ / shares | $ 0.18 | |||||||||||||
Subsequent Event | Dividend Payable, February 2016 | ||||||||||||||
Equity | ||||||||||||||
Dividends per share declared (in dollars per share) | $ / shares | 0.18 | |||||||||||||
Subsequent Event | Dividend Payable, March 2016 | ||||||||||||||
Equity | ||||||||||||||
Dividends per share declared (in dollars per share) | $ / shares | $ 0.18 | |||||||||||||
Subsequent Event | Bank Borrowings - Line of Credit | ||||||||||||||
Debt Obligations | ||||||||||||||
Amount borrowed | $ 32,000,000 | |||||||||||||
Outstanding Balance | 152,500,000 | |||||||||||||
Available for Borrowing | 447,500,000 | |||||||||||||
Texas | Subsequent Event | Skilled Nursing | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Purchase Price | $ 16,000,000 | |||||||||||||
Number of beds/units acquired | item | 126 | |||||||||||||
Oregon | Assisted Living | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Number of beds or units in property sold | item | 36 | |||||||||||||
Sales price | $ 1,500,000 | |||||||||||||
Oregon | Subsequent Event | Assisted Living | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Mortgage loan agreement amount | $ 1,000,000 | |||||||||||||
Oregon | Subsequent Event | Real Estate Investment | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Number of beds or units in property sold | item | 36 | |||||||||||||
Sales price | $ 1,500,000 | |||||||||||||
Mortgage loan agreement amount | $ 1,000,000 | |||||||||||||
Florida | Subsequent Event | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Number of beds or units in property sold | item | 48 | |||||||||||||
Sales price | $ 1,750,000 | |||||||||||||
Florida | Subsequent Event | Assisted Living | ||||||||||||||
Real Estate Owned Properties, Real Estate Mortgage Loans and Notes Receivable | ||||||||||||||
Number of beds or units in property sold | item | 48 | |||||||||||||
Sales price | $ 1,750,000 | |||||||||||||
Gain (loss) on sale of properties | $ 120,000 | |||||||||||||
Common Stock | ||||||||||||||
Equity | ||||||||||||||
Number of shares repurchased | shares | 26,993 | 5,324 | ||||||||||||
Dividends per share declared (in dollars per share) | $ / shares | $ 0.18 | $ 0.17 | $ 0.17 | |||||||||||
Common Stock | Subsequent Event | ||||||||||||||
Equity | ||||||||||||||
Number of shares repurchased | shares | 30,482 |
SCHEDULE II VALUATION AND QUA63
SCHEDULE II VALUATION AND QUALIFYING ACCOUNTS (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Valuation and qualifying accounts | |||
Balance at beginning of period | $ 2,404 | $ 3,212 | $ 2,339 |
(Recovered) charged to costs and expenses | 619 | 32 | 2,180 |
Deductions | (840) | (1,307) | |
Balance at end of period | 3,023 | 2,404 | 3,212 |
Loan loss reserves | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 1,673 | 1,671 | 782 |
(Recovered) charged to costs and expenses | 517 | 2 | 1,274 |
Deductions | (385) | ||
Balance at end of period | 2,190 | 1,673 | 1,671 |
Straight-line rent receivable allowance | |||
Valuation and qualifying accounts | |||
Balance at beginning of period | 731 | 1,541 | 1,557 |
(Recovered) charged to costs and expenses | 102 | 30 | 906 |
Deductions | (840) | (922) | |
Balance at end of period | $ 833 | $ 731 | $ 1,541 |
SCHEDULE III REAL ESTATE AND 64
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - By Property (Details) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Initial Cost to Company | ||||
Land | $ 106,841 | |||
Buildings and Improvements | 1,009,850 | |||
Costs Capitalized Subsequent to acquisition | 81,995 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 106,841 | |||
Buildings and Improvements | 1,091,845 | |||
Total | 1,198,686 | $ 949,838 | $ 937,617 | $ 900,095 |
Accum Deprec | 251,265 | $ 223,315 | $ 218,700 | $ 198,548 |
Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 46,086 | |||
Buildings and Improvements | 433,844 | |||
Costs Capitalized Subsequent to acquisition | 42,193 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 46,086 | |||
Buildings and Improvements | 476,037 | |||
Total | 522,123 | |||
Accum Deprec | 119,772 | |||
Assisted Living | ||||
Initial Cost to Company | ||||
Land | 44,096 | |||
Buildings and Improvements | 496,208 | |||
Costs Capitalized Subsequent to acquisition | 31,258 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 44,096 | |||
Buildings and Improvements | 527,466 | |||
Total | 571,562 | |||
Accum Deprec | 112,332 | |||
Range of Care | ||||
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 | 14,030 | |||
Other School and Land [Member] | ||||
Initial Cost to Company | ||||
Land | 3,008 | |||
Buildings and Improvements | 13,308 | |||
Costs Capitalized Subsequent to acquisition | 3,170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 3,008 | |||
Buildings and Improvements | 16,478 | |||
Total | 19,486 | |||
Accum Deprec | 5,131 | |||
School [Member] | ||||
Initial Cost to Company | ||||
Land | 2,065 | |||
Buildings and Improvements | 13,308 | |||
Costs Capitalized Subsequent to acquisition | 3,170 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,065 | |||
Buildings and Improvements | 16,478 | |||
Total | 18,543 | |||
Accum Deprec | 5,131 | |||
Land | ||||
Initial Cost to Company | ||||
Land | 943 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 943 | |||
Total | 943 | |||
Properties under Development | ||||
Initial Cost to Company | ||||
Land | 10,918 | |||
Buildings and Improvements | 30,690 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 10,918 | |||
Buildings and Improvements | 30,690 | |||
Total | 41,608 | |||
Alamogordo 134 NM [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 210 | |||
Buildings and Improvements | 2,593 | |||
Costs Capitalized Subsequent to acquisition | 641 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 210 | |||
Buildings and Improvements | 3,234 | |||
Total | 3,444 | |||
Accum Deprec | 1,033 | |||
Albuquerque 218 NM [Member] | Skilled Nursing | ||||
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 | 1,503 | |||
Albuquerque 219 NM [Member] | Skilled Nursing | ||||
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 | 3,038 | |||
Albuquerque 220 NM [Member] | Skilled Nursing | ||||
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 | 2,545 | |||
Altoona 042 IA [Member] | Skilled Nursing | ||||
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 | 1,720 | |||
Amarillo 252 TX [Member] | Skilled Nursing | ||||
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 | 930 | |||
Aransas Pass 214 TX [Member] | Skilled Nursing | ||||
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 | 730 | |||
Arlington 247 TX [Member] | Skilled Nursing | ||||
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 | 2,448 | |||
Atlanta 171 GA [Member] | Skilled Nursing | ||||
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 | 709 | |||
Atmore 040 AL [Member] | Skilled Nursing | ||||
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 | 1,760 | |||
Beaumont 221 TX [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 370 | |||
Buildings and Improvements | 1,141 | |||
Costs Capitalized Subsequent to acquisition | 106 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 370 | |||
Buildings and Improvements | 1,247 | |||
Total | 1,617 | |||
Accum Deprec | 462 | |||
Beeville 213 TX [Member] | Skilled Nursing | ||||
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 | 404 | |||
Benbrook 215 TX [Member] | Skilled Nursing | ||||
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 | 798 | |||
Bradenton 007 FL [Member] | Skilled Nursing | ||||
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 | 1,880 | |||
Brownwood 256 TX [Member] | Skilled Nursing | ||||
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 | 729 | |||
Carroll 043 IA [Member] | Skilled Nursing | ||||
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 | 776 | |||
Chesapeake 177 VA [Member] | Skilled Nursing | ||||
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 | 2,918 | |||
Cincinnati 257 OH [Member] | Skilled Nursing | ||||
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 | 1,967 | |||
Clovis 125 NM [Member] | Skilled Nursing | ||||
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 | 2,163 | |||
Clovis 129 NM [Member] | Skilled Nursing | ||||
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 | 2,232 | |||
Coldspring 268 KY [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 2,050 | |||
Buildings and Improvements | 21,496 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,050 | |||
Buildings and Improvements | 21,496 | |||
Total | 23,546 | |||
Accum Deprec | 1,145 | |||
Colton 253 CA [Member] | Skilled Nursing | ||||
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 | 1,792 | |||
Commerce 211 CO [Member] | Skilled Nursing | ||||
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 | 1,299 | |||
Commerce City 212 CO [Member] | Skilled Nursing | ||||
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 | 843 | |||
Crowley 246 TX [Member] | Skilled Nursing | ||||
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 | 2,419 | |||
Daleville 235 VA [Member] | Skilled Nursing | ||||
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 | 1,691 | |||
Dayton 258 OH [Member] | Skilled Nursing | ||||
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 | 2,101 | |||
Dresden 196 TN [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 31 | |||
Buildings and Improvements | 1,529 | |||
Costs Capitalized Subsequent to acquisition | 1,073 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 31 | |||
Buildings and Improvements | 2,602 | |||
Total | 2,633 | |||
Accum Deprec | 797 | |||
Fort Worth 298 TX [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 2,785 | |||
Buildings and Improvements | 7,546 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,785 | |||
Buildings and Improvements | 7,546 | |||
Total | 10,331 | |||
Accum Deprec | 36 | |||
Gardner 185 KS [Member] | Skilled Nursing | ||||
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 | 3,129 | |||
Granbury 248 TX [Member] | Skilled Nursing | ||||
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 | 1,645 | |||
Granger 044 IA [Member] | Skilled Nursing | ||||
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 | 948 | |||
Grapevine 205 TX [Member] | Skilled Nursing | ||||
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 | 817 | |||
Griffin 172 GA [Member] | Skilled Nursing | ||||
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 | 1,484 | |||
Hewitt 250 TX [Member] | Skilled Nursing | ||||
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 | 1,078 | |||
Houston 054 TX [Member] | Skilled Nursing | ||||
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 | 3,548 | |||
Houston 051 TX [Member] | Skilled Nursing | ||||
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 | 3,133 | |||
Houston 055 TX [Member] | Skilled Nursing | ||||
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 | 3,432 | |||
Jacksonville 208 FL [Member] | Skilled Nursing | ||||
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 | 853 | |||
Jefferson 045 IA [Member] | Skilled Nursing | ||||
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 | 1,289 | |||
Lecanto 008 FL [Member] | Skilled Nursing | ||||
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 | 3,321 | |||
Mesa 053 AZ [Member] | Skilled Nursing | ||||
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 | 4,898 | |||
Mesa 226 AZ [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 1,095 | |||
Buildings and Improvements | 2,330 | |||
Costs Capitalized Subsequent to acquisition | 1,240 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,095 | |||
Buildings and Improvements | 3,570 | |||
Total | 4,665 | |||
Accum Deprec | 740 | |||
Mission 242 TX [Member] | Skilled Nursing | ||||
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 | 2,546 | |||
Montgomery 041 AL [Member] | Skilled Nursing | ||||
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 | 3,184 | |||
Nacogdoches 115 TX [Member] | Skilled Nursing | ||||
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 | 1,045 | |||
Nacogdoches 233 TX [Member] | Skilled Nursing | ||||
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 | 1,442 | |||
Nacogdoches 249 TX [Member] | Skilled Nursing | ||||
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 | 2,225 | |||
Norwalk 046 IA [Member] | Skilled Nursing | ||||
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 | 788 | |||
Olathe 176 KS [Member] | Skilled Nursing | ||||
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 | 1,225 | |||
Pasadena 251 TX [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 1,155 | |||
Buildings and Improvements | 14,345 | |||
Costs Capitalized Subsequent to acquisition | 522 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,155 | |||
Buildings and Improvements | 14,867 | |||
Total | 16,022 | |||
Accum Deprec | 1,667 | |||
Phoenix 210 AZ [Member] | Skilled Nursing | ||||
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 | 1,607 | |||
Phoenix 193 AZ [Member] | Skilled Nursing | ||||
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 | 4,846 | |||
Polk City 047 IA [Member] | Skilled Nursing | ||||
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 | 928 | |||
Portland 094 OR [Member] | Skilled Nursing | ||||
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 | 2,543 | |||
Red Oak 254 TX [Member] | Skilled Nursing | ||||
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 | 1,933 | |||
Richland Hills 124 TX [Member] | Skilled Nursing | ||||
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 | 1,028 | |||
Ripley 197 TN [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 20 | |||
Buildings and Improvements | 985 | |||
Costs Capitalized Subsequent to acquisition | 1,638 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 20 | |||
Buildings and Improvements | 2,623 | |||
Total | 2,643 | |||
Accum Deprec | 724 | |||
Roswell 133 NM [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 568 | |||
Buildings and Improvements | 5,235 | |||
Costs Capitalized Subsequent to acquisition | 1,396 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 568 | |||
Buildings and Improvements | 6,631 | |||
Total | 7,199 | |||
Accum Deprec | 2,074 | |||
Sacramento 081 CA [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 220 | |||
Buildings and Improvements | 2,929 | |||
Costs Capitalized Subsequent to acquisition | 1,481 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 220 | |||
Buildings and Improvements | 4,410 | |||
Total | 4,630 | |||
Accum Deprec | 1,775 | |||
Salina 085 KS [Member] | Skilled Nursing | ||||
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 | 1,071 | |||
Slinger 281 WI [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 464 | |||
Buildings and Improvements | 13,482 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 464 | |||
Buildings and Improvements | 13,482 | |||
Total | 13,946 | |||
Accum Deprec | 444 | |||
Stephenville 243 TX [Member] | Skilled Nursing | ||||
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 | 1,732 | |||
St. Petersburg 234 FL [Member] | Skilled Nursing | ||||
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 | 1,418 | |||
Tacoma 225 WA [Member] | Skilled Nursing | ||||
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 | 2,496 | |||
Tappahannock 178 VA [Member] | Skilled Nursing | ||||
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 | 1,409 | |||
Trinity 270 FL [Member] | Skilled Nursing | ||||
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 | 894 | |||
Tucson 192 AZ [Member] | Skilled Nursing | ||||
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 | 4,465 | |||
Tyler 209 TX [Member] | Skilled Nursing | ||||
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 | 1,033 | |||
Weatherford 299 TX [Member] | Skilled Nursing | ||||
Initial Cost to Company | ||||
Land | 836 | |||
Buildings and Improvements | 11,902 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 836 | |||
Buildings and Improvements | 11,902 | |||
Total | 12,738 | |||
Accum Deprec | 47 | |||
Ada 077 OK [Member] | Assisted Living | ||||
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 | 805 | |||
Arlington 136 OH [Member] | Assisted Living | ||||
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 | 2,524 | |||
Arvada 105 CO [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,810 | |||
Costs Capitalized Subsequent to acquisition | 6,960 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 9,770 | |||
Total | 9,870 | |||
Accum Deprec | 1,861 | |||
Athens 063 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 96 | |||
Buildings and Improvements | 1,510 | |||
Costs Capitalized Subsequent to acquisition | 50 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 96 | |||
Buildings and Improvements | 1,560 | |||
Total | 1,656 | |||
Accum Deprec | 778 | |||
Aurora 269 CO [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 850 | |||
Buildings and Improvements | 8,583 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 850 | |||
Buildings and Improvements | 8,583 | |||
Total | 9,433 | |||
Accum Deprec | 400 | |||
Aurora 260 CO [Member] | Assisted Living | ||||
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 | 910 | |||
Bakersfield 203 CA [Member] | Assisted Living | ||||
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 | 5,166 | |||
Beatrice 117 NE [Member] | Assisted Living | ||||
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 | 1,014 | |||
Bexley 137 OH [Member] | Assisted Living | ||||
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 | 1,520 | |||
Castle Rock 278 CO [Member] | Assisted Living | ||||
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 | 218 | |||
Central 160 SC [Member] | Assisted Living | ||||
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 | 898 | |||
Chatham 263 NJ [Member] | Assisted Living | ||||
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 | 3,149 | |||
Daytona Beach 240 FL [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 900 | |||
Buildings and Improvements | 3,400 | |||
Costs Capitalized Subsequent to acquisition, net of impairments | (1,992) | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 900 | |||
Buildings and Improvements | 1,408 | |||
Total | 2,308 | |||
Accum Deprec | 558 | |||
De Forest 292 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 485 | |||
Buildings and Improvements | 5,568 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 485 | |||
Buildings and Improvements | 5,568 | |||
Total | 6,053 | |||
Accum Deprec | 60 | |||
Denison 156 IA [Member] | Assisted Living | ||||
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 | 1,210 | |||
Dodge City 057 KS [Member] | Assisted Living | ||||
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 | 874 | |||
Durant 083 OK [Member] | Assisted Living | ||||
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 | 847 | |||
Edmond 107 OK [Member] | Assisted Living | ||||
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 | 885 | |||
Elkhart 122 IN [Member] | Assisted Living | ||||
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 | 1,118 | |||
Erie 155 PA [Member] | Assisted Living | ||||
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 | 3,357 | |||
Fremont 100 OH [Member] | Assisted Living | ||||
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 | 1,143 | |||
Frisco 267 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,000 | |||
Buildings and Improvements | 5,154 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,000 | |||
Buildings and Improvements | 5,154 | |||
Total | 6,154 | |||
Accum Deprec | 286 | |||
Ft Collins 163 CO [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 2,961 | |||
Costs Capitalized Subsequent to acquisition | 3,405 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 6,366 | |||
Total | 6,466 | |||
Accum Deprec | 1,471 | |||
Ft Collins 170 CO [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 3,400 | |||
Costs Capitalized Subsequent to acquisition | 4,622 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 8,022 | |||
Total | 8,122 | |||
Accum Deprec | 1,642 | |||
Ft Meyers 132 FL [Member] | Assisted Living | ||||
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 | 1,237 | |||
Ft Wayne 230 IN [Member] | Assisted Living | ||||
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 | 939 | |||
Ft Worth 229 TX [Member] | Assisted Living | ||||
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 | 1,635 | |||
Goldsboro 167 NC [Member] | Assisted Living | ||||
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 | 859 | |||
Great Bend 056 KS [Member] | Assisted Living | ||||
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 | 917 | |||
Greeley 102 CO [Member] | Assisted Living | ||||
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 | 1,205 | |||
Green Bay 284 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,079 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,660 | |||
Buildings and Improvements | 19,079 | |||
Total | 20,739 | |||
Accum Deprec | 231 | |||
Greenville 164 NC [Member] | Assisted Living | ||||
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 | 1,005 | |||
Greenville 062 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 42 | |||
Buildings and Improvements | 1,565 | |||
Costs Capitalized Subsequent to acquisition | 29 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 42 | |||
Buildings and Improvements | 1,594 | |||
Total | 1,636 | |||
Accum Deprec | 804 | |||
Greenwood 161 SC [Member] | Assisted Living | ||||
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 | 1,092 | |||
Gulf Breeze 241 FL [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 720 | |||
Buildings and Improvements | 3,780 | |||
Costs Capitalized Subsequent to acquisition | 256 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 720 | |||
Buildings and Improvements | 4,036 | |||
Total | 4,756 | |||
Accum Deprec | 664 | |||
Jacksonville 295 FL [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,756 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,389 | |||
Buildings and Improvements | 12,756 | |||
Total | 14,145 | |||
Accum Deprec | 84 | |||
Jacksonville 066 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,900 | |||
Costs Capitalized Subsequent to acquisition | 26 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,926 | |||
Total | 2,026 | |||
Accum Deprec | 968 | |||
Kenosha 285 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 936 | |||
Buildings and Improvements | 12,361 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 936 | |||
Buildings and Improvements | 12,361 | |||
Total | 13,297 | |||
Accum Deprec | 114 | |||
Littleton 255 CO [Member] | Assisted Living | ||||
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 | 732 | |||
Littleton 268 CO [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,200 | |||
Buildings and Improvements | 8,688 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,200 | |||
Buildings and Improvements | 8,688 | |||
Total | 9,888 | |||
Accum Deprec | 537 | |||
Longmont 148 CO [Member] | Assisted Living | ||||
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 | 1,183 | |||
Longview 060 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 78 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 1,646 | |||
Total | 1,684 | |||
Accum Deprec | 814 | |||
Louisville 261 CO [Member] | Assisted Living | ||||
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 | 1,034 | |||
Loveland 114 CO [Member] | Assisted Living | ||||
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 | 1,449 | |||
Lufkin 068 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,950 | |||
Costs Capitalized Subsequent to acquisition | 36 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,986 | |||
Total | 2,086 | |||
Accum Deprec | 987 | |||
Madison 119 IN [Member] | Assisted Living | ||||
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 | 1,133 | |||
Marshall 061 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 38 | |||
Buildings and Improvements | 1,568 | |||
Costs Capitalized Subsequent to acquisition | 479 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 38 | |||
Buildings and Improvements | 2,047 | |||
Total | 2,085 | |||
Accum Deprec | 1,051 | |||
McHenry 293 IL [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,289 | |||
Buildings and Improvements | 28,976 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,289 | |||
Buildings and Improvements | 28,976 | |||
Total | 30,265 | |||
Accum Deprec | 300 | |||
Mcpherson 058 KS [Member] | Assisted Living | ||||
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 | 908 | |||
Merritt Island 239 FL [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 550 | |||
Buildings and Improvements | 8,150 | |||
Costs Capitalized Subsequent to acquisition | 88 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 550 | |||
Buildings and Improvements | 8,238 | |||
Total | 8,788 | |||
Accum Deprec | 1,338 | |||
Millville 104 NJ [Member] | Assisted Living | ||||
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 | 1,323 | |||
Milwaukee 286 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 818 | |||
Buildings and Improvements | 8,014 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 818 | |||
Buildings and Improvements | 8,014 | |||
Total | 8,832 | |||
Accum Deprec | 86 | |||
Monroeville 231 PA [Member] | Assisted Living | ||||
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 | 1,150 | |||
Neenah 289 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 694 | |||
Buildings and Improvements | 20,839 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 694 | |||
Buildings and Improvements | 20,839 | |||
Total | 21,533 | |||
Accum Deprec | 209 | |||
New Bern 166 NC [Member] | Assisted Living | ||||
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 | 892 | |||
Newark 118 OH [Member] | Assisted Living | ||||
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 | 1,133 | |||
Newport Richey 123 FL [Member] | Assisted Living | ||||
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 | 3,366 | |||
Newport 074 OR [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 621 | |||
Buildings and Improvements | 2,050 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 621 | |||
Buildings and Improvements | 2,050 | |||
Total | 2,671 | |||
Accum Deprec | 1,290 | |||
Niceville 143 FL [Member] | Assisted Living | ||||
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 | 1,201 | |||
Norfolk 095 NE [Member] | Assisted Living | ||||
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 | 1,004 | |||
Oshkosh 290 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,525 | |||
Buildings and Improvements | 9,192 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,525 | |||
Buildings and Improvements | 9,192 | |||
Total | 10,717 | |||
Accum Deprec | 192 | |||
Oshkosh 291 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 475 | |||
Buildings and Improvements | 7,364 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 475 | |||
Buildings and Improvements | 7,364 | |||
Total | 7,839 | |||
Accum Deprec | 77 | |||
Pittsburgh 232 PA [Member] | Assisted Living | ||||
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 | 646 | |||
Rocky Mount 165 NC [Member] | Assisted Living | ||||
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 | 943 | |||
Rocky River 141 OH [Member] | Assisted Living | ||||
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 | 3,078 | |||
Salina 059 KS [Member] | Assisted Living | ||||
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 | 908 | |||
San Antonio 084 TX [Member] | Assisted Living | ||||
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 | 908 | |||
San Antonio 092 TX [Member] | Assisted Living | ||||
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 | 977 | |||
Sheboygan 288 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,382 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,168 | |||
Buildings and Improvements | 5,382 | |||
Total | 6,550 | |||
Accum Deprec | 64 | |||
Shelby 149 NC [Member] | Assisted Living | ||||
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 | 1,257 | |||
Spring Hill 150 FL [Member] | Assisted Living | ||||
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 | 1,188 | |||
Springfield 103 OH [Member] | Assisted Living | ||||
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 | 1,074 | |||
Sumter 162 SC [Member] | Assisted Living | ||||
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 | 933 | |||
Tallahassee 140 FL [Member] | Assisted Living | ||||
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 | 1,381 | |||
Tiffin 098 OH [Member] | Assisted Living | ||||
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 | 1,143 | |||
Troy 088 OH [Member] | Assisted Living | ||||
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 | 1,292 | |||
Tulsa 080 OK [Member] | Assisted Living | ||||
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 | 798 | |||
Tulsa 093 OK [Member] | Assisted Living | ||||
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 | 1,135 | |||
Tupelo 238 MS [Member] | Assisted Living | ||||
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 | 1,422 | |||
Tyler 075 TX [Member] | Assisted Living | ||||
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 | 876 | |||
Vacaville 202 CA [Member] | Assisted Living | ||||
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 | 5,095 | |||
Waco 091 TX [Member] | Assisted Living | ||||
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 | 1,060 | |||
Wahoo 096 NE [Member] | Assisted Living | ||||
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 | 1,089 | |||
Watauga 108 TX [Member] | Assisted Living | ||||
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 | 786 | |||
Waukesha 287 WI [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 992 | |||
Buildings and Improvements | 15,183 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 992 | |||
Buildings and Improvements | 15,183 | |||
Total | 16,175 | |||
Accum Deprec | 139 | |||
Weatherford 109 OK [Member] | Assisted Living | ||||
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 | 1,055 | |||
Westminster 276 CO [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 1,425 | |||
Buildings and Improvements | 9,575 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,425 | |||
Buildings and Improvements | 9,575 | |||
Total | 11,000 | |||
Accum Deprec | 320 | |||
Wheelersburg 110 OH [Member] | Assisted Living | ||||
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 | 1,133 | |||
Wichita 259 KS [Member] | Assisted Living | ||||
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 | 871 | |||
Wichita Falls 076 TX [Member] | Assisted Living | ||||
Initial Cost to Company | ||||
Land | 100 | |||
Buildings and Improvements | 1,850 | |||
Costs Capitalized Subsequent to acquisition | 82 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 100 | |||
Buildings and Improvements | 1,932 | |||
Total | 2,032 | |||
Accum Deprec | 900 | |||
Wichita Falls 120 TX [Member] | Assisted Living | ||||
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 | 1,287 | |||
Williamstown 265 NJ [Member] | Assisted Living | ||||
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 | 644 | |||
Williamstown 264 NJ [Member] | Assisted Living | ||||
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 | 758 | |||
Worthington 138 OH [Member] | Assisted Living | ||||
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 | 5,287 | |||
Worthington 139 OH [Member] | Assisted Living | ||||
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 | 2,959 | |||
York 099 NE [Member] | Assisted Living | ||||
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 | 1,089 | |||
Brownsville 199 TX [Member] | Range of Care | ||||
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 | 970 | |||
Des Moines 168 IA [Member] | Range of Care | ||||
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 | 1,875 | |||
Gardendale 26A AL [Member] | Range of Care | ||||
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 | 4,878 | |||
Holyoke 194 CO [Member] | Range of Care | ||||
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 | 987 | |||
Newberry 245 SC [Member] | Range of Care | ||||
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 | 1,112 | |||
Newberry 244 SC [Member] | Range of Care | ||||
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 | 1,034 | |||
Wytheville 236 VA [Member] | Range of Care | ||||
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 | 3,174 | |||
Las Vegas 297 NV [Member] | School [Member] | ||||
Initial Cost to Company | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,965 | |||
Buildings and Improvements | 7,308 | |||
Total | 9,273 | |||
Accum Deprec | 36 | |||
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 | 5,095 | |||
Howell 271 MI [Member] | Land | ||||
Initial Cost to Company | ||||
Land | 420 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 420 | |||
Total | 420 | |||
Yale 275 MI [Member] | Land | ||||
Initial Cost to Company | ||||
Land | 73 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 73 | |||
Total | 73 | |||
Milford 999 MI [Member] | Land | ||||
Initial Cost to Company | ||||
Land | 450 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 450 | |||
Total | 450 | |||
Burr Ridge 277 IL [Member] | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 1,400 | |||
Buildings and Improvements | 8,068 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 1,400 | |||
Buildings and Improvements | 8,068 | |||
Total | 9,468 | |||
Corpus Christi 279 TX [Member] | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 880 | |||
Buildings and Improvements | 10,086 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 880 | |||
Buildings and Improvements | 10,086 | |||
Total | 10,966 | |||
Glenview 296 IL [Member] | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 2,800 | |||
Buildings and Improvements | 690 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,800 | |||
Buildings and Improvements | 690 | |||
Total | 3,490 | |||
Merrells Inlet 280 SC [Member] | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 2,490 | |||
Buildings and Improvements | 3,558 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,490 | |||
Buildings and Improvements | 3,558 | |||
Total | 6,048 | |||
Murrieta 294 CA [Member] | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 2,022 | |||
Buildings and Improvements | 2,702 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 2,022 | |||
Buildings and Improvements | 2,702 | |||
Total | 4,724 | |||
Tinley Park 282 IL [Member] | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 702 | |||
Buildings and Improvements | 3,987 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 702 | |||
Buildings and Improvements | 3,987 | |||
Total | 4,689 | |||
Wichita 283 KS [Member] | Properties under Development | ||||
Initial Cost to Company | ||||
Land | 624 | |||
Buildings and Improvements | 1,599 | |||
Gross Amount at Which Carried As of Year End | ||||
Land | 624 | |||
Buildings and Improvements | 1,599 | |||
Total | $ 2,223 |
SCHEDULE III REAL ESTATE AND 65
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Additional Information (Details) | 1 Months Ended | 12 Months Ended |
Jan. 31, 2016USD ($)item | Dec. 31, 2015USD ($) | |
Real Estate and Accumulated Depreciation | ||
Impairment charges | $ 2,250,000 | |
Aggregate cost basis for Federal income tax purposes | 1,217,219,000 | |
Florida | ||
Real Estate and Accumulated Depreciation | ||
Impairment charges | $ 2,250,000 | |
Florida | Subsequent Event | ||
Real Estate and Accumulated Depreciation | ||
Number of beds or units in property sold | item | 48 | |
Sales price | $ 1,750,000 | |
Computer Equipment | Minimum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 3 years | |
Computer Equipment | Maximum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 5 years | |
Furniture and Fixtures | Minimum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 3 years | |
Furniture and Fixtures | Maximum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 15 years | |
Building | Minimum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 35 years | |
Building | Maximum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 50 years | |
Building Improvements | Minimum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 10 years | |
Building Improvements | Maximum | ||
Real Estate and Accumulated Depreciation | ||
Useful life | 20 years |
SCHEDULE III REAL ESTATE AND 66
SCHEDULE III REAL ESTATE AND ACCUMULATED DEPRECIATION - Summary (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Carrying cost | |||
Balance at beginning of period | $ 949,838 | $ 937,617 | $ 900,095 |
Acquisitions | 206,340 | 11,650 | 19,040 |
Improvements | 33,463 | 48,102 | 30,597 |
Conversion of mortgage loans into owned properties | 10,600 | ||
Capitalized interest | 827 | 1,506 | 932 |
Other non-cash items (See Note 4) | 2,882 | 304 | 479 |
Conveyed land (See Note 4) | (670) | ||
Cost of real estate sold | (2,344) | (49,341) | (13,526) |
Impairment on real estate for sale | (2,250) | ||
Ending balance | 1,198,686 | 949,838 | 937,617 |
Accumulated depreciation | |||
Balance at beginning of period | 223,315 | 218,700 | 198,548 |
Depreciation expense | 29,329 | 25,424 | 24,568 |
Cost of real estate sold | (1,379) | (20,809) | (4,416) |
Ending balance | $ 251,265 | $ 223,315 | $ 218,700 |
SCHEDULE IV MORTGAGE LOANS ON67
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Summary (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)loanitemproperty | |
Mortgage loans on real estate | |
Number of properties | property | 38 |
Number of beds/units | item | 4,164 |
Balloon Amount | $ 185,594 |
Current Monthly Debt Service | 1,905 |
Face Amount of Mortgages | 220,767 |
Carrying Amount of Mortgages | $ 217,529 |
Amortization period of mortgage loans | 30 years |
Number of first-lien mortgage loans | loan | 19 |
Michigan | Mortgage Loans on Real Estate Maturing in 2043 [Member] | |
Mortgage loans on real estate | |
Number of properties | property | 15 |
Number of beds/units | item | 2,058 |
Interest rate (as a percent) | 9.53% |
Balloon Amount | $ 146,983 |
Current Monthly Debt Service | 1,371 |
Face Amount of Mortgages | 164,387 |
Carrying Amount of Mortgages | $ 174,653 |
Michigan | Mortgage Loan on Real Estate Maturing in 2045 [Member] | |
Mortgage loans on real estate | |
Number of properties | property | 1 |
Number of beds/units | item | 157 |
Interest rate (as a percent) | 9.41% |
Balloon Amount | $ 8,825 |
Current Monthly Debt Service | 74 |
Face Amount of Mortgages | 9,500 |
Carrying Amount of Mortgages | $ 9,806 |
Michigan | Mortgage Loans on Real Estate Maturing in 2045 [Member] | |
Mortgage loans on real estate | |
Number of properties | property | 2 |
Number of beds/units | item | 273 |
Interest rate (as a percent) | 9.41% |
Balloon Amount | $ 8,420 |
Current Monthly Debt Service | 74 |
Face Amount of Mortgages | 9,500 |
Carrying Amount of Mortgages | $ 9,500 |
Various | Mortgage Loans on Real Estate Maturing Between 2016 to 2019 | |
Mortgage loans on real estate | |
Number of properties | property | 20 |
Number of beds/units | item | 1,676 |
Balloon Amount | $ 21,366 |
Current Monthly Debt Service | 386 |
Face Amount of Mortgages | 37,380 |
Carrying Amount of Mortgages | $ 23,570 |
SCHEDULE IV MORTGAGE LOANS ON68
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Number of Loans (Details) | 12 Months Ended |
Dec. 31, 2015loan | |
Mortgage loans on real estate | |
Number of Loans | 19 |
Mortgage Loans between 500,000 and 2,000,000 | |
Mortgage loans on real estate | |
Number of Loans | 11 |
Mortgage Loans between 2,001,000 and 3,000,000 | |
Mortgage loans on real estate | |
Number of Loans | 1 |
Mortgage Loans between 3,001,000 and 4,000,000 | |
Mortgage loans on real estate | |
Number of Loans | 2 |
Mortgage Loans between 4,001,000 and 5,000,000 | |
Mortgage loans on real estate | |
Number of Loans | 0 |
Mortgage Loans between 5,001,000 and 6,000,000 | |
Mortgage loans on real estate | |
Number of Loans | 1 |
Mortgage Loans between 6,001,000 and 7,000,000 | |
Mortgage loans on real estate | |
Number of Loans | 1 |
Mortgage Loans over 7,000,000 | |
Mortgage loans on real estate | |
Number of Loans | 3 |
SCHEDULE IV MORTGAGE LOANS ON69
SCHEDULE IV MORTGAGE LOANS ON REAL ESTATE - Rollforward (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Mortgage loans on real estate | |||
Balance at the beginning of the period | $ 165,656 | $ 165,444 | $ 39,299 |
New mortgage loans | 60,209 | 3,027 | 124,387 |
Other additions | 6,925 | 6,347 | 4,971 |
Land conveyance | 670 | ||
Amortization of mortgage premium | (6) | (5) | (6) |
Collections of principal | (15,408) | (9,155) | (1,933) |
Loan loss reserve | (517) | (2) | (1,274) |
Balance at the end of the period | $ 217,529 | $ 165,656 | $ 165,444 |